How many portfolio companies does Chequers Capital have?

Chequers Capital has 25 active portfolio companies and 40 completed exits and 4 funds tracked on GP Intel.

Where is Chequers Capital headquartered?

Chequers Capital is headquartered in Paris, France.

What is Chequers Capital's assets under management?

Chequers Capital manages approximately €3.0B in assets under management.

What are Chequers Capital's recent exits?

Recent realized exits by Chequers Capital include: Alkern (2025) to Holcim; Fime (2024) to Gallant Capital; Altema (2023) to Siparex ETI / Arkea Capital; Bozzetto (2023) to Aimia Inc.; ECT (2023) to GBL / Sienna Private Equity; MTA (2023) to Trane Technologies; Riri (2023) to Oerlikon; Biolchim (2022) to JM Huber Corp.

Home/GPs/Chequers Capital

DetailCard

Chequers Capital

Paris, France·chequerscapital.com

AUM

€3.0B

Funds

vintages 2005–2022

Portfolio

Exits

Chequers Capital is a Paris private equity firm with €3.0B AUM, 25 active companies and 40 exits.

Key takeaways

·10 exits in the last 5 years · consistent DPI cadence.
·Average hold across 40 realized deals: 6 years.
·Top sector focus: Industrials (29% of portfolio).
·Fund cadence: ~6Y between vintages · last raise 2022.

Sector breakdown

63 companies

Industrials

18 · 29%

Business Services

17 · 27%

IT Services

10 · 16%

Construction

5 · 8%

Consumer

3 · 5%

Aerospace & Defence

2 · 3%

Healthcare

2 · 3%

Agriculture

1 · 2%

Geography breakdown

5 geographies

France

37 · 59%

Italy

12 · 19%

Germany

11 · 17%

Belgium

2 · 3%

Switzerland

1 · 2%

Key facts

HQParis, France

Websitechequerscapital.com

Recent exits

Chequers Capital sold Alkern to Holcim in 2025 after 8 years.

Chequers Capital sold Fime to Gallant Capital in 2024 after 8 years.

Chequers Capital sold Altema to Siparex ETI / Arkea Capital in 2023 after 7 years.

Chequers Capital sold Bozzetto to Aimia Inc. in 2023 after 6 years.

Coverage notes

4 funds tracked, 65 portfolio companies (25 active · 40 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

4 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Chequers Capital XVIII

Buyout2022€1.2B13 assets

Buyout

2022 · 4yr

€1.2B

–

Unrealized

13 held

Company	Entry
Adenes Business Services · Belgium	2023
Altea IT Services · Germany	2023
Aserti Group Industrials · France	2026
Bertin Technologies Aerospace & Defence · France	2026
Cheops IT Services · Italy	2023
Conformgest Business Services · Italy	2025
Eurochef Italia Consumer · Italy	2025
Fine PCB Industrials · Italy	2022
Gourmet Italian Food Consumer · Italy	2025
Nayak Business Services · Italy	2024
OCI IT Services · France	2022
Serma Group Aerospace & Defence · France	2018
Somacis Industrials · France	2022

Chequers Capital XVII

Buyout2017€1.1B7 assets10 exits

Buyout

2017 · 9yr

€1.1B

Unrealized

7 held

Company	Entry
7days Business Services · France	2021
Alliance Etiquettes Industrials · France	2021
Estya Business Services · France	2021
ITTC (formerly Syserso) IT Services · France	2021
Jiliti Group IT Services · Germany	2020
Phoenix Industrials · France	2016
Selini Business Services · Germany	2021

Realized

10 exits

Company	Entry	Exit	Type	Buyer	MOIC
Alkern Construction · France	2017	2025	Trade Sale	Holcim	–
Altema Construction · France	2016	2023	Secondary	Siparex ETI / Arkea Capital	–
Biolchim Agriculture · Italy	2017	2022	Trade Sale	JM Huber Corp	–
Bozzetto Industrials · Italy	2017	2023	Secondary	Aimia Inc.	–
ECT Construction · France	2016	2023	Secondary	GBL / Sienna Private Equity	–
Fime TMT · France	2016	2024	Secondary	Gallant Capital	–
MTA Industrials · Italy	2020	2023	Trade Sale	Trane Technologies	–
Riri IT Services · Italy	2018	2023	Trade Sale	Oerlikon	–
SLG Industrials · Belgium	2017	2022	Secondary	Sun European Partners	–
Wörner Industrials · Germany	2017	2021	Trade Sale	DCC plc	–

Chequers Capital XVI

Buyout2011€850M3 assets11 exits

Buyout

2011 · 15yr

€850M

Unrealized

3 held

Company	Entry
Groupe Hild (Altema) Construction · France	2016
Hild Construction · France	2016
Spandex Business Services · Switzerland	2016

Realized

11 exits

Company	Entry	Exit	Type	Buyer	MOIC
Cordenka Mobility · Germany	2011	2018	Secondary	BMC Europe	–
DFG Industrials · Germany	2013	2018	Secondary	Advent International	–
DTK Healthcare · Germany	2010	2014	Trade Sale	PrimaCom	–
Idverde Healthcare · France	2014	2018	Secondary	Core Equity Holdings	–
Metabo IT Services · Germany	2012	2016	Trade Sale	Hitachi Koki	–
Perl IT Services · France	2010	2014	Trade Sale	Nexity	–
Provalliance Business Services · France	2012	2016	Secondary	Groupe Provalliance / Franck Provost family	–
Rollon Industrials · Italy	2013	2018	Trade Sale	Timken Group	–
Silver Care Industrials · Germany	2010	2014	Trade Sale	Orpea	–
Thermocoax Industrials · France	2010	2019	Trade Sale	Spirax-Sarco	–
Valvitalia Industrials · Italy	2010	2014	Secondary	Fondo Strategico Italiano	–

Chequers Capital XV

Buyout2005€500M0 assets19 exits

Buyout

2005 · 21yr

€500M

Realized

19 exits

Company	Entry	Exit	Type	Buyer	MOIC
Accelya SaaS · France	2007	2017	Secondary	Warburg Pincus	–
Alma Consulting Business Services · France	2001	2007	Secondary	Candover	–
Bio 7 Business Services · France	2009	2014	Secondary	Ardian	–
CAE Business Services · France	2002	2007	Trade Sale	TKH Group	–
Cegelec Business Services · France	2001	2006	Secondary	LBO France	–
Cenexi Pharma · France	2008	2016	Secondary	Cathay Capital	–
E.CF Industrials · Germany	1994	2011	Secondary	Weinberg Capital Partners	–
ECS Business Services · France	2005	2013	Secondary	Alpha Private Equity	–
Elior Consumer · France	2007	2016	IPO	–	–
Extruflex Industrials · France	2007	2013	Secondary	Management, A Plus Finance and Sofipaca	–
FRR Business Services · France	2006	2017	Trade Sale	JOA (Jouer Oser sAmuser)	–
IMS Industrials · France	2004	2006	IPO	–	–
Legris Industrie IT Services · France	2003	2006	Recapitalization	–	–
MDD IT Services · France	2004	2007	Trade Sale	Vitalia	–
Salins Business Services · France	2008	2014	Trade Sale	Hubert François family (management buyout)	–
Santé Developpement Business Services · France	2005	2007	Trade Sale	Vitalia	–
SES Imagotag Business Services · France	2009	2017	Trade Sale	BOE Technology Group	–
TCR Germany	2006	2016	Secondary	3i Infrastructure / Deutsche Asset Management	–
Tractel Industrials · France	2001	2007	Secondary	LBO France	–

Other portfolio companies

2 more Chequers Capital investments not tied to a tracked fund.

Antemeta · IT Services · France
My Mobility · Mobility · France · 2022

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.

Frequently asked questions

How many portfolio companies does Chequers Capital have?: Chequers Capital has 25 active portfolio companies and 40 completed exits and 4 funds tracked on GP Intel.
Where is Chequers Capital headquartered?: Chequers Capital is headquartered in Paris, France.
What is Chequers Capital's assets under management?: Chequers Capital manages approximately €3.0B in assets under management.
What are Chequers Capital's recent exits?: Recent realized exits by Chequers Capital include: Alkern (2025) to Holcim; Fime (2024) to Gallant Capital; Altema (2023) to Siparex ETI / Arkea Capital; Bozzetto (2023) to Aimia Inc.; ECT (2023) to GBL / Sienna Private Equity; MTA (2023) to Trane Technologies; Riri (2023) to Oerlikon; Biolchim (2022) to JM Huber Corp.