On January 31, 2025, PAI Partners acquired a significant stake in Alvest, a global leader in airport Ground Support Equipment (GSE), becoming the largest shareholder alongside a co-investor. The transaction replaced the Caisse de dépôt et placement du Québec (CDPQ) as a shareholder, with Ardian retaining a minority stake alongside the company’s founders and management team. The transaction value was not disclosed. Founded in 2001, Alvest provided innovative and sustainable GSE solutions, including design, manufacturing, distribution, spare parts, maintenance, and decarbonization services. Headquartered in France, Alvest employed over 3,500 people worldwide and operated 10 industrial factories across the US, Canada, France, Belgium, the UK, India, and China, serving over 167 countries and more than 250 airports. In Canada, Alvest operated through its subsidiaries Alvest Equipment Services (Canada) in Alberta, Sage Parts Canada in Ontario, and TLD Canada in Québec. PAI’s investment aimed to support Alvest’s growth and innovation, particularly in electric GSE and servicing activities.

Hoche Avocats advised the Alvest group and private investors. Willkie Farr & Gallagher (Christophe Garaud) acted as purchaser’s legal counsel, Latham & Watkins provided competition legal counsel, and EY Société d’Avocats served as purchaser’s legal and tax advisor. CMS acted as tax advisor to Alvest. Linklaters LLP (Florent Mazeron) represented the sellers, while Langlois Lawyers served as Canadian legal counsel to Alvest.