Chequers Capital
Key facts
Recent exits
Coverage notes
4 funds tracked, 65 portfolio companies (25 active · 40 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
63 companiesFunds & portfolio
Every fund Chequers Capital has raised, with its portfolio companies. Hand-checked from public filings.
Chequers Capital XVIIIBuyout2022 · 4yr€1.2B13 active
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services |  Belgium | 2023 | |
| IT Services |  Germany | 2023 | |
| Industrials |  France | 2026 | |
| Aerospace & Defence | France | 2026 | |
| IT Services |  Italy | 2023 | |
| – | Italy | 2025 | |
| Consumer | Italy | 2025 | |
| Industrials | Italy | 2022 | |
| Industrials | Italy | 2025 | |
| Business Services | Italy | 2024 | |
| IT Services | France | 2022 | |
| Aerospace & Defence | France | 2018 | |
| Industrials | France | 2022 |
Belgium· Entry 2023Germany· Entry 2023France· Entry 2026France· Entry 2026Italy· Entry 2023Italy· Entry 2025Italy· Entry 2025Italy· Entry 2022Italy· Entry 2025Italy· Entry 2024France· Entry 2022France· Entry 2018France· Entry 2022Chequers Capital XVIIBuyout2017 · 9yr€1.1B7 active · 10 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Business Services | France | 2021 | |
| Business Services | France | 2021 | |
| Software | France | 2021 | |
| IT Services | France | 2021 | |
| IT Services | Germany | 2020 | |
| Industrials | France | 2016 | |
| Business Services | Germany | 2021 |
France· Entry 2021France· Entry 2021France· Entry 2021France· Entry 2021Germany· Entry 2020France· Entry 2016Germany· Entry 2021Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Construction | France | 2017 | 2025 | Trade Sale | – | ||
| Business Services | France | 2016 | 2023 | Secondary | – | ||
| Agriculture | Italy | 2017 | 2022 | Trade Sale | – | ||
| Industrials | Italy | 2017 | 2023 | Secondary | – | ||
| Construction | France | 2016 | 2023 | Secondary | – | ||
| Industrials | France | 2016 | 2024 | Secondary | – | ||
| Industrials | Italy | 2020 | 2023 | Trade Sale | – | ||
| IT Services | Italy | 2018 | 2023 | Trade Sale | – | ||
| Industrials | Belgium | 2017 | 2022 | Secondary | – | ||
| Industrials | Germany | 2017 | 2021 | Trade Sale | – |
Chequers Capital XVIBuyout2011 · 15yr€850M3 active · 11 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials | France | 2016 | |
| Industrials | France | 2016 | |
| Business Services |  Switzerland | 2016 |
France· Entry 2016France· Entry 2016Switzerland· Entry 2016Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Mobility | Germany | 2011 | 2018 | Secondary | – | ||
| Industrials | Germany | 2013 | 2018 | Secondary | – | ||
| Healthcare | Germany | 2010 | 2014 | Trade Sale | – | ||
| Healthcare | France | 2014 | 2018 | Secondary | – | ||
| IT Services | Germany | 2012 | 2016 | Trade Sale | – | ||
| IT Services | France | 2010 | 2014 | Trade Sale | – | ||
| Industrials | France | 2012 | 2016 | Secondary | – | ||
| Business Services | Italy | 2013 | 2018 | Trade Sale | – | ||
| Industrials | Germany | 2010 | 2014 | Trade Sale | – | ||
| Healthcare | France | 2010 | 2019 | Trade Sale | – | ||
| Healthcare | Italy | 2010 | 2014 | Secondary | – |
Chequers Capital XVBuyout2005 · 21yr€500M0 active · 19 realized
Realized
19 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Aerospace & Defence | France | 2007 | 2017 | Secondary | – | ||
| Business Services | France | 2001 | 2007 | Secondary | – | ||
| Business Services | France | 2009 | 2014 | Secondary | – | ||
| Business Services | France | 2002 | 2007 | Trade Sale | – | ||
| Business Services | France | 2001 | 2006 | Secondary | – | ||
| Business Services | France | 2008 | 2016 | Secondary | – | ||
| Industrials | Germany | 1994 | 2011 | Secondary | – | ||
| Industrials | France | 2005 | 2013 | Secondary | – | ||
| Healthcare | France | 2007 | 2016 | IPO | – | – | |
| Business Services | France | 2007 | 2013 | Secondary | – | ||
| Business Services | France | 2006 | 2017 | Trade Sale | – | ||
| Industrials | France | 2004 | 2006 | IPO | – | – | |
| IT Services | France | 2003 | 2006 | Recapitalization | – | – | |
| IT Services | France | 2004 | 2007 | Trade Sale | – | ||
| Business Services | France | 2008 | 2014 | Trade Sale | – | ||
| Business Services | France | 2005 | 2007 | Trade Sale | – | ||
| Business Services | France | 2009 | 2017 | Trade Sale | – | ||
| – | Germany | 2006 | 2016 | Secondary | – | ||
| Healthcare | France | 2001 | 2007 | Secondary | – |
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About Chequers Capital
Chequers Capital is a European mid-market private equity firm with €3 billion of assets under management as of December 2024, headquartered in Paris with additional European offices. The firm has built a multi-decade track record across successive flagship vintage funds focused on European mid-cap LBO transactions, with particular strength in industrial businesses, business services and selective consumer-facing companies.
Investment thesis
Chequers targets European mid-cap LBO transactions with equity ticket sizes typically ranging from €30 million to €150 million per transaction, focusing on profitable companies with strong management teams and consolidation potential. Sector focus spans Business Services, Industrials, IT Services and Healthcare, with depth across European primary and secondary buyout markets. The firm emphasises operational value creation through bolt-on M&A strategies and management team partnership across multi-year holding periods.
Recent activity
Recent realised exits include Alkern (industrials, 2025), Fime (industrials, 2024), Altema (business services, 2023), Bozzetto (industrials, 2023) and ECT (industrials, 2023), reflecting strong distribution momentum across the industrials franchise. The platform tracks 5 funds, 16 active portfolio companies and 41 realised exits across a multi-decade track record. Detailed buyer names and multiple data available on Pro at €29/month.
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France·€2.1BGet the full picture on Chequers Capital.
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