Grand Sud-Ouest Capital
Grand Sud-Ouest Capital (GSO Capital) is the captive private equity arm of five Crédit Agricole regional banks serving south-west France (Toulouse 31, Aquitaine, Nord Midi-Pyrénées, Pyrénées Gascogne and Charente-Périgord). Founded in 1988 and headquartered in Bordeaux with an office in Toulouse, the firm operates as an evergreen own-account investor with around EUR 230M in assets across three vehicles: GSO Capital, the core evergreen company founded in 1988 with EUR 40M of share capital, focused on succession and growth deals; GSO Innovation, launched in 2018 for Series A and growth rounds in regional tech startups; and GSO Financement, a EUR 30M debt vehicle launched in 2019. The firm targets south-west France SMEs and mid-market companies with minority equity tickets of EUR 1M to 10M across all sectors, taking a long-term partnership approach with no constraint on investment duration. Notable exits include Groupe Berdoues (trade sale to Lea Nature, 2025), Apex Energies (90 percent stake sold to Macquarie GIG, 2023) and Apside (trade sale to CGI, 2025). The 17-person team has been led by chief executive Frank Stephan since 2013.
Grand Sud-Ouest Capital is a Bordeaux buyout firm with €230M AUM, 66 active companies and 7 exits.
- ·7 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 7 realized deals: 6 years.
Sector breakdown
73 companiesKey facts
Coverage notes
3 funds tracked, 73 portfolio companies (66 active · 7 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Grand Sud-Ouest Capital has raised, with its portfolio companies. Hand-checked from public filings.
GSO FinancementPrivate Debt2020€30M0 assetsPrivate Debt2020 · 6yr€30M0–
No portfolio companies tracked yet.
GSO InnovationGrowth2018€50M24 assets2 exitsGrowth2018 · 8yr€50M242
Unrealized
24 held| Company | Entry |
|---|---|
| 1001Pneus Consumer · France | 2017 |
| 1Kubator Business Services · France | 2018 |
| Alogia HealthTech · France | 2019 |
| Bohr Energie ClimateTech · France | 2026 |
| Certis Therapeutics Biotech · France | 2020 |
| Discurv Software · France | 2021 |
| Expérence Platform Business Services · France | 2020 |
| Febus Optics TMT · France | 2022 |
| Genoskin Biotech · France | 2025 |
| Ipsophène Healthcare · France | 2019 |
| iQ Spot France | – |
| Ixcys Software · France | 2023 |
| Kapptiv Software · France | 2020 |
| LTU Tech Software · France | 2020 |
| Medinbox HealthTech · France | 2019 |
| Next-u Education · France | 2021 |
| Ollow France | – |
| Paarly SaaS · France | 2022 |
| Self & Innov Fintech · France | 2024 |
| Shippingbo SaaS · France | 2019 |
| Sky'in Lab Business Services · France | 2020 |
| Symbiose Industrials · France | 2021 |
| Turnk SaaS · France | 2021 |
| Valoregen Industrials · France | 2022 |
Grand Sud Ouest CapitalRealizedBuyout1991€100M42 assets5 exitsBuyout1991 · 35yr€100M425
Unrealized
42 held| Company | Entry |
|---|---|
| AB7 Pharma · France | 2010 |
| Acteon MedTech · France | 2018 |
| Amarenco ClimateTech · France | 2020 |
| Banquiz Consumer · France | 2018 |
| Carrément Fleurs France | 2025 |
| Ceva Sante Animale Pharma · France | 2014 |
| Chausson Matériaux Construction · France | 2020 |
| Cler Verts Industrials · France | 2017 |
| Cofigeo Consumer · France | 2015 |
| Eldo Energy · France | 2015 |
| Ethiquable Consumer · France | – |
| GA Smart Building Construction · France | 2017 |
| Groupe Nemea Hospitality · France | 2018 |
| Groupe Parera Industrials · France | 2017 |
| Groupe SYNELIS France | 2026 |
| H&A Industrials · France | 2023 |
| Halloween Agency Consumer · France | 2018 |
| Harmony Healthcare · France | 2018 |
| Human Design Group Business Services · France | 2025 |
| Hyd&au Industrials · France | – |
| i-Run Consumer · France | 2026 |
| Ipsophene Healthcare · France | 2018 |
| Irrijardin Consumer · France | 2010 |
| JASTEC-France Industrials · France | 2018 |
| Le Piston Francais Aerospace & Defence · France | 2019 |
| Maison Bertrand Ravache France | – |
| NAP / Néodis France | 2014 |
| Natimpact Consumer · France | 2020 |
| Nexteam Group Aerospace & Defence · France | 2026 |
| NovaKamp Aerospace & Defence · France | 2026 |
| Paprec Group Industrials · France | 2022 |
| Recaero Aerospace & Defence · France | 2026 |
| Reseau Serenis Healthcare · France | 2019 |
| Satys Aerospace & Defence · France | 2018 |
| Scopelec Telecom · France | 2015 |
| Sermeta Construction · France | 2014 |
| Sodatec Business Services · France | 2014 |
| Thalsol Energy · France | 2017 |
| Valorem Energy · France | 2014 |
| Vertical Sea Business Services · France | 2023 |
| Vinify Group France | 2025 |
| Vivalto Sante Healthcare · France | 2016 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Apex Energies ClimateTech · France | 2018 | 2023 | Trade Sale | Macquarie GIG Renewable Energy Fund 2 | – |
| Apside IT Services · France | 2018 | 2025 | Trade Sale | CGI | – |
| Groupe Berdoues Consumer · France | 2015 | 2025 | Trade Sale | Lea Nature | – |
| LMB Fans & Motors Industrials · France | 2022 | 2025 | Trade Sale | Loar Holdings | – |
| Malherbe Logistics · France | 2018 | 2026 | Trade Sale | GEODIS | – |
About Grand Sud-Ouest Capital
Grand Sud-Ouest Capital is a private equity firm with €100 million of assets under management as of December 2024 and a founding year of 1988, headquartered in Paris. The platform targets majority and significant minority stakes in European mid-cap businesses across industrials, energy, healthcare and consumer, deploying institutional capital from successive flagship vehicles.
Investment thesis
The platform deploys buyout and growth equity capital across industrials, energy, healthcare and consumer businesses in France and selectively across Europe, targeting majority and significant minority equity positions in mid-cap and lower mid-cap European companies. Value-creation framework emphasises operational improvement, working capital optimisation and selective M&A activity, with the partnership culture supporting management teams across multi-year ownership periods.
Recent activity
Recent realised exits include Paprec Group (industrials, 2015). The platform tracks 3 fund vehicles, 36 active portfolio companies and 1 realised exit across the strategy's history.
Frequently asked questions
- What investment strategy does Grand Sud-Ouest Capital focus on?
- Grand Sud-Ouest Capital focuses on Buyout, Growth strategies in the private equity space.
- How many portfolio companies does Grand Sud-Ouest Capital have?
- Grand Sud-Ouest Capital has 66 active portfolio companies and 7 completed exits and 3 funds tracked on GP Intel.
- Where is Grand Sud-Ouest Capital headquartered?
- Grand Sud-Ouest Capital is headquartered in Bordeaux, France.
- What is Grand Sud-Ouest Capital's assets under management?
- Grand Sud-Ouest Capital manages approximately €230M in assets under management.
- When was Grand Sud-Ouest Capital founded?
- Grand Sud-Ouest Capital was founded in 1988.
- What sectors does Grand Sud-Ouest Capital invest in?
- Grand Sud-Ouest Capital invests across Industrials, Consumer, Healthcare, TMT, Software, Energy, Business Services.
- What are Grand Sud-Ouest Capital's recent exits?
- Recent realized exits by Grand Sud-Ouest Capital include: Comeen (2026) to LumApps; Poool (2026) to Darwin CX; Malherbe (2026) to GEODIS; Apside (2025) to CGI; Groupe Berdoues (2025) to Lea Nature; LMB Fans & Motors (2025) to Loar Holdings; Apex Energies (2023) to Macquarie GIG Renewable Energy Fund 2.
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