De Pardieu Brocas Maffei has advisied BEI (European Investment Bank), as creditor of Mecachrome, on the debt restructuring of Mecachrome (the European leader in the manufacturing of parts for the aerospace and automotive industries), follow-up a fundraising in equity of €50M from Ace Management, Mecachrome’s main shareholder and GP of the Aerofund funds, besides Bpifrance, the group’s historical partner. Mecachrome will accelerate the implementation of its transformation plan to position itself favourably ahead of the recovery.
At the same time, the company has benefited from a State-guaranteed loan from its banks to secure its cash flow requirements with a financing of €60 million.
Mecachrome is a leading player in its markets, specializing in the manufacturingof complex mechanical parts for aircraft structures and aeronautic and automotive engines. Already involved in a transformation process under the impetus of its CEOChristian Cornille, who arrived in mid-2019, the group positions itself as a long-term partner of major OEMs such as Airbus, Safran, Bombardier, Rolls-Royce and Porsche. Mecachrome is based on 3 continents with a total workforce of around 2,800 employees. In addition, Mecachrome has a solid experience in the deployment of industrial 4.0 solutions for customers such as Ferrari, Renault or Safran.
The operation is backed and will be carried out by the main shareholder Ace Management, through a dedicated fund combining the holdings in Mecachrome of the Aerofund funds and the Fonds de solidarité FTQ («Fonds»), and by Bpifrance, the group’s historical shareholder. They will together bring €50 million in equity to Mecachrome alongside the financing provided by its banking partners under a PGE. This significant fundraising is likely to strengthen Mecachrome and flags its entry into a new phase of transformation.