Sofindev has agreed to acquire a minority stake in Elindus and its sister company Smart at Energy, marking a strategic move to fuel the group’s expansion in the Belgian B2B energy market.
Picture (left to right): Lode Hullebusch, Matthias Detremmerie & Steven Vandenhende, Managing Partners Elindus
Founded in 2012, Elindus has grown into a leading energy supplier and service provider, ranking as the third-largest private B2B electricity supplier and fifth-largest gas supplier in Flanders. The partnership aims to expand Elindus’ customer base, accelerate international trading activities, and commercialize innovative energy solutions.
Elindus distinguishes itself as a data-driven, customer-centric energy partner, offering flexible contracts, trading expertise, and AI-powered forecasting to help businesses navigate the energy transition.
During the 2022 energy crisis, the company introduced innovative solutions that enabled clients to actively manage and optimize their energy costs. With Smart at Energy, Elindus leverages advanced data models and machine learning to provide energy sourcing, trading, and balancing services, reinforcing its position as a vertically integrated player.
The transaction, subject to approval by the Belgian Competition Authority (BMA), will see Sofindev join existing shareholders, including operational partners Steven Vandenhende, Matthias Detremmerie, Lode Hullebusch, and Accoform (Tony Beeuwsaert’s investment holding).
"This partnership confirms our growth trajectory and provides the means to scale our integrated energy and flexibility solutions", said Matthias Detremmerie, Managing Partner of Elindus. "With Sofindev’s support, we can further strengthen our position in the Belgian B2B market and accelerate our international ambitions."
Sofindev, which manages the 250 million euros Sofindev VI fund, praised Elindus’ resilience, innovation, and market leadership.
"Elindus has proven its ability to turn market volatility into opportunities for clients", said Jan Camerlynck, Managing Partner at Sofindev. "We are impressed by their entrepreneurial spirit and technological depth, and we look forward to supporting their next growth phase."
The deal marks Sofindev’s ninth investment from its latest fund, following stakes in companies like Expertum Group, Merkator, and Coffee Service Group.
Advisory roles were fulfilled by DLPA and Uniqum Advocaten (Elindus) and Argo, Roland Berger, and Eight Advisory (Sofindev).
