The dyes and pigments industry in Benelux is vital, focusing on producing colorants for various applications, including textiles, paints, and plastics. Companies in this sector handle everything from manufacturing synthetic colors to developing eco-friendly alternatives. The industry is anticipated to grow as buyers increasingly prioritize sustainability and innovation in product development. Local firms are harnessing advanced technology for better efficiency while responding to stricter environmental regulations. With an eye toward artistic expression and practicality, market players are exploring new colorant formulations and applications, thus positioning themselves at the forefront of a dynamic, creative marketplace.


The list features a mix of investor types in the dyes and pigments industry, including corporate entities, private equity firms, and venture capitalists. Based in locations such as Amsterdam and Luxembourg, these investors vary in size and experience; some boast decades of history, while others are more recent entrants in the market. With 2024 deal counts from zero to sixteen, these firms strategically position themselves to tap into growth opportunities. Notable players like AkzoNobel and CVC Capital Partners highlight the significant investments being made in this sector.


Top 10 Dyes and Pigments Investors in Benelux


1. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, specializing in the distribution of specialty chemicals and providing innovation services. Founded in 2001, Azelis serves over 63,000 customers across the life sciences and industrial sectors, focusing on high-quality raw materials and innovative formulations. In recent years, Azelis has made several strategic acquisitions to enhance its market presence in the specialty chemicals sector. Notably, they acquired CPS Chemicals, a distributor in the coatings and paints segment, which is relevant to the dyes and pigments market. Additionally, their acquisition of WhitChem, which specializes in coatings, adhesives, sealants, and elastomers, further strengthens their position in the industrial chemicals market, including areas related to dyes and pigments. These transactions highlight Azelis's commitment to expanding its capabilities and offerings in sectors that intersect with the dyes and pigments industry.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions, CVC acquired Sajjan India, a player in the chemicals sector, and Taminco, a significant acquisition in the specialty chemicals space valued at over $1 billion. In 2024, CVC announced a strategic investment in Hempel, a leading Danish paints and coatings provider, which underscores their commitment to the coatings industry. Additionally, their acquisition of AOC, a resin company, and a stake in Evonik Industries, a major player in specialty chemicals, further highlights their engagement in sectors that are interconnected with dyes and pigments.


3. AkzoNobel

  • Website: akzonobel.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1792
  • Headcount: 10001+
  • LinkedIn: akzonobel

AkzoNobel N.V. is a prominent corporate investor based in Amsterdam, Netherlands, with a rich history dating back to 1792. As a leading manufacturer of paints and coatings, AkzoNobel provides innovative and sustainable solutions for both industrial and consumer markets. The company serves a diverse customer base, including businesses in construction and automotive industries, as well as individual consumers. AkzoNobel operates in over 150 countries, delivering high-quality products that enhance and protect surfaces. Notably, AkzoNobel has been involved in several strategic acquisitions that bolster its capabilities in coatings and related technologies. For instance, the acquisition of Stahl Performance Powder Coatings in 2020 enhances their low-curing technology for heat-sensitive substrates, which is relevant for coatings that may utilize pigments. Additionally, their acquisition of the alloy wheel liquid coatings business of Lankwitzer Lackfabrik GmbH in 2022 further expands their coatings portfolio, potentially incorporating advanced pigments. These transactions reflect AkzoNobel's commitment to innovation and sustainability in the coatings sector, which is closely linked to the dyes and pigments industry.


4. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has participated in several notable transactions, particularly in the dyes and pigments context. For instance, they led a Series A funding round for Phytolon, an Israeli start-up that specializes in proprietary colors for food and beverage applications, securing $14.5 million to accelerate commercialization. This investment highlights their commitment to innovative solutions in colorants. Additionally, they have invested in Octarine Bio, a synthetic biology platform, which, while not directly related to dyes and pigments, indicates their interest in innovative technologies that could potentially intersect with the industry. Overall, dsm-firmenich's investment activities reflect a strategic interest in enhancing product offerings and addressing sustainability challenges, making them a relevant player in the dyes and pigments sector.


5. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across various sectors, including digital technologies, health, and clean technologies. They are committed to responsible investing, aiming to create both financial returns and strategic value for their clients. Notably, Capricorn Partners has been involved in significant transactions with companies like Avantium and FRX Innovations. Avantium, which focuses on sustainable chemistry and advanced materials, raised substantial funding rounds, indicating a commitment to innovation that could intersect with the dyes and pigments industry. Similarly, FRX Innovations, which specializes in advanced polymer solutions, received multiple rounds of funding from Capricorn, highlighting their interest in companies that may contribute to advancements in materials relevant to dyes and pigments. This diverse investment strategy positions Capricorn Partners as a potential player in the dyes and pigments sector, particularly in the context of sustainable and innovative applications.


6. Triton Partners


Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg, specializing in private equity and credit investments in European mid-market businesses. The firm focuses on sectors such as Business Services, Industrial Tech, and Healthcare, providing operational expertise and capital to help companies unlock their full potential. Triton partners with management teams to address challenges and drive growth. Notably, Triton has been involved in several acquisitions relevant to the chemicals sector, including Orion, a company that may have ties to chemical production, and Fertiberia, which is involved in the production of fertilizers and chemicals. Additionally, their acquisition of COMPO Expert GmbH, a company that specializes in specialty fertilizers, further emphasizes their engagement in the chemical industry. These transactions suggest that Triton Partners has a vested interest in sectors that could intersect with the dyes and pigments market.


7. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm based in Luxembourg, founded in 1998, with a focus on investing in global B2B companies. With €22 billion in assets under management, Astorg specializes in providing capital, strategic guidance, and governance to management teams across various sectors, including healthcare, technology, and business services. Notably, Astorg has made significant investments in the chemicals sector, which includes dyes and pigments. Their acquisition of IGM Resins in 2018 highlights their commitment to companies that produce materials relevant to coatings and inks. Additionally, their investment in ARMOR-IIMAK, where they acquired approximately 40% of the capital, aims to enhance growth in the ink and coatings market, particularly in Asia. These transactions demonstrate Astorg's strategic interest in the dyes and pigments industry, making them a relevant investor in this field.


8. Active Capital Company B.V.


Active Capital Company B.V. is a private equity firm based in Amsterdam, Netherlands, founded in 2005. The firm focuses on investing in small- and medium-sized enterprises primarily in the Netherlands and Germany, providing investment management and advisory services aimed at fostering growth through geographic expansion, innovation, and sustainability initiatives. Active Capital Company takes an active role in transforming and enhancing the operational capabilities of its portfolio companies. Notably, they acquired Brocolor LACKFABRIK GmbH, a German chemical company specializing in paints and coatings, in September 2023, which aligns with the dyes and pigments industry. Additionally, they have made several other acquisitions, including Lumat and Codi Group, although these are less directly related to dyes and pigments. Their investment in Lantor, a manufacturer, also reflects their strategy of supporting companies in the chemical and manufacturing sectors.


9. Sioen Industries

  • Website: sioen.com
  • Type: Corporate
  • Headquarters: Ardooie, Flanders, Belgium
  • Founded year: 1960
  • Headcount: 1001-5000
  • LinkedIn: sioen-industries

Sioen Industries is a corporate investor based in Ardooie, Flanders, Belgium, specializing in the manufacturing of technical textiles and protective clothing. Founded in 1960, the company has grown to employ between 1001 and 5000 people and is known for its commitment to innovation and quality. Sioen Industries has made several strategic acquisitions to enhance its market position, including the acquisition of Saint Clair Textiles, Dimension-Polyant, and James Dewhurst, which broaden their product offerings in textiles. Notably, their acquisition of Techma Coatings aims to strengthen their position in technical coated fabrics, which often utilize dyes and pigments. Furthermore, the acquisition of Dickson Coatings highlights their focus on developing sun-protection fabrics and eco-friendly textiles, areas where dyes and pigments play a crucial role. These transactions indicate Sioen's active involvement in sectors that intersect with the dyes and pigments industry.


10. Bencis


Bencis is a private equity investment company based in Amsterdam, Netherlands, founded in 1999. The firm specializes in providing capital and strategic support to business owners and management teams across various sectors, including manufacturing and healthcare. Bencis focuses on growth by investing in businesses to help them achieve their ambitions and enhance their market presence. Notable transactions include the acquisition of BRB International in 2016, a company known for its specialty chemicals, which are relevant to the dyes and pigments industry. They also acquired SPGPrints in 2007, a company involved in printing technologies that may utilize pigments. Other acquisitions, such as Xeikon and Continental Candy Industries, further demonstrate Bencis's active role in the manufacturing sector, which encompasses the dyes and pigments market.



Dyes and Pigments Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
AzelisAntwerp, Flanders, Belgium1001-500020015
CvcLuxembourg1001-5000200516
AkzoNobelAmsterdam, North Holland, Netherlands10001+17920
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
Triton PartnersLuxembourg201-50019976
AstorgLuxembourg51-20019988
Active Capital Company B.V.Amsterdam, North Holland, Netherlands11-5020050
Sioen IndustriesArdooie, Flanders, Belgium1001-500019600
BencisAmsterdam, North Holland, Netherlands11-5019990


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