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.