Paris-based food and beverage specialist private equity firm, founded around 2015 and launched in February 2017 by Olivier Marchand and Valerie Lutt, both formerly of Unilever Benedicta, alongside investor Antoine Sage. Mission-driven and classified SFDR Article 9 since 2022, the firm invests as majority shareholder via LBOs and carve-outs in European food and beverage SMEs with EUR 25-100M revenue, primarily in France with Spain, Italy, Benelux, Germany and Portugal as secondary markets. Two funds: FnB Europe Fund I (2018, EUR 135M) and FnB Europe Fund II (2023, around EUR 107M), for around EUR 242M combined. The portfolio counted 10 companies as of 2026, including the Nestlé carve-outs Mousline (2022) and Azure baby food (2024), with two exits: Lartigue and Fils Baserria, sold to a family office in a 2021 secondary, and Cafés Legal, the first Fund II realisation, placed in court-ordered liquidation by the Paris Commercial Court in December 2024. FnB Private Equity was absorbed by UI Investissement in November 2025, following exclusive negotiations opened in September 2025, and now operates as the Agro vertical of UI Investissement, which manages FnB Europe Fund I and Fund II.
Key facts
Recent exits
Coverage notes
2 funds tracked, 10 portfolio companies (8 active · 2 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund FnB Private Equity has raised, with its portfolio companies. Hand-checked from public filings.
FNB Europe Fund SLP IIBuyout2023 · 3yr€107M1 active · 1 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  France | 2024 |
France· Entry 2024Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | France | 2023 | 2024 | – | – | – |
France· Entry 2023FnB Europe Fund SLPBuyout2018 · 8yr€135M7 active · 1 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | France | 2020 | |
| Consumer | France | 2020 | |
| Consumer | France | 2021 | |
| Consumer | France | 2017 | |
| Consumer | France | 2018 | |
| Consumer | France | 2018 | |
| Consumer | France | 2022 |
France· Entry 2020France· Entry 2020France· Entry 2021France· Entry 2017France· Entry 2018France· Entry 2018France· Entry 2022Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | France | 2018 | 2021 | Secondary | – |
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About FnB Private Equity
FnB Private Equity is a French private equity firm with €135 million of assets under management as of December 2024, headquartered in Paris. Founded in 2016, the firm focuses on buyout and growth equity investments in European mid-cap businesses across consumer, deploying capital from successive flagship funds with institutional limited partner support.
Investment thesis
FnB Private Equity deploys buyout capital into European mid-cap and small-cap businesses across consumer, targeting majority equity positions in profitable companies with clear value-creation runways. Investment focus emphasises operational improvement, selective bolt-on M&A acceleration and selective international expansion across France and selectively across Europe, with capital deployed from successive flagship funds backed by institutional limited partners.
Recent activity
Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 3 fund vehicles, 15 active portfolio companies and 0 realised exits across the strategy's history. Detailed buyer names and multiple data available on Pro at €29/month.
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