Ageas acquires Esure

Facts

Involved firms and advisors buy side: 

Financial: BofA Securities
Legal (transaction counsel): Allen Overy Shearman Sterling LLP
Legal (financing counsel): Linklaters LLP
Regulatory compliance diligence: Sicsic Advisory
Financial, tax and operational diligence: EY
W&I Broker: Willis Towers Watson

Involved firms and advisors target side: 

Legal: Macfarlanes LLP

Involved firms and advisors sell side: 

Financial: Fenchurch Advisory Partners LLP, Goldman Sachs International
Legal (transaction counsel): Weil, Gotshal & Manges LLP
Legal (regulatory counsel): Norton Rose Fulbright LLP
Financial, tax and operational diligence: EY

Brief description / Deal outline:
On 14 April 2025, Ageas, a leading international insurance group, announced an agreement with Bain Capital to acquire esure, a prominent UK digital personal lines insurer, for £1.295 billion (€1.51 billion) in cash. The transaction is fully aligned with Ageas’s strategic priorities for M&A in Europe and aims to reinforce its positioning in the UK, generate shareholder value through synergies, and enhance group cash generation.

The combination of Ageas UK and esure will create the third largest UK personal lines platform, with a balanced and diversified distribution across Direct, price comparison websites (PCW), brokers, and partnerships. The acquisition enables Ageas UK to accelerate its diversification strategy, expand its customer base, and target a top-line of £3.25 billion (€ 3.8 billion) by 2028.

The integration is expected to deliver operational synergies, capital benefits, and cost savings exceeding £100 million (€115 million) per annum before tax. The transaction is anticipated to close in the second half of 2025, subject to regulatory approvals.

Why should this deal win the Award for Best Large Cap Corporate Deal?
Submitted by A&O Shearman
This transaction stands out for its strategic vision, scale, and transformative impact on the UK insurance market. By acquiring esure, Ageas is creating a top-3 UK personal lines platform, combining complementary strengths in digital distribution, technology, and customer reach. The transaction is also notable for its alignment with Ageas’s Elevate27 strategy, focusing on driving profitable growth, extending leadership in technical insurance and operational excellence and future-proofing our distribution capabilities and enriching the customer experience.

What was the deal rationale?
The acquisition fits Ageas’s corporate strategy to expand its European presence, strengthen its UK operations, and diversify its distribution channels. It supports Ageas’s ambition to rebalance its group profile towards high cash conversion businesses and to leverage technology and data for competitive advantage. The deal is part of Ageas’s broader Elevate27 strategy, reinforcing its position as a leading insurer in Europe.

Where lies the value creation?
Value will be created through operational synergies (projected annual pre-tax cost savings exceeding £100 million (€115 million)), capital benefits (enhanced diversification, inclusion in Ageas’s internal model), and revenue growth (broader customer reach, new distribution channels, and cross-selling opportunities). The combined group will benefit from a shared technology platform, market-leading data capabilities, and strong brands.

What is the impact of this deal for the stakeholders?
The deal will benefit customers (enhance Ageas’s ability to serve a broader customer base), employees (opportunities for growth and innovation), and shareholders (cost savings, enhanced returns, and cash flow).

What was particular about the deal process?
The deal process was structured as a competitive auction process and demonstrated expert execution, with a robust financing structure involving surplus cash, newly issued debt/equity, and a fully underwritten bridge facility. The transaction required nuanced consideration as to the potential for competitive overlaps and effects on competition, together with skilled navigation of the UK and Belgian financial services regulatory regimes.

The transaction was negotiated at speed following receipt of bidder submissions, proceeding to execution with Ageas within four days. In tandem with negotiations of the transaction documents, Ageas secured W&I cover with its chosen insurers, working with brokers Willis Towers Watson, who were appointed by the sell side to implement soft staple arrangements as part of the auction sale.

Do the management or entrepreneurs deserve a special mention?
N.A.

CMB.Tech and Golden Ocean merge

Facts

Involved firms and advisors buy side: 

Financial: ING; Oaklins KBC Securities; Société Générale CIB; Crédit Agricole CIB
Legal: Argo; Seward & Kissel; Conyers Dill & Pearman; Advokatfirmaet Bahr

Involved firms and advisors target side: 

Financial: DNB Carnegie; ComputerShare; VPS Clearing and Settlement
Legal: Advokat Firmaet Schjodt AS; A&O Shearman; MJM LTD

Involved firms and advisors sell side: 

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Brief description / Deal outline: 

CMB.TECH completed a stock-for-stock merger between Golden Ocean Group Limited (“Golden Ocean”) and CMB.TECH, the surviving company of the merger. Under the terms of the transaction, Golden Ocean’s shareholders received 0.95 ordinary shares of CMB.TECH for each Golden Ocean common share. The merger brings together two of the world’s leading shipping groups to form one of the world’s largest and most diversified publicly listed maritime companies, operating a combined fleet of approximately 250 vessels across multiple segments and end-markets.

Prior to the merger, CMB.TECH was a globally diversified shipping group listed on Euronext Brussels and the New York Stock Exchange (NYSE), with a market capitalization of approximately $1.8 billion. The company operated a fleet of around 160 vessels across dry bulk, oil tankers, container ships, chemical carriers, offshore support vessels, and port service vessels. Golden Ocean, incorporated in Bermuda and listed on Euronext Oslo and Nasdaq, was a pure-play dry bulk shipping company with a market capitalization of approximately $1.4 billion and a fleet of roughly 90 dry bulk vessels.

Why should this deal win the Award for Best Large Cap Corporate Deal? 

Submitted by ING Corporate Finance

The recent merger between CMB.Tech and Golden Ocean Group Limited represents a significant milestone in the maritime and technology sectors. This strategic alliance aims to leverage the strengths of both companies to create a more robust and innovative entity. CMB.Tech, known for its advancements in clean energy solutions and maritime technology, joins forces with Golden Ocean, a leader in dry bulk shipping. 

CMB.Tech is a diversified maritime company with a fleet engaged in various activities, including 30 dry bulk carriers, 16 chemical tankers, 5 container ships, 39 Suezmax/VLCC tankers, 67 crew transfer vessels, and 4 tugboats that run on dual fuel or monofuel (diesel-)hydrogen and (diesel-)ammonia engines. Before the merger, CMB.TECH operated 30 dry-bulk vessels (including 18 new building orders), whereas Golden Ocean had a fleet of 89 dry-bulk vessels with fleet composition skewed towards the largest vessels (Newcastlemaxes and Capesizes). As a result of the merger, CMB.TECH clearly strengthens its market position in the dry bulk segment and will have a total fleet of 250 vessels (on the water and on order) with an average age of 5.9 years and a contract backlog of $3 billion. 

CMB.TECH’s business model is designed to enable the grey-to-green transition of the maritime industry with a focus on hydrogen for small ships and ammonia for large ships – whilst creating value for its shareholders, serving customers with reliable, qualitative and safe services, and attracting and inspiring the best talents. 

Golden Ocean’s fleet fits well within the business model of CMB.TECH, as Golden Ocean operates a modern, fuel-efficient fleet with large commercial scale and highly competitive cash costs. 

The merger is expected to enhance operational efficiencies, expand market reach, and drive sustainable growth. By combining their expertise, the newly formed entity will be better positioned to address the evolving demands of the global shipping industry and contribute to a greener future. 

The merged entity will be the largest listed diversified maritime group in the world with a market cap of €2.64 billion and a Net Asset Value (NAV) of $4.4 billion with following characteristics: 

• Close to 40% free float.
• More than 250 modern vessels at the forefront of decarbonisation with a mix of dual fuel fitted, dual fuel ready and modern eco ships.
• Geared up for resilient performance across the shipping cycles with the ability to seize meaningful opportunities.
• Leveraging an anchor shareholder with more than 130 years of experience in shipping. 
• A combination of CMB.TECH and Golden Ocean results in an attractive financial profile with close to $1 billion EBITDA excl. capital gain (in 2024).
• With a market cap of €2.64 billion and a free float of c. 38%, CMB.TECH’s liquidity has improved substantially from its pre-merger situation. 

The large capsize exposure of the combined fleet, which is the youngest fleet amongst the top 20 ship owners with an average age of 5.9 years, in combination with the ammonia fuel optionality, positions CMB.TECH well to become the preferred partner for large scale industrial dry-bulk shipping.

The timing for the merger might prove to be well chosen as (some) brokers believe dry bulk fundamentals are set to gradually improve from 2026 after a challenging start to H1/25, driven by growth in seaborne iron ore and bauxite volumes offsetting struggling coal flows. 

Submitted by Oaklins KBC Securities 

This landmark transaction, in the form of a stock-for-stock merger between Golden Ocean Group Limited and CMB.TECH, marks a pivotal moment in the global shipping industry. This transaction not only brings together two industry leaders but also signals a bold strategic shift aimed at redefining the maritime sector through innovation, sustainability, and operational excellence. By combining their strengths, CMB.TECH emerges as one of the world’s largest and most diversified listed maritime groups, with a multi-purpose fleet exceeding 250 vessels, including more than 80 hydrogen- and ammonia-ready ships, with a combined fair market value of approximately $11 billion.

The merger is deeply aligned with CMB.TECH’s long-term strategy to lead the global transition toward sustainable maritime transport. The Saverys family, who control CMB.TECH, have long been recognized for their unwavering dedication to decarbonization and the future-proofing of the shipping industry. Their strategic foresight and leadership have been instrumental in driving transformative change, as evidenced by the successful integration of Euronav just a year prior. That transaction marked a turning point, rapidly transforming the group from a pure-play crude oil tanker operator into a diversified maritime powerhouse under the CMB.TECH umbrella. The acquisition of Golden Ocean further builds on this momentum, reinforcing the group’s ability to execute complex, high-impact deals in quick succession.

A defining characteristic of the newly combined entity is its advanced sustainability profile. With over one-third of its fleet already equipped for hydrogen and ammonia propulsion, CMB.TECH is positioned as the global reference point in green shipping. This technological readiness not only reflects the group’s proactive approach to meeting evolving environmental regulations but also highlights its ambition to lead the decarbonization of maritime transport across a wide range of end­ markets. The merger significantly enhances CMB.TECH’s ability to scale innovative solutions and respond to the growing demand for low-emission logistics, further solidifying its role as a pioneer in sustainable shipping. 

The Saverys family deserves special recognition for their visionary leadership and relentless drive to transform the shipping industry. Their commitment to sustainability, innovation, and value creation has not only shaped CMB.TECH but has also set a new benchmark for the entire sector. Their ability to navigate complex strategic decisions and execute them with precision has been a key factor in the group’s rapid evolution and growing global influence.

From a capital markets perspective, the execution of the merger was a masterclass in cross-border dealmaking. The transaction involved the integration of entities on three major stock exchanges­ the New York Stock Exchange (NYSE), Euronext Brussels, and Euronext Oslo-while simultaneously halting Golden Ocean’s trading on Nasdaq. Successfully navigating the regulatory frameworks of the U.S. Securities and Exchange Commission, the Belgian Financial Services and Markets Authority, the Norwegian Financial Supervisory Authority and the Bermudan law required exceptional coordination and expertise. The dealmakers managed the intricacies of a stock-for-stock merger and the delisting of Golden Ocean from Nasdaq and Euronext Oslo B0rs-all while ensuring uninterrupted trading of the new CMB.TECH shares across all three venues from day one, which for Euronext Oslo was particularly difficult and required the establishment of a secondary share register and specific liquidity facilities.

The resulting triple listing significantly enhances shareholder value and investor access. It broadens the company’s global footprint and visibility, maximizes liquidity, and facilitates seamless trading across jurisdictions. With a 38% free float, CMB.TECH’s shares benefit from increased trading volume and accessibility to both institutional and retail investors worldwide, reinforcing its position as a truly global maritime leader.

What was the deal rationale? 

The rationale behind the merger is rooted in a vision to lead the shipping industry’s transition to sustainable fuels and operations while enhancing investor access and liquidity to generate shareholder value.

The combined company will continue to promote CMB.TECH’s ongoing strategy of being the reference platform for sustainable shipping as follows: 

• Fleet diversification: CMB.TECH has diversified its fleet into different shipping segments to decrease its dependence on the transportation of crude oil. This diversification has not resulted in it exiting the oil tanker business altogether, but rather has resulted in a gradual decrease of the share of revenues coming from pure crude oil transportation by adding different shipping asset types to its portfolio. CMB.TECH believes that the expansion into other shipping segments will enable future-proof investments throughout the cycles of the various segments. CMB.TECH expects that this diversification will continue as a result of the merger, and that the combined company will continue with the acquisition of second-hand future-proof vessels and the ordering of future-proof newbuildings, efficient low-carbon emitting ships and/or ships powered by hydrogen and/or ships powered by ammonia. 
• Fleet decarbonization: CMB.TECH believes a key trend in shipping is offering low-emission ships to its customers given the global fuel transition, making it important to dedicate significant amounts of capital from the industry and shipping companies to the development of low-carbon engines, fuel supply systems and the production of low-carbon fuels. CMB.TECH envisions playing a leading role in the decarbonization of the shipping industry and being the reference shipowner when it comes to green ships. 
• Fleet optimization: By divesting less efficient or older ships and re-investing the proceeds in new buildings or modern second hand vessels or technical upgrades (e.g., energy saving devices), CMB.TECH seeks to optimize its fleet to continue offering the best quality vessels to its customers. 

As mentioned before, with the integration of Golden Ocean’s assets and capabilities, CMB.TECH has emerged among the largest and most diversified maritime groups globally, uniquely positioned to address the challenges and opportunities of decarbonization across all major shipping segments on a global scale.

The merger also significantly strengthens CMB.TECH’s capital markets presence. In addition to its existing listings on the New York Stock Exchange and Euronext Brussels, the group has secured a secondary listing on Euronext Oslo. This triple listing structure expands investor access across key financial markets and supports a 38% free float, substantially improving trading liquidity and broadening the shareholder base.

The Saverys family, who control CMB.TECH, have been the driving force behind this vision. In less than 18 months, the family has transformed Euronav from a pure play crude oil tanker company into one of the largest and leading diversified and future-proof maritime group.

Where lies the value creation? 

The value creation is twofold and lies in i) the accelerated execution of CMB.TECH’s strategy centered around the diversification, decarbonization and optimization of the fleet, allowing the Company to invest through the cycle and ii) increased investor access and liquidity in the stock.

Following the transaction, CMB.TECH now operates a fleet of 250 modern vessels with an average age of just 6.1 years, underscoring the group’s commitment to maintaining a future-proof and efficient asset base. Notably, more than one-third {>80 ships) of these vessels are hydrogen- and ammonia-ready, offering low-carbon fuel optionality and reinforcing the company’s leadership in green shipping technologies. Next to this, the diverse vessel types within the fleet enable CMB.TECH to operate across a broad spectrum of end-markets and enhance its resilience against seasonal fluctuations in end-markets’ demand. This fleet composition positions CMB.TECH at the forefront of regulatory and market-driven shifts toward cleaner maritime transport.

On the operational side, the group’s scale enables substantial operational synergies, cost efficiencies, and enhanced purchasing power through cross-selling across markets and geographies and expanded service offerings.

Finally, shareholder value is enhanced through improved investor access and increased liquidity. The resulting triple listing on NYSE, Euronext Brussels and Euronext Oslo boosts CMB.TECH’s global capital market presence and delivers a 38% free float, significantly increasing trading liquidity and accessibility for investors worldwide. The combination positions CMB.TECH as one of the largest listed shipping groups globally, able to attract meaningful institutional and retail investor worldwide investor interest.

What is the impact of this deal for the stakeholders?  

The merger delivers substantial benefits to all stakeholders. Most importantly, the group’s modern and future proof fleet and focus on hydrogen and ammonia-ready vessels accelerates the shipping industry’s decarbonization, setting new ESG standards for maritime transport and contributing to a more sustainable future for society at large.

Employees gain access to a larger, more innovative organization with global career opportunities. Clients and suppliers benefit from a more comprehensive and reliable partner that is able to operate globally across end-markets through its diversified and large fleet as one of the largest maritime groups while reducing their carbon footprint.

What was particular about the deal process? 

The sheer complexity in terms of striking a deal between two global players in the shipping industry while managing regulators with both companies operating across a multitude of jurisdictions and having 4 combined listing venues. The stock-for-stock nature of the transaction in combination with the extensive number of stakeholders across geographies significantly increased deal complexity and coordination requirements.

Given the unique character of a dual listing of ordinary shares on both NYSE and Euronext Brussels for CMB.Tech and Gold Ocean being a Bermudan entity with a dual listing on Euronext Oslo and Nasdaq, dealmakers needed to ensure all requirements of the respective listing venues were respected through a well-coordinated exercise with both the US, Norwegian and Belgian financial markets regulator and financial intermediaries.

The dealmakers successfully navigated the legal, regulatory, and operational challenges of integrating entities operating globally across jurisdictions, ensuring seamless trading of the new shares from day one. The stock-for-stock structure and the establishment of a secondary share register in Norway further demonstrate the innovative approach taken to maximize liquidity and investor access.

Do the management or entrepreneurs deserve a special mention?  

Following-up on the acquisition of Euronav and the combination of CMB.TECH with Euronav in 2024, the Saverys family continues to be at the forefront of the global shipping industry through this transaction, with a strong focus on decarbonization and innovation.

The Saverys family deserves special recognition for their visionary leadership and relentless drive to transform the shipping industry. Their commitment to sustainability, innovation, and value creation has not only shaped CMB.TECH but has also set a new benchmark for the entire sector. The family’s ability to execute complex, cross-border transactions and their authentic leadership have been critical to the success of this landmark deal.

Sonaca acquires Aciturri Aerostructure

Facts

Involved firms and advisors buy side: 

Financial: KPMG
Legal: Liedekerke; Uria Menendez
Transaction Services: UBS

Involved firms and advisors target: 

Financial: Deloitte
Legal: Garrigues

Involved firms and advisors sell side: 

Financial: Deloitte
Legal: Garrigues

Brief description / Deal outline: 

On 13 December 2024, Sonaca reached an agreement to acquire the Aciturri’s aerostructures division, backed by its long-standing shareholders Wallonie Entreprendre and SFPIM. While it may sound straightforward on paper, in reality this was the result of a four-year journey that began in the midst of the COVID pandemic.

In October 2021, when morale in the aerospace industry was at its lowest, Sonaca’s new CEO, Yves Delatte, and Aciturri’s Executive Chairman, Ginés Clemente, met for the first time—not in a boardroom, not even in a meeting room, but in a parking lot, sharing coffee and breakfast with FFP-3 masks, due to COVID restrictions. Sonaca was indeed Aciturri’s first visitor since the start of the pandemic. What followed was not a swift “conventional” negotiation, but a lengthy process of building trust and getting to know each other as potential partners and rivals, until finally both sides felt confident enough and dared to say: “Let’s unite”.

The two groups bring complementary strengths to the table: Sonaca specialised in metallic aerostructures, made of aluminum, and Aciturri in composites aerostructures, made of carbon fibers. Together, they could build what Europe needs : a pan-European dual-use civil and defence champion, equally committed to technological excellence and sustainability. From day one, the ambition was to grow in scale and accelerate the transition towards greener aviation in line with Europe’s net zero targets by 2050 and European industrial sovereignty in defence.

Today, the combined group has more than 6,500 employees across seven countries and 27 production sites, and is projected to have a turnover of more than €1.2 billion in 2025. More importantly, as the world’s third-largest independent player in the aerostructures sector, the combined group now has the scale, vision and courage to thrive both sustainable civil aviation and European defence.

Why should this deal win the Award for Best Large Cap Corporate Deal? 

Submitted by Sonaca

This was never just a transaction, it was a “moonshot”. When Sonaca first approached Aciturri, every banker, advisor and market specialist said the same: “Don’t waste your time, Aciturri is not for sale.” Aciturri was considered a crown jewel: highly attractive, but completely out of reach.

However, Sonaca persisted. Over four years, they patiently transformed the situation from ‘attractive yet not feasible’ to ‘attractive and feasible’. That persistence has paid off. Against all odds, Sonaca has succeeded in acquiring Aciturri to create a new pan-european dual use civil and defence leader.

The deal is visionary because it transcends financial logic. As early as September 2021, before the war in Ukraine bursted on the international scene, Sonaca reaffirmed its focus on defence, recognising that Europe would require robust, autonomous industrial partners having sufficient scale. At the same time, the group made sustainability a core part of its strategy, acknowledging that future competitiveness in the sector depends as much on decarbonisation and Environmental, Social and Governance (ESG) leadership as on industrial strength. This acquisition accelerates both visions. It creates a key player, with the strength to innovate in decarbonisation and the credibility to support European defence efforts.

In short, this deal is ambitious, courageous and strategically vital for Europe.

What was the deal rationale? 

The rationale was both strategic and deeply human. Sonaca wanted to expand its technological capabilities and global presence. Meanwhile, Aciturri was seeking a way to secure its long-term future through internationalisation. They both shared the belief that Europe’s aerospace industry needed stronger, independent companies that could compete globally.

The message from aircraft manufacturers was clear: OEMs need reliable partners with cutting-edge expertise and a global reach. By combining Sonaca’s metallic expertise with Aciturri’s composites mastery, the new group can meet these demands and more besides. It can deliver lighter, more efficient and more sustainable aircraft structures, and step up as a key contributor to European air defence.

The deal fits within Sonaca’s broader buy-and-build strategy, positioning the group as a stronger player across civil, defense and space markets. 

Where lies the value creation? 

Value creation stems from both hard facts and a broader vision. In the industrial sector, there are obvious synergies in terms of design, certification and operations. Economies of scale will reduce costs, and combined R&D will accelerate breakthroughs in composites and low-carbon technologies. Growth will come from cross-selling and geographical expansion.

However, the true value of this deal goes beyond the standard top 2 bottom lines synergies and lies in what this merger enables:

• A stronger European player that can accelerate the decarbonisation of aviation by 2035 and reach net zero by 2050.
• A dual-use company that will reinforce European defence and sovereignty at a time when security is paramount.
• A global champion that can compete with the largest players yet remain proudly European and independent.

This deal is about more than just efficiency gains, it is about writing the next chapter of Europe’s aerospace story.

What is the impact of this deal for the stakeholders?  

For employees, it is a story of pride and renewed ambition. Across seven countries, more than 6,500 people see their future secured in a group with global reach, innovation at its core, and resilience for the decades ahead. Career development, upskilling, and stability are no longer abstract promises, they are built into the DNA of this new group.

For clients, it is about confidence: broader capabilities, stronger supply chains, and a trusted, long-term partner that reduces risks and increases value. For suppliers, it means joining a stronger ecosystem, with more opportunities, higher volumes, and shared innovation.

For the Belgian aerospace industry, Sonaca’s growth and its access to the Spanish aerospace market will offer new commercial and collaborative opportunities for our Belgian partners and suppliers through Sonaca, whether in the production of aerostructures, equipment, or the development of new technologies.

For society, the impact reaches further. This transaction accelerates the transition to sustainable aviation, reinforces Europe’s strategic autonomy, and embeds ESG principles deeply in operations. From climate action to gender equality, from responsible production to global cooperation, this new group is designed to serve not only its markets but also the broader goals of society.

Importantly, the integration respects local teams and management structures, ensuring continuity of operations and inclusive growth across all sites.

What was particular about the deal process? 

This deal was thought by most people active in the industry to be impossible. It was a cross-border negotiation between a Belgium-based group supported by public shareholders and a Spanish family-owned business. The process was further complicated by the pandemic and financial market upheaval amid geopolitical crises. Finally, it was also a challenge to convince many stakeholders to “get on board” (not least the Spanish lenders and Spanish authorities, not used to seeing a foreign group taking over one of their crown jewels and large employers). It was a four-year process that required patience, vision and trust.

It began with that now-famous breakfast meeting in the parking lot during the COVID pandemic and evolved into a story of resilience. When revenues in the industry had fallen by 50%, and morale was low, in 2021 Sonaca dared to declare that it would grow from €400 million to €1.5 billion in a few years. It was a bold promise, and Aciturri was the partner to make it happen.

The deal involved complex cross-border coordination, a long slate of regulatory and financial approvals (in particular, a demanding Spanish FDI process), and governance alignment between Belgian public shareholders and the Spanish family office that controlled Aciturri. Despite these challenges, the process was executed relentlessly and efficiently. 

Customers and governments, including Airbus, the Belgian and Spanish governments, were enthusiastic because they could see the bigger picture: the creation of a European leader in civil aviation and defence, one of the continent’s most strategic industries.

Finally, it is noteworthy that what started as an outright acquisition transformed into a two-step approach during the 4-year negotiation process. Firstly, there will be a temporary joint venture between SONACA (51%) and the family office (49%) for two years. This is intended to facilitate the financing of the transaction and ensure a smooth transition and integration. During this period, family representatives will remain in the governance structure of Aciturri. Secondly, after two years, SONACA has the option to purchase the remaining 49% of shares in cash. Alternatively the family office then has the subsequent option to sell through a combination of “cash & in kind”, potentially enabling them to reinvest shares into the combined group at the end of the transition period. This sophisticated deal structure enabled the financing of the transaction while preserving the equilibrium between the shareholders.

Do the management or entrepreneurs deserve a special mention?  

Yves Delatte (CEO of Sonaca) and Ginés Clemente (Executive Chairman of Aciturri) deserve credit not only for their strategic vision, but also for their human leadership. They built trust during challenging periods, motivated their teams during periods of low morale, and persevered when others said it could not be done.

Their shared conviction that Europe needs strong, independent aerospace players drove the process forward. It was their patience, courage and determination that turned a moonshot and a 4-years long acquisition process into reality.

Ginés’ personal journey adds an extra dimension to this incredible story. Starting out as a blue-collar worker, he purchased his first machine and installed it in his mother-in-law’s garage in 1977. From these humble beginnings, he built Aciturri into a €400+ million group within a single generation. His journey embodies resilience and entrepreneurial spirit, qualities that now underpin the ambition of the combined group to shape the future of European aerospace.

Easypark and investors acquire Be-Mobile

Facts

Involved firms and advisors buy side:

Legal: Loyens & Loeff, Paul, Weiss
Tax Due Diligence: PwC; Deloitte
Financial Due Diligence: PwC

Involved firms and advisors target side: 

Legal: Laurius
Tax Due Diligence: LDS

Involved firms and advisors sell side: 

Legal: Stibbe
M&A: Rothschild & Co
Financial, Tax & IT Due Diligence: KMPG
Commercial advisor: Roland Berger

Brief description / Deal outline: 

Submitted by Loyens & Loeff

Global private equity firm Vitruvian Partners and its portfolio company Easypark (now rebranded as Arrive), a global provider of digital parking and mobility solutions, acquired a 92.74% stake in Be-Mobile NV from Proximus NV. Be-Mobile is the market leader in the Benelux for subscription-based driver companion apps and traffic data/control services, best known for its 4411 parking platform.

The transaction included the acquisition of the Belgian group Be-Mobile NV, as well as joint ventures Belgian Parking Register NV, THV Mobile City, TM Parkeergeleiding, and THV DVM s-Lim, and the Dutch subsidiary Flitsmeister B.V. The remaining 7.26% of shares remain initially with Be-Mobile founder Cascador II (Jan Cools). Following completion, Be-Mobile will be demerged: the 4411 parking services will be acquired by Arrive, while the remaining activities (traffic management, smart city solutions, etc.) will be transferred to the exclusive control of the current management team led by CEO Jan Cools.

Submitted by Rothschild & Co

Be-Mobile runs the largest road traffic ecosystem in Northwestern Europe, offering digital services for drivers as well as infrastructure tools for operators (B2C/B2B/B2G). Through its mobile parking payment app 4411 and safety driver companion app Flitsmeister it engages with millions of active users. These platforms feed into and strengthen the Be-Mobile Tech business unit, which specialises in mobility data and software solutions. Be-Mobile Tech focuses on real-time data exchange to support traffic management, tolling, and mobility rights, including on-street parking, toll tunnels, off-street access, e-vignettes, etc., ultimately helping infrastructure operators improve traffic flow and safety. In parallel to the sale of Proximus’ stake, the CEO Jan Cools, together with his management team and EasyPark, agreed to carve out 4411 from the group into Easypark, with the remainder of the business to be controlled by Jan Cools and his management team (the Flitsmeister and Be-Mobile Tech businesses).

Why should this deal win the Award for Best Mid Cap Corporate Deal? 

Submitted by Loyens & Loeff

Project Road is a landmark transaction that combines strong value creation, strategic innovation, and a positive impact on the European mobility ecosystem. The exit by Proximus NV of its 92.74% stake in Be-Mobile NV—for a published value of EUR 175 million—to Vitruvian Partners and its portfolio company Easypark (now Arrive) exemplifies the best in mid-cap private equity exits. This transaction allowed Proximus to realise significant value from its investment, while placing Be-Mobile in the hands of partners ideally positioned to drive its next growth phase. Arrive brings global reach in digital parking and mobility, and Vitruvian adds deep sectoral investment expertise—ensuring that Be-Mobile’s core businesses will thrive under focused ownership.

A key strength of the deal lies in its innovative structure. Post-closing, Be-Mobile will be demerged: the 4411 parking services will integrate into Arrive’s global mobility platform, while the traffic-management and smart-city solutions will continue under the leadership of founder Jan Cools. This approach enables each business line to grow on its own terms, while preserving continuity for employees, customers, and partners. The transaction also advances broader public-policy goals: by combining 4411 with Arrive, it accelerates seamless, sustainable urban mobility across Europe, while the independent traffic-management arm will continue improving congestion, safety, and smart-city innovation in the Benelux region.

Project Road further stands out for its complex, multi-jurisdictional execution, aligning a listed telecom operator, a private equity fund, a growth-stage portfolio company, and a founder-led team across Belgium and the Netherlands. For its strategic foresight, financial success, and positive societal impact, Project Road deserves recognition as the Best Mid-Cap Private Equity Exit 2025—a benchmark for future mid-cap transactions.

Submitted by Rothschild & Co

After nearly a decade of partnership, Proximus and Be-Mobile reached a pivotal crossroads in 2025. Proximus, Belgium’s leading telecom operator, had set out an ambitious €500 million divestment programme to sharpen its strategic focus and accelerate value creation for its stakeholders. Be-Mobile, meanwhile, had grown into Northwestern Europe’s largest road traffic ecosystem, with millions of users relying daily on its digital mobility services and real-time data platforms.

This transaction was driven by a clear and forward-looking strategic vision. Proximus sought to divest non-core assets as part of its €500m divestment program, which was impressively achieved two years ahead of schedule through this deal, providing funds for the accelerated rollout of its optic fibre infrastructure. Be-Mobile, a pioneer in digital mobility services and data-driven platforms, was an ideal candidate for strategic repositioning thanks to its clear standalone growth potential. EasyPark Group, now rebranded to Arrive, recognised in Be-Mobile a unique opportunity to strengthen its presence in the Belgian mobile parking market. The deal simultaneously allowed Be-Mobile’s CEO, Jan Cools, together with his management team, to retain and grow their involvement in the business, taking control of Flitsmeister and Be-Mobile Tech, thereby ensuring continuity, entrepreneurial drive, and ongoing innovation.

Another remarkable aspect of this transaction is that it was executed during a period of leadership transition at Proximus, with a change in the CEO position. Navigating an M&A process amid such a pivotal moment in corporate leadership is inherently challenging, and it requires flawless execution and unwavering commitment from all teams involved. Despite this, the successful signing and closing of the Be-Mobile transaction sends a clear signal to the market and investors that Proximus’ strategic vision and transformation agenda remain fully on track. The deal provides tangible proof that the company’s long-term objectives were not only resilient to changes at the top but could be accelerated and delivered with discipline and focus thanks to the strong execution team already in place.

The transaction unlocks significant value creation potential on multiple levels. Be-Mobile’s driver companion platform, Flitsmeister and Be-Mobile Tech will continue their growth journey under the leadership of Jan Cools and his management team, while 4411 is acquired by EasyPark. This structure enables focused strategic execution. EasyPark gains a strong foothold in the Belgian mobility payments market through 4411, while Jan Cools and his team can accelerate innovation and expansion across Flitsmeister and Be-Mobile Tech. Furthermore, the agreement between EasyPark and Jan Cools also foresees a strategic partnership with EasyPark to provide parking services for its Flitsmeister user base. The separation allows each entity to pursue tailored growth strategies, unlocking synergies in B2C, B2B, and B2G segments, and fostering operational excellence, user engagement, and market leadership across Europe.

Finally, the integration of 4411 into Arrive represents more than just a strategic acquisition—it symbolises the successful transition of a Belgian entrepreneurial success story into the fold of a European market leader. This move highlights the strength and relevance of Belgium’s tech and mobility ecosystem on the international stage. By combining 4411’s local expertise and user base with Arrive’s pan-European reach and innovation capabilities, the transaction creates a powerful platform for future growth and service enhancement across borders.

What was the deal rationale?

Submitted by Loyens & Loeff

The acquisition of Be-Mobile NV by Vitruvian Partners and its portfolio company Easypark (now Arrive) was driven by a clear strategic fit and a buy-and-build vision. For Arrive, the deal expands its footprint in the Benelux and strengthens its position as a global leader in digital parking and mobility. Integrating Be-Mobile’s well-known 4411 parking platform adds millions of users and enhances Arrive’s technology stack, accelerating innovation and seamless urban mobility. Vitruvian Partners saw an opportunity to unlock value by supporting the demerger of Be-Mobile: parking services will integrate with Arrive’s platform, while traffic-management and smart-city solutions will remain under founder Jan Cools, allowing each business to pursue focused growth. For Proximus, the sale aligned with its strategy to concentrate on core telecom operations while realizing significant value (EUR 175 million) from a non-core asset. The transaction aligns all parties’ strategies and advances global mobility-tech consolidation.

Submitted by Rothschild & Co

For Proximus, the divestment marks a significant milestone as it accelerates its strategic goal of realising its €500m divestment target in non-core assets, achieving the target two years ahead of its 2027 deadline. Following this early success, the group has announced plans to increase its divestment target to €600 million. The sale of Be-Mobile is part of a larger divestment strategy to support Proximus’ free cash flow in a period of heavy investment in the roll-out of the optic fibre infrastructure of the Telecom player.

For Arrive/Easypark, this operation takes place in their buy and build strategy to expand their smart mobility vision into new geographies, building on a strong presence in over 90 countries and 20,000 cities with their brands like EasyPark, Flowbird, RingGo, ParkMobile and Parkopedia. It further strengthens Arrive’s global presence in mobile parking and mobility solutions by expanding its user base and enhancing its local service footprint.

For Be-Mobile, this marks a pivotal moment that allows them to fully pursue their strong ambition of building the largest community of connected drivers in Europe, growing far beyond the 3 million users served today. With renewed focus and Arrive as a trusted partner for mobile parking services, Flitsmeister, supported by the robust technological backbone of Be-Mobile Tech, is well-positioned to accelerate its geographic expansion. The continued collaboration with Arrive enables Flitsmeister to seamlessly extend its parking services across all markets where Arrive is active, strengthening its role as a comprehensive driver companion app and unlocking new growth opportunities across borders.

Where lies the value creation?

Submitted by Loyens & Loeff

For Arrive and Vitruvian Partners, value lies in the strategic integration and future growth potential. By combining Be-Mobile’s 4411 parking platform with Arrive’s global network, the deal creates a larger, more competitive digital mobility ecosystem with increased scale, user base, and cross-market synergies—driving both revenue and EBITDA growth potential.

Submitted by Rothschild & Co

Arrive’s acquisition of Be-Mobile’s 4411 business unit, the mobile payment service for parking, public transport, and other mobility services, allows them to integrate a well-established, high-usage platform into its global portfolio. This strengthens Arrive’s ability to offer seamless, end-to-end mobility solutions to millions of users. Arrive’s global presence in over 90 countries and 20,000 cities, combined with 4411’s strong local footprint in Belgium, creates a larger and more diverse user base.

The integration of Arrive’s services into the Flitsmeister driver community (over 3 million active users) opens up new cross-selling opportunities, allowing both brands to offer bundled services and increase user engagement. The partnership is designed to be mutually reinforcing. This partnership is designed to be mutually reinforcing: while Arrive gains access to the market-leading mobile parking payment application in Belgium, Flitsmeister, under the leadership of Jan Cools and his management team, can expand its service offering, strengthen its value proposition, and accelerate its European growth ambitions through its new shareholding structure.

What is the impact of this deal for the stakeholders?  

Submitted by Loyens & Loeff

Clients and public-sector partners access enhanced parking solutions and sustained investment in smart-city traffic management. End users enjoy a more seamless, convenient mobility experience. The transaction also advances ESG goals by promoting efficient urban mobility, reducing congestion, and cutting emissions. Overall, the deal creates long-term value, strengthens the mobility ecosystem, and supports more sustainable, connected cities.

Submitted by Rothschild & Co

This transaction delivers meaningful benefits to all stakeholders:

• Proximus: Achieved a successful divestment aligned with its corporate strategy.
• Be-Mobile Management: Gained ownership and strategic control, empowering them to pursue long-term growth.
• Employees: Retained leadership and continuity, with renewed focus on innovation and expansion.
• Customers: Benefit from enhanced services, broader coverage, and smarter mobility solutions.
• Society: The deal contributes to more liveable cities through improved traffic flow, parking accessibility, and sustainable transport options.

What was particular about the deal process?

Submitted by Loyens & Loeff

Project Road stood out for its skilled execution, competitive dynamics, and innovative structure. The transaction was conducted through a highly competitive auction, attracting strong interest from both strategic and financial bidders, which helped achieve an optimal outcome for the seller. The deal involved multiple jurisdictions (Belgium, the Netherlands and Sweden), several joint ventures, and a planned post-closing demerger, requiring careful legal, regulatory, and tax structuring. The dealmakers successfully aligned the interests of a listed seller (Proximus), a private equity buyer (Vitruvian Partners), a portfolio company (Arrive), and the founder-led management team (Jan Cools). Despite the complexity and competitive bidding, the process remained smooth and timely, demonstrating exceptional coordination and innovative problem-solving that maximised value and ensured a successful closing.

Submitted by Rothschild & Co

A tailored process was designed to identify the ideal long-term partner for Be-Mobile. The transaction required aligning the strategic priorities of Proximus and Be-Mobile’s founder-led management team, with a focus on achieving a balanced and mutually beneficial outcome for all stakeholders. The final structure allowed EasyPark to acquire the 4411 mobile payment platform, while simultaneously allowing Jan Cools and the management team to retain control of Flitsmeister and Be-Mobile Tech. This split ensured strategic continuity and growth for both parties.

Do the management or entrepreneurs deserve a special mention?

Submitted by Loyens & Loeff

Jan Cools, founder and CEO of Be-Mobile, deserves special recognition for his visionary leadership and entrepreneurial drive. Over two decades, he built Be-Mobile into the Benelux market leader in traffic data, smart mobility, and parking solutions, fostering a culture of innovation and collaboration.

Submitted by Rothschild & Co

The growth of Be-Mobile is linked to the exceptional vision, knowledge and ambition of its founder Jan Cools. Through the years, he has built a company that went through different phases, always able to rebound to reach further heights. This transaction is the embodiment of the success that his vision brought to Be-Mobile and to the overall mobility sector.

Hexagon acquires Septentrio

Facts

Involved firms and advisors buy side: 

Financial Due Diligence: BRG
Tax Due Diligence: AKD
Legal: Jones Day

Involved firms and advisors target side:

Legal: Baker McKenzie
Tax & Financial Vendor Due Diligence: Deloitte

Involved firms and advisors sell side:

Financial: IA Global Capital Partners LLP
Tax & Financial Vendor Due Diligence: Deloitte
Legal: Baker McKenzie

Brief description / Deal outline: 

Hexagon acquired Septentrio NV, a leading OEM provider of Global Navigation Satellite System (GNSS) technologies located in Leuven, Belgium, to drive innovation and expand the reach of Resilient Assured Positioning solutions. The acquisition followed a highly competitive auction process. 

Why should this deal win the Award for Best Mid Cap Corporate Deal? 

Submitted by Jones Day

The acquisition of Septentrio NV by Hexagon Solutions AB represents a landmark transaction in the European technology sector, creating substantial strategic, industrial, and societal value. The deal aligns a global acquirer with a Belgian technology leader, reflecting a well-considered strategic fit. Executed through a competitive international auction, Hexagon prevailed based on a compelling offer and clear strategic rationale. The transaction highlights the resilience of the Belgian technology ecosystem and showcases Septentrio’s growth from a Leuven-based IMEC spin-off to a global leader in GNSS technology.

The process involved multiple layers of complexity. Septentrio’s global operations, spanning the US, Netherlands, Finland, South Korea, China, and Japan, required extensive cross-border regulatory review, foreign investment screenings, and detailed legal due diligence. Post-closing integration and internal restructuring also demanded careful coordination and planning. The sell-side structure added further complexity. There were no majority shareholders; multiple smaller corporate entities, a STAK, and private investors were involved, along with warrant plans and profit certificates. Aligning and satisfying such a diverse stakeholder group required precise negotiation, legal drafting, and coordination. Septentrio’s IP and government contracts added sensitivity, particularly given the critical nature of GNSS technologies for strategic infrastructure. Robust verification of IP and contractual obligations was therefore a pivotal part of the diligence process. Given the transaction’s scale, complexity, and strategic significance, it represents a major milestone for Hexagon, Septentrio, and the broader industry.

What was the deal rationale?

Septentrio strengthens Hexagon’s Resilient Assured Positioning (RAP) portfolio with high-precision GNSS technologies that are mission-critical for autonomy, safety, and digital transformation. Septentrio’s receivers are recognised for centimetre-level accuracy, resilience to interference, and low SWaP design, making them ideal for demanding OEM applications in robotics, UAVs, transportation, and industrial automation. The deal also accelerates Hexagon’s entry into high-growth autonomy, complements its existing brands (such as NovAtel and Veripos), and reinforces its long-term strategy to deliver end-to-end assured autonomy solutions. Septentrio’s global footprint (with subsidiaries in the US, Netherlands, Finland, South Korea, China, and Japan) gives Hexagon immediate market access, while Hexagon’s scale and distribution will, in turn, fast-track Septentrio’s innovation to a worldwide customer base.

Where lies the value creation?

The acquisition generates value across multiple dimensions: it accelerates R&D by combining Septentrio’s GNSS expertise with Hexagon’s sensor and autonomy platforms, enabling faster innovation and enhanced product performance. Operational efficiencies and economies of scale are realised through Hexagon’s global footprint, while cross-selling opportunities expand revenue across automotive, robotics, UAVs, and industrial markets. Septentrio’s proprietary technology and IP strengthen Hexagon’s innovation pipeline, and the deal reinforces Hexagon’s strategic leadership in resilient positioning and assured autonomy.

What is the impact of this deal for the stakeholders?  

The acquisition of Septentrio by Hexagon delivers broad and meaningful benefits across all stakeholders:

• Employees: Joining Hexagon provides Septentrio employees with expanded career development opportunities and access to global projects. Beyond general career opportunities, certain key personnel were shareholders and holders of profit certificates and warrants, which formed part of the purchase price. 
• Clients: Customers benefit from an integrated portfolio of positioning and autonomy solutions with enhanced precision, resilience, and reliability, enabling safer and more efficient operations across sectors such as autonomous vehicles, robotics, industrial automation, and transportation.
• Suppliers: The integration creates new business opportunities and strengthens long-term partnerships.
• Society: By enabling safer, more sustainable, and more efficient infrastructure and industrial processes, the transaction contributes to broader societal benefits. Resilient positioning solutions support safer mobility, precision agriculture, autonomous logistics, and other applications.

What was particular about the deal process?

The transaction required highly skilled execution due to multiple factors:

• Diverse sell-side: Multiple corporate and private shareholders, plus warrants and profit certificates, required alignment and careful legal structuring.
• Multi-jurisdictional operations: Subsidiaries across six countries demanded regulatory diligence, FDI screening, and coordination for post-closing integration.
• Sensitive IP and government contracts: Mission-critical technologies and government engagements necessitated careful diligence and contractual safeguards.
• Competitive auction: Hexagon navigated a fast-paced, confidential, and highly competitive process.
• Integrated advisory team: Legal, financial, and strategic advisors collaborated seamlessly to manage valuation, structuring, and financing.
• Timely closing – Despite complexity, the transaction (signed end of December 2024) closed in March 2025.

Do the management or entrepreneurs deserve a special mention?

N.a. 

Specialist Risk Group acquires Ecclesia’s Dutch and Belgian operations

Facts

Involved firms and advisors buy side: 

Legal: Freshfields LLP; Eversheds Sutherland
Financial Due Diligence: Deloitte

Involved firms and advisors target side: 

N.A.

Involved firms and advisors sell side: 

Legal: Clyde&Co; Lydian; NautaDutilh

Brief description / Deal outline: 

Specialist Risk Group’s acquisition of the Dutch and Belgian insurance brokerage businesses held by the Ecclesia Group, one of Germany’s largest insurance brokers and one of the leading insurance brokers in Europe. The acquisition will see seven businesses with a combined team of 700 across the two countries join Specialist Risk Group and mark a significant step in Specialist Risk Group’s continued international growth.

Why should this deal win the Award for Best Mid Cap Corporate Deal? 

Submitted by Freshfields

The acquisition of Ecclesia’s businesses in Belgium and the Netherlands by Specialist Risk Group (SRG) is a landmark transaction that epitomises what the Best Mid Cap Corporate Deal Award seeks to recognise. It combines strategic clarity, international ambition, cultural alignment, and transformative impact, not only for the parties involved but for the wider industry. At its core, the transaction is transformational. With seven businesses and 700 colleagues across two countries joining SRG, the deal marks SRG’s formal entry into mainland Europe. This transaction demonstrates SRG’s evolution from a fast-growing insurance intermediary headquartered in the UK into an international specialist business with a formal presence in the UK, Singapore, and now mainland Europe, creating a strong platform for further international growth. The scale of this step forward, achieved within a single mid-cap deal, sets it apart from comparable transactions in 2025.

The partnership element is equally noteworthy. Ecclesia Group, Germany’s largest insurance broker, is not merely a vendor in this transaction but becomes a shareholder in SRG. This creates a unique shareholder structure in which SRG is jointly owned by Warburg Pincus, Temasek, Ecclesia, and SRG management. Such a combination brings together long-term capital strength, global reach, and deep sector expertise. Moreover, as part of the transaction, Ecclesia’s CEO, Jochen Körner, has joined SRG’s Board as a Non-Executive Director, providing the group with further valuable guidance, insights and experience. Few mid-cap deals achieve such a strong blend of financial alignment, operational complementarity, and leadership collaboration.

The timing of the deal further underscores its importance. In 2024 alone, SRG announced 12 acquisitions, expanded into the Asia-Pacific region, completed a refinancing and introduced new majority shareholders, Warburg Pincus and Temasek. The Ecclesia acquisition crowns this momentum and marks a significant step in SRG’s continued international expansion, demonstrating its ability to execute growth in a rapid yet thoughtful manner. To sustain this pace while maintaining cultural integrity and specialist focus is both challenging and impressive.

From an industry perspective, the transaction creates a powerful new player in specialist insurance intermediation across Europe. The acquired Dutch and Belgian businesses are leaders in their markets, with strong technical expertise and enduring client relationships. Their integration into SRG enriches the Group’s capabilities and deepens its sector specialism, reinforcing its positioning as the natural home for specialist insurance talent. By integrating established Dutch and Belgian businesses with exceptional technical expertise, strong client relationships, and cultural alignment, the deal expands SRG’s international footprint while further enriching its specialist capabilities, demonstrating that growth and specialism can reinforce each other.

The deal also stands out for the clarity of its benefits to all parties. For SRG, it marks its formal entry into mainland Europe and a significant increase in its headcount, a step described by Group CEO Warren Downey as “a pivotal moment” in the company’s international expansion. For Ecclesia, it enables renewed focus on its German home market, while retaining a stake in the future success of its former Dutch and Belgian businesses through its new shareholder position in SRG. The acquired businesses, recognised for their strong client relationships and technical expertise, now formally become part of SRG, creating what Ecclesia CEO Jochen Körner described as “meaningful opportunities for our people and clients alike”, in a partnership characterised by shared “passion for people and culture, specialism, and building for the long term”. The integration is therefore framed by both organisations as a genuine partnership designed to secure long-term growth and opportunity.

In summary, this transaction is not just a significant step in SRG’s internationalisation; it is a showcase of how mid-cap corporate deals can be structured to achieve scale, partnership, and transformation simultaneously. Its strategic clarity, unique ownership structure, balanced impact across stakeholders, and role in reshaping the European specialist insurance landscape make it a compelling candidate for Best Mid Cap Corporate Deal 2025.

What was the deal rationale?

The rationale behind the transaction was twofold: to accelerate SRG’s international expansion and to create a strategic partnership with Ecclesia. The acquisition marks SRG’s first move into mainland Europe, following its entry into the Asia-Pacific region in 2024, and builds a strong foundation for further European growth. By acquiring seven established businesses in Belgium and the Netherlands, SRG significantly expands its footprint, enhances its capabilities, and strengthens its position as an international specialist intermediary.

For Ecclesia, the transaction allows a sharpened focus on its core German market, while retaining exposure to the future growth of its Dutch and Belgian assets through a shareholder position in SRG. The inclusion of Ecclesia as an investor and the appointment of CEO Jochen Körner as a Non-Executive Director create a durable partnership that can support both organisations’ long-term strategies. The transaction builds on SRG’s record of acquisitive growth, following 12 acquisitions in 2024 and its expansion into the Asia-Pacific region, while also a long-term partnership with Ecclesia that reflects both organisations’ shared focus on specialist expertise, people, and culture.

Where lies the value creation?

The value creation resulting from this transaction is multifaceted. First, the acquisition substantially increases SRG’s scale, doubling its headcount and establishing a significant presence in mainland Europe. This expansion enhances SRG’s ability to compete as an international intermediary while also laying the groundwork for future growth across the continent. Second, the acquired Dutch and Belgian businesses contribute exceptional technical expertise, strong client relationships, and a service-led approach that aligns closely with SRG’s culture and strategy. Their integration enriches SRG’s specialist capabilities and strengthens its position as the natural home for specialist insurance talent. Third, the enlarged footprint creates new opportunities for revenue generation through cross-border collaboration, enhanced sector reach, and the ability to offer a broader range of solutions to clients. Finally, the inclusion of Ecclesia as a shareholder and the appointment of its CEO, Jochen Körner, as a Non-Executive Director, provide enduring strategic alignment and governance insight, ensuring that the partnership delivers sustainable value over the long term.

What is the impact of this deal for the stakeholders?  

The impact of this deal is wide-ranging and positive for all stakeholders. For management and employees, the integration of 700 colleagues across Belgium and the Netherlands into SRG provides access to a larger international platform that is committed to people, culture, and long-term growth. This creates an environment in which careers can thrive while maintaining the service-led ethos that defines both organisations. Clients benefit from continuity with their trusted local teams, while also gaining access to SRG’s enhanced international capabilities, expertise, and solutions. Suppliers and partners in the insurance ecosystem benefit from the strengthened purchasing power and market presence of SRG, which supports stronger relationships and greater efficiencies. From a broader societal perspective, the deal brings together two organisations that are focused on delivering specialist expertise and innovative insurance solutions, thereby contributing to stronger resilience for businesses and institutions across Europe. This impact reflects not only the commercial significance of the transaction but also its alignment with ESG principles of long-term partnership, cultural integrity, and client service.

What was particular about the deal process?

The deal process was remarkable both for its smooth execution and for its international complexity. Announced in January 2025 and completed by July of the same year, the transaction advanced in a timely and effective manner, despite the cross-border challenges inherent in acquiring businesses across two jurisdictions, with a seller and buyer also based in outside jurisdictions, and the regulatory approvals required in the insurance brokerage sector. The transaction concerned assets located in Belgium and the Netherlands, requiring careful navigation of regulatory approvals and local legal specifics in each country. This international dimension added a layer of complexity that was skilfully managed by the deal teams. Equally notable was the innovative investment structure, which brought together Warburg Pincus, Temasek, Ecclesia, and SRG’s management as shareholders. The ability to reconcile diverse perspectives and forge a partnership of this calibre speaks to the quality of execution and the sophistication of the advisors and leaders involved. The transaction, therefore, stands out not only for its outcome but also for the professionalism and skill with which it was delivered.

Do the management or entrepreneurs deserve a special mention?

N.a.

Bencis Capital Partners partially exits Equine Care Group

Facts

Involved firms and advisors buy side: 

Legal: Cleary Gottlieb Steen & Hamilton
Financial: PwC
Commercial: Bain & Company

Involved firms and advisors target side: 

M&A and debt: Rothschild & Co
Legal: Allen & Overy Shearman; Argo Law
Financial DD: Eight Advisory
Tax DD: Eight Advisory
IT DD: Eight Advisory
Commercial: Bain & Company

Involved firms and advisors sell side:

M&A and debt: Rothschild & Co
Legal: Allen & Overy Shearman; Argo Law
Financial DD: Eight Advisory
Tax DD: Eight Advisory
IT DD: Eight Advisory
Commercial: Bain & Company

Brief description / Deal outline:

Compagnie Nationale à Portefeuille (CNP) has entered into a strategic partnership with Equine Care Group (ECG). The transaction involves the sale by ECG’s founders and Bencis Capital Partners (Bencis) of shares in Equine Care Group NV. ECG’s founders and Bencis are rolling over part of the proceeds of the transaction into ECG’s new holding entity. 

Founded in 2021 by leading equine veterinarians Dr. Tom Marien and Dr. Frederik Bruyninx, Equine Care Group has rapidly grown into a pioneering force in interdisciplinary equine medicine, treating over 50,000 horses annually and serving clients in more than 70 countries. 

The group brings together equine hospitals, ambulatory practices, diagnostic labs, reproductive centers, and nutrition brands under one collaborative, vet-led structure. With a presence across Europe and active expansion into global markets, ECG aims to raise the standard of equine healthcare through innovation, education, and a strong network of best-in-class professionals — all united under one mission: delivering world-class veterinary care to horses and elevating the standards of equine healthcare globally.

Founded by Mr. Albert Frère, the CNP group manages approximately €3 billion in net assets, invested through a diversified portfolio of global, sector-leading companies. Backed by a stable family shareholder base, the CNP group focuses on long-term value creation by actively partnering with the management teams of the companies in which it holds majority or leading shareholdings.

Bencis is an independent private equity firm with offices in the Netherlands, Belgium, and Germany. Managing six funds totaling €2.2 billion, Bencis has invested in over 78 companies and completed more than 330 follow-on acquisitions since 1999. Bencis focuses on majority investments in successful, profitable businesses and actively supports them in realizing sustainable growth.

Why should this deal win the Award for Best Large Cap Private Equity Exit? 

Submitted by Eight Advisory NV

The sale of Equine Care Group (ECG) by Bencis Capital Partner to Compagnie Nationale à Portefeuille (CNP) is a strong illustration of how private equity can drive sector consolidation, operational improvement, and international expansion in a short timeframe. Founded in 2021 by veterinarians Dr. Tom Mariën and Dr. Frederik Bruyninx, ECG was developed as an integrated platform spanning equine hospitals, ambulatory services, reproduction and fertility, nutrition and supplements, and veterinary laboratories. With Bencis’s backing, the Group scaled rapidly, reaching revenues of approximately €100 million and EBITDA of €22.5 million in 2024, with expectations of €30 million EBITDA by the end of 2025. This expansion combined strong organic growth with a disciplined buy-and-build strategy. By selectively integrating a range of clinics and specialized service providers, ECG transformed a traditionally fragmented industry into a coordinated, veterinarian-led network. The result is a business treating more than 50,000 horses each year and serving clients in over 70 countries. The Belgian government’s recognition of ECG as “Scale-up of the Year” in 2024 reflects this successful trajectory and highlights the visibility the Group has achieved in a relatively short period. Bencis’s contribution extended beyond capital. The firm worked closely with the founding management to professionalize governance, implement scalable systems, and invest in advanced medical infrastructure. These initiatives were critical in enabling the company to manage both its organic development and the integration of new practices. They also laid the foundation for sustainable operations that could continue to grow beyond the investment horizon. Importantly, throughout this process, ECG preserved its veterinarian-led model, ensuring that clinical excellence and patient outcomes remained at the core of its identity. The acquisition by CNP underlines the quality of the platform created. 

CNP, controlled by the Frère family, is recognized for its selective, long-term investment approach, and its decision to acquire ECG demonstrates confidence in both the financial performance and the sustainability of the business model. The partnership with CNP is expected to provide ECG with the resources to accelerate its international expansion while reinforcing its mission-driven ethos. 

From a private equity perspective, the exit highlights effective value creation in a compressed timeframe. In less than five years, ECG advanced from a young company to a €100 million revenue leader with growing profitability and international reach. The combination of organic growth, targeted acquisitions, operational professionalization, and infrastructure investment provided a strong platform that attracted a strategic long-term partner. While precise financial returns remain confidential, the scale and performance of the company at exit, together with its expected EBITDA trajectory, indicate a successful outcome for Bencis and its investors. 

In summary, the sale of ECG to CNP merits consideration for Best Large Cap Private Equity Exit 2025 because it demonstrates how private equity can partner with founders to combine rapid growth with lasting sector impact. It is an example of how investment can consolidate a fragmented industry, create a sustainable international platform, and position a company for long-term success under new ownership.

Submitted by Rothschild & Co

After nearly three decades as a veterinarian and equine surgeon, Dr. Tom Mariënand Dr. Frederik Bruyninx, supported by Bencis Capital, founded Equine Care Group (ECG) with a clear mission, rooted in a deep desire for change. Throughout their careers, they witnessed firsthand escalating challenges facing the veterinary profession: unsustainable work-life balance, alarmingly high rates of burnout and suicide, and a disheartening exodus of young, passionate veterinarians leaving the field. These realities highlighted an urgent need for modernization and transformation within the industry. 

The veterinary profession required a fundamental shift – one that would foster collaboration, encourage knowledge-sharing, and create a supportive environment where veterinarians could thrive both professionally and personally. The only way forward was a comprehensive professionalisation of the sector, uniting veterinarians into one cohesive team to confront the challenges of the future. Equally important, the founders held a strong conviction: only through genuine partnerships between veterinarians and other equine health specialists could the standards of veterinary care and horse welfare be elevated to their highest level—not only in Belgium, but worldwide. This vision goes beyond first line equine practitioners. It calls for hospitals with specialists across all disciplines of equine medicine, fertility experts, nutritionists, feed and supplement companies, and equine-specific laboratories to work together as one team—driving equine medicine to unprecedented levels. 

With this holistic vision, ECG was established, a vet-led organisation founded on the principles of collaboration, innovation, and excellence. Since its foundation in 2021, ECG has rapidly grown to become one of Europe’s leading equine healthcare providers. Its international network encompasses state-of-the-art equine hospitals, ambulatory practices, cutting-edge diagnostic labs, and pioneering nutrition & supplement brands. 

By professionalising the sector and fostering a culture of knowledge-sharing and teamwork, ECG has created a sustainable ecosystem that attracts and retains top talent. Young and ambitious veterinarians are provided with clear career progression paths, and mentorship; an unprecedented shift in the industry. 

ECG’s success is built on a powerful combination of passion for veterinary excellence and a clear strategic vision. With the support of Bencis Capital, the Group has accelerated its carefully designed intercontinental buy-and-build strategy, while also driving ambitious greenfield developments across Europe. This partnership has strengthened the professionalisation of the organisation and ensured the financial resources needed to fuel ECG’s ongoing expansion and innovation in equine healthcare. 

This vision has resulted in a unique growth trajectory, with ECG growing in 4 years from a local clinic generating c.€10 million of revenues in 2021 to an intercontinental equine care ecosystem generating revenues in excess of €120 million (x12) and employing over 500 dedicated professionals who continue to drive ECG’s expansion. 

At the start of 2025, guided by its clear ambition for international growth, ECG and Bencis set out to find a new long-term partner who shared their values and could power the next phase of development. The goal was simple yet bold: scale ECG’s global impact while staying true to its mission. 

CNP emerged as the ideal partner thanks to its strong cultural alignment, unwavering commitment to ECG’s veterinarian-led model and world-class equine care, and the long-term stability offered by its family-owned structure. 

Demonstrating strong confidence in ECG’s future, its existing shareholders – Bencis Capital, the founders, management, and veterinarians – are significantly reinvesting in the new partnership to support the next phase of growth. 

Through its strategic alliance with CNP, ECG will accelerate innovation, expand research and education, and open advanced clinics in underserved regions—while leveraging CNP’s global reach and ongoing support to scale its integrated care model internationally. 

This transaction reinforces ECG’s scalable and sustainable model, one that improves horse welfare, empowers veterinarians, and contributes meaningfully to society through education, research, and leadership. With CNP as a stable and values-driven partner, ECG’s mission is set to thrive and expand worldwide, driven by a genuine passion for horses and long-term value creation. 

Submitted by Cleary Gottlieb Steen & Hamilton

CNP is a private investment company founded by Belgian entrepreneur Albert Frère. Since its founding in the 1980s, CNP has grown to become a preeminent player on the European investment market. CNP currently manages assets for a net asset value of €3 billion. The strategic partnership with Equine Care Group exemplifies CNP’s commitment to fostering entrepreneurship and enabling transformative projects that drive innovation and growth.

ECG’s remarkable transformation from a startup founded in 2021 by leading veterinarians Dr. Tom Mariën and Dr. Frederik Bruyninx to treating over 50,000 horses annually and serving clients in more than 70 countries is the result of extraordinary organic growth combined with a well-executed buy-and-build strategy. The Flemish government’s recognition of ECG as “Scale-up of the Year” in 2024 provides independent validation of the company’s exceptional performance and industry leadership. This governmental recognition is particularly significant as it acknowledges not just financial performance but also innovation, job creation, and contribution to the Belgian economy.

The new partnership structure preserves ECG’s veterinarian-led model whilst providing the capital and strategic support necessary for global expansion, demonstrating sophisticated deal structuring that balances growth ambitions with operational excellence.

What was the deal rationale?

ECG was founded with a clear mission: to improve the fragmented equine healthcare sector through consolidation and professionalisation. ECG’s goal was to bring structure, excellence, and innovation. Through strong organic growth and more than 30 strategic partnerships, the Group has evolved into a unified platform built around three synergistic divisions – Medical Care, Nutrition & Supplements, and Labs. ECG’s buy-and-build strategy is defined by a highly selective approach, partnering only with top-tier organisations that share its entrepreneurial spirit and commitment to quality, and supporting them in accelerating their growth. 

To fuel its next phase of expansion, most notably into the U.S. market, ECG launched a search for a long-term partner fully aligned with its mission, values, and strategic vision, and capable of providing the robust financial backing required. 

This transaction represents a major milestone in ECG’s journey to reshape the equine healthcare industry. It marks the beginning of a new chapter, as ECG accelerates its strategy to become the global leader in equine care. The rationale behind the deal is clear: to amplify impact, scale innovation, and safeguard continuity of purpose. 

Where lies the value creation?

With CNP joining the journey, the ECG group is now poised to significantly expand its footprint in North America, South America, Australia, and the Middle East in the coming years. This represents a clear pathway for substantial future value creation, supported by a partner with the financial resources, international network, and long-term investment horizon necessary to execute this ambitious global buy-and-build strategy.

What is the impact of this deal for the stakeholders? 

ECG and the partnership with CNP aims to have a beneficial impact on its direct stakeholders (veterinarians and clients), but also on the veterinary profession as a whole. The new partnership strengthens ECG’s position internationally while preserving its veterinarian-led model and reinforcing its mission of delivering world-class equine care.

What was particular about the deal process?

The transaction involves a high degree of complexity tied to the nature of ECG’s business. In particular, the transaction structure has to navigate the regulatory and ethical framework governing veterinary medicine in all jurisdictions where ECG operates. Furthermore, the structure facilitates the involvement of practicing veterinarians and management in the capital structure whilst establishing appropriate governance mechanisms to ensure effective oversight despite a complex capitalization table. This achievement required innovative structuring to balance professional autonomy with investor protection. 

Do the management or entrepreneurs deserve a special mention? 

After ECG’s founding, Dr. Tom Marien and Dr. Frederik Bruyninx rapidly grew ECG into a pioneering force in interdisciplinary equine medicine. Dr. Marien’s vision of uniting equine hospitals, ambulatory practices, labs, and nutritional specialists into one collaborative, mission-driven network demonstrates exceptional strategic thinking and execution capability.

The management team’s ability to attract and retain high-quality private equity partners, first with Bencis and now with CNP, whilst maintaining operational control and strategic direction, demonstrates exceptional entrepreneurial and leadership capabilities that merit special recognition.

Bencis also deserves recognition for its unwavering support of this vision. Over the past four years, Bencis has: 

• Fully embraced ECG’s mission to elevate equine care globally. 
• Accelerated professionalisation across the group from financial discipline and reporting to governance and IT. 
• Enabled strategic investments in greenfield clinics, expansions, and partnerships. 
• Provided both financial and strategic support to scale the business sustainably. 

Their partnership demonstrated that external capital can serve as a powerful engine for innovation and sector transformation, without compromising the authenticity of a founder-led mission. 

Gimv, PMV, SFPIM, Smartfin and Alychlo exit Itineris

Facts

Involved firms and advisors buy side: 

Legal: Linklaters LLP
Debt: Nielen Schuman
Financial/Tax: Eight Advisory

Involved firms and advisors target side: 

Legal: Four & Five Law BV

Involved firms and advisors sell side: 

Legal: Allen & Overy Shearman Sterling LLP
Management/Financial: Jamieson Corporate Finance
Transaction Services: DC advisory

Brief description / Deal outline:

Cobepa, a privately held investment company with offices in Brussels and New York with c. €5.1 billion NAV, acquired Itineris, a leading provider of customer information systems for water and energy utilities across Europe, the UK & Ireland, and North America. Itineris develops and delivers a highly configurable software solution built on Microsoft Dynamics 365 platform, covering the complete billing and invoicing process of utility providers. The acquisition was a result of a competitive auction process. 

Why should this deal win the Award for Best Large Cap Private Equity Exit? 

Submitted by Linklaters LLP

The acquisition of Itineris by Cobepa stands out as the archetype of a best large cap private equity exit combining significant market impact with sophisticated cross-border collaboration and strategic execution at every stage of the transaction. Itineris, established in 2004, is a leading developer and provider of highly configurable software solutions designed for utility providers. By enabling utilities to optimize their operational efficiency and customer service through technology, Itineris plays an essential role in supporting infrastructure that people rely on daily. 

The transaction represents a showcase of competitive tension in private equity M&A, illustrating the attractiveness of Itineris and the market confidence in its technology. The selling shareholders – Gimv, PMV, SFPIM, Smartfin and Alychlo – are prominent in the European institutional investment landscape, underscoring the scale and prestige of the deal. 

The exit delivers substantial realisation of value for the selling investors. Their investment strategies have enabled Itineris not only to grow organically but also to expand ambitiously beyond the continent. In particular, expansions into the United States in 2012 and the United Kingdom in 2023 highlight Itineris’ ability to scale its offering internationally, proving that European technology businesses can achieve truly global reach. The investment by Cobepa secures Itineris’ position to further accelerate its growth trajectory worldwide. 

A remarkable aspect of the transaction is the continuity and reinvestment by Edgard Vermeersch, Itineris’ founder and CEO, alongside Alychlo and key management, reinforcing their commitment to the company’s long-term future. This is a powerful testament to the quality of the transaction, the strategic vision shared between exiting and incoming shareholders, and the faith that the management team places in Cobepa’s stewardship. 

The transaction is also noteworthy for its technical, cross-border complexity. Itineris is a crucial innovator in the infrastructure sector, active in various jurisdictions. Therefore, a sophisticated collaboration was required between advisory teams in multiple jurisdictions, including Belgium, the United Kingdom, and the United States. This mirrors broader trends in the technology sector, where cross-border deals are increasingly important for scaling innovative platforms and solutions.

In summary, Cobepa’s acquisition of a majority stake in Itineris NV ranks as a superlative example of large cap private equity exit in 2025. The deal’s competitive intensity, cross-border execution, and reinvestment of management exemplify best practices in the sector. The transaction delivers outstanding value for institutional shareholders, secures future growth for Itineris and its team, and has a transformative 

impact on the sector by empowering innovative technology providers to serve essential utility markets globally. We therefore endorse this deal for Best Large Cap Private Equity Exit of 2025. 

Submitted by A&O Shearman 

The sale of Itineris to Cobepa deserves recognition for its strategic significance, long-term value creation, and strong local roots. Over the years, Itineris has grown into a leading provider of software solutions for utility companies, thanks in large part to the unwavering energy of the founder and CEO (Edgard Vermeersch) and his management team with strong support of its Belgian-based shareholders. These investors (including Gimv, PMV, Smartfin, SFPIM and Alychlo) played a pivotal role in backing the company’s innovation, international expansion, and leadership team, demonstrating a deep commitment to building a globally competitive tech business from Belgium. The transition to Cobepa marks a new chapter that preserves this legacy while positioning Itineris for continued growth, making the deal a model of successful entrepreneurship and investment collaboration.

Submitted by Eight Advisory

This deal entails the successful exit story of multiple Belgian institutional investors being GIMV (since 2013), PMV (since 2011), Smartfin (since 2018) and SFPIM (since 2020). The exit crowns a long, value-creating partnership between a founder-led technology champion and a syndicate of Belgian growth investors. Over the past decade, the company evolved from a promising local software specialist into a transatlantic leader with 550+ utility experts and operations across Belgium, the UK and North America. 

This growth was enabled by staged growth capital from the exiting investors and disciplined execution by management. During this journey, clear milestones can be identified. In 2015, GIMV led a €10 million follow-on round, joined by founder Vermeersch and PMV, to fund North American expansion. A further €10.3 million in 2017 – again with GIMV and PMV alongside the founder – underwrote accelerated product and market development. These targeted injections strengthened the core platform and go-to-market, laying the foundation for sustained organic growth. By 2024, Itineris has secured marquee U.S. wins and extended critical European relationships, evidence of cross-border product-market fit. Going into 2025, the company is expected to surpass €100 million in revenue, the result of strong organic growth and low churn amongst its loyal customer base. Importantly, the exit structure underwrites the ingredients that made Itineris successful. 

Cobepa acquired a majority stake in June 2025, while the founder remains significantly invested and in charge as CEO ensuring continuity of strategy and culture. Cobepa brings a long-term, buy-and-build mindset and deep experience scaling European software franchises. The Belgian acquirer explicitly positions the deal as a platform for accelerated internationalization and product innovation. 

From the perspective of the exiting investors, the sale concluded an exceptional journey backing a founder with a defensible product in a regulated, sticky end-market; fund international expansion with measured follow-ons; help land lighthouse accounts; and exit to a strategic financial owner that can support the next growth chapter without disrupting leadership. That is the textbook outcome for growth private equity in Belgium: a strong multiple for the funds, a thriving Belgian scale-up that remains headquartered here, and momentum preserved for the long term. 

Finally, the deal matters from a societal viewpoint as well. Utilities worldwide face digitization, customer-experience, and sustainability pressures. Itineris’ UMAX suite helps utilities modernize billing, field service, asset and customer operations – areas that directly affect water and energy reliability. The company’s credible penetration of U.S. municipal markets and continued European wins demonstrate a trusted platform with global relevance. Bringing in Cobepa’s capital and network at this inflection point increases the odds that a Belgian software champion will set the pace in a critical infrastructure niche. That’s exactly the kind of exit the Belgian ecosystem should celebrate: patient domestic capital building an international leader and handing the baton to a long-horizon owner to scale further – without sacrificing founder ownership or local roots. For these reasons – compelling multi-year value creation, exemplary process quality, founder-friendly continuity, and sectoral importance – the Itineris sale to Cobepa is not just a good outcome. It is the model PE exit Belgium should hold up as the year’s best.

Submitted by PwC

This deal should be celebrated for its transformational outcomes and innovative approaches. Cobepa purchased a majority stake in the Itineris Group to accelerate Itineris’s strategy to become a global leader in software for utilities. The rationale was to leverage Cobepa’s capital, expertise, and resources in the US and EU to enhance Itineris’s innovation in AI and data, expand its international reach, and support utilities in the energy transition.

What was the deal rationale?

The deal fits Cobepa’s strategy of investing in resilient businesses with strong management teams and recurring revenues. By supporting Itineris’s ongoing international expansion and digital solutions for utilities, Cobepa aims to accelerate growth and create value. Last, Itineris’ presence in the USA also aligned with Cobepa’s focus on this jurisdiction. 

Where lies the value creation?

Cobepa’s investment in Itineris creates value by providing capital and strategic guidance to accelerate Itineris’ strategy in becoming the global category leader in advanced software solutions for the utilities sector. Cobepa’s valuable expertise and resources in the EU and in the USA will enable Itineris to further innovate in areas such as AI and advanced digital technologies, scale operations and support utilities. Cobepa’s long-term vision aligns with Itineris’ long-term strategic partnerships with a selective group of customers.

What is the impact of this deal for the stakeholders? 

• Management: For management teams at both Copeba and Itineris, this acquisition represents an opportunity to leverage shared strengths and strategic opportunities. Itineris’ leadership now benefits from Copeba’s financial backing and strategic guidance, enabling them to accelerate growth initiatives and explore new markets more aggressively. This empowerment, paired with strategic alignment, is likely to enhance managerial effectiveness and foster innovative leadership practices. 
• Employees: The transaction is poised to create an enhanced work environment with more growth opportunities for employees. It can lead to expanded roles with the integration of best practices from both entities. Employees may experience increased job security and potential career advancement as the company scales its operations and market reach. Furthermore, a concerted focus on professional development initiatives can foster a culture of continuous learning and innovation among staff.
• Clients: For clients, this acquisition is expected to result in enhanced service offerings and improved product quality. The combining of resources and talents allows for innovations in product and service delivery. As a result, clients may benefit from more tailored solutions that address their evolving needs, leading to stronger and more enduring business relationships. 
• Suppliers: Suppliers might see increased demand for their products and services as the unified entity seeks to expand operations. Working with a larger, more robust organization could enhance supplier stability and offer new partnership opportunities. The deal could standardize procurement practices, which may improve efficiency and foster long-term partnerships based on reliability and mutual growth objectives. 

What was particular about the deal process?

The transaction was run as a highly competitive auction, with a tight timing process that went smoothly both for buy and sell side. The due diligence process required careful attention to complex technology and software matters folded in contracts with public sector players. There was also a great focus on handling both current and new management equity arrangements. 

Do the management or entrepreneurs deserve a special mention? 

Edgard Vermeersch, CEO and founder of Itineris, deserves special recognition. Under his guidance, Itineris has evolved into a prominent international player in utility-focused software solutions. Edgard Vermeersch’s sector expertise and commitment to innovation have driven the company’s growth and fostered a culture defined by technical excellence, client focus, and strong values. 

Throughout its partnership with Cobepa, management (guided by Edgard Vermeersch) demonstrated a unique combination of ambition and adaptability. The close alignment between founder-led vision and Cobepa’s stewardship will enable Itineris to consolidate its market position, capitalize on new opportunities, and continually invest in its people and technology. 

This partnership exemplifies how committed, authentic leadership – supported by an engaged and values-driven investor with similar mentality – can drive sustainable growth and empower a high-performing company culture.

Think2Act exits BOMA

Facts

Involved firms and advisors buy side: 

Legal: Freshfields LLP
Financial: Kumulus Partners
Transaction Services: PwC

Involved firms and advisors target side: 

Financial: EY
Transaction Services: EY
Legal: Argo Law

Involved firms and advisors sell side:

Financial: EY
Transaction Services: EY
Legal: Argo Law

Brief description / Deal outline:

BOMA, a leading distributor of cleaning and hygiene products and machines to B2B customers in the Benelux and France, has been acquired by IK Partners, a leading European mid-market private equity firm, alongside Luc Bresseleers, Stijn Wildiers and BOMA’s management, who will retain a significant minority stake post-transaction. The transaction serves as the exit of Think2Act, a prominent Belgium-based investment firm that had entered BOMA’s capital in 2018.

Why should this deal win the Award for Best Large Cap Private Equity Exit? 

Submitted by EY

Most importantly, BOMA, short for “borstels” and “matten”, is a prime example of an initially purely Belgian SME that, with the support of a professional Belgian financial investor, Think2Act, has evolved into a leading international player within its industry. Founded in 1974 by Walter Bresseleers and Frank Wildiers as a distributor of brushes and mats, BOMA has, throughout the last 50 years, significantly expanded its solutions portfolio, now offering a broad range of sustainable cleaning products under its innovative BOMA and Greenspeed brands, as well as value-added services, including digital tools and end-to-end support, maintenance and logistics services. 

BOMA services a diversified international B2B customer base, comprising numerous blue-chip customers across a wide variety of industries, including cleaning contractors, institutional and healthcare customers, industrial companies and leisure businesses. Prominent examples include a.o. ISS, Sodexo, UZ Brussel, Farys, Carglass and Basic Fit. Additionally, BOMA is ideally positioned to benefit from long-term favourable megatrends within the professional cleaning and hygiene industry, such as increasingly stringent health and safety standards, further boosted by the COVID-19 pandemic, a growing awareness for sustainable products and an increasing demand for automation within the cleaning and facility services industry, driven by global labour shortages.

Since the entry of Think2Act in BOMA’s capital in 2018, BOMA nearly doubled in size, with the Company’s more than 330 employees now generating north of €145 million in turnover and €25 million in EBITDA. Today, BOMA is the number one distributor of cleaning solutions in Belgium and one of the largest in Europe, operating a distribution network of 15 locations across the Benelux and France. BOMA has achieved this extraordinary track record as a result of continuous organic growth, combined with an aggressive buy-and-build strategy, having carried out 16 acquisitions since its foundation. 

The Company has now attracted a new, larger-scale European financial investor who will further support the Company’s buy-and-build strategy, with the goal to develop BOMA into a leading market player across Europe. The transaction serves as one of the first participations of IK Partners’ 10th mid cap fund, IK X Fund, which reached its hard cap of €3,3 billion.

Additionally, the transaction is one in which the Company’s reference shareholders, Luc Bresseleers and Stijn Wildiers, who represent the founding families’ second generation, both have retained a significant minority stake, allowing them to further achieve BOMA’s growth ambitions alongside IK Partners. Moreover, BOMA’s management has been given the opportunity to (re)invest in the Company, aligning their interests and allowing them to benefit from the growth that BOMA will undoubtedly experience during IK Partners’ investment period. 

To conclude, we are convinced that (i) the unique and family-led profile of BOMA, (ii) the highly successful track record that the Company was able to achieve together with Think2Act and (iii) the ambitious and well-defined strategy that BOMA and IK Partners have established to develop the Company into a European market leader, are several key reasons on why this transaction should win the Award for Best Large Cap Private Equity Exit 2025.

Submitted by Freshfields LLP

This transaction is a significant large-cap private equity exit, demonstrating a rare combination of strategic complexity, value creation and broad stakeholder impact. IK Partners’ investment in BOMA represents a pivotal moment for a company with over 50 years of leadership in the professional cleaning and hygiene sector. The deal highlights exceptional foresight, aligning investor objectives with management’s long-term vision, while simultaneously preserving the operational continuity and culture that have made BOMA a market leader. 

One of the most remarkable aspects of this transaction is its sophisticated deal structure. It balances a partial exit with reinvestment from both founding shareholders and management, ensuring continuity of leadership and alignment of interests, while also unlocking liquidity for existing investors. This approach demonstrates IK Partners’ ability to navigate complex shareholder dynamics and structure a transaction that preserves long-term value. By retaining a substantial minority stake, the founders and management are incentivized to continue driving growth, innovation, and operational excellence, which is essential for BOMA’s next phase of European expansion. 

BOMA itself is a business with a proven track record of operational excellence and consistent revenue growth. Over decades, the company has built a strong market presence in Belgium, the Netherlands and France, supplying a broad range of sustainable cleaning products, hygiene solutions, and equipment to professional clients across multiple industries. The company’s reputation for quality, innovation and reliable service underpins its growth trajectory. By partnering with IK Partners, BOMA gains access to a wealth of European operational expertise and an extensive network, enabling accelerated international expansion, strategic add-on acquisitions, and the scaling of digital tools and services. This partnership ensures that BOMA’s growth strategy is both ambitious and achievable, anchored by disciplined operational support and strategic guidance. 

The transaction also demonstrates meaningful value creation. IK Partners’ involvement is expected to drive growth through enhanced operational efficiency, internationalization, and selective add-on acquisitions, while retaining the company’s focus on innovation and sustainability. BOMA has already demonstrated resilience and superior performance compared to peers, and this investment allows the company to consolidate its position as a market leader. The transaction showcases the ability of private equity to create tangible value while simultaneously fostering innovation, operational excellence, and sustainable business practices. 

From a stakeholder perspective, the impact is significant. Employees benefit from continuity, career development, and involvement in a growth-oriented strategy. Customers and suppliers gain access to a stronger, more capable partner with expanded product offerings and enhanced logistical and digital capabilities. At a societal level, BOMA continues to offer sustainable and environmentally responsible cleaning solutions, supporting broader ESG objectives and improving the quality of services in professional environments such as healthcare, education and public institutions. 

Finally, the execution of this deal deserves a mention. The transaction navigated the complexities associated with BOMA’s Dutch subsidiaries, coordinated multiple advisors across corporate, tax, finance, and HR domains, and managed the interests of multiple stakeholders across jurisdictions, including France and Luxembourg. The process was smooth, timely and strategically sophisticated, showcasing a great example of private equity execution at scale. 

In summary, the combination of strategic foresight, sophisticated structuring, operational potential and stakeholder impact makes this transaction a strong candidate for the Award for Best Large Cap Private Equity Exit 2025. 

What was the deal rationale?

The rationale behind IK Partners’ investment was to partner with a leading European distributor of professional cleaning products and machinery to accelerate growth across new geographies. The transaction aligns with IK’s strategy of backing market-leading, resilient businesses with strong management teams. It supports BOMA’s vision for European expansion, operational optimization, and selective add-on acquisitions. The deal represents a buy-and-build trajectory: by combining BOMA’s established footprint and product portfolio with IK’s operational and financial resources, the partnership is positioned to drive market consolidation and reinforce BOMA’s competitive advantage.

Where lies the value creation?

• Operational growth: BOMA has consistently outperformed market growth, reflecting strong revenue and EBITDA momentum over decades. 
• Strategic expansion: With IK’s support, BOMA is poised to expand across Europe, increasing market share and scale. 
• Exit structuring: The partial sale and reinvestment structure ensures ongoing alignment of management and founder incentives, preserving continuity while unlocking capital. 
• Innovation: BOMA continues to lead in sustainable cleaning solutions and digital service offerings, creating both customer and operational value.

What is the impact of this deal for the stakeholders? 

• Management and employees: Retained equity and operational support from IK strengthen motivation, career growth, and company stability. 
• Clients and suppliers: Customers benefit from broader product offerings, superior service, and expanded geographic coverage. Suppliers gain access to a growing, strategically managed distribution network. 
• Society and ESG: BOMA continues to offer sustainable cleaning solutions, contributing to environmental and social well-being. The company’s responsible growth approach enhances the quality of professional cleaning services, benefiting end users.

What was particular about the deal process?

• Smooth and timely cross-border execution. 
• Deal structure: Partial exit with reinvestment from founders and management. 
• Effective collaboration among corporate M&A, tax, finance and HR advisors. 
• Innovation: Leveraging IK’s European network for future expansion represents a forward-looking strategic structuring element. 
• Significant tax considerations due to a large number of selling natural persons, addressed through a specific tax indemnity concluded as part of the transaction.

Do the management or entrepreneurs deserve a special mention? 

Luc Bresseleers (CEO) and Stijn Wildiers (CHRO) deserve special mention for their authentic leadership, strong company culture, and strategic vision. Their decision to partially reinvest reflects confidence in BOMA’s future and demonstrates alignment with long-term stakeholder interests. Their stewardship over 50 years has built a resilient, market-leading business capable of scaling further with IK Partners.

3d Investors and ING Corporate Investments exit 3P

Facts

Involved firms and advisors buy side: 

M&A: Kumulus
Financial & Tax Due Diligence: Eight Advisory
Legal: A&O Shearman; Transact Risk Partners (W&I Insurance)
Commercial Due Diligence: Roland Berger
Tech: EPAM

Involved firms and advisors target side: 

Idem as sell side.

Involved firms and advisors sell side: 

M&A: Rothschild & Co
Financial & Tax Due Diligence: EY
Legal: Linklaters
Commercial Due Diligence: OC&C
Tech: Crosslake

Brief description / Deal outline:

Submitted by Rothschild

3P is a market-leading pure-play SaaS provider in public procurement, offering a comprehensive software suite to enable public and semi-public bodies to efficiently acquire and manage works, supplies and services in a regulatory-compliant way. The Company was founded in 2001, and welcomed in 2016 3d investors and ING Corporate Investments. After a successful ride over the last 8 years, in which the Company further improved and diversified its SaaS offering, as well as expanded into France, the shareholders decided to sell a majority stake to allow the Company to step into its next phase of growth.

Submitted by Linklaters LLP

The shareholders of 3P, a leading software provider of public procurement and post procurement solutions in Belgium and France, sold all shares in the business to Eurazeo, a leading global investment group with €36.8bn in assets under management. 3P provides a subscription-based platform that automates, secures and optimises tendering, procurement and asset management processes while helping clients ensure compliance with the latest European, national and regional legislation and requirements. 3P’s products are used by more than 2000 public clients across  Belgium and France and cater for the needs of diverse clients, including municipalities, regional authorities, hospitals, etc. The company’s founders, institutional shareholders, and the management team all reinvested alongside Eurazeo.

Why should this deal win the Award for Best Mid Cap Private Equity Deal? 

Submitted by Rothschild

Public Procurement Partners (3P) was founded in 2001 with a clear and ambitious vision: to develop a software-as-a-service (SaaS) platform specifically tailored to the complex and evolving needs of public-sector procurement. At a time when digital transformation in government institutions was still nascent, 3P recognised the opportunity to streamline and modernise procurement processes through technology. Over the years, the company has grown into a trusted partner for more than 2,000 public-sector clients across Belgium and France, including municipalities, regional authorities, hospitals, universities, and police forces.

3P’s subscription-based platform offers a fully integrated suite of solutions that automate, secure, and optimise the entire lifecycle of public procurement, from tendering and contract management to post-procurement and asset tracking. The software is designed to reduce administrative burdens, enhance transparency, and ensure compliance with increasingly complex European, national, and regional regulations. By enabling public institutions to manage works, supplies, and services more efficiently, 3P helps them save time, reduce costs, and mitigate (compliance-related) risks.

Beyond operational efficiency, 3P’s impact is deeply strategic. Its solutions address critical challenges faced by public organisations, such as budget constraints and the shortage of skilled IT personnel. By digitising procurement workflows and embedding compliance into the system architecture, 3P empowers public entities to reallocate resources more effectively and focus on delivering better services to citizens. The platform’s ability to adapt to regulatory changes and scale across jurisdictions makes it a vital tool for governments navigating the complexities of modern governance.

In 2016, the company welcomed 3d investors and ING Corporate Investments as strategic partners, whose joint investment provided not only capital for growth and market expansion but also a valuable external sounding board for the founders and management. Their support enabled 3P to achieve consistent double-digit growth, diversify its product offerings, and successfully expand into the French market while maintaining and fortifying its market-leading position in Belgium. The sale to Eurazeo stands out as a model mid-cap private equity exit, exemplifying strategic vision, value creation, and impactful European expansion, resulting in a successful next step for the Company and its employees.

In addition, this transaction is a powerful testimony to the strength, innovation, and maturity of the Belgian software ecosystem. 3P’s evolution, from a founder-led start-up to a high-growth, multi-country SaaS provider, demonstrates the ability of Belgian tech companies to develop mission-critical solutions with strong relevance. The successful exit, backed by strong investor interest and a competitive sale process, underscores the attractiveness of Belgian software firms to top-tier private equity players.

Eurazeo’s entry catalyses a new phase of internationalisation for 3P. The firm’s French and European DNA, deep sector expertise, and cross-border M&A capabilities position it as the ideal partner to accelerate 3P’s expansion beyond its core markets. This strategic alignment enables 3P to broaden its footprint, accelerate its growth in France and prepare for further European growth, leveraging Eurazeo’s network and resources.

Lastly, the transaction is also notable for its collaborative governance model. Eurazeo partners with 3P’s founders, 3d investors, ING Corporate Investments, and the management team, all of whom reinvested in the deal. This alignment of interests ensures continuity, strategic coherence, and a shared commitment to long-term value creation, with the aim of scaling 3P’s highly efficient GovTech public procurement platform across the continent. There is a shared conviction that Eurazeo’s expertise as a leading IT investor will empower 3P to solidify its position in Belgium and France and expand throughout Europe.

Submitted by Linklaters LLP

The sale of 3P to Eurazeo stands out as an exemplary mid-cap private equity exit in 2025, reflecting the best qualities of value creation, strategic transformation, and cross-border ambition that define award-winning transactions. Headquartered in Belgium and created in 2001, 3P offers a fully integrated platform with a subscription-driven revenue model designed to automate, secure and optimise tendering, procurement, as well as post-procurement processes, while helping clients ensure compliance with the latest European, national and regional legislation and requirements. 3P’s products are used by 2,000+ public clients across Belgium and France consisting of municipalities, regional authorities, hospitals, universities, police forces, etc. 

The deal delivers clear value to all parties. For 3P, integration with Eurazeo’s broader network and resources enables the company to accelerate product development, drive expansion into new markets, and enhance its technology platform. 3P has repeatedly demonstrated a robust growth trajectory, providing public clients with critical capabilities for digital tendering and contract automation.

For Eurazeo, the transaction exemplifies a vision to shape Europe’s fast-growing GovTech sector by introducing digital transformation into traditionally complex and regulated public domain activities.

In conclusion, the transaction demonstrates a strong combination of market rationale, creative private equity value creation and executional excellence from all parties involved. As such, the 3P sale not only delivers an outstanding return for investors but also sets a standard for mid-cap private equity exits, showing how Belgian technology businesses can become catalysts of transformation and scale in critical sectors across the European landscape.

What was the deal rationale?

Submitted by Rothschild

The acquisition of 3P by Eurazeo is deeply aligned with Eurazeo’s core strategy of supporting ambitious management teams in scaling market-leading companies. The deal reflects a clear strategic vision: to back a high-growth, mission-critical SaaS provider with a dominant position in Belgium and fa ast-growing presence in France. 3P’s strong product offering, exceptional customer retention, and >99% recurring revenue model make it a solid platform for sustainable growth. The transaction fits seamlessly into Eurazeo’s broader trajectory of building European software champions, with 3P serving as a cornerstone for a potential buy-and-build strategy in the GovTech space. Eurazeo sees a significant opportunity to accelerate 3P’s expansion through organic growth and targeted M&A. The experienced and committed management team, supported by reinvesting shareholders, further reinforces the rationale, ensuring strategic continuity and execution capability. This partnership is designed to unlock long-term value and establish 3P as Europe’s leading public procurement technology provider.

Submitted by Linklaters LLP

Eurazeo’s investment in 3P seeks to capitalise on the rapid digitalisation of public procurement in Europe by supporting 3P’s growth, product development, and geographic expansion. The deal underscores Eurazeo’s ambition to become a leading player in European GovTech and supports 3P’s evolution into a crucial technology partner for public sector clients. Furthermore, it aligns with the rising demand for digital government services.

Where lies the value creation?

Submitted by Rothschild

For the existing shareholders, the founders alongside 3d investors and ING Corporate

Investments, the transaction with Eurazeo represents a strategic milestone in 3P’s growth journey. Having successfully scaled the company from a visionary startup to a market leader in public-sector procurement software, the shareholders sought a partner with the expertise, resources, and international reach to take 3P to the next level. Eurazeo’s entry as majority shareholder aligns perfectly with this ambition. The reinvestment by the existing shareholders reflects their strong conviction in 3P’s future and their confidence in Eurazeo’s ability to accelerate the company’s European expansion, deepen its technological capabilities, and reinforce its leadership in Belgium and France. Their continued involvement ensures strategic continuity and a unified commitment to scaling 3P’s highly efficient GovTech platform across Europe.

For Eurazeo, the investment in 3P is a compelling opportunity to back a fast-growing, mission-critical SaaS provider with a proven track record and strong market positioning. The company fits squarely within Eurazeo’s Small-mid buyout strategy, which focuses on supporting European technology and services champions in their international growth. 3P’s subscription-based model, double-digit historical growth, and deep penetration in the public sector make it an ideal platform for both organic and external growth. Eurazeo sees significant potential in leveraging its pan-European network, cross-border M&A expertise, and digital transformation capabilities to help 3P scale its AI-powered cloud solutions and expand into new geographies.

Submitted by Linklaters LLP

Under the ownership of 3D investors, ING België and the founders, 3P has showcased double-digit historical growth, providing clients with mission-critical software and has rightfully evolved into a leading provider in the public procurement market since its founding in 2001. 3D Investors and ING België, as historical shareholders, initiated 3P’s European expansion strategy and now reinforced their confidence in 3P’s future through their significant reinvestment.

What is the impact of this deal for the stakeholders?  

Submitted by Rothschild

The transaction delivers meaningful benefits across all stakeholder groups. For management and employees, it brings renewed strategic momentum, access to Eurazeo’s international network, and opportunities for professional growth within a scaling European tech leader. Clients, public institutions across Belgium and France, will benefit from continued innovation, enhanced service quality, and future-ready solutions that improve procurement efficiency and compliance. Suppliers gain stability and long-term partnership prospects as 3P expands its footprint. For society at large, the deal supports better public service delivery by helping institutions save resources and reduce administrative burdens.

Submitted by Linklaters LLP

Customers stand to gain from enhanced product offerings, improved service quality and future expansion into new geographies. Retaining a meaningful stake, management further benefits from continued involvement in the ownership of 3P, allowing it to maintain entrepreneurial drive while securing institutional support. More generally, by steering further development and leveraging 3P’s major investments in a next-gen AI-empowered cloud solution, Eurazeo’s investment in 3P seeks to drive the acceleration of the public sector’s digital transformation.

What was particular about the deal process?

Submitted by Rothschild

The transaction was marked by a highly professional and well-orchestrated deal process, reflecting the skilled execution of all involved parties. A bespoke process was designed to ensure only motivated parties were invited to participate, and a lot of time was invested in finding the right party that matched perfectly with the proposed partnership set-up.

Submitted by Linklaters LLP

The transaction was run as a highly competitive auction process involving particular diligence around the aspects of data protection and public sector contracts. The roll-over for management required efficient coordination with several stakeholders involved. As such, the timely and smooth closing exemplifies the professionalism, commitment and collaborative spirit of all parties involved, from management and backers to advisors.

Do the management or entrepreneurs deserve a special mention?  

Submitted by Rothschild

The founders of 3P deserve special recognition for their visionary leadership and long-term commitment to building a company that addresses the complex needs of public-sector procurement through technology. From inception, they demonstrated a deep understanding of the public domain and a forward-looking approach to digital transformation. Their ability to scale 3P into a trusted GovTech provider serving over 2,000 institutions is a testament to their entrepreneurial strength and strategic clarity. Equally commendable is the management team’s authentic leadership and strong engagement throughout the transaction. Their decision to reinvest alongside Eurazeo reflects not only confidence in the company’s future but also a deep-rooted commitment to its mission, culture, and people. Lastly, 3d investors and ING Corporate Investments deserve special mention for their instrumental role in 3P’s growth and transformation. Since joining as strategic partners in 2016, they have provided not only financial backing but also critical strategic guidance and governance support to the founders and management team. Their long-term commitment helped 3P scale its operations, broaden its product offering, and successfully expand into the French market.

Submitted by Linklaters LLP

Since its incorporation in 2001, 3P’s founders have remained involved in the development of 3P’s products and vision, steering the company forward as a leader in the public procurement market. The CEO of 3P, carrying the interests of the founders and the company at heart throughout the transaction, remains in place following Eurazeo’s investment, ensuring the continuation of strong and consistent leadership.

Fortino Capital partially exits Cenosco

Facts

Involved firms and advisors buy side: 

Financial & Tax Due Diligence: RSM
Legal: Millbank

Involved firms and advisors target side: 

Same as the sell side.

Involved firms and advisors sell side: 

Financial & Tax Due Diligence: Eight Advisory
Legal: Jones Day
Sell side advisor: Raymond James
Tech: Ringstone

Brief description / Deal outline:

Summit Partners acquired a majority stake in Cenosco with significant reinvestment by Fortino Capital. 

Why should this deal win the Award for Best Mid Cap Private Equity Deal? 

Submitted by Fortino Capital

Since Fortino’s investment in December 2020, Cenosco has gone through transformational growth with recurring revenue x7 and FTE x2, all fully organic. This resulted in a great outcome for both Fortino + the re-investing founders of 7x MoM.

To give some more context: Cenosco is a software company delivering asset integrity management. Its software ensures that asset-heavy industries (oil & gas, chemicals, pharma, …) can run their operations in a safe and reliable way, compliant with all industry standards. Upon Fortino’s entry, Cenosco was mainly a consulting company with only 25% recurring software revenue, 80% of revenue with one customer, and owning only a small part of the IP rights. Fortino’s investment thesis was to: (i) acquire the IP rights, (ii) move from a low recurring revenue percentage to +50%, (iii) diversify the customer base. Upon exit, all of these three goals have been achieved: (i) acquired the IP rights after a lengthy 2-year discussion, (iii) moved from 15% recurring revenue to 75% (still trending upwards), and we decreased customer concentration of the largest customer from 80% to 35%. By realising this transformation growth and increasing scale, the company attracted massive interest from both strategic buyers and financial sponsors.

What was the deal rationale?

The rationale of the acquirer is to further continue the path of high growth in a profitable way and turn Cenosco into the category leader for Asset Integrity Management. The focus will be on organic growth and international expansion (US / APAC), combined with M&A in case relevant opportunities arise.

Where lies the value creation?

Quick recap of the information shared under a:

• Recurring revenue from €2.5 million to close to €18 million 
• Total revenue from €10 million to €20 million
• Recurring revenue as % of total from 25% to 75%
• Revenue generated by largest customer from 80% to 35%
• Total FTE from 65 to +130
• IP acquired
• Brought in an external CEO and professionalised the management team (for instance, Finance & HR leader attracted)

All of the above resulted in a MoM of 7x, IRR ~60%.

What is the impact of this deal for the stakeholders?  

The focus will remain the same: growth, supported by further investments in the team and product to deliver continuous improvements in the product and service offering. At the end of the day, the result of Cenosco’s solution is a safer environment with fewer incidents for asset-heavy industries/production plants.

What was particular about the deal process?

Fortino decided to go for a very targeted sell-side process where conviction on the space and ability to deliver were critical for the initial selection. The advisor spoke to 7 parties, of which three came to a final offer in two weeks of due diligence. Summit fully delivered on timely execution, with 13 days between meeting the CEO and a handshake agreement.

Do the management or entrepreneurs deserve a special mention?  

After 3,5 years in the investment, Fortino appointed a new CEO, Rahul Kejriwal. He really transformed the business and company culture, with the ambition to make Cenosco the category leader in Asset Integrity Management software and also realised to bring this can-do mentality into the company. Upon his start, the company was growing at 20% per year, and 9 months later, recurring revenue growth was +50% His leadership, mentality, and leading by example have been instrumental in realising this.

Sofindev exits Companyweb

Facts

Involved firms and advisors buy side: 

Legal: Lydian; Willkie Farr & Gallagher
Financial Due Diligence: KPMG
Tax Due Diligence: Arteo Law
IT Due Diligence: Techminers
Commercial Due Diligence: Elevel Strategy
Acquisition finance: HIG

Involved firms and advisors target side: 

Same as buy side.

Involved firms and advisors sell side: 

M&A: CFI
Financial Due Diligence: Deloitte
Tax Due Diligence: Deloitte
Commercial Due Diligence: Roland Berger
Legal: Stibbe; Van Olmen & Wynant; Fieldfisher Belgium

Brief description / Deal outline:

Sofindev (50% +1 shareholder) and the founding shareholders and management sold Companyweb, a leading Belgian provider of business and credit information, to Altares Dun & Bradstreet, a global data specialist active in France, Benelux, and North Africa. Altares is backed by Naxicap Partners, a French private equity firm.

Why should this deal win the Award for Best Mid Cap Private Equity Deal? 

Submitted by Sofindev

The sale of Companyweb by Sofindev to Altares Dun & Bradstreet, backed by Naxicap Partners, is a strong example of mid-cap private equity excellence. It combines exceptional financial returns, strategic transformation, and responsible ownership.

Sofindev invested in Companyweb in 2018 in a buyout transaction together with the two founders (Sofindev initially held a 40% stake and 30% was held by both founders). In 2021, Sofindev increased its stake to 50%+1 share. At entry, Companyweb was a respected Belgian provider of business and credit information. Under the leadership of co-founder Ilse Getteman and Managing Director Pieter Van de Wiele, and with Sofindev’s support, the company evolved into a scalable SaaS platform with strong recurring revenues, high customer retention, and a renewed technology backbone.

Over the investment period, Companyweb more than doubled in size, maintaining profitability and agility. Growth was achieved entirely organically, without acquisitions—highlighting the strength of the business model and the quality of its leadership.

What sets this deal apart is Sofindev’s value-driven approach. While there were other attractive offers, Sofindev allowed management to choose Altares as this party was preferred by management because of its strategic fit and commitment to preserving Companyweb’s autonomy, entrepreneurial culture and growth trajectory. This reflects

Sofindev’s belief in true partnerships with the entrepreneurs they back and in finding the right home for its portfolio companies.

The impact on stakeholders has been positive: the management team remains in place, employees benefit from continuity and new opportunities, and clients gain access to enhanced capabilities. Companyweb continues to promote transparency and responsible credit decisions.

This transaction exemplifies what the Best Mid Cap Private Equity Exit should represent: strong returns, strategic clarity, and lasting stakeholder value.

Submitted by CFI

The sale of Companyweb represents a highly successful mid-cap private equity exit, combining deep value creation, disciplined preparation, a well-calibrated competitive process, and outstanding execution in a challenging M&A market.

A true Belgian success story

Companyweb is a household name in the Belgian business community. Founded over 20 years ago by entrepreneurs Ilse Getteman and Patrick De Smet the company has consistently delivered strong performance across economic cycles. Over the past decade, Companyweb achieved uninterrupted growth with a CAGR of 15% in revenue and 20% in EBITDA, demonstrating its resilience, relevance, and recurring value proposition in the market.

In 2018, the founders were advised by CFI Belgium to bring on Sofindev as a financial partner. This gave them the opportunity to partially de-risk and crystallise the value they had built, while continuing to drive the company’s future growth as minority shareholders and executives. In 2021, Sofindev strengthened the leadership team by attracting Pieter Van de Wiele as a successor to co-founder Patrick De Smet. This strategic hire reduced founder dependency, professionalised the organisation further, and brought fresh expertise to expand the product offering.

Strategic complexity and competitive tension

Despite Companyweb’s strong financial profile, the transaction posed several challenges:

• The company had no international presence and no prior buy-and-build track record, limiting the typical private equity growth playbook.
• Sofindev had high-value expectations, having been approached multiple times by strategic acquirers in the years preceding the exit process.
• Management had a strong preference for Altares as a buyer due to the strategic and cultural fit, and Altares’ ability to accelerate Companyweb’s growth in the Netherlands.
• A key success factor was balancing this preference with the need to solicit competitive tension from both private equity and strategic buyers to optimise the deal outcome. This required a carefully crafted process strategy.

Process excellence and execution speed

• Flawless upfront preparation: In the lead-up to the process launch, a comprehensive vendor due diligence package was assembled with top-tier advisors: financial and tax by Deloitte, commercial by Roland Berger, and legal by Stibbe and Fieldfisher Belgium, managed by CFI, ensuring consistent, efficient and high-quality workstreams.
• Strategic pre-marketing and buyer alignment: The team conducted targeted fireside chats with pre-selected investors, allowing early feedback to be incorporated into the marketing materials and refining the buyer universe before launch.
• Highly efficient execution from launch to signing: The formal process progressed at remarkable speed — from CIM distribution to receipt of NBOs in just four weeks. Four selected bidders were invited to phase two, where a tightly managed and comprehensive due diligence process followed. All workstreams, including commercial, financial, legal, tax, and ESG, were completed within another five weeks. Early engagement on key SPA terms during the diligence phase, combined with the strong commitment of all parties and the support of experienced external advisors, enabled the SPA to be signed just one day before Christmas. This execution — from launch to signing in only ten weeks — reflects the discipline, preparation, and alignment across stakeholders that defined the transaction.
• Benchmark in today’s market: With a total process duration of approximately eight weeks from CIM launch to SPA signing, this transaction significantly outperformed current market timelines, where deals are often delayed due to macro uncertainty and increasingly extensive due diligence requirements.

Conclusion

The Companyweb exit is a best-in-class example of value creation, stakeholder alignment, and execution excellence in the mid-cap private equity space and sets a new benchmark, therefore fully deserving recognition as the Best Mid Cap Private Equity Exit of 2025.

What was the deal rationale?

Submitted by Sofindev

The acquisition of Companyweb by Altares Dun & Bradstreet is a textbook example of strategic alignment within a broader buy-and-build trajectory. Altares, backed by Naxicap

Partners, has been executing a focused growth strategy since its leveraged buyout in 2016, aimed at building a pan-European leader in business data and analytics. The acquisition of Companyweb marks the sixth strategic transaction in this journey and significantly strengthens Altares’ position in the Benelux region.

Companyweb, founded in Belgium, is the market leader in financial and commercial data for SMEs. Its platform is deeply embedded in the workflows of thousands of Belgian companies, offering real-time insights into creditworthiness, payment behaviour, and business health. Altares, traditionally focused on larger enterprises, saw in Companyweb a unique opportunity to expand its reach into the SME segment — a critical and underserved part of the market.

The strategic rationale is threefold:

1. Complementary market coverage: Companyweb’s SME focus perfectly complements Altares’ existing client base, enabling full-spectrum coverage from micro-enterprises to multinationals.
2. Technology and product synergies: Companyweb’s proprietary data platform and user-friendly interface offer immediate value to Altares’ product suite. The integration allows for cross-selling, enhanced analytics, and accelerated innovation.
3. Geographic expansion: The deal reinforces Altares’ footprint in Belgium and opens the door for Companyweb’s solutions to be scaled across France, the Netherlands, and other Altares markets.

Submitted by CFI

The acquisition of Companyweb by Altares represents a highly strategic move that strengthens Altares’ market position in the Benelux region and enhances its data intelligence capabilities across the SME and corporate spectrum. The rationale behind the deal is rooted in a powerful strategic and operational complementarity, a shared vision for innovation in B2B data intelligence, and clear synergies that position the combined entity for long-term growth.

Strategic fit and complementary client base

At the core of the rationale is the complementarity of customer segments served by both businesses:

• Altares primarily targets large enterprises and corporates with international needs.
• Companyweb is deeply entrenched in the Belgian SME market, with a loyal and diversified client base.

This segmentation allows for minimal customer overlap and maximum cross-sell opportunities. Through the acquisition, Altares gains immediate access to the SME market, while Companyweb can leverage Altares’ broader geographic reach and enterprise relationships to expand its own market footprint, notably in the Netherlands.

Data synergy and proprietary capability enhancement

The deal also presents a clear data synergy. Companyweb previously relied on third-party providers for international data—data that Altares can now deliver in-house. Conversely, Companyweb brings unique, high-frequency, proprietary Belgian data—gathered and processed through a validated and nonreplicable pipeline that combines automated processes, manual curation, and client feedback. This enables faster update cycles, deeper insights, and unmatched data quality.

Furthermore, Companyweb’s AI-ready, modular tech stack enhances Altares’ capabilities in delivering scalable, integrated solutions. With over 1,500 active integrations across 70+ CRM, ERP, and SRM platforms, Companyweb’s infrastructure significantly increases customer lock-in and shortens onboarding time—often completed within one day without setup fees.

Strength in innovation and product offering

Companyweb’s innovative approach to B2B data intelligence has led to differentiated offerings in credit risk, fraud detection, compliance, and go-to-market enablement. Its rich feature set—including financial health barometers, KYC tools, visualised UBO structures, and automated alerts—not only broadens Altares’ product offering but also elevates its value proposition for clients seeking end-to-end, real-time business intelligence. 

Cultural alignment and execution capability

The deal also works due to strong cultural compatibility. Companyweb’s lean, performance-driven culture—with a seasoned leadership team (average tenure of 13+ years) and deep domain expertise—aligns well with Altares’ strategic focus on long-term innovation, customer excellence, and data leadership.

A key enabler for the success of this acquisition is Altares’ ownership of high-quality Dutch business information. This provides a direct opportunity for Companyweb to replicate its Belgian success in the Netherlands, using its proven model and tools in a similar market environment.

Conclusion

This transaction is not just a strategic bolt-on or an opportunistic exit—it is a transformational combination that reinforces the competitive positioning of both parties. For Altares, it accelerates SME penetration, deepens data capabilities, and enables cross-border product expansion. For Companyweb, it opens the door to international scaling while preserving its innovation DNA and client-centric culture.

Together, the combined platform creates a stronger, smarter, and more scalable data intelligence powerhouse in the Benelux region.

Where lies the value creation?

Submitted by Sofindev

As previously mentioned, Companyweb was sold at an enterprise value of €85 million, based on 14.8x reported EBITDA, one of the highest multiples in Sofindev’s history, being a generalist buyout fund. The €7.9 million investment generated €42.5 million in proceeds, resulting in a money multiple of 5.4x and an IRR of 34%.

The growth during Sofindev’s ownership was driven by several key factors:

• Expansion into new verticals, including legal services, HR tech, and fintech, where Companyweb’s data solutions became increasingly embedded in client workflows.
• Market share gains from the incumbent Graydon, particularly in the SME segment, where Companyweb’s user-friendly platform and real-time insights proved more agile and accessible.
• Defensive positioning against emerging competitors such as ZoomInfo and various data start-ups, by continuously innovating the product offering and enhancing the technology stack.
• A complete renewal of the technology platform, enabling faster deployment of new features and improved scalability.
• A strong focus on customer retention and upselling, resulting in a highly predictable and recurring revenue base.

Importantly, all of this growth was achieved organically, without acquisitions—demonstrating that strong value creation is possible by supporting a focused management team in scaling a high-quality platform through innovation, execution, and strategic clarity.

Submitted by CFI

The Companyweb exit is a clear showcase of exceptional value creation in the mid-cap private equity space, combining consistent organic growth, operational excellence, strategic innovation, and a highly attractive return profile. The strong exit valuation and competitive process were underpinned by multiple value drivers that were systematically built and reinforced throughout the investment period.

Consistent financial performance and a predictable revenue model

Over the investment period (mid-2018 to early 2025), Companyweb delivered robust and uninterrupted growth in both revenue and EBITDA. This was driven by a scalable SaaS-based model with outstanding visibility:

• 99% of revenues were recurring, derived from annual subscriptions.
• Churn remained below 5%, demonstrating strong customer loyalty and product stickiness.

This reliable cash flow profile—highlighted extensively throughout the marketing materials—was a key element of the investment thesis and central to the exit positioning. A powerful sales cube built in Power BI allowed buyers to analyse performance at every granular level (e.g. product, customer segment, and trendline analysis), reinforcing the predictability and quality of earnings.

Operational excellence and sales-driven growth model

Companyweb’s business model combines operational efficiency with a highly effective go-to-market engine. The company operates with a lean and agile organisation, yet successfully captures both new logos and revenue expansion through upselling and product bundling. Over the years, a significant share of growth came from deepening relationships with existing customers and increasing ARPA (average revenue per account), made possible by:

• A modular, feature-rich product suite with frequent innovation.
• Seamless integration into customer ERP and accounting systems via over 70 pre-built connectors.
• No setup fees and one-day onboarding—minimising implementation friction and increasing adoption.

This created a high degree of customer lock-in, further supporting margin stability and long-term value retention.

Innovation and product differentiation

Companyweb has consistently invested in the development of innovative tools and features tailored to real business needs in credit risk, compliance, and B2B sales intelligence. These include real-time alerts, payment behaviour profiles, visualised UBO structures, and prospecting tools—all designed to turn raw data into actionable insight.

This continuous innovation kept the product relevant, increased client lifetime value, and enhanced Companyweb’s competitive moat. Moreover, the company’s AI-ready and scalable infrastructure positioned it to respond flexibly to future technology shifts without requiring large capital investments.

Exit multiple and deal outcome

Over the holding period, Sofindev achieved a money multiple of >5x, reflecting both the quality of the underlying business and the success of the exit strategy. The deal was highly competitive, ultimately landing on a highly strategic buyer, Altares, who saw both intrinsic value and synergy potential in the combination.

Altares’ ability to deliver international data and its strong position in the Netherlands perfectly complement Companyweb’s unique proprietary Belgian dataset and SME focus. This strategic fit further boosted valuation, with significant upside for the combined entity.

Conclusion

The Companyweb transaction illustrates how long-term value can be created and captured through a combination of structural business quality, operational execution, continuous innovation, and disciplined private equity stewardship. In a challenging market environment, this deal delivered an exceptional return and a strategic win-win outcome, marking it as a benchmark exit in the 2025 mid-cap M&A landscape.

What is the impact of this deal for the stakeholders?  

Submitted by Sofindev

The sale of Companyweb to Altares Dun & Bradstreet has had a positive and far-reaching impact on all key stakeholders—management, employees, clients, suppliers, and society at large.

For the management and employees, the transaction provides continuity and growth opportunities. Altares is committed to maintaining Companyweb’s autonomy and culture, allowing the team to continue executing its strategy while benefiting from the resources and expertise of a larger international group. This ensures stability and long-term career prospects for the workforce.

Clients and suppliers benefit from enhanced capabilities, broader data access, and improved service offerings, thanks to Altares’ technological know-how and international footprint. The strategic fit between Altares and Companyweb strengthens the value proposition for end users, particularly SMEs, who rely on accurate and timely business information to make informed decisions.

From an ESG perspective, Companyweb’s mission to improve transparency and reduce

financial risk in business transactions contributes to a healthier and more resilient economic ecosystem. The company’s data-driven services help prevent fraud, support responsible credit decisions, and promote trust in business relationships.

Importantly, Sofindev’s role in this transaction goes beyond financial returns. As a responsible investor, we carefully considered the long-term future of Companyweb and its stakeholders. While another party expressed interest at a higher valuation, we ultimately chose Altares as the preferred buyer due to the strategic rationale, cultural alignment, and shared vision for the company’s future. This decision reflects Sofindev’s commitment to ensuring that portfolio companies find the right “home” post-exit—one that supports sustainable growth and stakeholder value creation.

Submitted by CFI

The acquisition of Companyweb by Altares delivers meaningful, long-term value to a wide range of stakeholders—from management and employees to clients, suppliers, and society at large. It reflects a responsible, strategic approach to value creation that goes far beyond financial performance.

Management continuity and alignment

Post-transaction, Ilse Getteman and Pieter Van de Wiele continue to lead Companyweb in their current roles. Both have (re-)invested in the Altares group and are incentivised through an attractive Management Incentive Plan (MIP), ensuring long-term alignment and reinforcing their commitment to continued value creation. Their ongoing involvement ensures stability in strategy, culture, and innovation during the integration and future growth phases.

Employee development and job creation

Employees of Companyweb stand to benefit significantly from becoming part of a larger, international organisation. Altares brings with it structured professional development programs, operational best practices, and access to additional resources that support both personal and professional growth. The acquisition expands internal career pathways and improves employee benefits, creating a more rewarding and supportive work environment.

Moreover, Altares plans to roll out Companyweb’s proven business model in the Netherlands, leveraging its own data infrastructure and client base. This strategic expansion will be supported by additional hiring and investment, creating new high-quality jobs and reinforcing the group’s commitment to talent development and economic growth in the Benelux region.

Client value, end-user benefit, and societal impact

The combined platform will provide clients and end-users with more accurate, actionable, and integrated B2B data solutions, improving decision-making across functions such as credit risk, compliance, KYC, and sales enablement. Companyweb’s tools—ranging from real-time alerts to visualised UBO structures—enhance client productivity and reduce risk exposure.

The result is greater transparency, lower information asymmetry, and increased confidence in B2B transactions, especially in supplier-customer relationships. These improvements help to build stronger, more resilient business ecosystems, particularly for SMEs.

In addition to its commercial benefits, the combined data capabilities of Altares and Companyweb also serve a broader societal role. By improving visibility into corporate structures and financial behaviours, the platform can help detect and prevent fraudulent activities, scams, and other forms of social undermining. This supports the integrity of financial systems and the rule of law.

ESG enablement and sustainable business

As regulatory requirements around ESG transparency and reporting increase—particularly under evolving EU legislation—Companyweb is positioned to play a vital role in enabling businesses to track, assess, and report on ESG criteria. The acquisition will accelerate investment into tools and datasets that help clients comply with these mandates and integrate ESG into procurement, lending, and investment decisions.

By making ESG data more accessible, comparable, and actionable, Companyweb contributes to a more responsible and sustainable business environment—supporting better governance and environmental awareness across the value chain.

Supplier and ecosystem stability

For suppliers and third-party partners, integration with Altares strengthens commercial stability and opens the door to larger, longer-term partnerships. Working with a well-capitalised and internationally active organisation provides assurance of continuity, scale, and shared growth potential.

Conclusion

This transaction delivers a wide spectrum of positive outcomes across all stakeholder groups. It secures leadership continuity, enhances employee opportunity, supports client success, fosters job creation, enables ESG readiness, and contributes to societal resilience. The impact of this deal illustrates how a well-executed mid-cap private equity exit can generate sustainable value far beyond financial returns—marking it as a standout transaction in the 2025 M&A landscape.

What was particular about the deal process?

Submitted by Sofindev

The Companyweb transaction stood out for its skilled execution, strategic discipline, and

thoughtful stakeholder alignment. The process was managed smoothly and efficiently, with clear coordination between the management team, Sofindev, and its external advisors (CFI, Stibbe and Deloitte). Despite the competitive nature of the sale, the deal was completed in a timely manner and with minimal disruption to the business.

One of the key complexities was the strategic buyer selection. While multiple parties expressed interest, Sofindev prioritised long-term value creation and stakeholder fit over short-term financial gain.

Submitted by CFI

The sale of Companyweb to Altares was the result of a highly professional, competitive, and strategically executed process that stands out for its sector expertise, alignment of interests, and deal complexity management—ultimately maximising value for all parties involved.

Deep sector insight and long-term relationship-building

CFI’s involvement in this transaction was rooted in a long-term advisory relationship that began over a decade ago, with the first contact with Companyweb dating back to 2013. In 2018, CFI advised the founders on the sale to Sofindev, a leading Benelux private equity fund. This long-standing relationship enabled CFI to develop an in-depth understanding of the business and its key stakeholders, allowing for a highly tailored and credible positioning in the market.

In the years leading up to the exit process, CFI maintained active dialogue with a select group of interested strategic and financial buyers, carefully nurturing interest and keeping the story warm. This proved instrumental in creating a strong buyer universe when the process was formally launched in 2024.

Thorough preparation and skilled orchestration

The process was characterised by meticulous preparation and disciplined execution within a tight timeline. A comprehensive vendor due diligence package was prepared across financial, tax, legal, and commercial workstreams. Particular attention was given to showcasing the company’s highly recurring revenue base, low churn, and operational efficiency—supported by an advanced, interactive Power BI sales cube (developed by Deloitte), which allowed for granular analysis at client and product level.

CFI and the shareholders pre-warmed a carefully selected group of international private equity and strategic buyers through “fireside chats” to pre-emptively address questions and highlight the unique strengths of the Companyweb platform—particularly around data processing, integration capabilities, and end-market applications across credit, KYC, and compliance.

Competitive tension and international buyer mix

By targeting both international private equity firms and strategic buyers, the process was designed to solicit maximum competitive tension. This approach successfully resulted in multiple competitive offers, including from buyers already familiar with the space and some newly engaged parties. Ultimately, Altares—a strategic buyer with a clear industrial rationale—emerged as the most credible and compelling partner.

Reconciling diverging stakeholder interests

One of the most particular and complex aspects of this deal was the need to balance the exit ambitions of Sofindev—who sought an attractive return after a highly successful investment period (achieving a >5x money multiple)—with the professional interests and future ambitions of the management team, who were deeply committed to the long-term potential of Companyweb.

CFI played a key role in bridging this dynamic. A deal structure was negotiated that met Sofindev’s pricing expectations while also enabling management to reinvest in the combined Altares platform and continue in their leadership roles under a compelling Management Incentive Plan. This alignment was essential to secure a successful close and ensure continuity for the future of the business.

Smooth execution and outcome

Despite the strategic complexity and multiple stakeholders, the deal process was smooth and timely, aided by clear governance, strong preparation, and effective coordination between advisors and shareholders. The outcome is not only a textbook example of a well-run process, but also a strategic transaction that sets the stage for international expansion, product innovation, and ESG enablement—reflecting the core strengths of mid-cap private equity.

Do the management or entrepreneurs deserve a special mention?  

Submitted by Sofindev

The management team of Companyweb, led by Ilse Getteman and Pieter Van de Wiele, deserves special recognition for their outstanding leadership and strategic vision throughout the investment period. 

Ilse and Pieter successfully transformed Companyweb from a well-established data provider into a scalable SaaS business with a strong recurring revenue model and high customer retention. Their leadership was marked by a clear focus on innovation, customer-centricity, and operational excellence. They oversaw the complete renewal of the technology platform, introduced new data-driven features, and expanded the client base across sectors, all while maintaining profitability and agility.

What sets them apart is their ability to combine strategic foresight with authentic leadership. They built a company culture rooted in trust, transparency, and ownership, empowering their team to innovate and grow. Their approach fostered a loyal and motivated workforce, which was instrumental in achieving the company’s growth milestones.

Moreover, their role in the exit process was exemplary. They engaged constructively with potential buyers, ensured cultural alignment with Altares, and secured a deal that guarantees continuity for employees and clients. Their commitment to the long-term vision of Companyweb — even post-transaction — reflects their deep sense of responsibility and entrepreneurial spirit.

Submitted by CFI

The success of Companyweb is inseparable from the leadership, vision, and entrepreneurial spirit of its management team, most notably Ilse Getteman, who has been instrumental from the company’s inception through to its successful exit in 2025.

Ilse has demonstrated true entrepreneurship and resilience throughout her journey with Companyweb. As a founder, she played a pivotal role in shaping the company’s initial growth trajectory. Her leadership style, deeply rooted in pragmatism and accountability, fostered a “can-do” and “no-nonsense” culture within the organisation — one that continues to define Companyweb’s DNA today.

A particular moment that highlights Ilse’s capabilities came in mid-2020, when her co-founder and then-CEO Patrick De Smet stepped back from operational responsibilities. Ilse assumed full leadership of the company and, recognising the importance of innovation and fresh talent, brought in Pieter Van de Wiele to strengthen the management team. Pieter was entrusted with product innovation and platform development — a mandate he executed with excellence, delivering tools that directly reinforced Companyweb’s value proposition and commercial success.

Under Ilse’s leadership, the company cultivated a transparent and meritocratic culture, clearly linking individual and team performance to recognition and reward. This approach not only ensured strong internal alignment but also created an environment in which people could thrive — attracting high-quality talent and sustaining motivation across the organisation.

Moreover, Ilse and Pieter played an active and constructive role throughout the exit process, working seamlessly with shareholders and advisors to ensure a successful outcome. Post-transaction, both have reinvested alongside Altares, demonstrating continued commitment to the next phase of growth.

In sum, the strength of Companyweb’s leadership team — and the enduring impact of Ilse Getteman’s entrepreneurial vision — deserves special recognition. Their ability to combine strategic foresight, disciplined execution, and cultural cohesion was essential to delivering one of the most successful mid-cap exits of 2025.

Aerospacelab raises €94 million in an extended series B funding
round

Facts

Involved firms and advisors buy side: 

Legal: Cresco and Allen & Overy Shearman

Involved firms and advisors target side: 

Legal: Beyond Law

Involved firms and advisors sell side: 

Legal: Beyond Law

Brief description / Deal outline:

Aerospacelab has secured €94 million in an Extended Series B round, structured as €56 million in equity and a €38 million non-dilutive commitment from The European Investment Bank in 2025. This capital raise strengthens Aerospacelab’s vertically integrated model by supporting R&D, expanding manufacturing (finalisation of its Charleroi Megafactory), and attracting top talent while minimizing shareholder dilution. It also positions the company as a leading force in Europe’s New space sector, aligned with EU sovereignty goals and growing demand for satellite constellations such as IRIS². Executed at a premium valuation, the deal delivers value for employees, shareholders, clients, and the broader European space ecosystem.

Why should this deal win the Award for Best Venture Capital Deal? 

Submitted by Aerospacelab

Aerospacelab’s recent €94 million Extended Series B capital raise—structured as €56 million in a dual-tranche Series B raised over 2024 & 2025 as well as a €38 million non-dilutive commitment from the European Investment Bank signed in 2025 —stands out as a venture-capital benchmark in the Belgian landscape as it allows the company to carry on with its development whilst minimizing dilution for its shareholders. It should win this award for its ambition, transformative impact and timely execution.

Founded in 2018, Aerospacelab has grown into a leading force in Europe’s New Space movement. Embracing vertical integration, just as the renowned launcher company SpaceX did in the US, the Belgium-based company works towards the industrial leverage to mass produce satellites with at its core applications, telecom constellations and earth observation. 

This €94 million raise now accelerates its industrial roadmap—co-funding the construction of its Megafactory in Charleroi—a 20,000 m² facility that will produce up to 500 satellites per year, ramping to full capacity by 2027, with initial production expected for 2026. That facility is poised to become Europe’s largest manufacturing satellite footprint.

What was the deal rationale?

The rationale behind the deal is fully aligned with the company roadmap. Aerospacelab’s vision is to deliver high-quality, cost-efficient satellite constellations at scale, supporting telecom and earth observation applications.

This investment provides the critical capital needed to fulfill that vision by strengthening vertical integration, accelerating R&D, attracting top talent and expanding manufacturing capacity. It supports European sovereignty objectives in space, responds to rising institutional demand (e.g. European Commission’s IRIS² constellation) as well as commercial demand, and positions Aerospacelab as a leading challenger to established global satellite manufacturers. 

Rather than a standalone transaction, this capital raise is part of a logical, phased scaling trajectory, following prior funding rounds (e.g., €40million in 2022, plus smaller rounds earlier) and capitalizing on the support of existing shareholders (Airbus Ventures, XAnge, Wallonie Entreprendre, Noshaq and Sambrinvest) as well as some key new ones such as imec.xpand.

Where lies the value creation?

The round unlocks tangible value for the different stakeholders. For Aerospacelab and its employees, the funds raised will drive the completion and industrialization of the Megafactory while also supporting ongoing R&D efforts. This will enable Aerospacelab to strengthen its position as a strong contender for contracts worth several hundreds of millions, with both commercial and institutional customers (including IRIS2).

The scale of mass manufacturing envisioned by Aerospacelab is unprecedented in Europe. Combined with its innovative approach to development and production – through the vertical integration of satellite platforms and payloads – it will further strengthen the company’s position on the global satellite manufacturing map. 

For Aerospacelab shareholders, among which a lot of employees, the recent funding round, completed at a premium valuation compared to the previous one, reflects the value the company has created and underscores strong expectations for its future achievements.

What is the impact of this deal for the stakeholders?

For internal stakeholders—management, engineers, employees—the funding round and the upcoming completion of the Megafactory represent a major turning point that will establish Aerospacelab as a leader in the satellite industry, reinforcing its ability to attract and retain top talent. 

Customers and governments will also benefit from improved access to scalable, sovereign European space infrastructure, offering a compelling alternative to legacy prime suppliers whose past performance has not always met expectations.

The broader societal and ESG impact is also significant: revitalizing the local economy in Charleroi, strengthening European strategic autonomy, and advancing more efficient and increasingly sustainable practices in the high-tech sector.

What was particular about the deal process?

The capital raise stands out not only for its size but also for its execution, drawing on both private and public funding sources. Initially aimed at existing investors, the round attracted strong interest from leading technology and industry-focused investors in Europe and the United States, prompting an upsizing. Conducted across 2024 and 2025, it enabled Aerospacelab to secure the funding required for its development while minimizing dilution.

In addition, discussions with The European Investment Bank – initiated earlier – were finalized in summer 2025, adding credibility to the process through third-party validation of Aerospacelab’s roadmap.

Do the management or entrepreneurs deserve a special mention? 

CEO and founder, Benoît Deper, exemplifies visionary leadership. Since its founding in 2018, Aerospacelab has achieved real-flight deployments, rapid growth, and a bold transition into mass production.

The management team’s clear mission — focused on innovation, vertical integration and cost reduction — combined with a commitment to revitalizing Charleroi, deserves recognition.

Nobi raises €35 million in a series B funding round

Facts

Involved firms and advisors buy side: 

Legal: Gunderson Dettmer

Involved firms and advisors target: 

Financial DD: BDO

Involved firms and advisors sell side: 

N/A

Brief description / Deal outline:

Antwerp-based AgeTech company Nobi has secured €35 million in an oversubscribed Series B funding round, reflecting the rising demand for AI-driven solutions to address global aging challenges. The funding was led by Angelini Ventures and Nexus NeuroTech Ventures, with support from Japan’s 15th Rock and existing investors, including EQT Life Sciences and PMV. The investment will fuel Nobi’s global expansion and product development, aiming to support older adults and their caregivers with innovative features.

Why should this deal win the Award for Best Venture Capital Deal? 

Source: Xtalks

Belgian AgeTech innovator Nobi has successfully secured €35 million ($37 million) in an oversubscribed Series B funding round to advance its AI-powered smart light designed for fall detection and prevention among the elderly. The financing round was co-led by Angelini Ventures and Nexus NeuroTech Ventures, with participation from Japanese investor 15th Rock and existing investors, including EQT Health Economics, EQT Dementia Fund, Belgian investment company PMV and Nobi’s co-founders Roeland Pelgrims and Bert De Haes. Co-founding business angel Balz Halter also reaffirmed his commitment by contributing to the Series B funding round.

In a news release, Nobi said that the securing of “outstanding new partner-investors” will support Nobi in strengthening market leadership in the UK and the US and enhance the platform with new features to improve care home workflows. The new series funding comes just a few weeks ​after the announcement of Nobi’s partnership with Frontier Management, one of the largest senior care providers in the US.

Nobi’s smart light integrates optical care sensors and AI to monitor environments continuously, detecting falls in real-time and alerting caregivers promptly. According to England’s National Health System (NHS), the prevalence of falls among the elderly is high, with the potential to cause significant injury, disability and even death. More than half of individuals over the age of 80 experience at least one fall annually. These incidents can result in broken bones, potentially triggering a series of more severe health complications.

With a rapidly aging global population, fall prevention is an important public health and patient safety concern. Nobi explains that timely intervention after a fall is critical, as prolonged time periods on the floor (lie period) of over an hour significantly increase the risk of complications and even death. Research shows that waiting more than an hour raises the six-month mortality risk to 50%.

At first glance, Nobi appears to be a simple light hanging in the center of a room. However, it houses a powerful AI system that operates in real time, processing data locally to ensure enhanced privacy and reliability.Developed over six years by leading AI experts, Nobi says the model has been trained on more than 250,000 real-life scenarios with the aim of making a meaningful impact on the lives of elderly individuals and their caregivers. Beyond fall detection, the lamp offers features such as automatic lighting to prevent disorientation and circadian rhythm support to promote natural sleep patterns. Clinical evaluations have demonstrated the lamp’s efficacy in enhancing elderly care. In a study conducted across five care homes over nearly 3,000 resident days, Nobi’s technology enabled caregivers to respond 94% faster to falls, reducing average intervention times from over an hour to just four minutes. Additionally, the implementation of Nobi’s smart lamps led to a 51% reduction in falls immediately after installation, with some facilities reporting reductions as high as 84% following the activation of additional prevention measures. According to Nobi, the NHS has begun implementing the lamps in care homes across Lancashire and South Cumbria. This decision followed a successful pilot study at Hartland House in Milnthorpe, where eight lamps detected 100% of falls and helped prevent four out of five incidents.

“This funding milestone is yet another proof of the overwhelming need for AgeTech solutions that combine gold standard technology with award-winning design,” said Pelgrims, who also serves as Nobi’s CEO, in the news release. “Having such a diverse group of world-class investors and an all-star board reaffirms the global potential of our mission.”

The AgeTech industry — featuring technology designed to address the challenges and opportunities associated with aging — is experiencing significant growth, driven by demographic shifts and increased demand for solutions that support older adults. According to an estimate by 4Gen Ventures, a VC fund specializing in AgeTech, the market could expand to $2 trillion. Innovations in this sector include smart appliances, connected in-home devices, wearable robotics and digital care companions designed to support older generations. A 2023 report estimates that the AgeTech market could reach $2.7 trillion by 2025, reflecting an annual growth rate of 21%.

What was the deal rationale?

N.A.

Where lies the value creation?

N.A.

What is the impact of this deal for the stakeholders?

N.A.

What was particular about the deal process?

N.A.

Do the management or entrepreneurs deserve a special mention? 

N.A.

Swave Photonics raises €33 million in a series A funding round

Facts

Involved firms and advisors buy side: 

N.A.

Involved firms and advisors target side: 

Legal: Deloitte

Involved firms and advisors sell side: 

N.A.

Brief description / Deal outline:

Swave Photonics raised €33 million of Series A venture funding in a deal led by imec.xpand and IAG Capital Partners on June 25, 2025, putting the company’s pre-money valuation at EUR 44.49 million. Murata Manufacturing Company, Imec, Samsung Venture Investment, European Innovation Council, Qbic Fund, NextCorps Luminate, PMV Capital and Société Fédérale de Participations et d’Investissement also participated in the round. The funds will be used to accelerate the commercialization and application of our novel holographic display technology at the heart of next-generation spatial computing platforms.

Why should this deal win the Award for Best Venture Capital Deal? 

Source: Swave Photonics

Swave Photonics, the true holographic display company, raised €27 million ($28.27 million) in a series A funding round. This significant investment in Swave will catalyze the advancement of its Holographic eXtended Reality (HXR) platform, enabling a reality-first user experience for AI-powered augmented reality (AR) smartglasses and heads-up displays.

The funding round was co-led by investors imec.xpand and SFPIM Relaunch, with participation from new investors EIC Fund, IAG Capital Partners, and Murata Electronics North America, Inc., as well as existing investors Qbic Fund, PMV, imec, and Luminate. Swave previously raised a €10 million ($10.47 million) Seed round in 2023, which propelled the launch of Swave’s HXR technology, as well as the expansion of Swave’s team, which proudly leverages the top minds in photonics and semiconductors.

“This round will accelerate Swave’s product introductions as we continue to solve the challenges of today’s AR experiences through true holography,” said Mike Noonen, Swave CEO. “We are thrilled with continued support from our existing investors and our new investors. They recognize that Swave uniquely brings together semiconductor, holographic and AI technologies in a way that will deliver cost-effective and truly useful solutions.”

“AR glasses are set to become the primary interface for AI-powered spatial computing and other applications, and Swave is uniquely positioned to enable this future” said Theo Marescaux, Swave co-founder and Chief Product Officer. “We are co-designing every element—from our holographic SLMs with cutting-edge nano-pixels, to real-time compute chips, light engines, and AR combiners—delivering the most advanced and integrated solution yet.”

“With Swave’s seed funding, we successfully built our team, proved the capabilities of the technology, and completed prototype designs”, said Dmitri Choutov, co-founder and Chief Operating Officer. “With Series A funding secured and silicon running at our partner fabs, we are on track to introduce product development kits and soon thereafter production devices.”

Swave’s HXR technology uses the world’s smallest pixel to shape light and sculpt high-quality 3D holographic images that create a reality-first user experience, where digital information interacts and adapts to the user’s surroundings. The images allow for the human vision system to process them naturally leveraging patented DynamicDepth technology.

AR devices currently being prototyped or on the market are all faced with challenges of high cost, uncomfortable size and weight, significant power usage, and visual phenomena like Vergence-Accomodation Conflict, which cause nausea or fatigue for users. Swave’s unique HXR technology not only solves these issues, but also eliminates the need for the most costly components, such as waveguides or varifocal lenses, inherently required for existing AR devices.

Swave Photonics raised an additional €6 million ($6.97 million) in funding as part of a follow-on investment to the company’s Series A round. The funding was led by IAG Capital Partners and includes an investment from Samsung Ventures. “This follow-on investment demonstrates that there is tremendous excitement for the emerging Spatial + AI Computing era, and the display technology that will help unlock what comes next,” said Mike Noonen, Swave CEO. “These funds from our existing investor IAG Capital Partners and new investor Samsung Ventures will help Swave accelerate the commercialization and application of our novel holographic display technology at the heart of next-generation spatial computing platforms.”

What was the deal rationale?

Swave’s Series A was designed to accelerate the commercialization of the world’s first true holographic display chip for spatial computing. The round validates Europe’s strategic capability to lead in semiconductor-based AR and AI display technologies. By combining financing with strategic investors — imec.xpand, EIC Fund, SFPIM Relaunch, Murata, Samsung Ventures and IAG Capital Partners — the financing aligned both industrial know-how and sovereign capital to secure a European foothold in a domain traditionally dominated by U.S. and Asian players.

At the core of the investment lies Swave’s sub-wavelength pixel technology, over 100× smaller than any other display pixel, which enables light to be shaped purely through computation. This breakthrough makes it possible to replace fixed, bulky, heavy optical components with dynamic algorithms and silicon — an essential step toward truly wearable AR/AI glasses.

Where lies the value creation?

The deal transforms Swave from a research-stage spin-off into a scaling deep-tech company with silicon prototypes running in partner fabs. It created value through:

• Unique core technology: the world’s smallest pixel, capable of computing light directly, replaces optics with software and hardware co-design.
• Industrial validation: co-development with imec ensures manufacturability at advanced semiconductor nodes.
• Strategic partnerships: Murata, Samsung Ventures, and the EIC Fund extend reach into global AR and AI ecosystems.
• Acceleration of roadmap: funding enables tape-out of the Holographic Processing Unit (HPU) and first evaluation kits, unlocking near-term revenue with leading AR OEMs.

What is the impact of this deal for the stakeholders?

• Investors: access to a defensible IP portfolio at the convergence of photonics, semiconductors, and AI — positioned for global leadership.
• Employees: expansion from <20 to 40+ high-tech jobs in Belgium, strengthening the European photonics and semiconductor talent base.
• Ecosystem: anchors Leuven as a European hub for holographic and spatial-AI innovation, leveraging the imec campus.
• End-users: enables the next generation of AR/AI glasses that are:
  • Fashionable — thin, lightweight, and elegant enough for daily wear;
  • Compatible with prescription lenses — made possible by computational optics;
  • Aligned with human vision — displaying images at arbitrary distances, as the eye evolved to perceive them over hundreds of millions of years, for perfect comfort and realism.

What was particular about the deal process?

The Series A combined institutional venture capital, corporate investors, and public innovation funds in a single round — an uncommon feat for a pre-revenue semiconductor startup. The process required alignment across EU, U.S., and Japanese due-diligence standards within a six-month window. It also incorporated a strategic follow-on tranche led by IAG Capital Partners and Samsung Ventures, demonstrating sustained investor confidence and strong governance.

Do the management or entrepreneurs deserve a special mention? 

The founding team — Theodore Marescaux, Mike Noonen, and Dmitri Choutov — uniquely blend semiconductor, photonics, and product leadership experience. Their cross-continental collaboration bridges European research excellence with Silicon Valley and Asian manufacturing ecosystems. Their vision of “Reality-first computing through holography” positions Swave as a reference point in the rapidly emerging Spatial + AI Computing era.