Dutch private equity firm, IceLake Capital, has acquired a majority stake in DKM Customs, a leading customs formalities specialist in Belgium.
With IceLake as its new majority shareholder, DKM Customs is well-positioned to become a leading customs and trade compliance service provider in Europe.
Founded in 2006 (as CSX, back then), the Antwerp-headquartered company issues approximately 250,000 customs documents annually, acts as a fiscal representative and provides expert advice on international goods flows and VAT regulations.
DKM CEO Luc De Kerf (pictured) shares that the global flow of goods continues to increase and customs formalities are becoming increasingly complex as they differ from one country to the next. Moreover, new codes are constantly being added, not to mention the impact of global geopolitics. “As a customer, it is impossible to keep up with the continuous changes,” he points out. “DKM is perfectly placed to relieve its customers of their worries.”
IceLake brings both the international and local buy-and-build expertise and capital to support DKM’s ambitions in a sector that remains highly fragmented, with many local players still working almost literally with pen and paper.
The investment in DKM marks IceLake’s third transaction in Belgium, following the recent acquisitions of AXI Group and Stubido.
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Building on Tilleghem’s buy-and-build trajectory
The previous majority shareholder, Latem-based investment company Tilleghem, will be reinvesting in DKM Customs – alongside founder and Luc. “From the first meeting, we were impressed by Luc’s entrepreneurship. His knowledge and drive, but certainly also his love for IT/systems, have given the group a very unique position,” notes Tilleghem partner, Joachim Depuydt.
With Tillighem’s backing, DKM grew its local footprint by acquiring Van Poppel and Cats in 2025. The company also expanded its footprint into the Netherlands by acquiring Vermaas Customs Agency. Vermaas founder Francisco Maas was also impressed with the company’s entrepreneurial spirit, digital mindset and rigorous approach to compliance and quality.
“Thanks to Tilleghem, [we have] grown strongly in recent years through international buy-and-build, organic growth and a stronger structure,” reads a statement by DKM.
With this takeover, IceLake will build on this trajectory – “through organic growth and targeted acquisitions” – helping further expand DKM’s international footprint.
A team from Stibbe’s Brussels practice – consisting of Stefan Odeurs (partner), Pieter van Daele (senior associate), Sandto Christiaens (senior associate) and Immanuel Claessens (associate) – advised IceLake on the acquisition.
Ace Law assisted Tilleghem on the transaction. The deal team consisted of Didier Roemers (lead advisor), Wouter Verhelst (lawyer) and Willem Peeters (lawyer).
