Satys Aeropace acquires SPI Group.
Satys, based in Toulouse, announced the acquisition of the Group SPI (Société de Peinture Industrielle) based in Malville near Saint-Nazaire (France), to strengthen its market position in the aircraft painting, sealing and surface treatment. A new European leader in surface protection for both sub-assembly and aeronautic parts will emerge from the regrouping of the companies.
With over 40 years of experience in this business, SPI is very active in the aeronautics industry and has many long-standing partners such as Airbus, Airbus Atlantic, Thalès, Safran, Dassault and Daher. It had a turnover of 40 million euros in 2019 vs 25 million euros in 2021(due to the crisis). It employs 500 people at 13 industrial sites in France as well as in Portugal and Morocco. SPI is also present in the space, rail and naval markets. This acquisition will significantly increase the size of Satys Aerospace: the group will have a turnover of 165 million for a full year post-Covid and will have more than 2200 employees in the world with 1300 in France. Satys will thus increase its number of sites from 32 to 45 in 13 countries.
“The integration of SPI within Satys sets the path for a new European leader”
“Our activities are complementary, in both know-how and geographically,” points out Christophe Cador, founder and CEO of the Satys Group. “Like those in Satys, the SPI teams are highly qualified, and its management will maintain its role within Satys ensuring our shared objectives, notably on time delivery, capacity to innovate and reduction of the environmental footprint of our industrial activities. This regrouping of know-how and references, in France and internationally, is also part of a dynamic process of consolidating the industry. In the context of the current economic recovery and the perspective of strong growth of the industry, the integration of SPI within Satys sets the path for a European leader in surface protection aircraft components.” ».The CEO of Satys had already confirmed his ambition to grow in September 2021 when he announced the cash injection undertaken with Ace Capital Partners (subsidiary of Tikehau Capital), Crédit Mutuel Equity, Bpifrance, l’IRDI Capital Investissement and a group of regional investors led by Crédit Agricole Régions Investissement (CARVEST).
The CEO of Satys had already confirmed his ambition to grow in September 2021 when he announced the cash injection undertaken with Ace Capital Partners (subsidiary of Tikehau Capital), Crédit Mutuel Equity, Bpifrance, l’IRDI Capital Investissement and a group of regional investors led by Crédit Agricole Régions Investissement (CARVEST).
“Strong ability to handling increasingly complex and global projects”
“ The synergies between Satys and SPI are obvious,” emphasizes Gregory Mayeur, Satys Aerospace General Manger. “For our customers, this means consistency of the operational performance and strong ability to commit to handling increasingly complex and global projects as well as more innovation and competitiveness.”».For the managers at Satys and SPI, the synergies between the two companies are the guarantee of increased operational excellence and access to new markets in Europe.“We are proud to work together with teams that have a recognized know-how and the same values. We strongly believe that their complementarity will allow Satys Aerospace to reach its objectives in terms of development,”say SPI President Patrick Monfort and General Manager Frédéric Plouvier. The managers of SPI will play a direct role in supporting this integration by heading up the new BU in a joint Management Committee of both Satys and SPI. Thus, demonstrating the trust already established between the two companies and a strong mutual commitment to the future.
For this acquisition, Satys Aerospace was advised by Ernst & Young for financial and HR due diligence and by Bignon-Lebray law office for legal matters. The SPI Group worked with the Oratio law firm and the Baker Tilly STREGO consulting firm for all social and financial aspects.
The acquisition of SPI by Satys Aerospace will take effect on February 1st, 2022. .
Last June, the 53rd International Paris Air Show was held in Paris Le Bourget. The Show takes place every two years and brings together nearly 2,400 exhibitors and 350,000 visitors. It is an opportunity for Satys to meet its customers, its suppliers, but also to recruit!
At our stand at The Careers Plane, a hall dedicated to employment and training, the Human Resources team presented the Satys business activities. They were even on the French News on channel France2 which focused on employment at the Paris Air Show. There was a paint simulator which allowed the public to discover the profession of aircraft painter as well as information on the training provided in Toulouse (France) by the Satys Academy. Thanks to the "Feminizing the professions in aerospace" operation, many female students had access to the Paris Air Show to encourage them to find their calling in the aerospace sector. They took advantage of the painting simulator to put themselves in the shoes of an aircraft painter and were encouraged by a very enthusiastic team at the idea of welcoming potential recruits.
Our HR Development Manager, Marie-Antoinette Ay, received the President of the Occitania Region, Mrs Carole Delga, on our stand at The Careers Plane to present our activity. During their meeting, a training project led by the Human Resources team was also discussed. Satys is indeed participating in the development of a complementary mention to the aerospace professional baccalaureate in collaboration with the Airbus painting department, Sabena Technics and the Airbus High School. Supported by the UIMM and the GIFAS at the Ministry of National Education, this additional mention would make up for the lack of a diploma for the aircraft painter profession. Indeed, today, companies must train their painters themselves on the CQPM (Certificate of Joint Qualification in Metallurgy) and are unable to take on apprentices. With this new training, we hope to be able to promote the aircraft painter profession in secondary schools and thus have people already trained on the job market. Last March, our Human Resources team received confirmation that the additional mention to the professional aviation baccalaureate and the professional car bodywork baccalaureate would be created. It should be implemented as of the start of the school year in September 2020. Some high schools, such as the Airbus High School and the Gallieni High School in Toulouse, have already announced that they wish to add the additional mention of aircraft painter to their program. This new form of training is not intended to replace those already in existence but to provide a new way to become an aircraft painter.
The French industrial group Finaero adopts the name Satys to link its activities, divided into four business units:
- Satys Sealing & Painting (formely STTS): aircraft painting & sealing, aerostructures & railway equipment.
- Satys Interiors (formely AIP, AIT and SMTC): design and production of railway and aircraft interiors.
- Satys Electric (formely CIEE Interconnect): wiring and cable assemblies for the medical, energy, rail and aerospace sectors.
- Satys Surface Treatment (formely AST): surface treatment for aerospace components.
Why Satys? Customer satisfaction, one of the group’s key values.
A simple name that evokes customer satisfaction and embodies the group’s values:
- Partnering with our customers: innovating to create tailor-made solutions
- Operational excellence: our DNA
- People oriented: develop industrial infrastructures to allow for good working conditions, respect for the environment and guarantee sustainability and diversity for employees
Christophe Cador, Chief Executive Officer and the Group’s founder: “In addition to better clarity for our customers, Satys reflects the DNA of our group, its teams, its history: we all share the same objective of customer satisfaction for today and tomorrow. This can be found in our respect for on-time delivery and quality that we impose on ourselves as well as a constant pursuit of competitiveness for our products and services. These are the conditions for our development and the sustainability of our markets. I would like to take this opportunity to pay tribute to Satys’ teams who strive on a daily basis towards that end.”
Our development’s success: strong and controlled growth
Satys group completed the 2017 fiscal year, which ended September 30th, with a revenue of €172m an increase of 28% over 2016 and 19% at constant scope, with 2500 employees in 11 countries in Europe (Francs accounts for 60% of the employees), Middle East, China, South-East Asia and North America. The group’s headquarters are in Blagnac (Occitanie Region of France). Activity in 2018 will be superior to €200m at constant scope and profitability will make it possible to support future investment programs after those from the 2016-2018 period which amounted to €120m. At the end of the five year road map established in 2017, the group has set itself an objective to double its activity by 2025, through internal growth and acquisitions across the four business units, while remaining agile and always ready to reassess itself.
Satys Sealing & Painting is today one of the leading partners of Airbus and Boeing in a risk sharing program for painting new aircraft. Furthermore, Satys Sealing & Painting is already present in the aircraft repainting (MRO) market and will intensify its development, especially in the Middle-East, thanks to the opening of a new paint hangar able to accommodate the A380 at the Dubai South Al Maktoum airport in 2019. Satys Sealing & Painting will be able to paint more than 1000 aircraft by 2023. Based in Blagnac, the heart of the aircraft painting world capital, Satys Sealing & Painting has initiated innovation programs so that customers can improve their competiveness especially in aerostructures. This innovation is supported by Expiris, the group’s R&D lab in which the company holds 50% of shares.
Satys Interiors specialized in railway and aerospace interiors in specific markets, will boost its growth thanks to its presence in China and through external growth especially in the rail industry.
Satys Electric, of which the design office and manufacturing are based in Thailand, will continue to provide support for its customers in the medical, energy, railway and aerospace sectors with two new sites planned for in Germany and the USA. This development will allow Satys Electric to see its activity doubled by 2025.
Finally, Satys Surface Treatment, the group’s new activity, will undertake heavy investments. Like in the other business units, disruptive innovation, competitiveness, zero-pollution, working conditions and internalization will all drive new growth. New acquisitions are currently under consideration in this business unit.
At the same time that the Dubai wide body hangar was being built, AIP began developing its aircraft interior design in the Middle East. Frédéric Seguy has been overseeing these two projects since his expatriation there last summer.
AIP recently joined forces with Greenline Interiors, a company that has been in Dubai for 40 years and specializes in the interior design of luxury hotels, palaces and some of the biggest yachts in the world. The new company is simply called AIP GREENLINE, Aviation Interiors and plans to start renovating aircraft interiors in order to subsequently ramp up manufacturing activities. Since March 1st 2017, Mark Chandler has been working with Frédéric Seguy as foreman. Mark brings with him over 30 years of experience in interior cabin design. Backed by AIP/AIT and Finaero, the team is currently concentrating on the redesign of the workshop located in the Greenline buildings, recruitment of a production team and the implementation of procedures to acquire local and European certifications (EASA PART145 + GCAA CAR145).
Please note that a new project will begin in April with Etihad Airways Engineering in Abu Dhabi, to support all work done in the A320 VIP cabins, work which is done with the help of AIT Toulouse. Let’s hope this is the first project of many more to come!
This morning the Paris Air Show opened its doors. During one week actors of the aviation industry worldwide will meet and discover technological innovations, conclude new agreements as well as meet new prospects.
The French President, Emmanuel Macron, inaugurated the show this Monday in presence of a delegation of members of the GIFAS, the French Aerospace Industries Association, including Christophe Cador.
After his arrival in an A400M, the delegation greeted the President at the GIFAS Chalet to watch some flight demonstrations. The President then went to the Airbus Chalet where Christophe Cador had the occasion to present him our group and accompany him while visiting our stand as well the plane, where STTS has a booth demonstrating the group’s painting expertise. The President met Caroline Calmettes and Fabien Bordée, painters, David Soulage, technical manager as well as Matthieu Breton, Head of the Paris business unit of STTS.
“The visit of the President at our stand is an important sign of recognition of the knowhow of each and everyone of you. I was honored to present it to him in all of our names.” Christophe Cador President and CEO of Finaero.