Paris-based food and beverage specialist PE founded around 2015 (officially launched February 2017) by Olivier Marchand and Valerie Lutt (both ex-Unilever Benedicta) alongside investor Antoine Sage. SIREN 822000402 HQ 42 Rue de Bassano 75008 Paris. Mission-driven SFDR Article 9 certified 2022. Two funds: FnB Europe Fund I 2018 EUR 135M plus FnB Europe Fund II 2023 around EUR 107M = around EUR 242M combined AUM. Invests as majority shareholder via LBO or carve-out in European food and beverage SMEs targeting EUR 25-100M revenue (France primary plus Spain Italy Benelux Germany Portugal secondary). Portfolio includes 10 cos as of 2026 with 2 confirmed exits (Lartigue and Fils Baserria 2021 family office Secondary first cession + Cafes Legal December 2024 Trade Sale first Fund II exit) plus Nestle carve-outs Mousline 2022 and Azure baby food 2024.
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 |
|---|---|---|---|
| Nestlé Baby Food (Azuré holding / P'tit Business) | Consumer | France | 2024 |
FnB Europe Fund SLPBuyout2018 · 8yr€135M7 active · 1 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Coustenoble | Consumer | France | 2020 |
| France Aligrain | Consumer | France | 2020 |
| Fromageries Terres d’Or | Consumer | France | 2021 |
| Groupe Bur | Consumer | France | 2017 |
| Groupe Valade | Consumer | France | 2018 |
| Henri Raffin | Consumer | France | 2018 |
| Mousline | Consumer | France | 2022 |
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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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