On 13 October, our bank and the Belgian Venture Capital & Private Equity Association put the spotlight on these companies, as they achieved remarkable growth thanks to private equity.

A number of fast-growing Belgian companies were once again honoured at this year’s Private Equity Awards. This event highlights the role that venture capital investors play in the growth of both start-up, fast-growing and mature companies. Raf Moons, Head of Private Equity at BNP Paribas Fortis, represented our bank in the jury.

Three categories

The jury had the difficult task of choosing one winner from three nominated companies for each of the three categories – Venture, Growth and Buy-out.

• The ‘Venture company of the year 2021’ category focuses on young companies developing and marketing an innovative product or service with the support of a venture capital investor.
• The ‘Growth company of the year 2021’ category is for companies that expanded their business significantly through organic growth or an acquisition policy. They brought a financial partner on board without the latter aiming for control.
• The ‘Buy-out company of the year 2021’ category focuses on the transmission and growth of companies achieved by management and a private equity investor with a controlling stake.

Strong winners

• Venture company of the year: Deliverect

  This fast-growing SaaS company connects delivery platforms with food companies around the world. To help companies manage their delivery and pick-up operations more efficiently, Deliverect integrates food ordering platforms into the cash register system, eliminating the need to re-enter orders and the costly errors that come with them. Deliverect was founded in 2018 and is headquartered in Ghent. It employs more than 200 people.

  Deliverect emerged as the winner because the company has achieved enormous growth in the short term. The company is active in 38 countries and, therefore, certainly has the opportunity to become a global player within its sector. The delivery and takeout solution developed by Deliverect is crucial to the restaurant industry and became very relevant during the pandemic.

  Other nominees in this category were AgomAb Therapeutics and Imcyse.

• Growth company of the year: Odoo

  Odoo is a suite of open source business apps that cater to all business needs: CRM, e-commerce, accounting, inventory, point of sale, project management, etc. Odoo has more than 7 million users, located in more than 120 countries. The company has over 1,700 employees, was founded in 2004 and is headquartered in Grand-Rosière (Walloon Brabant).

  For the jury, the resilience shown by the company in recent years was one of the decisive factors in selecting Odoo as the winner. A deciding factor was also the quality of its products, which are not only very modern but also very user-friendly. Finally, the company, firmly anchored in Belgium, has a large international reach with its presence all over the world.

  UgenTec and Univercells were also nominated in this category.

• Buy-out company of the year: Abriso-Jiffy
  

  Abriso-Jiffy has evolved from a local 'bubble & foam' manufacturer to a leading European group specialising in sustainable protection and insulation materials for the packaging and construction sector. The group was founded in 1985, is based in Anzegem and employs approximately 1,500 people across 15 production sites in 11 European countries.

  This company was chosen by the jury because of its track record. First of all we are talking about a successful turnaround, followed by the entry of Bencis Capital, the acquisition of Jiffy and finally the very attractive exit. This journey was accomplished by a broad-based team. In addition, ESG criteria are deeply embedded in the company’s business model, making Abriso-Jiffy a true ambassador for the Private Equity Awards.

  In addition to Abriso-Jiffy, Corialis and Circet Benelux were also nominated.

Didier Beauvois, Head of Corporate Banking and Member of the Executive Board of BNP Paribas Fortis:
"As co-founder of the Private Equity Awards, we have organised this event now for the fourth time. On the one hand, to highlight successful Belgian growth companies and, on the other hand, to show how private equity can help companies. Not only innovative scale-ups, but also companies that wish to make the transition to a more sustainable business model through extra investment, have a natural need for capital. This type of investment often only pays off in the longer term. That is why, as a bank, we believe it is important to assist companies with this through our private equity offering. In this way, we can make a positive contribution to the Belgian economy and to society. We are actually freeing up additional resources for this and intend to double our private equity portfolio to EUR 1 billion by 2025."

Read the full file on Private Equity in Trends-Tendances:

• Full portrait of the winners in Trends/Tendances (Dutch/French)
• Interview with R. Moons, Head Private Equity BNPP Fortis and P. Demaerel, Secretary General at BVA (Dutch/French)
• Interview with B. Peeters and Q. Masure from Tiberghien (Dutch/French)

• Interview with M. Thumas and J. Van Assche from Eight Advisory (Dutch/French)
• Interview with M. Herlant and S. Spitaels, Associaties EY Strategy and Transactions (Dutch/French)

Discover more about private equity as a financing solution for growing companies 

Read the full Press Release

BNP Paribas Fortis Private Equity, together with Howest and Cronos, recently founded ForsVC, the first venture capital fund to focus exclusively on the Belgian gaming industry.

The gaming industry is booming all over the world. A lot of Belgian talent works on the development of computer and video games. In recent years, there has been a true explosion of creative video game start-ups in Belgium. But still, a lot of highly skilled creative people too often go abroad.

From brain drain to brain gain

As a venture capital fund for the Belgian video game industry, ForsVC wants to combat this brain drain. In the coming years, it will invest 10 to 15 million euros in gaming. Each of the three parties is bringing its specific experience and expertise. The Kortrijk college Howest as a reputable training institute. The Cronos group as a seasoned entrepreneur and investor in technology companies, including gaming studios. And the bank as a financial expert in Private Equity.

Stronger ecosystem

By making capital and expertise available to promising game companies, the existing ecosystem is enriched and made a lot more attractive. Belgian companies can professionalise themselves, develop high-quality games and pay competitive salaries.

University funds

Mireille Kielemoes, managing director fund investments Private Equity at BNP Paribas Fortis: “ForsVC is what we call a “university-linked” fund. This is a specific envelope within our Private Equity portfolio which, among other things, invests in university spin-offs or innovative companies whose IP (intellectual property) has a link to universities or knowledge institutions. Through these funds, we support innovation, creativity, job creation and entrepreneurship in Belgium in promising areas. For ForsVC, we’ll also be working via a participation in the game companies, but individual games are also eligible for project funding through revenue-based lending.”

Read the full press release here

Find out more about Private Equity here

On 13 October, together with the Belgian Venture Capital & Private Equity Association (BVA), we will present awards to three companies supported by private equity or venture capital. Discover the candidates.

This fourth edition once again recognises successful Belgian companies that used private equity or venture capital to finance their growth. BNP Paribas Fortis is also supporting the Private Equity Awards for the fourth time as a member of the BVA. The bank will both host the event and serve on the jury.

Raf Moons, Head of Private Equity at BNP Paribas Fortis and juror: "We believe it is important to reward the growth companies in question and also highlight private equity's usefulness as a financing solution. Private equity is an excellent tool to boost the economy. For 40 years now, we have used it to offer companies opportunities at all stages of their life cycle. Besides this, BNP Paribas Fortis also supports companies that aim to use additional investments to increase their sustainability. This type of investment will only show financial returns in the longer term, which is why we wish to support them through our private equity offerings. In this way we can make a positive contribution to the Belgian economy and to society. We are actually freeing up additional resources for this and intend to double our private equity portfolio to EUR 1 billion in the next five years."

Pierre Demaerel, BVA Secretary General: "In the past few years the global private equity market has grown considerably. In Belgium, 1,400 deals amounting to over EUR 10 billion altogether were concluded in the past six years. And this trend is increasing. It involves EUR 1.5 to 2 billion annually. However, we have noticed there is a wider audience that is still insufficiently familiar with the possibilities offered by this form of financing. That is why for the fourth time, the BVA is proud to be highlighting, together with partner BNP Paribas Fortis, several Belgian companies that have exhibited remarkable growth thanks to the support of private equity or venture capital investors."

Who will follow in the footsteps of iStar Medical, Cegeka and Destiny?

The jury has nominated nine companies. There are three nominees each for the categories 'Venture Company of the Year', 'Growth Company of the Year' and 'Buy-out Company of the Year'. The jury will announce which companies they feel have achieved the steepest growth trajectory in each category on 13 October. We are pleased to introduce the nominees:

• The ‘Venture Company of the Year 2021’ category focuses on young companies developing and marketing an innovative product or service with the support of a venture capital investor.
  • AgomAb Financials is a Ghent-based biotech player that develops drugs to repair damaged human tissue.
  • Deliverect, also a company based in Ghent, creates software that allows restaurants to manage their online orders and integrate these into their existing cash register system.
  • Imcyse is a Liege-based biopharmaceutical company that pioneers the development of a new class of immune technologies for the treatment of serious auto-immune diseases.
• The category ‘Growth Company of the Year 2021’ is for companies that expanded their business significantly through organic growth or an acquisition policy. They brought financial partners on board without the latter desiring control.
  • Odoo from Ramillies in Wallonia develops open-source management software for SMEs. With over 10,000 fully integrated apps, the company offers solutions for the full automation of business processes.
  • UgenTec from Hasselt develops pioneering lab software for the automation of DNA analyses, making it possible to detect respiratory infections, STIs and various types of cancer much faster.
  • Charleroi-based Univercells develops technologies for the production of low-cost and large-scale vaccines. This company has won the confidence of many (inter)national investors, including the Bill & Melinda Gates Foundation.

• The category ‘Buy-out Company of the Year 2021’ focuses on the transmission and growth of companies achieved by management and a private equity investor with a controlling stake.
  • Anzegem-based Abrios-Jiffy is a leading manufacturer specialising in the extrusion of sustainable, innovative, protective and insulating materials for the packaging and construction industry.
  • Corialis in Lokeren designs and manufactures high-quality, technologically advanced aluminium systems for in-wall (windows, doors, sliding elements, roofing systems, curtain walling), indoor (partition walls, walls, fire protection doors) and outdoor (balustrades, greenhouses) applications.
  • Esas from Wilrijk, which will be renamed Circet Benelux in future, is a service provider for the installation, maintenance and management of smart devices in sectors such as telecom and energy. The company also handles the construction and maintenance of coax, optical fibre and mobile networks for large telecom companies.

Want to learn more about the Private Equity Awards? Go to the BVA website

Discover private equity as a financing solution

Achieving sustainable growth and professionalisation and yet retaining your individuality? Het Anker Brewery did just this with the support of BNP Paribas Fortis Private Equity.

Het Anker, established in Mechelen city centre, is not just a brewery. Within the walls of the ‘Grand Beguinage’, designated a UNESCO world heritage site, stands not only the brewery but also a three-star hotel and a welcoming brasserie with a shop. Guide tours of the site are also organised.

The Mechelen family brewery that has been producing beer for five generations is known worldwide for its ‘Gouden Carolus’  specialty beers, which have won multiple awards. Since 2010, Het Anker has also been making single-malt whisky based on the mash from Gouden Carolus Tripel beer at De Molenberg distillery, the 17^th-century family farm in Blaasveld.

These successes did not happen just like that. To record this growth and further develop the activities, manager Charles Leclef sought advice from the firm’s main bank, BNP Paribas Fortis. The many years of cooperation, the bank’s knowledge of this sound Belgian SME and a shared vision of sustainability resulted in an even closer relationship. In June 2016, BNP Paribas Fortis Private Equity joined the business via a capital increase. This gave Het Anker the financial scope to implement its expansion plans for the brewery and the distillery activities along sustainable lines. The cooperation with BNP Paribas Fortis Private Equity led to further professionalisation in terms of reporting and governance, while still enabling the business to retain its family identity.

Supporting growth

Financing companies and supporting their growth: this is the aim of BNP Paribas Fortis Private Equity. “We provide a financial input in the form of capital or mezzanine financing and we assist and support companies in the long term with the implementation of their strategy and business plan”, says Laurens Boriale, Investment Manager at BNP Paribas Fortis Private Equity. “In every business, we strive to create value by offering our operational and financial skills, placing our international network at their disposal or enabling them to call upon our expertise, which we have built up over several decades.”

Family anchorage

Private Equity is an excellent way of investing in the real economy and reinforcing the SME fabric. What is more, it complements family shareholdings and bank financing. “Our investment is a solution to ensure that the business retains its family anchorage in the future. So the capital increase at Het Anker is a perfect illustration of the BNPP Fortis Private Equity investment approach.”

Fine outlook

Het Anker was immediately won over by the private equity idea. Charles Leclef: “We are grateful that the bank wants to work with us so closely and shares our vision of the future. Sustainability is a central concern for us, too. BNP Paribas Fortis has been our financial partner for over 30 years and once again this time, they thought very constructively and creatively about options for the further growth of Het Anker. I am convinced that the new investment round is preparing us for a ‘golden’ future led by the next generation.” 

Laurent Mélignon, Corporate Sales Director of Arval, the market leader in full-service car leasing and new mobility solutions, looks ahead to 2025. What does the future hold for the industry and mobility?

Arval is part of the Commercial, Personal Banking & Services division of the BNP Paribas Group. As the market leader, it plays a key role in offering full-service car leasing and new mobility solutions. Laurent Mélignon, Corporate Sales Director of Arval, is thus ideally placed to share his thoughts on what's in store for Arval in 2025.

Arval is the market leader in a sector in flux: how companies and private individuals see and approach mobility has changed significantly. Mélignon sees several reasons for this: "In our country, taxation is the primary driver of many change processes. This taxation is linked to wage costs: many companies see company cars as a tax-friendly alternative for maximising the remuneration they want to pay their staff. Employees, meanwhile, see company cars as a way to be compensated with tangible benefits, without the tax authorities targeting them. In the coming year, the tax framework will continue to evolve in line with this social evolution. The federal mobility budget and the bicycle allowance, for example, or options such as the cafeteria plan or the flex income plan: these are just some of the ways in which companies can use their salary package to motivate their workers."

But Arval's Corporate Sales Director sees even more drivers of change for mobility. Mélignon: "Our entire mobility culture is also changing, a trend that is set to continue in 2025. The younger generation is much less attached to the status that company cars have been associated with for so many years. They are just as happy to hop on a bicycle, take the bus or use car sharing, depending on the company's location, of course. Finally, there are also several macroeconomic factors driving this change. These include the growing traffic crisis many cities are facing, as well as the increasing awareness of people and economic players regarding the energy transition. We are all gradually seeing the need for change and alternative mobility choices. This has been clear for quite some time."

Flexible complexity

The mobility mix will only become stronger in the future. Mélignon: "That is a big part of our mission: to be and remain a one-stop shop, offering companies the opportunity to think in terms of flexible remuneration. A new employee, for example, someone who is single and without a family, has different mobility needs than their colleague, who is married with two children and has their own home in the countryside or in the city. Now that this need is becoming stronger and more established, Arval is the ideal partner to provide companies with knowledge about mobility and take the burden off their hands. We enable employers to offer flexibility by taking care of the complexity associated with it."

Positive mindset

Mélignon expects the transition to electric mobility to continue in 2025: "When I look at corporate customers, I see that 80% of all new orders are electric. This is quite different from the private market, where we barely reach 20%. The electrification of the Belgian fleet is therefore mainly driven by companies. I see that the government has recently made some announcements and initiatives to slightly adjust and refine the federal mobility budget. In the coming months, more and more people may thus give up their company cars and opt for this adjusted budget instead. Arval can also be of service there, with a positive mindset and a lot of know-how, in our role as a 'full mobility provider'."

Tipping point

According to Mélignon, the shift to electric mobility, which the market has been anticipating for so long, will also have consequences for companies. Mélignon: "We expect to see many more affordable models in 2025. Electric vehicles will no longer be just for the lucky few. This benefits the private market, but it also gives companies more opportunities. In addition, I expect the price of cars with combustion engines to rise. We often receive this feedback from manufacturers. As a result of the Corporate Average Fuel Economy (CAFE) standards, which regulate their CO2 emissions, they will soon have to pay huge fines if they fail to meet these standards. It is therefore in their interest to steer the market towards electric cars. They will also adjust their production capacity accordingly: 'made to order' instead of holding large stocks will become the industry standard from next year."

The road ahead

On a final note, Arval expects the market to open up to smaller and medium-sized enterprises and individual clients in the near future. Mélignon: "We believe that the change in the market will mean that many companies, which currently still favour purchasing company cars or financial leasing, will switch to operational leasing. They will outsource the risk related to, for example, residual value to us. And that is where we can make a difference as the market leader: we see this as a scenario for the near future, for which we are already preparing."