Smile Invest achieves deal hat-trick in one week

While the world has been wrapped up in the 2026 FIFA World Cup fever, Smile Invest pulled off a hat-trick in the M&A industry, securing three deals within less than a week. “These are three outstanding companies, each with innovation deeply embedded in their DNA and strong ambitions for future growth – exactly the type of entrepreneurs and businesses we love to partner with at Smile Invest, and a great example of what can be achieved when talented people work towards a common goal,” muses managing partner Bart Cauberghe (pictured).

1. BAP Medical
On 25 June 2026, the investment firm announced it had acquired a majority stake in BAP Medical, alongside management and founder Rob Hollweg. “Rob and his team have spent two decades building a portfolio of strong brands that medical specialists recommend every day across different disciplines,” notes the Smile Invest team.

Ivo Vincente, Davy Louwers and Nicolas Costers explain that BAP Medical’s combination of scientific depth, entrepreneurial culture, as well as its customer and patient focus is what drew Smile Invest’s interest. “The company's own production base through ScarPro gives BAP Medical a distinctive position: full control over quality and innovation, backed by strong home markets and a distribution network already spanning more than 70 countries,” they say.

Since its founding in 2006, BAP has grown into a leading specialist in medical skincare. “Today we are active in the aftercare of burns and scars, chronic skin conditions, allergies, difficult-to-heal wounds and products for ear, nose and throat care. From this strong foundation, we want to continue to grow, innovate and capture new opportunities,” Rob comments, adding that, with Smile Invest, a new chapter begins.

2. Alphatron Medical
On 30 June 2026, Smile Invest announced it would also acquire a majority stake in Alphatron Medical. “My father-in-law, Dick Slingerland, founded this company with an unwavering belief in the power of technology to improve patient care,” shares Alphatron Holding MD Floris de Kort. “As his family, we feel a deep responsibility to continue that legacy and to see his vision carried forward.”

Alphatron delivers smart healthcare solutions that optimise nursing and medication workflows. “Alphatron Medical is exactly the type of company we look for: an innovative market leader with a clear mission, a loyal customer base, and strong growth potential,” says Davy and Nicolas. “Their integrated approach to nursing workflows and medication safety addresses one of the most pressing challenges in modern hospitals.”

Alphatron Holding – as well as Alphatron Medical co-founder Harald Verloop and management – will remain involved in the company to ensure the continuity of this approach, the company’s vision and its ambitions. “We are confident that this partnership will take Alphatron Medical to the next level, and we look forward to being part of that journey,” Floris says.

Harald reveals that, from the very first conversation, it was clear that Smile Invest understood the business and shared its ambition. “With Smile Invest as our partner, we gain not only the resources but also the strategic support and healthcare expertise to bring our solutions to more hospitals across Europe and beyond.”

3. Varel Security
On 1 July 2026, Smile Invest also partnered with Varel Security – a leading provider of integrated security technology solutions – alongside key management and ING. “This partnership is a natural next step for us,” says Ben Fortan, the man with many titles at Varel, including founder, co-owner and head of M&A and strategy. “We have built a strong company with a fantastic team and loyal customers, and we wanted to bring in a partner that shares our long-term vision and entrepreneurial mindset.”

Varel Security offers a comprehensive range of services, including design, installation, monitoring, maintenance, as well as lifecycle management of electronic security and fire detection systems. “Ben and his colleagues have built a company with a clear focus on service, long-term customer relationships and innovation with national coverage,” remarks investment director at Smile Invest, Joost van Wijk. “We are very impressed by Varel Security’s track record, its strong positioning in the Belgian market, and the quality of its team.”

Ben points out that, from the start, there was very good alignment with Smile Invest: “It is important to emphasise that this is about continuity and opportunity. Business will continue as usual, with the same people and culture, now supported by additional expertise and resources to help us grow further.”

The company’s current management team (including Ben) will continue to drive its day-to-day operations and long-term strategy. With the Smile Invest partnership, Varel plans to further build on its proven strategy, combining organic growth with targeted acquisitions, while continuing to invest in innovation, service quality, and long-term customer relationships.

“Our focus is accelerating growth by serving our expanding customer base, taking on larger and more complex projects and offering security as a service,” mentions Varel Security CEO Cliff Lodewijckx, who also joins as a shareholder. “All of this is built on the deep expertise and knowledge we have developed within Varel Security over many years.”

The plan behind Smile Invest’s play
Since its inception in 2018, Smile Invest has completed 23 platform investments worth approximately €500 million in the Benelux market. The company has also completed more than 25 add-on acquisitions, becoming a well-respected investor in the market. “Our vision of building an evergreen investor backed by more than 40 entrepreneurs and entrepreneurial families has clearly proven successful,” Bart shares.

The BAP and Alphatron deals reflect Smile Invest’s broader investment thesis of supporting companies that help healthcare systems deliver better care to more patients with scarce resources. “Ultimately, we are investing in teams that have demonstrated an ability to anticipate changes in healthcare and translate those into practical solutions for their customers,” says Nicolas, who was recently promoted to partner at Smile Invest.

The deals come at a time when healthcare providers across Europe face increasing demand, workforce shortages and rising cost pressures. But scaling these businesses is more complex than it seems; systems remain highly local, with differences in regulation, reimbursement mechanisms, procurement processes and clinical workflows.

Nicolas explains that developing market-leading medical technology and software platforms in this space often requires sustained investment in innovation, customer relationships, implementation capabilities and international expansion.

One of the key advantages of the Smile Invest evergreen structure is that it allows the firm to align its investment horizon with these realities. “Rather than working towards a predefined exit timeline, we can support management teams in creating long-term value at a pace that is appropriate for their business and customers,” Nicolas reveals.

This also stood out to Jan Bussels when selling Digitopia: “I’m not ready to retire yet; I like what I do, even with another shareholder.”

Nicolas emphasises that the Smile approach does not replace what made a company successful in the first place. “We prefer to partner with management teams with a long-term mindset, bringing additional expertise, networks and strategic support while allowing leadership transitions to happen thoughtfully.”

During the investment process for BAP and Alphatron, Smile Invest spent significant time understanding how both companies innovate, how closely they work with their customers and healthcare professionals, as well as whether their product development efforts address real and evolving needs in the market.

“We believe that successful growth in this sector requires patience, local market understanding and a willingness to adapt to the realities of each healthcare system,” Nicolas adds. “Our role as an investor is to help create the conditions for that long-term innovation by providing patient capital, strategic support and access to a broad network of industry experts and healthcare stakeholders.”

For Alphatron Medical, Smile Invest sees opportunities to further support hospitals in their ongoing digitalisation efforts and in optimising clinical workflows. For BAP Medical, the company sees continued opportunities to support patients and healthcare professionals through clinically tested products that improve quality of life.

“We see innovation not as a one-off milestone, but as an ongoing process of adapting to new technologies, clinical practices and customer needs. For both BAP Medical and Alphatron Medical, that mindset is at least as important as any individual product roadmap,” the Smile Invest team concludes.

Read also: How Smile Invest won Best Mid Cap Private Equity Exit 2024