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 side:

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.

Arrive acquires 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.

Bencis Capital Partners and shareholders partially exit 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. 

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 a 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.

AstraZeneca acquires EsoBiotec

Facts

Involved firms and advisors buy side:

Legal: Covington & Burling

Involved firms and advisors target side: 

General: Centerview Partners, SRS Acquiom

Legal: Cooley

Involved firms and advisors sell side: 

N.A.

Brief description / Deal outline:

In March 2025, Walloon biotech start-up EsoBiotec was acquired by AstraZeneca for up to $1 billion — a milestone for the Belgian life sciences sector and a reflection of the strength and maturity of its innovation ecosystem.

Founded in 2020, EsoBiotec developed a new approach to cell therapy, making it faster, more scalable, and more accessible. It’s the kind of breakthrough that reflects a broader trend: Belgium is increasingly seen as a hub for biotech entrepreneurship and venture creation.

EsoBiotec’s growth was also marked by a strong network of Belgian public and private support. The company benefited from early investments from regional actors like Sambrinvest and InvestSud Tech, and received multiple rounds of funding, including support from Walloon public authorities.

The deal with AstraZeneca also signals how Belgian biotech companies can play a role in addressing global healthcare challenges. EsoBiotec’s platform technology for cell therapy responds to the growing demand for scalable, cost-effective treatment options, and the acquisition places this Walloon innovation in a global spotlight.

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

Source: EsoBiotec

EsoBiotec, a biotechnology company pioneering in vivo cell therapies that has demonstrated promising early clinical activity, is acquired by AstraZeneca. The EsoBiotec Engineered NanoBody Lentiviral (ENaBL) platform empowers the immune system to attack cancers and could offer many more patients access to transformative cell therapy treatments delivered in just minutes rather than the current process which takes weeks.

ENaBL uses highly targeted lentiviruses to deliver genetic instructions to specific immune cells, such as T cells, which programmes them to recognise and destroy tumour cells for cancer treatment or autoreactive cells for potential use in immune-mediated diseases. This approach enables cell therapies to be administered through a simple IV injection and without the need for immune cell depletion.

Traditional cell therapies require cells to be removed from a patient, genetically modified outside the body, and then readministered to the patient as a medicine after immune cell depletion, typically taking weeks. By engineering immune cells directly within the patient’s body, the EsoBiotec in vivo approach has the potential to address many of the barriers associated with traditional cell therapies, reducing complexities and manufacturing timelines, thereby increasing access for patients. 

Susan Galbraith, Executive Vice President, Oncology Haematology R&D, AstraZeneca, said: “We are excited about the acquisition of EsoBiotec and the opportunity to rapidly advance their promising in vivo platform. We believe it has the potential to transform cell therapy and will enable us to scale these innovative treatments so that many more patients around the world can access them. EsoBiotec will accelerate and expand the impact of our recent investments and marks a major step forward in realising our ambition to harness the full potential of cell therapy.” 

Jean-Pierre Latere, PhD, CEO, EsoBiotec, said: “We look forward to working with AstraZeneca, a global leader in drug development, to advance our shared goal of bringing transformative cost-effective cell therapies to more patients globally. By combining our expertise and resources, we can accelerate the development of our in vivo platform which has a novel delivery technology we believe will have broad therapeutic applicability.”

EsoBiotec will become a wholly owned subsidiary of AstraZeneca, with operations in Belgium. AstraZeneca has acquired all outstanding equity of EsoBiotec for a total consideration of up to $1,000 million, on a cash and debt free basis. This will include an initial payment of $425 million on deal closing, and up to $575 million in contingent consideration based on development and regulatory milestones.

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.