The earth moving equipment industry in Benelux is centered around machinery used for construction, mining, and excavation projects. This sector includes a variety of companies producing and supplying heavy equipment such as excavators, bulldozers, and loaders, as well as supporting services like maintenance and rental operations. With an emphasis on sustainability and automation, the industry is evolving to meet modern demands, including a push towards electric and hybrid machinery. This shift not only meets regulatory standards but also responds to the growing need for efficient, eco-friendly solutions in urban development and infrastructure projects.


The list features a blend of private equity firms and corporate investors strategically based in Amsterdam, Luxembourg, and Brussels. With a range of company sizes and founding years spanning from 1805 to 2021, these investors have engaged in notable transactions within the earth moving equipment sector. In 2024 alone, they completed a total of 116 investments, showcasing their commitment to the industry. Their strategic choices highlight a focus on sustainability, technology, and growth, paving the way for significant improvements in equipment and operational capabilities.


Top 11 Earth Moving Equipment Investors in Benelux


1. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton partners with management teams to address challenges and drive growth, providing operational expertise and capital to help companies unlock their full potential. Notably, Triton has been involved in several transactions relevant to the earth moving equipment industry, including the acquisition of Royal Reesink Group, a distributor of machinery and equipment, and DYWIDAG-Systems International, a leading systems supplier in civil engineering and underground construction. These transactions highlight Triton's commitment to investing in sectors that are integral to the earth moving equipment market.


2. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux is a private equity investment firm based in Amsterdam, Netherlands, founded in 2021. It specializes in acquiring and managing companies in transition, providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Mutares has been active in the earth moving equipment context through several key transactions. Notably, the acquisition of GDL Anläggning & Miljö AB, which focuses on construction and environmental services, aligns with the earth moving equipment sector. Additionally, the acquisition of SABO Maschinenfabrik from John Deere strengthens its position in machinery manufacturing, further connecting Mutares to the earth moving equipment industry. These strategic investments reflect Mutares' commitment to enhancing its portfolio in relevant sectors.


3. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB's mission is to promote growth and job creation by funding initiatives that align with European Union policy objectives. Among its notable transactions, the EIB provided a €50 million loan to Collé Rental & Sales, a Dutch company, aimed at further electrifying its rental machinery fleet, which is crucial for the construction industry. This investment reflects the EIB's commitment to supporting advancements in earth moving equipment and sustainable practices within the sector. Other transactions, while significant, do not directly pertain to earth moving equipment, highlighting the EIB's broader investment strategy across multiple industries.


4. 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 investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions in sectors related to equipment and infrastructure, including the recent acquisition of HiSERV, a German ground service equipment specialist, which marks a strategic move into the GSE leasing market. Additionally, their acquisition of CTC Moyson Airport Equipment further emphasizes their involvement in sectors that may intersect with earth moving equipment, showcasing their capability and interest in this area.


5. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, Netherlands, founded in 1948. The firm specializes in supporting medium-sized and large companies, particularly family-owned enterprises in the Benelux region. NPM Capital provides capital and strategic advisory services to help these businesses achieve growth and sustainability. They operate across various sectors, including technology and education, but have also made significant investments in the earth moving equipment industry. Notably, NPM Capital acquired Dieseko Group B.V. on November 29, 2013, a company that specializes in manufacturing equipment for the construction and earth moving sectors. This acquisition highlights NPM Capital's commitment to investing in companies that are integral to the earth moving equipment market. Additionally, their investment strategy emphasizes long-term partnerships with portfolio companies, which can be beneficial for the growth and development of businesses in this industry.


6. Convent Capital

  • Website: conventcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: convent-capital

Convent Capital is a venture capital firm based in Amsterdam, specializing in sustainable investments and growth capital for small to medium-sized enterprises in the Benelux region. Founded in 2011, the firm has a strong focus on innovative companies, particularly in the AgriFood sector. Notably, Convent Capital has made strategic acquisitions such as Dijkstra Groep, which enhances their portfolio in software-driven engineering services, potentially linking them to the earth moving equipment industry. They also acquired Dumaco Group, further indicating their interest in sectors that may overlap with construction and machinery. In 2024, they raised significant funds for FarmDroid, showcasing their commitment to innovative and sustainable solutions. Through these transactions, Convent Capital supports businesses in enhancing their sustainability efforts while achieving growth.


7. 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. Notably, Bencis has made significant strides in the earth moving equipment industry by acquiring Oppermann & Fuss (O&F), a distributor of mobile crushers and screeners, in November 2022. This acquisition highlights Bencis's commitment to enhancing its portfolio in the earth moving equipment sector. Additionally, while they have also invested in other sectors, their strategic focus on growth and market presence makes them a versatile investor in the manufacturing landscape.


8. Bekaert

  • Website: bekaert.com
  • Type: Corporate
  • Headquarters: Zwevegem, Flanders, Belgium
  • Founded year: 1880
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: bekaert

N.V. Bekaert S.A. is a steel manufacturer specializing in steel wire transformation and coatings, serving various industries including automotive and construction. Founded in 1880 and headquartered in Zwevegem, Flanders, Belgium, Bekaert operates globally with a workforce of 28,000 employees. The company has made significant strides in enhancing its offerings through strategic acquisitions. Notably, Bekaert acquired Arrium's wire ropes business in Newcastle, Australia, which bolstered its position in the global market for mining ropes, a critical component in the earth moving equipment sector. Additionally, Bekaert's recent acquisition of BEXCO nv, a leader in synthetic ropes for offshore energy production, reflects its commitment to expanding its product offerings, which may also serve applications in construction and heavy lifting. These transactions highlight Bekaert's strategic focus on industries that intersect with earth moving equipment, making it a noteworthy player in this space.


9. ABN AMRO Asset Based Finance


ABN AMRO Asset Based Finance is a corporate financial services company based in Utrecht, Netherlands, specializing in commercial finance solutions such as factoring, invoice discounting, and asset-based lending. Founded in 2018, the firm serves businesses across multiple countries, providing tailored financial solutions to support cash flow management and cross-border trade. Notably, ABN AMRO participated in a significant transaction involving Ardent Hire Solutions, where they, in partnership with HSBC, invested £120 million in an asset-based lending facility. This funding was directed towards Ardent's receivables, plant, and machinery assets, highlighting their engagement in the earth moving equipment sector. This transaction exemplifies their capability and willingness to finance companies that operate within this industry, reinforcing their relevance as an investor in earth moving equipment.


10. Sibelco Group

  • Website: sibelco.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1872
  • Headcount: 5001-10000
  • Number of deals in 2024: 2
  • LinkedIn: sibelco-group

Sibelco Group, founded in 1872 and based in Antwerp, Flanders, Belgium, is a corporate investor specializing in industrial minerals. The company focuses on mining, processing, and selling a variety of minerals, including silica and clays, which are crucial for diverse industries such as construction and electronics. In 2022, Sibelco acquired Kremer Zand en Grind, a Dutch silica producer, enhancing its position in the supply of materials relevant to earth moving equipment. Additionally, Sibelco participated in a Series A funding round for Eion, a startup focused on soil amendments, which, while not directly related to earth moving equipment, indicates their interest in innovative applications of minerals. Furthermore, Sibelco's acquisition of shares in Avalon Advanced Materials and the establishment of a joint venture for lithium mining projects in Ontario demonstrate their commitment to expanding their mineral portfolio, which can support various industrial applications, including those in the earth moving sector.


11. D'Ieteren

  • Website: dieteren.com
  • Type: Corporate
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1805
  • Headcount: 10001+
  • LinkedIn: d'ieteren

D'Ieteren Group is a corporate investment firm based in Brussels, Belgium, founded in 1805. The company operates across various sectors, primarily focusing on automotive distribution and lifestyle products. D'Ieteren has a diverse portfolio that includes significant investments in businesses such as Belron, which specializes in vehicle glass repair, and Moleskine, known for its lifestyle products. A notable transaction in their recent history is the acquisition of a 40% stake in TVH Parts for €1,172 million, which values the company at an enterprise value of €3,650 million. TVH Parts is recognized for its role in parts distribution for various types of equipment, including earth moving machinery, highlighting D'Ieteren's engagement in the earth moving equipment sector through this strategic investment.



Earth Moving Equipment Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Triton PartnersLuxembourg201-50019976
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481
Convent CapitalAmsterdam, North Holland, Netherlands1-1020112
BencisAmsterdam, North Holland, Netherlands11-5019990
BekaertZwevegem, Flanders, Belgium10001+18801
ABN AMRO Asset Based FinanceUtrecht, Utrecht, Netherlands501-100020180
Sibelco GroupAntwerp, Flanders, Belgium5001-1000018722
D'IeterenBrussels, Brussels, Belgium10001+18050


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