Waterland takes majority stake in X²O

Waterland, a leading pan-European investor, has acquired a majority stake in X²O, the leading omni-channel retailer of full bathrooms and sanitary equipment in the Benelux.

X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative concept with superior value for money for consumers in Belgium and opened the first showrooms in the Netherlands.

Since 2016, Vendis Capital has also supported X²O with its second fund and the management team with rapid growth in Belgium and the Netherlands, both offline and online.

The company recently opened its first showrooms in Germany. To support the strong growth of the already more than 50 showrooms, the group implemented a new ERP system and operates a modern and sustainable logistics center.

Waterland acquires a majority stake in X²O with the strategy of supporting further international expansion. Both Vendis and Jan Ollevier retain a significant minority stake alongside Waterland.

It is already the third investment for Vendis Capital IV, the fourth fund launched by Vendis that was raised earlier this year with a capital base of 450 million euros.

Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has extensive experience in working with investors to achieve important milestones together and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership provides continuity, allowing us to further expand our footprint and continue to deliver superior value and experiences to our customers.”

The transaction is subject to customary approvals from competition authorities.