Amethis acquires a majority stake in ATI Industries with Bpifrance and management

Paris, 14 October 2026

Amethis, a member of the Edmond de Rothschild Private Equity Partnership, announces its acquisition of a majority stake in ATI Industries (“ATI” or the “Company”) through its Amethis Europe Expansion fund, which aims to support European SMEs in their international expansion, alongside Bpifrance’s France Investissement Energie Environnement 2 (FIEE2) fund and the management team, which is reinvesting significantly in the transaction.

This transaction marks a new stage in ATI’s development, with the exit of the Arlane fund, which helped double the Company’s size in recent years, and a clear ambition to accelerate its growth in France and, above all, internationally, while continuing to deploy its expertise in markets benefiting from favourable structural trends.

ATI, a leading provider of complex thermal solutions with a strong environmental impact

Based in Gien with around 60 employees, ATI specialises in the design, assembly, installation and maintenance of complex thermal solutions, addressing three main markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation. ATI is particularly well positioned in light of the challenges of the environmental transition, as its expertise is directly applied to the thermal treatment of medical and industrial waste. The Company thus provides solutions that meet essential needs in waste management and emissions control, against a backdrop of ever-tightening environmental requirements worldwide.

Drawing on several decades of know-how, ATI has gradually established itself as a leading player in its markets thanks to the combination of its engineering expertise, the robustness of its equipment and its recognised know-how in filtration and decarbonisation for these activities. The compliance of its solutions with European standards is also a significant competitive advantage, particularly in international markets where these standards are increasingly sought after.

ATI also benefits from a highly international customer base, generating recurring maintenance and service opportunities. The Company has commercial relationships in more than 60 countries, with around 60% of its revenue generated outside France, notably in Europe, Africa, the Middle East, Asia and Latin America.

In 2025, the Company generated nearly €20m in revenue, with solid average growth of more than 15% in recent years. This momentum reflects the quality of its positioning, the development of its international installed base and the buoyancy of the markets in which the Company operates.

Amethis’s contribution in international markets, particularly in EMEA, alongside Bpifrance’s France Investissement Energie Environnement 2 fund, whose strategy is to support the growth of companies making a tangible contribution to the ecological transition, will help ATI scale up and roll out its high-environmental-impact solutions in both its existing markets and new territories.

Romain Gauvrit and Nicolas Manardo, Senior Partners, and Rebecca Denyer, Investment Director at Amethis, said: “ATI has established itself as a leading player in the high-value waste incineration and cremation markets thanks to its engineering know-how, the robustness of its equipment and its recognised expertise in filtration, which is increasingly sought after internationally. We are pleased to support the management team by giving them access to Amethis’s networks across Europe, Africa and the Middle East to pursue their international expansion, amplify their environmental impact and support them in their external growth strategy.”

Maxime Picard, President of ATI, said:“This change in our shareholder structure is a real opportunity to further develop our Projects and the Services we offer our customers in France and internationally, supporting them and helping them address their environmental challenges. I am delighted to welcome Amethis and Bpifrance as shareholders of the group to support us in our organic and external growth projects, particularly internationally.”

“Bpifrance is very proud to support the growth of a century-old industrial company with recognised technological expertise and a strong international footprint. Operating in markets in which we have strong convictions, ATI’s business fits squarely within the DNA of our FIEE 2 fund, at the crossroads of the challenges of the environmental transition, through the treatment of complex waste, and of industrial sovereignty linked to the supply of metals. We are pleased to support the management team led by Maxime, together with Amethis, in this new phase of growth and scale-up,” said Caroline Vu, Investment Director, Environmental Impact Funds, and Ronan Frefield, Investment Director at Bpifrance Investissement.

About Amethis  

Amethis is an impact-oriented private equity firm, and member of Edmond de Rothschild Private Equity Partnership, focusing on financial, environmental and social sustainability across Europe, Africa, and the Middle East. 

With assets under management of over €1.5 billion, Amethis has made more than 50 investments to date. Amethis provides growth capital to promising mid-sized champions in a variety of sectors, offering growth support through its international network covering Europe, Africa and the Middle East as well as systematic improvement of their environmental and social impacts.

With seven offices in Paris, Abidjan, Casablanca, Nairobi, Cairo, Cape Town and Luxembourg, the Amethis team includes 60 experienced professionals with strong regional and sector expertise.

www.amethis.com

About Edmond de Rothschild Private Equity  

Edmond de Rothschild is an investment house founded on the conviction that, when put at the service of the real economy, wealth can serve a useful purpose and help make progress an ever-renewed idea.

Driven by nearly three centuries of a culture of financial foresight, the Group specializes in private banking and asset management and benefits from recognized expertise across its core businesses (wealth management, wealth engineering, life insurance, services for independent wealth managers, corporate finance, private equity, real estate, infrastructure, liquid strategies and fund administration). Its 100% family ownership provides genuine independence, enabling alignment with clients’ interests and fostering the development of financial solutions tailored to the specific needs of families, entrepreneurs and institutional investors. As of 31 December 2024, Edmond de Rothschild manages more than CHF 184 billion in assets and reports a strong balance sheet with a CET1 ratio of 19.7%. With more than 2,700 employees and 29 locations, it is a leading player in its core markets, including Geneva and Luxembourg.

Edmond de Rothschild lies at the heart of a unique ecosystem comprising agricultural, wine-growing and hospitality activities, family philanthropic initiatives, the Gitana offshore racing team and the Caron perfume house.

Find out more: www.edmond-de-rothschild.com  

About Bpifrance 

Bpifrance’s equity investments are managed by Bpifrance Investissement. Bpifrance finances companies – at every stage of their development – through loans, guarantees and equity. Bpifrance supports them in their innovation projects and international expansion. Bpifrance also supports their export activities through a wide range of products. Consulting, training, networking and acceleration programmes for start-ups, SMEs and mid-caps are also part of the offering available to entrepreneurs.

With Bpifrance and its 50 regional offices, entrepreneurs benefit from a close, single and effective point of contact to help them meet their challenges.

Within Bpifrance Investissement’s Development Capital division, the Environmental Impact Funds unit supports companies developing solutions for the climate and the environment. With nearly €600m in assets under management and more than forty portfolio companies, it invests equity and quasi-equity in SMEs and mid-caps and is actively involved in their governance to accelerate their growth and impact.

More information: www.bpifrance.fr - https://presse.bpifrance.fr / – – Follow us on LinkedIn and X (formerly Twitter) : @Bpifrance – @BpifrancePresse 

About ATI Industries 

Based in Gien with around 60 employees, ATI Industries specialises in the design, assembly, installation and maintenance of complex thermal solutions, addressing three main markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation. The company serves customers in more than 60 countries, generating around 60% of its revenue internationally, and has installed more than 4,000 units worldwide since its creation.

List of participants:

Buy-side :

• Amethis : Romain Gauvrit (Senior Partner), Nicolas Manardo (Senior Partner), Rebecca Denyer (Investment Director), Anne-Laure Saadoun (Investment Manager)

• Management : Maxime Picard, Vincent Placier, Jérôme Merlin, Cédric Chotar-Vasseur, Nicolas Jaby

• Bpifrance Investissement : Caroline VU, Ronan Frefield, Gauthier Valot, Ambroise Wurz, Edouard Baladès

• Advisors:

• M&A advisor : Financière de Courcelles (J. Sartre, J. Bursztyn)

• Legal advisors to Amethis: Racine (E. Pennec, M.de Lembeye, E. Cohen, A. Renucci, Q. Cournot, R. Taugourdeau, L. Bessa, H. Mahsas)

• Legal advisors to management: Jeausserand (P. Loiseau, R. Lajoux, H. Thouny, G. Figerod, M. Medjkane)

• Legal advisors to Bpifrance : Agilys (M. Suru, B. Bellone)

• Financial due diligence: KPMG (M. Macaigne, S. Kuster)

• Strategic due diligence: Roland Berger (M. de Kervenoael, R. Dewulf)

• ESG due diligence: Blunomy (P. Gronner, R. Meyer)

Sell-side :

• Arlane : D. Leroy, J-V. Nicolas des Lauriers, K. Moumni, S. Allégot

• Advisors:

• M&A advisor: Edmond de Rothschild Corporate Finance (B. Zayat, J. Choppin, J. Canonne)

• Legal advisors: Volt (E. Vergnaud, M. Mesquina)

• Strategic VDD: (Nicolas Kandel, Thomas Fénart)

• Financial VDD: Oderis (J. Passerat, L. Chau)

• Legal VDD: Osloo (M. Fabre, L. Genet, B. Chapron, H. Jaatit)

Financing

• BPVF (R. Rouillon, K. Limat), BNP (S. Debart Landry, M. Charef) and CELC (C. Girard)

• Legal advisors: DLA Piper (S. Lok)