Safran has entered into a definitive agreement to sell Safran Passenger Innovations (SPI), its in-flight entertainment and connectivity division, to Kingswood Capital Management.
SPI is a major supplier in the IFEC market, generating around US$460 million in annual revenue and employing approximately 740 staff across two sites in the United States and one in Germany. The company develops a broad range of connected IFE solutions that support airlines’ growing focus on digital engagement and onboard personalisation.
Formerly Zodiac Inflight Innovations, SPI is known for its RAVE and RAVE Ultra seatback IFE systems, which have been installed on thousands of aircraft for major carriers including China Southern, Etihad, Hainan Airlines, and SAS. The company also provides in-flight connectivity antenna hardware, including Honeywell JetWave and ThinKom VICTS Ka-band solutions, across Airbus’ portfolio.
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“Our team has always been the driving force behind RAVE’s success, and this new chapter with Kingswood empowers us to take that success to the next level,” said Matt Smith, CEO of SPI. “Together, we are unlocking opportunities for accelerated growth, expansion, and investment in cutting-edge technologies that will redefine the in-flight experience.”
Kingswood plans to deploy its capital resources and operational expertise to scale the SPI business and accelerate the development of new connected-cabin technologies. The firm says the acquisition aligns with its strategy of investing in high-growth technology and service platforms.
“We have conviction in Matt [Smith’s] vision and the RAVE platform, which delivers reliability and low total cost of ownership for global airline customers,” said Clayton Lechleiter, Principal at Kingswood. Alex Wolf, Managing Partner and Founder, added, “This cross-border acquisition represents our second aerospace and defense investment at Kingswood, and we look forward to supporting SPI as a standalone company.”
The transaction is subject to regulatory approvals and customary closing conditions. Safran expects completion by the end of Q1 2026.
