Strategic Shifts in Aerospace & Defense PE: Analyzing Tikehau's Acquisition of ScioTeq

The aerospace and defense sector has long been a cornerstone of private equity (PE) strategies, driven by its critical role in national security, technological innovation, and global supply chain resilience. In 2025, Tikehau Capital's acquisition of ScioTeq-a global leader in ruggedized display and computing solutions for aviation and defense-exemplifies a broader strategic shift in the sector. This transaction, which closed in Q4 2025, underscores how PE firms are reorienting their value creation frameworks to prioritize resilience over efficiency, while leveraging niche market consolidation and geopolitical tailwinds.

A Strategic Acquisition in a High-Growth Sector

Tikehau Capital's acquisition of ScioTeq from OpenGate Capital marks a significant step in the firm's aerospace and defense strategy. ScioTeq, which has a 40-year heritage in designing advanced visualization systems for mission-critical environments, was acquired by OpenGate in 2021 via a carve-out from TransDigm Group. Under OpenGate's ownership, ScioTeq expanded its global footprint, strengthened its leadership team, and advanced technologies such as MicroLED for next-generation military applications. Tikehau's entry into ScioTeq's ownership structure, with OpenGate retaining a minority stake, reflects a collaborative approach to growth, ensuring continuity in strategic operations while unlocking new capital and expertise.

This acquisition aligns with Tikehau's broader focus on sectors critical to European sovereignty and economic resilience. As noted in a report, the firm views aerospace and defense as "long-term structural themes," driven by the need to localize production, fortify supply chains, and address record order books in the face of geopolitical uncertainties. The transaction also highlights the growing role of PE in financing niche leaders and consolidation platforms within the sector, a trend accelerated by the disruptions of the COVID-19 crisis.

Value Creation: From Operational Excellence to Technological Resilience

Tikehau's value creation framework for ScioTeq is rooted in three pillars: operational enhancement, technological innovation, and market expansion. OpenGate's prior investments in ScioTeq's global sales organization and leadership team have already laid the groundwork for scalability. Tikehau, however, aims to build on this foundation by leveraging its sector-specific expertise and global network to accelerate ScioTeq's access to new markets. For instance, the firm's experience in decarbonization and smart mobility-evidenced by its €370 million acquisition of a Spanish smart mobility provider in Q3 2025-suggests a capacity to integrate cross-sectoral synergies.

Technologically, ScioTeq's focus on ruggedized displays and computing solutions positions it to benefit from the defense sector's urgent need for resilient, high-performance systems. Tikehau's emphasis on "deep sector expertise" and active portfolio management will likely drive further R&D investments, particularly in areas like miniaturization and energy efficiency, which are critical for next-generation military and aviation applications.

The ScioTeq acquisition, with OpenGate retaining a minority stake, suggests a hybrid exit model. By retaining a stake, OpenGate ensures continued alignment with Tikehau's growth initiatives, while Tikehau gains the flexibility to pursue future exits-whether through trade sales, public offerings, or further private equity recapitalizations-once ScioTeq's value proposition is fully realized. This approach mirrors Tikehau's broader strategy of balancing long-term value creation with liquidity opportunities in a sector characterized by long lead times and capital-intensive projects.

Conclusion: A Blueprint for Sector-Specific Resilience

Tikehau's acquisition of ScioTeq is emblematic of a strategic shift in aerospace and defense PE: from short-term efficiency gains to long-term resilience-building. By targeting niche leaders like ScioTeq, PE firms are not only addressing immediate supply chain vulnerabilities but also positioning themselves to capitalize on structural trends such as decarbonization, digital transformation, and geopolitical realignments. For Tikehau, the deal reinforces its commitment to sectors where private capital can drive both economic and strategic value-a model that is likely to define the next phase of aerospace and defense investment.

As the sector continues to evolve, the success of ScioTeq under Tikehau's stewardship will hinge on its ability to balance innovation with operational discipline. If the firm's historical performance is any guide, however, the combination of sector expertise, strategic patience, and a focus on resilience may well prove to be a winning formula.