Belgian investor Cobepa has expanded its U.S. footprint with two acquisitions: a minority stake in New Jersey advisor Sax and a majority holding in Virginia fire‑protection specialist Eagle Fire, leveraging over €1.2 billion in cash reserves to drive growth across accounting, cybersecurity and safety services.
Brussels-based investment firm Cobepa has sealed two acquisitions in the United States, underscoring its decade‑long commitment to the North American market. First, Cobepa acquired a minority stake in Sax, a New Jersey–based accounting and advisory firm. Sax, led by founder and CEO Joseph Damiano, serves some 4,600 clients—including family businesses, non‑profits and high‑net‑worth individuals—with services ranging from audit and tax to cybersecurity and wealth management. The company employs over 300 staff and generated approximately $100 million (€86 million) in revenue last year.
In its second transaction, Cobepa took a majority position in Eagle Fire, a Virginia specialist in fire‑protection systems. Eagle Fire installs and maintains sprinklers, detection and alarm systems, and related technical services for more than 4,500 clients across data centers, education, healthcare and industrial sectors in seven southeastern states. The firm reported revenues of $115 million (€99 million).
These deals follow Cobepa’s earlier U.S. investments—among them Heartland Home Services and Ned Stevens—and reflect the deployment of its substantial cash reserves. At the end of 2024, Cobepa held over €700 million in liquidity, bolstered recently by a €500 million shareholder injection aimed at fuelling further growth. Majority-owned by the de Spoelberch branch of AB InBev’s founding family, Cobepa’s other key shareholders include the Boehringer, Josi and de Rothschild families, along with Caledonia.
