Dutch private equity firm IceLake Capital acquires a majority stake in Belgian IT group AXI from Strada Partners.
With Strada Partners’ support, AXI has grown from a strong Belgian IT MSP into one of the leading IT managed service providers for SMEs and mid-market organisations in the Benelux area – employing close to 400 people and generating over €155 million in revenue.
“Since day one, AXI has been built on ambition and momentum,” shares AXI Group CEO Bart Verhelst, referring to the company’s significant growth journey over the past few years. This includes the acquisitions of InterIT, IT Provider Group, Datalink, Spikes, Netleaf, Core ICT, A&M, Teamtel, OQuilla, 2Serve, Willux.be and Megabyte.
“Every one of [these acquisitions] has shaped who we are today: a company that doesn't stand still,” Bart says. “That solid foundation now gives us the room to take a new step in our growth story.”
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Argo Law, which has been closely involved in AXI’s evolution for several years, assisting on numerous of these deals, also advised the company on all legal aspects of its sale to IceLake. The team comprised managing partner Bert Van Ingelghem, partner Mattias Verbeeck, managing associates Silke Chantrain, Silke Spruyt and Thomas Van Hoornyck, as well as associate Guido Platteau.
Strada Partners, which will remain actively involved with AXI as a significant minority shareholder, welcomes IceLake in jointly supporting this continued trajectory. “Bringing IceLake on board feels like the logical next step: they bring the international platform and the capital needed to help AXI grow further,” managing partner Matthias Vandepitte points out. Moreover, he says Strada is reinvesting because it believes “the best is still ahead”.
Ushering in Axi’s next growth phase
Founded in 2018 by private equity professionals and entrepreneurs, IceLake Capital invests in mid-market IT services, software, and business services companies, with the AXI deal marking its thirteenth. The team of 45 actively supports entrepreneurs with buy-and-build and internationalisation strategies from its offices in Brussels, Amsterdam and Munich.
The Stibbe team that advised IceLake on the deal comprised Brussels partner Stefan Odeurs, senior associates Sandro Christiaens and Nicolas Truyens, as well as associate Hannes Cleemput.
“AXI fits perfectly within our investment strategy: an established market position, a proven buy-and-build track record, and strong growth prospects in a fragmented market,” explains Siebrecht Declerck, Head of Belgium at IceLake. “With our experience in international scale-up and sufficient capital for further acquisitions, we want to support AXI and its management over the coming years in achieving this next phase of growth.”
Alongside further consolidation of the Belgian market through additional acquisitions, AXI also wants to grow globally. “In IceLake, we’ve found a partner with international buy-and-build experience, who shares our ambition to grow into a leading pan-European IT partner for SMEs and mid-market companies,” Bart mentions.
AXI will also continue to invest in expanding its service offerings, with particular attention to managed services, data and AI, as well as cybersecurity. “Digitalisation is a core theme for us, and AXI is one of the strongest players in this space in the Benelux,” notes Siebrecht.
Scaled ambition, same approach
Throughout its growth plans, preserving the strong AXI culture remains a key priority for everyone. “For our clients and employees, the starting point remains the same: we will keep investing in our people and in the AXI culture that has brought us this far,” Bart assures.
The AXI management team and employees will all remain on board. “Our local roots, personal approach, and long-term customer relationships also remain the foundation of how we work together.”
Many of them will be investing in the group again as well – equally committed to the company's future.
The transaction is expected to close by the fourth quarter of 2026, subject to the necessary approvals.
