Success Stories · Harwanne Capital Management

Acheron Capital

Within our management of "Other financial assets", our mission is to generate performance where traditional markets run out of steam. To enrich our historical allocations (equities, bonds, real estate), we select highly resilient niche asset classes, capable of disregarding geopolitical crises and macroeconomic volatility.

It is in this spirit of open architecture that we identified and secured a major strategic opportunity: the secondary market for life-insurance policies in the United States (Life Settlements), through the vehicles of the specialist management company Acheron Capital. This landmark investment demonstrates our ability to cross the barriers to entry of complex markets, usually reserved for the largest American institutional investors.

The investment generated a significantly high performance, built on solid fundamentals:

0% market correlation, complete insulation: throughout the entire holding period, the value of this position remained strictly immune to the swings of the major global indices.

Steady return and visibility, the strength of mathematics: the appreciation of the net asset value unfolded in a linear fashion, in line with Acheron Capital's rigorous actuarial projections.

Risk management and signature excellence, maximum diversification: the capital benefited from optimal pooling across a portfolio of several hundred insurance policies, all issued by leading American companies.

Compañía del Trópico

Within our pocket dedicated to "Private debt", our mission is to support SMEs and mid-caps at key moments in their development, while capturing senior-secured return profiles. By stepping off the beaten track of traditional allocation, we seek specific configurations where structuring agility and financial responsiveness become powerful drivers of performance.

It is in this spirit of strategic investment that we secured a major opportunity on the Iberian market: the refinancing of the Compañía del Trópico group, one of the major leaders of casual dining in Spain. This sector heavyweight relies on leading brands, notably Café y Té (one of the country's main coffee-shop chains) and Panaria (a benchmark bakery-restaurant network). Facing the maturity of the Group's credit lines, the majority shareholder was seeking a bespoke solution to be implemented within limited timeframes, excluding conventional banking channels.

In co-investment with Kartesia, we deployed an agile, bespoke financing solution, combining several secured key facilities (including a Unitranche line and a Capex line dedicated to the growth and modernisation of the business), in record time.

The outcome of this transaction confirmed our ability to turn market challenges into value creation alongside leading partners. The historical financial performance of this investment thus rests on the architecture of a hybrid financing, designed to control risk and optimise liquidity, while drawing on the solid fundamentals of the Compañía del Trópico group.

Chronotruck

Within our pocket dedicated to "Growth capital", our mission is to support fast-growing companies with strong development potential. As a genuine strategic partner, Harwanne Capital Management steps in at key moments in their trajectory to address their specific transformation challenges (broadening the offering, integrating new technologies, geographic expansion), to fuel their growth, create long-term value and unlock their full development potential.

It is precisely in this spirit that we took a stake in Chronotruck, a pioneering digital platform that profoundly transformed road freight transport. Facing a colossal yet structurally inefficient European market, characterised by limited truck fill rates, Chronotruck developed a disruptive marketplace. By removing intermediaries, the application optimised logistics flows while returning margin to the players on the ground.

Beyond the financial contribution, our role as a strategic partner translated notably into supporting the company in its structuring, validating its model at national scale and preparing its European expansion. Thanks to a carefully managed growth trajectory, Chronotruck achieved a major industrial exit by joining the Gefco group, one of the world's largest supply-chain leaders (itself acquired by the global shipping giant CMA CGM in 2022). This strategic acquisition merged the power of a worldwide logistics network with the agility of Chronotruck's technology, integrated to accelerate the digitalisation of freight at scale.

FREY

As a strategic partner, Harwanne Capital Management is committed to supporting companies capable of profoundly transforming their sector, while combining first-rate financial performance with extra-financial excellence. Our bespoke support to the executive in structuring his investment within the SIIC FREY embodies this philosophy of sustainable value creation.

Originally specialised in premium retail parks, the company developed an innovative concept of "open-air shopping promenades". This model demonstrated outstanding resilience, notably in the face of global health crises, where the relevance of its merchandising mix (fashion, dining, leisure, services, click and collect) preserved the appeal of its assets and maintained improving operating results.

Thanks to a solid financial structure, reinforced by strategic capital increases, FREY made a major European and sector shift by positioning itself on the highly promising outlet (factory-store) market.

This conquest strategy materialised through large-scale operations, such as the acquisition of the only outlet village in Berlin-Brandenburg in May 2025 (ranked 2nd in Germany and 21st in Europe in the ECOSTRA ranking, the European benchmark for outlet performance) and the signing of a major strategic partnership with the investment firm Cale Street, materialised through the acquisition of several emblematic sites in Italy (Franciacorta, Valdichiana and Palmanova).

The recent integration of the Italian asset-management company Land of Fashion consolidated FREY's position in the Top 3 outlet managers in Europe.

The roll-out of this roadmap translated into a remarkable acceleration of the Group's financial indicators in 2025:

Strong revenue growth: consolidated revenue that jumped to €231.4M, driven notably by particularly strong rental activity and a successful strategic diversification.
Solid profitability: a steadily rising current operating income, reaching €121.2M.
First-rate asset management: total Group-share assets of €2,625M, and robust liquidity of €384M securing future investments.

Performance, by example

Operations that create value

Acheron Capital

Compañía del Trópico

Chronotruck

FREY

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