We invest in European lower mid-market companies with ambitious growth strategies.

Founded in 2009, Columna Capital is an entrepreneurial investment firm with offices in London, Lugano and Luxembourg. Led by four partners, the Columna team consists of an engaged group of professionals that actively support ambitious management teams and entrepreneurs to drive organic growth and execute on consolidation opportunities. Typically, we invest in profitable companies with revenue of €15-100 million. We are a long term partner and our success is based on our ability to identify unique opportunities with growth potential where we aim to at least double the size of the business over the investment period.

We invest in European lower mid-market companies with ambitious growth strategies.

Founded in 2009, Columna Capital is an entrepreneurial investment firm with offices in London, Lugano and Luxembourg. Led by four partners, the Columna team consists of an engaged group of professionals that actively support ambitious management teams and entrepreneurs. We are a long term partner and our success is based on our ability to identify unique opportunities with growth potential where we aim to at least double the size of the business over the investment period.

Focus On Growth

We focus on accelerating the growth of the companies we back through active support and provision of capital.


We are a high conviction investor in fewer companies allowing us to dedicate more time to management to actively support growth.


We aim to be flexible and provide relevant solutions to all stakeholders to unlock the potential of the underlying business.

Relationship Driven

We aim to build credibility and establish strong working relationships. Managers are often our best source of reference.


Our expanding network of relationships and open mind allow us to identify interesting opportunities where proper engagement makes all the difference.


We are principals not agents and are fully aligned with all stakeholders through a meaningful co-investment in the companies we invest in.


Investment Focus

We are passionate about building great businesses and aim to partner with high quality management and entrepreneurs to deliver transformational growth. We are looking for the following key features:

  • €15-100 million revenue and trading profitably
  • Potential for expansion or consolidation in the domestic market or internationally
  • Differentiated market positioning with attractive product or service offering
  • Ambitious managers that believe in their business

Buy & Build

We only invest with an identified strategic growth plan and assist management to accelerate growth through:


Strategic acquisitions rapidly transform a company’s footprint. By consolidating verticals, adding new geographies, clients and/or expanding the service offering, businesses can rapidly scale and consolidate market share. Together with management, Columna has to date successfully completed over 60 add-on acquisitions in Europe, the US, Africa and APAC for its portfolio companies.


We are close to our businesses and actively support organic growth. This can involve working with management on, among other things, corporate strategy and planning, assisting them in recruiting key talent, raising finance, winning new business, establishing financial reporting tools or evaluating important investment decisions in sales channels, infrastructure & technology.


Columna invests across sectors and has developed specific expertise in the following sectors:


Columna invests in continental Europe with a specific focus on attractive companies in the following target markets:







Responsible Investment Policy

PRI - Principles for Responsible Investment

Columna Capital is an entrepreneurial investment firm sponsoring European small to mid-market companies with growth potential. Our strategy is to identify off-market opportunities and invest in a limited number of attractive companies as a long-term partner. This strategy is underpinned by our values of honesty, integrity and transparency, which are core to our reputation.

We believe that taking an active management approach over longer hold periods and applying sound practices to environmental, social and governance (“ESG”) matters throughout the investment cycle can result in sustainable value creation. In order to achieve this, we have developed a robust Responsible Investment System, which seeks to identify and manage ESG matters consistently and effectively, both in our own business and in our underlying portfolio companies. To demonstrate our commitment to Responsible Investment, Columna became a signatory to the PRI (Principles for Responsible Investment) in 2017 and we have since integrated the UN Sustainable Development Goals (SDGs) into the way we consider environmental, social and governance matters.

This Responsible Investment Policy outlines the key objectives, principles and values that form the basis of our Responsible Investment approach. We believe this to be comprehensive but recognise that the wider Responsible Investment agenda continues to change. To this end, we will review the document annually, and update it where necessary.

Overall objectives

As an investment firm, we aim to ensure our continued access to high quality investors, through delivering above-market sustainable returns and maintaining good relations with key investors over the longer-term.

Through our active management role, we try to maximise positive impacts of our investments (including creating commercial success), while avoiding or minimising material negative impacts and, where possible, helping realise social and environmental benefits. At a minimum, our objective is to proactively and consistently comply with all relevant laws. 

We acknowledge climate change is a sustainability priority and therefore endeavour to conduct our business with consideration of the key aims of the 2015 Paris Climate Agreement. In particular, we aim to incorporate climate risk into our investment criteria, including understanding how our activities and investments may contribute towards its causes, and determining any actions we can foster to mitigate such risks in a manner that is consistent with our investment objectives. We support the recommendations made by the Task Force on Climate-Related Financial Disclosures (TCFD), which we are progressively adopting while we identify and manage climate risk associated with our operations and those of our investees. 


In order to achieve our objectives, we have developed a set of ESG values. These are consistent with our core business principles, and are embedded in Columna’s approach to investing:

  • Integrity – We are aware that reputation is vital to our business. A demonstrable commitment to honest and ethical practice in everything we do is essential to gain the trust of customers, partners and investors. Our Responsible Investment System, and the associated training, makes it clear to all our employees how they need to behave in considering ESG issues.
  • Transparency – We believe transparency is the basis of a trustworthy relationship. We are committed to using documented ESG practices in a systematic and effective way, in order to help us understand and manage ESG matters within our Portfolio Companies, as well as communicate opportunities and risks to our stakeholders, including our investors. 
  • Reliability – We are integrating structured ESG criteria into our investment activities in a replicable way to ensure that our decision-making is robust. We believe adopting this approach can have a positive impact on the performance of our portfolio investment companies making them, too, more reliable. 
  • Proactiveness – Columna partners take board positions in all portfolio companies and we actively engage with company management to improve ESG performance of our businesses, as may be relevant.

Exclusion zones

Columna and its funds will not make investments related to the following sectors: adult entertainment, gambling, tobacco, alcohol, arms manufacturing, testing on live beings, unsustainable wildlife exploitation and subprime lending.

Management commitment

Columna’s management is committed to promoting and encouraging Responsible Investment practices, and to providing necessary resources to ensure appropriate implementation of the ESG commitments outlined in this document.

Disclosures under the EU Sustainable Finance Disclosure Regulation

Sustainability Risk Policy Statement

No Consideration of Adverse Impacts of Investment Decisions on Sustainability Factors


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Physidia, the European leader in home haemodialysis, announces growth investment from Columna Capital to accelerate international expansion

  • Founded in 2010, Physidia is a leading European MedTech company focused on the development, manufacturing and commercialisation of state-of-the-art home haemodialysis solutions.
  • Physidia already sells its home dialysis solutions in more than 16 countries and has a leading market position in Western Europe.
  • This major fundraising is intended to accelerate the Company’s development to become a global leader in the sector.

Saint-Barthélemy-d'Anjou, France – Physidia SAS (“Physidia” or “the Company”), a leader in home haemodialysis solutions, announces that Columna Capital (“Columna”), a prominent pan-European private equity investor, has completed a significant investment in the Company to support its next phase of growth. As part of the transaction, Columna is joining existing shareholders, the Plowiecki family and the founders Cyril Balas and Michel Houdou, who will remain as minority shareholders.

Physidia’s mission is to provide flexibility, freedom and better quality of life to dialysis patients through the delivery of its mobile haemodialysis solutions for the fast-growing home care market. The Physidia monitor, S3, based on innovative medical technology, is one of the most compact, mobile and user-friendly dialysis monitors in the world and is currently commercialised across 16 markets in EMEA. Since inception, close to one million dialysis sessions were successfully completed on the S3 within a home setting.

“We are excited to welcome Columna on this journey with us as the shift towards home care is gaining momentum. Columna’s partnership and entrepreneurial approach will be instrumental to unlock the potential of the Company and will allow Physidia to improve the quality of life of thousands of dialysis patients globally,” said Cyril Balas, co-founder of Physidia, on behalf of the existing shareholders.

“Our commitment to continuously evolving technology developments can help to shift notoriously debilitating, life-disruptive diagnoses into manageable outcomes and better quality of life – changing the experience of dialysis for patients across Europe,” said Didier Candelot, CEO of Physidia. “This strategic partnership with Columna will allow us to widen the reach of our existing products and services, while also making a meaningful expansion into international markets.”

“Physidia’s strong focus on the patients’ quality of life and its superior clinical outcomes underpin its market-leading position in Europe. With a decade-long track record of successfully delivering highest quality home dialysis treatment and proven R&D capabilities, Physidia is ideally positioned to accelerate its international expansion as the home dialysis market expands, supported by strong demand for personalised care and increased healthcare independence. It is a privilege to make a positive impact on patients’ lives through this investment in this unique French MedTech,” said Charles Nantois, Managing Director at Columna Capital.

“The team’s ingenuity, resourcefulness and focused approach resonate very well with Columna’s investment strategy and complement our role as an operational and financial partner. We were impressed by what Physidia has achieved to date and by the growth opportunity that presents itself to champion home dialysis in the years ahead. We are very excited to embark on this journey with the broader Physidia team and this MedTech investment is an important milestone in Columna’s activities in France and further strengthens our healthcare franchise” said Rory Devlin, Managing Partner at Columna Capital.

Bryan, Garnier & Co served as the exclusive financial advisor and DLA Piper / Stance Avocats as co-legal advisors to Physidia.

GATE Avocats served as legal advisor and PwC, Germain Maureau and Voisin Consulting as buyside due diligence providers to Columna Capital.

About Physidia

Physidia is a French MedTech company developing, manufacturing and commercialising innovative mobile home dialysis solutions. Founded in 2010, Physidia received the CE mark in 2013 and rapidly grew to become the leading player in the home haemodialysis market in the EU. The current version of the dialysis monitor is commercialized across 16 markets in EMEA through established distribution agreements or direct. Physidia is particularly focused on leveraging technology and innovation in order to improve the quality of life for dialysis patients. For more information, visit www.physidia.com.


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Columna Capital LLP
7 Cavendish Square
3rd Floor
London W1G 0PE

Columna Capital LLP
7 Cavendish Square, 3rd Floor, London W1G 0PE
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Columna Capital Switzerland SAGL
Via San Salvatore 10
6900 Lugano – Paradiso

Columna Capital Switzerland SAGL
Via San Salvatore 10, 6900 Lugano – Paradiso, Switzerland
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Columna Capital Luxembourg S.à.r.l
2-8 Rue Julien Vesque

Columna Capital Luxembourg S.à.r.l
2-8 Rue Julien Vesque, L-2668, Luxembourg
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