/News

Azulis Capital publishes its 2019 ESG report.

Download the PDF report in the section Responsible investor.

Azulis Capital announces the appointments of Caroline Chemel and Julien Hess as Partners and Gabrielle Delle Vigne as Investment Director.

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Azulis Capital organises the reorganisation of Frio group capital structure alongside the management, BNP Paribas Développement and Arkéa Capital.

Founded in 1993, Frio Group is a designer and distributor of refrigeration equipment mainly for three markets: wine cellars, a segment in which it holds a leading position in France and Europe with its brands La Sommelière, Climadiff, Avintage, Vitempus and Provintech, and domestic and professional refrigeration with its brand Frigelux.

Based in Arnage near Le Mans, the group has a 10,000 m2 logistics warehouse and 53 employees. It achieved nearly €50m turnover in 2018.

With sales presence in more than 57 countries, Frio achieves 30% of its export sales mainly in Europe (Spain, Switzerland, Italy, Germany). The group relies on a very flexible fabless business model. Innovation, product development and design are carried out in-house, while production is outsourced to roughly fifteen manufacturers in Asia, Portugal and Denmark.

With the support of Azulis Capital, Frio group intends to continue its development, focusing on export markets, by adding new functionalities to its products thanks to its know-how in terms of innovation (ergonomics, design, connected cellar), or by external growth in related and complementary markets.

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FCPI MMF V supports the spin-off of Cegid Public and takes a majority stake in partnership along with the management team, BNP Paribas Développement and Bpifrance.

Cegid Public, a subsidiary of Cegid, was created in 2011 from the merger of two companies, Civitas and Visa Informatique, aiming to create a software division for the public sector. Cegid Public, which employs 120 people, is a payroll, HR management and financial management software publisher well established in the public sector with 2,500 customers (regions, departments, municipalities, ministries, museums, fire brigades, etc.). The company will soon change its name to mark its spin-off from the Cegid group.

Cegid Public's turnover is approximately €17m. The management team has an ambitious development plan based on market share gains and possible targeted external growth.

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