Creation of the Aerospace Investment Fund to Support SMEs and Mid-Caps, with An Initial Fundraising of € 630 Million
(Source: French Ministry of Economy and Finance; issued July 28, 2020)
As announced on June 9 by Bruno Le Maire, Minister of the Economy, Finance and Recovery, during his presentation of the aerospace plan, an investment fund to support French SMEs and mid-caps has been established. It will be called Ace Aéro Partenaires and will be managed by Ace Management, a subsidiary of the asset management and investment company Tikehau Capital.
The State confirms its stake in Ace Aéro Partenaires for 200 million euros, including 50 million euros from BPIfrance. The four major contractors of the French aerospace sector will contribute € 200m to this fund (Airbus € 116m, Safran € 58m, Dassault Aviation € 13m and Thales € 13m), with Tikehau Capital investing €230M of its own capital.
Ace Aéro Partenaires will therefore have, from its creation, € 630 million in outstanding investments, an amount higher than initial expectations (€ 500 million).
Bruno Le Maire declared: “I welcome the mobilization of industrialists and Tikehau Capital for the creation of this fund, which will make it possible, with an amount greater than forecast, to strengthen the equity capital of strategic SMEs and mid-caps of this sector and to support its consolidation. The State is fully mobilized to support this transformation, in the service of employment and the decarbonisation of air transport."
After the success of this first fundraising, which can now be mobilized to serve SMEs and midcaps in this strategic sector, Ace Aéro Partenaires is quickly targeting the objective of reaching € 1bn in assets, through new fundraising.
Dassault Aviation and the Ace Aero Partenaires Fund
(Source: Dassault Aviation; issued July 28, 2020)
SAINT-CLOUD, France --- Dassault Aviation welcomes the creation of the ACE Aéro Partenaires investment fund. This initiative was announced last June by Bruno Le Maire, Minister of Economy, Finance and Recovery.
The four industrial companies Airbus, Safran, Thales and Dassault Aviation launched a call for tenders and selected the Tikehau fund and its subsidiary ACE.
The ACE Aéro Partenaires fund is a key lever to support SMEs and Mid-Caps in the civil aviation industry severely affected by the economic crisis resulting from the COVID-19 pandemic.
Dassault Aviation will contribute €13 million to ACE Aéro Partenaires. Contributions from the French government, main contractors and Tikehau Capital, the fund manager, will enable the fund to count on an initial amount of €630 million, higher than the €500 million planned. The objective remains a total fund raising of €1 billion.
"This success demonstrates the strategic nature of civil aeronautics in terms of employment, technology and foreign trade. Such a commitment, which is set to grow with the contribution of other investors, will effectively help the exceptional French aerospace supply chain, which is the basis of our industry," said Eric Trappier, Chairman & CEO of Dassault Aviation. It is about supporting the most fragile companies, preserving skills, encouraging digital modernization and environmental transition. The solidarity and cohesion of our eco-system have been exemplary for more than a century. Dassault Aviation is proud to be part of this tradition, which is one of the foundations of the dynamism of the aeronautics industry in our country."
With over 10,000 military and civil aircraft delivered in more than 90 countries over the last century, Dassault Aviation has built up expertise recognized worldwide in the design, development, sale and support of all types of aircraft, ranging from the Rafale fighter, to the high-end Falcon family of business jets, military drones and space systems. In 2019, Dassault Aviation reported revenues of €7,3 billion. The company has 12,750 employees.