Each month, we analyze M&A deals to explore current sector trends. In January, here are the deals that made the news:
Luxembourg-based cleaning company Propper joins Belgian group XLG
Belgian family-owned group XLG announces the acquisition of Propper, a Luxembourg-based cleaning and maintenance company with over 300 employees. This acquisition enables XLG to strengthen its presence in Luxembourg and broaden its portfolio of services. The group now has over 5,500 employees in Belgium and Luxembourg, and is positioned as a major player in professional cleaning, industrial maintenance and facilities management.
IF Payroll & HR, a specialist payroll management company in Luxembourg, joins the Securex Group
Securex, a Belgian and international HR services group, acquires IF Payroll & HR, a company specializing in payroll management in Luxembourg, employing around fifty people. This transaction makes Securex the leading provider of HR and payroll services in the Luxembourg market, where the group has been established for over twenty years. The two entities now employ 110 people and support 1,700 customers, with over 40,000 salaries processed each month in Luxembourg. By 2023, the Securex Group had consolidated sales of €317 million and 1,900 employees in Belgium, Spain, the Netherlands, France and Luxembourg.
Luxembourg cybersecurity start-up Passbolt raises $8 million
Passbolt, the Luxembourg-based open-source password manager, has raised $8 million in Series A financing. The round was led by Airbridge Equity Partners, a Dutch tech fund, with the support of historical investors (including Expon Capital, ScaleFund and LBAN). Passbolt offers companies and organizations of all sizes a secure, centralized solution for managing and sharing passwords, access and confidential data.
EXKi, the Belgian restaurant chain, raises €15 million
EXKi, the catering chain specializing in healthy, sustainable meals, announces a €15 million capital increase to relaunch its business. Following a capital increase, Iris Belgium, a company backed by wealthy French families, becomes the sole shareholder. Faced with financial difficulties, and announced by its CEO as being on the verge of bankruptcy a few months ago, the fund-raising will enable the company to launch a comprehensive recovery plan. The company has 77 restaurants, operated both directly and under franchise, mainly in Belgium (38), France (32) and Luxembourg (4).
TKM Industries, the Walloon industrial SME, acquired by the Belgian fund Whitestone
Whitestone, an investment holding company active in asset management and private equity, listed on Euronext Brussels, has acquired TKM Industries, a Liege-based company specializing in the machining of metal parts, with sales of €13.5 million in 2023. This acquisition was carried out via Treestone, a Whitestone investment vehicle initially created for the acquisition ofIso-Tech Belgium in 2019 (insulation specialist) and subsequently used for the acquisition ofAtima-TPIM in 2021 (composite and aluminum materials manufacturer). The three businesses will now be grouped together, offering a complete materials value chain, from design to production of individual parts and complex assemblies. With the integration of TKM Industries, Treestone becomes an industrial group with around 100 employees.
#M&A #Mergers & Acquisitions #Market Trends #Corporate Strategy #Luxembourg #Belgium
Sources: S&P Capital IQ Pro, Capital Finance, Paperjam, L’Echo, Les Echos
