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At the end of 2024, after nearly a decade of collaborating on multiple businesses and projects, Patrick Hulsen, a seasoned entrepreneur with over 20 years of experience in innovative healthcare IT, and Jonah Vauchel, an entrepreneur with a strong background in mechanical engineering, decided to explore the SF model together and launched Aveniir. After a few months pursuing a traditional SF approach, they ultimately chose a self-funded model and began their acquisition search. They have now completed their first transaction with the small buyout of ADR Usinage. The company was acquired at an attractive valuation (estimated at around 3x EBITDA), structured with approximately 20% equity and 80% debt, financed by Bpifrance, Crédit Coopératif, and Société Générale.
ADR Usinage is a precision machining company specializing in high-quality aluminum processing and surface treatment. With over 30 years of experience, it provides advanced manufacturing solutions, including milling, turning, tapping, and fine machining, as well as specialized surface treatments such as anodizing, coating, and polishing. ADR Usinage serves demanding industries including electronics, automotive, hydraulics, and medical technology, producing everything from single prototypes to large-scale production runs. Known for its technical expertise, modern equipment, and rigorous quality standards, the company is positioned as a reliable partner for custom precision components and industrial machining solutions, particularly in the defense and aeronautics sectors. With 14 employees, the company achieved revenue of €2.6M in 2025 and an EBITDA exceeding €750k.
Patrick explained that they apply typical SF investment criteria when evaluating opportunities, such as EBITDA margins above 20% and recurring revenue streams, and view this first acquisition as the initial step in a broader buy-and-build strategy within the sector. They are already working on a second acquisition, which is expected to be completed in the coming months. Over the next five years, their ambition is to consolidate the sector by acquiring around a dozen companies, ultimately building a leading industrial platform in precision mechanics in France, with a particular focus on the defense sector.
