We have advised Areva on its disposal of Elta to Groupe Gorgé.
Elta, based in Toulouse (Southwest France), has specialised in the development, marketing, and in-service support of electronic equipment and systems for harsh environments in the aeronautical and space industries since 1975.
Elta’s main activities include the sale and operational maintenance of distressed beacons used in the civil aviation sector. In 2015, the company generated €15.6m in revenue and employed 92 people.
The sale of Elta to ECA Group is part of Areva's strategic plan to refocus on the nuclear sector. It also enables Elta to benefit from the backing of a long-term shareholder capable of supporting its strategic and industrial development.
In preparation for this sale, Areva acquired the 34% stake in Elta held by OHB, a company with €35m in revenue at the time, which included activities in aerospace, nuclear, and transport. Areva then separated the nuclear and transport activities to integrate them directly into Areva, keeping only the aeronautical and space activities in Elta with the goal of selling 100% of the company.
Clearwater supported Areva throughout the capital and operational reorganisation of Elta, first in acquiring the 34% stake held by OHB, then in the carve-out and integration of the nuclear and transport activities into Areva, and finally in conducting a large auction process, involving French and international industrial companies, which led to the selection of ECA Group as the sole investor in November 2016.
