Active

Sherpa Private Equity are discerning in our investments, making calculated assessments and decisions prior to commitment. Focused on a limited number of investments at any one time enables us to dedicate the necessary time, connections and support to entrepreneurs whether through direct or indirect investments. We aim to be a supportive sparring business partner throughout the entrepreneurial journey.

Active

Entrepreneurial

Sherpa Private Equity invest our own capital. As entrepreneurs in our own right, we bring first-hand experience in leading, scaling and transforming businesses to achieve their next development stages. We primarily seek out and partner with like-minded entrepreneurs who have a strong and differentiated vision.

Entrepreneurial

FAMILY

Sherpa Private Equity are a family business who builds direct, collaborative and transparent relationships. Unrestricted by time limitations in our relationships and investments, we partner with entrepreneurs for the long haul, navigating the path through each level of growth.

FAMILY

Who will you be partnering with?

“At Sherpa, we want to partner with entrepreneurs, whether investment managers, business owners or management teams who want to take their businesses to new heights and levels of sustainable growth”

Gilles Plaquet

Gilles Plaquet

Gilles Plaquet started his career in CCB, the company founded by his grandfather and developed throughout three generations of family ownership. After the sale of the company, Gilles was appointed to CEO and General Manager of the CCB-Italcementi Group, generating an annual turnover of USD $200m with a workforce of 750. Following his tenure at CCB, he launched Sherpa Asset Management AG., a Zurich-based, regulated portfolio management company that backs independent entrepreneurial ventures and serves as an advisor to wealthy families.

Leveraging Sherpa’s current proprietary investment strategy, Gilles’ investments have generated c. 2x on the indirect side and c. 4x MOIC on the direct side. He is a member of several investment committees and supervisory boards in Europe, including TriSpan Holding Ltd, ImmofinRe and Wellington Partners. Gilles holds a Bachelor of Economics and Finance from ICHEC, Belgium and an MBA from MIT Sloan.

“From our own experience, we understand that reaching the next level requires patience and a flexible approach. Characteristically opposite to the linear progress and short timelines of securing conventional sources of capital.”

Olivier Morali, CEO

Olivier Morali, CEO

Olivier Morali is a serial transformative investor with a 20-year successful track record at Apax Partners and Bregal Capital where he was able to generate levels of capital, pooled and matched by the Plaquet family into the private equity dedicated fund advised by Sherpa Private Equity. He was a first-round investor in Galapagos NV (GLPG) and a co-lead investor in Corevalve (sold to Medtronic). Later Olivier co-founded and acted as chairman of Studialis, establishing the European leader in Higher Education and has also played an integral role in the initial consolidation of private hospitals by Vedici, which led the formation of the French leader Elsan. Olivier was also closely involved in the carve-out of Morrison Utility Services from Anglian Water.

Overall, Olivier’s investments have generated c. 3x MOIC with no loss.
He is a member of the advisory committees of Banneker Partners, DC Capital Partners, KLAR Partners, Impilo and TR Capital.

Olivier holds a PhD in Oncology and is a former associate professor of biochemistry at Paris University and a graduate of ENS Paris-Saclay.

Our Direct Strategy

ELSAN, Vedici

ELSAN, Vedici

  • Vedici is the leading provider of private acute healthcare in France
  • Devised the investment thesis over 2 years prior to the transaction
  • Structured the initial institutional capital to deliver the vision of the two founders – bilateral transaction
  • Supported the first 10 private hospital acquisitions over 5 years, establishing the leading private hospital chain in the West of France
  • Sold to 3i, followed by a series of mergers and acquisitions leading to the formation of Elsan, the leading private hospital chain in France
Galileo, Studialis

Galileo, Studialis

  • Galileo is the leading higher education group in Europe
  • Designed and refined the investment thesis over 18 months prior to the first transaction
  • First/platform transaction – bilateral transaction acquired from the founder
  • Lead partner from entry to exit, acting as Executive Chairman
  • Realised 15 add-on acquisitions over 8 years to build the continental leader
  • Sold to Providence as the cornerstone of Galileo, a current global leader in higher education
Morrison Utility Services

Morrison Utility Services

  • Morrison Utility Services is the leading UK utility services company
  • Based on an investment thesis developed from a previous investment success in outsourced critical services
  • Acquired as part of a failed process to carve-out multiple divisions simultaneously from Anglian Water
  • Co-lead partner from entry to exit
  • Doubling of contract volumes over two regulatory cycles (8 years)
  • Transformed the business from an overlooked dormant division of a water company to the UK leader of utility infrastructure maintenance services
  • Sold to First Reserve

Our Direct Strategy

Investment principles and criteria:

  • We invest up to €60m in a direct platform deal (can lead larger investments syndicated with other like-minded investors)
  • Situations requiring long-term, entrepreneurial, family capital
  • Minimum €3m EBITDA with identified long-term top line growth potential
  • 35% to 80% shareholding
  • Businesses headquartered in Northern Europe (excl. UK)
  • Board seats and control rights
  • Partner with management teams with significant “skin in the game”
  • Maximum of 3 platform investments at one time

Indirect Investment

Indirect Investments

Investment principles and criteria:

  • We invest up to €10-15m commitment per fund
  • Highly differentiated approach ensuring competitive advantage in deal sourcing and deal wins
  • Targeting control investments in profitable companies
  • Focused on major global economies
  • Top quartile past performance
  • One of the lead LPs in the fund with a close and sparring relationship with the GP (LPAC membership and regular exchanges)
  • Partnering with GPs with significant “skin in the game”
  • Maximum of 7 LP interests at a time
TR Capital

TR Capital

  • TR Capital IV is a USD 350m Asian secondaries buy-out fund
  • Targets ecommerce and healthcare/MedTech rising stars that serve the fast-growing local middle-classes and aging populations, respectively
  • Focused on Mainland China (80%) and India (15%)
  • Secondary direct investment strategy into specific companies owned by other funds
  • Sophisticated fund restructuring strategy to allow foreign direct investments for the selling fund and its portfolio companies
KLAR Partners

KLAR Partners

  • KLAR Partners I is a €600m majority buy-out fund formed from the spin-off of Triton’s Nordic team
  • Targets mission-critical business services and high ROI industrials
  • Focused on Nordic and DACH-headquartered regions
  • KLAR Partners’ implement a “fix and grow” strategy, executing complex transactions deemed too time-consuming by conventional PE firms, which aim to deliver 5x value growth, generating profit through deep operational transformation.
Banneker Partners

Banneker Partners

  • Banneker Partners is a USD 350m majority buy-out fund established by former Vista co-founder and executives, including two full-time exclusive operating partners
  • Targets mission-critical software companies in the government services, education and transportation sub-verticals
  • Focused on North-American founder-owned and led sub-USD $25m revenue critical software companies
  • Applies the Vista playbook to professionalize and grow companies to sell them to the larger PE players active in that vertical
DC Capital Partners

DC Capital Partners

  • USD 18m commitment in July 2021
  • DC Capital III is targeting a USD 750m majority buy-out fund, with USD 400m of already secured commitments
  • Targeting the high-entry barrier government contracting and engineering and consulting services markets
  • Focused on North America
  • Leveraging their highly successful sub-sector experience and uniquely deep network to build premium acquisition targets for large sector leaders
Impilo

Impilo

  • SEK 150m commitment in August 2021
  • Impilo Pool II is a SEK 6Bn majority buy-out formed by former Altor principals
  • Targeting pharmaceuticals, medical devices and healthcare services profitable businesses
  • Focused on Scandinavia and Northern Europe
  • Making advantage of their pool structure to provide long-term capital for ambitious build-up and/or transformation of healthcare companies into regional or continental leaders over the long run

TESTIMONIALS

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Vedici

“While at Apax Partners, Olivier backed my partner and myself as the first institutional investor in our endeavour to build the leading chain of private hospitals in France. His approach was both strategic, analytical, and remarkably entrepreneurial. My partner and I had just acquired three clinics out of bankruptcy and Olivier adhered to our vision despite its early stage of realisation. What was paramount to us was that Olivier struck the right balance between his strategic monitoring, his contribution to the execution of add-on transactions and our freedom to operate, which was paramount to us. Over time, he has remained a business sparring partner to me.”

Dr Michel Bodkier,
Co-Founder of Elsan
Quote

Studialis

“I first met Olivier when his Bregal Capital portfolio company Studialis acquired my business. His straightforward negotiation style combined with his clear vision of what to build convinced me to partner with him. During the time of our partnership, he delivered on every promise he had made as part of our initial deal. I particularly enjoyed his dedication to Studialis as we were building the French leader in higher education. He understood the business thoroughly, was available at any time to discuss any business matter with us in detail and would challenge us constructively. He knew that consolidation plays were not straightforward journeys and he proved pragmatic and supportive when we faced issues. He was more than an investor; he was a business partner who delivered consistently over the seven years of our partnership.”

Marc-Francois Mignot-Mahon,
CEO Galileo Global Education
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California Farms

“The collaboration with Gilles at Sherpa span over 17 years. Unlike conventional investment projects for institutional investors, the pistachio and almond farm project I partnered on with Sherpa was extraordinarily complex, requiring the total transformation of an underinvested farm into a modern agricultural exploitation, several changes of product through time and a switch to organic. The required investments were heavy, and one had to be patient before trees reached maturity and investments delivered significant returns. Gilles was extremely supportive through strategic changes and crises, taking a pragmatic approach and making educated but rapid decisions. Thanks to their lack of investment duration constraints, Sherpa were able to seize the optimal exit timing, combining tree maturity with peak pistachio and almond prices.”

Ralph Fasi,
CEO Agrovice

Contact us

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    Contact Details

    Olivier Morali ,CEO
    Sherpa Private Equity
    8 Avenue des Sorbiers,
    1180 Bruxelles