Augens Capital

What Augens Capital does

Augens Capital S.r.l. is an independent Italian private equity firm founded in 2014 and headquartered in Milan. The firm applies international private equity best practices to the Italian mid-market, executing majority management buyouts and growth equity investments with equity tickets of €10-50 million targeting companies with enterprise values of €10-100 million, €10M+ revenue, and €2M+ EBITDA. Sectors of focus include healthcare (medical devices), consumer (restaurants, retail), and business services (professional services, consulting). Augens operates a deal-by-deal funding model, partnering with global institutional investors — including BMO Global Asset Management, Antin Infrastructure Partners, Keyhaven Capital Partners, and BIC Capital — to syndicate capital transaction-by-transaction.

The current active portfolio consists of HOFI S.p.A. (a national funeral services consolidation platform founded in 2019 with 50+ add-on acquisitions and €130 million in 2025 sales), SRG Associati (a professional services firm serving approximately 900 SME and public administration clients, majority stake acquired January 2026), and Bomaki (a Japanese-Brazilian dining chain, 75% stake acquired in 2022, 2024 sales of €16 million). Delta Med S.p.A., a medical devices company acquired in 2015, was the firm's first realized exit when sold to White Bridge Investments in October 2021 after more than doubling revenues during the holding period. Underlying technology is not relevant — Augens is an investment firm, not a software or product company; value creation is delivered through operational transformation, professionalization, international expansion support, and buy-and-build execution.

The business model is classic small-cap private equity: revenue derives from management fees on co-investment structures plus carried interest on successful exits, with bespoke terms for each transaction rather than a blind-pool fund. The firm is owned and operated by five named investment/operating professionals — founding partners Marco Mantica, Massimo Puccio, and Stefano Costa (alumni of Vestar Capital Partners, Goldman Sachs, Société Générale, and Deutsche Bank), operating partners Aldino Bellazzini and Fabio Labruna, and investment professional Tommaso Francetti — supported by relationships with global asset managers and family offices that co-invest alongside the team.

Name

Augens Capital

Legal name

Augens Capital S.r.l.

Website

https://augenscapital.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Augens Capital is an independent Milan-based private equity firm (founded 2014) that invests in the Italian mid-market, executing majority MBOs and growth equity deals (€10-50M equity) in healthcare, consumer, and business services, partnering with global institutional investors on a deal-by-deal basis.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industries

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI), OCIO Providers (Outsourced CIO) (FSAAAGAH)

Keywords

• Private equity investments
• Management buyout capital
• Growth equity funding
• Sector consolidation strategies
• Middle market investments

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Management: Augens Capital generates returns through management buyout and growth equity investments in the Italian mid-market. Revenue is derived from management fees and carried interest on successful investments. The firm operates with a deal-by-deal funding model, partnering with global institutional investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Augens Capital is an Italian private equity firm that makes majority management buyouts and growth equity investments in the Italian mid-market, typically writing €10-50 million in equity for target companies with €10-100 million enterprise value and over €2 million EBITDA. The firm partners with global institutional investors on a deal-by-deal basis to provide capital, governance, and operational support to Italian companies addressing succession, international expansion, or sector consolidation. Active sectors include healthcare (medical devices), consumer (restaurants, retail), business services (professional services, funeral services platforms), with a current portfolio of HOFI, Bomaki, and SRG Associati and a realized exit of Delta Med.

Product overview

Augens Capital is a private equity investment firm that manages a portfolio of four main companies: HOFI (funeral services consolidation platform), SRG Associati (professional business services), Bomaki (restaurant chain), and Delta Med (medical devices - realized exit). The firm applies international private equity best practices to the Italian middle market, focusing on healthcare, consumer, and business services sectors. Investment approach includes buy-and-build strategies, operational transformation, and supporting companies through succession, international expansion, and sector consolidation.

Differentiator

Problem solved

Functional benefit

Products and services

• Management Buyout Investments Majority control investments to acquire established Italian mid-market companies, typically providing €10-50 million in equity for targets with €10-100 million enterprise value, designed to support ownership transitions (especially succession), corporate governance professionalization, and operational improvement.
• Growth Equity Investments Minority or majority growth capital investments in profitable Italian mid-market companies to fund international expansion, product development, and operational scaling, often without changing the management team or ownership control.
• Sector Consolidation Buy-and-Build Platforms Buy-and-build platform investments that assemble market-leading positions through serial add-on acquisitions in fragmented Italian industries, exemplified by HOFI S.p.A. (Italian funeral services consolidation platform founded in 2019; 50+ add-on acquisitions; €130 million 2025 sales) and SRG Associati (professional services platform acquired January 2026 to consolidate administrative, tax, accounting, and labour consulting for SMEs).

Quantifiable outcome

• HOFI completed over 50 add-on acquisitions
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mandarin Capital Partners: Italian private equity fund manager focused on mid-market buyouts, often partnering with international co-investors. Similar deal-by-deal style and mid-market Italian focus.
• Charme Capital Partners: Italian mid-market private equity firm investing in succession situations, growth capital, and buy-and-build opportunities. Closest comparable to Augens in terms of focus on Italian mid-market, sector verticals, and check size.
• IDeA Capital (De Agostini): Italian alternative asset manager (part of De Agostini group) with PE, private debt, and credit strategies. Comparable in Italian mid-market focus and sector diversification.
• Clessidra Capital Partners: Milan-based private equity firm focused on Italian mid-market buyouts and growth capital, with similar sector focus on consumer, healthcare, and business services. Direct competitor for Italian mid-market deals.
• 21 Invest (21 Investimenti): Italian mid-market private equity firm with a buy-and-build and succession-focused investment approach, comparable in target segment and geographic focus to Augens.
• BIC Capital: Italian private equity firm active in mid-market consumer and SME investments. Co-invested with Augens in Bomaki in 2022, demonstrating similar investment style and target segment.
• Quadrivio Capital: Italian alternative asset manager with mid-market PE strategies across consumer, industrial, and tech. Comparable in mid-market deal size and Italian SME focus.

Broad incumbents

• Ardian Italy: Paris-based global PE firm with significant Italian mid-market activity. Larger and broader than Augens but competes in the same Italian deal universe.
• Investindustrial: Larger pan-European private equity firm with strong Italian mid-market presence (HQ Bologna/Milan). Comparable Italian sector focus but with significantly larger fund size and broader European reach.
• Bain Capital Italy: Global private equity firm with active Italian mid-market practice. Competes for larger mid-market opportunities in healthcare, consumer, and business services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Augens Capital