How many portfolio companies does EMZ Partners have?

EMZ Partners has 46 active portfolio companies and 97 completed exits and 5 funds tracked on GP Intel.

Where is EMZ Partners headquartered?

EMZ Partners is headquartered in Paris, France.

What is EMZ Partners's assets under management?

EMZ Partners manages approximately €5.8B in assets under management.

What are EMZ Partners's recent exits?

Recent realized exits by EMZ Partners include: Ayming (2025) to Ayming management team; Fotofinder Systems (2025) to GHO Capital Partners; Ingentis (2025) to The Carlyle Group; Fauché (2024) to Fauché management team (LBO quaternaire); France Air (2024) to Soler & Palau Ventilation Group; Simon Hegele (2024) to Nippon Express Holdings; MCI Group (2024) to L-GAM; Assepro (2023) to The Ardonagh Group.

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EMZ Partners

Paris, France·emzpartners.com

AUM

€5.8B

Funds

vintages 2005–2022

Portfolio

Exits

EMZ Partners is a Paris private equity firm with €5.8B AUM, 46 active companies and 97 exits.

Key takeaways

·20 exits in the last 5 years · consistent DPI cadence.
·Average hold across 97 realized deals: 5 years.
·Fund cadence: ~4Y between vintages · last raise 2022.

Sector breakdown

142 companies

Consumer

25 · 18%

Business Services

20 · 14%

Industrials

19 · 13%

Construction

19 · 13%

TMT

10 · 7%

Hospitality

7 · 5%

Healthcare

6 · 4%

Aerospace & Defence

6 · 4%

Geography breakdown

4 geographies

France

124 · 87%

Germany

14 · 10%

Switzerland

2 · 1%

Italy

1 · 1%

Key facts

HQParis, France

Websiteemzpartners.com

Recent exits

EMZ Partners sold Ayming to Ayming management team in 2025 after 3 years.

EMZ Partners sold Fotofinder Systems to GHO Capital Partners in 2025 after 3 years.

EMZ Partners sold Ingentis to The Carlyle Group in 2025 after 4 years.

EMZ Partners sold Fauché to Fauché management team (LBO quaternaire) in 2024 after 3 years.

Coverage notes

5 funds tracked, 143 portfolio companies (46 active · 97 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

5 funds

Fund

Strategy

Vintage

Size

Assets

Exits

EMZ 10

2022€1.4B23 assets2 exits

–

2022 · 4yr

€1.4B

Unrealized

23 held

Company	Entry
Advancy Business Services · France	2023
Aspire Education Group Business Services · Germany	2023
Axdis Industrials · France	2024
Batibig Construction · France	2022
Clubfunding Group Fintech · France	2022
Fauché Construction · France	2024
Fovea Healthcare · France	2023
Group Positive SaaS · France	2022
H&Z Business Services · Germany	2023
imes-icore MedTech · Germany	2023
implid Business Services · France	2025
ionBench Healthcare · France	2025
koenig.solutions TMT · Germany	2025
Nexteam Aerospace & Defence · France	2026
POwR Group	2024
Primal TMT · France	2026
Safic-Alcan Industrials · France	2022
SNIC Technologies Mobility · France	2025
SNIC Technologies Industrials · France	2026
Solem TMT · France	2026
Vulcain Engineering Industrials · France	2023
Wishcard Technologies Group Consumer · Germany	2022
Yuri & Neil TMT · France	2023

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
Ayming Business Services · France	2022	2025	MBO	Ayming management team	–
Fotofinder Systems MedTech · Germany	2022	2025	Secondary	GHO Capital Partners	–

EMZ 9Harvesting

2020€1.0B6 assets7 exits

–

2020 · 6yr

€1.0B

Unrealized

6 held

Company	Entry
Biogroup LCD Healthcare · France	2020
Celebrate Consumer · Germany	2021
Ceva Sante Animale Pharma · France	2020
Jacky Perrenot Logistics · France	2020
Labelys Industrials · France	2020
Pipersberg Industrials · Germany	2021

Realized

7 exits

Company	Entry	Exit	Type	Buyer	MOIC
Ankerkraut Consumer · Germany	2020	2022	Trade Sale	Nestlé	–
Assepro Financials · France	2020	2023	Trade Sale	The Ardonagh Group	–
Fauché Construction · France	2021	2024	MBO	Fauché management team (LBO quaternaire)	–
France Air Construction · France	2020	2024	Trade Sale	Soler & Palau Ventilation Group	–
HR Works HR Tech · Germany	2020	2023	Secondary	Maguar Capital	–
Ingentis HR Tech · Germany	2021	2025	Secondary	The Carlyle Group	–
Simon Hegele Logistics · Germany	2021	2024	Trade Sale	Nippon Express Holdings	–

EMZ 8Harvesting

2017€815M12 assets6 exits

–

2017 · 9yr

€815M

Unrealized

12 held

Company	Entry
Arturia Consumer · France	2019
Azae Business Services · France	2017
Diam Consumer · France	2018
Forlam Industrials · France	2017
Ginger Construction · France	2017
Lumibird Aerospace & Defence · France	2019
MCI Business Services · Switzerland	2017
Spie Batignolles Construction · France	2019
Vignal Lighting Mobility · France	2018
Vignal Lighting Group Mobility · France	2018
Weyou (ex-Tarsus France) Business Services · France	2019
Weyou Group Business Services · France	2019

Realized

6 exits

Company	Entry	Exit	Type	Buyer	MOIC
Castellet Hospitality Hospitality · France	2017	2022	Secondary	Three Hills Capital Partners	–
Crouzet Aerospace & Defence · France	2018	2022	Secondary	Tikehau Ace Capital / Bpifrance	–
Groupe Ginger Construction · France	2017	2021	MBO	Management (MBO restructuring)	–
MCI Group Business Services · France	2017	2024	Secondary	L-GAM	–
Onet Business Services · France	2017	2022	MBO	Coquet-Reinier family / Holding Reinier	–
Rail Industries Mobility · France	2019	2023	Secondary	InnovaFonds and co-investors	–

EMZ 7Realized

2012€750M1 assets20 exits

–

2012 · 14yr

€750M

Unrealized

1 held

Company	Entry
My Media Group TMT · France	2015

Realized

20 exits

Company	Entry	Exit	Type	Buyer	MOIC
Alvest Aerospace & Defence · France	2013	2015	Secondary	Sagard	–
Atalian Business Services · France	2009	2013	MBO	Frank Julien and family	–
Biogroup LCD Healthcare · France	2015	2020	Continuation Vehicle	EMZ 9 (GP-led continuation)	–
Carso Business Services · France	2014	2017	Secondary	Bruno Schnepp and management, backed by EMZ, Unigrains, Raise Investissement, Siparex and Etoile ID	–
Chryso Group Construction · France	2014	2017	Secondary	Cinven	–
CNIM Aerospace & Defence · France	2014	2017	MBO	Dmitrieff family	–
Coventya Industrials · France	2016	2021	Trade Sale	Element Solutions Inc.	–
Cyrillus Vertbaudet Consumer · France	2013	2021	Secondary	Equistone Partners Europe	–
Ekkia Consumer · France	2011	2018	Secondary	Raise Investissement	–
Eurodatacar Business Services · France	2014	2019	–	–	–
Gerflor Construction · France	2011	2015	Secondary	Cobepa	–
Groupe Bertrand Hospitality · France	2012	2016	MBO	Olivier Bertrand	–
IPH Industrials · France	2013	2017	Secondary	Advent International	–
Linedata Fintech · France	2015	2018	MBO	Amanaat (Jiva family)	–
Orolia TMT · France	2012	2016	Secondary	Eurazeo PME	–
Paprec Industrials · France	2012	2015	–	–	–
Quick – Burger King Hospitality · France	2015	2018	Trade Sale	Bridgepoint	–
Stokomani Consumer · France	2012	2022	Trade Sale	Zouari Family Office	–
Trigo Business Services · France	2011	2016	Secondary	Ardian	–
Ubiqus Business Services · France	2014	2022	Trade Sale	Acolad	–

EMZ LegacyRealized

2005€1.8B3 assets62 exits

–

2005 · 21yr

€1.8B

Unrealized

3 held

Company	Entry
Heka Insurance Solutions Financials · Germany	2022
Oderis Business Services · France	2024
vVardis Consumer · Switzerland	2022

Realized

62 exits

Company	Entry	Exit	Type	Buyer	MOIC
Aixam Mobility · France	2006	2013	Trade Sale	Polaris Industries	–
Alain Afflelou Consumer · France	2000	2002	IPO	–	–
AltéAd Logistics · France	2008	2016	Secondary	L-GAM Investments SCSp, Jean-François Torres-Garcia and Yann Fédide	–
Aubret Consumer · France	1999	2002	Trade Sale	CECAB	–
Autodistribution Consumer · France	1999	2009	Secondary	TowerBrook Capital Partners	–
B&B Hospitality · France	2005	2010	Secondary	The Carlyle Group	–
Bonna Sabla Construction · France	2002	2005	Secondary	Industri Kapital / IK Partners	–
CCMX SaaS · France	1999	2004	Trade Sale	Cegid	–
Ceva Pharma · France	1999	2014	Secondary	Ceva management with financial investors including Temasek and CDH Investments	–
CIM Group Energy · France	2000	2005	–	–	–
CNN/CIM Energy · France	1999	2003	–	–	–
Cognon Morin MedTech · France	2002	2006	–	–	–
Consolis Construction · France	2005	2007	Secondary	LBO France	–
Courtepaille Hospitality · France	2000	2011	Secondary	Fondations Capital	–
Daher Lhotellier Logistics · France	2000	2003	–	–	–
Elis Business Services · France	2002	2007	Secondary	Eurazeo	–
Eminence Consumer · France	2004	2011	Trade Sale	Delta Galil Industries	–
Etimex Industrials · Germany	2007	2010	Trade Sale	Solutia Inc.	–
FDI Business Services · France	2004	2014	Trade Sale	Webhelp	–
Fives Lille Industrials · France	2004	2006	Secondary	Charterhouse Capital Partners	–
FPEE Construction · France	2003	2015	MBO	Marc Ettienne and FPEE management, with Arkéa Capital Investissement and Siparex	–
Frans Bonhomme Construction · France	2005	2007	Trade Sale	Wolseley	–
Gardiner TMT · France	2003	2006	Trade Sale	Honeywell International	–
Groupe France Agricole TMT · France	2005	2011	Trade Sale	Isagri and Sofiprotéol	–
Histoire d'Or Consumer · France	2006	2010	Secondary	Bridgepoint	–
La City Consumer · France	2008	2011	Trade Sale	Groupe Beaumanoir	–
La Croissanterie Hospitality · France	2006	2017	Trade Sale	Delineo	–
Laho Equipement Industrials · France	2000	2007	Trade Sale	Loxam	–
Le Moniteur TMT · France	2005	2006	Secondary	Bridgepoint	–
Linvosges Consumer · France	2010	2016	Secondary	Eurazeo PME	–
Loxam Construction · France	2003	2005	Secondary	LBO France	–
LPR Logistics · France	2006	2011	Trade Sale	Euro Pool System	–
Maisons Du Monde Consumer · France	2004	2013	Secondary	Bain Capital	–
Marc Orian Consumer · France	2001	2010	Secondary	Bridgepoint	–
Martek Power Aerospace & Defence · France	2008	2011	Trade Sale	Cooper Industries	–
Materis Construction · France	2003	2006	Secondary	Wendel	–
Mecatherm Industrials · France	2006	2011	Secondary	Wendel	–
Medi-Partenaires Healthcare · France	2005	2007	Secondary	LBO France	–
Medica Healthcare · France	2003	2006	Secondary	BC Partners	–
Medix Pharma · France	2001	2004	–	–	–
Metal Deployé Construction · France	2001	2005	Trade Sale	Legrand	–
Mont Blanc Materne Consumer · France	2010	2016	Trade Sale	Bel Group	–
Nocibé Consumer · France	2006	2014	Trade Sale	Douglas	–
Oberthur Card Systems Telecom · France	1999	2005	Secondary	Advent International	–
Orexad/Orefi Industrials · France	2006	2013	Secondary	Advent International	–
Parcours Business Services · France	2005	2011	Secondary	Wendel	–
Picard Consumer · France	2001	2010	Secondary	Lion Capital	–
Pisto & Pistofin Energy · France	2000	2005	–	–	–
Prezioso Construction · France	2000	2003	–	–	–
Promovacances Hospitality · France	2007	2018	Secondary	Equistone Partners Europe	–
Rocamat Construction · France	2005	2014	Secondary	Belmert Capital	–
Saeco Consumer · Italy	2004	2006	Secondary	PAI Partners	–
Safe Industrials · France	2006	2015	–	–	–
Safic Alcan Industrials · France	2015	2022	Secondary	Equistone Partners / IK Partners	–
Saime MedTech · France	2004	2005	–	–	–
Saverglass Industrials · France	2006	2011	Secondary	Astorg Partners	–
Selective Beauty Consumer · France	2006	2009	–	–	–
Titanobel Industrials · France	2001	2012	Secondary	Wendel	–
Trefilaction Construction · France	2006	2018	–	–	–
Un jour ailleurs Consumer · France	2006	2015	–	–	–
Ventilo Consumer · France	2001	2007	–	–	–
Welcome Real Time TMT · France	2007	2014	Trade Sale	Collinson Group	–

Other portfolio companies

1 more EMZ Partners investment not tied to a tracked fund.

Ginger CEBTP · Construction · France · 2017

About EMZ Partners

EMZ Partners is a French sponsor-less mid-cap private equity firm with €5.8 billion of assets under management as of December 2024, headquartered in Paris with additional offices in Frankfurt and Madrid. Founded in 1999 by Thierry Raiff, the firm is partner-owned and independent, deploying capital across successive vintage funds with a distinctive sponsor-less mandate that distinguishes EMZ from typical LBO firms. The platform specialises in supporting owner-operator businesses through long-tenure minority equity positions aligned with management succession and growth capital needs.

Investment thesis

EMZ targets European mid-cap companies with €100 million to €1 billion in annual revenue, deploying significant minority equity positions alongside owner-operators rather than taking control through traditional LBO structures. The sponsor-less mandate enables management teams and founding families to retain operational control while accessing institutional capital for growth, succession or partial liquidity needs. Sector focus spans Business Services, Industrials, Consumer, Financials, Healthcare, Software and Energy, with long holding periods aligned with the patient capital nature of sponsor-less investing across multiple economic cycles.

Recent activity

Recent realised exits include Ayming (business services, 2025), Fotofinder Systems (healthcare, 2025), Fauché (industrials, 2024), France Air (industrials, 2024), MCI Group (business services, 2024) and Onet (business services, 2024), reflecting active distribution across the sponsor-less franchise. The platform tracks 6 funds, 39 active portfolio companies and 96 realised exits across a 26-year track record, with the latest vintage actively deploying capital across European mid-market opportunities.

Frequently asked questions

How many portfolio companies does EMZ Partners have?: EMZ Partners has 46 active portfolio companies and 97 completed exits and 5 funds tracked on GP Intel.
Where is EMZ Partners headquartered?: EMZ Partners is headquartered in Paris, France.
What is EMZ Partners's assets under management?: EMZ Partners manages approximately €5.8B in assets under management.
What are EMZ Partners's recent exits?: Recent realized exits by EMZ Partners include: Ayming (2025) to Ayming management team; Fotofinder Systems (2025) to GHO Capital Partners; Ingentis (2025) to The Carlyle Group; Fauché (2024) to Fauché management team (LBO quaternaire); France Air (2024) to Soler & Palau Ventilation Group; Simon Hegele (2024) to Nippon Express Holdings; MCI Group (2024) to L-GAM; Assepro (2023) to The Ardonagh Group.