Jogam, a French industrial player in the aerospace and defense sector, has announced the acquisition of Groupe Halgand, a specialist in precision machining, sub-assembly integration, and surface treatment. This industrial transaction strengthens Jogam’s growth strategy in aerospace and defense.
Insights and analysis by the experts at AURIS Finance, an M&A and financial advisory firm.
Groupe Halgand joins Jogam within a framework of strong continuity: similar end-markets, complementary capabilities, and aligned industrial culture. The transaction is structured as an industrial partnership, bringing the combined entity to €100 million in revenue and 700 employees. Together, the two groups now operate nine production sites in France and internationally.
Reaching critical scale
In a context of sharply increasing demand from aerospace OEMs, subcontractors must scale up production capacity. For Jogam, the integration of Groupe Halgand directly addresses the need to reach critical size. It enables the group to absorb higher volumes while securing its supply chain.
An industrial growth strategy
A family-owned group based in Pierres (Eure-et-Loir), Jogam has expanded through external growth. Since its founding in 1992, the group has completed several acquisitions and now brings together six subsidiaries with complementary expertise: AMV, Coaéro, Conorm, DSG, Jogam Composants, and Jogam SET.
Each entity contributes specific expertise, machining, sheet metal work, micromechanics, boiler making, and welded mechanical assemblies, under a unified governance structure. Each acquisition adds a new technical building block to a group that now covers nearly the entire value chain of aerospace mechanical subcontracting.
The integration of Groupe Halgand marks a further step in a buy-and-build strategy deployed over nearly two decades.
New synergies
Through this acquisition, Jogam strengthens its capabilities in precision machining, sub-assembly integration, and surface treatment, three strategic areas that expand its expertise.
Surface treatment, in particular, is a critical link in the value chain, with only a limited number of French players able to meet the stringent qualification standards required by the aerospace industry.
The synergies generated by this transaction are both industrial and commercial. The combined entity can offer a broader range of services to OEMs seeking to streamline their supplier base.
Consolidation of the French aerospace sector
The acquisition carried out by Jogam reflects a broader industry trend. The French aerospace sector, long fragmented across hundreds of SMEs, is entering a phase of consolidation.
This shift is driven by several converging factors: rising production rates and volumes, increasing certification requirements, the need to invest in automation, and succession challenges within family-owned businesses.
Strong investor appetite
The European defense sector is currently experiencing robust growth, supported by public reindustrialization policies and increasing defense budgets across Europe.
The trend toward consolidation is accelerating, with new partnerships emerging among SMEs. Specialized investment funds are increasing their activity in the sector, while industrial groups such as Jogam are stepping up their acquisition pace.
Our experts by your side
The transaction between Jogam and Groupe Halgand highlights that a successful industrial buy-and-build strategy relies on three pillars: a clear growth thesis, the right targets, and well-structured financing.
Too many transactions fail not due to industrial execution, but because of financial structuring issues poorly calibrated debt or inadequately negotiated shareholder agreements.
AURIS Finance teams specialize by sector and support executives at every stage of their growth strategy: financing, target identification and acquisition, divestments, and transaction structuring.
Whether you are leading a mid-sized company undergoing consolidation or an SME seeking an industrial partner, the right advisory support can make a decisive difference.
