Case Study

Chequers Capital

Distribution

Founded in Paris in 1972, Chequers Capital (“Chequers”) is one of the longest established private equity managers in Europe.
With over 50 years of experience, Chequers has raised and invested 18 funds since 1972, and has over €2bn under management.
Chequers has 25 investment professionals across France, Italy and the DACH (Germany/Austria/Switzerland) region, supported by a large eco-system of operating experts.
A small and mid-market buyout specialist, Chequers targets asset-light industrial and service businesses, often acquired from family owners, and focuses on creating value through driving growth and operational improvements.
Over the past year, Chequers has succeeded in realising several portfolio companies, despite the general slowdown in the exit environment, resulting in sizeable distributions to PIP, including those from Serma, MTA and Riri.

Provider of electronic testing services and solutions, for the aerospace, transportation, energy and telecommunications sectors, based in France.
Exited to a financial buyer in July 2022:

Proceeds to PIP: £1.6m
IRR: 32%
Return generated: 2.4x
Uplift on exit: 50%

Manufacturer of heating, ventilation and air conditioning equipment based in Italy.
Exited to Trane Technologies, a US strategic buyer, in May 2023:

Proceeds to PIP: £1.0m
IRR: 40%
Return generated: 3.2x
Uplift on exit: 56%

Manufacturer of coated metal accessories such as zips, buttons and buckles for the high-end luxury fashion industry, based in Switzerland.
Exited to Oerlikon Group, a Swiss strategic buyer, in February 2023:

Proceeds to PIP: £2.1m
IRR: 34%
Return generated: 2.7x
Uplift on exit: 82%