Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

NCI

Also known as NCI SAS

Rouen-based independent private equity manager (AMF GP00039, 2000); €400M under management (June 2025) in SME buyouts, start-up venture and private debt across north-west France.

HEADQUARTERS: Rouen, France
FOUNDED: 2000
AUM: €400M (2025)
OUTSIDE CAPITAL: Yes
TEAM LISTED: 10 people

Focus

STAGES: SeedSeries AGrowthBuyout
SECTORS: Industrial & Manufacturing Consumer & E-commerce Food & Agriculture Climate & Energy Mobility & Logistics Software & SaaS
ASSET MIX: Private equityVenture capitalPrivate credit
GEOGRAPHY: France

Investment arms & vehicles

Reprendre et Développer 6
Majority and minority transmission fund for profitable SMEs and ETIs in north-west France, in fundraising with a €150M target
NCI Dette Privée 1
Private debt fund (target €100M, tickets €3–7M, 10-year life) for structuring deals of regional SMEs and ETIs
NCITY
NCI’s fourth innovation fund, focused on start-ups for the city of tomorrow (proptech, construction, smart city, energy, water and waste, mobility); Article 8

Overview

NCI is an independent portfolio management company founded in Rouen in 2000, authorised by the AMF on 30 August 2000 and wholly owned by its partners since 2017, with offices in Rouen, Paris, Lille and Rennes. It invests in transmission and development deals of profitable SMEs and ETIs (€3–15M tickets), in start-ups through its venture funds, and in private debt through NCI Dette Privée 1 (in fundraising), across Normandy, Brittany, Pays de la Loire, Hauts-de-France and Île-de-France. It reported about €400M under management at 30 June 2025 from institutional investors, family offices, regions/Bpifrance and business owners.

Investment thesis

Active majority or minority shareholder in MBO, MBI, OBO and growth deals for profitable regional companies with at least €10M revenue and €20–100M enterprise value, supported by in-house and external operating partners; seed and Series A venture in city-of-tomorrow start-ups; senior to unitranche private debt of €3–7M.

PORTFOLIO (12)

Starwash
Industrial & Manufacturing · since 2026
Chereau
Mobility & Logistics
Legallais
Industrial & Manufacturing
Groupe Decharenton
Priplak
Industrial & Manufacturing
Le Roy Logistique
Poiscaille
Food & Agriculture
Upciti
Software & SaaS
Flatsy
Software & SaaS
Exotrail
Space
Sencrop
Food & Agriculture · Exited
Robocath
HealthTech

People

Anne-Cécile Guitton
Associée, Présidente · source
Stéphane Kerlo
Associé, Directeur Général · source
Hubert de Germay
Associé, Directeur Transmission · source
Yves Guiol
Associé, Directeur Innovation · source
Vincent Lhermenier
Associé, Secrétaire Général – Directeur Transmission · source
Antoine Leandri
Directeur Fonds de Dette · source
Fabrice Guillaud Bataille
Directeur Région Hauts de France · source
Thibaut Escarras
Directeur de participations Venture · source
Laurie Périé
Directrice de Participations · source
Bastien Frison
Directeur du Pôle Performance · source

Frequently asked questions

NCI is a private equity fund based in Rouen, France, founded in 2000.

Yes. NCI invests its own capital in private companies.

NCI invests at Seed, Series A, Growth and Buyout stages in Industrial & Manufacturing, Consumer & E-commerce, Food & Agriculture, Climate & Energy, Mobility & Logistics and Software & SaaS.

NCI's stated ticket size is €3M–€15M.

Key people at NCI include Anne-Cécile Guitton (Associée, Présidente), Stéphane Kerlo (Associé, Directeur Général), Hubert de Germay (Associé, Directeur Transmission) and Yves Guiol (Associé, Directeur Innovation).

NCI's investments include Starwash, Chereau, Legallais, Groupe Decharenton, Priplak, Le Roy Logistique, Poiscaille and Upciti, among others.

The most recent publicly reported investment by NCI is Starwash (Majority buy-in with Vincent and Marine Porquet, alongside SideAngels), announced in May 2026.

Yes. NCI manages capital from outside investors.