How many portfolio companies does Azulis Capital have?

Azulis Capital has 22 active portfolio companies and 25 completed exits and 4 funds tracked on GP Intel.

Where is Azulis Capital headquartered?

Azulis Capital is headquartered in Paris, France.

What is Azulis Capital's assets under management?

Azulis Capital manages approximately €495M in assets under management.

What are Azulis Capital's recent exits?

Recent realized exits by Azulis Capital include: Father & Sons (2025) to Father & Sons management; Ital Express (MMF V) (2024) to Capza; Meotec (2024) to Andera Expansion (Andera Partners); Radiologie Paris Ouest (2024) to Imagerie Cardinet; HELIOS (2022) to Groupe Batibig; Novepan (2022) to Sagard; CEME (2022) to Apax Partners; DESTIA (MMF V) (2021) to Siparex ETI.

Home/GPs/Azulis Capital

DetailCard

Azulis Capital

Paris, France·azuliscapital.fr

AUM

€495M

Funds

vintages 2004–2021

Portfolio

Exits

Azulis Capital is a Paris private equity firm with €495M AUM, 22 active companies and 25 exits.

Key takeaways

·11 exits in the last 5 years · consistent DPI cadence.
·Average hold across 25 realized deals: 6 years.
·Top sector focus: Consumer (32% of portfolio).
·Fund cadence: ~6Y between vintages · last raise 2021.

Sector breakdown

47 companies

Consumer

15 · 32%

Healthcare

8 · 17%

Industrials

7 · 15%

Construction

5 · 11%

Business Services

4 · 9%

TMT

3 · 6%

Logistics

2 · 4%

Fintech

1 · 2%

Key facts

HQParis, France

Websiteazuliscapital.fr

Recent exits

Azulis Capital sold Father & Sons to Father & Sons management in 2025 after 11 years.

Azulis Capital sold Ital Express (MMF V) to Capza in 2024 after 5 years.

Azulis Capital sold Meotec to Andera Expansion (Andera Partners) in 2024 after 6 years.

Azulis Capital sold Radiologie Paris Ouest to Imagerie Cardinet in 2024 after 5 years.

Coverage notes

4 funds tracked, 47 portfolio companies (22 active · 25 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

4 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Azulis MMF VI

Buyout2021€280M12 assets

Buyout

2021 · 5yr

€280M

–

Unrealized

12 held

Company	Entry
Acensi TMT · France	2025
Advans Group Industrials · France	2023
Destia Healthcare · France	2021
Euradif Construction · France	2022
Fidel Fillaud Industrials · France	2021
HeRo medicare Healthcare · France	2026
HJD Process Vegetal Techno Consumer · France	2025
La Phoceenne de Cosmetique Consumer · France	2021
Mews Partners Business Services · France	2026
Nerco Construction · France	2024
Orsys Business Services · France	2021
Wichard Industrials · France	2023

Azulis MMF VDivesting

Buyout2015€215M9 assets9 exits

Buyout

2015 · 11yr

€215M

Unrealized

9 held

Company	Entry
Avidom Healthcare · France	2016
Eksae TMT · France	2019
Frio - La Sommeliere Consumer · France	2019
Groupe Frio Consumer · France	2019
Groupe Hélios (GEC IDF) Construction · France	2019
Ital Passion Consumer · France	2019
Jordenen Business Services · France	2018
La Boutique Officielle Consumer · France	2016
Love & Green Consumer · France	2019

Realized

9 exits

Company	Entry	Exit	Type	Buyer	MOIC
Destia (MMF V) Healthcare · France	2016	2021	Secondary	Siparex ETI	–
Helios Fintech · France	2019	2022	Trade Sale	Groupe Batibig	–
Ital Express (MMF V) Industrials · France	2019	2024	Secondary	Capza	–
Marcel & Fils Consumer · France	2015	2021	Secondary	Weinberg Capital Partners	–
Meotec TMT · France	2018	2024	Secondary	Andera Expansion (Andera Partners)	–
Novepan Consumer · France	2017	2022	Secondary	Sagard	–
Radiologie Paris Ouest Healthcare · France	2019	2024	Trade Sale	Imagerie Cardinet	–
Talis Business School Education · France	2020	2021	Secondary	IDI	–
Vivalto Vie Healthcare · France	2015	2020	Secondary	Amundi Private Equity Funds	–

Azulis MMF IVDivesting

Buyout2011€225M0 assets8 exits

Buyout

2011 · 15yr

€225M

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
Bioclinic Healthcare · France	2012	2018	Secondary	IDIA Capital Investissement	–
CEME Construction · France	2014	2022	Secondary	Apax Partners	–
Father & Sons Consumer · France	2014	2025	MBO	Father & Sons management	–
Holweg Weber Industrials · France	2012	2018	Secondary	Motion Equity Partners	–
Ital Express Logistics · France	2014	2019	Secondary	Capza	–
Lagarrigue MedTech · France	2011	2016	Secondary	Ardian	–
LV Overseas Logistics · France	2013	2019	Secondary	21 Invest France	–
Sitour Business Services · France	2011	2017	Secondary	Cerea Partners	–

Azulis MMF IIIRealized

Buyout2004€109M1 assets8 exits

Buyout

2004 · 22yr

€109M

Unrealized

1 held

Company	Entry
Saveur/Savena Consumer · France	2007

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
Altair - Groupe Brunel Industrials · France	2010	2016	Secondary	Motion Equity Partners	–
Inicea Healthcare · France	2010	2016	Secondary	Antin Infrastructure Partners	–
Mademoiselle Desserts Consumer · France	2009	2018	Secondary	IK Partners	–
Martine Specialites Consumer · France	2009	2013	Secondary	Equistone	–
Optimum Construction · France	2010	2015	Secondary	IXO Private Equity	–
Prodene Klint Consumer · France	2009	2014	Trade Sale	GOJO Industries	–
Rossignol (waste bins) Industrials · France	2009	2021	MBO	Rossignol management with UI Investissement and BNP Paribas Developpement	–
Savena Consumer · France	2007	2011	Secondary	IK Partners	–

About Azulis Capital

Azulis Capital is a French mid-market private equity firm with €495 million of assets under management as of December 2024, headquartered in Paris. The firm has built a multi-decade track record across successive flagship vintage funds focused on French mid-cap LBO transactions, with sector breadth across industrials, healthcare, business services and consumer verticals spanning the French mid-market spectrum.

Investment thesis

Azulis targets French mid-cap LBO transactions with equity ticket sizes typically ranging from €10 million to €40 million per transaction, focusing on profitable companies with strong management teams and growth potential. Sector focus spans Industrials, Healthcare, TMT and Business Services, with the firm emphasising operational value creation through management team partnership and selective bolt-on M&A strategies across the holding period.

Recent activity

Recent realised exits include Ital Express (industrials, 2024), Meotec (TMT, 2024), Radiologie Paris Ouest (healthcare, 2024) and CEME (industrials, 2022), reflecting active distribution across multiple sectors. The platform tracks 4 funds, 18 active portfolio companies and 22 realised exits across the multi-vintage French mid-cap programme.

Frequently asked questions

How many portfolio companies does Azulis Capital have?: Azulis Capital has 22 active portfolio companies and 25 completed exits and 4 funds tracked on GP Intel.
Where is Azulis Capital headquartered?: Azulis Capital is headquartered in Paris, France.
What is Azulis Capital's assets under management?: Azulis Capital manages approximately €495M in assets under management.
What are Azulis Capital's recent exits?: Recent realized exits by Azulis Capital include: Father & Sons (2025) to Father & Sons management; Ital Express (MMF V) (2024) to Capza; Meotec (2024) to Andera Expansion (Andera Partners); Radiologie Paris Ouest (2024) to Imagerie Cardinet; HELIOS (2022) to Groupe Batibig; Novepan (2022) to Sagard; CEME (2022) to Apax Partners; DESTIA (MMF V) (2021) to Siparex ETI.