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Established in 2004, CAPZA (formerly Capzanine) is an independent investment fund specialising in mixed capital and private debt financing to unlisted Small CAP and Mid CAP companies. In January 2019, AXA increased its stake in Capzanine to help the private debt manager’s international development. As part of the deal, AXA France has acquired an additional 22 percent stake in Capzanine from alternative assets manager Eurazeo for €82 million, including fund shares. An additional capital increase brings the total combined holding of AXA France and AXA Investment Managers to 46 percent. Capzanine’s management team will hold the remaining 54 percent of the company’s equity.

Sabine Barral

Senior Associate


Laurent Benard

Managing Partner


Emmanuel Bonnaud



Benoit Choppin



Clément Colin



Jean-Marc Fiamma

Associate Director

David Hoppenot

Partner and Co-Founder


Guillaume De Jongh


Christophe Karvelis

Co-Founder and CEO


Thomas Lafougère

Senior Associate


Thomas Meurisse



Frédéric Muller

Head of Investor Relations


Maxence Radix


Bertram Schutz

Associate Director


Laure Tallon


Bénédicte De Tissot


41 past transactions


Debt Financing in 2017
Élivie is the healthcare provider in France. Created in 2016 from the merger between IP Santé domicile and AMS Medical, the company installs at home medical equipment necessary for care and delivers a set of complementary services. It supports more than 90,000 patients and employs nearly 1,100 professionals. Élivie has a network of more than 50 local agencies and is mainly involved in respiratory assistance, infusion, nutrition and insulin therapy.


Acquisition in 2013
Bretèche consists of six leading companies within their respective markets, designing, engineering manufacturing, and installing equipment for food, cosmetics and pharmaceutical production lines. The Group employs nearly 1,000 people and generated a turnover of approximately 220 million euros in 2016.

MCA Ingénierie

Private Equity Round in 2017
MCA Ingénierie is a service company involved in high technology engineering and consulting.


Acquisition in 2017
GEOMEDIA is a Software company in the topography and infrastructure project design field. COVADIS is specially dedicated to infrastructure consultancies, public works companies, local and regional authorities, and surveyors' offices. It allows an infrastructure project to be processed from its initial phase to its final phase. COVADIS contains all the "business" modules operated on a daily basis by VRD consulting firms and building and civil engineering companies. It runs on all versions of AutoCAD since 2010.


Venture Round in 2009
Ercom is a Thales company with years of combined expertise in two key areas cybersecurity and communication networks. Being a reference company means providing clients with cutting-edge solutions for their industry, combining certified security and simplicity to accelerate end-user adoption over a range of devices. They develop a complete range of solutions to counter data, devices, and communication hacking. More than 120 institutions, small and big companies trusted Ercom to secure their data and communications.

Audensiel Technologies SAS

Private Equity Round in 2019
Audensiel is a consulting company specialized in technological innovation and digital transformation.

Recommerce Group

Series C in 2018
Recommerce Group provides refurbished smartphones sale and buyback solutions in Europe.RECOMMERCE GROUP is the sector expert of sale, refurbishment and buyback of second hand smartphones.RECOMMERCE GROUP gives second life to smartphones using innovative and advanced proprietary technologies from buyback to resale. Recommerce Group has the most comprehensive and technological market approach enabling the company to propose a wide range of premium quality products under its own brand: Recommerce, as well as web and shops buyback solutions and dedicated services to mobile second life.Recommerce Group is an international company working and dealing with renown European retailers and MNOs in France, Switzerland and Spain.

Star's Service SA

Acquisition in 2010
Star's Service SAS offers courier, delivery, and logistics services. The company also provides packing and carting services. It serves to retail, automotive, gourmet, and healthcare industries. The company was founded in 1987 and is based in Épinay-sur-Seine, France.

Groupe Alphitan

Private Equity Round in 2018
Groupe Alphitan provides repair and maintenance of rotating electrical systems and complex electronic systems. The company was incorporated in 2008 and is based in Bordeaux, France.

Finance Active SAS

Private Equity Round in 2016
Finance Active SAS provides financial management solutions for public and corporate sectors. It offers debt management, foreign exchange risk management, leasing management, guarantee management, and financial forecasting management solutions with consulting services. The company also provides training services. Finance Active SAS was founded in 2000 and is based in Paris, France with additional offices in Italy, Belgium, UK, France, Germany, Switzerland, and Casablanca.

Novomed Group.

Acquisition in 2017
Novomed produces and distributes single-use medical devices primarily to hospitals and clinics.


Private Equity Round in 2015
Questel specializes in providing intellectual property and innovation management solutions. They offer a collection of unique databases and a comprehensive software suite for searching, analyzing, and managing inventions and IP assets. Questel supports its clients throughout the IP lifecycle offering prior-art searches, patent drafting, international filing, translations, and support during licensing negotiations and litigation. It was founded in 1978 and headquartered in Paris, Ile-de-France.

Groupe Saint Aubin

Acquisition in 2019
Groupe Saint Aubin is a company specializing in eco-tourism, events and catering.


Acquisition in 2018
Labelium S.A.S. offers digital marketing services. The company offers search engine marketing, site performance monitoring, online media buying, and website marketing consulting services. Its clientele includes Giorgio Armani, Diesel, Kerastase, L'Oreal, Lancôme, LVMH, Lacoste, BetClic, and Dior. The company was founded in 2001 and is based in Paris, France.

Francheville Périgord Santé

Acquisition in 2015
Francheville Périgord Santé is the first health group in the Dordogne department.

Ivnosys Soluciones Sociedad Limitada

Private Equity Round in 2019
Ivnosys Soluciones Sociedad Limitada develops and markets electronic certificate and signature management solutions. The company was founded in 2011 and is based in Paterna, Spain.

Nexeya Services

Acquisition in 2017
Nexeya Services SAS provides engineering services.

Talan SAS

Venture Round in 2016
Talan is a French player in operational consulting and digital services. To meet the challenges of an increasingly complex world, they help their clients embrace short transformation cycles, from design to implementation. They rely on both the technological lever and the strength of their DNA based on collective intelligence, agility and entrepreneurial spirit. Collective intelligence consists of combining the diverse expertise of the group's workforce with that of their customers and partners. Agility allows us to capitalize on their experiences and reinvent themselves on each project with pragmatism and humility. At Talan, they are entrepreneurial, daring, bold and experimental when need be.


Debt Financing in 2017
Marle International SAS, a contract manufacturer, designs and manufactures orthopedics implants. It offers hip, knee, shoulder, ankle and elbow, spine, and rasp and handle implants and instruments. The company also offers posterior stabilized, fixed, and mobile plates; prosthetic toes; intervertebral disks; polyethylene hip inserts and sockets; patellar components; lombar cages; and cervical cages. It serves the orthopedic industry worldwide. The company was formerly known as Marle S.A. Marle International SAS was founded in 1964 and is based in Nogent, France.


Acquisition in 2014
Opteven is assistance, mechanical failure guarantee and maintenance.

Evernex SA

Acquisition in 2015
Evernex is specializing in the life cycle management of IT infrastructures.


Acquisition in 2016
Orsys is the first Training Institute for New Digital Technologies and one of the most important players in the fields of Management and Personal Development. Its offer represents more than 1900 training courses, seminars and practical courses, 300 professional courses and 50 certifying cycles, approved by national or international organizations.

Moving Group

Acquisition in 2017
Moving Group from the acquisition of the brand "Moving" at Club Med. This brand created in 1986 is now No. 1 in France and No. 5 in Europe fitness centers. With two versions, "Lady Moving" and "Garden Gym" (created in 1980 by Charles Ellia), the brand has nearly 150 centers including 5 branches, employs 1,000 state-certified coaches and has 120,000 members.

DCM Group S.A.

Acquisition in 2006
DCM Group S.A. develops and manufactures machines for packaging converters.

In'Tech Medical

Debt Financing in 2017
IN’TECH MEDICAL is an industry leader in the development and manufacturing of surgical instruments for the Orthopaedic industry. IN’TECH delivers expertise in all aspects of surgical instrument including development and manufacturing. Their services encompass contract manufacturing and contract designing. IN’TECH have a strong track record of turning original ideas into new solutions for their customers.

Findis Holding SASU

Private Equity Round in 2011
FINDIS is One of french leaders in house applicances & kitchen equipment distribution.

Pierre Guérin

Private Equity Round in 2017
PIERRE GUERIN SAS is a manufacture of Stainless Steel Vessels.

Octime SA

Acquisition in 2016
Octime SA is a software publisher in the field of planning and working time management in France. Its solutions include planning, time management, absence management, clocking, human resources (HR) and payroll interface, HR portal, individual course, activity management, and other modules. The company’s software suites automate the counting of staff presence and absence times, simplify HR administration, and ensure long-term staff management. It offers its solutions in on-premise and cloud models. The company serves VSEs, SMEs, and large accounts in all industries around the world. Octime SA was founded in 1998 and is based in Biron, France.

CBE Group

Acquisition in 2017
CBE Group is a French industrial SME, specialized in the engineering, production and installation of steel moulds, equipment and tailor-made automated plants used for the production of every type of concrete pieces.

ECS Group SA

Acquisition in 2013
ECS Group SA, through its subsidiaries, provides air cargo handling services for airlines in France and internationally. It offers air freight operation services, such as handling, loading, and ground transport; administrative support services; general cargo sales agency services; and aircraft chartering. The company was founded in 1998 and is based in Roissy-en-France, France with additional offices in Mumbai, India; Hong Kong; Vietnam; Brussels; Tbilisi; Almaty; Milan and Venice, France; Florence and Rome Fiumicino, Italy; Madrid, Spain; Denmark; Norway; Finland; and Sweden. ECS Group SA operates as a subsidiary of World Cargo Services.

Entrepose Échafaudages S.A.S.

Private Equity Round in 2017
Entrepose Échafaudages S.A.S. engages in the engineering, erection, sale, rental, maintenance, and user training of multipurpose scaffolding and shoring equipment.

Groupe Grégoire Joinery

Acquisition in 2007
Groupe Grégoire Joinery is a manufacturers of industrial joineries for builders of individual and collective housing.

EOS Corrugated

Acquisition in 2018
EOS Corrugated Group, SA, a holding company, which through its subsidiaries develops, produces, and sells polyurethane for cardboard packaging industry. textiles, and rotary cutting forms. The company was founded in 2013 and is headquartered in Romans Sur Isere, France.

Soccer Park SAS

Private Equity Round in 2016
Soccer Park is the network of football centers in France.


Private Equity Round in 2011
Datawords is the pioneer in e-Multicultural technologies. We combine technology and cultural fluency to roll out your brand’s international strategy across all digital platforms. Datawords is specialized in optimizing, updating and ensuring the seamless deployment of international digital campaigns. We adapt your communications to each country, while respecting your brand’s international image.


Acquisition in 2018
MONVISO GROUP SRL produces bread substitutes. It offers breakfast solutions and toasted cereal flakes; low-salt rusks, low-salt breadsticks, low-salt tea biscuits, wholegrain biscuits, crackers, and fitness solutions; and snack products, including mini bruschette croutons, soups and salads croutons, and mini toasts. The company was founded in 1936 and is based in Andezeno, Italy. As of January 18, 2018, MONVISO GROUP SRL operates as a subsidiary of Altabread S.r.l.

Compagnie de Vichy

Acquisition in 2014
Compagnie de Vichy operates a thermal resort.

MBA Surgical Empowerment

Debt Financing in 2018
MBA Surgical Empowerment provides medical and surgical technology distribution services.

Smile, SA

Debt Financing in 2017
Smile offers integration of open source solutions and is based in Levallois-Perret, France.


Private Equity Round in 2017
Eduservices, S.A. S. provides vocational courses in France. It offers courses in the areas of business, management, communication, and personal care, as well as tourism, hotels, and leisure. The company was founded in 2010 and is based in Paris, France.

Taliance Group

Private Equity Round in 2007
ARGUS Taliance is the most flexible modelling and decision-making platform for alternative investments.They provide cloud-based collaborative business modelling, forecasting and performance reporting solutions to alternative investment firms allowing them to better adapt, anticipate the future and make more informed decisions on the fly.