Apheon
Apheon Advisors France S.A is a pan-European mid-market private equity firm founded in 2005, managing approximately €4.5 billion in assets and investing primarily in companies headquartered in Benelux, France, Germany, Italy, and Spain. The firm focuses on sustainable finance and transforming companies through partnership with management teams and families.
Key facts
Recent exits
Coverage notes
9 funds tracked, 54 portfolio companies (30 active · 24 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
54 companiesFunds & portfolio
Every fund Apheon has raised, with its portfolio companies. Hand-checked from public filings.
AMB VIBuyout2025 · 1yr€1.3B8 active
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  Belgium | 2026 | |
| Healthcare |  Spain | 2025 | |
| Software | Belgium | 2026 | |
| Industrials |  Netherlands | 2025 | |
| Consumer |  Italy | 2025 | |
| Industrials | Netherlands | 2024 | |
| Industrials | Belgium | 2026 | |
| MedTech |  France | 2026 |
Belgium· Entry 2026Spain· Entry 2025Belgium· Entry 2026Netherlands· Entry 2025Italy· Entry 2025Netherlands· Entry 2024Belgium· Entry 2026France· Entry 2026AMB V ContinuationBuyout2024 · 2yr€435M2 active
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | France | 2024 | |
| Business Services | Netherlands | 2024 |
France· Entry 2024Netherlands· Entry 2024AMB VBuyout2022 · 4yr€800M7 active
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Spain | 2022 | |
| Financials | Belgium | 2023 | |
| Consumer | Belgium | 2024 | |
| Healthcare |  Germany | 2022 | |
| Consumer | Italy | 2023 | |
| Consumer | Italy | 2023 | |
| TMT | Spain | 2022 |
Spain· Entry 2022Belgium· Entry 2023Belgium· Entry 2024Germany· Entry 2022Italy· Entry 2023Italy· Entry 2023Spain· Entry 2022AMB IV ContinuationBuyout2021 · 5yr€200M2 active
AMB III ContinuationBuyout2019 · 7yr1 active
AMB IVBuyout2019 · 7yr€580M6 active · 6 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Netherlands | 2020 | |
| Healthcare | Germany | 2021 | |
| Consumer | Belgium | 2020 | |
| Industrials | Netherlands | 2021 | |
| Industrials | France | 2020 | |
| Healthcare | Germany | 2021 |
Netherlands· Entry 2020Germany· Entry 2021Belgium· Entry 2020Netherlands· Entry 2021France· Entry 2020Germany· Entry 2021Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Italy | 2019 | 2024 | Trade Sale | – | ||
| Consumer | France | 2019 | 2024 | Continuation Vehicle | – | ||
| EdTech | Netherlands | 2021 | 2025 | Secondary | – | ||
| Healthcare | Spain | 2020 | 2021 | Secondary | – | ||
| Software | Belgium | 2020 | 2024 | Secondary | – | ||
| Business Services | Netherlands | 2019 | 2024 | Continuation Vehicle | – |
AMB IIIBuyout2014 · 12yr€340M2 active · 9 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | Germany | 2014 | |
| Consumer | Netherlands | 2015 |
Germany· Entry 2014Netherlands· Entry 2015Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Italy | 2015 | 2017 | Trade Sale | – | ||
| Healthcare | Spain | 2018 | 2022 | Trade Sale | – | ||
| Consumer | Italy | 2014 | 2024 | Trade Sale | – | ||
| Consumer | Netherlands | 2017 | 2021 | Secondary | – | ||
| Consumer | Belgium | 2016 | 2019 | Secondary | – | ||
| Healthcare | Germany | 2016 | 2019 | Continuation Vehicle | – | ||
| Industrials | Belgium | 2018 | 2021 | Continuation Vehicle | – | ||
| Industrials | Germany | 2018 | 2021 | Continuation Vehicle | – | ||
| Consumer | Belgium | 2018 | 2023 | MBO | – |
AMB IIBuyout2010 · 16yr€200M2 active · 1 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | Spain | 2011 | |
| Consumer | Belgium | 2011 |
Spain· Entry 2011Belgium· Entry 2011
AMB IBuyout2005 · 21yr€150M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Belgium | 2007 | 2014 | Secondary | – | ||
| Industrials | Belgium | 2007 | 2015 | Trade Sale | – | ||
| Consumer | Netherlands | 2006 | 2007 | Trade Sale | – | ||
| Consumer | Italy | 2006 | 2011 | Trade Sale | – | ||
| Industrials | Germany | 2008 | 2018 | Trade Sale | – | ||
| Industrials | Italy | 2007 | 2014 | Trade Sale | – | ||
| Consumer | Italy | 2005 | 2016 | Trade Sale | – | ||
| Healthcare | Germany | 2007 | 2013 | Trade Sale | – |
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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.
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Italy·€4.9BGet the full picture on Apheon.
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