Krisos takes full control of Seville aerospace firm Indaero
What's the deal? Bilbao-based fund KrisosDealroom has a profile for this one. Try Dealroom → has acquired the remaining 25% stake in Seville aerospace manufacturer IndaeroDealroom has a profile for this one. Try Dealroom →, giving it full ownership of the company. The stake was purchased from Darío González, who led Indaero for 21 years and had stayed on as head of business development after selling 75% to Krisos in 2023. He left that role in mid-2024 and has now exited entirely.
Since entering Indaero in 2023, Krisos has invested €1.3M in capital expenditure and plans another €500K in 2026 to complete its expansion and modernisation programme — bringing total investment to roughly €1.8M ($2M).
Why now? Indaero, founded in 1969, has evolved from a small engraving business into a key supplier to Airbus Defence and Space, manufacturing labels, aircraft interior components, protective covers, and satellite deployers. The aerospace and defence sector is booming, and Krisos appears to be consolidating ownership to move faster on growth plans — including a recent push into the US market and civil aviation.
Krisos Global, the holding company that owns Indaero, belongs to a fund managed by four founding partners — Jabi Salcedo, Xavier Costa, Dunia Reverter, and Dutch firm Corporate Rebels — along with 19 limited partners. Indaero was their first acquisition. They have since bought Alumipres and Vilassarenca, a company that was in insolvency proceedings, and are now scouting for a target in the Basque Country.
"We apply the same principles of empowerment in all our companies, putting people at the centre, with a long-term vision — investing in people and infrastructure to ensure sustainability," said Reverter.
What could go wrong? Aerospace supply chains are long and complex, and smaller suppliers can be vulnerable to programme delays or shifts in procurement by major customers like Airbus. Indaero's heavy reliance on defence contracts could also expose it to political and budgetary risk. Meanwhile, entering civil aviation and the US market simultaneously adds execution complexity.
The signal: Krisos's full consolidation of Indaero fits a growing pattern of European lower-mid-market funds rolling up niche aerospace suppliers as defence budgets surge and commercial aviation backlogs stretch for years. For a fund whose buy-and-build playbook already spans three acquisitions — Indaero, Alumipres, and Vilassarenca — taking sole ownership removes governance friction ahead of capital-intensive moves like US market entry and civil aviation diversification. With total capex of roughly €1.8M across just three years, the bet is that relatively modest modernisation spend in specialised manufacturing can unlock outsized returns in a sector where qualified suppliers are scarce and switching costs are high.
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