M&A Summit - A Deep Dive into Exit Readiness and Preparation

M&A Summit 2026

Let’s connect at the M&A Summit on April 2, 2026

Theme: Exit Readiness & Preparation

Preparing a company for a (partial) sale is rarely simple. M&A professionals know that the real work begins long before a deal reaches the market. The M&A Summit 2026, created together with our partner PwC, brings the M&A community a grounded perspective on exit readiness, carve-outs, legal pitfalls and family-business dynamics. Expect practical insights, candid experiences from peers and experts, and space to exchange what truly works. Join the M&A Community Belgium for an afternoon of learning, sharp debate, and relaxed networking over food and drinks — a straightforward and honest take on “dressing up the bride.”

Program

13:30 – 14:00 Registration

14:00 – 14:10 Welcome & Introduction

Melle Eijckelhoff – Founder, M&A Community
Nancy De Beule – Partner, PwC Belgium

14:10 – 14:40 Keynote: The Economic Forces Behind Carve-Outs

Dr. Killian McCarthy – Professor of Strategy, Radboud University

Killian McCarthy is a strategy professor at Radboud University and an expert in M&A, alliances and corporate venturing. His work focuses on how companies create and scale value in times of systemic change.

He has analyzed more than 500,000 acquisitions and tens of thousands of alliances, corporate venturing deals and divestitures to uncover what truly drives growth and repositioning.

A published author whose research has appeared in leading academic journals and the Harvard Business Review, he combines rigorous data analysis with real-world strategic insight.

In this keynote, he translates deep empirical research into actionable choices for leaders navigating volatility and scale.

14:40 – 15:00 Coffee Break

Break-out Session 1 15:00 – 15:45

1. Roundtable Private Equity: Sharing Experiences with Exit Readiness

The true test of a private equity strategy is not entry, but exit. For many years, favorable macroeconomic conditions , most notably a prolonged low-interest-rate environment, masked differences in manager quality. Rising valuations enabled even average performers to deliver acceptable returns.

That era has ended. Today’s environment is more challenging: financing costs are higher, buyer universes are more selective, and valuation expectations have reset.

As a result, many GPs are delaying exits, extending holding periods in the hope of a more accommodating market.

By contrast, top-tier managers distinguish themselves in these conditions by generating liquidity and delivering outcomes across challenging cycles. Over time, this renewed emphasis on exit discipline will strengthen the industry, rewarding genuine value creation while exposing strategies that relied too heavily on multiple expansion and financial engineering.

With Jorn de Ruijter, Partner & Head of IR – Main Capital Partners

2. Masterclass Exit value unlocked: clearing legal and HR hurdles in view of a successful exit
Is a company truly ready for sale? This session focuses on legal - and HR topics that separate a smooth and successful exit from a stalled deal. Our seasoned practitioners will focus on commonly encountered legal and HR issues, remediation strategy and essential matters to be taken into account when preparing for an exit. During the session case experiences and practical insights into what creates value, what destroys it, and how to avoid any missteps that might have an impact on price, timing and deal certainty, will be shared. The goal: maximise value realisation at exit.

Speakers: Ive Serneels (PWC), Deborah Berkvens (PWC)

3. Building Hillewaere: Lessen en inzichten uit een Buy-and-Build Journey
Toen Roel Druyts in 2002 zijn eerste vastgoedkantoor startte, kon hij moeilijk vermoeden dat dit het begin zou zijn van een groep die via een doordachte buy-and-build strategie uitgroeide tot een nationale speler in vastgoed- en verzekeringsdiensten. Met Hillewaere Group bouwde hij stap voor stap een geïntegreerd platform rond vastgoed: makelaardij, verzekeringen en hypotheken. Overnames speelden daarbij een cruciale rol. In een sterk gefragmenteerde markt nam Hillewaere tal van kleinere kantoren over en bouwde zo in korte tijd een schaalbaar platform met centrale ondersteuning, sterke commerciële teams en een duidelijke positionering in het hogere segment. Tegelijkertijd hield hij voldoende aandacht voor het gemotiveerd en committed houden van het management van de target.

Tijdens het M&A Summit neemt Druyts ons mee achter de schermen van die groeireis. Hij vertelt openhartig over zijn moments of truth, de uitdagingen, de keuzes rond tempo en financiering, en over de stap waarbij private equity instapte om de volgende groeifase mogelijk te maken. Wat betekent exit readiness voor Hillewaere? Tijdens deze sessie, gemodereerd door Nancy De Beule, is er volop gelegenheid tot vragen stellen en discussie over hoe een ondernemer M&A gebruikt als motor voor groei.

Met Roel Druyts, CEO – Hillewaere, moderatie Nancy De Beule, Tax Lead Partner (PwC).

4. Masterclass Vendor Assistance or Vendor Due Diligence — Which Route Creates the Most Value?

In this session we explore the key differences between Factbooks and Vendor Due Diligence (VDD), the advantages and limitations of each approach, and the implications for reliance and risk allocation. We also examine how ethical walls are structured and why they matter more than ever in today’s transactions.

Speakers: Johannes Bock (PwC), Jolien Van Landeghem (PwC), Sixtine Borres (PwC)

15:45 – 16:05 Coffee Break

Break-out Session 2 16:05 – 16:50

1. Guiding Tips for Successful IT Separations
Exits and carve-outs are complex by nature, with IT often as a critical make-or-break factor. In this roundtable, we explore the do’s and don’ts of preparing and executing IT separations in exits and carve-outs. Through storytelling, real-life case studies, and the exchange of hands-on experiences we gain practical insight into what truly drives success, and what silently destroys value. Our special guest Patrick Putman, a seasoned digital transformer and global CDIO, will share his guiding tips on how IT can truly drive success or silently destroy value in M&A.

Speaker: Patrick Putman – Digital Transformer, Global CDIO, Board Member at Beltug

2. Case Study: Carving Out Businesses – The HR Agenda
In carve-out transactions, value is often won or lost long before the first systems are separated or the legal documents are signed. And more often than not, the real complexity doesn’t sit in finance, tax, or IT, it sits in people, leadership, and execution.

With decades of hands-on experience in managing international M&A transactions, integrations and large-scale transformation programs, Rudi is widely recognized as an expert in change management and post-merger integration. He previously held senior leadership roles at ASK Chemicals, Tessenderlo Group, Brussels Airlines, UCB, Cytec, BASF and BP Chemicals.

During this roundtable, Rudi will share his practical perspective on what really happens inside carve-outs , the part that is often not visible in the deal model, but determines whether the carve-out becomes a success story or an expensive (distraction) investment.

Based on cases we will discuss how HR can actively reduce deal risk by anticipating organizational friction, preventing talent drain, investing in leadership selection and creating clarity at the exact moment when uncertainty peaks.

Speaker: Rudi Nerinckx – Advisory Board Member Syntagma Capital, Seasoned CHRO, Founder VIU

3. Masterclass Be prepared to divest or acquire a family business
Preparing a family business for sale is never an overnight process. Critical questions must be addressed early on: At which level will the exit or deal take place? How should cash within the structure be managed? How can rights be safeguarded in light of the new capital gains tax? Is a pre‑deal carve‑out of real estate or non‑business assets needed? Have any estate‑planning actions been taken or are any planned—and what is their impact on the Buyer? Which due diligence items can already be anticipated and mitigated?
Proper structuring and timely preparation are essential, as they can significantly impact value for both the Sell‑side and Buy‑side. During the session, we will walk through typical issues and structuring scenarios, highlighting key attention points for both parties, as well as opportunities to enhance deal value and effectively manage tax risks.Preparing the Family Estate for a (Partial) Exit

Speaker: Florian Jacobfeuerborn (PWC)

4. Masterclass Exiting Management: Latest Developments in Management Incentive Plans

A well-designed Management Incentive Plan (MIP) only delivers real value to the management if it is built with the exit in mind from day one. In this session, we unpack the tax and legal structuring questions that arise when MIPs meet a transaction and generate a tax moment (or not) for management: impact of the new capital gains tax regime and roll-over positioning. We examine the MIPco/ManCo architecture, explore how the level of exit affects the MIP waterfall, and compare classic options with cashless options and cashless warrants. Finally, we stress-test governance essentials — vesting, leaver provisions and tag-drag mechanics. Practical, case-driven, and built for deal teams preparing their next exit.

Jolien Van Landeghem, Emmanuel Saporito, Harold Van den Berghe (PWC)

16:50 – 17:10 Coffee Break

Panel Discussion 17:10 – 17:40

Preparing Your Company for a (Partial) Sale

Moderated by Melle Eijckelhoff

Panelists:

• Jan Bussels – CEO, DGT Group
• Kristoph Wauters – Head of Van Breda Advisory, Bank Van Breda
• Céline Vanbever - Partner & COO, Fortino Capital

17:40 – 17:45 Closing

17:45 – 19:00 Networking Drinks & Food