The Fund & our investment thesis
An investment vehicle in service of a long-term mission.
Our investment thesis
We mobilise long-term savings to finance the acquisition and development of profitable businesses that play an essential role in their value chains and regions. Value creation rests on operational performance, independent management teams and the company’s ability to be passed on again.
The businesses we look for
- Profitable French SMEs and mid-caps
- Revenue between €10M and €75M
- Recurring EBITDA, critical functions, territorial roots
- Productive, essential, difficult to relocate
Target sectors
Produce
Manufacturing industry — industrial subcontracting, specialized manufacturing, processing and transformation.
Build & Maintain
Construction, industrial maintenance — civil engineering, technical maintenance, industrial equipment.
Feed the territories
Agri-food, logistics — food processing, distribution, local logistics.
Preserve know-how
Subcontracting, craftsmanship — businesses with differentiating expertise, proprietary processes, technical know-how.
Three financing approaches
Back an identified buyer
Finance the acquisition vehicle led by an experienced business leader.
Support the existing team
Finance increased ownership for a manager or management team through an MBO or a gradual succession.
Prepare a two-stage acquisition
Acquire a business and then bring in a buyer when the ownership timetable moves faster than the human transition.
Create value within the business
Revenue and EBITDA growth, digitalisation, automation, commercial development, exports, acquisitions and stronger governance improve performance. Cash flow supports deleveraging, while a more autonomous management team strengthens the company’s readiness for its next succession.
Prepare the next succession
The preferred exit is the buyer’s progressive acquisition of Sully’s shares. A trade sale, a sale to a partner fund or continued ownership remain possible, depending on value created, remaining potential and investors’ interests.
Parameters
| Target size of Sully I | 150 M€ |
|---|---|
| Target portfolio companies | 20 – 24 |
| Indicative average investment | 2 – 6 M€ |
| Target net IRR | 15 – 20 % |
| Target net multiple | 2,0 – 2,3× |
| Target maximum loss rate | < 10 % |
| Target company revenue | 10 – 75 M€ |
| Recurring EBITDA | 1,5 – 8 M€ |
| Indicative average holding period | 4 – 7 years |
A partner fund management company
MANCO.PARIS will initially act as the fund’s management company. La Compagnie de Sully identifies and recommends investments, then supports the businesses as they develop.
Timeline
- 2026 — Structuring, team formation and fundraising for the first vehicle
- From January 2027 — First transactions and continued fundraising for Sully I
These parameters and targets are indicative and are not guaranteed. This information is provided for general presentation purposes only and does not constitute an offer to invest.