FoodXpert and Elevation Capital Partners

The European food and beverage sector is the continent’s largest manufacturing industry, with an annual turnover of about €1.2 trillion and a workforce of nearly 4.82 million across the EU. Yet despite its scale and societal importance, it has long remained underfunded by private equity. In France alone, private equity investment outside infrastructure reached nearly €26 billion in 2024, but less than €1 billion was allocated to food and beverage, much of it directed toward FoodTech and Agritech.

This imbalance, combined with the fact that only a handful of asset managers in France are exclusively dedicated to the sector, highlights a striking gap between potential and actual capital deployment.

FoodXpert and Elevation Capital Partners are addressing this gap by running dedicated private equity funds that invest in small and mid-sized European food and beverage companies. FoodXpert, co-founded by Marc El Asmar, contributes industry know-how, sourcing opportunities, and hands-on operational support, backed by a strong sector network. Elevation Capital Partners, part of the Inter Invest Group, manages €800 million in private equity and brings disciplined financial governance and fund management. Together, they provide capital, improve operations, and accelerate growth for underfunded but promising food and beverage businesses.

El Asmar notes, “At FoodXpert, we dedicate our passion and sector expertise to supporting the most promising F&B companies, guiding them with strategic insight toward sustainable and long-term growth.”

This approach has already delivered results with the successful launch of two FPCI funds: Food Invest in 2020 and Food Invest II in 2023, both dedicated exclusively to the European food and beverage sector with a strong anchor in France. The sub-segments of exposure include:

• Production, such as plant-based protein brands, cold-pressed juice companies, or specialty coffee roasters;

• Distribution, through next-generation grocery platforms, artisan bakery chains, or ultra-local delivery services;

• Food service, including fast-casual restaurant concepts, modern street food formats, or scalable franchise models;

• FoodTech, with solutions like restaurant management software, AI-driven demand forecasting, or click-and-collect infrastructures;

• B2B innovations, such as sustainable packaging solutions, ghost kitchen operators, or multi-brand gift card ecosystems.

A third fund has just been launched and is entering its fundraising phase, reflecting investor confidence in the strategy and the sector’s transformation.

Food Invest III embodies a clear investment thesis: to support European companies that align with powerful consumer trends such as sustainability, digitalisation, clean labelling, and health-conscious consumption. The pandemic accelerated these structural shifts, reshaping demand and creating opportunities for businesses nimble enough to innovate. Food Invest III targets profitable SMEs with revenues between €1 million and €30 million, positive EBITDA, and growth exceeding 25 percent annually over five to seven years.

What sets the partnership apart is its balance of roles. Elevation Capital Partners ensures regulatory compliance, fund governance, and transparent reporting, while FoodXpert focuses on sourcing, market intelligence, due diligence, and portfolio support. Decisions are made through a joint strategic committee, where financial and operational perspectives converge before final approval by the management company. This collaboration provides financial backing and creates an ecosystem of support for founders navigating complex challenges in brand development, supply chain management, and scaling.

The results are clear. The Junk Group, a next-generation food brand, expanded from five to 25 outlets across Europe and the Middle East in just three years, supported by strategic guidance, access to financing, and joint-venture negotiations. This case illustrates the tangible value created by combining financial expertise with deep sector knowledge.

Feedback from stakeholders has reinforced the model’s appeal. Limited Partners appreciate the rare thematic focus on a vital yet under-invested industry, coupled with robust governance and transparent reporting. Founders consistently highlight the breadth of support provided, praising the ability to address strategic brand issues and complex financial structures.

Guillaume Donnedieu de Vabres, senior partner at Elevation Capital Partners, explains, “Founders value that we engage across the full spectrum of challenges, from operational execution to capital structuring, while sharing their long-term vision for sustainable growth.”

For SMEs, FPCI Food Invest III offers far more than capital. It provides a genuine partnership rooted in sector expertise, operational insight, and an ESG-integrated framework. With its regulated FPCI structure, advantaged tax regime, and investor-centric governance, the fund distinguishes itself as one of the few vehicles in Europe designed specifically for the food and beverage industry.