Safran will sell its Safran Passenger Innovations (SPI) unit to Kingswood Capital Management, a Los Angeles-based private equity group. The move is part of Safran’s continued efforts to divest “non-core” operations.
This partnership adds significant value to our company, enabling us to strengthen our capabilities while staying true to our company culture.
– Matt Smith, CEO at Safran Passenger Innovations
SPI delivers inflight entertainment to airlines around the world through its RAVE (Reliable, Affordable, and Very Easy) platform, part of its 20-year history in the IFE space. China Southern is the latest to announce such a deal.
Read more: Casting, Caching Set to Boost IFE Content
It also serves as a key supplier and integrator in the inflight internet services segment. This includes its role as supplier of the ThinKom Ka2517 terminal for the Airbus HBCplus program, and for line-fit installation on some Boeing aircraft, including equipping 787s for Thai Airways and Neo Space Group. SPI also delivers gimbal-mount solutions for aircraft connectivity.
SPI dabbled in the ESA space as well. It was tipped to deliver the GetSat Ku-band ESA for HBCplus but that effort fell short. It is now working with Greenerwave to develop a metasurfaces ESA.
Zodiac Aerospace acquired the inflight entertainment group Innovative Media Solutions (IMS) in 2012, combining seats and inflight entertainment into a vertically integrated operation. That will split now, but the groups will continue to collaborate and cooperate closely, as many of the RAVE deals are delivered on Safran seats.
The deal will see Matt Smith continue as SPI’s CEO, and the entire SPI leadership team is expected to remain in their current roles. The transaction is expected to close early next year, subject to customary legal and regulatory requirements. The companies did not disclose a price for the transaction.
This is the second IFE/C company to see a private equity deal this year. Anuvu agreed to be bought out by Platinum Equity in August.
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