Industrial holding and turnaround vehicle led by Francois-Denis Poitrinal. Windhurst Industries, founded in 2004, managed a diversified portfolio of French industrial assets (Clestra Hauserman, Dagard, Groupe Parisot, b2s) until the 2013-2014 group restructuring, after which Neopar was created in 2014 as the turnaround and special-situations successor vehicle, continuing with the existing holdings and new distressed mandates.
Windhurst / Neopar is a Paris buyout firm with 5 active companies and 9 exits.
- ·Average hold across 9 realized deals: 5 years.
- ·Top sector focus: Industrials (43% of portfolio).
Sector breakdown
14 companiesKey facts
Recent exits
Windhurst / Neopar sold NextRoad to InnovaFonds in 2025 after 8 years.
Windhurst / Neopar sold SFRH to Matignon Investissement, BNP Developpement, AfricInvest in 2022 after 5 years.
Windhurst / Neopar exited SERI in 2019 after 6 years.
Windhurst / Neopar sold Groupe Parisot to P3G Industries in 2017 after 4 years.
Coverage notes
1 fund tracked, 14 portfolio companies (5 active · 9 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Windhurst / Neopar has raised, with its portfolio companies. Hand-checked from public filings.
Windhurst / Neopar HoldingBuyout2004€200M5 assets9 exitsBuyout2004 · 22yr€200M59
Unrealized
5 held| Company | Entry |
|---|---|
| Controlab Technologies Industrials · France | 2025 |
| Fondamental Expo Business Services · France | 2015 |
| La Lorraine Industrials · France | 2017 |
| Mathon Développement France | 2026 |
| SN Roxlor Industrials · France | 2024 |
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| b2s Business Services · France | 2009 | 2012 | MBO | Maxime Didier (founder) with Edmond de Rothschild Investment Partners (Winch Capital 2) | – |
| Clestra Hauserman Construction · France | 2008 | 2013 | Trade Sale | Impala Industries (Jacques Veyrat group) | – |
| Dagard Industrials · France | 2011 | 2014 | Secondary | Initiative & Finance (FCPR I) with Thierry Suin (MBO) | – |
| Forget Formation Education · France | 2005 | 2009 | Trade Sale | Groupe Samsic | – |
| Groupe Parisot Consumer · France | 2013 | 2017 | MBO | P3G Industries | – |
| NextRoad Business Services · France | 2017 | 2025 | Secondary | InnovaFonds | – |
| SERI Industrials · France | 2013 | 2019 | – | – | – |
| SFRH TMT · France | 2017 | 2022 | Trade Sale | Matignon Investissement, BNP Developpement, AfricInvest | – |
| Tifany Industries Industrials · France | 2009 | 2013 | MBO | Tifany Participations | – |
About Windhurst / Neopar
Windhurst / Neopar is an industrial holding and turnaround vehicle led by Francois-Denis Poitrinal with €200 million of assets under management, headquartered in Paris. Windhurst Industries (founded 2004) historically managed a diversified portfolio of French industrial assets including Clestra Hauserman, Dagard, Groupe Parisot and b2s until the 2013-2014 group restructuring, with the modern Windhurst / Neopar evergreen vehicle continuing the industrial holding strategy.
Investment thesis
Windhurst / Neopar targets French and European industrial mid-cap companies, with particular focus on turnaround and complex situations requiring active operational engagement. The evergreen holding structure enables long-duration positions unconstrained by traditional fund cycles, with the platform deploying patient capital alongside operational management initiatives. Sector focus spans Industrials, Business Services and selectively other complex situation verticals.
Recent activity
Recent realised exits include NextRoad (business services, 2025) and SFRH (TMT, 2022), reflecting selective distribution activity across the industrial holding portfolio. The platform tracks a single evergreen vehicle, 4 active portfolio companies and 3 realised exits across the multi-decade industrial turnaround programme.
Frequently asked questions
- What investment strategy does Windhurst / Neopar focus on?
- Windhurst / Neopar focuses on Buyout strategies in the private equity space.
- How many portfolio companies does Windhurst / Neopar have?
- Windhurst / Neopar has 5 active portfolio companies and 9 completed exits and 1 fund tracked on GP Intel.
- Where is Windhurst / Neopar headquartered?
- Windhurst / Neopar is headquartered in Paris, France.
- When was Windhurst / Neopar founded?
- Windhurst / Neopar was founded in 2004.
- What sectors does Windhurst / Neopar invest in?
- Windhurst / Neopar invests across Industrials.
- What are Windhurst / Neopar's recent exits?
- Recent realized exits by Windhurst / Neopar include: NextRoad (2025) to InnovaFonds; SFRH (2022) to Matignon Investissement, BNP Developpement, AfricInvest; Groupe Parisot (2017) to P3G Industries; Dagard (2014) to Initiative & Finance (FCPR I) with Thierry Suin (MBO); Clestra Hauserman (2013) to Impala Industries (Jacques Veyrat group); Tifany Industries (2013) to Tifany Participations; b2s (2012) to Maxime Didier (founder) with Edmond de Rothschild Investment Partners (Winch Capital 2); Forget Formation (2009) to Groupe Samsic.
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