Amethis has acquired a majority stake in ATI Industries through its Amethis Europe Expansion fund, which aims to support European small and medium-sized enterprises in their international expansion, including in Africa.
The fund invested alongside Bpifrance’s France Investissement Energie Environnement 2 (FIEE2) vehicle and the management team, which is reinvesting significantly in the transaction.
The 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.
Based in Gien, France, with around 60 employees, ATI specialises in the design, assembly, installation and maintenance of complex thermal solutions. It addresses three main markets: medical and industrial waste incineration, precious metals recovery, and human and animal cremation.
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 €20 million in revenue, with average growth of more than 15% in recent years.
Amethis and FIEE2 will help ATI scale up in its existing markets and expand into new ones, with Amethis supporting its international growth, particularly in Europe, the Middle East and Africa.
Romain Gauvrit and Nicolas Manardo, senior partners, and Rebecca Denyer, investment director at Amethis, said in a joint statement: “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, commented: “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.”
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