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Hg to debut in Greece with ERP and business software provider ES1; Elvaston makes first deal in Poland with warehouse management systems company

Reported by Pehub
Sep 22, 2026· 2 min read
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Key Takeaways
  • • Hg Capital makes its inaugural Greece investment with the acquisition of ES1, an ERP and business software provider, signaling expansion into southeastern European markets.
  • • Elvaston Partners closes its first Polish deal with a warehouse management systems company, broadening its geographic footprint in Central Europe.
  • • The transactions reflect continued mid-market private equity activity in European software and enterprise solutions, where operational software providers remain attractive acquisition targets.
  • • Main Capital Partners acquired Qbees, a German managed IT services and financial sector software provider, expanding its portfolio in specialized technology services.
Summary
Hg Capital has made its debut investment in Greece through the acquisition of ES1, an enterprise resource planning (ERP) and business software provider. The move marks Hg's entry into the Greek market and underscores the firm's strategy to identify acquisition opportunities in underserved European regions where software and technology services companies command strong market positions.

Separately, Elvaston Partners achieved its first Polish investment with the acquisition of a warehouse management systems company. The transaction represents Elvaston's initial foray into Poland and reflects the firm's focus on Central European expansion, where logistics and supply chain software solutions have demonstrated resilience and growth potential.

Additionally, Main Capital Partners completed the acquisition of Qbees, a German provider of managed IT services and software tailored to the financial sector. The deal reinforces the current appetite among mid-market private equity sponsors for specialized technology service providers that serve regulated industries.

These transactions collectively illustrate sustained investor interest in European software and business solutions across multiple verticals—from enterprise resource planning to warehouse management to financial services technology. The geographic diversification across Greece, Poland, and Germany demonstrates that smaller European markets and specialized software niches continue to attract capital from established and emerging private equity platforms.

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Sources

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AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Pehub Hg to debut in Greece with ERP and business software provider ES1; Elvaston makes first deal in Poland with warehouse management systems company