News

B & Capital sells its stake in Be-Cloud to PSG Equity

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

B & Capital backs EDS Emballage’s growth plan alongside management

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

B & Capital celebrates its 10th anniversary

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

B & Capital announces the launch of RB Small Cap France 1

Paris, September 8, 2026

Ten years ago, we founded B & Capital on a simple conviction: beyond capital, French SMEs need strategic expertise and operational support. This philosophy has guided the success of our first two funds, RB Capital France 1 (2018) and RB Capital France 2 (2023), which raised over 530 million euros from institutional investors, family offices and private investors.

Today, we are taking a new step by opening the doors to the French Small Cap market.

An opportunity to seize in Small Cap

The Small Cap segment is full of outstanding SMEs with a valuation between 5 and 15 M€ that have genuine value creation potential. These growing companies operate in our core sectors: business services, healthcare, distribution, technology, specialized industries and environment.

In these sectors, consolidation, digitalization, AI and sustainability are concrete levers for value creation. We are convinced that the best strategies to activate them come from dialogue between patient capital and true operational expertise.

That’s exactly our value proposition. And it works just as well in Small Cap as it does in mid-cap.

A continuum of growth

With tickets ranging from 5 to 15 M€, RB Small Cap France 1 complements our investment range.

The fund targets fundraising of 120 to 130 million euros and will apply exactly the same approach as its predecessors: combining capital, strategic expertise and operational support, leveraging Roland Berger’s network and sectoral expertise.

A team with conviction

To lead this new venture, we are welcoming Marianne Harlé as Associate Director.

Marianne brings nearly 20 years of experience in investment and support for small businesses. She is accompanied by Thibault Menel, Director of Investments, with whom she shares more than a decade of working together.

Marianne and Thibault deeply share B & Capital’s philosophy: Small Cap is not a question of average ticket size, it’s a question of quality of support. Of dialogue. Of fine-grained understanding of each company’s operational challenges.

B & Capital

SSM expands into the United States and Australia

Paris, March 17, 2026

B&Capital announces the international expansion of the SSM Group, a portfolio company of the RB Capital France 2 fund since March 23, 2023, through two strategic transactions: a majority stake acquisition in the American company SME and an equity investment in the Australian company MI Global Partners, alongside their founders and management teams.

These acquisitions mark a decisive milestone in SSM’s international development and strengthen its presence in two strategic regions for the global sports and entertainment industry.

About SME (United States)

Based in North Carolina, SME (Specialized Marketing Experiences) specializes in experiential marketing and brand activation. The company designs and operates premium hospitality spaces for brands at major events:

NFL games
Motorsport competitions
Cultural and music festivals

Active across the entire United States, SME will be involved in particular in activation programs tied to the upcoming FIFA World Cup, hosted across the United States, Canada, and Mexico.

About MI Global Partners (Australia)

Founded in 2001, MI Global Partners is a well-established Australian consulting firm recognized for its expertise in complex event project management, particularly in sport.

Operations in more than 30 countries
Participation in every Summer Olympic Games since Sydney 2000
Offices in Sydney and Brisbane
B Corp certified company

This transaction durably strengthens SSM’s presence in the Asia-Pacific region and in the world of major global events.

Objectives of this dual expansion

Accelerate the internationalization strategy of the SSM Group
Strengthen expertise in sportainment and brand activation
Build a solid platform in the United States and Australia
Support major sporting events over the next ten years across these continents

Acquisition

Humanskills obtains B Corp certification

Paris, February 4, 2026

We are proud to announce that Humanskills, one of our portfolio companies, has been awarded the B Corp™ certification — one of the most rigorous labels for social, societal, and environmental impact.

Humanskills is now the second B & Capital portfolio company to join the B Corp™ community.
This recognition reflects the team’s long‑term commitment and highlights the progress pathways we strive to foster across our portfolio.

Congratulations to the entire Humanskills team on achieving this major milestone.

B & Capital announces the sale of 123 Elec to a consortium of investors led by Siparex Midcap

Paris, January 28, 2026

After five years of partnership, B & Capital and the management team of Phase Neutre (123 Elec), led by Michel Chavès, have finalized the sale of the group to Siparex Midcap as part of a majority LBO transaction.

A leading player in the online distribution of electrical equipment in France, 123 Elec has established itself as a reference platform, supported by strong double‑digit organic growth, nearly 400,000 orders per year, and a highly efficient digital infrastructure. Between 2019 and 2025, the group’s revenue increased from €43 million to over €90 million, confirming the robustness of its business model and the momentum achieved under B & Capital’s ownership.

Alongside its new investors, 123 Elec will continue its development, notably by strengthening its B2B offering, upgrading its digital tools, and exploring opportunities for external and international growth.

Exit

DWS partners with B & Capital to accelerate its growth

Paris, December 18, 2025

DWS announces the entry of B & Capital into its shareholding structure as a cornerstone investor. This transaction marks a key milestone in supporting the Group’s growth, strengthening its international positioning, and diversifying its markets.

About DWS

Founded in 2017, DWS specializes in laser engraving and has established itself as an innovative player in the luxury sector thanks to its technological solutions and expertise.

2025 revenue: primarily generated with luxury brands
Team: committed international workforce
Footprint: Europe, the Americas, Asia
Products & services: ultra‑personalization solutions, SaaS data analytics platform

Objectives of the partnership

Accelerate growth in France and internationally
Diversify target markets
Strengthen organizational structure and enable key managers to become shareholders
Consolidate DWS’s position as a strategic partner for prestigious luxury houses

Acquisition

Soverep continues its development alongside B & Capital

Paris, December 10, 2025

Soverep welcomes B & Capital as a cornerstone investor to support a new phase of development. This transaction aims to drive the Group’s growth (international expansion and segment diversification), strengthen innovation, and further integrate ESG practices.

About Soverep

Founded in 1962, Soverep is an automotive equipment manufacturer specializing in components for micromobility and niche vehicles.

2025 revenue: primarily generated from electric vehicles
Headcount: 120 employees
Locations: France & Morocco
Products: batteries, seating systems, lighting, accessories

Objectives of the transaction

Consolidate the Group’s positioning in its existing markets
Diversify the product offering and broaden the catalogue
Accelerate international expansion and external growth
Strengthen ESG integration and innovation initiatives

Acquisition

Groupe Partir‑Visiteurs reaches a new milestone by partnering with B & Capital

Paris, December 8, 2025

Groupe Partir‑Visiteurs welcomes B & Capital as a cornerstone investor to support a new phase of development. This transaction aims to facilitate the management transition, accelerate growth (new destinations and segments), strengthen innovation, and further integrate ESG practices.

About Groupe Partir‑Visiteurs

Founded in 1986, GPV is an independent tour operator specializing in premium escorted tours and tailor‑made travel.

2025 revenue: €78 million
Headcount: 80 employees
Scope: 80+ destinations, 3,000+ partner travel agencies, 35,000 travelers per year

Objectives of the transaction

Consolidate the Group’s positioning in existing markets
Diversify and expand the product offering
Strengthen ESG integration and innovation initiatives

Acquisition

A New Milestone for Be‑Cloud: Acquisition of Smartworx

Paris, November 10, 2025

Be‑Cloud Group continues its international expansion with the acquisition of Belgian company Smartworx (D&D Computers BV). This transaction is fully aligned with our external growth strategy, aimed at strengthening our presence in Europe, broadening our service offering, and reaching the critical scale required to enter the Top 50 Microsoft partners worldwide.

About Smartworx

Founded in 1989 and based in Temse (Belgium), Smartworx specializes in the distribution of ICT solutions, notably Microsoft (Office 365, Azure), BitDefender, and SkyHi, serving a network of reseller partners.

2025 revenue: €15 million
Headcount: 17 employees
Share of Microsoft solutions: 65% of revenue

Objectives of the acquisition

Achieve consolidated revenue of €90 million in 2026, with nearly 25% generated internationally
Accelerate the Group’s international expansion (Belgium, Spain, Italy, Portugal)
Diversify Be‑Cloud’s offering with cybersecurity, VoIP telephony and data‑backup solutions

“We are delighted to welcome Smartworx’s clients and partners into the Be‑Cloud Group family. Our ambition is to deliver the best partner experience by combining expertise, proximity and innovation.” — Lenny Vercruysse, President of Be‑Cloud Group

Bold-on acquisitions

B & Capital sells Nedap France to Solutys

Paris, September 2, 2025

After joining the company’s shareholding structure in 2019, B & Capital supported Nedap France through an ambitious transformation plan: sustained organic growth, acquisitions in Germany and later in Switzerland, expansion into Morocco, and a full management transition. Over six years, the company strengthened its international positioning and doubled in size.

This transaction marks the fifth exit of the RB Capital France 1 fund and reflects our commitment to supporting sustainable and value‑creating growth trajectories.

Congratulations to the Nedap France teams, to Solutys, and to all partners involved in this strategic transaction.