Private Equity
Awards 2023

Discover the winners and nominees of the 2023 edition of the PE Awards.

Venture company of the year, defined as a company backed by a venture capital firm, where the investment was primarily aimed at developing an innovative product or service, at scaling-up the company or accelerating the go-to-market process;

Growth company of the year, defined as a company backed by a private equity firm, typically through a minority investment, that is looking to expand and improve operations or enter new markets in order to accelerate its growth;

Buy-out company of the year, defined as a company backed by a private equity firm holding a majority or a controlling stake, and financed through a mix of equity and debt.

Venture Company of the year:

Agomab

Ghent

Agomab is a biotech company founded in 2017 and is based in Ghent.

Led by CEO Tim Knotreus, Agomab aims to develop novel treatments that preserve and restore organ functions in a range of acute and chronic conditions associated with tissue injury, inflammation, fibrosis and degeneration. The company’s disease-modifying treatments are developed based on a deep understanding of growth factors and their implications in fibrotic-related diseases.

In July 2022, the company raised 40 million USD, bringing the aggregate financing to 140 million USD. Big pharma companies, such as Boehringer Ingelheim and Pfizer have invested in the company.

The company currently employs 36 people.

Growth Company of the year:

Biobest

Westerlo

Biobest is a pioneer in the production of bumblebees since 1987 and is located in Westerlo.

Under CEO Jean-Marc Vandoorne, the company has become one of the world’s leading companies in natural pollination and biological control of pests and diseases using beneficial insects, mites and microorganisms.

With strong international growth, the company has recently raised EUR 100 million, mainly from Sofina and from private investors. In 2022, Biobest acquired US Plant Products, one of the most important distributors of integrated biological products in the US and Canada.

The company currently employs 2.000 people.

Buy-Out Company of the year:

VK architects+engineers

Brussels

VK architects+engineers is a multidisciplinary design agency located in Brussels.

The company, led by CEO Paul Corbeel, delivers exceptional design and engineering solutions to its clients. Specialising in a full lifecycle service approach, which means they take projects from conception to completion, VK wants clients to receive the highest quality of service at every stage.

VK architects+engineers, in which Down2Earth Capital has been a majority investor since 2018, was acquired by Sweco from Sweden, the largest engineering bureau in Europe. VK is active in architecture, as well as engineering for the construction sectors. It has provided services for a number of significant projects, including the new NATO building, and hospitals in Brussels, Ghent and Antwerp.

The group employs more than 600 FTE.

Other Nominees

Aphea.bio (Venture company)

Aphea.bio, headquartered in Ghent, was founded in 2017 as a spin-off from the VIB and its partner universities, Ghent University & KU Leuven.

Aphea.bio, led by CEO Isabel Vercauteren, is an agricultural technology company focusing on identifying novel microorganisms (bacteria & fungi) with beneficial effects on a plant’s health. By developing new biostimulants and biocontrol solutions, Aphea.bio aims to help building the agriculture of the future, which is dedicated to ensuring food security in a sustainable manner.

In July 2023, Aphea.bio raised EUR 70 million in a Series C round from existing and new investors (amongst others the Bill and Melinda Gates Foundation). This has been the biggest financing round so far in a VC growth company in 2023. The capital raised will help the company accelerate Aphea.bio’s commercialisation efforts.

The company currently employs more than 50 people.

Dualyx (Venture company)

Dualyx, is a Ghent-based biotech company and was founded in 2020 in a collaborative model with Wurzburg University, Argenx, VIB, Ghent University and KU Leuven.

Dualyx is led by Wouter Verhoeven and is dedicated to the development of next generation immune modulators targeting the selective expansion of regulatory T cells. By efficiently modulating the immune system, Dualyx aims to suppress unwanted autoimmune reactions in patients with difficult-to-treat autoimmune diseases.

The company was launched with a EUR 7 million capital round from PMV, V-Bio Ventures and BioGeneration Ventures in May 2023, and it has raised EUR 40 million from internationally renowned investors Fountain Healthcare Partners, Forbion and Andera Partners.

The company has 20 employees.

UgenTec (Growth company)

UgenTec, founded in 2014, is a molecular laboratory software provider. The company is headquartered in Hasselt.

Lead by CEO Steven Verhoeven, UgenTec was acquired by the Swedish investment fund Summa Equity. The company develops and sells software to automate lab workflow processes executing diagnostic tests.

In 2022, the company became profitable. The acquisition by Summa Equity resulted in a successful exit for early investors Heran and LRM. In 2023 UgenTec became part of Velsera.

The company currently has more than 100 FTE.

Ecosteryl (Growth company)

Ecosteryl is a leader in the management of contaminated medical waste and is based in Mons.

Thanks to its innovative technology, Ecosteryl – led by CEO Amélie Matton – offers excellent efficiency between production and safety, leading to safer and cleaner processes.

One investor of Ecosteryl is Wallonie Entreprendre, and also BNP Paribas Fortis Private Equity has recently joined the investor base in order to support further international growth.

The company employs 35 people.

Trustteam (Buy-out company)

Founded in Kortrijk in 2002, Trustteam is an IT managed services provider for SMEs in the BeNeLux and France.

The company, led by CEO Pieter Spiesschaert, provides its SME customers with complete solutions for the digital workplace, including cloud, security, software, infrastructure, networking, communication and support services. Trustteam has offices in the BeNeLux, France and Romania, employing more than 550 people.

Trustteam’s growth has been financed in the past by investments from Gimv, Naxicap, and Ardian. Rivean became an investor in 2022 and their investment will further boost the buy-and-build strategy of Trustteam.

Veldeman Group (Buy-out company)

Already well known in the construction sector, the Veldeman Group was founded in 1950. It is based in Bree.

The company, led by CEO Andy Moors, offers personalised solutions to cover locations with modular, demountable infrastructure.

In 2023, the Scandinavian fund Industri Kapital conducted a buy-out transaction. Already market leader in Belgium, the Veldeman Group has major activities in the Netherlands (Lowlands) and Hungary (Sziget). The company is also internationally active in 60 other countries.

Veldeman Group has more than 100 FTE.

Our aim is to reward and celebrate high-performing Belgian companies that are backed by a private equity or venture capital investor, thus highlighting private equity as an asset class supporting the development and growth of Belgian businesses. By creating three award categories, we reflect the three major archetypes in our industry; Venture, Growth and Buy-out. The direct financial return for the private equity investor does not constitute the decisive factor for selecting the award winners.

Videos

Venture Company

Agomab - winner

Aphea.bio

Dualyx

Growth Company

Biobest - winner

UgenTec

Ecosteryl

Buy-out Company

VK architects+engineers - winner

Trustteam

Veldeman Group