PAI Partners and Fondo Italiano team up to acquire Mecaer Aviation Group
What's the deal? PAI Partners and Fondo Italiano d'Investimento have signed a binding agreement to acquire 100% of Mecaer Aviation Group, an Italian maker of flight-critical systems and components for helicopters and business jets. PAI is investing through its Mid-Market Fund II, while Fondo Italiano is coming in through its Fondo Italiano Consolidamento e Crescita II (FICC II) vehicle.
Mecaer's founding families, grouped under S.B.I. S.r.l., will reinvest alongside the buyers, together with LGT Capital Partners and the company's management team. The sellers are FICC — the predecessor fund of FICC II — and Stellex Capital Management.
Headquartered in Borgomanero, Italy, Mecaer develops and manufactures flight control, actuation, and landing systems, as well as cabin interiors and maintenance services. It operates seven facilities across Italy, North America, and Canada, serving major global original equipment manufacturers and Tier-1 suppliers.
Why now? Mecaer recorded revenues of €242M in 2025 — roughly double what it posted when FICC first invested in 2021. The company grew through a mix of organic expansion and targeted acquisitions, backed by a strong order book and resilient aerospace markets. For FICC, this marks a natural exit after a successful four-year hold.
The deal is PAI Mid-Market Fund II's second investment, following its acquisition of environmental monitoring firm Orion. For FICC II, it is the fourth transaction, reinforcing its focus on consolidating fragmented pockets of Italian industrial excellence with international growth potential.
What could go wrong? Aerospace supply chains remain vulnerable to geopolitical disruption and production bottlenecks at major OEMs. Mecaer's reliance on a concentrated set of helicopter and business jet platforms means any programme delays or cancellations could hit revenues. The new ownership will also need to integrate future acquisitions smoothly while managing operations across three countries.
The signal: The deal reflects growing private equity appetite for mission-critical aerospace suppliers — companies with deep engineering know-how, long customer relationships, and high barriers to entry. It also highlights a broader trend of European mid-market buyout funds targeting Italian industrial champions as consolidation platforms.
"Mecaer is a high-quality business with strong engineering capabilities, long-standing customer relationships and a clear track record of international growth," said Raffaele Vitale, a partner in PAI's mid-market fund. "We are delighted to partner with management, Fondo Italiano and the founders to support the next phase of the company's development."
Read more: paipartners.com
