What investment strategy does Equistone Partners focus on?

Equistone Partners focuses on Buyout strategies in the private equity space.

How many portfolio companies does Equistone Partners have?

Equistone Partners has 23 active portfolio companies and 26 completed exits and 4 funds tracked on GP Intel.

Where is Equistone Partners headquartered?

Equistone Partners is headquartered in Paris, France.

What is Equistone Partners's assets under management?

Equistone Partners manages approximately €6.0B in assets under management.

When was Equistone Partners founded?

Equistone Partners was founded in 2011.

What are Equistone Partners's recent exits?

Recent realized exits by Equistone Partners include: Ligentia (2026) to Asyad Group (Oman); Omnicare (2026) to Allianz ambulante Onkologie; PIA Group (2026) to Highview; Dymatrix (2025) to Paragon Partners; Karavel (2025) to Montefiore Investment + Ceres Industries Capital + CFJ; KWC Group (2025) to Alumbra + Paini + Franke + DELABIE; TIMETOACT GROUP (2025) to H.I.G. Capital; GALA Group (2025) to Trend Glass.

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Equistone Partners

Paris, France·Founded 2011·

Buyout

·equistonepe.com

Equistone Partners Europe is an independent European mid-market private equity firm headquartered in London with offices in Paris, Munich, Manchester, Zurich and Amsterdam. The firm was founded as Barclays Development Capital in 1979 and operated as Barclays Private Equity until October 2011, when a management buyout led to its independence and rebrand as Equistone Partners Europe. The firm targets change-of-ownership buyout transactions in companies with enterprise values between EUR 50M and EUR 500M, deploying equity tickets of EUR 25M to EUR 200M per investment. Equistone has completed more than 180 platform investments across Benelux, France, Germany, Switzerland and the United Kingdom since 2002, focused on Industrials, Business Services, Healthcare, Consumer and Technology. Flagship funds include Fund IV (EUR 1.5B vintage 2011), Fund V (EUR 2.0B vintage 2015), a Sicame single-asset continuation vehicle (EUR 305M vintage 2022 led by AlpInvest), and Fund VI (EUR 2.8B vintage 2018). Fund VII fundraising was paused in January 2025 after the firm failed to meet its EUR 2.5B target. The French subsidiary Equistone Partners Europe SAS is AMF-regulated under agreement GP 02-009 (SIREN 379716699, capital EUR 4M, headquartered 43-45 avenue Kleber 75116 Paris). Active portfolio counts 36 companies as of January 2025 after headcount reduction from 70 to 50 staff.

AUM

€6.0B

Funds

vintages 2011–2022

Portfolio

Exits

Equistone Partners is a Paris buyout firm with €6.0B AUM, 23 active companies and 26 exits.

SectorsIndustrials Consumer Business Services Healthcare TMT Financials

Key takeaways

·19 exits in the last 5 years · consistent DPI cadence.
·Average hold across 26 realized deals: 6 years.
·Top sector focus: Industrials (37% of portfolio).
·Fund cadence: ~4Y between vintages · last raise 2022.

Sector breakdown

49 companies

Industrials

18 · 37%

Business Services

9 · 18%

Consumer

6 · 12%

Hospitality

4 · 8%

Construction

2 · 4%

Mobility

2 · 4%

Pharma

2 · 4%

Software

1 · 2%

Geography breakdown

6 geographies

Germany

15 · 31%

14 · 29%

France

11 · 22%

Netherlands

5 · 10%

Switzerland

3 · 6%

Belgium

1 · 2%

Key facts

HQParis, France

Founded2011

Websiteequistonepe.com

Recent exits

Equistone Partners sold Ligentia to Asyad Group (Oman) in 2026 after 5 years.

Equistone Partners sold Omnicare to Allianz ambulante Onkologie in 2026 after 7 years.

Equistone Partners sold PIA Group to Highview in 2026 after 12 years.

Equistone Partners sold Dymatrix to Paragon Partners in 2025 after 6 years.

Coverage notes

4 funds tracked, 49 portfolio companies (23 active · 26 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

4 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Equistone Continuation Fund SP I (Sicame)

Buyout2022€305M3 assets

Buyout

2022 · 4yr

€305M

–

Unrealized

3 held

Company	Entry
Safic Alcan Industrials · France	2022
Sicame Group Industrials · France	2022
Vulcanic Industrials · France	2022

Equistone Fund VIHarvesting

Buyout2018€2.8B12 assets12 exits

Buyout

2018 · 8yr

€2.8B

Unrealized

12 held

Company	Entry
adm Group Business Services · UK	2021
Anders Group Business Services · Germany	2025
BUKO Group Industrials · Netherlands	2023
BVT Bremer Verkehrstechnik Industrials · Germany	2024
eperi Cybersecurity · Germany	2020
Nexus Vehicle Rental Business Services · UK	2024
Nylacast Mobility · UK	2018
QuestGates Business Services · UK	2024
RENA Industrials · France	2019
SF-Filter Mobility · Switzerland	2022
Talon Business Services · UK	2022
Virgin Experience Days Hospitality · UK	2022

Realized

12 exits

Company	Entry	Exit	Type	Buyer	MOIC
Amadys Business Services · Belgium	2019	2023	Secondary	ETC Group	–
Andra Tech Group Industrials · Netherlands	2021	2024	Secondary	Castik Capital	–
Ch&co Hospitality · UK	2019	2024	Trade Sale	Compass Group	–
Courir Consumer · France	2019	2024	Trade Sale	JD Sports Fashion plc	–
Dymatrix Software · Germany	2019	2025	Secondary	Paragon Partners	–
Heras Industrials · Netherlands	2019	2024	Trade Sale	Garda Group	–
Karavel Hospitality · France	2018	2025	Secondary	Montefiore Investment + Ceres Industries Capital + CFJ	–
KWC Group Construction · Switzerland	2021	2025	Trade Sale	Alumbra + Paini + Franke + DELABIE	–
Ligentia Logistics · UK	2021	2026	Trade Sale	Asyad Group (Oman)	–
Oikos Group Industrials · UK	2018	2021	Secondary	Goldman Sachs WSCP VIII	–
Omnicare Pharma · Germany	2019	2026	MBO	Allianz ambulante Onkologie	–
Timetoact Group IT Services · Germany	2021	2025	Secondary	H.I.G. Capital	–

Equistone Fund VHarvesting

Buyout2015€2.0B6 assets8 exits

Buyout

2015 · 11yr

€2.0B

Unrealized

6 held

Company	Entry
BFT Mastclimbing Construction · UK	2017
BOAL Group Agriculture · Netherlands	2018
Sihl Industrials · Switzerland	2016
TriStyle Group Consumer · Germany	2015
United Initiators Industrials · Germany	2016
Willerby Consumer · UK	2017

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
DefShop Consumer · Germany	2017	2022	Trade Sale	Negotiari AG	–
GALA Group Industrials · France	2016	2025	Trade Sale	Trend Glass	–
Group of Butchers Consumer · Netherlands	2017	2020	Secondary	Parcom Private Equity	–
Roth Gruppe Industrials · Germany	2016	2020	Secondary	Patrimonium Private Equity Advisors	–
Sicame Group Industrials · France	2014	2022	Continuation Vehicle	Equistone Continuation Fund SP I (AlpInvest-led)	–
Sport Group Industrials · Germany	2015	2024	Trade Sale	KPS Capital Partners	–
Vulcain Business Services · France	2019	2024	Secondary	Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex)	–
WEALTH at work Financials · UK	2015	2021	Secondary	Aquiline Capital Partners	–

Equistone Fund IV

Buyout2011€1.5B2 assets6 exits

Buyout

2011 · 15yr

€1.5B

Unrealized

2 held

Company	Entry
NES Fircroft Business Services · UK	2012
Rhodius Industrials · Germany	2014

Realized

6 exits

Company	Entry	Exit	Type	Buyer	MOIC
Karl Eugen Fischer Industrials · Germany	2013	2018	Secondary	DBAG Fund VII (Deutsche Beteiligungs AG)	–
Mademoiselle Desserts Consumer · France	2009	2018	Secondary	IK Partners	–
OASE Industrials · Germany	2011	2017	Secondary	Argand Partners	–
PIA Group Business Services · Germany	2014	2026	Trade Sale	Highview	–
Travel Counsellors Hospitality · UK	2014	2018	Secondary	Vitruvian Partners	–
Unither Pharmaceuticals Pharma · France	2011	2017	Secondary	Ardian	–

About Equistone Partners

Equistone Partners is an alternative investment platform with capital deployed across 3 active fund vehicles, headquartered in Paris. The firm deploys capital across European mid and small-cap businesses spanning industrials, consumer, business services, TMT and healthcare.

Investment thesis

The platform combines complementary investment strategies, deploying capital across industrials, consumer, business services, TMT and healthcare businesses in France and selectively across Europe. Multi-strategy capital deployment enables flexibility across the business lifecycle, with the partnership culture supporting management teams through growth, transmission and selective M&A across multiple fund vintages and asset classes.

Recent activity

Recent realised exits include KWC Group (industrials, 2025), TIMETOACT GROUP (TMT, 2025), GALA Group (industrials, 2025) and Karavel (consumer, 2025). The platform tracks 3 fund vehicles, 26 active portfolio companies and 18 realised exits across the strategy's history.

Frequently asked questions

What investment strategy does Equistone Partners focus on?: Equistone Partners focuses on Buyout strategies in the private equity space.
How many portfolio companies does Equistone Partners have?: Equistone Partners has 23 active portfolio companies and 26 completed exits and 4 funds tracked on GP Intel.
Where is Equistone Partners headquartered?: Equistone Partners is headquartered in Paris, France.
What is Equistone Partners's assets under management?: Equistone Partners manages approximately €6.0B in assets under management.
When was Equistone Partners founded?: Equistone Partners was founded in 2011.
What sectors does Equistone Partners invest in?: Equistone Partners invests across Industrials, Consumer, Business Services, Healthcare, TMT, Financials.
What are Equistone Partners's recent exits?: Recent realized exits by Equistone Partners include: Ligentia (2026) to Asyad Group (Oman); Omnicare (2026) to Allianz ambulante Onkologie; PIA Group (2026) to Highview; Dymatrix (2025) to Paragon Partners; Karavel (2025) to Montefiore Investment + Ceres Industries Capital + CFJ; KWC Group (2025) to Alumbra + Paini + Franke + DELABIE; TIMETOACT GROUP (2025) to H.I.G. Capital; GALA Group (2025) to Trend Glass.