Private equity investments are getting increasingly important for single family offices, the investment firms of Europe’s wealthiest. There are many different single family offices in the Benelux region (Belgium, Netherlands, Luxembourg) that engage in PE investments. We introduce you to three of them.
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Baltisse, Belgium, €10-50M Growth Capital and Buyouts
Filip Balcaen is a veteran in the floor industry. He successfully managed and sold Balta (to private equity fund Doughty Hanson) and IVC Group (to competitor Mohawk Industries). Today, he manages his wealth through the Baltisse single family office. The firm leverages Balcaen’s knowledge and network for direct and indirect private equity investments. Baltisse invests €10-50M per deal and is focused on growth capital and management buy-ins and buy-outs. Furthermore, the investment firm offers mezzanine financing. Portfolio companies include renewable energy firm Origis Energy or Polish glass manufacturer Polflam. Origis, for example, is a solar development and construction firm. In 2016, Baltisse committed to provide up to €100M growth capital to the Miami-based firm in order to accelerate growth. In February 2019, Baltisse acquired Polflam, a leading Polish glass manufacturer focused on producing fire-resistant glass. Baltisse wants to help Polflam to “strengthen its position in its existing markets, and to expand into new geographies within the EU”.
Straco, Belgium, Long-term majority stake investments
Straco is a Belgian single family office focused on private equity and real estate. The firm invests in companies from Belgium, Netherlands, UK, Luxembourg, France and Germany, mainly in “simple and understandable businesses”. Exemplary investments prove the focus on simple businesses: NGM (Belgian group of petrol stations), CEDO Holdings (UK-based manufacturer of household consumer goods like freezer bags and aluminium foil) or Forum Jobs (Belgian temporary staffing company). In September 2018, Straco acquired the horticulture segment from Belgian company Greenyards for €120M.
Kulczyk Investments, Luxembourg, Global private equity investments
Jan Kulczyk is a Polish businessman with an estimated net worth of $4B. His single family office Kulczyk Investments is based in Luxembourg and a major private equity investor in Europe. The firm holds, for example, 51% of Ciech SA, a major Polish firm from the chemical industry with €750M sales. Other investments are Autostrada Wielkopolska (main operator of the A2 motorway in Poland), QKR Corporation (Namibia open-pit gold mine) or Loon Energy Corporation (Canadian crude oil and gas exploration company, active in Colombia and Peru).
Picture source: Yeo Khee
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