Private equity valuations in Europe showed only a modest increase in the first quarter of 2025, with the European Lincoln Private Market Index (Lincoln PMI) ticking up just +0.5 percent – its weakest performance since early 2022.

Belgian renewable energy company EnergyVision has officially announced its plans for an initial public offering (IPO) on Euronext Brussels, with the offering expected to launch on June 27, subject to market conditions and regulatory approval by the Belgian Financial Services and Markets Authority (FSMA).

Belgian investment firm Finhouse has raised 55 million euros in its first fundraising round, far exceeding its initial target of 25 million euros. The capital was secured from 327 individual investors, marking a groundbreaking moment in the country’s private equity (PE) and venture capital (VC) landscape.

Belgian IT services provider VanRoey has announced the strategic acquisition of Group K, a rapidly growing IT integrator based in Limburg.

International law firm Dentons has appointed Tom Geudens (right) as Co-Managing Partner in Belgium, joining Edward Borovikov (left), who has led the Brussels office for the past 15 years. Together, they will oversee the growth and strategic development of Dentons’ Belgian practice.

European mid-market firms accelerate climate action despite uncertainty, Argos-BCG Study Finds.

Belgian premium snack producer TNS Food has entered a new phase of growth by joining GoodLife Foods, a portfolio company of IK Partners.

Intermarché is expanding its footprint in France with the acquisition of 81 supermarkets from the Belgian Colruyt Group, marking a major shift in the French retail landscape.

Tikehau Capital, a global alternative asset manager, has entered exclusive negotiations to acquire ScioTeq, a Belgium-based leader in advanced display and computing solutions for high-demand environments such as avionics, defense, and air traffic control.

The Flemish wealth management firm Truncus is merging with fellow East Flanders-based Investor AM, marking another step in the consolidation of Belgium’s wealth management sector.

Belgian telecom group Proximus has reached a binding agreement to sell its 92.7 percentstake in mobility tech company Be-Mobile to Arrive, a global provider of parking and mobility solutions.

The Flemish tech firm IE Group, a key player in radar systems with half of its revenue coming from the defense sector, has been acquired by French investment company IDI.

PIA Group has announced the addition of HLB Belgium as its newest partner, strengthening its footprint in Belgium and expanding its audit and assurance services beyond the Netherlands.

The financing - meant to advance breakthrough depression therapy - marks a major milestone for Wallonia’s growing role in mental health innovation.

Tessenderlo Group has announced that its business unit, Picanol Group, will acquire the activities of Osterwalder AG, a Swiss company renowned for its electric powder presses. The acquisition is expected to be finalized in the coming days.

De Heus expands in Belgium and Northern France with acquisition of Voeders Huys.

International investment firm BC Partners has acquired a majority stake in IGS GeboJagema, a Dutch precision tooling leader for the healthcare industry.

Belgian publisher and production company Borgerhoff & Lamberigts has acquired Koortzz, the well-known talent and speaker agency. The acquisition marks a further expansion of Borgerhoff & Lamberigts' diverse media portfolio, with both companies maintaining their independence and brand identity.

The first quarter of 2025 has shown that while the European debt markets can absorb volatility, the pace of deal-making remains restrained – particularly in the Benelux region. For M&A professionals navigating this evolving environment, there are both warning signs and windows of opportunity.

For Belgian M&A professionals, a major transaction in the synthetic turf sector may signal new regional momentum. TenCate Grass Holding B.V., the Dutch-based global player in artificial grass systems, has announced the acquisition of Belgium’s Sports & Leisure Group N.V. (SLG) in a deal involving the purchase of all SLG shares from Sun Capital Partners and other shareholders.

EyeCare Group, a market leader in premium optical and hearing solutions in the Netherlands and Belgium, has announced the acquisition of Belgian optical chain Vision Over Sight.

Aedifica and Cofinimmo have reached a landmark agreement to merge their operations, forming Europe’s leading healthcare-focused real estate investment trust (REIT). The transaction, structured as an all-share voluntary exchange offer, follows Aedifica’s initial proposal on 1 May 2025.

The Belgian retail giant Colruyt Group has completed its acquisition of Delitraiteur, following approval from the Belgian Competition Authority on June 2.

Just two weeks after acquiring Kontrimo from well-known entrepreneur Michel Van den Brande, Belgian construction equipment group Intermat has announced a new acquisition: VIP Scaffolding, a Ghent-based specialist in scaffolding services.

Six Belgian companies unite under new name ‘Argona’ to drive sustainable energy and construction solutions. Private equity house Waterland backs the newly formed company.

Spott raises seed capital from Base10, Y Combinator and Fortino on the heels of completing the YC W25 batch. The 3.2 million dollar round will help boost the further development of Spott’s all-in-one, AI-native recruitment agency platform. Spott’s powerful solution helps recruitment firms shift focus from manual, repetitive tasks to building stronger relationships and prioritize revenue-driving activities.

Belgian investment firm Gimv has announced the sale of its stake in Dutch high-end stroller brand Joolz to fellow Dutch company Bugaboo, a global leader in premium juvenile products.

Deminor, a Belgian legal support firm specializing in litigation funding, has raised €100 million in a significant capital increase to expand its operations. This new funding round, led predominantly by American investors and supported by Belgian business figures such as the Emsens family and investor Jos Sluys, marks a substantial boost compared to its earlier fundraising efforts.

Team.blue, a major European digital service provider, has acquired AssoConnect, a French SaaS company known for its all-in-one management platform for non-profits. The deal marks a strategic move to expand team.blue’s reach in the non-profit sector across Europe.

Ravical offers domain-specific AI agents for use in accounting, legal services, HR, and insurance companies

Alychlo, the investment company of entrepreneur Marc Coucke, has acquired all CIM Capital shares in Zoute Grand Prix. Entrepreneur and automotive expert Philippe Quatennens, who joined the Zoute Grand Prix project one year ago, will remain on board as a shareholder. The shared ambition is to further develop this unique and prestigious Belgian brand with a focus on sustainable growth in Belgium and international expansion.

Dossche Mills, one of Europe's largest milling companies, has acquired West Flanders-based family business Molens T’Kindt, reinforcing its foothold in the Belgian flour and milling industry.

PIA Group, the fastest-growing accountancy and advisory group in the Netherlands and Belgium, has officially expanded into its third European market by acquiring Luxembourg-based advisory firm Neoviaq. This marks a significant step in PIA Group’s ongoing international growth strategy.

The Belgian Competition Authority (BMA) has approved the acquisition of Delitraiteur by Colruyt Food Retail.

The deal is official: Michel Van den Brande (64), founder of the well-known scaffolding company Kontrimo, has sold his business to Vybros Capital Partners, the investment firm of the wealthy West Flemish Vande Vyvere family.

The Argos Index®, a key measure of mid-market company valuations in Europe, dropped 3 percent in the first quarter of 2025 to 9.5x EBITDA, reversing the modest recovery seen in 2024.

The acquisition of RTL Nederland by DPG Media appears to be nearing approval, following new commitments by the Belgian media group to safeguard editorial independence.

Biotope Group has announced that The Nest Family Office has joined as a minority shareholder, marking a significant step in the company’s ongoing efforts to expand its presence in the organic food sector across Belgium and the Netherlands.

HR services firm Capenti is strengthening its position in the life sciences sector with the acquisition of HR One Group, a headhunting company specialized in healthcare and biotech recruitment.

Dynapps, a leading Belgian implementation partner of the business software platform Odoo, has taken a major step in its international growth strategy with the acquisition of two fellow Odoo partners in France and Switzerland.

Biotech company Galapagos NV has announced a strategic shift in plans regarding its previously proposed corporate separation, alongside key changes to its executive leadership and Board of Directors.

Ekopak, the water-as-a-service (WaaS) provider, has announced key measures to bolster its financial structure and governance framework.

Smile Sail, the evergreen investment fund focused on supporting Europe’s leading software and AI-driven ventures, has announced the appointment of Nico Bogaerts as Partner and Member of the Investment Committee.

Vandelanotte, Belgium’s largest independent accountancy, audit, and advisory firm, has acquired Crowe Spark, a 70-employee accountancy and advisory firm with offices in Antwerp, Brussels, Mechelen, and Bornem.

Private equity continues to dominate mid-market M&A across Europe, yet 2025 has begun with unmistakable headwinds – also in the Benelux region.

Mechelen-based construction group Willemen Groep has taken a major step forward in its strategic development by acquiring a 50 percent stake in Almex Metaal, a specialist in steel structures for civil engineering.

200 psychologists are associated with the acquired company iPractice.

Belgian communication agencies The Fat Lady and MediaMixer have merged to create North by Northwest, now the largest content group in the country. The new company combines 75 employees and generates an annual turnover of approximately 13 million euros.

Killian McCarthy is a Professor of Strategy at Radboud University. He has studied the performance of more than 500,000 mergers and acquisitions and, in this series of articles, highlights some of the key factors behind their success and failure.

Belgian orthopedic specialists Vigo and Matton OrthoMedi have announced a strategic merger under the international Ottobock Group.

Belgian HR specialist Copus has acquired the Eminent Group from Apeldoorn, a company specializing in the placement of technical talent. In the past financial year, the company achieved a turnover of approximately twenty million euros. This marks the third acquisition by the Belgian firm in the Netherlands.

Belgian digital health startup Cavell has raised 1.5 million euros in a pre-seed funding round to scale its AI-driven medical documentation platform across Belgium and Europe. Backed by a group of strategic investors, the Gent-based company aims to reduce administrative burdens in healthcare and shift the focus back to patient care.

In a move set to reshape the Belgian wealth management landscape, Belfius Bank and Candriam have strengthened their nearly 30-year strategic alliance, with Belfius acquiring a 33 percent minority stake in Candriam.

Belgian investment firm Gimv has announced a strategic partnership with Germany-based Ambulantis Group, a rapidly growing care provider specializing in outpatient care, assisted living, and day care services.

Belgian HealthTech innovator Azalea Vision has raised 9 million euros in the first closing of its 15 million euros Series A round, drawing continued support from existing investors and welcoming new strategic backers.

Following the acquisition of Cofinimmo, Aedifica's portfolio would total 12 billion euros.

The cargo operations of Air Belgium have officially been transferred to the CMA CGM Group, a global leader in logistics and multimodal transport. This transition follows the approval of the takeover by the Business Court of Walloon Brabant in March and the recent issuance of new Belgian operating licenses by the Belgian Civil Aviation Authority (BCAA).

BD Logistics continues its expansion strategy with the acquisition of Taxi Verboven Vracht (TVV), a well-established transport company based in Wommelgem, near Antwerp.

Belgian biotech firm Augustine Therapeutics has announced two key leadership hires, bolstering its executive team as it prepares to transition into a clinical-stage company. Virginie Cartage joins as Chief Financial Officer (CFO) and Dr. Andy Hu as Chief Business Officer (CBO), adding significant depth in corporate finance, M&A, and business development to the company's leadership.

Belgian healthtech start-up BiometrIQ has raised 1 million euros in fresh capital from prominent tech and sports entrepreneurs, including Eva Maertens and Teamleader founder Jeroen De Wit.

Belgian packaging machinery specialist TG Group has announced a strategic partnership with private equity firm Waterland to accelerate its international growth and innovation.

Belgium-based moving and logistics firm Gosselin has announced the acquisition of the Doree Bonner International Group, one of the United Kingdom’s leading moving and storage companies.

The Belgian federal and Flemish governments are considering a joint acquisition of a 30 percent stake in Brussels Airport, currently owned by the Canadian pension fund OTPP (Ontario Teachers’ Pension Plan).

Vertical Compute, a deep-tech spin-off from research institute imec, has raised 20 million euros in seed funding to develop cutting-edge semiconductor technology aimed at solving a major bottleneck in AI computing.

Scandinavian IT group Visma has acquired a minority stake in Accountable, a Belgian fintech company specializing in smart accounting and tax solutions for self-employed professionals.

Engineering and consultancy firm Studibo has announced its expansion into Wallonia through the integration of INGEO Group into its network. This marks Studibo's first entry into the southern region of Belgium.

CMB.TECH and Golden Ocean Group have agreed to a stock-for-stock merger that would create one of the world’s largest listed maritime groups, boasting a combined fleet of over 250 vessels.

Belgian IT services provider Tyneso has announced a strategic partnership with Pride Capital Partners, marking a significant milestone in its growth journey. The investment firm has taken a substantial minority stake in Tyneso, signaling its fourth major platform investment in Belgium.

SBB Accountants & Advisors is accelerating its acquisition strategy with the purchase of three accountancy firms across the Flemish provinces of Limburg, East Flanders, and Flemish Brabant. These latest acquisitions further expand the group’s footprint following earlier takeovers this year.

Smile Software & AI (Smile Sail) has successfully closed its latest fundraising round, securing more than 260 million euros, surpassing its initial 250 million euros target in under nine months. The fund continues the momentum of Smile Invest, the firm’s first evergreen private equity fund, and is set to focus on profitable B2B software companies and IT service providers across Europe.

In a major move set to reshape how hotels connect with guests and drive revenue, Lighthouse, the leading commercial platform for the travel and hospitality sector from Ghent, has acquired The Hotels Network (THN), a powerhouse in marketing personalization technology.

Delen Private Bank strengthens its Dutch foothold by acquiring Servatus in ’s-Hertogenbosch.

Strategic communications agency FINN has joined Only creative entrepreneurs, a growing network of independent agencies in the Benelux.

Belgian insurer Ageas has reached a definitive agreement with Bain Capital to acquire UK-based digital insurer esure for 1.51 billion euros in cash. The deal positions Ageas as one of the top three personal lines insurers in the United Kingdom.

The PwC experts discussed the three strategic pillars on which an M&A integration must be based – strategic integration, financial integration, operational integration – and went on to address the four factors that make or break its success.

Belgian biotech company Augustine Therapeutics has appointed industry veteran Pascale Witz as Chair of its Board of Directors, shortly after securing a 78 million euros Series A financing round.

Belgian offshore energy company DEME has announced the acquisition of Norwegian offshore wind contractor Havfram in a strategic move to strengthen its position in the rapidly growing offshore wind sector.

It was in the sunlit PwC Belgium offices in Machelen that the Belgian M&A world gathered on Thursday April 3 to gain new knowledge, build valuable connections and exchange views. The very first M&A Summit, revolving around the theme of transformational M&A and with a special focus on carve-out deals, was a resounding success.

Azelis, a leading distributor of speciality chemicals and food ingredients, has announced the acquisition of Spanish company Solchem Nature S.L., strengthening its position in Spain’s growing nutraceutical market.

HR service provider Planet Group has acquired Reflex Healthcare, an Ukkel-based interim agency specializing in the healthcare sector.

Belgian geospatial software company Merkator has acquired its industry peer Siggis, a division of IT group Cevi.

Belgian food company What’s Cooking? has finalized the acquisition of Sveltic, a French producer of fresh and frozen ready meals. The acquisition strengthens What’s Cooking?'s product range and aligns with its growth strategy.

Belgian retailer Colruyt Group has increased its stake in Smartmat NV, the company behind meal box brand Foodbag, to 100 percent.

Ontex Group NV, a global leader in personal care products, has finalized the sale of its Brazilian business to Softys S.A. Softys, a personal hygiene company operating across Latin America, is a subsidiary of Empresas CMPC S.A., based in Chile.

Some of the biggest M&A deals turned into financial nightmares due to undiscovered cyber risks. Why do cybersecurity blind spots still slip through due diligence, jeopardizing billion-dollar deals? And more importantly, can cyber risk management become a strategic advantage instead of a costly oversight?

The Colruyt Group is exploring strategic options for its retail stores and gas stations in France, including a potential sale. The Belgian retailer confirmed that it is assessing various possibilities but has not yet made a final decision.

Belgian investment firm Fortino Capital has partnered with Dutch SaaS company Nétive VMS from Rijswijk in the Netherlands to support its international expansion.

A European investor has reached an agreement with the curators of the bankrupt Belgian chip manufacturer BelGaN.

Belgian food group Vandemoortele has made a major move in the global bakery market by acquiring French bakery giant Délifrance.

ABO Group Environment has acquired Délo Boringen, a Belgian specialist in environmental drilling and sampling. With this acquisition, ABO Group strengthens its expertise in soil investigation and environmental sampling.

I-care has taken a major step in its strategic growth with the acquisition of SDT International, a Belgian pioneer in ultrasonic predictive maintenance.

Belgian food group Vandemoortele has reached an agreement with Bunge to acquire its European margarine and spreads business. With this move, Vandemoortele aims to strengthen its market position and contribute to the transition towards more sustainable plant-based food.

Cleantech startup ARK Capture Solutions has secured over 2.2 million euros in pre-seed funding to advance its innovative CO2 capture technology.

Belgian construction company Jan De Nul has acquired Aircoplus, a family-owned business specializing in heating, cooling, ventilation, and sanitary systems. The acquisition enhances Jan De Nul’s capabilities in large-scale construction projects.

Belgian transport company Transport Roosens is expanding its container activities in the Antwerp region with the acquisition of Coupétrans. This move strengthens Roosens' position as a leading player in sea container transport.

Fortino Capital has announced the appointment of Olivier Lippens as Investment Manager in its Belgian Venture Capital (VC) team.

Biotech company Augustine Therapeutics has raised an oversubscribed 78 million euros Series A funding round to advance its groundbreaking treatment for Charcot-Marie-Tooth (CMT) disease.

The European mergers and acquisitions (M&A) market remained strong in 2024 despite ongoing political and economic challenges.