Cleon Capital

What Cleon Capital does

Cleon Capital is an independent private equity and consulting firm founded in 1995 and headquartered in Madrid, Spain, with additional offices in Milan (Italy) and Luxembourg. The firm provides flexible capital solutions combined with corporate development services to mid-market companies in Southern Europe, deploying equity tickets of €10m–€100m per transaction across buyouts, minority equity, hybrid capital, preference shares, and development capital. Over a 30+ year operating history, Cleon has completed 36 transactions deploying approximately €2bn in capital, backed by a coalition of more than 50 family offices, entrepreneurs, and managers from Spain, Italy, and broader Europe who contribute both funding and industrial expertise.

Cleon's business model is fund-management and advisory: revenue is generated from capital gains, dividend distributions, and advisory fees on portfolio companies, with exits and realizations providing episodic upside. Its current portfolio spans seven operating companies across nutraceuticals (Labomar), biotechnology (Cocoon Bioscience, Algenex), frozen foods (Gias), ceramics (ABK Group), and legaltech (Lexer Group, formed from Lexer and Zelsior). Notable achievements include the 2024 sale of Hevo Group to a Brazilian investor for ~€120m, the delisting of Labomar from Euronext Growth Milan in partnership with Charterhouse Capital Partners, and recent institutional capital brought in via AltamarCAM Partners (€22bn+ committed). Cleon operates without proprietary technology products; its "platform" is its relationship network, deal-structuring flexibility, and operational support capabilities applied across portfolio companies.

Name

Cleon Capital

Legal name

Cleon Capital Advisors S.L.

Website

https://cleoncapital.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1–10 employees

Short description

Cleon Capital is a Madrid-headquartered independent private equity and advisory firm providing flexible €10m–€100m capital solutions and corporate development services to mid-market companies across Southern Europe, backed by 50+ family offices and managing seven portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity Services

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Private equity investments
• Corporate development services
• Buyout equity financing
• Mid-market investment
• Growth capital solutions

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Private Equity Returns and Advisory Fees: Cleon Capital generates returns through equity investments in portfolio companies, providing flexible capital (€10m–€100m) including buyout equity, minority equity investments, equity injections, development capital, hybrid capital solutions, and preference shares. Revenue is derived from capital gains, dividend distributions, and advisory service fees as portfolio companies grow and are eventually exited.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Cleon Capital is an independent investment and consulting firm that partners with entrepreneurs, managers, and investors to build successful companies through flexible capital solutions ranging from €10m to €100m per transaction. Capital instruments include buyout equity, minority equity investments, equity injections and development capital, hybrid capital solutions, and preference shares, paired with corporate development services such as build-ups and roll-outs, internationalization support, operational improvements, professionalization, succession planning, and balance sheet restructuring. Target transactions focus on Southern European mid-market companies undergoing buy-and-build, international expansion, or succession transitions.

Product overview

Cleon Capital is an independent investment and consulting firm providing flexible capital solutions combined with corporate development services to entrepreneurs, managers, and investors. The firm operates a portfolio of seven portfolio companies across Southern Europe: Lexer Group (Spain's leading legaltech ALSP platform combining Lexer and Zelsior), ABK Group (Italian porcelain stoneware manufacturer), Cocoon Bioscience (Spanish biotech using insect bioreactors), Labomar (Italian nutraceutical CDMO), Gias (Italian frozen foods producer), Hevo Group (Spanish egg producer), and Algenex (Spanish biotech). Cleon Capital provides capital investments of €10m-€100m alongside advisory services for corporate development, internationalization, and operational improvements.

Differentiator

Problem solved

Functional benefit

Products and services

• Flexible Capital Solutions Capital solutions ranging from €10m to €100m per transaction, including buyout equity, minority equity investments, equity injections and development capital, hybrid capital solutions, and preference shares for portfolio companies undergoing operational, strategic or ownership transitions in Southern Europe.
• Corporate Development Services Advisory and support services for portfolio companies including corporate development, build-ups and roll-outs, internationalization, rationalization and operational improvements, professionalization and succession plans, and balance sheet restructuring and recapitalization.
• Lexer Group (Lexer and Zelsior) Spanish leading Tech-Enabled Alternative Legal Services Provider (ALSP) offering technology-enhanced legal services including defendant services for mass litigation, plaintiff services for non-performing loans (NPL) management in-court and out-of-court, and legal representation through court agents. Formed by integrating Lexer and Zelsior.
• ABK Group Italian leading producer of porcelain stoneware surfaces offering high-quality Italian design products for floor, wall and furniture applications including outdoor and large size slabs, featuring innovative invisible induction systems (Cooking Surface Prime) and Auto-Leveling technology for wide slabs.
• Cocoon Bioscience Spanish biotech company using CrisBio technology to develop and produce complex enzymes and high-performance growth factor proteins using insect-based natural bioreactors, serving life sciences and food industry applications.
• Labomar Italian CDMO (Contract Development and Manufacturing Organization) focused on research and manufacturing of innovative food supplements, medical devices, foods for special medical purposes, and topical products, with revenue exceeding €140 million and tripled revenue over the past five years.
• Gias Italian leading producer of frozen foods specialized in vegetables, ready meals, side dishes, soups, salads, and breaded products, offering low carb, gluten free, and vegetarian meal options.
• Algenex Spanish biotech company with disrupting technology for the biologics market, focused on making recombinant protein production and new-generation biologics globally accessible.

Quantifiable outcome

• 30+ years in the market with 36 transactions closed and €2bn invested
• +3 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and strategic.

• Pharmia OycoreStrategic or Co-development Partner · 15 October 2025Labomar Group acquired Pharmia Oy, a Finnish leader in nutraceuticals and CE-certified medical devices. This strategic move strengthens Labomar's footprint in Northern Europe, one of the fastest-growing markets for health and wellness.
• Welcare Industries S.p.A.coreStrategic or Co-development Partner · 6 October 2025Welcare Industries S.p.A., part of Labomar Group, inaugurated a new manufacturing facility in Orvieto. The €4.5M investment expands production and logistics capacity with over 600 m² of cleanrooms, 500 m² for packaging, and 800 m² for logistics, enabling an estimated 50% increase in production capacity.
• VISstrategicStrategic or Co-development Partner · 15 May 2025GIAS entered into a strategic partnership with VIS, announced during Tuttofood 2026, to support commercial growth. This partnership was made during Tuttofood 2025 (publication date shows 2026).
• MoooistrategicOEM/ Whitelabel/ Licensing Partner · 1 October 2024ABK Group partnered with Moooi for ceramic surfaces, amplifying ABK's vision and pushing boundaries in contemporary design.
• Laboratorios EntemacoreStrategic or Co-development Partner · 7 August 2024Labomar acquired a majority stake in Laboratorios Entema, expanding into the Spanish market. Located near Barcelona, Laboratorios Entema is a leading CDMO in functional cosmetics.
• Sphera EncapsulationcoreStrategic or Co-development Partner · 15 July 2024Labomar entered into Sphera, a company born in 2016 as a spin-off from the Department of Biotechnologies of the University of Verona, engaged in research and development of encapsulation technologies applied to functional nutrition, nutraceuticals, and agrochemicals. This allows Labomar to use technologies to increase bioavailability and controlled release of active ingredients.
• VersacestrategicOEM/ Whitelabel/ Licensing Partner · 17 October 2023ABK Group holds an exclusive license with Versace for ceramic products, allowing the production of Versace-branded porcelain stoneware surfaces.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Intermediate Capital Group (ICG): London-listed alternative asset manager with PE, credit, and strategic capital strategies across Europe. Comparable as a broad incumbent operating in the European mid-market across equity and hybrid capital solutions similar to Cleon's preference shares and hybrid instruments.
• Investindustrial: Pan-European mid-market PE firm with deep Southern European (Italy/Spain) presence and broader sector coverage. Comparable as a larger incumbent that competes with Cleon for Italian and Spanish mid-market deals while offering a wider fund platform.
• Charterhouse Capital Partners: Established pan-European PE firm, currently a co-investor with Cleon on Labomar. Comparable as a larger incumbent that competes in the European mid-market while also serving as an institutional partner to Cleon.

Direct peers

• Artá Capital: Spanish family-office-backed mid-market PE firm. Closely comparable in funding structure (family office capital), Iberian geographic focus, and flexible mid-market ticket sizes.
• Miura Partners: Spanish independent mid-market PE firm focused on control and minority investments in Spain and Portugal, with corporate development capabilities. Closely comparable to Cleon on geography, ticket size range, and entrepreneur-led investment style.
• Magnum Capital: Spanish mid-market PE firm with buyout and growth capital strategies. Comparable to Cleon in targeting Spanish entrepreneur-led companies and providing capital plus operational support.
• MCH Private Equity: Spanish mid-market PE firm focused on buyouts in Spain. Comparable in geography, ticket range, and traditional buyout plus growth capital offerings for Iberian SMEs.
• Corpfin Capital: Madrid-based mid-market PE firm investing in Spanish companies with a flexible capital approach. Directly comparable on Southern European focus, lower-mid-market ticket size, and emphasis on operational support alongside capital.
• ProA Capital: Spanish mid-market PE firm managing multiple funds focused on Spanish SMEs. Directly comparable in targeting Iberian mid-market companies with flexible capital solutions and operational value-add.
• Nazca Capital: Madrid-based mid-market PE firm with food, agriculture, and consumer specializations. Comparable to Cleon's Gias, Hevo, and Labomar portfolio investments in Southern European consumer/food mid-market deals.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/cleoncapital
• LinkedInlinkedin.com/company/cleon-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments4 records

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

Frequently asked questions about Cleon Capital