SPI to Be Acquired by Kingswood Capital
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Last week, private equity firm Kingswood Capital Management (Kingswood) reached a definitive agreement to acquire Safran Passenger Innovations (SPI). The in-flight entertainment and connectivity (IFEC) division of Safran will now prepare for its next phase as a standalone company. The acquisition positions SPI for accelerated growth as demand for connected cabins and digital passenger experiences continues to rise.
A New Chapter for Safran Passenger Innovations
Previously known as Zodiac Inflight Innovations, the company rebranded as Safran Passenger Innovations after its acquisition by Safran in 2018. Today, SPI is best known for its RAVE and RAVE Ultra seatback IFE platforms, which are installed across thousands of aircraft and used by airlines such as Lufthansa, ANA, Etihad, China Southern, and SAS.
“Together, we are unlocking opportunities for accelerated growth, expansion, and investing in cutting-edge technologies that will redefine the in-flight experience.”
– Matt Smith, Safran Passenger Innovations
The acquisition reflects Kingswood’s confidence in the continued growth of IFEC markets as airlines invest heavily in more modern, digitally capable cabins. As a standalone company, SPI will have greater flexibility to accelerate product development, enhance customer support, and respond quickly to evolving commercial and technological demands.
Kingswood intends to use its capital, operating experience, and industry network to help SPI expand its offerings and develop new connected IFE solutions as the passenger experience becomes increasingly digital. The transaction is subject to regulatory approvals and standard closing conditions, with completion expected by the end of the first quarter of 2026.
Kingswood Capital Management Managing Partner and Founder Alex Wolf said, “We are elated that SPI and its RAVE platform are joining the growing Kingswood portfolio. This cross-border carve-out acquisition represents our second aerospace and defense investment at Kingswood. We saw this as an opportunity to partner with a great team with an exceptional, globally recognized product in a rapidly growing sector and are looking forward to working with Matt and the entire SPI team to support an exciting new phase of operations as a standalone company.”
RAVE’s Role in the Next Phase of Passenger Engagement
SPI’s RAVE platform remains central to its future strategy. Originally developed to simplify airline operations and improve reliability, RAVE has evolved into a flexible digital system capable of supporting the next generation of in-flight services. It allows airlines extend passenger engagement beyond traditional seatback entertainment toward a more connected, personalized experience.
As connectivity improves across global fleets, airlines want systems that can support streaming, real-time updates, and individualized content delivery. RAVE is designed to operate within that connected environment, using hardware and software aligned with modern consumer technology standards. Its scalability allows airlines to create consistent experiences across fleets while keeping operation costs low.
Safran Passenger Innovations CEO Matt Smith said, “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. Together, we are unlocking opportunities for accelerated growth, expansion, and investing in cutting-edge technologies that will redefine the in-flight experience. This partnership adds significant value to our company, enabling us to strengthen our capabilities while staying true to our company culture.”