Led by financial entrepreneurs, we partner with talented individuals to transform high-potential businesses that others overlook. We bring large-cap sophistication, creativity and innovation to the European mid-market buyout space.
Cap10 was founded in 2021 by experienced financial entrepreneurs who bring large-cap sophistication, creativity and innovation to the European mid-market buyout space.
Cap10 delivers asymmetric returns to the upside, by transforming underdeveloped mid-cap business gems into industry champions.
A focused firm with the discipline of a large-cap shop and the agility of a boutique. Here is what that actually means.
We typically invest in companies headquartered in Western Europe with €100–500m valuation, and challenge the status quo in businesses that often underestimate the strength of their own position.
Explore our approach →Moving at pace, we deliver value and transaction certainty that bring mutually beneficial outcomes to existing shareholders — from founder-led carve-outs to family successions.
Read our approach →We view ESG as an opportunity for sustainable growth that unlocks the true potential of a business, establishing it as a purposeful leader in its industry.
Read the framework →We partner with platforms building category leadership across niche industrials, essential consumer, health & pharma, infrastructure solutions and mission-critical business services.
UK-leading compliance and renewable energy services group, taken private from LSE:SUR. Decarbonising social housing at scale.
One of the UK's leading providers of therapeutic fostering, residential and specialist care for children and young people.
Five values we live by — and evaluate every investment against.
We love what we do and are committed to creating value. Our appetite for excellence drives the way we partner with management teams.
We move at pace, solving complex problems with rigour and creativity. We flex to what each situation actually needs.
We think differently and approach each situation with originality, generating asymmetric outcomes where others see only risk.
We care deeply about our people, our partners and the businesses we back. Relationships are the point — not a by-product.
We cultivate a fun, collaborative, entrepreneurial environment where talent thrives — ours and that of the teams we back.
Deal news and our point of view on European mid-market investing.
A further step in Sureserve's platform strategy across UK and continental European markets.
10 November 2025Cap10 is a London-based private investment firm, founded in 2021 to bring large-cap sophistication, creativity and discipline to founder- and family-owned businesses across Western Europe — the companies seeking liquidity for ownership transitions, real opportunities for their management teams, and experienced partners for the next phase of growth.
What makes Cap10 different is that we are purposefully built to be a long-term partner rather than a short-term trader. We pair a patient, flexible approach to ownership — including continued participation for existing shareholders and meaningful equity for current and future management — with the operational experience, sector conviction and network that an ambitious business actually draws upon. We invest in five themes we know deeply: niche industrials, essential consumer, health & pharma, infrastructure solutions, and mission-critical business services. And we measure ESG as a value driver, not a marketing line.
We partner with talented entrepreneurs who share our vision for win-win transformations that build value for every stakeholder.
Our focus is specific. We typically invest in companies headquartered in Western Europe, with enterprise values between €100m and €500m, in five thematic sectors we know deeply: niche industrials, essential consumer, health & pharma, infrastructure solutions, and mission-critical business services. We look for businesses that challenge the status quo — often ones that underestimate the strength of their own position.
Our approach is operational. Moving at pace, we deliver value and transaction certainty that bring mutually beneficial outcomes to existing shareholders — whether that's a family succession, a carve-out from a corporate, or a founder's next chapter. We invest sweat alongside capital: commercial strategy, talent, M&A, operational improvement.
Our conviction on ESG is commercial. We view it as an opportunity for sustainable growth that unlocks the true potential of a business, establishing it as a purposeful leader in its industry. It is measured, reported, and compounded financially alongside the P&L.
Passion · Agility · Creativity · Care · Talent — how we work, and what we look for in the teams we back.
We love what we do and are committed to creating value. Our appetite for excellence drives the way we partner with management teams, and the standard we hold ourselves to internally. Passion is the compound interest of this job.
We move at pace, solving complex problems with rigour and creativity. We flex to what each situation actually needs — not what a process diagram says it needs. Transaction certainty comes from agility, not from rigid playbooks.
We think differently and approach each situation with originality, generating asymmetric outcomes where others see only risk. The best deals are the ones others have walked past — we aim to see them first.
We care deeply about our people, our partners and the businesses we back. We build lasting legacies by transforming businesses with care, creativity and purpose. Relationships are the point — not a by-product.
We cultivate a fun, collaborative and entrepreneurial environment where talent thrives — ours and that of the teams we back. Extraordinary things happen when vision, passion and the right people come together.
We are ambitious financial entrepreneurs who bring large-cap sophistication and creativity to European mid-market buyouts. We aim to excel, build strong conviction and identify misunderstood niches by challenging common thinking.
Hover a photo for a quote · click a name to read the full bio.
It’s how we work, and why people stay. Off‑sites in Chamonix and skiing up Mont Blanc, kayaking in Marseille, cycling Mont Ventoux — balanced by the quieter rhythm of working sessions with a view.
We partner with platforms building category leadership across five thematic sectors: niche industrials, essential consumer, health & pharma, infrastructure solutions, and mission-critical business services.
In July 2023, Cap10 took Sureserve Group plc (LSE:SUR) private, acquiring 100% of the share capital. Sureserve is a UK-leading compliance and renewable energy services group, delivering the critical installation and maintenance work that is decarbonising social housing at scale.
Under Cap10’s ownership, Sureserve has executed a strategic bolt-on programme — most recently Bonarius (2025) and Low Carbon Exchange (2024) — expanding both capability and European reach.
Compass Community is one of the UK’s leading providers of therapeutic fostering, residential and specialist care services for children and young people with complex needs.
Cap10 partners with the management team to expand high-quality capacity where it is most needed, invest in clinical excellence, and build long-term outcomes for the young people in the group’s care.
Thematic, not opportunistic. Each sector chosen for long-run structural tailwinds we can underwrite.
Sub-sector leaders in manufacturing, specialty materials and industrial services with defensible technology and sticky customers.
Brands and services built around genuine consumer need — resilient through cycles, not reliant on discretionary spend.
Specialty healthcare services, outsourced pharma capabilities and adjacent infrastructure serving structural demand.
Mission-critical compliance, decarbonisation and energy services companies enabling the energy and building transition.
Tech-enabled services and outsourced specialists embedded in customer operations — recurring, contracted revenues with high switching costs across regulated and resilient end-markets.
Our portfolio companies are typically headquartered in Western Europe, with €100–€500m valuation.
Everything we do is driven by our commitment to positively contributing to the ecosystem at large, based on authenticity, fairness, and integrity.
We value ethical and commercial considerations equally to ensure we are always aiming at doing the right thing by all stakeholders concerned.
Cap10 supports ESG initiatives in its portfolio and promotes further transparency and understanding in the private equity industry. We do this by supporting portfolio initiatives, including the Sureserve Foundation for creating warmer communities through the alleviation of fuel poverty.
Sureserve's Carbon Neutral goals: 100% renewable energy offices by 2030, 100% zero-emissions fleet by 2050, and zero waste-to-landfill by 2030.
Our approach is underpinned by Cap10’s guiding principles of ‘People first’, being accountable and uniting our team behind a common vision. The Cap10 team is driven by our shared values:
Compass and Sureserve are starting a conversation. A young person who finds stability through Compass deserves a clear path forward, and Sureserve’s apprenticeship programme — hands-on training, real qualifications, and a trade for life — could be one such pathway. The two teams are in early discussions about whether care leavers might benefit. It’s exploratory, but it points to the kind of joined-up thinking we believe in: care first, then opportunity.
An emerging area of focus across our portfolio.
The Sureserve Foundation was set-up to support individuals, families and communities and builds on Sureserve’s wider ESG targets.
The Sureserve Foundation was set-up in March 2019 with the purpose and objective of creating warmer communities through the alleviation of fuel poverty; by supporting individuals, families and communities to achieve fuel efficiency and in turn, lessen the financial burden of high energy bills.
Sureserve aim to work towards specific targets within the business, such as having 100% renewable energy offices by 2030, 100% zero emissions fleet by 2050 and having zero waste-to-landfill by 2030.
Compass look after numerous young people, giving them safe and loving homes. Compass is also a Disability Confident Committed Employer.
Compass were awarded certification as a Disability Confident Committed Employer, which ensures that our recruitment process is fair and accessible for everyone, and we promote the use of accessibility software on our recruitment portal.
Sureserve, a leading UK-based provider of compliance and energy services for social housing and the public sector, has acquired the shares of Bonarius and its group companies.
This acquisition marks Sureserve’s eighth add-on investment supported by Cap10 and its first international step, since being acquired by Cap10 Partners through a public-to-private transaction in July 2023.
The acquisition of Bonarius is a strategic step in Sureserve’s international growth plans. Sureserve identified the Dutch market as a very attractive opportunity with many similarities to the UK. Bonarius offers Sureserve a unique entry point into the Dutch market to provide compliance and energy services to its core social housing customer segment, and a platform for further consolidation.
The current shareholders of Bonarius are enthusiastic about the future as the business enters into its next phase of growth under a new strategic ownership.
Sureserve intends to grow Bonarius by broadening its service offering, continuing to innovate sustainably, growing with its long-term and trusted existing clients, expanding regionally, and selectively pursuing acquisitions to build national presence. The Bonarius Academies in Zwanenburg and Zwolle will remain central to talent development and recruitment.
With Sureserve, Bonarius has found a supportive partner as it scales up its existing operations to ensure that the business can continue to deliver the highest quality of services and excel over the long term.
Fabrice Nottin, Founder & Managing Partner at Cap10 Partners added: “Cap10 has a strong focus on founder and family-led businesses, and we are very proud to support Sureserve in this transaction. We are grateful for the trust which the family and the Bonarius team placed in us to preserve and build upon their legacy.”
