Global alternative investment firm HIG Capital has completed its acquisition of a majority stake in A.L.A. S.p.A., an Italian aerospace and defense logistics provider listed on the Milan stock exchange. The transaction, finalized in October 2025, positions HIG Capital to capitalize on growing demand in European defense supply chains while the founding families retain a minority interest in the Naples-based company.
The deal underscores HIG Capital’s continued push into specialized industrial sectors across Europe, where defense spending has accelerated amid geopolitical tensions. Founded in 1993 by Sami Mnaymneh, who serves as founder, executive chairman and CEO, and Tony Tamer, founder and executive chairman, HIG Capital now manages $70 billion in assets and has invested in more than 400 companies since inception.
Defense Supply Chains Draw Private Equity Interest
A.L.A. has operated for 35 years as a distribution and logistics partner to major aerospace and defense manufacturers, offering engineering solutions and supply chain optimization services. The company functions as a single-source provider for customers seeking to streamline procurement and inventory management—capabilities that have become increasingly valuable as defense contractors grapple with production backlogs and component shortages.
Private equity firms have shown heightened interest in aerospace suppliers following increased defense budgets across NATO countries. Supply chain complexity in the sector creates opportunities for consolidation and operational improvements that align with buyout strategies. A.L.A.’s established relationships with prime contractors and its specialized inventory management systems offer potential for expansion both organically and through acquisitions.
“We have been very impressed by A.L.A.’s strong growth trajectory, operational excellence, and strategic positioning within the European aerospace and defense supply chain,” said Stefano Giambelli, managing director of HIG Capital’s European middle market LBO team, in a statement accompanying the transaction announcement.
HIG Capital Accelerates European Expansion
The A.L.A. acquisition follows a series of European investments by HIG Capital in 2025, including the purchase of France Workwear from Rentokil Initial and the establishment of Boxengo, a self-storage platform in Italy. Earlier in the year, the firm acquired ITH Group Limited, a UK pharmaceutical compounding services provider, and took a controlling stake in The Grounds Real Estate Development AG in Germany.
Miami-based HIG Capital has maintained offices across Europe in cities including London, Hamburg, Madrid, Milan and Paris. The firm’s European portfolio spans traditional manufacturing, healthcare services, real estate, and infrastructure investments. Recent transactions demonstrate a preference for companies with subscription-based revenue models or long-term customer contracts that provide stable cash flows.
The investment firm’s approach typically involves partnering with existing management teams while providing capital for expansion and operational improvements. Co-founders Fulvio Scannapieco and Vittorio Genna will continue to lead A.L.A. alongside HIG Capital’s ownership, maintaining continuity in customer relationships and strategic direction.
Aerospace Sector Dynamics Shape Investment Thesis
Commercial aviation’s recovery from pandemic lows has converged with increased military procurement to create robust demand for aerospace components and services. Boeing and Airbus face multi-year order backlogs while defense contractors work through elevated government contracts. These dynamics have strained supply chains and created opportunities for logistics specialists like A.L.A. to capture additional business.
European defense spending reached record levels in 2024, with NATO members working toward spending targets of 2% of GDP on defense. Italy’s defense budget has grown steadily, supporting domestic aerospace companies and their suppliers. A.L.A.’s position in the Italian market provides exposure to both domestic programs and broader European defense initiatives.
The complexity of aerospace supply chains, with their stringent quality requirements and regulatory compliance needs, creates barriers to entry that protect established players. A.L.A.’s three-decade track record and existing certifications position it to benefit from industry growth without significant capital investment in new capabilities.
Markus Noe-Nordberg, managing director and head of HIG Capital’s European middle market LBO team, noted the firm’s experience in scaling similar businesses: “We are thrilled to welcome A.L.A. to the HIG family and look forward to using our experience and resources to help A.L.A. maximize its potential.”
Financial terms of the transaction were not disclosed, though A.L.A.’s listing on the Milan exchange provides visibility into its financial performance. The company trades under ticker ALA.MI, offering investors continued access to its shares despite HIG Capital’s majority position.
The transaction reflects broader consolidation trends in aerospace supply chains, where scale advantages and technological capabilities drive competitive positioning. As defense budgets stabilize at elevated levels and commercial aviation continues its recovery, logistics providers with established customer relationships and operational expertise stand to benefit from sustained industry growth.
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