Cleon Capital
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.
- Company typePrivate
- Founded1995
- HeadquartersMadrid, Spain
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Cleon Capital firmographics
Firmographics- 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
Cleon Capital industry classification
Industry- 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
Where Cleon Capital is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices3 records
Markets served
Cleon Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Flexible Capital Solutions: €10m – €100m |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Cleon Capital product offering
Product offeringCore 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
Companies that use Cleon Capital
Customer profileNamed customers8 records
Segments1 record
Ideal customer profiles1 record
Cleon Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cleon Capital partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and strategic.
- Pharmia OycoreLabomar 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.coreWelcare 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.
- VISstrategicGIAS 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).
- MoooistrategicABK Group partnered with Moooi for ceramic surfaces, amplifying ABK's vision and pushing boundaries in contemporary design.
- Laboratorios EntemacoreLabomar 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 EncapsulationcoreLabomar 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.
- VersacestrategicABK 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
Cleon Capital competitors and assessment
Company assessmentBroad 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
Cleon Capital social profiles
Digital presenceCleon Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cleon Capital leadership team
Management profileNumber of profiles
Profiles8 records
Cleon Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
Cleon Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cleon Capital M&A and investment
M&A and investmentM&A2 records
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cleon Capital
What does Cleon Capital do?
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.
Is Cleon Capital a public or private company?
Cleon Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Cleon Capital founded?
Cleon Capital was founded in 1995. It employs 1 to 10 people.
Where is Cleon Capital based?
Cleon Capital is headquartered in Madrid, Spain, in the Europe region.
How does Cleon Capital make money?
One revenue line is on record: private Equity Returns and Advisory Fees.
Who are Cleon Capital's main competitors?
Broad incumbents on record are Intermediate Capital Group (ICG), Investindustrial and Charterhouse Capital Partners. Direct peers are Artá Capital, Miura Partners, Magnum Capital, MCH Private Equity, Corpfin Capital, ProA Capital and Nazca Capital.
Does Cleon Capital have an API?
No public API is recorded for Cleon Capital.
What industry is Cleon Capital in?
Cleon Capital's product category is Private Equity Services. Its primary akta.pro industry code is BPAHAOAL, Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory). Its NAICS code is 52394 and its SIC code is 6282.