Maxence Radix and Guillaume de Jongh, Managing Partners, announce that they have taken control of the management company Cervinvest Capital. This transaction opens a new chapter for the firm, now structured around two complementary investment strategies, with the ambition of rapidly becoming pan-European.
Scale: a pan-European Lower Mid-Cap strategy
This change of control comes with the launch of the fundraising for Scale, a European Lower Mid-Cap fund targeting €500m with a first closing expected by the first quarter of 2027. The investment team, led by Maxence Radix and Guillaume de Jongh, has committed to invest c.20% of this target, one of the highest levels of GP commitment in the market, ensuring a unique alignment of interests with its investors and a capacity to already fund deals.
Scale will invest in two ways:
– minority investments in equity or structured equity (FlexEquity), alongside founders and owner-managers;
– sector consolidation platforms (Buy & Build) as majority shareholder;
with ticket sizes of €15m to €60m.
To support this ambition, Cervinvest Scale announces the appointments of Anne-Sophie Moinade, previously with Bridgepoint (Bridgepoint Europe team), and Arthur Milliard, who joins from Andera Partners (Andera MidCap team), both as Partner for France. With more than fifteen transactions completed in France and internationally, Anne-Sophie and Arthur bring to the firm over twenty years of combined experience in private markets, together with particularly broad sector coverage.
The strategy will have a European dimension from the outset, with the opening of offices in Italy, Belgium and the Netherlands and the appointments of Giacomo Tofani, Partner in charge of Italy, and David Kusters, Partner in charge of the Benelux. Giacomo’s experience includes LBO France and Fondo FSI, while David previously worked at Arev Partners and Alpha Private Equity.
“This project embodies the conviction that has guided our path for twenty years: supporting ambitious business leaders as they scale up their companies, across Europe, with an unrivalled alignment of interests. By committing around 20% of the fund’s target alongside our investors, we place this alignment at the heart of the company.”
Maxence Radix and Guillaume de Jongh, Managing Partners, Cervinvest Scale
“We are delighted to take part in the launch of this new team. We are convinced of the relevance of this differentiated investment strategy, both for its investors and for the business leaders we are about to support.”
Anne-Sophie Moinade and Arthur Milliard, Partners, Cervinvest Scale
“Deploying Scale in Italy and the Benelux from day one reflects a strong conviction: the consolidation of European SMEs is driven locally, through close relationships with entrepreneurs. We are proud to bring to Cervinvest our knowledge of these markets, and to extend there a model of alignment that is truly distinctive.”
Giacomo Tofani and David Kusters, Partners, Cervinvest Scale
Build: continuity of the historical strategy
Cervinvest Capital’s original team, led by Marc-Antoine Janny and Antoine Rouland, will continue deploying its €110m fund, approximately 40% invested to date. This Small-Cap strategy, now named Build, remains focused on consolidation platforms in majority positions, with initial tickets of €5m to €15m and the capacity to invest up to €20m.
“This new organisation strengthens the platform while preserving what has made our strategy strong from the start: closeness to entrepreneurs and disciplined execution of our build-ups. Cervinvest Build continues on this path, with greater resources in support of our portfolio companies.”
Marc-Antoine Janny and Antoine Rouland, Managing Partners, Cervinvest Build Cervinvest Capital’s teams will move into their new offices at 39, avenue Franklin D. Roosevelt on 1 September; following several ongoing recruitments, the firm expects to grow rapidly to around twenty professionals.
