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.
Key facts
Recent exits
Coverage notes
3 funds tracked, 57 portfolio companies (51 active · 6 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
57 companiesFunds & portfolio
Every fund Grand Sud-Ouest Capital has raised, with its portfolio companies. Hand-checked from public filings.
GSO FinancementPrivate Debt2020 · 6yr€30M0 active
No portfolio companies tracked yet.
GSO InnovationGrowth2018 · 8yr€50M19 active · 2 realized
Unrealized
19 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer |  France | 2017 | |
| Business Services | France | 2018 | |
| HealthTech | France | 2019 | |
| Healthcare | France | 2020 | |
| Software | France | 2021 | |
| Business Services | France | 2020 | |
| TMT | France | 2022 | |
| Biotech | France | 2025 | |
| Healthcare | France | 2019 | |
| Software | France | 2023 | |
| Software | France | 2020 | |
| Software | France | 2020 | |
| Healthcare | France | 2019 | |
| Fintech | France | 2024 | |
| SaaS | France | 2019 | |
| Business Services | France | 2020 | |
| Industrials | France | 2021 | |
| SaaS | France | 2021 | |
| Industrials | France | 2022 |
France· Entry 2017France· Entry 2018France· Entry 2019France· Entry 2020France· Entry 2021France· Entry 2020France· Entry 2022France· Entry 2025France· Entry 2019France· Entry 2023France· Entry 2020France· Entry 2020France· Entry 2019France· Entry 2024France· Entry 2019France· Entry 2020France· Entry 2021France· Entry 2021France· Entry 2022Grand Sud Ouest CapitalBuyoutRealized1991 · 35yr€100M32 active · 4 realized
Unrealized
32 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Healthcare | France | 2010 | |
| MedTech | France | 2018 | |
| Energy | France | 2020 | |
| Consumer | France | 2018 | |
| Pharma | France | 2014 | |
| Industrials | France | 2020 | |
| Industrials | France | 2017 | |
| Consumer | France | 2015 | |
| Energy | France | 2015 | |
| Consumer | France | – | |
| Construction | France | 2017 | |
| Consumer | France | 2018 | |
| Industrials | France | 2017 | |
| Industrials | France | 2023 | |
| Consumer | France | 2018 | |
| Healthcare | France | 2018 | |
| Healthcare | France | 2018 | |
| Consumer | France | 2010 | |
| Industrials | France | 2018 | |
| Industrials | France | 2019 | |
| Industrials | France | 2018 | |
| Consumer | France | 2020 | |
| Aerospace & Defence | France | 2026 | |
| Industrials | France | 2022 | |
| Healthcare | France | 2019 | |
| Aerospace & Defence | France | 2018 | |
| TMT | France | 2015 | |
| Industrials | France | 2014 | |
| Business Services | France | 2014 | |
| Energy | France | 2017 | |
| Energy | France | 2014 | |
| Healthcare | France | 2016 |
France· Entry 2010France· Entry 2018France· Entry 2020France· Entry 2018France· Entry 2014France· Entry 2020France· Entry 2017France· Entry 2015France· Entry 2015FranceFrance· Entry 2017France· Entry 2018France· Entry 2017France· Entry 2023France· Entry 2018France· Entry 2018France· Entry 2018France· Entry 2010France· Entry 2018France· Entry 2019France· Entry 2018France· Entry 2020France· Entry 2026France· Entry 2022France· Entry 2019France· Entry 2018France· Entry 2015France· Entry 2014France· Entry 2014France· Entry 2017France· Entry 2014France· Entry 2016Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Energy | France | 2018 | 2023 | Trade Sale | – | ||
| TMT | France | 2018 | 2025 | Trade Sale | – | ||
| Consumer | France | 2015 | 2025 | Trade Sale | – | ||
| Industrials | France | 2022 | 2025 | Trade Sale | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
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France·€195MGet the full picture on Grand Sud-Ouest Capital.
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