Miami-headquartered HIG Capital closed its acquisition of a controlling interest in A.L.A. S.p.A. last month, adding the Naples-based aerospace logistics specialist to a European portfolio that has grown considerably throughout 2025. The Milan-listed defense supplier, which retains its founding families as minority shareholders, marks HIG Capital’s latest bet on companies serving NATO’s expanding procurement needs.
Founded three decades ago, A.L.A. has built its business around solving a persistent problem for aerospace manufacturers: managing thousands of components from hundreds of suppliers while meeting exacting quality standards. The company provides what it calls “one-stop shop” services, handling everything from procurement to inventory management for defense contractors who would rather focus on assembly than logistics.
HIG Capital, established in 1993 by founders Sami Mnaymneh, now executive chairman and CEO, and Tony Tamer, executive chairman, brings considerable aerospace sector experience to the partnership. The firm oversees $70 billion in capital across more than 100 current portfolio companies and has completed over 400 investments throughout its history.
European Defense Boom Attracts HIG Capital
October’s A.L.A. deal arrived amid a flurry of European acquisitions for HIG Capital. The firm has been particularly active in Italy, launching Boxengo, a self-storage venture, while also purchasing France Workwear’s textile rental business from Rentokil Initial. Add in the summer acquisition of ITH Group, a British pharmaceutical compounder, and HIG Capital’s European managing directors have been keeping busy.
Yet the A.L.A. transaction stands out for its timing. European governments have committed unprecedented peacetime budgets to defense modernization, creating a sellers’ market for companies with established defense contractor relationships. A.L.A.’s 35-year operating history and existing certifications make it difficult for new entrants to compete for the same contracts.
“A.L.A.’s strong growth trajectory, operational excellence, and positioning within the European aerospace and defense supply chain” impressed the investment team, according to Stefano Giambelli, a managing director on HIG Capital’s European middle market buyout team. His colleague Markus Noe-Nordberg, who heads that team, expressed confidence that HIG Capital’s resources would help “maximize A.L.A.’s potential.”
The Italian company’s co-founders, Fulvio Scannapieco and Vittorio Genna, will remain at the helm under HIG Capital’s ownership. Their continued involvement suggests HIG Capital values management continuity in a sector where personal relationships and technical knowledge drive business development.
Beyond Traditional Buyout Playbooks
Unlike consumer-facing businesses where private equity firms often implement rapid digital transformations or aggressive cost-cutting, aerospace suppliers require a different touch. Quality certifications take years to obtain. Switching costs for customers are prohibitive. Trust builds slowly in an industry where component failures can ground aircraft or compromise missions.
HIG Capital appears to recognize these realities. Rather than disrupting A.L.A.’s operations, the firm will likely focus on providing capital for inventory expansion and potential add-on acquisitions. The aerospace supply chain remains fragmented despite recent consolidation, offering opportunities to combine complementary businesses under A.L.A.’s platform.
Financial details remain undisclosed, though A.L.A.’s public listing provides some transparency. The company trades as ALA.MI on the Milan exchange, where minority shareholders can still buy and sell shares despite HIG Capital’s majority position. This structure allows the founding families to maintain some liquidity while participating in future value creation.
Aerospace Suppliers Benefit From Dual Tailwinds
Two distinct trends converge to support HIG Capital’s investment thesis. Commercial aviation has finally recovered from pandemic-era groundings, with Boeing and Airbus struggling to meet delivery schedules amid parts shortages. Meanwhile, European defense ministries have opened their checkbooks following regional security concerns, accelerating equipment replacement cycles and new platform development.
These dynamics create unusual pricing power for established suppliers. When Lockheed Martin or Leonardo needs components for a government contract with strict deadlines, they care more about reliability than cost savings. A.L.A.’s track record of on-time delivery and quality compliance becomes its competitive moat.
HIG Capital has quietly assembled an impressive collection of European industrial assets over recent years. The firm maintains offices in London, Hamburg, Madrid, Milan, and Paris, providing local deal sourcing and portfolio management capabilities. This geographic footprint helped identify A.L.A. among Italy’s mid-market aerospace suppliers.
For HIG Capital, the A.L.A. investment extends a decades-long focus on sectors with predictable cash flows and high barriers to entry. The firm’s $70 billion in assets under management provides ample dry powder for similar acquisitions, particularly as European middle-market valuations remain below recent peaks.
The transaction closed without fanfare—no ribbon cuttings or champagne toasts—just another week in private equity’s steady accumulation of specialized industrial assets. Yet for A.L.A.’s employees and customers, HIG Capital’s arrival may herald expansion into new markets and capabilities that independent operation couldn’t support. Time will tell whether this particular marriage of American capital and Italian engineering delivers on its promise.
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