Indigo Capital
Indigo Capital SAS is an independent Paris-based private debt and mezzanine investment firm founded in May 2011 by Monique Deloire and former colleagues, who spun out from UK-based Indigo Capital LLP to focus on continental European mezzanine financing. The firm provides bond financing, junior capital, preferred equity and unitranche solutions to French and European lower mid-cap businesses with revenues between EUR 30M and EUR 300M, typically writing tickets of EUR 7M to EUR 40M alongside founders, management teams, family offices and minority sponsors. Indigo specialises in sponsorless and management-led transactions, MBOs, expansion finance, recapitalisations and corporate acquisitions. The firm operates from Paris, Lyon and Milan with around 10 staff and 4 partners, and since October 2020 is 49 percent owned by Spanish asset manager Alantra. Across three flagship funds (FPCI Indigo Capital I 2014 EUR 210M, II 2019 EUR 275M, III 2024-2025 EUR 252M final close December 2025), Indigo has deployed roughly EUR 1.2 billion across 75 plus management teams and supported 100 plus build-up acquisitions, holding AMF approval GP-1200015 (SIREN 532447158).
Indigo Capital is a PARIS buyout firm with €800M AUM, 48 active companies and 26 exits.
- ·6 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 7 realized deals: 5 years.
- ·Top sector focus: Consumer (30% of portfolio).
- ·Fund cadence: ~5Y between vintages · last raise 2024.
Sector breakdown
74 companiesGeography breakdown
6 geographiesKey facts
Recent exits
Indigo Capital sold MCI to L-GAM in 2024 after 7 years.
Indigo Capital sold Virosac to Sphère (Orienta Partners-backed) in 2024 after 5 years.
Indigo Capital sold CTN Groupe to Management in 2023 after 5 years.
Indigo Capital sold Ubiqus to Management in 2022 after 8 years.
Coverage notes
3 funds tracked, 74 portfolio companies (48 active · 26 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Indigo Capital has raised, with its portfolio companies. Hand-checked from public filings.
Indigo Capital IIIGrowth2024€252M11 assets3 exitsGrowth2024 · 2yr€252M113
Unrealized
11 held| Company | Entry |
|---|---|
| Cheef Consumer · France | 2025 |
| Delville Management Business Services · France | 2024 |
| Emosia Group Consumer · France | 2026 |
| Heytens Consumer · Belgium | 2025 |
| HPS International Industrials · France | 2024 |
| ISD Business Services · France | 2022 |
| La Famille Hospitality · France | 2025 |
| Sapem Industrials · France | 2025 |
| Univers Santé Healthcare · France | 2024 |
| Visionnaire Consumer · Italy | 2024 |
| VivaSon Healthcare · France | 2026 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Economie d'Energie ClimateTech · France | 2019 | – | Trade Sale | Groupe La Poste | – |
| MCI Business Services · Switzerland | 2017 | 2024 | Secondary | L-GAM | – |
| Sidac Industrials · Italy | 2017 | 2021 | Trade Sale | Schur Flexibles Group | – |
Indigo Capital IIGrowth2019€275M17 assets8 exitsGrowth2019 · 7yr€275M178
Unrealized
17 held| Company | Entry |
|---|---|
| ACS Solutions Financials · France | 2023 |
| Arjobex Industrials · France | 2020 |
| Bexley Consumer · France | 2017 |
| ChocMod Consumer · France | 2021 |
| Docoon SaaS · France | 2022 |
| FCP Euro Consumer · US | 2022 |
| Fromager Plus Consumer · France | 2022 |
| Ilma Construction · Italy | 2022 |
| Nutrimuscle Consumer · France | 2022 |
| Odity Business Services · France | 2020 |
| Rivalen Industrials · France | 2019 |
| Romagna Waters Consumer · Italy | 2019 |
| Sarawak Business Services · France | 2022 |
| Slimming and healthy meals Consumer · France | 2022 |
| VetoAdom Emergence Healthcare · France | 2022 |
| Webinterpret Software · France | 2019 |
| Wedderspoon Organic Consumer · US | 2020 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Bassini Consumer · France | 2018 | – | – | – | – |
| CGH Consumer · France | 2015 | – | – | – | – |
| CTN Groupe Industrials · France | 2018 | 2023 | MBO | Management | – |
| Infodis Tenexa TMT · France | 2019 | – | Secondary | Groupe HLD | – |
| Okivét Consumer · France | 2020 | – | – | – | – |
| PatrimOne Financials · France | 2020 | – | – | – | – |
| Virosac Industrials · Italy | 2019 | 2024 | Secondary | Sphère (Orienta Partners-backed) | – |
| Vision Group Consumer · France | 2022 | – | – | – | – |
Indigo Capital IRealizedGrowth2014€210M20 assets15 exitsGrowth2014 · 12yr€210M2015
Unrealized
20 held| Company | Entry |
|---|---|
| Accelya SaaS · Spain | 2013 |
| Altares Business Services · France | 2017 |
| Aster Cephac Healthcare · France | 2013 |
| Béaba Consumer · France | 2015 |
| Cenexi Pharma · France | 2017 |
| Center Parcs Hospitality · France | 2017 |
| Converteam Industrials · France | 2009 |
| CTG Industrials · France | 2015 |
| Eau écarlate Consumer · France | 2016 |
| ECS group Business Services · France | 2015 |
| Faceo Business Services · France | 2009 |
| Fraikin Business Services · France | 2017 |
| InverCap Financials · Spain | 2014 |
| Moria MedTech · France | 2015 |
| Parkeon Industrials · France | 2014 |
| Pyxidis Industrials · France | 2015 |
| SMCP Consumer · France | 2013 |
| Thermocoax Industrials · France | 2015 |
| TLD Industrials · France | 2013 |
| Vertbaudet Consumer · France | 2021 |
Realized
15 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Atlas For Men Consumer · France | 2014 | – | Secondary | Latour Capital | – |
| Burger King France Hospitality · France | 2016 | – | Secondary | Bridgepoint | – |
| Calicéo Hospitality · France | 2018 | – | Continuation Vehicle | Ekkio Capital continuation vehicle | – |
| Châteauform' Business Services · France | 2016 | – | – | – | – |
| Fillon Technologies Industrials · France | 2017 | – | – | – | – |
| Fime TMT · France | 2016 | – | Secondary | Gallant Capital Partners | – |
| mc2i TMT · France | 2015 | – | – | – | – |
| Medicharme Healthcare · France | 2016 | – | – | – | – |
| Nerim Telecom · France | 2015 | – | Trade Sale | Bouygues Telecom | – |
| Ozitem Group IT Services · France | 2018 | – | – | – | – |
| PARISCityVISION Hospitality · France | 2018 | – | – | – | – |
| People & Baby Consumer · France | 2016 | – | – | – | – |
| Prezioso Construction · France | 2000 | 2003 | MBO | Management | – |
| Ubiqus Business Services · France | 2014 | 2022 | MBO | Management | – |
| Vulcanic Industrials · France | 2016 | 2022 | Secondary | Equistone Partners | – |
About Indigo Capital
Indigo Capital is a private equity firm with capital deployed across 7 active fund vehicles and a founding year of 2011, headquartered in Paris. The platform targets majority and significant minority stakes in European mid-cap businesses across industrials, consumer and business services, deploying institutional capital from successive flagship vehicles.
Investment thesis
The platform deploys buyout and growth equity capital across industrials, consumer and business services 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 Vulcanic (industrials, 2022), Ubiqus (business services, 2022), Fillon Technologies (TMT, 2021) and Webinterpret (software, 2020). The platform tracks 7 fund vehicles, 52 active portfolio companies and 5 realised exits across the strategy's history.
Frequently asked questions
- What investment strategy does Indigo Capital focus on?
- Indigo Capital focuses on Buyout, Growth strategies in the private equity space.
- How many portfolio companies does Indigo Capital have?
- Indigo Capital has 48 active portfolio companies and 26 completed exits and 3 funds tracked on GP Intel.
- Where is Indigo Capital headquartered?
- Indigo Capital is headquartered in PARIS, France.
- What is Indigo Capital's assets under management?
- Indigo Capital manages approximately €800M in assets under management.
- When was Indigo Capital founded?
- Indigo Capital was founded in 2011.
- What sectors does Indigo Capital invest in?
- Indigo Capital invests across Industrials, Consumer, Healthcare, TMT, Software, Business Services, Financials.
- What are Indigo Capital's recent exits?
- Recent realized exits by Indigo Capital include: MCI (2024) to L-GAM; Virosac (2024) to Sphère (Orienta Partners-backed); CTN Groupe (2023) to Management; Ubiqus (2022) to Management; Vulcanic (2022) to Equistone Partners; Sidac (2021) to Schur Flexibles Group; Prezioso (2003) to Management; Economie d'Energie to Groupe La Poste.
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