On Thursday, November 28, 2024, the seventh edition of the Belgian M&A Awards will take place at Paleis 10/Palais 10 in Brussels. The top in M&A, corporate finance and private equity will gather for a festive gala dinner and award show. Who stands a chance of winning? An expert jury consisting of captains of industry and M&A experts (see below) has nominated 18 deals in 6 categories. For the Lifetime Achievement Award, we do not announce any nominees. The winner will be announced and celebrated during the gala evening. The M&A Community submitted numerous deals and provided the jury with enough subject for discussion. We are happy to introduce the nominees to you.
You can read the more detailed descriptions here.
The winners will be announced during the event on November 28.
Nominees Best Large Cap Corporate Deal 2024
- CA Indosuez acquires Degroof Petercam
- CMB acquires Euronav
- Shurgard acquires Lok’nStore
The Jury nominates the deal of two major players in the financial sector, CA Indosuez and Banque Degroof Petercam, which were brought together in a substantial transaction valuing Degroof Petercam Group (DPG) at €1.6 billion for 100% of Banque Degroof (BDG), with the strategic ambition of creating a pan-European leader in wealth management. This deal strengthens CA Indosuez’s reach and influence in key European wealth management markets, particularly in Belgium and Luxembourg, and further consolidates its presence on the continent.
The transaction involved a high degree of technical sophistication, showcasing a strategic blend of a private acquisition and a voluntary public takeover, coupled with a partnership agreement. This structure allowed the two companies to maximise synergies and set a benchmark for industry transactions. Adding a layer of regulatory complexity, the acquisition was contingent upon multiple condition precedents, including the non-objection of the European Central Bank and clearance from the European Commission under merger control and foreign subsidies regulations. Each level of approval underscores the depth of compliance requirements, making this a case study in navigating the complexities of cross-border financial transactions.
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As the second nominated deal the jury selected CMB’s acquisition of Euronav, a landmark transaction with unique aspects, designed to fund an ambitious green vision in the maritime sector. With the goal of decarbonizing maritime transport, CMB plans to apply the latest hydrogen technology across a diversified fleet. This acquisition also resolves the deadlock that followed a failed merger between two publicly listed companies, which had left Euronav and its stakeholders paralyzed for over a year.
The transaction fulfilled the selling shareholders’ objectives, with Frontline and Falatown gaining the fleet expansion they had aimed for. The public listing of both buyer and seller introduced additional complexity, as legal proceedings had followed the prior failed merger. This backdrop underscored CMB’s resolve and vision, providing a balanced solution that aligns environmental and strategic goals in the maritime industry. The deal also marks a new phase in sustainable shipping, positioning CMB as a leader in green innovation within maritime transport and serving as a model for environmentally conscious fleet management.
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Finally, the jury nominates Shurgard, who took a substantial leap forward in the United Kingdom with its acquisition of Lok’nStore, a competitor listed on the AIM segment of the London Stock Exchange. The transaction has significantly bolstered Shurgard's UK presence, doubling its footprint to approximately 100 facilities across the Channel. The acquisition further solidifies its position as Europe’s leading self-storage provider, aligning with Shurgard’s expansion strategy in one of its most lucrative markets.
Financing for this acquisition was secured through a successful €500 million bond issue, a testament to Shurgard’s robust growth strategy and investor confidence in its long-term vision. Listed on the Brussels Stock Exchange, Shurgard—often referred to as the "King of Self-Storage"—demonstrates agility in capturing market opportunities, with this acquisition providing a strong foundation for continued expansion. This deal underscores Shurgard's ability to capitalise on its public listing to finance growth, setting a path for sustained development across the European self-storage sector.
Nominees Best Mid Cap Corporate Deal 2024
- Axcent of Scandinavia and SKEL acquire INNO
- Gedeon Richter acquires Estetra and Neuralis
- Vandemoortele Group acquires Banneton Bakery
The first nomination in this category goes to the acquisition of INNO by Axcent of Scandinavia and SKEL. The profitable Belgian department store chain, INNO, had to be carefully carved out from its German parent company, which was in financial distress and had pledged its shares to a government agency. This added unique layers of complexity to the acquisition, with multiple stakeholders and regulatory requirements.
Ultimately, INNO was acquired by Axcent of Scandinavia, the owner of Sweden’s Ahlens (often referred to as the Swedish Inno, and SKEL, an Icelandic investor. This partnership not only allows for a fresh start for Belgium’s best-known department store but also highlights the cross-border nature of mid-market deals in Europe. This acquisition secures INNO’s legacy in the Belgian retail landscape, while positioning it for future growth under the ownership of two experienced retail investors.
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Second, the jury nominates the acquisition of Estetra and Neuralis by Gedeon Richter. In a groundbreaking deal for the Belgian pharmaceutical sector, Mithra Pharmaceuticals sold its business related to estetrol-based products to Gedeon Richter through the sale of all shares in its subsidiaries Estetra SRL and Neuralis SA. This transaction was notable as the first pre-pack structured transaction involving a listed Belgian entity, showcasing innovative structuring to navigate challenging circumstances. Faced with an impending bankruptcy, Mithra structured the transaction and completed it within extremely tight deadlines.
This strategic sale provided the optimal solution for Mithra’s most valuable assets, ensuring value maximisation, retention of research and development, and safeguarding jobs associated with these subsidiaries. For Gedeon Richter, this acquisition opens a unique opportunity to expand its women’s healthcare division on a global scale, adding a distinctive estrogen-based product to its portfolio. This acquisition not only preserves the specialised know-how within Mithra but also ensures continued innovation in women’s healthcare, emphasising the transaction's significance for both entities and the wider market.
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As the third nominated deal, the jury chose the acquisition of Banneton Bakery by Vandemoortele Group. Vandemoortele Group, renowned in the food products sector, expanded its footprint to the United States through the acquisition of a majority stake in Banneton Bakery, a producer of artisanal, freezer-to-oven bakery items such as croissants, Danish pastries, and other baked goods. As part of the deal, Banneton’s founders retain a minority stake and will continue to manage the company, ensuring continuity in operations and quality.
This acquisition provides Vandemoortele with its first production platform in the US, a significant milestone in the company’s international growth strategy. Banneton's alignment with Vandemoortele’s commitment to high-quality products and customer satisfaction makes it a natural fit within the group. This transaction underscores Vandemoortele’s dedication to expanding its global presence while maintaining its focus on artisanal quality. The strategic alignment of both companies highlights the complexity and foresight involved in the deal, positioning Vandemoortele for further growth in the competitive North American market.
Nominees Best Large Cap Private Equity Exit 2024
- Baltisse exits World Of Talents
- Summit Partners exits CluePoints
- Warburg Pincus exits Aion Bank and Vodeno
The first nominee is the exit of Baltisse from World of Talents. Under the leadership of Steve Rousseau and the strategic guidance of Baltisse, House of Talents has grown into a notable mid-sized European player in the staffing industry. The company’s growth trajectory combined solid organic expansion with a buy- and- build strategy, allowing it to attract new investors in a successful exit. The acquisition by CVC, one of Europe’s most prominent private equity firms, marks the next chapter for House of Talents and reinforces the company’s robust market position.
This exit highlights the effectiveness of the growth plan implemented by Rousseau and Baltisse, and their ability to leverage industry expertise to create significant value. The deal demonstrates how House of Talents’ strategic positioning within the market, combined with the operational improvements made under Baltisse’s stewardship, has made it an attractive investment for CVC. This transaction is a benchmark example of successfully scaling a mid-market company into a competitive European player and paving the way for further growth under new ownership.
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Second, the jury nominates the exit of Summit Partners from CluePoints. Summit Partners, together with other shareholders Theodorus, Wallonie Entreprendre, Invest.BW, and management, has successfully exited CluePoints, a global leader in AI-driven software for risk-based quality management and data quality oversight in clinical trials. The sale to EQT marks a significant milestone for CluePoints, which has become a pivotal player in clinical trial optimization, enhancing the efficiency and speed of trials through its advanced software.
Over the four years of Summit Partners’ investment, CluePoints achieved remarkable growth, with a 4.8x increase in annual recurring revenue (ARR) and a fourfold expansion of its employee base. Summit’s strategic contributions included establishing a strong go-to-market framework, launching new products, and diversifying into new markets, which solidified CluePoints’ position in the healthcare technology space. EQT, as the new owner, brings a specialised focus on both SaaS and medical research, ensuring CluePoints continues its growth trajectory in an industry where digital innovation is critical. This transaction underscores CluePoints’ strength in clinical trial support technology and the alignment of its goals with EQT’s expertise.
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The third nominated deal is Warburg Pincus exits Aion Bank and Vodeno. In a groundbreaking transformation, Warburg Pincus has exited Aion Bank and Vodeno after a five-year journey that turned a traditional Belgian bank into an innovative cloud-based platform, delivering Banking as a Service (BaaS) to both financial and non-financial firms across Europe. This ambitious project combined the established operations of a Belgian bank with the agility of a Polish fintech company, Vodeno, creating a unique entity capable of providing end-to-end digital banking services in a highly regulated environment.
This bold strategy culminated in a deal with Unicredit, one of Europe’s leading banks, which aims to enhance its digital banking capabilities by leveraging Aion Bank and Vodeno’s BaaS model. Warburg Pincus’s strategic insight in merging traditional banking with cutting-edge fintech capabilities has not only modernised Aion Bank but also positioned Vodeno as a significant player in the European fintech landscape. This exit highlights how forward-thinking approaches in digital banking and regulatory navigation can create substantial value, setting a new standard in the Banking as a Service sector.
Nominees Best Mid Cap Private Equity Exit 2024
- Apheon exits Dolciaria Acquaviva
- Marlin Equity Partners partially exits Rydoo
- Smile Invest exits SmartSD
The first nominee is the exit of Apheon from Dolciaria Acquaviva. After a five-year ownership period, Apheon has exited Dolciaria Acquaviva, an Italian frozen pastry producer that achieved substantial growth under their guidance. Throughout Apheon’s investment, Dolciaria Acquaviva saw its turnover and EBITDA more than double, reflecting the value created through strategic enhancements in operations and market positioning.
Apheon’s exit was strategically timed just months after a larger competitor in the Italian market was sold, catching the interest of industry players like Vandemoortele, who were keen to expand in Italy. Ultimately, the Belgian family-owned Vandemoortele acquired Dolciaria Acquaviva and will integrate it with their current Italian operations, further consolidating their position in the European frozen pastry market. This transaction illustrates Apheon’s ability to nurture growth in portfolio companies and execute well-timed exits.
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Second, in a notable exit, Marlin Equity Partners has partially sold its stake in Rydoo, a leading expense management company, following a successful post-COVID turnaround. Under Marlin’s ownership, Rydoo refocused on its core business of expense management, streamlined operations, and returned to profitability. With Marlin’s strategic backing, Rydoo achieved an impressive annual growth rate of over 30%, solidifying its market position and making it one of the top players in expense management technology.
This partial exit was achieved at one of the highest ARR multiples in the industry, underscoring the company’s attractive growth potential and market position. Marlin’s restructuring efforts and renewed focus on Rydoo’s core services have not only made it profitable again but have positioned it for continued growth in the expense management space. This transaction highlights Marlin’s success in revitalising a company impacted by the pandemic, demonstrating a keen ability to unlock value in technology-driven businesses.
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As a third nominated deal the jury chose Smile Invest’s exit from SmartSD. Under Smile Invest’s ownership, SmartSD experienced significant growth and value creation, establishing itself as a leading player in security systems distribution. Through a partnership with the management team and founders, Smile Invest helped transform SmartSD into the #1 security systems distributor in both Belgium and the Netherlands, while entering France in 2019 to become a top 5 player there. SmartSD’s differentiation strategy, built around a strong digital operating model, contributed to robust sales and EBITDA growth, with the company delivering ~20% annual growth and tripling its EBITDA to approximately €21 million on €140 million in sales.
The performance of SmartSD during Smile Invest’s ownership yielded impressive returns, with a multiple of 8x and an IRR of about 49%. In its next growth phase, Cobepa has acquired a majority stake, with Smile Invest, management, and co-founders remaining financially invested. As a Belgian PE player with deep familiarity in the French market, Cobepa aims to drive SmartSD’s continued disruption of security system distribution across Europe. This acquisition showcases Smile Invest’s impactful investment strategy and its role in transforming regional leaders into international players.
Nominees Best Venture Capital Deal - Technology 2024
- Aikido
- Henchman
- TechWolf
The first nomination goes to Aikido Security, a Ghent-based cybersecurity specialist, has emerged as a crucial player in the international cybersecurity landscape, empowering developers to enhance software security.The jury recognizes the company's global significance in addressing today’s cybersecurity challenges. The transaction has firmly placed Ghent and Belgium on the map as competitive hubs, rivalling established players from the US and Israel.
Backed by top-tier international venture capitalists, Aikido secured a $17 million Series A round only two years after its inception. This impressive round exemplifies the company's exponential growth and underscores its potential for future value creation. Aikido’s journey from a smart seed funding strategy to a high-profile international fundraising round demonstrates the power of combining serial entrepreneurship with targeted capital, allowing founders to maintain control while driving rapid global expansion.
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Second, the jury nominates Henchman. In under three years, Henchman has rapidly established itself as an AI-native solution, streamlining document drafting for corporate law, supported by Pitchdrive’s expertise. Now serving over 200 clients, including top-tier law firms, Henchman has achieved remarkable growth. This successful trajectory has culminated in an acquisition by LexisNexis, a global leader in legal software solutions, marking a strategic alignment with LexisNexis’ portfolio of advanced legal technologies.
The nomination celebrates the entrepreneurial spirit and technical acumen of Henchman’s Belgian founders, as well as the invaluable guidance from Pitchdrive that propelled the company’s exponential growth. The acquisition underscores Henchman’s strategic fit within LexisNexis’ broader legal solutions strategy, enabling the continued innovation and scaling of Henchman’s document automation platform on an international scale. This deal is a testament to the potential of Belgian startups in the global legal technology market.
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The third nomination in this category goes to TechWolf. This company has achieved a remarkable milestone, raising $42.75 million in its Series B round, two years after experiencing 12x revenue growth post-Series A. TechWolf specialises in skill-mapping infrastructure, enabling enterprises to keep real-time views of skills and skill gaps within their workforce. This new funding will fuel TechWolf’s expansion, including a New York office to double its US presence alongside its existing offices in Ghent and London.
This funding round is notable for securing joint backing from SAP, Workday, and ServiceNow, marking the first time all three global giants have co-invested in a scale-up of this kind. Along with substantial enterprise sales expertise, the investors bring strategic introductions into large corporations. At the founders’ request, the investors have also committed 3% of shares to the TechWolf Charitable Foundation, emphasising the company’s dedication to social impact alongside its rapid growth. This transaction underscores TechWolf’s innovative edge and solidifies its position as a leader in skill-mapping technology for the future of work.
Nominees Best Venture Capital Deal - Life Sciences 2024
- Agomab Therapeutics
- Cognivia
- PanTera
The first nomination goes to Agomab Therapeutics, who has secured a record-breaking $100 million Series C funding round to advance its innovative therapeutic pipeline targeting fibrosis. Led by Fidelity, one of the largest global asset managers, along with top-tier investors and existing shareholders, this funding underscores Agomab’s strong strategic foundation, promising pipeline, and proficient management team. The investment will accelerate the clinical development of novel therapies designed to combat chronic diseases, such as Crohn’s disease, which affect millions worldwide.
This landmark funding positions Agomab as a global leader in antifibrotic and regenerative medicine, highlighting its potential to deliver transformative health solutions. Agomab’s robust progress in this field exemplifies Belgium’s growing influence in biopharmaceutical innovation and reinforces the company’s mission to develop life-changing treatments that address significant unmet medical needs.
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Second, the jury nominated Cognivia, that raised €15.5 million in a strategic funding round to propel the global commercialization of its AI-driven solution for drug development. The financing will support Cognivia’s expansion in the US market and enhance the company’s SaaS model, which focuses on improving clinical trial efficiency by mitigating risks such as placebo response and patient non-adherence. This funding represents a critical step in the convergence of AI and drug development, an area that remains underrepresented in life sciences but is essential to advancing faster, more efficient solutions in clinical trials.
Cognivia’s technology demonstrates how AI can transform drug development processes by optimising trial outcomes and reducing the time to market for new therapies. This transaction underscores the innovative impact of combining artificial intelligence with life sciences, positioning Cognivia as a leading player at the forefront of digital transformation in clinical trial management.
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The third nomination goes to PanTera who has completed an unprecedented €93 million Series A funding round in the Belgian life sciences sector, which, when combined with debt financing, brings the total raise to €134 million. This oversubscribed round provides essential financial support for PanTera’s mission to establish a state-of-the-art facility for producing actinium-225, a rare radioisotope pivotal in Targeted Alpha-particle Therapy (TAT), a promising new approach to cancer treatment. TAT allows for highly localised radiation delivery to cancer cells, minimising harm to surrounding healthy tissue.
This landmark deal highlights PanTera’s strategic vision and expertise, combining technological and pharmaceutical innovation to tackle challenges in cancer treatment. The company’s successful funding effort demonstrates the growing confidence in its potential to revolutionise cancer care and set new standards in precision oncology. This transaction positions PanTera as a leader in a transformative approach to radiopharmaceuticals, paving the way for more effective cancer treatments with a profoundly positive impact on patients worldwide.
How did we proceed?
Eligible deals were announced between 1 October 2023 and 30 September 2024. After a preliminary research and selection process supported by our knowledge partner Vlerick Business School, the deals were reviewed by the jury. Each deal was extensively discussed and judged on value creation, originality, complexity, financing structure and strategy, among others.
Members of the jury
The seven-member jury consists of: Lieve Creten - Chairwoman of the jury (Former co-founding partner of the Belgian M&A practice at Deloitte; currently board member at Barco, CFE, Montea, Quest for Growth, several board mandates within private companies as well as independent strategy & M&A advisor), Renaat Berckmoes (Co-Founder and Partner Fortino Capital), Pierre Demaerel (Secretary General of the BVA and Chairman of the Belgian Growth Fund), Philippe Haspeslagh (Partner and Honorary Dean Vlerick business School. Honorary Chairman Ardo, Capricorn Partners and Procuritas AS.), Sophie Manigart (Professor and Faculty Dean Vlerick Business School), Michaël Sephiha (Journalist Mediafin/De Tijd) and An Vermeersch (Vice President, Head of Global Health Access at GSK and Member of the board at Gimv).
The winners will be announced during the gala evening on November 28, 2024. For more information and the last available tables, visit MAawards.be or contact us.
Kind regards,
Charlotte Declercq
Community manager
+32 472 42 64 89
MAawards.be
