Amethis buys majority stake in €20M French thermal specialist ATI
What's the deal? AmethisDealroom has a profile for this one. Try Dealroom → has acquired a majority stake in ATI EnvironnementDealroom has a profile for this one. Try Dealroom →, a French maker of complex thermal solutions, through its Amethis Europe ExpansionDealroom has a profile for this one. Try Dealroom → fund. Bpifrance's France Investissement Energie Environnement 2 (FIEE2)Dealroom has a profile for this one. Try Dealroom → vehicle invested alongside it, as did ATI's management team, which is reinvesting significantly. Terms were not disclosed.
Who's involved? Based in Gien, France, with around 60 employees, ATI designs, assembles, installs and maintains thermal systems for three markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation. In 2025 it generated nearly €20 million in revenue, with average growth of more than 15% in recent years.
Why now? The deal marks the exit of the ArlaneDealroom has a profile for this one. Try Dealroom → fund, which helped double ATI's size. The company already has commercial ties in more than 60 countries, with about 60% of revenue earned outside France — in Europe, Africa, the Middle East, Asia and Latin America.
What's the endgame? Amethis and FIEE2 plan to help ATI scale in existing markets and enter new ones, with Amethis opening its networks across Europe, Africa and the Middle East. The Amethis Europe Expansion fund targets European small and medium-sized enterprises expanding internationally, including into Africa.
Amethis senior partners Romain Gauvrit and Nicolas Manardo and investment director Rebecca Denyer said ATI's filtration expertise is "increasingly sought after internationally," adding that they want to help the team "amplify their environmental impact."
ATI president Maxime Picard called the shareholder change "a real opportunity to further develop our projects," saying he was "delighted to welcome Amethis and Bpifrance as shareholders."
The signal: The deal reflects growing investor appetite for environmental and waste-treatment businesses with cross-border reach. By backing a mid-sized French specialist with strong exports, Amethis is betting on filtration and incineration expertise as an export play into African and Middle Eastern markets.
Read more: africaprivateequitynews.com
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