Amethis and Bpifrance Acquire Majority Stake in Thermal Decarbonization Specialist ATI Industries
The Edmond de Rothschild-backed impact manager leverages its Europe-Africa-Middle East footprint alongside Bpifrance’s FIEE2 fund to accelerate ATI’s global expansion across waste incineration and environmental engineering markets.
PARIS & GIEN — Impact private equity manager Amethis has acquired a controlling majority stake in French thermal solutions manufacturer ATI Industries, investing through its Amethis Europe Expansion fund.
The transaction was executed in partnership with Bpifrance (via its France Investissement Energie Environnement 2fund) and ATI’s executive management team led by President Maxime Picard, who made a substantial reinvestment. The deal facilitates the full exit of private equity sponsor Arlane, under whose ownership ATI doubled its operational scale.
Operational Scale & Environmental Engineering Footprint
Headquartered in Gien, France, ATI Industries designs, assembles, installs, and maintains high-efficiency thermal treatment systems across three principal verticals: medical and hazardous industrial waste incineration, precious metals recovery, and human/animal cremation:
- Revenue & Growth Performance: Reported nearly €20 million (~$21.7 million) in consolidated 2025 revenue, sustaining an average annualized growth rate exceeding 15%.
- Global Footprint: Over 60% of total revenue is generated outside France, with commercial operations and maintenance contracts spanning 60+ countries across Europe, Africa, the Middle East, Asia, and Latin America, supported by an installed base of 4,000+ units.
- Decarbonization Compliance: ATI’s proprietary filtration, flue-gas cleaning, and energy-recovery systems meet stringent European emissions standards, providing critical waste containment and material sovereignty capabilities for emerging markets.
Growth Mandate & Leadership Commentary
The capital injection will leverage Amethis’s regional office network across Abidjan, Casablanca, Nairobi, Cairo, Cape Town, Paris, and Luxembourg to expand ATI’s sales channels and pursue bolt-on acquisitions in the EMEA region.
“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 recognized expertise in filtration. 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,” said Romain Gauvrit and Nicolas Manardo, Senior Partners at Amethis.
“This change in our shareholder structure is a real opportunity to further develop our projects and services in France and internationally. I am delighted to welcome Amethis and Bpifrance as shareholders to support us in our organic and external growth projects,” added Maxime Picard, President of ATI Industries.
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