Butler Capital Partners
Butler Capital Partners is a Paris-based private equity and turnaround firm founded in 1991 by Walter Butler ENA 1980 graduate former Inspecteur des Finances at the French Treasury 1983-1986 advisor to Minister Francois Leotard 1986-1988 and Executive Director at Goldman Sachs in New York and London 1988-1990. The firm is registered as a SA with SIREN 418930434 headquartered at 30 Cours Albert 1er 75008 Paris and received AMF approval GP-98015 on 29 May 1998. Butler Capital Partners operated five funds over its 35-year history namely Amstar (pre-1998 FCPR vintage circa 1995) France Private Equity I (vintage 1996) France Private Equity II (vintage 1998 sized FF 1.1 billion approximately EUR 168 million one of the largest independent funds in France at the time) France Private Equity III (vintage 2005 sized USD 383 million approximately EUR 300 million) and the evergreen Butler Industries holding (vintage 2009) which serves as the current family-office vehicle. The AMF authorisation withdrawal has been in progress since 2022 reflecting the firm s transition from blind-pool fund model to family-office direct investing through Butler Industries. Butler Industries publicly claims approximately EUR 8 billion in cumulative deployed capital since 1991 across more than 40 portfolio companies and 50000 jobs. Historical flagship deals include Ipsos (1997-1999 IPO Euronext Paris Amstar vehicle) Groupe Flo (2000-2017 Trade Sale to Bertrand Group 3.2x return) Paris Saint-Germain FC (2006-2008 Secondary to Colony Capital) SNCM (2006-2015 Buyout privatisation) Anovo (2011-2015 Trade Sale to Ingram Micro circa GBP 80 million) and Nextiraone (circa 2014-2021 Trade Sale to Fayat). Current Butler Industries direct holdings include Pierre Herme Paris 85 percent stake L Ambroisie three-star restaurant Seaowl Group maritime services Paradis Latin cabaret La Liste gastronomic rankings Come to Paris tourism digital Brillane vineyard and Corum Asset Management.
Key facts
Recent exits
Coverage notes
3 funds tracked, 16 portfolio companies (13 active · 3 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Butler Capital Partners has raised, with its portfolio companies. Hand-checked from public filings.
Butler IndustriesEvergreen2009 · 17yr13 active · 1 realized
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Alcazar | Hospitality | France | 2025 |
| Almas Industries | Cybersecurity | Switzerland | 2016 |
| Cheops Technology | IT Services | France | – |
| Come to Paris | Hospitality | France | 2023 |
| Groupe Partouche | Hospitality | France | 2011 |
| L Ambroisie | Hospitality | France | 2022 |
| La Brillane | Agriculture | France | – |
| La Liste | Business Services | France | – |
| Moma Group | Hospitality | France | 2023 |
| Paradis Latin | Hospitality | France | 2018 |
| Pierre Herme Paris | Consumer | France | 2021 |
| SeaOwl Group | Business Services | France | 2022 |
| Tourbiz | Software | France | 2024 |
France Private Equity IIIBuyout2005 · 21yr€383M0 active · 1 realized
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About Butler Capital Partners
Butler Capital Partners is a French special situations and turnaround private equity firm with approximately €500 million of cumulative capital raised across its history, headquartered in Paris. The firm was founded in 1991 by Walter Butler, a French-Brazilian businessman with prior Goldman Sachs M&A experience and advisory work on French privatisation transactions including TF1. Butler Capital remains a partner-owned independent firm operating from a Paris-based platform.
Investment thesis
Butler Capital Partners deploys capital across special situations, turnarounds, complex transactions, distressed buyouts, carve-outs, leveraged build-ups and family-business successions, with sector focus historically spanning distribution, logistics, advertising, information technology, publishing and market research. The firm pioneered the French distressed and turnaround private equity segment, with transformation capital backing complex carve-outs and underperforming companies across France and selective European markets. Capital deployment combines majority equity positions with operational partnership and restructuring expertise.
Recent activity
Publicly tracked deal activity has been limited in recent years, with Acces Industrie (industrial services, 2017) representing the most recently documented exit and ANovo (technology services, 2011) the most recently documented major acquisition. The platform may be operating in less publicly disclosed transactions or has shifted to lower-volume deal activity across the recent vintage cycle. Detailed buyer names and multiple data available on Pro at €29/month.
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