Fabien Bernez

TCR invests in profitable small-sized French companies with high-growth potential. The firm invests primarily in buyout operations, including secondary LBOs. They favor 'robust' industries with a growing customer base, low capital expenditure, low working capital requirements, reduced exposure to imports from low-cost labor countries, low exposure to business cycle risk, and high visibility of future sales. They avoid real estate, start-ups, seasonal businesses, turnaround situations, heavy industry or companies exposed to either technological or commodity-related risks. TCR invests across sectors with a focus on B2B and B2C services, specialized distribution, leisure and niche manufacturing sectors. They aim to invest in businesses with an experienced management team and the potential to become market leaders. They target companies with EUR 20 to 200 million in turnover, and more particularly the EUR 25-100 million range. Their investment criteria include a significant market share with barriers to entry, a track record of growth, sound business and financial fundamentals and a clear business plan relatively immune to economic downturns. TCR acquires majority stakes as lead or co-lead investor with large European private equity firms. The firm actively adds value to their portfolio companies, particularly through build ups and reorganization of corporate spinoffs. Their targeted exit horizon is four to six years.

Functions as a College/University

CAPZA invests companies located primarily in Europe with an EBITDA of EUR 5 - 20 million. The firm focuses on health, technology and BtoB services sectors. It provides financing in the form of debt and equity for buyout and growth stage capital requirements with an investment size of EUR 20 - 85 million. It acquires majority and minority stakes.

Functions as a College/University