What investment strategy does Aquasourca focus on?

Aquasourca focuses on Growth, Buyout strategies in the private equity space.

How many portfolio companies does Aquasourca have?

Aquasourca has 19 active portfolio companies and 11 completed exits and 2 funds tracked on GP Intel.

Where is Aquasourca headquartered?

Aquasourca is headquartered in LYON, France.

What is Aquasourca's assets under management?

Aquasourca manages approximately €107M in assets under management.

When was Aquasourca founded?

Aquasourca was founded in 1996.

What sectors does Aquasourca invest in?

Aquasourca invests across Industrials, Consumer, Business Services.

What are Aquasourca's recent exits?

Recent realized exits by Aquasourca include: Pyramid (2026) to Groupe Géone; Patriarca (2025) to Carvest; CERAE; Lens Online (2025) to Vision Group; GL Events (2024) to Olivier Ginon (Le Grand Rey); Acquabella (2020) to Cranemere Group (The Engineered Stone Group); Eurotab (2019) to LBO France; Emin Leydier (2018) to SAICA; Finegil (2018) to O10C Group.

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Aquasourca

LYON, France·Founded 1996·

Growth Equity Buyout

·aquasourca.com

Aquasourça is a family-owned investment company founded about 20 years ago, active in private equity and real estate with permanent capital. It focuses on supporting small-cap companies in France and Europe through two small-cap investment strategies, one generalist and one sector-specific, with a strong entrepreneurial approach.

AUM

€107M

Funds

vintages 2015–2021

Portfolio

Exits

Aquasourca is a LYON growth equity firm with €107M AUM, 19 active companies and 11 exits.

SectorsIndustrials Consumer Business Services

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 11 realized deals: 10 years.
·Top sector focus: Consumer (57% of portfolio).
·Fund cadence: ~6Y between vintages · last raise 2021.

Sector breakdown

30 companies

Consumer

17 · 57%

Industrials

4 · 13%

Construction

3 · 10%

Healthcare

2 · 7%

Real Estate

1 · 3%

Business Services

1 · 3%

Mobility

1 · 3%

Key facts

HQLYON, France

Founded1996

Websiteaquasourca.com

Recent exits

Aquasourca sold Pyramid to Groupe Géone in 2026 after 7 years.

Aquasourca sold Patriarca to Carvest; CERAE in 2025 after 4 years.

Aquasourca sold Lens Online to Vision Group in 2025 after 11 years.

Aquasourca sold GL Events to Olivier Ginon (Le Grand Rey) in 2024 after 24 years.

Coverage notes

2 funds tracked, 30 portfolio companies (19 active · 11 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Aquasourca has raised, with its portfolio companies. Hand-checked from public filings.

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

AQS Sectoriel

Growth2021€100M7 assets1 exits

Growth

2021 · 5yr

€100M

Unrealized

7 held

Company	Entry
Chapoutier Consumer · France	2022
Ekkia Group Consumer · France	2011
Kinobe Consumer · France	2025
LPP Groupe (Le Petit Prince / SOGEX) France	2025
Relais Vert Consumer · France	2024
United Chocolat Consumer · France	2022
Virgil Real Estate · France	2022

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Patriarca Consumer · France	2021	2025	Recapitalization	Carvest; CERAE	–

AQS Croissance

Growth2015€100M12 assets10 exits

Growth

2015 · 11yr

€100M

Unrealized

12 held

Company	Entry
ALP Acier Etancheite Construction · France	2023
APC Etanch Construction · France	2021
Astrin Industrials · France	2020
Brique House Consumer · France	2023
Comedie Odeon Consumer · France	2017
Jean Martin Consumer · France	2023
JL Bourg Consumer · France	2019
Jock Consumer · France	2020
Mium Lab Healthcare · France	2021
Réserve de Champlat Consumer · France	2023
Tribune de Lyon Consumer · France	2018
Vestal Groupe Industrials · France	2024

Realized

10 exits

Company	Entry	Exit	Type	Buyer	MOIC
Acquabella Consumer · France	2012	2020	Trade Sale	Cranemere Group (The Engineered Stone Group)	–
Emin Leydier Industrials · France	2006	2018	Trade Sale	SAICA	–
Eurotab Industrials · France	2008	2019	Secondary	LBO France	–
Finegil Consumer · France	2010	2018	Trade Sale	O10C Group	–
Focal Consumer · France	2010	2018	Secondary	Naxicap Partners	–
GL Events Business Services · France	2000	2024	Trade Sale	Olivier Ginon (Le Grand Rey)	–
Lens Online Healthcare · France	2014	2025	Trade Sale	Vision Group	–
Pyramid Construction · France	2019	2026	Trade Sale	Groupe Géone	–
Shark Consumer · France	2012	2018	Trade Sale	Eurazeo PME (as 2RH Group)	–
SNOP Mobility · France	2005	2016	–	–	–

About Aquasourca

Aquasourça is a family-owned French investment company with €200 million of assets under management, active in private equity and real estate with permanent capital. Founded approximately 20 years ago in Lyon, the platform focuses on supporting small-cap companies in France and Europe through two small-cap investment strategies aligned with the family's multi-generational entrepreneurial heritage.

Investment thesis

Aquasourça targets European small-cap companies across two complementary strategies: private equity (small-cap LBO and growth equity) and real estate (selective property positions). The permanent family capital structure enables long-duration positions unconstrained by traditional fund cycles, with the small-cap focus distinguishing Aquasourça from generalist mid-cap French peers. Equity ticket sizes are aligned with the small-cap mandate.

Recent activity

Recent realised exits include Lens Online (healthcare, 2025) and GL Events (business services, 2024), reflecting active distribution across the family-office portfolio. The platform tracks 2 funds, 19 active portfolio companies and 9 realised exits across the multi-vintage small-cap programme.

Frequently asked questions

What investment strategy does Aquasourca focus on?: Aquasourca focuses on Growth, Buyout strategies in the private equity space.
How many portfolio companies does Aquasourca have?: Aquasourca has 19 active portfolio companies and 11 completed exits and 2 funds tracked on GP Intel.
Where is Aquasourca headquartered?: Aquasourca is headquartered in LYON, France.
What is Aquasourca's assets under management?: Aquasourca manages approximately €107M in assets under management.
When was Aquasourca founded?: Aquasourca was founded in 1996.
What sectors does Aquasourca invest in?: Aquasourca invests across Industrials, Consumer, Business Services.
What are Aquasourca's recent exits?: Recent realized exits by Aquasourca include: Pyramid (2026) to Groupe Géone; Patriarca (2025) to Carvest; CERAE; Lens Online (2025) to Vision Group; GL Events (2024) to Olivier Ginon (Le Grand Rey); Acquabella (2020) to Cranemere Group (The Engineered Stone Group); Eurotab (2019) to LBO France; Emin Leydier (2018) to SAICA; Finegil (2018) to O10C Group.