Smalt Capital
Marseille-based growth-capital manager, founded 2000 as ACG Management and rebranded Smalt Capital in 2020 after a 2019 MBO backed by Caisse d'Epargne CEPAC (majority owner). Takes minority seed, development and transmission stakes in SMEs across Provence, Corsica and Reunion, and runs a renewable-energy infrastructure arm launched in 2022. About 345m EUR AUM and 1.3bn EUR raised since inception; 29 staff across Marseille, Nice, Bastia, Ajaccio and Reunion.
Smalt Capital is a Marseille growth equity firm with €345M AUM, 45 active companies and 32 exits.
- ·11 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 21 realized deals: 5 years.
Sector breakdown
77 companiesGeography breakdown
18 geographiesKey facts
Recent exits
Smalt Capital sold ADDEV Materials to Naxicap Partners in 2025 after 2 years.
Smalt Capital exited Altagna Leasing in 2025 after 3 years.
Smalt Capital sold Pharma Santé Développement Groupe to Giropharm in 2024 after 7 years.
Smalt Capital exited Doxsa in 2023 after 5 years.
Coverage notes
1 fund tracked, 77 portfolio companies (45 active · 32 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Smalt Capital has raised, with its portfolio companies. Hand-checked from public filings.
Smalt CapitalActiveGrowth200945 assets32 exitsGrowth2009 · 17yr–4532
Unrealized
45 held| Company | Entry |
|---|---|
| Actu Foot TMT · France | 2019 |
| Art & Fact Innovation TMT · France | 2021 |
| Art&Fact Innovation Telecom · France | 2021 |
| Blue Soft IT Services · France | 2022 |
| Blue Soft Group TMT · France | 2022 |
| Cap Sud Hospitality · France | 2021 |
| Cap Sud Hospitality · Venzolasca, Corsica, France | 2021 |
| Clos d'Orlea Agriculture · France | 2019 |
| Dolce Vita Hospitality · France | 2022 |
| Eco Delta Energy · France | 2023 |
| Ecoat ClimateTech · France | 2022 |
| Ekstend Group Business Services · France | 2023 |
| Elements ClimateTech · France | 2023 |
| Energies de Loire - Enoe Energy · France | 2023 |
| Golfo Di Sogno Hospitality · France | 2021 |
| Groupe HEM Consumer · France | 2021 |
| Groupe HEM Consumer · France | 2021 |
| Groupe IPI Industrials · France | 2022 |
| Groupe IPI (International Pump Industries) Industrials · Signes, Var, France | 2022 |
| Groupe Quadrimex Industrials · France | 2023 |
| Hôtel Dolce Vita Hospitality · France | – |
| Idelia Sante Healthcare · France | 2023 |
| Le Temps des Cerises Consumer · France | 2022 |
| Le Temps des Cerises Consumer · France | 2022 |
| Les Amaryllis Healthcare · Istres, Provence-Alpes-Côte d'Azur, France | 2022 |
| Les Amaryllis Healthcare · France | 2022 |
| Marie & Cie Consumer · France | 2022 |
| Montaner Pietrini Consumer · France | 2022 |
| My Coach Software · France | 2013 |
| MyCoach SaaS · France | 2013 |
| Nave Va Hospitality · Ajaccio, Corsica, France | 2016 |
| NV Groupe Hospitality · France (Corsica) | 2016 |
| Royal Bourbon Industries Consumer · France | 2013 |
| Sficr Business Services · France | 2017 |
| Silosun Energy · France | 2023 |
| Soleil du Sud Energy · France | 2022 |
| Sophim Industrials · France | 2019 |
| SPS / ECF Business Services · France | 2023 |
| The Sanctuary Group Consumer · France | 2018 |
| The Sanctuary Group Consumer · France | 2018 |
| Titane by Alliage Care Healthcare · France | 2022 |
| Valgo Industrials · France | 2023 |
| Vidange Service Business Services · France | – |
| Villa Josephine Hospitality · France | 2017 |
| Villages Clubs du Soleil Hospitality · France | 2023 |
Realized
32 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| ADDEV Materials Aerospace & Defence · France | 2023 | 2025 | Secondary | Naxicap Partners | – |
| Altagna Leasing Financials · France | 2022 | 2025 | Recapitalization | – | – |
| Anaveo Business Services · France | 2014 | 2016 | Secondary | Bridgepoint Development Capital (with Paluel-Marmont Capital & LT Capital) | – |
| CECC Management Industrials · France | 2015 | 2020 | – | – | – |
| Clinéo Healthcare · France | 2016 | 2021 | Trade Sale | DomusVi | – |
| Crosscall Consumer · France | 2016 | 2018 | Secondary | Apax Partners | – |
| Diamant Réunion Consumer · La Réunion, France | 2015 | – | – | – | – |
| Domaine de Santu Petru Consumer · Figari, Corsica, France | 2017 | – | – | – | – |
| Doxsa Software · France | 2018 | 2023 | – | – | – |
| DPIA Colaert Industrials · Valence, Auvergne-Rhône-Alpes, France | 2014 | 2022 | Secondary | Capelia | – |
| Dream Team Hospitality · Toulon, Provence-Alpes-Côte d’Azur, France | 2014 | – | – | – | – |
| Edoki Academy EdTech · France | 2013 | 2021 | Trade Sale | Groupe Bayard | – |
| EECA Industrials · La Réunion, France | 2014 | – | – | – | – |
| Enovacom HealthTech · France | 2009 | 2018 | Trade Sale | Orange | – |
| Evollys Industrials · France (La Réunion) | 2014 | – | – | – | – |
| Fields & Lands Promotion Real Estate · Aix-en-Provence, Provence-Alpes-Côte d'Azur, France | 2016 | 2021 | – | – | – |
| Globalliance Software · Saint-Denis, Réunion, France | 2015 | 2020 | – | – | – |
| Goo Business TMT · Île-de-France, France | 2019 | – | – | – | – |
| iMusic-School Education · France | 2011 | 2017 | – | – | – |
| Kamp'n SaaS · France | 2016 | 2022 | Trade Sale | Digitaleo | – |
| Medtech SA MedTech · Montpellier, France | 2016 | 2016 | Trade Sale | Zimmer Biomet | – |
| MGI Digital Industrials · France | 2017 | – | – | – | – |
| MMV Hospitality · France | 2015 | 2022 | Trade Sale | Compagnie des Alpes | – |
| Octo Technology IT Services · France | 2015 | 2016 | Trade Sale | Accenture | – |
| Pharma Santé Développement Groupe Healthcare · France | 2017 | 2024 | Trade Sale | Giropharm | – |
| Probat Industrials · Porto-Vecchio, Corsica, France | 2017 | – | – | – | – |
| Sarawak Business Services · France | 2013 | 2017 | Secondary | Andera Partners (Cabestan Capital 2) | – |
| Sico Promotion Real Estate · France (Corsica) | 2015 | – | – | – | – |
| Soleil Créole Consumer · France (La Réunion) | 2014 | 2021 | MBO | Gérard Rangama | – |
| The Bakery Software · Aubagne, France | 2010 | 2017 | – | – | – |
| Tradi-Qual Développement Consumer · France | – | 2018 | Trade Sale | – | – |
| VDL TMT · Lyon, France | 2005 | 2015 | Trade Sale | ITAS TIM-OneCast | – |
About Smalt Capital
Smalt Capital is a French venture capital firm headquartered in Paris with capital deployed across 5 active fund vehicles. Founded in 2000, the firm deploys institutional capital across early-stage and selective growth-stage equity rounds in European technology companies, with sector focus spanning industrials, consumer, healthcare, business services and energy.
Investment thesis
Smalt Capital targets European and selectively global early-stage and growth-stage technology companies across industrials, consumer, healthcare, business services and energy, deploying institutional venture capital across seed, Series A and Series B rounds. The firm emphasises hands-on operational support during the post-investment value-creation phase, leveraging founder and operator partners alongside institutional capital to support international expansion and category leadership across France and selectively across Europe. Average equity tickets vary by stage with reserve capital preserved for follow-on rounds across the platform.
Recent activity
Recent realised exits include Smalt Capital • Sarawak (diversified sectors, 2022), EGIDIUM TECHNOLOGIES (software, 2021), LABORATOIRE PRECILENS (software, 2021) and GLOBALLIANCE (software, 2020). The platform tracks 5 fund vehicles, 79 active portfolio companies and 14 realised exits across the strategy's history.
Frequently asked questions
- What investment strategy does Smalt Capital focus on?
- Smalt Capital focuses on Growth, VC strategies in the private equity space.
- How many portfolio companies does Smalt Capital have?
- Smalt Capital has 45 active portfolio companies and 32 completed exits and 1 fund tracked on GP Intel.
- Where is Smalt Capital headquartered?
- Smalt Capital is headquartered in Marseille, France.
- What is Smalt Capital's assets under management?
- Smalt Capital manages approximately €345M in assets under management.
- When was Smalt Capital founded?
- Smalt Capital was founded in 2000.
- What sectors does Smalt Capital invest in?
- Smalt Capital invests across Industrials, Consumer, Healthcare, Business Services, Energy, TMT.
- What are Smalt Capital's recent exits?
- Recent realized exits by Smalt Capital include: ADDEV Materials (2025) to Naxicap Partners; Pharma Santé Développement Groupe (2024) to Giropharm; DPIA Colaert (2022) to Capelia; Kamp'n (2022) to Digitaleo; MMV (2022) to Compagnie des Alpes; Clinéo (2021) to DomusVi; Edoki Academy (2021) to Groupe Bayard; Soleil Créole (2021) to Gérard Rangama.
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