Acquisitions in Belgium

Title21 Health Solutions acquired MyCellHub, adding a cloud-based manufacturing execution system (MES) to expand its integrated digital infrastructure for regulated cell and gene therapy manufacturing. The acquisition extends Title21’s capabilities across the advanced therapy medicinal products value chain and broadens its geographic reach into Europe via Belgium-based MyCellHub. Financial terms were not disclosed; Title21 is a portfolio company of ArchiMed.

IBA (Ion Beam Applications S.A.) acquired Belgium-based ORA Group, a radiochemistry company focused on automated PET radiopharmaceutical synthesizers. The deal, valued at approximately €15–20 million on a cash-free, debt-free basis and financed through IBA’s own funds and existing credit facilities, strengthens IBA’s nuclear medicine and radiopharmaceutical solutions offering.

Banyan Software announced the acquisition of Basil Inc., a Belgium-based provider of workflow and performance management software for the notary sector. Founded in 2013 and headquartered in Antwerp, Basil offers products such as NotaPulse and the Ventose data lake to streamline practice management, automate payments, and enable data-driven decision-making for Belgian notary offices.

Accord Plasma, a subsidiary of Intas Pharmaceuticals, completed its acquisition of Prothya Biosolutions Belgium BV and its subsidiaries to expand its global plasma therapy network. The deal strengthens Accord’s plasma fractionation, manufacturing, and R&D capabilities by combining Prothya’s European operations with Intas’s infrastructure in India to increase access to plasma-derived medicinal products.

Unaric, a UK-based Salesforce-focused tech firm, announced the acquisition of DESelect, a Belgian and US-based Salesforce ISV, in an eight-figure deal. The acquisition adds DESelect’s data segmentation and campaign optimization capabilities for Salesforce Marketing Cloud to Unaric’s suite of applications and AI agents, supporting Unaric’s acquisition-led platform strategy.

Tax Systems, a Providence Equity Partners-backed tax compliance SaaS provider, announced it has acquired Loctax, an AI-enabled tax control centre platform for in-house global tax teams. The deal adds Loctax’s collaborative tax compliance, risk, and governance capabilities to Tax Systems’ portfolio to strengthen its position in the European tax SaaS market and accelerate its product roadmap and global expansion. Loctax will continue operating under its own brand as “a Tax Systems company” during the transition period.

Parte, a Belgium-based residential property management software and services provider, secured an investment from Hg to accelerate growth across the Benelux and DACH regions. Parte was founded in 2020 by Around Partners and uses its proprietary software platform to manage communal areas for homeowner associations, with operations spanning Belgium and Germany.

Vertiv Holdings Co. acquired Waylay NV, a Belgium-based hyperautomation and generative AI software platform provider, to expand Vertiv’s AI-driven monitoring and control capabilities for power and cooling systems in critical digital infrastructure. The acquisition is intended to enhance real-time infrastructure monitoring, predictive maintenance, and dynamic power/thermal optimization for data centers, improving uptime, energy efficiency, and operational intelligence.

Llama Group SA approved a structured financing arrangement tied to a €1,000,000 capital increase completed on July 10, 2025, including the issuance of subscription rights to participating investors. Shareholders also approved a loan agreement with Maxximum SA (dated April 25, 2025) that contemplates the contribution of Maxximum’s receivables into Llama Group in exchange for newly issued shares, to be completed no later than December 31, 2025.

EssilorLuxottica acquired Automation & Robotics (A&R), a Belgium-headquartered designer and manufacturer of automated optical lens quality-control systems used in mass production facilities and prescription laboratories. The deal is positioned as a bolt-on that strengthens EssilorLuxottica’s industrial solutions portfolio and supports digital transformation and high-performance ophthalmic manufacturing, including emerging categories such as wearables.

Cobepa signed an agreement to acquire a majority stake in Itineris, a provider of customer information system (CIS) software for water and energy utilities across Europe, the United Kingdom and Ireland, and North America. Founder and CEO Edgard Vermeersch will remain the largest non-institutional shareholder. Existing institutional investors PMV, Gimv, Smartfin, and SFPIM will exit as part of the transaction.

IDI acquired a majority stake in Belgian radar systems manufacturer and technology services provider IE Group in a secondary LBO alongside the management team. IE Group comprises Intersoft Electronics, Intersoft Services, and Advionics, and plans to pursue international growth including targeted acquisitions.

TenCate Grass Holding B.V. acquired 100% of Sports & Leisure Group (SLG), a vertically integrated provider and manufacturer of artificial turf systems for sports and residential applications. SLG is headquartered in Sint-Niklaas, Belgium, and was previously owned by an affiliate of Sun European Partners, LLP, which sold its entire shareholding; former SLG shareholders plan to reinvest part of the proceeds into TenCate.

Collibra, a Brussels-based data governance platform, announced the acquisition of Raito, a Brussels-based data access startup founded in 2021. The deal will add Raito’s cloud-native data access control technology to bolster and automate Collibra’s access-control and privacy offering (including Collibra Protect). Financial terms were not disclosed.

ASSA ABLOY has acquired Kingspan Door Components, a Belgian manufacturer of high-quality door panels for sectional doors used in residential and industrial applications. The business will be integrated into ASSA ABLOY’s Entrance Systems Division, expanding its sectional doors and components product portfolio and strengthening its position in mature markets.

TG Group, a Belgian designer and manufacturer of proprietary packaging machinery and feeder lines, has entered into a strategic partnership with Waterland Private Equity. Waterland will become a partner and co-shareholder, supporting TG Group’s ambitions around sustainable growth, innovation, increased production capacity, and future strategic acquisitions.

Kpler completed the acquisition of Spire Maritime to strengthen its maritime intelligence, data, and analytics capabilities for global trade. The companies will continue to operate independently while the United Kingdom Competition and Markets Authority reviews the transaction.

Hexagon announced it has completed (closed) two acquisitions after receiving regulatory approvals and satisfying customary closing conditions: 3D Systems’ Geomagic suite of software packages and Septentrio NV. Geomagic will operate within Hexagon’s Manufacturing Intelligence division (consolidated as of April 2025), while Septentrio will operate within Hexagon’s Autonomous Solutions division (consolidated as of March 2025).

I-care acquired SDT International, a Belgian pioneer in ultrasonic predictive maintenance, to strengthen its global leadership in predictive maintenance. The combination will integrate SDT’s ultrasonic capabilities with I-care’s vibration expertise on the I-see platform, expanding technology offerings and simplifying the customer experience. The transaction was funded entirely with I-care equity, and SDT International will retain its headquarters in Forest, Belgium and operational autonomy.

pgb-Group has entered into a strategic partnership with Waterland Private Equity to accelerate pgb’s international growth and support its ambition to become a European market leader in fastening materials. The family-owned company will continue under the leadership of CEO Frederik Pennoit and the third generation, with plans to expand organically and via strategic acquisitions.

Turpaz Industries acquired Belgian sweet flavours manufacturer Doucy for $8.5 million, with an additional earnout payment contingent on Doucy’s EBITDA performance through March 2027. The transaction includes Doucy’s production facility/real estate in Fernelmont, Belgium, along with its development and application laboratories, and was financed through bank funding.

Davidson Kempner Capital Management, supported by operating partner Afendis Capital Management, completed the acquisition of ice cream producer YSCO through its ice cream investment platform, Glacier; financial terms were not disclosed. The deal adds YSCO to Glacier alongside Gelato d'Italia (acquired in 2022) and is intended to create one of the largest third-party ice cream manufacturers globally, with combined revenues stated to exceed €600 million.

Pixid Group acquired theMatchBox, a Belgium-based AI search and matching company focused on recruitment solutions. The transaction was supported by Keensight Capital, Pixid’s private equity backer. theMatchBox will continue operating as an independent business within Pixid Group to strengthen Pixid’s AI competence center and accelerate its AI strategy.

Adwanted Group, parent of The Media Leader, has acquired MediaSpecs, an advertising and media database founded in 2008 and used across Belgium, Luxembourg, and France. The deal adds MediaSpecs to Adwanted Group’s data division, which already includes SRDS, Tarif Media, and BRAD, expanding Adwanted’s data offerings for advertising and media clients.

AURELIUS Private Equity Mid-Market Buyout has agreed to acquire the What’s Cooking Savoury Division from What’s Cooking Group NV. The Belgium-headquartered division is a leading Benelux supplier of deli meats, spreads, and savoury snacks, operating six facilities and generating over EUR 460 million in annual revenues. The deal is expected to close in 2024 or early 2025, subject to regulatory approvals.

Quantios, a provider of Wealth and Corporate Services SaaS solutions backed by Hg and EQT, has completed the acquisition of Klea. Belgium-headquartered Klea provides an AI-powered, cloud-based legal entity management platform that streamlines corporate secretarial work and recurring statutory event management for global customers.

NPM Capital has agreed to acquire a significant minority interest in Jeco Energies, a Belgian family-owned provider of industrial energy solutions in the Benelux. The investment is intended to accelerate Jeco Energies’ growth through strategic acquisitions and international expansion, leveraging NPM Capital’s expertise and capital. Closing is subject to customary regulatory approvals.

Waterland has acquired a majority share in X²O, an omni-channel retailer of bathroom equipment and furniture in the Benelux. Existing investor Vendis Capital and founder Jan Ollevier will retain significant minority stakes alongside Waterland, which plans to support X²O’s continued international expansion.

Lyvia Group acquired Dokeos Limited, a Belgium-based provider of a Learning Management System (LMS) for regulated industries. The deal expands Lyvia Group’s business-critical SaaS and software offering and marks Lyvia Group’s entry into the Belgian market.

EQT Infrastructure V has signed an agreement to sell its majority stake in Fiberklaar to its co-shareholder Proximus for EUR 246 million. Headquartered in Ghent, Fiberklaar is an independent fiber-to-the-home network provider serving Flanders, Belgium. Following the transaction, Proximus will become the sole shareholder of Fiberklaar.

Cobepa and Inflexion completed a strategic investment in Easyfairs, a Brussels-based international events company, in partnership with founder Eric Everard, who is reinvesting a significant portion of his stake. The three parties will be equally represented in the partnership, supporting Easyfairs’ plans for organic growth, technology investments (including big data and AI), and future M&A.

Sofina has agreed to make a direct, minority investment in team.blue, a European digital solutions provider for entrepreneurs and SMBs. Existing investor Hg will remain the largest single investor, alongside other cornerstone investors and management, and the transaction is subject to customary conditions and regulatory approvals.

Green Mobility Holding (GMH) acquired Ubike, a leading (e-)bike leasing provider in Belgium, to strengthen and expand GMH’s Belgian business, including the Walloon Region. Ubike founder and CEO Michel Lagasse and the management team will remain with the business, and Lagasse will reinvest part of his proceeds into GMH, becoming a shareholder. Rivean Capital, an investor in GMH, supports the group’s international growth strategy.

IK Partners announced that its IK X Fund signed an agreement to invest in BOMA, a Belgium-founded distributor of cleaning and hygiene products and machines serving B2B markets in the Benelux and France. BOMA’s management team will partner with IK and retain a significant stake, with the transaction subject to customary approvals and financial terms undisclosed.

PSG Equity and Rivean Capital completed the acquisition of Corilus N.V., a provider of cloud-based medical software solutions for primary care in Belgium. The transaction includes new investment from PSG and re-investment by Rivean, supported by a Rivean-led continuation fund, to back Corilus’ organic growth and acquisition pipeline across Europe.

P95 BV, a global clinical and epidemiology research solutions provider and an Ampersand Capital Partners portfolio company, announced the acquisition of 4Clinics, a contract research organization (CRO). Effective July 1, 2024, 4Clinics’ team and operations will be fully integrated into the P95 group, expanding P95’s global CRO capabilities and strengthening its presence in France.

EQT, through its EQT Healthcare Growth Strategy and EQT Growth Fund, has agreed to acquire a majority stake in CluePoints, an AI-powered software provider for risk-based quality management and clinical trial data analytics. CluePoints’ management team and existing shareholders Summit Partners and Clinimetrics SA will meaningfully reinvest alongside EQT. The transaction is expected to close in Q3 2024, subject to customary conditions and approvals.

AddSecure acquired Connecting Solutions BV to strengthen its Smart Mobility business unit and expand the Traxgo connected mobility brand in Belgium and the Netherlands. Connecting Solutions provides fleet management and track-and-trace software and will be integrated into AddSecure’s Traxgo offering. AddSecure is majority-owned by funds managed by Castik Capital.

CVC agreed to make a strategic investment in World of Talents, an international platform of HR companies, becoming the majority shareholder. Baltisse is selling its majority stake but will reinvest a significant portion, while World of Talents’ management remains on board. The investment is intended to accelerate growth, diversify offerings, and expand geographically.

Proemion Holding GmbH, backed by Battery Ventures, agreed to acquire TrendMiner NV from Software AG. The deal expands Proemion’s industrial asset-monitoring and analytics capabilities by adding TrendMiner’s web-based self-service analytics platform for monitoring critical equipment in complex industrial environments. TrendMiner will continue to be sold under the TrendMiner brand.

Mentha entered into an agreement with SPC Group to accelerate SPC’s international growth strategy, with an initial focus on expansion into the Netherlands alongside continued growth in Belgium. Mentha acquired a majority stake in the Belgian industrial protective coatings specialist, while the founders and management team remain shareholders and continue to run day-to-day operations.

Belgian corporate insurance brokers Induver and Clover announced they will join forces to create a combined brokerage group. Hg will invest as a supporting shareholder to help drive strategic growth, while the existing founder-shareholders remain on board to lead the combined business. Financial terms were not disclosed.

Lighthouse (formerly OTA Insight), a commercial platform for the travel and hospitality industry, announced it has acquired Belgium-based Stardekk, a provider of hospitality channel management and distribution software. The deal is intended to create a unified technology platform combining Lighthouse’s data and AI capabilities with Stardekk’s distribution reach to help hoteliers—especially independent hotels—optimize channel management and grow revenue. Financial terms were not disclosed.

Firmament announced a majority investment in Navitrans, a Kortrijk, Belgium-based provider of transportation management and warehouse management software for logistics service providers across Europe. The partnership is intended to fund product development and support strategic acquisitions while keeping Navitrans’ existing executive management team in place. Valsoft Corporation will remain a minority shareholder alongside Firmament.

Billups, a global out-of-home (OOH) managed services agency, has acquired Outsight, an independent OOH agency headquartered in Brussels. The deal expands Billups’ footprint in Belgium and the wider Benelux region, strengthening its EMEA presence alongside its European headquarters in Amsterdam.

Astorg Mid-Cap signed an agreement to invest in Sofico by acquiring a 51% stake, partnering with co-founders Gémar Hompes and Piet Maes and existing shareholder Apheon, all of whom will significantly reinvest. Sofico provides mission-critical software solutions and services for the automotive leasing and mobility industry, and Astorg will support the company’s continued organic growth and M&A expansion. Financial terms were not disclosed and the deal is expected to close in the first quarter of 2024, subject to customary regulatory approvals.

TPG Real Estate Partners, via its wholly controlled entity European Real Estate Holdings NV, filed a formal notice with Belgium’s FSMA to launch an all-cash voluntary public takeover offer for all Intervest Offices & Warehouses shares it does not already own. The offer values Intervest at €21.00 per share and is supported by irrevocable undertakings from two key shareholders, with Intervest’s Supervisory Board and Management Board unanimously recommending the offer.

Visma has acquired Silverfin, a Belgium-based cloud-native post-accounting software provider for accountants headquartered in Ghent. The deal expands Visma’s presence in the Belgian business software market and strengthens its position as a leading European cloud accounting software provider.

Earlier this year, Parabellum Investments, a London-based private equity firm, purchased Advanco, a Belgian IT company specializing in pharma serialization and track-and-trace (Level 3 site-management) software. Following the acquisition, Advanco announced it will work with Syntegon on new or revamped pharmaceutical serialization projects globally and intends to grow organically and through further M&A in life-sciences serialization.

Collibra announced that it has acquired Husprey, an integrated SQL data notebook platform. Collibra plans to integrate Husprey into the Collibra Data Intelligence Cloud to provide a more collaborative, simplified analytics workflow and faster access to trusted data and insights.

Logility, Inc. signed a definitive agreement to acquire Garvis, a SaaS startup focused on AI-native demand forecasting that combines large language models with machine learning. Garvis’ DemandAI+ will be embedded into the Logility Digital Supply Chain Platform to enhance cloud-based supply chain demand forecasting capabilities.

Green Mobility Holding (GMH), a technology-enabled e-bike leasing group backed by Rivean Capital, has acquired o2o, a leading provider of (e-)bike leasing solutions in Belgium. As part of the transaction, o2o’s previous owners will receive shares in GMH, and o2o’s founders/management team will remain with the business to support continued expansion in Belgium and broader European growth.

Indosuez Wealth Management Group signed an agreement to acquire a majority stake in Degroof Petercam, a Belgium-based wealth manager and investment house. The transaction is being carried out in partnership with CLdN, Degroof Petercam’s core shareholder, which will retain approximately a 20% stake, and is expected to close in 2024 subject to regulatory and competition approvals.

STP Group, a legal tech platform backed by funds advised by Bregal Unternehmerkapital, has acquired Knowliah, a Belgian AI-powered enterprise legal management SaaS provider. The deal adds capabilities such as contract lifecycle management and matter/spend management to STP’s portfolio and supports STP’s continued buy-and-build strategy and international expansion across Europe.

PAI Partners has agreed to acquire a majority stake in Infra Group, a multi-disciplinary network infrastructure services provider headquartered in Belgium. Upon closing, PAI will become Infra Group’s largest shareholder, joining existing investors ICG, Andera Partners, and the management team led by CEO Tom Vendelmans. The investment is intended to support Infra Group’s growth strategy, including organic expansion and complementary acquisitions.

Sun European Partners’ portfolio company DD Group acquired 100% of the shares of Dental Promotion & Innovation SA (DPI), a leading dental distribution platform in continental Europe. The deal expands DD Group beyond the United Kingdom and Ireland into Western Europe, creating a pan-European dental distribution business and positioning it for further consolidation via future bolt-on acquisitions.

Outpost24 announced the acquisition of Sweepatic, an external attack surface management (EASM) platform headquartered in Leuven, Belgium. The deal expands Outpost24’s cybersecurity risk management capabilities by integrating Sweepatic’s outside-in internet asset discovery and monitoring into Outpost24’s broader security assessment and threat intelligence offering.

IMV Technologies Group announced the acquisition of Veterinary Solutions, a Belgium-based developer of veterinary digital radiography (DR X-Ray) systems and veterinary PACS software. Veterinary Solutions will join IMV Technologies Group’s Companion Animal business, expanding IMV’s veterinary imaging product and software offering across Europe.

Private equity funds managed by Blackstone acquired International Gemological Institute (IGI), a global provider of diamond, gemstone, and jewelry certification and gemology education. IGI was purchased from Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. (a Fosun subsidiary) and Roland Lorie of the founding family.

Leadinfo, a team.blue brand, has acquired Ghent-based Leadcamp, a provider of tools for targeted marketing campaigns and automation. The deal expands Leadinfo’s lead-generation offering by adding Leadcamp’s campaign and automation capabilities to better help customers find and convert new leads.

Excelra, a life science data and digital solutions provider, has acquired BISC Global, a bioinformatics and data analytics consulting company with offices across Europe and the United States. The deal expands Excelra’s capabilities in bioinformatics, AI/ML, and omics/next-generation sequencing data analysis, creating a larger combined platform and services offering for pharmaceutical and biotechnology customers.

Prosci, Inc., a portfolio company of Leeds Equity Partners, announced the acquisition of Nexum Group SRL, a European change management training and advisory firm. The deal expands Prosci’s direct market presence in Europe and other regions where Nexum operates, and builds on a long-standing partnership between the companies that included Nexum’s subsidiary CMC Partnership Global.

AURELIUS completed the acquisition of Agfa Offset Solutions, a carve-out division of Agfa-Gevaert Group that supplies prepress solutions (offset plates, graphic films, equipment, software, and chemicals) for the offset printing industry. The business operates globally across more than 75 countries and generated approximately EUR 779 million in FY2022 revenue (about a 20% global market share).

NAMSA, a medical device-focused contract research organization backed by private equity firm ARCHIMED, acquired SUAZIO, a data-driven Life Sciences and MedTech commercialization and market research consultancy. The deal expands NAMSA’s strategic consulting and commercialization capabilities and is described as NAMSA’s seventh add-on acquisition since ARCHIMED acquired NAMSA in 2020; SUAZIO’s founder Christophe Van der Linden is reinvesting a significant portion of proceeds into NAMSA and will continue to lead SUAZIO’s consultancy services.

IK Partners, through its IK Small Cap III Fund and Development Capital pool, signed an agreement to acquire a stake in Veldeman Group, a Belgian designer, producer, renter, and seller of temporary infrastructures. The stake is being acquired from Veldeman’s existing management team and a group of individual investors, with management reinvesting alongside IK. Financial terms were not disclosed.

ETC Group, a France-based global provider to the telecom network and technology infrastructure industry, agreed to acquire Amadys, a Belgium-based system integrator of end-to-end connectivity solutions serving telecom, infrastructure and energy markets. Equistone Partners Europe is selling its majority stake in Amadys, and Amadys’ management team will reinvest in the combined group; financial terms were not disclosed and the deal is subject to customary regulatory approvals.

Brainsquare Group, a Belgian IT services provider, has entered into a partnership with Capital A, a Dutch investment fund, which is making a capital investment to support accelerated growth. Capital A will also provide expertise and network support as Brainsquare pursues organic and acquisitive expansion, including growth across its group companies Montova and Auditry.

Energy Infrastructure Partners (EIP) acquired a 19.85% minority stake in Fluxys as part of a consortium with Belgian institutional investors. Macquarie Asset Management provided acquisition debt financing to EIP to support the transaction, which completed in February 2023 following Belgian regulatory approval.

Diversatek Healthcare, Inc. announced it has acquired Group G-Flex – GFE do Brasil, a designer, manufacturer, and distributor of reusable and single-use endoscopy devices and instruments. The deal expands Diversatek’s product portfolio by adding over 250 SKUs and strengthens its international distribution reach, including in LATAM and Europe.

AURELIUS Equity Opportunities subsidiary BMC Benelux announced the add-on acquisition of Botha’s builders’ merchant activities, adding Botha’s single site in Aalter to BMC Benelux’s network. The site will be integrated into BMC Benelux and trade under the YouBuild brand, strengthening BMC Benelux’s position in East Flanders and the Ghent region as part of its buy-and-build strategy.

Karo Pharma Aktiebolag has completed its acquisition of Belgian digital-first brand company Sylphar International NV for EUR 290 million. The deal is intended to strengthen Karo’s market position and support continued growth, particularly in digital marketplaces, with Sylphar’s CEO joining Karo’s corporate management team to support integration and ongoing operations.

Bregal Sagemount announced a strategic growth investment in Enhesa, a provider of regulatory and sustainability intelligence. As part of the transaction, Sagemount will acquire ICG's minority stake in Enhesa, while existing investor CGE Partners will retain its majority stake. Financial terms were not disclosed.

Ambitious People Group (APG), backed by private equity investor Capital A, has acquired a majority stake in FSM Group, an international recruitment advisory firm. FSM Group’s current management will remain in place, with several managers joining as shareholders, as APG pursues its buy-and-build and international growth strategy.

BMC Benelux, a subsidiary of AURELIUS Equity Opportunities, acquired the family-owned building materials merchant Vandevoorde Bouwmaterialen NV. The deal is described as the second strategic add-on for BMC Benelux and is intended to strengthen customer service, deepen supplier alignment, and expand BMC Benelux’s footprint in East and West Flanders, Belgium.

Belgian insurance broker AlliA has entered into a partnership with private equity investor Ergon to support its future growth ambitions in Belgium, Luxembourg, and internationally. Under the transaction, Ergon will acquire part of AlliA’s shares, while the Lebon family and the existing management team retain control of day-to-day operations, subject to customary regulatory approvals.

Regnology, a regulatory reporting software provider, acquired b.fine, a Belgian RegTech firm focused on digitizing and automating financial institutions’ regulatory reporting “last mile” and reporting supply chain. The deal is intended to create synergies in last-mile reporting, enhance Regnology’s cloud-enabled regulatory reporting capabilities, and expand its reach across a broader pan-European market.

Redwire Corporation completed its acquisition of Belgium-based QinetiQ Space NV from QinetiQ Group plc for €32 million (subject to working capital adjustments). To finance the acquisition and support growth initiatives, Bain Capital and AE Industrial Partners invested $80 million in Redwire via newly issued Series A Convertible Preferred Stock.

EQOS Group, a Triton Fund IV portfolio company, acquired Colas Rail Belgium to expand and strengthen its Railway Technology business unit. The acquisition broadens EQOS’s Belgian railway infrastructure capabilities from local transport into long-distance rail, adding expertise in catenary and track construction including on-site track welding. Colas Rail Belgium will continue operating from its Enghien headquarters and will rebrand as EQOS Energie Belgium SA.

Calibre Scientific acquired Achrom, a Belgium-based distributor of chromatography consumables, equipment, and accessories serving the Benelux region. The deal marks Calibre Scientific’s first acquisition in Benelux and expands its European coverage and chromatography product portfolio.

Investment firm Capital A has acquired a majority stake in ESC, a Ghent-based technology company specializing in Microsoft business software, modern workplaces, and e-business. The investment is intended to support ESC’s continued growth, product development, and potential partnerships and acquisitions to meet demand for software and IT specialists in Belgium and nearby countries.

AbbVie and iSTAR Medical SA entered into a strategic alliance to further develop and commercialize iSTAR Medical’s MINIject minimally invasive glaucoma surgical device, with iSTAR continuing development through completion of the STAR-V study. Under the agreement, iSTAR Medical will receive a $60 million non-dilutive upfront payment, and AbbVie receives an exclusive option to acquire iSTAR Medical with potential additional contingent payments up to $475 million if exercised.

Astorg signed a binding agreement to acquire IPCOM, a pan-European B2B specialty distributor of technical and building insulation products, from Alpha Private Equity. IPCOM, founded in 2010 and headquartered in Melle, Belgium, operates across 15 countries and is positioned for continued growth driven by regulation, ESG trends, and further market consolidation. Transaction terms were not disclosed and closing is subject to customary regulatory approvals.

TARGIT, a portfolio company of GRO, announced it has acquired CalmCo, a Belgian business intelligence solution provider focused on automotive dealers. CalmCo will continue operating as its own business unit within TARGIT, supporting product development and helping expand TARGIT’s presence across new verticals and geographies.

Rivean Capital signed an agreement to acquire a majority stake in Trustteam, an IT managed services provider headquartered in Kortrijk, Belgium. The stake is being acquired from Ardian Expansion, which had held a majority position since 2018 as Trustteam expanded through organic growth and add-on M&A.

Galapagos NV entered into definitive agreements to acquire CellPoint and AboundBio in all-cash transactions to expand its next-generation cell therapy and antibody-based therapeutics capabilities. Galapagos will pay €125 million upfront for CellPoint (plus up to €100 million in milestones) and $14 million for AboundBio, gaining CellPoint’s point-of-care CAR-T manufacturing platform and AboundBio’s fully human antibody discovery platform.

Keensight Capital has invested in Lisam Systems, a provider of Environmental, Health & Safety (EH&S) compliance management software solutions and related services. Headquartered in Belgium, Lisam serves 2,000+ clients globally and offers mission-critical SaaS tools such as GHS-compliant Safety Data Sheet management. Keensight will support Lisam’s next growth phase through R&D, commercial expansion, and international growth including potential acquisitions.

American Industrial Partners Capital Fund VII, L.P. (AIP) acquired 100% ownership of Aluminium Duffel, an aluminium rolling mill in Duffel, Belgium, via the purchase of all shares of its parent company, Aluminium Belgium BV. The shares were acquired from Ecnavla 8 UK Ltd, which is in administration in the United Kingdom, and AIP also purchased certain intercompany notes as part of the transaction.

Accenture has completed its acquisition of Greenfish, an independent engineering and advisory company focused on sustainability consultancy services. The deal strengthens Accenture’s global Sustainability Services capabilities by adding Greenfish’s team of more than 270 professionals. Financial terms were not disclosed.

ImmunoPrecise Antibodies Ltd. (IPA), via its wholly owned subsidiary ImmunoPrecise Netherlands BV, completed the acquisition of control of Belgian technology companies BioStrand BV, BioKey BV, and BioClue BV (collectively, “BioStrand”). The transaction consideration was approximately €20 million paid to the vendors in a mix of IPA common shares and cash, with an additional contingent earnout of up to €12 million based on BioStrand profitability over seven years and a planned €6 million investment into BioStrand over three years.

Alter Pharma, a Belgian pharmaceutical group backed by The Riverside Company, invested in/acquired EcoPharmaSupply (EPS), a Belgian pharmaceutical services and products company active in Benelux distribution. The transaction expands Alter Pharma’s product and service portfolio, adding EPS’s exclusive distribution agreements and capabilities supporting retail and hospital pharmacies, including access to medicines in shortage as well as OTC and consumer health products.

PDFTron Systems Inc. acquired iText Group NV, an open-source and commercial PDF technology provider known for its Java and .NET PDF libraries. The deal expands PDFTron’s scale and complements its document processing platform, following PDFTron’s strategic growth investment from Thoma Bravo in May 2021.

Summa Equity Fund III acquired a majority stake in Intix, a Belgium-based fintech provider of a transaction and compliance insight platform for financial institutions. The investment is intended to accelerate Intix’s growth and innovation in real-time transaction monitoring, transparency, and compliance, while keeping the founders involved.

AURELIUS Equity Opportunities’ portfolio company BMC Benelux signed an agreement to acquire the building materials business of De Rycke (De Rycke Bouwmaterialen), based in Beveren near Antwerp, Belgium. The deal expands BMC Benelux’s footprint in the Ghent–Antwerp–Brussels region and is expected to create synergies through integration into BMC’s existing network.

In March 2021, Astadia acquired Belgian software company Anubex to expand its capabilities in mainframe-to-cloud modernization. The deal positions Astadia as a more complete provider of replatforming, automated refactoring, and end-to-end mainframe migration solutions across cloud platforms.

Premia Holdings Ltd. completed the acquisition of Navigators Holdings (Europe) NV and its subsidiaries from The Hartford, including Belgian P&C insurer Assurances Continentales NV (ASCO) and Luxembourg captive reinsurer Canal Re S.A. The transaction closed on December 29, 2021, following approvals from the National Bank of Belgium and Luxembourg’s insurance regulator, and Navigators Holdings (Europe) will be renamed Premia Holdings (Europe) NV.

Belgian SAP Business One partner Anrova Solutions and Dutch Domani Business Solutions have merged to form a larger SAP-focused software and services provider for the SME market in Belgium and the Netherlands. The merger was enabled by an investment from Capital A, providing financial backing for continued growth via a buy-and-build strategy.

Clayton, Dubilier & Rice Fund X sold its investment in Belron in a two-part transaction valuing Belron at €21 billion. Approximately 39% of CD&R Fund X’s stake was sold to funds managed by Hellman & Friedman, GIC, and BlackRock Private Equity Partners, while the remaining 61% was sold to CD&R Value Building Partners I, L.P. and related special purpose vehicles formed to continue CD&R’s partnership with Belron.

CellCarta announced the acquisition of Biogazelle, a Ghent, Belgium-based provider of genomic testing solutions, to strengthen CellCarta’s genomic capabilities and expand into digital PCR (dPCR) services. Biogazelle will become CellCarta’s Center of Excellence for complex genomic biomarker assay development, enhancing support for biopharma and biotech clients across discovery through clinical settings.

Boyd Corporation announced the acquisition of Grando, a Belgium-based specialist in rubber, foam, and plastic polymer science serving highly regulated rail and industrial technology industries. The deal expands Boyd’s European manufacturing footprint into Belgium and increases its market penetration in Southern Europe while enhancing capabilities in elastomers, foams, composites, and thermoplastics.

Hilco Vision, a portfolio company of Windjammer Capital Investors, acquired Simovision BV effective November 17, 2021; transaction terms were not disclosed. Simovision is a distributor of ophthalmic products serving refractive, cataract, and retina surgery as well as dry eye patients across Belgium and the Netherlands, and will remain headquartered in Overijse, Belgium.