The 5 most active Benelux family offices in 2025

The Benelux region—Belgium, the Netherlands, and Luxembourg—hosts some of Europe’s most prolific single-family investment offices, many rooted in industrial fortunes from retail, food, and construction. In 2025, these family offices have demonstrated significant deal activity across sectors from consumer goods to healthcare, with Belgian offices particularly dominant in the ranking. The region’s family offices are characterized by long-term “buy-and-build” approaches, often taking majority stakes in mid-market companies and executing add-on acquisitions through portfolio platforms. We have analyzed the exclusive familyofficehub.io database of the leading family offices from Belgium, Netherlands and Luxembourg to come up with the following ranking of the most active Benelux family investment vehicles in 2025.

1. Verlinvest (Belgium)

Verlinvest, the evergreen investment firm backed by the de Spoelberch family (heirs of AB InBev founding families), stands as the most active Benelux family office in 2025 with multiple deals spanning four continents. Managing several billions of euros, the Brussels-based office has executed a diverse portfolio of investments this year. The office’s headline transaction was its $75 million minority investment in The Eye Foundation in October 2025, one of the largest single-specialty healthcare deals in India, acquiring a stake in South India’s leading eye care chain operating 25+ hospitals. In June 2025, Verlinvest increased its position in Insomnia Cookies by acquiring Krispy Kreme’s remaining stake alongside Mistral Equity Partners, backing the late-night cookie chain’s expansion to 1,800 global locations. Other 2025 transactions include acquiring a majority stake in Boulders (Denmark’s largest bouldering gym chain, September), investing in Blue Tokai Coffee Roasters‘ $25 million bridge round for international expansion (September), backing KaraFun Group in interactive music entertainment (July), and providing follow-on funding of ₹200 crore (~$24 million) to Indian beverage brand Lahori Zeera (May).

2. Reggeborgh Group (Netherlands)

The Wessels family’s Reggeborgh Group executed a notable year of portfolio rotation in 2025, with five major transactions demonstrating both exits and new positions. Founded in 1991, Reggeborgh built its fortune through construction and infrastructure company VolkerWessels. The marquee deal was the €1.6 billion sale of VolkerWessels’ Dutch operations to HAL and Boskalis (announced July 2025), divesting the construction, real estate development, and infrastructure divisions representing €3.6 billion in annual revenue. In March, Reggeborgh sold its 17.6% stake in Van Lanschot Kempen to ING for approximately €350 million while simultaneously acquiring a 3.04% stake in ABN Amro, becoming the bank’s fifth-largest investor. The office also fully exited its Alpha Bank position in May, selling its 9.75% stake to UniCredit, and invested €105 million in Aukera UK’s oversubscribed equity round (September).

3. Alychlo (Belgium)

Marc Coucke’s Alychlo, the Belgian family investment company founded in 2015 after his €3.6 billion sale of Omega Pharma, completed five transactions in 2025 focused on consumer and leisure experiences. The signature deal was the SnowWorld-Snowcentres merger (November 2025), combining Europe’s largest indoor ski operations into a 12-site platform across five countries with €120 million+ revenue and 4.5 million annual visitors—Alychlo shareholders now hold 50% of the combined entity. Coucke also acquired the Zoute Grand Prix automotive event (May), invested €10 million in mobility platform LIZY’s €75 million round (September, co-led with D’Ieteren Group), purchased Belgian coast institution Glacier de la Poste (May), and invested €5-25 million in Tout Bien (July).

4. Baltisse (Belgium)

Filip Balcaen’s Baltisse, established in 2007 after selling flooring company IVC to Mohawk Industries, executed five-plus transactions in 2025 primarily through its portfolio platform companies. The largest was Brokers in Excellence‘s consolidation of six insurance brokerages in a single May transaction, acquiring Groep DGB, Malfait, DRA, Sibova, Sur., and Triumfiance. Portfolio company PIA Group invested in accountancy firm Business Insight (April), while Baltisse added Omnyacc to its accountancy services platform (September). The office also executed an exit from HR platform World of Talents (April) and completed real estate transactions including selling Luxembourg office development Vertbois (June).

5. HAL Investments (Netherlands)

HAL Investments, the Dutch arm of publicly-traded HAL Holding controlled by the Van der Vorm family, executed four significant transactions in 2025 including its largest acquisition in years. The flagship deal was acquiring VolkerWessels’ Dutch operations for €1.6 billion enterprise value (October, with subsidiary Boskalis), adding €3.6 billion in construction and infrastructure revenue. HAL received regulatory approval for joint control of Koppert Group (July), the global leader in biological crop protection, following a €25 million convertible loan added to its €140 million 2024 preferred share investment. The office also acquired Vos Capelle’s horticultural technology department (January) and built a 5.3% stake in semiconductor wafer producer Siltronic.

Picture Source: Unsplash+ (December 1st, 2025)