The contract manufacturing industry in Benelux is a dynamic sector composed of firms specialising in producing products for other companies. These firms cover various industries, including pharmaceuticals, automotive, and consumer goods, providing tailored manufacturing solutions that optimize efficiency and reduce costs. The industry's growth is fueled by increasing demand for customized manufacturing, sustainability practices, and technological advancements such as automation and data analytics. Benelux's strategic location and robust infrastructure further enhance its appeal, making it a hub for innovative suppliers and customers seeking efficient production partnerships. This synergy is paving the way for new trends in operational excellence and collaboration.


This article explores the top contract manufacturing investors in Benelux, comprising both private equity firms and venture capital companies. Located in Amsterdam, Luxembourg, and several cities in Belgium, these investors vary in size from small firms with fewer employees to large organizations employing thousands. Their founding years range from 1926 to as recent as 2021. In 2024, the investors listed collectively executed numerous deals, showcasing their active participation in the contract manufacturing space. Their unique focus on supporting transition companies and innovative ventures signals robust growth opportunities in the industry.


Top 12 Contract Manufacturing Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. In 2024, EIB was involved in 99 investments, showcasing its active role in financing diverse initiatives. Notably, EIB has participated in significant transactions relevant to contract manufacturing, such as a R900 million grant to Cape Bio Pharms to expedite the production of affordable plant-based rapid diagnostic COVID-19 test kits. This funding is intended for the construction of a new manufacturing facility in Mauritius, highlighting EIB's commitment to enhancing manufacturing capabilities in critical health sectors. Additionally, EIB has engaged in debt financing for companies like Airborne Technology and Voxeljet, which, while not exclusively focused on contract manufacturing, contribute to the broader manufacturing landscape.


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, a private equity firm based in Amsterdam, Netherlands, specializes in acquiring and managing companies in transition. Founded in 2021, the firm focuses on strategic investments and turnaround management across various sectors, including automotive, technology, and retail. Notably, Mutares has made several significant acquisitions in the manufacturing space, such as the 87.5% stake in BEW-Umformtechnik GmbH, which is involved in manufacturing processes, and the acquisition of Rasche Umformtechnik GmbH & Co. KG, which generates approximately EUR 30 million in revenues. These transactions highlight Mutares' commitment to enhancing profitability and growth in the manufacturing sector, particularly in contract manufacturing contexts. Their operational support and consulting services further strengthen their position as a relevant investor in this industry.


3. 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 based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. Founded in 2005, the firm manages 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. Notably, CVC has been involved in several significant transactions relevant to the contract manufacturing context, including the acquisition of DFE Pharma, a key player in the pharmaceutical excipients manufacturing sector, which highlights their engagement in the manufacturing industry. Other acquisitions, such as Sajjan India and Genetic SpA, further demonstrate their broad investment strategy, although these may not be directly related to contract manufacturing. Overall, CVC's diverse portfolio and strategic focus on growth position them as a relevant investor in the contract manufacturing space.


4. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. In 2023, Gimv acquired a majority stake in Witec, a Netherlands-based contract design manufacturer specializing in high-tech precision parts and systems, marking a significant investment in the contract manufacturing sector. Additionally, they acquired A1 Electronics, further demonstrating their commitment to the industry. Other relevant transactions include the acquisition of Variass and Applied Micro Electronics, which, while not explicitly contract manufacturing, indicate Gimv's broader interest in high-tech and electronic manufacturing solutions. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges, making them a valuable partner in the contract manufacturing landscape.


5. 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 provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant acquisitions in the manufacturing sector, including BFC Fahrzeugteile, a leading supplier of metal-based clamping profiles for the automotive industry, and Leadec, which offers services to enhance manufacturing processes. These transactions highlight Triton's commitment to investing in companies that play a crucial role in contract manufacturing and related industries.


6. 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, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. The firm has made notable investments in the healthcare sector, including the acquisition of CordenPharma, a contract drug development and manufacturing company, for $2.6 billion in 2022. This transaction is one of the largest private equity deals in European healthcare and underscores Astorg's commitment to the contract manufacturing industry. Additionally, Astorg acquired a majority stake in Nemera, a French manufacturer of drug-delivery systems, further solidifying its presence in the contract manufacturing space. These strategic investments reflect Astorg's focus on companies that provide essential manufacturing services in the healthcare sector, making them a relevant player in the contract manufacturing industry.


7. InnoEnergy

  • Website: innoenergy.com
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 52
  • LinkedIn: innoenergy

EIT InnoEnergy is a not-for-profit organization founded in 2010, based in Eindhoven, North Brabant, Netherlands, dedicated to accelerating sustainable energy innovations. It serves as a marketplace for energy solutions, offering training programs and support for innovators and corporates in the energy sector. InnoEnergy collaborates with various stakeholders to tackle the challenges of energy transition and sustainability. Notably, InnoEnergy has made significant investments in companies that are enhancing manufacturing processes within the energy sector. For example, their investment in Nines Photovoltaics, which secured €3 million to develop a high throughput industrial ADE production tool, directly supports advancements in manufacturing technology. Additionally, their funding of NexWafe, which raised over $36 million in Series C funding, and Northvolt, which raised $2.75 billion, highlights their commitment to supporting companies that are scaling up production capabilities in renewable energy technologies. These transactions illustrate InnoEnergy's role in fostering innovation in manufacturing processes related to sustainable energy solutions.


8. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM is an investment company based in Hasselt, Flanders, Belgium, founded in 1994. It focuses on sustainable economic growth in Limburg, Belgium, providing financing and expertise to startups, scale-ups, and mature companies to facilitate their development and innovation. LRM is also involved in real estate development and the reconversion of old mining sites, contributing to the region's economic ecosystem. Notably, LRM has made strategic investments in companies relevant to the manufacturing sector, such as the acquisition of Ellimetal N.V., which specializes in the design and production of storage silos and complex equipment. They have also participated in funding rounds for companies like Qviro, a platform for B2B industrial technology, indicating their engagement in sectors that may overlap with contract manufacturing.


9. Innovation Industries


Innovation Industries is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in deep tech investments, focusing on sectors such as industrial tech, med tech, and food & agri tech. Their mission is to catalyze growth in technology companies that can transform industries, addressing the funding challenges faced by these businesses. Notably, Innovation Industries has been involved in several transactions that highlight their interest in manufacturing capabilities. For instance, they invested in PHIX, which is scaling up the production of photonic chips, and in Morphotonics, which is setting up a serial production process. These investments reflect their commitment to supporting companies that are enhancing their manufacturing processes and capabilities, making them a relevant player in the contract manufacturing space.


10. 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, specializing in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. They serve various industries by providing innovative solutions aimed at enhancing product offerings and addressing sustainability challenges. Notably, dsm-firmenich has been involved in several transactions that reflect their engagement in manufacturing-related ventures. For instance, they participated in funding rounds for companies like Harland Medical Systems, which focuses on medical device manufacturing, and Chromatic 3D Materials, which is involved in advanced 3D printing technologies. These transactions indicate dsm-firmenich's interest in supporting manufacturing capabilities that could align with contract manufacturing services.


11. Finindus

  • Website: finindus.be
  • Type: Venture Capital
  • Headquarters: Zelzate, Flanders, Belgium
  • Founded year: 1926
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: finindus

Finindus is a venture capital firm based in Zelzate, Flanders, Belgium, founded in 1926. The firm specializes in providing early-stage and growth financing to innovative technology companies, particularly in the fields of materials, sustainable manufacturing, and industry 4.0. They focus on maximizing long-term value creation through proactive and pragmatic assistance. Notable transactions include a $2 million seed round for Fortius Metals in 2024, which may relate to advanced materials, and a significant equity fundraising for Borit NV, a company likely involved in advanced manufacturing processes. Their investments in companies like Tau Group and Guaranteed further demonstrate their commitment to supporting innovative manufacturing solutions.


12. VDL Groep

  • Website: vdlgroep.com
  • Type: Corporate
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 1953
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: vdl-groep

VDL Groep is a prominent industrial manufacturer based in Eindhoven, Netherlands, specializing in transportation solutions, automation systems, and food processing equipment. Founded in 1953, the company has grown to employ over 10,000 people and operates across multiple sectors, ensuring high-quality solutions for its customers. In recent years, VDL Groep has made significant acquisitions to bolster its manufacturing capabilities. Notably, they acquired tbp electronics and Jansen Poultry Equipment in late 2021, enhancing their position in the electronics and poultry equipment sectors. In December 2023, they further strengthened their electronics division by acquiring Rena Electronica, a company focused on LED product development and production. Additionally, their acquisition of Olocco in 2022, a manufacturer of rotary and industrial diverting valves, highlights their strategic expansion in the Foodtech sector. These transactions reflect VDL Groep's commitment to innovation and sustainable manufacturing practices, making them a relevant player in the contract manufacturing landscape.



Contract Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
CvcLuxembourg1001-5000200516
GimvAntwerp, Flanders, Belgium51-20019808
Triton PartnersLuxembourg201-50019976
AstorgLuxembourg51-20019988
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
LrmHasselt, Flanders, Belgium51-20019941
Innovation IndustriesAmsterdam, North Holland, Netherlands11-50201710
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
FinindusZelzate, Flanders, Belgium1-1019266
VDL GroepEindhoven, North Brabant, Netherlands10001+19531


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