Investing differently
Supporting your growth journey.
B & Capital is an active and independent investor supporting ambitious SMEs in their growth projects.
Our mission: to act as a catalyst for their transformation — sustainably.
OUR APPROACH
Accelerating growth
and transformation
for SMEs.
B & Capital supports SMEs in their growth and transformation projects — either as a majority or minority shareholder — working closely with their leadership teams. In partnership with Roland Berger, B & Capital helps ambitious SMEs deliver on their development plans and unlock their full potential.
What they say about us.
Leaders from both current and former portfolio companies share their views on the strength of our value proposition — and what it has helped them achieve.
A sustainable and responsible investment approach.
Because we believe that environmental, social, and governance (ESG) considerations are key drivers of long‑term value creation, we support every portfolio company on its sustainability journey.
NEWS
News & expert insights.
Paris, October 14, 2026
B & Capital and the Be-Cloud management team, led by founder Lenny Vercruysse, announce the sale of the group to PSG Equity. The transaction marks the 7th exit for the RB Capital France 1 fund, after nearly five years of partnership.
Be-Cloud, a leading Microsoft cloud player for SMEs
Founded in Paris in 2012 by Lenny Vercruysse, Be-Cloud is one of the leading Microsoft Cloud Solution Provider (CSP) distributors and managed service providers (MSP) in France. The company helps SMEs and IT partners in France, the Benelux and Switzerland adopt and manage Microsoft cloud solutions, drawing on an organization with a presence in several countries and a network of certified experts.
Five years of growth and structuring
The RB Capital France 1 fund invested in Be-Cloud in December 2021 as a minority shareholder, through a primary OBO (owner buy-out) transaction.
During this period, the Be-Cloud team reached several important milestones:
- Sustained organic growth in France, in a highly competitive cloud market.
- International expansion, with two fully self-financed acquisitions in Switzerland and Belgium.
- A strengthened team to support the group’s change in scale.
Joining forces with QualityHosting to scale up
The transaction brings Be-Cloud together with QualityHosting, owned by PSG Equity since October 2025. The two Microsoft cloud specialists are highly complementary. Founded in Germany in 1998, QualityHosting was the country’s first Microsoft CSP and relies on a highly automated proprietary platform.
The combined group, with €92 million in revenue, will serve around 50,000 SME customers and more than 2,000 partners in France, the DACH region (Germany, Austria, Switzerland) and the Benelux. It plans to expand its offering in cloud, cybersecurity and AI, through both organic growth and acquisitions. Customers and partners will keep their current contacts and will gradually benefit from the group’s new capabilities.
“Joining forces with QualityHosting marks an important new milestone in Be-Cloud’s development. Our customers and partners have always been at the heart of Be-Cloud, and that will not change as our two companies come together.”
— Lenny Vercruysse, Founder and CEO of Be-Cloud
“We are proud to have supported Be-Cloud over the past five years, a period of structuring and strong growth. Alongside the management team, we helped build a French leader in Microsoft services distribution and lay the foundations for its international development.”
— Mikaël Schaller, Partner at B & Capital
A journey built together
This exit illustrates our approach to investing: supporting a founder over the long term, as a minority shareholder, to help structure the business and expand it internationally. With PSG Equity, Be-Cloud is now embarking on a new, European chapter.
We warmly thank Lenny Vercruysse and all the Be-Cloud teams for the trust they placed in us. Thanks also to the B & Capital team (Mikaël Schaller, Charles Gaudry, Zoé Bergerault) and to the advisors on the transaction: Oaklins, Eight Advisory, Winston Taylor, Cabinet Bouchara and Omada.
- Exit
Paris, October 1, 2026
B & Capital is pleased to support EDS Emballage in a new stage of its development through a primary LBO. Following the transaction, B & Capital becomes the company’s lead shareholder, alongside the management team.
A specialist in fresh food departments
Founded in 1997 and based in Saint-Philbert-de-Bouaine (Vendée, France), EDS Emballage supplies the fresh food departments of major retailers (butchery, fish counter, delicatessen) with technical packaging solutions: trays, films, ready-meal packaging and labels. The company is positioned on MAP and SKIN technologies, which extend product shelf life, and relies on a co-development model with leading industrial partners.
EDS Emballage has more than 40 employees serving over 1,400 customers, mainly stores belonging to France’s major food retail chains. Its recently expanded integrated logistics platform of more than 9,100 m² enables it to deliver to customers within 24 to 72 hours.
A well-prepared succession
This transaction is the culmination of a succession process that began when François-Emerick de Forville became CEO in 2021. He continues to develop the company with his team and is reinvesting in its capital as part of the transaction. Emmanuel de Misouard, who has led the company since 2012, remains involved alongside him.
A development plan driven by the management team
The team’s growth plan is built around several priorities: broadening the customer base and retail chain coverage, extending the offering to new departments and segments, continuing product innovation, and rolling out an external growth strategy. Drawing on Roland Berger’s sector expertise, B & Capital will support the team in its acquisition projects, in a market that remains highly fragmented.
The food packaging sector is also undergoing a demanding transition, driven by the EU Packaging and Packaging Waste Regulation (PPWR) and France’s AGEC anti-waste law. An ESG roadmap will support the company in gradually improving the recyclability of its product ranges, which remains a technical challenge for part of its offering.
We thank François-Emerick de Forville and Emmanuel de Misouard for their trust, and congratulate all the teams and advisors involved in this transaction.
- Acquisition
Paris, September 29, 2026
On September 24, 2026, B & Capital brought together investors, portfolio company executives, advisors and partners at the Petit Palais to celebrate ten years of a shared journey in support of French SMEs.
Ten years ago, B & Capital was founded on a simple conviction: to invest differently, alongside SME leaders who want to grow sustainably.
To mark this anniversary, we gathered at the Petit Palais the people who have written this story with us: our investors, the leaders of our portfolio companies, our advisors and our partners at Roland Berger. An evening to look back on how far we have come and, above all, to say thank you.
Ten years at a glance
- Two funds: RB Capital France 1, raised in 2018 (€217m), followed by RB Capital France 2, raised in 2025 (€315m), thanks to the renewed trust of our investors
- A new fund, RB Small Cap France, currently being raised and led by a dedicated team
- 18 companies supported in their growth
- 35 add-on acquisitions, in France and abroad
Business leaders at the heart of the story
Behind these figures are, above all, business leaders who dared: to open up new markets, integrate acquisitions, and drive the digital and ESG transformation of their companies. We have been honored to support them, combining financing with strategic support alongside Roland Berger.
Ten years on, our conviction remains unchanged: the best strategies are built through dialogue, and sustainable growth is built on trust, over the long term. And the story is only just beginning.
Thank you
- B & Capital
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