Apheon

About Apheon

Apheon is a pan-European mid-market private equity firm with €4.5 billion of assets under management as of December 2024, headquartered in Brussels with additional offices in Paris, Madrid, Milan and Luxembourg. The firm was founded in 2005 and rebranded from Ergon Capital Partners to Apheon in 2023, building on a two-decade track record across Benelux-anchored European mid-market investments. The platform is partner-owned and independent, with its operational base in Brussels reflecting the Benelux origins of the franchise.

Investment thesis

Apheon targets Benelux and selectively pan-European mid-cap LBO transactions with equity tickets ranging from €30 million to €150 million per transaction, focusing on profitable companies headquartered in or with significant operations across Belgium, the Netherlands, Luxembourg, France, Spain and Italy. Sector focus spans Consumer, Financials, Industrials, Healthcare, TMT, Software and Business Services. The firm emphasises operational value creation through management team partnership and selective bolt-on M&A strategies over five to seven year holding periods.

Recent activity

Recent realised exits include Lyceo (consumer, 2025), Haudecoeur (consumer, 2024), IPE Visionnaire (consumer, 2024), TMC (business services, 2024) and ELITech (healthcare, 2023), reflecting active distribution across the consumer and business services franchises. The platform tracks 9 funds, 33 active portfolio companies and 17 realised exits, with the latest vintage actively deploying capital across European mid-market opportunities under the Apheon brand. Detailed buyer names and multiple data available on Pro at €29/month.