What investment strategy does Sparring Capital focus on?

Sparring Capital focuses on Buyout, Growth strategies in the private equity space.

How many portfolio companies does Sparring Capital have?

Sparring Capital has 20 active portfolio companies and 9 completed exits and 4 funds tracked on GP Intel.

Where is Sparring Capital headquartered?

Sparring Capital is headquartered in Paris, France.

What is Sparring Capital's assets under management?

Sparring Capital manages approximately €650M in assets under management.

When was Sparring Capital founded?

Sparring Capital was founded in 2002.

What sectors does Sparring Capital invest in?

Sparring Capital invests across Industrials, Business Services, Consumer, Healthcare, Energy.

What are Sparring Capital's recent exits?

Recent realized exits by Sparring Capital include: Novakamp (2026) to Siparex; Retif (2024) to RAJA Group; Weetec (2024) to Groupe Ortec; Pure Trade (2023) to AGIC Capital; Infraneo (2023) to Seven2; IMX (2022) to bpostgroup; TVH Group (2021) to 21 Invest; Veraltis (2018) to B2Holding.

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Sparring Capital

Paris, France·Founded 2002·

Buyout Growth Equity

·sparringcapital.com

Sparring Capital is an independent Paris-based private equity firm founded in 2002, known as Pragma Capital until its April 2018 rebrand. It backs French small and lower-mid-market companies through two strategies: a Transmission buyout strategy taking majority stakes with tickets up to EUR 15 million in companies valued EUR 25 to 75 million, and a small-cap Responsible Growth strategy run through its AMF-regulated subsidiary Sparring Opportunities, the former Pechel Industries Partenaires acquired in September 2021. The firm positions itself as a sparring partner to entrepreneurs, driving value through operational excellence, ESG integration and external-growth build-ups. It has raised more than EUR 1.3 billion since inception and currently manages around EUR 650 million across its active direct-investment funds.

AUM

€650M

Funds

vintages 2015–2025

Portfolio

Exits

Sparring Capital is a Paris buyout firm with €650M AUM, 20 active companies and 9 exits.

SectorsIndustrials Business Services Consumer Healthcare Energy

Key takeaways

·7 exits in the last 5 years · consistent DPI cadence.
·Average hold across 9 realized deals: 6 years.
·Top sector focus: Industrials (25% of portfolio).
·Fund cadence: ~3Y between vintages · last raise 2025.

Sector breakdown

28 companies

Industrials

7 · 25%

Business Services

5 · 18%

Construction

3 · 11%

Consumer

3 · 11%

Energy

2 · 7%

E-commerce

1 · 4%

Mobility

1 · 4%

Hospitality

1 · 4%

Key facts

HQParis, France

Founded2002

Websitesparringcapital.com

Recent exits

Sparring Capital sold Novakamp to Siparex in 2026 after 6 years.

Sparring Capital sold Retif to RAJA Group in 2024 after 17 years.

Sparring Capital sold Weetec to Groupe Ortec in 2024 after 5 years.

Sparring Capital sold Pure Trade to AGIC Capital in 2023 after 3 years.

Coverage notes

4 funds tracked, 29 portfolio companies (20 active · 9 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Sparring Capital has raised, with its portfolio companies. Hand-checked from public filings.

4 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Sparring Capital III

Buyout2025€280M2 assets

Buyout

2025 · 1yr

€280M

–

Unrealized

2 held

Company	Entry
Elec44 E-commerce · France	2025
Intech Group Industrials · France	2025

Responsible Growth Fund

Growth2022€50M6 assets1 exits

Growth

2022 · 4yr

€50M

Unrealized

6 held

Company	Entry
Afitex Industrials · France	2023
Groupe CAN Construction · France	2025
Louis Tellier Consumer · France	2022
MADEnR Energy · France	2025
SMM Industrials · France	2023
Ulysse Mobility · France	2022

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Retif Consumer · France	2007	2024	Trade Sale	RAJA Group	–

Sparring Capital IIHarvesting

Buyout2020€173M9 assets3 exits

Buyout

2020 · 6yr

€173M

Unrealized

9 held

Company	Entry
Afitexinov Construction · France	2022
Cubik Business Services · France	2021
Génie Flexion Industrials · France	2022
Intermèdes Hospitality · France	2019
Iridis Business Services · France	2024
Kit Utilitaire Industrials · France	2023
Nalys Business Services · France	2019
Opterm Industrials · France	2024
Praticima HealthTech · France	2022

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Novakamp Energy · France	2020	2026	Secondary	Siparex	–
Pure Trade Consumer · France	2020	2023	Trade Sale	AGIC Capital	–
Weetec Business Services · France	2019	2024	Trade Sale	Groupe Ortec	–

Pragma Capital IIIRealized

Buyout2015€290M2 assets5 exits

Buyout

2015 · 11yr

€290M

Unrealized

2 held

Company	Entry
CESA Construction · France	2019
Propriété-privées.com PropTech · France	2016

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
CNN MCO Industrials · France	2015	2017	Trade Sale	Endel Engie	–
IMX Logistics · France	2017	2022	Trade Sale	bpostgroup	–
Infraneo Business Services · France	2018	2023	Secondary	Seven2	–
TVH Group IT Services · France	2016	2021	Secondary	21 Invest	–
Veraltis Financials · France	2015	2018	Trade Sale	B2Holding	–

Other portfolio companies

1 more Sparring Capital investment not tied to a tracked fund.

Rétif · Mobility · France · 2007

About Sparring Capital

Sparring Capital is an independent French private equity management company with €650 million of assets under management as of December 2024, founded in 2002 and headquartered in Paris. The firm invests in French SMEs, supporting their transformation and growth with a focus on operational excellence and management team partnership across multiple successive vintage funds.

Investment thesis

Sparring Capital targets French SMEs and lower mid-cap companies, deploying growth equity and buyout capital with equity tickets typically ranging from €10 million to €40 million per transaction. Sector focus spans Business Services, Consumer, Industrials and Healthcare, with the platform emphasising operational excellence improvements and management team partnership across the holding period. The independent positioning aligns Sparring with French entrepreneurial management teams seeking patient capital.

Recent activity

Recent realised exits include Cubik (business services, 2026), Louis Tellier (consumer, 2026), Novakamp (industrials, 2026) and Praticima (healthcare, 2026), reflecting strong 2026 distribution momentum across multiple sectors. The platform tracks 5 funds, 11 active portfolio companies and 14 realised exits across the multi-vintage French SME programme.

Frequently asked questions

What investment strategy does Sparring Capital focus on?: Sparring Capital focuses on Buyout, Growth strategies in the private equity space.
How many portfolio companies does Sparring Capital have?: Sparring Capital has 20 active portfolio companies and 9 completed exits and 4 funds tracked on GP Intel.
Where is Sparring Capital headquartered?: Sparring Capital is headquartered in Paris, France.
What is Sparring Capital's assets under management?: Sparring Capital manages approximately €650M in assets under management.
When was Sparring Capital founded?: Sparring Capital was founded in 2002.
What sectors does Sparring Capital invest in?: Sparring Capital invests across Industrials, Business Services, Consumer, Healthcare, Energy.
What are Sparring Capital's recent exits?: Recent realized exits by Sparring Capital include: Novakamp (2026) to Siparex; Retif (2024) to RAJA Group; Weetec (2024) to Groupe Ortec; Pure Trade (2023) to AGIC Capital; Infraneo (2023) to Seven2; IMX (2022) to bpostgroup; TVH Group (2021) to 21 Invest; Veraltis (2018) to B2Holding.