Berenice Capital is an independent Investment Firm focused on Corporate Carve-outs and Companies in Special Situations.

As a hybrid of Private Equity and Industrial Holding we combine a disciplined yet flexible, sector-agnostic investment approach with active ownership and long-term strategic vision.

OUR INVESTOR COMMITMENT

Pragmatic Investing
with Common Sense

Our capital partners gain access to industrial transactions that are uncorrelated with traditional asset classes. Such alternative strategies enhance portfolio diversification, reduce volatility, and offer asymmetrical return profiles.

  • We specialize in sourcing, structuring, and executing event-driven investments:

    • Corporate separations

    • Non-core subsidiaries

    • Underperforming businesses

    • Ownership transitions

    Our ability to adapt to each scenario allows us to conduct focused due diligence, even when access to information is limited, while preserving a margin of safety to protect our investors’ returns.

  • Our global network of corporate relationships, advisors, and industry experts provides a pipeline to differentiated, often off-market opportunities.

    These partnerships strengthen our ability to originate, evaluate, and close transactions across a broad range of industries and regions.

  • Our management team has consistently delivered outstanding results through prudent investment selection and execution.

    We have repeatedly demonstrated our ability to revive, preserve, and grow companies while generating exceptional returns.

  • No two investors are alike. Depending on the type (institutional, family office, HNWI, etc.), their rationale can vary:

    • Portfolio diversification

    • Enhanced risk-adjusted returns

    • Exposure to direct deal flow

    We recognize the importance of enabling each group to engage selectively and align with their individual objectives without compromising on portfolio efficiency or capital preservation.

OUR INVESTMENT FOCUS

Turning Challenges
into Opportunities

We acquire fundamentally attractive businesses in special situations and transitional ownership scenarios. These pivotal moments in their development present investment opportunities with exceptional risk-reward potential.

  • We partner with international corporations to execute the divestiture of:

    • Non-core assets,

    • Business units, and

    • Subsidiaries

    Our team manages the full lifecycle of corporate separations, including:

    • Ensuring business continuity

    • Establishing standalone capabilities

    • Navigating transitional service arrangements (TSAs)

    Our method is discreet and ensures a smooth transition with minimal disruption.

  • Our team brings deep experience in stabilizing underperforming and distressed assets. Key initiatives include:

    • Securing liquidity control

    • Restructuring the cost base

    • Re-establishing operational focus

    These measures address the immediate financial obstacles and establish the foundation for:

    • Cash flow stabilization

    • Profitability improvement

    • Revenue recovery

    Through targeted intervention, we restore business performance and ultimately position these companies to compete effectively within their peer group.

  • We lead comprehensive transformations and, when required, full-scale turnarounds of businesses constrained by:

    • Strategic misalignment

    • Organizational inefficiencies

    • Underutilized capabilities

    Together with management, we implement the repositioning steps and strengthen operational effectiveness via:

    • Process optimization

    • In-depth cost analysis

    • Margin improvement

    • Top-line growth

    Our direct involvement improves commercial performance, enhances profitability, and enables the completion of their revitalization.

  • To enhance competitiveness and allow for economies of scale, the buy-and-build framework relies on:

    • Expanding core operations

    • Integrating synergistic add-ons

    • Increasing market share

    We work closely with local management to provide the resources and capabilities required to support expansion.

OUR STRATEGY AND APPROACH

Building Businesses,
Not Spreadsheets

Our strategy centers on unlocking the full potential of our portfolio companies. Our approach combines hands-on operational enhancements, strategic realignment, and rigorous implementation of key initiatives.

We act more like entrepreneurs than investors, taking an active role in the development and growth of each investment.

  • TARGETED ASSETS

    • Mature Business Models

    • Minimum Revenue: EUR 10m

    • EBITDA Margins: < 0% to +10%

  • INDUSTRY FOCUS

    • Sector-agnostic

    • Secondary industries

    • Opportunity-driven

  • CORE GEOGRAPHIES

    HQ or substantial business in:

    • Europe

    • N. America

  • VALUE CREATION

    • Operational Improvements

    • Business Transformations

    • Repositioning & Turnaround

OUR TRACK RECORD

Proven Methods,
Consistent Results

Our team is a trusted partner to international corporations, transforming their divestitures such as non-core assets, business units, and subsidiaries into successful standalone companies.

Our past investments span multiple sectors and geographies, often involving complex carve-outs.

  • IT Services

    Revenue: EUR 100m
    Employees: 550
    Seller: Canon Inc. / Hitachi Ltd.
    ‍ ‍

    A European IT services provider offering digital transformation solutions, including cloud infrastructure, enterprise information management, and cybersecurity services. With operations in Belgium and Italy, the company serves both public and private sector clients, supporting their modernization and innovation initiatives.

  • Chemicals

    Revenue: EUR 20m
    Employees: 70
    Seller: Kurita Water Industries Ltd.
    ‍ ‍

    A German chemical manufacturer specializing in aluminum-based compounds, including inorganic coagulants, aluminum hydroxides, sulfates, chlorides, and sodium aluminates. Headquartered in Ludwigshafen, the company serves diverse industrial applications across water treatment, paper processing, and construction sectors.

  • Pharmaceuticals

    Revenue: EUR 40m
    Employees: 100
    Seller: Curia Global, Inc.
    ‍ ‍

    An Italian manufacturer of active pharmaceutical ingredients (APIs) and intermediates, providing contract development and manufacturing services to the pharmaceutical industry. The company specializes in complex chemical synthesis, supplying products for both generic and innovative drug development.

  • Paper & Packaging

    Revenue: EUR 100m
    Employees: 300
    Seller: Smurfit Kappa plc
    ‍ ‍

    A German manufacturer specializing in 100% recycled cartonboard and sustainable packaging solutions. Operating through its divisions, Baden Karton and Baden Packaging, the company produces coated duplex and triplex board for applications such as food packaging, beverage carriers, and gift boxes.

  • Pharmaceuticals

    Revenue: EUR 40m
    Employees: 230
    Seller: Royal DSM N.V.
    ‍ ‍

    An Italian contract development and manufacturing organization (CDMO) specializing in microbial fermentation for the pharmaceutical, food, and industrial sectors. The company offers international clients custom process development and manufacturing services for proteins, enzymes, and specialty compounds.

  • IT Services

    Revenue: EUR 165m
    Employees: 180
    Seller: Fujitsu Group
    ‍ ‍

    An Italian digital transformation specialist offering enterprise IT services across cloud infrastructure, AI, IoT, and cybersecurity. The Milan-based company supports large organizations in modernizing their operations and adopting next-generation technologies with both hardware and software solutions.

  • Chemicals

    Revenue: EUR 60m
    Employees: 40
    Seller: Proviron Holding N.V.
    ‍ ‍

    A Belgian chemical manufacturer specializing in phthalic anhydride and its derivatives, serving various industrial applications across Europe. Operating a world-scale production facility in Ostend since 1971, the company ranks among the top three non-captive producers in the European phthalic anhydride market.

  • Refractory Materials

    Revenue: EUR 45m
    Employees: 160
    Seller: RHI AG
    ‍ ‍

    An Italian producer of fused cast refractory materials, primarily serving the glass manufacturing industry. Founded in 1986, the company has a long history and managed to establish a strong presence in international markets, offering high-quality products essential for glass furnace operations.

  • CRM Sercives

    Revenue: EUR 90m
    Employees: 2,900
    Seller: Royal KPN N.V.
    ‍ ‍

    A German customer service outsourcing provider specializing in contact center operations, CRM, and direct marketing services. Headquartered in Frankfurt am Main, the company serves clients across various industries incl. energy, finance, telecommunications, and the public sector with several locations in Germany.

  • HR Sercives

    Revenue: EUR 40m
    Employees: 360
    Seller: Ingeus Group
    ‍ ‍

    A France-based HR services provider specializing in professional transitions and employment support. Operating through a network of 69 proprietary agencies and additional partner locations across the country, the company offers services including career coaching, outplacement, and workforce mobility solutions.

  • Food Production

    Revenue: EUR 30m
    Employees: 130
    Seller: Emmi AG
    ‍ ‍

    An Italian dairy manufacturer specializing in high-quality yogurts and fresh dairy products. The company operates under its own brand, “Trentina,” and is a leading producer for the private label market. It is recognized for its product development capabilities, production flexibility, and commitment to natural ingredients.

OUR CORE VALUES

Responsible Capital for
a Sustainable Future

We have embraced a shift toward sustainability, recognizing the critical role capital must play in addressing global challenges such as climate change, social equity, and resource efficiency.

Capital allocation is not only a driver of financial performance but also a lever for lasting impact. We seek to partner with organizations committed to responsible practices and long-term value creation aligned with sustainable principles.

We are guided by a dual commitment: achieving financial success while contributing to a more responsible business world.

JOIN BERENICE CAPITAL

Small Teams,
Big Impact

Entrepreneurs at heart: We work in small teams, move quickly, and get deeply involved — from evaluating new potential transactions to supporting a portfolio company’s growth. We are not here to observe from the sidelines, we are here to make things happen.

Whether you are an experienced professional or at the beginning of your career, we offer the chance to work together with decision-makers, take on responsibility early, and grow in a collaborative and performance-driven environment.

If this resonates with you, we would love to hear from you.