Syntagma Capital has acquired Erasteel from Eramet


Erasteel, a former subsidiary of Eramet Group, is a global leader in the conventional and powder metallurgy of high-speed steels used for high performance machining, drilling and cutting tools. In addition, Erasteel has unique metal recycling capabilities in Europe, offering sustainable solutions for the recovery of batteries, catalysts and metals. The business employs approximately 850 employees across its six sites in France, Sweden and China. In 2022, Erasteel generated approximately €275 million in revenues serving primarily the aerospace, automotive and industrial sectors.

The Deal

Syntagma Capital intends to leverage its global experience in metals and Erasteel’s extensive research and development and technical know-how, global presence and strong customer relationships to further enhance its growth, both organically and through targeted M&A. Syntagma also intends to accelerate the development of the recycling division of Erasteel in France.

Our Perspective

Géraud Estrangin, Managing Director in Lincoln’s Paris office, commented, “With this transaction, Syntagma closes the first transaction of its new fund and further demonstrates its ability to lead complex industrial carve-outs. It also further evidences Lincoln International’s ability to advise financial sponsors throughout challenging processes thanks to meaningful insights and true connections with industrial corporates.”


Eramet SA is a French listed mining company specialized in Nickel, Manganese, Lithium and mineral sands extraction and transformation.

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