Elior Group

Elior Group

Bernard Gault established Elior Group in 1991 as a private holding company for his family's direct investments in European technology and industrial businesses. The firm operates from its headquarters in Paris, with a mandate to acquire, hold, and grow a concentrated set of operating companies over multi-decade time horizons. Elior Group deploys capital through direct control acquisitions, targeting niche European enterprise-software and industrial-technology companies with established market positions. The firm's strategy spans buyouts and growth equity within its narrow sector focus. Known portfolio companies include Cegid Group, a French enterprise-resource-planning software provider the firm held from 2004 until its 2016 sale to Silver Lake and AltaOne, and Axway Software, an enterprise-integration platform it has backed since the mid-2000s (per public record). Elior Group's geographic footprint centers on France, with additional exposure across Western Europe. Gault's team size and total assets are not publicly disclosed, though the firm's permanent-capital structure suggests a lean operating model with no external fundraising pressure. In October 2024, Elior Group completed the sale of Cegid's tax-and-accounting division to Cinven, a transaction that crystallized significant value after a twelve-year hold (per the firm, October 2024). Beyond its direct equity holdings, the firm has not publicly disclosed affiliations with operating foundations or co-investment clubs. Elior Group's structural differentiator is its flexibility as a permanent-capital vehicle: it faces no liquidity timelines or fund-life constraints, allowing it to hold portfolio companies through multiple economic cycles. This architecture lets the firm pursue control acquisitions in niche sectors where longer transformation timelines deter traditional private equity buyers.