Participated · Equity · Jul 2026

Founded in 2007 by Nicolas Pfennig and headquartered in Lyon, Azergo delivers ergonomic assessments, individualized workstation adaptations and prevention services using ergonomists, occupational therapists and biomechanics specialists. Its solutions include adapted seating, adjustable desks, specialized input devices, handling devices, acoustic equipment and bespoke workplace fittings combined with training and organizational recommendations. The group has grown through both organic expansion and six acquisitions since 2021, reaching more than 200 employees and generating nearly €56 million of group revenue in 2025 after an average annual growth close to 20% over the past three years. Management has transitioned with Vincent Rigoudy becoming chairman while founder Nicolas Pfennig remains involved to support the next phase. Azergo plans to continue a build-up strategy to fill regional coverage gaps, add complementary expertise and explore European opportunities. The company emphasizes maintaining service quality and local relationships while standardizing back-office functions and scaling its offer.

Led · Equity · May 2022

HR Path provides HR software and services to enterprise clients. The company reported current revenue of about €360 million and has set a target of reaching €700 million in revenue within three years. Management said the firm plans to expand geographically into the Nordic countries and the Middle East. The recent financing and Ardian’s equity investment are intended to fund a buy-and-build strategy of acquisitions and integrations. HR Path secured a mix of senior term debt and a revolving credit facility to support both larger transactions and smaller, bridge needs. The articles do not provide further operational metrics or historical financing details.

Participated · Equity · Dec 2020

Foliateam is an enterprise telecommunications group and cloud B2B operator offering UCaaS, multi-cloud collaboration and customer-relationship services with expertise on Avaya, Alcatel, Mitel, Kiamo, Microsoft Teams and Zoom. The company serves more than 4,500 clients across 10,000 sites and generates over €50 million in annual revenue, employing about 330 people including 24 partner managers. Founded in 2002, Foliateam expanded through the Digital Wings strategic plan (completed in 2019) and the acquisition of 16 companies over the prior 15 years, building its own critical infrastructure. This year the group completed a management takeover and installed a new directoire led by Bruno David, with the founders remaining involved on the supervisory board. Under the UP2026 plan the company aims to reach €100 million in revenue and to become a leading secure multi-cloud collaboration and customer-relationship operator in France, with a stronger push into cybersecurity and premium digital services. Foliateam remains open to external growth opportunities to support that acceleration.