M&ASep 4, 2026, 13:34 UTC

PHI opens €150M fourth fund with acquisition of German aluminium maker ALJO

What's the deal? Spanish private equity firm PHI Industrial has acquired ALJO, a German maker of technically complex aluminium structures for the aerospace, space, automotive, and naval industries. The deal marks the first investment from PHI Fund IV, a new vehicle targeting €150 million at final close, and lets the Jonuscheit family exit the business it has owned.

The terms: The ALJO investment represents just under 10% of the fund's planned size. ALJO, based in Berne in Germany's Wesermarsch region, counts VWN, Airbus, and TKMS among its recurring customers. Ulf Jonuscheit owned and led the family company in its most recent phase.

What's the endgame? PHI plans to back ALJO's growth from a qualified supplier into a full systems partner for large European industrial groups. The business plan calls for reinforcing production capacity and doubling the current workforce of about 300 employees over the next six years.

Why now? The purchase follows PHI Industrial's acquisition of Verot, which strengthened its presence in the cutting and boilermaking sector. PHI is led by founding partners Alexander Wit and Jordi Bricio.

The advisers: PHI Industrial drew on Tribeca Abogados and Greenfort for legal advice, EY and Falk on tax, Pérez-Llorca and Noerr on financing, and PwC for financial review. On the sell side, CMS advised on legal and tax matters, with Enomyc as M&A adviser. Commerzbank financed the operation.

The signal: European industrial suppliers to defence and aerospace primes such as Airbus and TKMS are drawing private equity interest as buyers look to consolidate specialised manufacturers into larger systems partners. PHI's move to deploy a fresh fund into a family-owned German business points to continued appetite for mid-market industrial buyouts across Europe.