Growth and Replacement Capital



Producer and seller of tools for hard metal cutting with high added value and export focus, having won the COTEC award for the most innovative Portuguese SME in 2015 and 2021. Funds used in a Management Buyout operation.

Invested in January 2016
Funds used in a Management Buyout operation
Successful exit in December 2021


The Digital Invoice Company provides solutions for electronic document and e-invoice exchange, assuming a leading position in the Portuguese market. The company is also a global reference concerning the Eletronic Bill Presentment market. The group is present in various geographies with subsidiaries in Brazil and Colombia.

Invested in March 2019
Funds used in the acquisition of a stake in the company and to support management buyout
Successful exit in October 2021


Company dedicated to the extrusion and surface treatment of aluminium profiles, targeting the construction, gardening and industry sectors. Direct and indirect exports of approximately 70%.

Invested in January 2018
Funds used in the acquisition of a stake in the company
Successful exit in December 2019

Fitness Hut

Gym operator leader in Portugal, founded in 2011, being the country’s first Premium Low-Cost chain. Initial investment in July 2014, and subsequent investment in Abril 2016. 

Funds used allowed the company to almost quadruple its number of clubs, from 7 to 26, in three years.

The expansion plan remains ambitious
Successful exit in January 2018