Cinven today announces the completion of the sale of Avio Space Propulsion, the leading international operator in space launchers and space propulsion, to Space2 (IT: SPA2) and Leonardo-Finmeccanica (IT: LDO) together with Avio's management.
Cinven acquired Avio (‘Avio Group' or ‘the Group') in December 2006, alongside Finmeccanica as a minority shareholder. At the time of the acquisition, the Group comprised both aviation and space businesses.
Under Cinven's ownership, Avio has developed significantly. Avio's aviation business (‘Avio Aviation') was sold to GE in August 2013 for a total consideration of €3.3 billion.
The new company (Avio's Space Propulsion business), which has kept the name Avio, is headquartered in Colleferro, Italy and has operations across Italy, in France and in French Guyana. Cinven has helped to expand the business internationally. Working closely with the Cinven portfolio team in Asia, Cinven helped Avio aeroengine business set up two joint ventures with state-controlled aerospace businesses in China; as well as helping Avio's aeroengine business execute successful acquisitions in Brazil.
Today the business is recognised as a standard setter for Italian technology innovation and plays a crucial strategic role in the global space industry.