Capzanine 4 Private Debt
Private higher and technical education group
2018 sales €115 M
LBO February 2019

Founded in 2010 by Philippe Grassaud, Eduservices, which serves 19,300 students, operates the leading network of training courses, with fifteen schools spread over 30 campuses. Eduservices operates on a network basis and brings together a set of skills, competencies and resources to serve the schools’ needs (R&D, certifications, partnership ecosystem and even training academies for employees).

  • Chairman: Philippe Grassaud
  • Nature of the deal: LBO
  • Date of investment: February 2019


Capzanine 4 Flex Equity
Business Intelligence software publisher
2018 sales €30M
LBO February 2019

Resulting from an external growth strategy started in 2013, INTESCIA Group offers a range of B2B services in SaaS mode in the area of SmartData and Business Intelligence through four operational entities: DoubleTrade, Edisys, Corporama and Scores&Decisions.

  • Chairman: Alexandre Sidommo
  • Nature of the deal: LBO
  • Date of investment: February 2019


Capzanine 4 Flex Equity
Spanish digital group
2018 sales €5m
Growth Capital January 2019

Founded in 2011 in Valencia, Ivnosys is a company specialized in providing digitalisation services to large corporates and SMEs. IvSign, its blockbuster cloud platform, allows its users to manage and sign digital certificates, generating efficiencies, improving IT security through evidence-generation, and promoting a paperless professional environment.

  • Chairman: Sergio Ruiz
  • Nature of the deal: Growth capital
  • Date of investment: January 2019
Capzanine Situations Spιciales
Leading independent French roaster
2018 sales €60 M
Bond financing December 2018

Number three in coffee production and distribution in France, Legal has been an emblem of French coffee for more than 167 years. In a growing market with changing consumption patterns, the company has been able to adapt and innovate through capsules, soft pods, single origin and organic coffee. It has a full range of products.
In particular, the company is the first to launch, in late 2018, a 100% vegetable capsule, without plastic or aluminium, oxygen-tight, which avoids inserting it into an additional plastic packaging.

  • Chairman: Alain Frydman
  • Nature of the deal: bond financing
  • Date of investment: December 2018
Capzanine 4 Private Debt
Dental imaging, equipment and products
2018 sales €162 M
Unitranche October 2018

Acteon specialises in the design, manufacture and distribution of high-value-added dental technologies and holds global leadership positions in ultrasonics and digital medical imaging. Based in Mérignac (near Bordeaux), Acteon has a network of 13 subsidiaries and sales offices across the world and employs more than 800 people.

  • Chairman: Marie-Laure Pochon
  • Nature of the deal: Unitranche
  • Date of investment: October 2018


Capzanine 4 Flex Equity
Assistance and automobile insurance
2018 sales €157 M
LBO October 2018

Founded in 1985 and headquartered in Lyon, Opteven is a leader in the automotive service and mobility contract markets in both France and Europe. Opteven is a specialist in mechanical breakdown cover and roadside assistance. It also operates in home assistance, healthcare, and personal services.

The company has experienced strong growth for 10 years. It currently generates nearly €150 million in turnover and has more than 450 employees.

  • Chairman: Jean-Matthieu Biseau
  • Nature of the deal: LBO
  • Date of investment: October 2018
Capzanine 4 Private Debt
Global leader in cellular stimulation
2018 sales €92 M
Unitranche September 2018

Founded in 1986 by Louis-Paul Guitay, LPG is the inventor of a pioneering, patented mechanical process to replicate the traditional palpate-roll massage called “Endermologie”. The company develops, assembles and distributes machines which are used by aesthetics centers and medical professionals to enhance the production of collagen and elastin, activate the blood flow and mobilize body fat.

Endermology offers a risk-free, pain-free, non-invasive treatment against cellulite (aesthetics use) and can help the skin recover from scars, burns and loosening (medical use). LPG has become the leader in its field, which is now one of the prominent non-invasive techniques available in the world. The benefit of LPG’s technology has been backed by numerous surveys, scientific studies and 30 years of presence in the market with a high retention ratio amongst clients.


Capzanine 4 Flex Equity
Leading Spanish franchise business operating in women's health
2017 sales €90M
Growth Capital September 2018

Founded in 2002 by Manuel and Jorge Fernandez, Dorsia is the leading aesthetics surgery and aesthetics medicine group in Spain, with c. 70 franchised clinics around the country totalling sales above €90m. Since inception, Dorsia has specialised in providing the most innovative treatments with the highest quality standards under the motto of "responsible beauty". Its differentiated positioning and value-proposition has allowed Dorsia to become the undisputed market leader within a few years.

Eva Fertility is the fertility care branch of the Group. Founded only 3 years ago, Eva Fertility has been able to position itself as one of the leading brands in Spain within its sector, with c. 50 locations. Origen is the youngest brand of the Group, founded in 2017, and the pioneer company in providing psychology medicine retail services in Spain.

Capzanine 4 Private Debt
Wholesale insurance broker, specialized in aggravated risks
2018 sales €16 M
Unitranche July 2018

Founded in 1995, Eurodommages is one of the leaders of the wholesale insurance brokerage market in France. Specialized in aggravated risks for the automobile insurance market (“conducteurs malusés”, drivers having at some point lost their driving license…), Eurodommages plays a central role in the insurance value chain by acting as an intermediate between the brokers and the insurance companies.

  • Chairman: Yann Dévrillon
  • Nature of the deal: LBO
  • Date of investment: July 2018
Capzanine 4 Private Debt
Service provider on the industrial property segment
2018 sales €79 M
Unitranche July 2018

Questel, a provider of intellectual property software and services, is one of the global leaders in its market. It sells its solutions to 3,000 clients in more than thirty countries. Since 2015, Questel has seen strong growth boosted in particular by five acquisitions, including that of ITIP, a US company specialising in international patent filing, in February 2017. Based in Paris, Questel now has locations in the United States, Japan and China, and currently employs some 250 people.

  • Chairman: Charles Besson
  • Nature of the deal: LBO
  • Date of investment: July 2018


Capzanine 4 Private Debt
Leading gourmet-burger restaurant chain in Spain
2018 sales €61 M
Unitranche June 2018

Founded in 2013 by Andoni Goicoechea, Goiko Grill is the leading gourmet-burger restaurant chain in Spain. Goiko Grill serves its customers with premium burgers, at affordable prices made with local ingredients and served in a warm atmosphere.
In just five years, Goiko Grill has grown rapidly and now operates some 44 restaurants in 8 Spanish cities, being one of the country's leading chains. Goiko Grill is based in Madrid and currently employs more than 500 people.

  • Chairman: Andoni Goicoechea
  • Nature of the deal: LBO
  • Date of investment: June 2018
Capzanine 4 Private Debt
Leader in third-party IT maintenance
2018 sales €93 M
Unitranche June 2018

Founded in 1983 and initially focused on IT spare part trading, Evernex has become a global leader in high value IT hardware maintenance, offering quality of service commitments for servers, storage facilities and network infrastructures. The Group employs around 430 people in its 27 branches on all continents and covers 160 countries.

  • Chairman: Stanislas Pilot
  • Nature of the deal: Refinancing
  • Date of investment: June 2018
Capzanine 4 Private Debt
Global financial software provider
2018 sales €62M
Unitranche June 2018

Founded in 2014, Neoxam is specialized in the edition of back, middle and front office software solutions mainly dedicated to major asset managers and investment funds. The group employs around 400 people and has branches in Europe, the USA, Singapore, China, Hong-Kong, Tunisia and South Africa.

  • Chairman: Serge Delpla
  • Nature of the deal: LBO
  • Date of investment: June 2018