Acquisition of Veritas falls through, but new talks are underway

The Belgian retailer, which has been on the lookout for an investor since November 2023, saw discussions with a potential buyer fail to reach a conclusion, according to Gondola.

Veritas, a retailer specializing in fashion and haberdashery, came under the ownership of CIM Capital Restruct Fund, Erwin van Osta, and Walter van Gastel in 2019. At that time, the company was struggling financially. Over the following four years, the new owners successfully restructured the business, bringing it to a healthier state. By November 2023, Veritas announced it had entered a new phase of stability and was seeking a partner to facilitate further growth.

Despite the positive turnaround, efforts to secure a deal with a potential investor, believed to be Gilde Equity Management (GEM), fell through for reasons that remain unclear. GEM is known for its stakes in several Belgian companies, including staffing firm Actief Interim and sustainable packaging producer Conteyor.

Veritas, which operates 120 stores across Belgium, saw a 2 percent increase in revenue and a 70 percent rise in operating profit in 2023, signaling its recovery. The owners had initiated the search for a new partner or buyer to support the next stage of growth. However, the advanced talks with GEM did not materialize into a deal.

According to L’Echo, new rumors suggest that fresh acquisition discussions are already taking place, although the identities of the new potential partners are not yet disclosed. The future of Veritas’s acquisition remains uncertain, but the ongoing negotiations indicate that the quest for a suitable investor continues.

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