Azulis Capital has acquired 22% of French consultancy Meotec, while the management team has retained the remainder.
Founder Richard Carons bought a 55% stake, while management retained around a quarter of the business.
The GP invested via Middle Market Fund V, which typically targets businesses with EV between €15-150m, providing equity tickets ranging between €10-15m, according to Unquote Data.
Founded in 2005, Meotec is a consulting firm, providing services such as project management, sales and logistics, and economic performance consulting. Based in Boulogne-Billancourt, the group generated a €30m turnover in 2017. The business employs 300 consultants.