Amethis, a member of the Edmond de Rothschild Private Equity Partnership, announces its acquisition of a majority stake in ATI Industries (“ATI” or the “Company”) through its Amethis Europe Expansion fund, which aims to support European SMEs in their international expansion, alongside Bpifrance’s France Investissement Energie Environnement 2 (FIEE2) fund and the management team, which is reinvesting significantly in the transaction.
This transaction marks a new stage in ATI’s development, with the exit of the Arlane fund, which helped double the Company’s size in recent years, and a clear ambition to accelerate its growth in France and, above all, internationally, while continuing to deploy its expertise in markets benefiting from favourable structural trends.
ATI, a leading provider of complex thermal solutions with a strong environmental impact
Based in Gien with around 60 employees, ATI specialises in the design, assembly, installation and maintenance of complex thermal solutions, addressing three main markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation. ATI is particularly well positioned in light of the challenges of the environmental transition, as its expertise is directly applied to the thermal treatment of medical and industrial waste. The Company thus provides solutions that meet essential needs in waste management and emissions control, against a backdrop of ever-tightening environmental requirements worldwide.
Drawing on several decades of know-how, ATI has gradually established itself as a leading player in its markets thanks to the combination of its engineering expertise, the robustness of its equipment and its recognised know-how in filtration and decarbonisation for these activities. The compliance of its solutions with European standards is also a significant competitive advantage, particularly in international markets where these standards are increasingly sought after.
ATI also benefits from a highly international customer base, generating recurring maintenance and service opportunities. The Company has commercial relationships in more than 60 countries, with around 60% of its revenue generated outside France, notably in Europe, Africa, the Middle East, Asia and Latin America.
In 2025, the Company generated nearly €20m in revenue, with solid average growth of more than 15% in recent years. This momentum reflects the quality of its positioning, the development of its international installed base and the buoyancy of the markets in which the Company operates.
Amethis’s contribution in international markets, particularly in EMEA, alongside Bpifrance’s France Investissement Energie Environnement 2 fund, whose strategy is to support the growth of companies making a tangible contribution to the ecological transition, will help ATI scale up and roll out its high-environmental-impact solutions in both its existing markets and new territories.
Romain Gauvrit and Nicolas Manardo, Senior Partners, and Rebecca Denyer, Investment Director at Amethis, said: “ATI has established itself as a leading player in the high-value waste incineration and cremation markets thanks to its engineering know-how, the robustness of its equipment and its recognised expertise in filtration, which is increasingly sought after internationally. We are pleased to support the management team by giving them access to Amethis’s networks across Europe, Africa and the Middle East to pursue their international expansion, amplify their environmental impact and support them in their external growth strategy.”
Maxime Picard, President of ATI, said:“This change in our shareholder structure is a real opportunity to further develop our Projects and the Services we offer our customers in France and internationally, supporting them and helping them address their environmental challenges. I am delighted to welcome Amethis and Bpifrance as shareholders of the group to support us in our organic and external growth projects, particularly internationally.”
“Bpifrance is very proud to support the growth of a century-old industrial company with recognised technological expertise and a strong international footprint. Operating in markets in which we have strong convictions, ATI’s business fits squarely within the DNA of our FIEE 2 fund, at the crossroads of the challenges of the environmental transition, through the treatment of complex waste, and of industrial sovereignty linked to the supply of metals. We are pleased to support the management team led by Maxime, together with Amethis, in this new phase of growth and scale-up,” said Caroline Vu, Investment Director, Environmental Impact Funds, and Ronan Frefield, Investment Director at Bpifrance Investissement.
About Amethis
Amethis is an impact-oriented private equity firm, and member of Edmond de Rothschild Private Equity Partnership, focusing on financial, environmental and social sustainability across Europe, Africa, and the Middle East.
With assets under management of over €1.5 billion, Amethis has made more than 50 investments to date. Amethis provides growth capital to promising mid-sized champions in a variety of sectors, offering growth support through its international network covering Europe, Africa and the Middle East as well as systematic improvement of their environmental and social impacts.
With seven offices in Paris, Abidjan, Casablanca, Nairobi, Cairo, Cape Town and Luxembourg, the Amethis team includes 60 experienced professionals with strong regional and sector expertise.