Human design Group has completed a secondary LBO alongside Ciclad and Grand Sud-Ouest Capital
September 2025 — Human design Group has successfully finalized a secondary leveraged buy-out (LBO) alongside its majority shareholder Ciclad and new minority investor Grand Sud-Ouest Capital (GSO Capital). The transaction strengthens the company’s management shareholding, welcomes a new regional private equity partner and enables Ciclad to realize partial liquidity while retaining a majority stake.
The process attracted strong interest from investors, with Human design Group ultimately choosing GSO Capital for its regional presence and shared commitment to human-centered societal transformation. Bank financing was provided by Crédit Agricole Brie-Picardie, the group’s long-standing partner, Caisse d’Épargne Midi Pyrénées and Crédit Agricole Toulouse 31.
Human design Group is a leading technology consulting firm specializing in human factors-centered engineering and services. The company supports technological and organizational transformation projects to enhance operational efficiency, reliability and user experience across production and usage environments, helping clients improve competitiveness in operations, engineering, research and human resources. With over 45 years of experience in complex and demanding sectors including aerospace, transportation, energy, defense, industry and healthcare, Human design Group has built trusted relationships through its 130 consultants. The company is committed to delivering efficient solutions and fostering long-term partnerships with its clients.
Founded in 1988, Ciclad is an independent investment firm specializing in the acquisition and development of mid-sized companies. It invests exclusively in buy-out and growth capital transactions, always in partnership with management teams. Since its inception, Ciclad has completed around 180 transactions and is currently investing its eighth fund.
Established in 2002, Grand Sud-Ouest Capital (GSO Capital) is an investment fund owned by the Regional Banks of Crédit Agricole in South-West France, including Toulouse, Aquitaine, Pyrénées-Gascogne, Nord Midi Pyrénées and Charente Périgord. Operating as an evergreen structure, GSO Capital acts as a long-term partner for SMEs and mid-sized companies pursuing ambitious growth projects, supporting management teams open to constructive dialogue with a minority shareholder. Based in Bordeaux and Toulouse, the fund has supported more than 200 companies and currently holds 75 portfolio investments.
Our role in the transaction
Oaklins’ team in France supported Ciclad, the majority shareholder of Human design Group, in a partial liquidity event through a secondary LBO. The transaction was completed following a competitive process that resulted in the reinforcement of management’s shareholding and the entry of Grand Sud-Ouest Capital as a new minority investor, while Ciclad retained its majority stake. The team advised Ciclad on both the equity and debt aspects of the transaction.
Dominique Soler and Michelle Boddart
President and managing director, Human design Group
Talk to the deal team
Related deals
Terhills Resort by Center Parcs has been acquired by TwentyTwo Real Estate
Terhills Resort, a premium resort in Belgium combining luxury and nature located near Hoge Kempen National Park and operated by Center Parcs, has been sold by venture capitalist LRM to TwentyTwo Real Estate, an independent real estate investor and operator. Both the real estate and the operations were included in the transaction, and Center Parcs is staying on board as an operational partner.
Learn moreBolster Investment Partners has secured debt financing for the acquisition of Royal Taste Company
Bolster Investment Partners has partnered with Royal Taste Company, a leading Dutch custom signature coffee platform offering end-to-end sourcing, blending, roasting, packaging and delivery services. The partnership marks an important next step in Royal Taste Company’s growth trajectory, focused on further geographical expansion, commercial development and selective strategic acquisitions.
Learn moreUKAT Group has acquired Bayberry Limited
UK Addiction Treatment (UKAT) Group, a leading UK provider of residential addiction, mental health and behavioral health treatment backed by Sullivan Street Partners, has acquired Bayberry Limited, a specialist mental health and wellbeing treatment provider. Joining UKAT enables Bayberry to preserve continuity of care for patients and referral partners, retain the strength of its clinical team and benefit from UKAT’s operational infrastructure, referral network and marketing channels. This partnership supports Bayberry’s next stage of development while preserving the qualities that differentiate its service offering.
Learn more