The heavy civil construction industry in Benelux comprises large-scale projects such as infrastructure, bridges, and transportation systems. Companies involved include contractors, engineering firms, and material suppliers, providing essential services like excavation, concrete work, and environmental assessments. Driven by urbanization and sustainability goals, this industry is pivoting towards innovative, sustainable methods to meet growing infrastructure needs while addressing challenges such as climate change. As the region invests in smart city initiatives, demand for modernized transportation and utility infrastructure will likely surge, signaling an exciting era of growth and opportunity in heavy civil construction.


This list highlights twelve notable investors in the heavy civil construction sector in Benelux. These investors vary in type, with venture capitalists, corporate entities, and private equity firms represented. They are headquartered across Belgium, Luxembourg, and the Netherlands, ranging in size from small teams to giants boasting over 10,000 employees. Founded between 1952 and 2021, their annual investment activities showcase their commitment, with a combined total of around 133 past investments in 2024, reflecting a robust interest in the sector's future prospects.


Top 12 Heavy Civil Construction Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded 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, the EIB was involved in several significant transactions, including a $467 million debt financing for Adif Alta Velocidad, which is related to railway infrastructure, and a $1.48 billion debt financing for Global Power Generation, which may involve energy infrastructure projects. Notably, the EIB also provided a €50 million loan to Collé Rental & Sales to develop and electrify its fleet of specialized equipment for the construction industry, showcasing its active role in supporting initiatives that promote growth and job creation within the heavy civil construction sector.


2. 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. In the context of heavy civil construction, Triton has made significant investments, including the acquisition of Mark & Energibyggarna i Göteborg AB, a company specializing in infrastructure construction and district heating, and DYWIDAG-Systems International, a leading systems supplier in civil engineering and underground construction. Their recent acquisition of VolkerWessels further enhances their portfolio in the heavy civil construction sector, indicating a strategic focus on infrastructure services.


3. 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, was founded in 2021 and is part of Mutares SE & Co. KGaA, which specializes in acquiring and managing companies in transition. The firm provides operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. However, Mutares has also made significant strides in the heavy civil construction sector through strategic acquisitions. Notable transactions include the acquisition of NCC Road Service A/S, which enhances their portfolio in road services, and Nordic Road Services AB, which further solidifies their presence in the road construction industry. Additionally, the acquisition of GDL Anläggning & Miljö AB, a company focused on construction and environmental services, aligns with their strategy to strengthen their position in the heavy civil construction market. These transactions demonstrate Mutares' commitment to investing in and supporting companies that operate within the heavy civil construction 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 recent years, Gimv has made significant investments in the heavy civil construction sector, including the acquisition of Keil & Purkl, a civil engineering specialist, in September 2023, and Verkley, a Netherlands-based underground energy and water cable and pipeline specialist, in March 2021. These transactions highlight Gimv's focus on supporting companies that are integral to infrastructure development and civil engineering, aligning with their broader investment strategy.


5. Ferrovial

  • Website: ferrovial.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1952
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: ferrovial

Ferrovial is a prominent infrastructure and construction company founded in 1952, headquartered in Amsterdam, Netherlands. With over 10,000 employees, the company operates across various sectors, focusing on sustainable development and innovative solutions. Ferrovial has made significant investments in the heavy civil construction industry, including the acquisition of a 36.68% stake in Budimex, a leading Polish construction firm, which enhances its presence in Central Europe's construction sector. Additionally, Ferrovial acquired Pepper Lawson to strengthen its construction business in the United States, and it has also made notable acquisitions such as Webber Group and Broadspectrum, further solidifying its position in the heavy civil construction market. These transactions highlight Ferrovial's strategic focus on expanding its capabilities and footprint in the heavy civil construction industry.


6. Fugro

  • Website: fugro.com
  • Type: Corporate
  • Headquarters: Leidschendam, South Holland, Netherlands
  • Founded year: 1962
  • Headcount: 10001+
  • LinkedIn: fugro

Fugro NV, founded in 1962 and headquartered in Leidschendam, South Holland, Netherlands, is a corporate investor with a workforce of over 10,000 employees. The company specializes in geotechnical services and Geo-data solutions, offering a comprehensive range of services including surveying, environmental assessments, and geotechnical investigations. These services are crucial for clients in the energy and infrastructure sectors, particularly in heavy civil construction. Fugro has made several strategic acquisitions to enhance its capabilities, including Pavement Management Services in 2008, Loadtest in 2009, and RailData BV in 2014, which likely supports rail infrastructure projects. Additionally, the acquisition of William Lettis & Associates in 2007 bolstered Fugro's geotechnical consultancy and geohazards practices, further aligning their expertise with the needs of heavy civil construction projects.


7. Van Oord

  • Website: vanoord.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1868
  • Headcount: 5001-10000
  • LinkedIn: van-oord

Royal Van Oord, founded in 1868 and based in Rotterdam, South Holland, Netherlands, is a prominent maritime contractor specializing in dredging, land reclamation, and offshore energy projects. With over 155 years of experience, the company operates globally, focusing on sustainable practices and innovative solutions for climate adaptation and infrastructure development. Van Oord has made significant acquisitions to enhance its capabilities in the heavy civil construction sector. Notable transactions include the acquisition of J.T. Mackley & Co in 2014, which bolstered their dredging capabilities, and the acquisition of MPI Offshore in 2018, which strengthened their position in the offshore wind market. Additionally, the full acquisition of Dravo S.A. allowed Van Oord to integrate its operations in Spain, Portugal, and Italy, further expanding its reach in dredging works. These strategic moves highlight Van Oord's commitment to enhancing its role in heavy civil construction and related sectors.


8. Cobepa

  • Website: cobepa.com
  • Type: Private Equity
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1957
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cobepa

Cobepa is a private equity investment company based in Brussels, Belgium, founded in 1957. It specializes in providing investment management and strategic support to enhance the growth and sustainability of its partner businesses. Cobepa operates with a permanent capital base, allowing it to invest across a diverse range of industries, including healthcare and industrial sectors. Among its notable transactions, Cobepa acquired SOCOTEC in 2013, a company that plays a significant role in the construction industry by offering testing, inspection, and certification services. Additionally, Cobepa's acquisition of Carrières du Hainaut in 2005 highlights its involvement in the heavy civil construction sector, as this company is engaged in the extraction of stone and aggregates essential for construction projects. These transactions demonstrate Cobepa's active participation in industries that support heavy civil construction, making it a relevant investor in this field.


9. Gilde Buy Out Partners


Gilde Buy Out Partners is a private equity firm based in Utrecht, Netherlands, founded in 1982. The firm specializes in investment management and business transformation services, focusing on providing growth solutions to mid-market businesses across Europe. Gilde has been involved in several notable transactions that align with the heavy civil construction sector. For instance, they acquired Powerlines Group, a technical infrastructure services company, which plays a crucial role in the construction and maintenance of infrastructure. Additionally, their acquisition of De Boer Structures, a company that builds temporary facilities and accommodations, highlights their involvement in construction-related services. Other acquisitions, such as Stankiewicz GmbH and ELCEE Group, further showcase their diverse portfolio, which includes companies that may intersect with the heavy civil construction industry.


10. Boskalis

  • Website: boskalis.com
  • Type: Corporate
  • Headquarters: Papendrecht, South Holland, Netherlands
  • Founded year: 1910
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: boskalis

Boskalis Westminster N.V. is a corporate investor based in Papendrecht, South Holland, Netherlands, with a workforce exceeding 10,000 employees. Founded in 1910, Boskalis specializes in logistics and marine services, particularly in dredging and the maintenance of maritime infrastructure. They provide a comprehensive range of services, including coastal defense, land reclamation, and offshore energy support, catering to clients such as port authorities and energy companies. In recent years, Boskalis has made strategic acquisitions to bolster its capabilities in the heavy civil construction sector. Notably, they acquired a 14.8% stake in Fugro, a global geotechnical and subsea services provider, which enhances their expertise in geotechnical assessments crucial for heavy civil projects. Additionally, their acquisition of ALP Maritime Services, which includes a fleet of anchor-handling salvage tugs, and Horizon Geosciences, further demonstrates their commitment to expanding their operational capacity in maritime and civil engineering services. These transactions underscore Boskalis's role as a significant player in the heavy civil construction industry.


11. ABO-Group Environment

  • Website: abo-group.eu
  • Type: Corporate
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 1995
  • Headcount: 501-1000
  • Number of deals in 2024: 2
  • LinkedIn: abo-group

ABO-Group Environment, founded in 1995 and based in Ghent, Flanders, Belgium, is a corporate investor specializing in environmental consulting and geotechnical engineering. The company provides a range of services including soil studies, contamination remediation, and stability assessments, primarily serving businesses and organizations in Belgium, the Netherlands, and France. In 2024, ABO-Group made significant strides in expanding its influence in the heavy civil construction sector by acquiring Infrabureau Demey, a family business that enhances their synergies in soil, archaeology, and geotechnics. This acquisition aligns with their strategy to grow through acquisitions and strengthen their service offerings in the construction industry. Additionally, their acquisition of SAS Geosonic France in 2021 further solidified their position in the European market for soil studies and geothermal research, which are vital for heavy civil construction projects. These transactions highlight ABO-Group's commitment to integrating geotechnical expertise into the construction sector, making them a relevant investor in heavy civil construction.


12. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Notably, they have made significant investments in the construction sector, including the acquisition of Elk groep, a construction and renovation company, which highlights their engagement in heavy civil construction. Additionally, their investment in Cumbria Waste Group, the largest waste disposal service provider in Cumbria, suggests a commitment to enhancing infrastructure, which is often a critical component of heavy civil construction projects. Their recent activities indicate a diversified investment strategy while maintaining a foothold in the construction industry.



Heavy Civil Construction Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
Triton PartnersLuxembourg201-50019976
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
GimvAntwerp, Flanders, Belgium51-20019808
FerrovialAmsterdam, North Holland, Netherlands10001+19521
FugroLeidschendam, South Holland, Netherlands10001+19620
Van OordRotterdam, South Holland, Netherlands5001-1000018680
CobepaBrussels, Brussels, Belgium11-5019572
Gilde Buy Out PartnersUtrecht, Utrecht, Netherlands11-5019820
BoskalisPapendrecht, South Holland, Netherlands10001+19102
ABO-Group EnvironmentGhent, Flanders, Belgium501-100019952
Waterland Private EquityBussum, North Holland, Netherlands201-50019997


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