2026 marks a turning point for Carmine Capital. The firm is no longer content with simply opening offices in regional areas or abroad; it is now building a network of local partners rooted in five high-potential markets for French mid-sized companies: Italy, Greece, China, Vietnam, and India. These five strategic markets each embody, in their own way, Carmine’s international vision.
Giorgio Boggero has spent thirty years navigating European markets in consumer goods, coffee, cosmetics, and confectionery. Former CEO of the EKAF Group and former Managing Director Europe of the Massimo Zanetti Beverage Group, with experience at L’Oréal, Bialetti, and Kimberly-Clark, he has led transformations and integrated acquisitions in more than twenty countries. In 2026, he joined Carmine Capital as Business Partner for Italy.
Founder of AVEL LTD in Athens in 1987, Panagis Voutsinas has spent nearly forty years building an international distribution network for specialized raw materials for the cosmetics, pharmaceutical, and food industries. A chemist with degrees from the National University of Athens and ISIPCA, he brings to Carmine Capital a deep understanding of the Greek and Southern European markets.
With the acquisition of Bonanza, a specialist in HR marketing and employer branding, Makila AI is taking a new step forward in its international growth strategy.
This cross-border transaction between Canada and France, supported by our teams, marks the first transatlantic deal completed by Carmine.
The goal? To create an integrated platform capable of linking talent attraction, recruitment, HR management and financial performance.
On one side, Makila AI, a leader in predictive analytics and simulation for organizational performance.
On the other, Bonanza, an expert in HR marketing and employer branding, serving over 80 clients.
By combining their expertise, this merger enables companies to anticipate their talent needs, optimize their recruitment, and link their HR policies to operational and financial metrics.
A strategic alliance between data, AI and HR marketing, driven by a shared vision: to make data a true driver of transformation and growth.
If you’d like to learn more about this acquisition: read the press release
Why is Carmine Capital accelerating its international expansion?
Already established in North America and Switzerland, Carmine Capital has recently accelerated its international expansion. We have formed strategic partnerships in India, China, and Vietnam, as well as in Italy and Greece.
Why these countries? And above all, why now, when geopolitical tensions have rarely been so high in recent history?
Because I am convinced that it is in the midst of a storm that one must diversify risk. That French and European companies must step out of their comfort zones. To dare to expand into dynamic regions where the economy is growing. To look beyond the Old Continent alone, which, unfortunately, has never lived up to its name quite so well.
On April 2, several hundred executives, decision-makers, and economic leaders gathered in Paris for a day unlike any other. No corporate gala, no formulaic speeches: the European ETI Summit—of which Carmine Capital is an official partner for this inaugural edition—brought together those who quietly drive the European economy: the leaders of mid-market companies. Finally giving them a platform worthy of the challenges they face!
The day was opened by Michel Barnier, former Prime Minister and chief Brexit negotiator, alongside Virginie Calmels (CroissancePlus) and Philippe d’Ornano (Sisley, METI), setting the tone: that of leaders who embrace their responsibilities and do not shy away from the big questions.