The Group is well-known for its expertise in the maintenance of auxiliary power units (APU) and landing gears for regional, medium and long-haul aircraft. The Group, which has around 750 employees, realized revenues of more than €280m in 2018.
It operates essentially from its historic plant located in Rives-en-Seine, Normandy, France, and has commercial and customer support offices in Asia, the USA, and the Middle-East.
When we first met the Revima team in 2015, the company was caught in a governance deadlock, with a split between two shareholders groups (most of the equity being held by managers). We patiently tried to find an amicable solution to resolve this situation, which took more than 2 years to materialise. Argos Wityu finally invested alongside the management team in June 2017.
Revima then started an aggressive growth plan, including the extension of its offer (including spare parts repair and digital solutions), and add-on acquisitions of strategic technologies. The management team has been reinforced and stabilised, and an operational excellence plan has been implemented. As a consequence, Revima now is solidly established in double-digit-growth territory.
Striving to better serve its Asian clients, Revima has started the construction of a new industrial site in Chon Buri (Thailand), which will be operational in 2020. All necessary special processes and expertise for full in-house repair and overhaul operations on narrow-body landing gears will be established at the site.
The Group acquired Chromalloy France in a carve-out from Chromalloy, employing 80 people, with the objective of reinforcing its component repair offering. This acquisition will enable the Group to further develop its service offering and to develop high value services on main aircraft engine platforms.
Revima also acquired Flightwatching, a Toulouse based start-up specialized in digital analytics, visualization and predictive maintenance software and solutions for airlines, MROs and OEMs, which gives Revima a strategic advantage against its competition in these emerging markets.
In the meantime, we have organised one of the most successful employee-shareholding plans in France, with 75% of the employees acquiring shares in the business – a radical change of spirit in a company previously known for social tensions and strikes.
Argos is currently in exclusive discussions with Ardian, a leading private investment house, to sell the Group, and would keep a minority stake in Revima’s capital after the transaction.