What investment strategy does TRAIL focus on?

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

How many portfolio companies does TRAIL have?

TRAIL has 15 active portfolio companies and 12 completed exits and 5 funds tracked on GP Intel.

Where is TRAIL headquartered?

TRAIL is headquartered in SAINT-MEDARD-EN-JALLES, France.

What sectors does TRAIL invest in?

TRAIL invests across Consumer, Business Services, Industrials.

What are TRAIL's recent exits?

Recent realized exits by TRAIL include: LVO Groupe (2025) to MML Capital; Menixgroup (2024) to Five Arrows (with Keensight Capital and Turenne Capital); Cabaia (2023) to Quilvest Capital Partners; Buffet Crampon (2023) to Alcopa (Belgian family-owned investment company); Mazarine (2023) to LBO France (consortium with FG Bros); Sepur (2022) to Cube Infrastructure Managers; Armatis (2016) to Activa Capital (with CDC and Omnes); Sogelink (2016) to Naxicap Partners.

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TRAIL

SAINT-MEDARD-EN-JALLES, France·Founded 2022·

Buyout Growth Equity

·trailcapital.eu

Trail Capital is a French private equity firm founded in 2007, focused on supporting high-performing small and mid-sized European companies to scale in size, scope, and international reach. The firm manages over €750 million in capital and operates with a hands-on approach alongside management teams.

AUM

–

Funds

vintages 2007–2026

Portfolio

Exits

TRAIL is a SAINT-MEDARD-EN-JALLES buyout firm with 15 active companies and 12 exits.

SectorsConsumer Business Services Industrials

Key takeaways

·6 exits in the last 5 years · consistent DPI cadence.
·Average hold across 12 realized deals: 6 years.
·Top sector focus: Consumer (30% of portfolio).
·Fund cadence: ~5Y between vintages · last raise 2026.

Sector breakdown

27 companies

Consumer

8 · 30%

Industrials

3 · 11%

TMT

3 · 11%

Software

2 · 7%

Gaming

2 · 7%

Business Services

2 · 7%

E-commerce

1 · 4%

Mobility

1 · 4%

Geography breakdown

5 geographies

France

22 · 81%

Germany

2 · 7%

Lyon, France

1 · 4%

Monaco

1 · 4%

Switzerland

1 · 4%

Key facts

HQSAINT-MEDARD-EN-JALLES, France

Founded2022

Websitetrailcapital.eu

Recent exits

TRAIL sold LVO Groupe to MML Capital in 2025 after 4 years.

TRAIL sold Menixgroup to Five Arrows (with Keensight Capital and Turenne Capital) in 2024 after 10 years.

TRAIL sold Cabaia to Quilvest Capital Partners in 2023 after 5 years.

TRAIL sold Buffet Crampon to Alcopa (Belgian family-owned investment company) in 2023 after 11 years.

Coverage notes

5 funds tracked, 27 portfolio companies (15 active · 12 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

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

5 funds

Fund

Strategy

Vintage

Size

Assets

Exits

WELLActive

Growth20265 assets

Growth

2026 · 0yr

–

Unrealized

5 held

Company	Entry
Digigroup Media (Digitiz.me) Software · Lyon, France	2022
Drinkee France	2026
Evenizer Software · France	2025
MetaFight Gaming · France	2023
Stage11 Gaming · France	2022

SLAM Private Investors Fundharvesting

Buyout2021€100M4 assets

Buyout

2021 · 5yr

€100M

–

Unrealized

4 held

Company	Entry
Ares MMA Consumer · France	2024
Hexagone MMA Consumer · France	2026
Marcadé Industrials · France	2025
Tech3 Consumer · France	2025

TRAIL Core Equity Partners Fundharvesting

Buyout2019€350M4 assets1 exits

Buyout

2019 · 7yr

€350M

Unrealized

4 held

Company	Entry
APM Monaco Consumer · Monaco	2019
Breitling Consumer · Switzerland	2023
Wella Consumer · Germany	2022
Zooplus E-commerce · Germany	2021

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Cabaia Consumer · France	2018	2023	Secondary	Quilvest Capital Partners	–

Value TRAILharvesting

Growth2019€200M1 assets1 exits

Growth

2019 · 7yr

€200M

Unrealized

1 held

Company	Entry
Electropoli Mobility · France	2019

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
LVO Groupe Industrials · France	2021	2025	Secondary	MML Capital	–

Fondations Capital Idivesting

Buyout2007€380M1 assets10 exits

Buyout

2007 · 19yr

€380M

Unrealized

1 held

Company	Entry
Superbien TMT · France	2024

Realized

10 exits

Company	Entry	Exit	Type	Buyer	MOIC
AMS Healthcare · France	2011	2015	Trade Sale	HLD (with UI Gestion and DV France)	–
Armatis Business Services · France	2013	2016	Trade Sale	Activa Capital (with CDC and Omnes)	–
Buffet Crampon Consumer · France	2012	2023	Trade Sale	Alcopa (Belgian family-owned investment company)	–
Mazarine Business Services · France	2013	2023	Trade Sale	LBO France (consortium with FG Bros)	–
Menixgroup MedTech · France	2014	2024	Secondary	Five Arrows (with Keensight Capital and Turenne Capital)	–
Nerim Telecom · France	2012	2015	Trade Sale	Dzeta Conseil	–
Rougnon Construction · France	2010	2015	Trade Sale	Edmond de Rothschild Investment Partners	–
Sepur Industrials · France	2012	2022	Secondary	Cube Infrastructure Managers	–
Sogelink TMT · France	2009	2016	Trade Sale	Naxicap Partners	–
Talentia Software TMT · France	2011	2016	Secondary	Argos Soditic	–

About TRAIL

Trail Capital is a French private equity firm with €750 million-plus of capital under management, founded in 2007 and headquartered in Saint-Médard-en-Jalles near Bordeaux. The firm supports high-performing small and mid-sized European companies seeking to scale in size, scope and international reach, with a regional French heritage extended through pan-European deal sourcing across multiple vintage funds.

Investment thesis

Trail Capital targets small and mid-sized European companies seeking scaling capital, deploying equity tickets typically ranging from €15 million to €60 million per transaction. Sector focus spans Industrials, Consumer and Business Services, with the platform's operational heritage enabling support for European scaling businesses across international expansion, bolt-on M&A and operational improvement programmes. The firm emphasises management team partnership across multi-year holding periods.

Recent activity

Recent realised exits include LVO Groupe (industrials, 2025), Buffet Crampon (consumer, 2023) and Mazarine (business services, 2023), reflecting active distribution across the European mid-market portfolio. The platform tracks 4 funds, 13 active portfolio companies and 7 realised exits across the multi-vintage track record.

Frequently asked questions

What investment strategy does TRAIL focus on?: TRAIL focuses on Buyout, Growth strategies in the private equity space.
How many portfolio companies does TRAIL have?: TRAIL has 15 active portfolio companies and 12 completed exits and 5 funds tracked on GP Intel.
Where is TRAIL headquartered?: TRAIL is headquartered in SAINT-MEDARD-EN-JALLES, France.
When was TRAIL founded?: TRAIL was founded in 2022.
What sectors does TRAIL invest in?: TRAIL invests across Consumer, Business Services, Industrials.
What are TRAIL's recent exits?: Recent realized exits by TRAIL include: LVO Groupe (2025) to MML Capital; Menixgroup (2024) to Five Arrows (with Keensight Capital and Turenne Capital); Cabaia (2023) to Quilvest Capital Partners; Buffet Crampon (2023) to Alcopa (Belgian family-owned investment company); Mazarine (2023) to LBO France (consortium with FG Bros); Sepur (2022) to Cube Infrastructure Managers; Armatis (2016) to Activa Capital (with CDC and Omnes); Sogelink (2016) to Naxicap Partners.