Fabrice Brion | I-care Group
The I-care Group from Mons, Belgium, is a company that has achieved a global leader position in ‘machine health’ in less than two decades. The way in which CEO Fabrice Brion accomplished this is rather unique. In addition to capital injections from the Wallonian public investment company SRIW and IMBC, he gave employees the option to buy into the company, contributing 10% of the capital. ‘There’s no better way to motivate employees to do their very best in their jobs and for the company,’ says Brion.
What does I-care do?
Fabrice Brion: I-care manages the health of the machinery at industrial companies. We analyse the machines on a preventative basis to ensure that no faults or disruptions occur. There are multiple steps involved. First, sensors collect data at ultra-fast speeds. These were developed by I-care and are integrated using the Internet of Things. Artificial intelligence subsequently allows our engineers to gain crystal-clear insight into any actions that need to be carried out. Our approach adds much value for our industrial customers, as they can avoid any disruptions in the industrial chain through preventative monitoring. We then use these data to determine a specific ‘treatment’ for the machinery to ensure that they remain in good condition longer, operate more efficiently, and have a longer lifespan. This results in safer, more productive, and more sustainable industrial activity. Around 700 qualified people work for our group. The majority (450 employees) are employed at one of our two locations: one in Wallonia (Mons) and one in Flanders (Heverlee). To be honest, we have virtually no competition in our own country. The rest of the employees (250) work abroad, where we want to be in close proximity to our customers. Our people work in many different countries: France, Spain, the Netherlands, Germany, Switzerland, Poland, the UK, the US… It’s safe to say we are a true growth company. In the previous financial year, our turnover increased by 40 per cent to around 50 million euros. This rapid expansion is also why we opened up our capital to third parties, as well as to our own senior management.
How did the negotiations with SRIW go?
Fabrice Brion: Raising capital in-house is something we started doing in 2008. I founded the company with two partners in 2004 with a minimum capital requirement (18,500 euros at the time). Early on, we thought it was a good idea to closely involve our employees in the company. Not only operationally but also financially. Currently, 250 employees participate in the capital of the company.
In 2018, we approached SRIW. The reasons were simple. We needed capital for the acquisition of ARG Europe in Heverlee and the continual rapid growth. There were years when we doubled in size within twelve months. Yes, we were the ones to approach SRIW. Taking that step is always a journey into the unknown. But today we can say with absolute certainty that we made a good decision. It has given us more leeway in every way possible.
What is the most significant added value of a partner like SRIW?
Fabrice Brion: The professionalism, in all facets, is what impressed us. SRIW has in-house expertise on just about everything you can imagine and also has an extensive network to draw from.
Did the entry of SRIW affect employment?
Fabrice Brion: Even without the entry of SRIW (in 2018), the number of jobs was growing measurably from year to year. To paint a picture: in 2017, our company recorded a turnover of 10 million euros with around 100 employees. In 2022, our turnover has grown to 50 million euros and we employ more than 500 people. I believe that says it all. SRIW helped us enormously with this, including the recruitment side of things. New key leadership positions were filled thanks to SRIW’s connections. I’m sure they will continue to play an important role in this in the coming years. We are still growing and SRIW’s extensive networks help us find the right people. It is then up to us to have a professional HR policy in place, which we most certainly do. For example, we provide professional training and delegate many responsibilities to the people on-site.
Doesn’t every CEO hope that their employees will become ambassadors for the company?
Fabrice Brion: Yes, absolutely. And I’m happy to say that this is a reality for us. Employee turnover is negligible. This doesn’t happen out of nowhere. One explanation is the fact that a sizable part of our team owns capital in the company. We also pay out bonuses for good performance and we do everything we can to make life pleasant for people on the job. The ability to plan a career path is also an attractive factor, especially to young people. Caring for your employees is a prerequisite in 2022. Employees need to have fun in their jobs. Of course, the fact that they can relieve our customers of potential problems is also a source of satisfaction for them.
“Alone we are nothing, but as a team we are everything”
What are your dreams for the coming years?
Fabrice Brion: If everything continues to go as well as it has done so far, we can expect our turnover to grow by a factor of five in the next five years. For the most part, we want to continue to grow organically, as we are doing now, but we also aim for 15 per cent of growth through acquisitions. We are ambitious and want to become the next big thing in our sector. We believe it’s possible because our business model is based on providing solutions to the industry. And who doesn’t want that?
Finally, how do you view your role as CEO and majority shareholder?
Fabrice Brion: I sometimes feel like the coach of a national football team. The players have the right stuff and it’s my job to determine the strategy and tactics with the talent that is there. A crucial focus for me is empowering people. My partner Arnaud Stievenart is a proponent of the Japanese school of thought after working for Toyota for several years. If your people are thriving, your company will thrive as well. Every day, we do everything we can to make sure of this.
(KC)