ADIA, PAI Partners acquire controlling stake in Alvest: Abu Dhabi Investment Authority (ADIA), through an unnamed subsidiary, teamed up with private equity firm PAI Partners to acquire a controlling interest in French ground support equipment firm Alvest, press release (pdf). The financial terms of the agreement were not disclosed.

Leadership remains involved: The company’s founding team and senior leadership will remain shareholders and are reinvesting as part of the agreement. Ardian, Alvest’s previous majority owner, will stay on with a minority stake.

Where will the money go? The investment aims to drive Alvest’s expansion and innovation plans, enabling it to push forward with its transition to electrified ground support equipment. The funds will also allow Alvest to expand its range of products and services. This includes the development of automated or autonomous systems, advanced decarbonization technologies, robust maintenance operations, fleet management tools, and support services.

It is not ADIA and PAI’s first rodeo: The sovereign fund is in talks to acquire a significant minority stake in European Camping Group (ECG), where PAI would remain the majority shareholder.

Adia has been ramping up its investments in the aviation sector, making a INR 63 bn (c. USD 733.4 mn) debt investment in Indian infrastructure firm and airport operator GMR Group. The sovereign wealth fund, along with Global Infrastructure Partners, Khazanah Nasional Berhad, Malaysia’s Employees Provident Fund, and BlackRock, secured an 84.1% stake in Malaysia Airports.

Looking ahead, investments in airports worldwide are expected to reach USD 2.4 bn by 2040, and estimates indicate the global airport industry reached a value of USD 194 bn in 2024. The International Civil Aviation Organization predicts that the air transport industry will contribute USD 1.5 tn to the global GDP by 2036.

Tags: