Minority LBO Amethis with ATI Industries
Amethis, a partner member of Edmond de Rothschild Private Equity, has acquired a majority stake in ATI Industries (“ATI”), a specialist in complex thermal solutions based in Gien (Loiret, France), through its Amethis Europe Expansion fund. Amethis is investing alongside Bpifrance’s France Investissement Energie Environnement 2 fund (FIEE2) and the management team led by Maxime Picard, Chairman of ATI, which is reinvesting significantly. Structured as a majority LBO, the transaction marks the exit of the Arlane fund, which supported the company as it doubled in size over recent years. Financière de Courcelles advised Amethis on the transaction.
ATI designs, assembles, installs and maintains complex thermal solutions across three main markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation. The company has established itself as a leading player thanks to its engineering expertise, the robustness of its equipment and its recognized know-how in filtration and decarbonization. The compliance of its solutions with European standards is a significant competitive advantage, particularly in international markets.
Directly applied to the thermal treatment of medical and industrial waste, ATI’s expertise addresses essential needs in waste management and emissions control, at a time when environmental requirements are being continuously tightened worldwide.
ATI employs around 60 people and generated revenue of nearly €20m in 2025, with average annual growth of more than 15% over recent years. The company does business with more than 60 countries and generates around 60% of its revenue outside France, notably in Europe, Africa, the Middle East, Asia and Latin America. More than 4,000 units have been installed worldwide since its creation, an installed base that generates recurring maintenance and service opportunities.
The Amethis Europe Expansion fund is dedicated to supporting European SMEs in their international expansion. Amethis will make its networks in Europe, Africa and the Middle East available to ATI to accelerate its international development and support its organic and external growth strategy, alongside Bpifrance, whose FIEE2 fund backs the growth of companies making a tangible contribution to the ecological transition.
This transaction illustrates FDC’s buy-side expertise alongside investment funds on LBO transactions, as well as its in-depth knowledge of industrial equipment and solutions supporting the environmental transition.
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