Aurica Capital, an independent private equity firm specialising in supporting mid-market companies in their growth and expansion plans, has acquired a minority stake in Fiabilis Consulting Group, a consulting firm specialising in payroll and social security cost optimisation for large corporations, through its Aurica Growth Fund IV.
Fiabilis was founded in Madrid in 2009 by Guillaume Vignancour and Arnaud Tardif, who will continue to lead the company alongside Aurica Capital and the management team.
Fiabilis is the only multi-jurisdictional specialist in its sector capable of providing end-to-end payroll and social security cost optimisation services to large corporations. The company comprehensively manages its clients’ interactions with public authorities on HR-related matters, identifying opportunities to reduce social security contributions in exchange for performance-based fees linked to the savings achieved.
Fiabilis has an established international presence across Spain, Italy, Belgium, Poland, Chile, France and Germany. The group employs approximately 140 professionals and serves more than 2,200 corporate clients, monitoring around 2.5 million employees. Since its inception, Fiabilis has generated over €600 million in cumulative savings for its clients and recorded revenues of €21.3 million in 2025. Operating in a market with significant growth potential, the company has consistently delivered double-digit growth in recent years.
Aurica Capital’s investment, through Aurica Growth Fund IV, will support the acceleration of Fiabilis’ strategic growth plan by strengthening its position in existing markets, driving expansion into new geographies, broadening its service offering and increasing cross-selling opportunities across its client base. The strategy also includes further leveraging HR data analytics and complementing organic growth through selective acquisitions, with the aim of establishing Fiabilis as a leading international HR consulting group.
Martín Vargas, Partner at Aurica Capital, commented:
“Fiabilis brings together the key attributes we look for in our investments: a differentiated, profitable and scalable business model, highly recurring revenues, an international footprint and an experienced management team with a strong track record. Our objective is to support Guillaume, Arnaud and the entire team in building a leading international group in payroll and social security cost optimisation.”
Guillaume Vignancour and Arnaud Tardif, founders of Fiabilis Consulting Group, added:
“Aurica’s investment marks an important milestone in Fiabilis’ development. We share a long-term vision and a common ambition to strengthen the business, expand our capabilities and continue delivering value to our clients. Aurica’s experience in supporting growing companies and executing buy-and-build strategies will be instrumental as we embark on this next stage of our journey.”
A&O Shearman, KPMG and L.E.K. Consulting acted as advisors to Aurica Capital on the transaction, while Norgestion, Mavens and PwC advised the sellers.
