What Adagia Partners does

Adagia Partners SAS is a European mid-market private equity firm founded in 2019, headquartered in Paris with a regional office in Frankfurt, and approved by the Autorité des Marchés Financiers (AMF) under number GP21000007. The firm manages a €1.3 billion investment platform through its debut fund, Adagia Capital Europe SLP, which closed at €1.1 billion in September 2023 from approximately forty institutional investors across Europe, the Middle East, and the United States. It targets leveraged buyouts of mid-cap companies with enterprise values between €150 million and €600 million in three sectors — Healthcare, Business Services, and Tech Industries — across France, the DACH region, and Benelux.

The firm pursues a buy-and-build value-creation model centered on external growth via add-on M&A, international expansion, and digital transformation. Its portfolio comprises five platform investments to date: Schwind eye-tech solutions (German refractive surgery laser systems, acquired 2021 from Ardian), Minlay (French dental prosthetics, 2022), ADHETEC (worldwide leader in aerospace adhesives, 2023 alongside Bpifrance), Technoflex (French/Basque pharmaceutical flexible bags, acquired 2024 from Crédit Mutuel Equity), and AGN Niederberghaus und Partner (German general planning and project management, 2025). The firm is led by three co-founders and managing partners — Sylvain Berger-Duquene, Charles-Edouard Bouée, and Nicolas Holzman — supported by 8 partners, 19 professionals, and a senior advisor bench of 9 industry operators covering Healthcare, Digital & Tech, Business Services & ESG, Governance, and DACH.

Revenue is generated through a traditional fund management model: recurring management fees on committed and deployed capital under Adagia Capital Europe SLP, supplemented by transaction and monitoring fees from portfolio companies and potential carried interest on realizations. Pricing (fee rates and hurdle/carried-interest terms) is not publicly disclosed. The go-to-market is relationship-driven origination from a small senior team, with two physical offices (Paris, Frankfurt) and limited-part investor relations supported by Domos and Intralinks portals.

Name

Adagia Partners

Legal name

Adagia Partners SAS

Website

https://adagiapartners.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Adagia Partners is a Paris- and Frankfurt-based European mid-market private equity firm managing a €1.3 billion platform that invests in leveraged buyouts of €150 million–€600 million companies across Healthcare, Business Services, and Tech in France, DACH, and Benelux.

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management: Adagia Partners generates revenue through management fees and carried interest from its investment funds. The firm operates a €1.3 billion investment platform.

Go-to-market motion1 record

Marketing channels4 records

Core offering

Adagia Partners is a European mid-market private equity firm that raises and manages investment funds (notably the €1.1bn Adagia Capital Europe SLP and a €1.3bn investment platform) to execute leveraged buyouts of midcap companies with enterprise values between €150m and €600m in the Healthcare, Business Services, and Tech Industries sectors across France, DACH, and Benelux, supporting portfolio growth through M&A build-up, international expansion, and digital transformation.

Product overview

Adagia Partners is a private equity firm, not a traditional product company. Its offerings consist of investment management services and portfolio companies acquired through LBOs. The firm manages a €1.3 billion investment platform focused on Midcap companies (€150m-€600m enterprise value) in Healthcare, Business Services, and Tech Industries across France, DACH, and Benelux. The portfolio includes six companies: Technoflex (pharmaceutical flexible bags), Schwind eye-tech solutions (refractive surgery lasers), Minlay (dental prosthetics), ADHETEC (aerospace adhesives), AGN (construction engineering), and Insperial (surface treatment solutions).

Differentiator

Problem solved

Functional benefit

Products and services

• Adagia Capital Europe SLP (Debut Fund)
• Mid-Market LBO Investment Programme

Quantifiable outcome

• First fundraising closed at €1.1 billion with nearly 40 institutional investors from Europe, Middle East, and US

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Willkie Farr & Gallagher LLPminorOthersWillkie Farr & Gallagher LLP acted as legal counsel for Adagia Partners' first fundraising.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• IK Partners: London-headquartered European mid-market PE firm with strong France, DACH and Benelux franchise and similar EV range. Direct peer given cross-border mid-cap LBO activity, sector overlap, and shared institutional LP base.
• Bridgepoint: London-headquartered mid-market PE firm with deep DACH and Benelux presence across healthcare, business services and tech. Direct peer by target EV range, sector mix, and Franco-German cross-border mid-cap LBO activity.
• Ardian: Paris-based global private investment house with a strong mid-market buyout franchise in France and DACH. Direct peer given that Ardian was the seller of Schwind to Adagia, confirming overlapping deal sourcing and portfolio universes in the Franco-German mid-market.
• Montagu Private Equity: London-based mid-market PE firm focused on €100M-€1B EV businesses across healthcare, business services and tech in Western Europe. Direct peer by fund size tier, sector mix and pan-European mid-cap LBO strategy.
• Astorg: Paris-headquartered mid-market PE firm focused on healthcare and tech-enabled B2B services, with pan-European reach including DACH. Direct peer given similar fund size tier, healthcare emphasis, and cross-border European mid-cap LBO mandate.
• Eurazeo: Paris-headquartered European mid-market PE firm with multiple strategies including mid-cap buyouts across healthcare, business services and tech. Direct peer given overlapping French footprint, similar EV range, and sector overlap with Adagia's healthcare-heavy portfolio.
• PAI Partners: Paris-based European mid-market buyout firm operating across healthcare, business services and tech in France, DACH, Benelux and beyond. Most directly comparable peer by fund size, sector focus and Franco-European mid-cap LBO model.
• Equistone Partners Europe: Pan-European mid-market PE firm with strong DACH and Benelux presence and similar EV range to Adagia. Direct peer given overlapping Franco-German mid-cap LBO activity and comparable fund size tier.

Broad incumbents

• BC Partners: Pan-European large-cap PE firm with mid-market activity in France and DACH. Broader incumbent peer — operates at the upper end of Adagia's EV range but shares the European cross-border buyout playbook and institutional LP relationships.

Emerging players

• Hg Capital: London-based European PE firm with strong tech and business services focus across DACH and Benelux. Comparable in the Tech Industries and Business Services verticals where Adagia competes for similar mid-cap opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/adagia-partners

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adagia Partners