Brussels, 30 August 2023 – The Belgian Venture Capital & Private Equity Association (BVA) and BNP Paribas Fortis are organising the sixth edition of the Private Equity Awards. Nine nominees have been selected based on criteria such as overall evidence of sustainable growth, authentic leadership and active ownership. The award ceremony will take place on Wednesday 11 October 2023.
The nine finalists are split up into three award categories, ‘venture capital’, ‘growth’ and ‘buy-out’ company of the year respectively and for each category the jury has selected three nominees from a list proposed by the Belgian VC/PE community.
The Private Equity Awards aim to reward and celebrate top-performing Belgian companies that are backed by a private equity or venture capital investor, highlighting private equity as an asset class supporting the development and growth of businesses.
Venture capital and private equity continue to fuel our economy: in 2022, EUR 2.7 billion was invested by VC and PE funds in 236 Belgian companies. Private capital continues to be an important source of funds for our start-ups and scale ups.
A total of 239,960 employees work in companies backed by venture capital or private equity, i.e. 5.8% of Belgium’s total 4.8 million workforce. Belgium has 1,165 companies backed by the VC & PE industry. In 2021, companies backed by venture capital and private equity created 4,564 net jobs (or an increase of 6.1%). This compares to a growth of 1.6% in other Belgian companies.
“The Private Equity Awards are a landmark in the Belgian private equity landscape and this edition proves once again that successful Belgian entrepreneurial and growth stories continue to attract the attention of investors. The partnership between entrepreneurs and PE investors works and the investments in growth and innovation directly contribute to the creation of employment and economic growth,” explains Sabine Vermassen, chairwoman of the BVA.
“BNP Paribas Fortis is proud to host and organise with BVA this sixth edition of the Private Equity Awards. Private Equity has proved to be an excellent financing instrument suited to boosting innovation and sustainable growth. This year the jury has once again selected outstanding nominees; companies in which the management teams – with the support of a private equity investor – have demonstrated a remarkable track record. We look forward to welcoming you in our auditorium and celebrating the winners,” confirms Raf Moons, Head of BNP Paribas Fortis Private Equity.
The 2023 nominees
Venture
- Agomab
Agomab is a biotech company founded in 2017 and is based in Ghent.
Led by CEO Tim Knotreus, Agomab aims to develop novel treatments that preserve and restore organ functions in a range of acute and chronic conditions associated with tissue injury, inflammation, fibrosis and degeneration. The company’s disease-modifying treatments are developed based on a deep understanding of growth factors and their implications in fibrotic-related diseases.
In July 2022, the company raised 40 million USD, bringing the aggregate financing to 140 million USD. Big pharma companies, such as Boehringer Ingelheim and Pfizer have invested in the company.
The company currently employs 36 people.
- Aphea.bio
Aphea.bio, headquartered in Ghent, was founded in 2017 as a spin-off from the VIB and its partner universities, Ghent University & KU Leuven.
Aphea.bio, led by CEO Isabel Vercauteren, is an agricultural technology company focusing on identifying novel microorganisms (bacteria & fungi) with beneficial effects on a plant’s health. By developing new biostimulants and biocontrol solutions, Aphea.bio aims to help building the agriculture of the future, which is dedicated to ensuring food security in a sustainable manner.
In July 2023, Aphea.bio raised EUR 70 million in a Series C round from existing and new investors (amongst others the Bill and Melinda Gates Foundation). This has been the biggest financing round so far in a VC growth company in 2023. The capital raised will help the company accelerate Aphea.bio’s commercialisation efforts.
The company currently employs more than 50 people.
- Dualyx
Dualyx, is a Ghent-based biotech company and was founded in 2020 in a collaborative model with Wurzburg University, Argenx, VIB, Ghent University and KU Leuven.
Dualyx is led by Wouter Verhoeven and is dedicated to the development of next generation immune modulators targeting the selective expansion of regulatory T cells. By efficiently modulating the immune system, Dualyx aims to suppress unwanted autoimmune reactions in patients with difficult-to-treat autoimmune diseases.
The company was launched with a EUR 7 million capital round from PMV, V-Bio Ventures and BioGeneration Ventures in May 2023, and it has raised EUR 40 million from internationally renowned investors Fountain Healthcare Partners, Forbion and Andera Partners.
The company has 20 employees.
Growth
- Biobest
Biobest is a pioneer in the production of bumblebees since 1987 and is located in Westerlo.
Under CEO Jean-Marc Vandoorne, the company has become one of the world’s leading companies in natural pollination and biological control of pests and diseases using beneficial insects, mites and microorganisms.
With strong international growth, the company has recently raised EUR 100 million, mainly from Sofina and from private investors. In 2023, Biobest acquired US Plant Products, one of the most important distributors of integrated biological products in the US and Canada.
The company currently employs 2.000 people.
- UgenTec
UgenTec, founded in 2014, is a molecular laboratory software provider. The company is headquartered in Hasselt.
Lead by CEO Steven Verhoeven, UgenTec was acquired by the Swedish investment fund Summa Equity. The company develops and sells software to automate lab workflow processes executing diagnostic tests.
In 2022, the company became profitable. The acquisition by Summa Equity resulted in a successful exit for early investors Heran and LRM. In 2023 UgenTec became part of Velsera.
The company currently has more than 100 FTE.
- Ecosteryl
Ecosteryl is a leader in the management of contaminated medical waste and is based in Mons.
Thanks to its innovative technology, Ecosteryl – led by CEO Amélie Matton – offers excellent efficiency between production and safety, leading to safer and cleaner processes.
One investor of Ecosteryl is Wallonie Entreprendre, and also BNP Paribas Fortis Private Equity has recently joined the investor base in order to support further international growth.
The company employs 35 people.
Buy-out
- Trustteam
Founded in Kortrijk in 2002, Trustteam is an IT managed services provider for SMEs in the BeNeLux and France.
The company, led by CEO Pieter Spiesschaert, provides its SME customers with complete solutions for the digital workplace, including cloud, security, software, infrastructure, networking, communication and support services. Trustteam has offices in the BeNeLux, France and Romania, employing more than 550 people.
Trustteam’s growth has been financed in the past by investments from Gimv, Naxicap, and Ardian. Rivean became an investor in 2022 and their investment will further boost the buy-and-build strategy of Trustteam.
- Veldeman Group
Already well known in the construction sector, the Veldeman Group was founded in 1950. It is based in Bree.
The company, led by CEO Andy Moors, offers personalised solutions to cover locations with modular, demountable infrastructure.
In 2023, the Scandinavian fund Industri Kapital conducted a buy-out transaction. Already market leader in Belgium, the Veldeman Group has major activities in the Netherlands (Lowlands) and Hungary (Sziget). The company is also internationally active in 60 other countries.
Veldeman Group has more than 100 FTE.
- VK
VK is a multidisciplinary design agency located in Brussels.
The company, led by CEO Paul Corbeel, delivers exceptional design and engineering solutions to its clients. Specialising in a full lifecycle service approach, which means they take projects from conception to completion, VK wants clients to receive the highest quality of service at every stage.
VK architects+engineering, in which Down2Earth Capital has been a majority investor since 2018, was acquired by Sweco from Sweden, the largest engineering bureau in Europe. VK is active in architecture, as well as engineering for the construction sectors. It has provided services for a number of significant projects, including the new NATO building, and hospitals in Brussels, Ghent and Antwerp.
The group employs more than 600 FTE.
About BVA
The Belgian Venture Capital & Private Equity Association (BVA) is the industry body and public policy advocate for the private equity and venture capital industry in Belgium. Founded in 1986, the BVA comprises 186 institutions in total: 105 full members, representing most of the private equity firms active in Belgium and 81 associate members. This includes law and consulting companies, as well as banks cooperating with the PE/VC industry. The association’s goal is to help boost public understanding of members’ activities and promote the PE &VC industry to policy makers within government, the EU, media and the general public. For more information, please visit www.bva.be.
About BNP Paribas Fortis Private Equity
BNP Paribas Fortis Private Equity is the captive investment entity within BNP Paribas Fortis. It invests in unlisted companies in different sectors, at different stages of growth in the Belgian market. With more than 40 years of experience and expertise in private equity, it aims to help companies achieve their growth potential and their strategic objectives by acquiring minority stakes and/or providing mezzanine financing. It invests both via funds and in a direct way. Examples of direct investments include Studio 100, Konings, Penne, Astrivax, Quality Assistance, Point Chaud,…
For more information, please contact BVA secretary general Jan Alexander on +32 496 57 90 16.
