The ice cream production industry in Benelux is vibrant and innovative, encompassing a mix of large corporations and smaller artisanal producers. Companies in this sector develop a variety of frozen treats, from traditional ice cream to dairy-free and health-conscious alternatives. Sustainability and consumer preferences drive a growing demand for eco-friendly practices and novel flavors. Interestingly, the COVID-19 pandemic accelerated the trend towards home consumption, with many brands pivoting towards e-commerce. The industry is now seeing increased investment aimed at leveraging technology and tapping into new distribution channels, paving the way for dynamic growth in the coming years.


The investor landscape in Benelux for ice cream production features a blend of corporate giants, private equity firms, and venture capital players. With headquarters spanning Belgium, the Netherlands, and Luxembourg, these investors range from sizeable entities like CVC with extensive asset bases to agile firms such as Verlinvest, tailored for high-growth sectors. Many of them were founded in the last two decades, indicating a relatively young but active investment environment. Investment activity in 2024 revealed diverse engagement, with some investors completing as many as 16 deals in the food space, signaling robust interest in the sector.


Top 12 Ice Cream Production Investors in Benelux


1. 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. Notably, CVC has made significant acquisitions in the food sector, including the majority interest in Dodoni, a Greek dairy brand, which positions them within the dairy industry. Additionally, their acquisition of Grupo Monbake, a leading frozen dough company, further emphasizes their involvement in the frozen food market, which is relevant to ice cream production. These transactions highlight CVC's strategic interest in sectors that are closely related to ice cream production, reinforcing their potential relevance in this category.


2. PeakBridge


PeakBridge VC is a venture capital firm founded in 2018, based in Luxembourg, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Among their notable transactions, PeakBridge has invested in NICK'S, a Swedish ice cream brand, participating in both Series A and Series C funding rounds. In January 2021, they contributed to a funding round that raised $30 million to help NICK'S expand its production capacity and support its global expansion, particularly in the US and Germany. This involvement highlights PeakBridge's commitment to the ice cream production industry and its potential for future investments in this sector.


3. 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 innovation services. Founded in 2001, Azelis serves over 63,000 customers across various sectors, including life sciences and industrial applications. In 2024, they have made significant strides in the food ingredients market through strategic acquisitions. Notably, they acquired Hortimex, a Polish distributor focused on food ingredients and nutraceuticals, enhancing their presence in the Food & Nutrition market. Additionally, their acquisition of Gillco Ingredients, a specialty ingredient provider in the US food and nutrition market, further strengthens their portfolio relevant to food production, including ice cream. These transactions indicate Azelis's commitment to expanding their influence in the food sector, making them a relevant player in the ice cream production industry.


4. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across various sectors, including food, beverage, health, and technology. They provide long-term capital and strategic advisory services to help brands scale and innovate. Notably, Verlinvest has invested in companies like Oatly, which is known for its oat-based products, and Insomnia Cookies, a brand that focuses on baked goods. Their investment in Epigamia, a yogurt maker, also highlights their involvement in the dairy sector, which is closely related to ice cream production. Verlinvest's diverse portfolio reflects their commitment to consumer needs and sustainable practices, making them a potential player in the ice cream production landscape.


5. Astanor

  • Website: astanor.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: astanor-venture

Astanor is an impact investment firm based in Luxembourg, founded in 2017, that focuses on the agrifood tech sector. They support innovative companies aiming to create sustainable food systems through strategic guidance and investment. Astanor has been involved in several notable transactions, including investments in Stockeld Dreamery, a Swedish alt-dairy startup that aims to create ambitious cheese products, and Standing Ovation, a microbial casein startup. These investments highlight Astanor's commitment to supporting companies that are innovating in the dairy and food technology space, which is relevant to the ice cream production industry, particularly as it shifts towards more sustainable and alternative products.


6. Wessanen Benelux (B Corp)


Wessanen Benelux (B Corp) is a corporate investor based in Amsterdam, Netherlands, specializing in organic and plant-based food products. Founded in 1765, the company has a long history of promoting sustainability and biodiversity through its diverse range of offerings, which include dairy-free drinks, breakfast cereals, and vegetarian spreads. Notably, Wessanen has made strategic acquisitions to enhance its portfolio in the organic food sector. One significant transaction was the acquisition of Abbot Kinney's on September 10, 2018, a leading brand in organic almond and coconut yogurts and ice creams. This acquisition aimed to accelerate growth and innovation in Wessanen's core categories, highlighting its commitment to expanding its presence in the ice cream production industry. Other acquisitions, such as Mrs Crimble's and Alter Eco, further demonstrate Wessanen's strategy to strengthen its operations in the organic food market, although they are not directly related to ice cream production.


7. 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. Notably, Triton has been involved in several acquisitions relevant to the food industry, including Geia Food, which they acquired from Norwegian private equity firm Credo Partners in April 2021. This acquisition highlights Triton's interest in the food sector, which may encompass ice cream production. Other acquisitions include Semper, Frigoscandia Distribution, and Stenqvist, indicating a broader engagement in the food and distribution sectors, further supporting their relevance to ice cream production.


8. 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. Notably, Gimv has made significant investments in the food sector, including a substantial minority stake in Vandemoortele, the owner of Alpro, for EUR 75 million in 2009. This investment aims to support Vandemoortele's growth in its frozen bakery and lipids divisions, which are closely related to the ice cream production industry. Additionally, Gimv's acquisition of La Comtoise in 2018 and its involvement in various food-related ventures demonstrate its active role in the consumer goods market, further solidifying its relevance to ice cream production.


9. 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, specializes in acquiring and managing companies in transition. Founded in 2021, the firm focuses on providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has made significant strides in the food sector, particularly with its acquisition of Gläserne Molkerei, a German organic dairy unit, which generated sales of approximately €100 million in 2022. This acquisition aligns with Mutares' strategy to invest in companies that can benefit from operational improvements and market repositioning. Additionally, Mutares has been involved in other transactions, such as acquiring Frigoscandia, a logistics provider for fresh, chilled, and frozen foods, which further emphasizes their engagement in the food industry. These activities highlight Mutares' potential relevance to the ice cream production sector, given the interconnected nature of dairy and ice cream production.


10. 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 food sector, including the acquisition of Picard Surgeles, a company known for its frozen food offerings, which encompasses ice cream products. Additionally, they acquired Solina Group, a food ingredients producer, further demonstrating their engagement in the food industry. These transactions highlight Astorg's capability and interest in sectors that are relevant to ice cream production.


11. Navus Ventures

  • Website: navusventures.nl
  • Type: Corporate
  • Headquarters: Maassluis, South Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn:

Navus Ventures is a corporate venture capital firm based in Maassluis, South Holland, Netherlands, founded in 2013. The firm specializes in investing in high-tech companies that focus on sustainable food and energy solutions. With a team that boasts over 75 years of experience in technological innovation and market deployment, Navus Ventures provides active support and guidance to its portfolio companies. Among their notable transactions, they led a $5 million seed funding round for Cultivated Biosciences, which is set to introduce yeast cream to the US and European markets, directly linking them to the ice cream production industry. They have also invested in other food-related companies, such as 1-2-Taste, a B2B food ingredients platform, further emphasizing their commitment to the food sector.


12. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Prosus partners with local entrepreneurs to create valuable products and services, fostering community growth and sustainable business practices. Notably, Prosus has invested in The EVERY Company, which raised $175 million in a Series C funding round, indicating its interest in innovative food technologies that could relate to ice cream production. Additionally, their investment in Prime Roots, a plant-based deli and charcuterie company, further highlights their engagement in the food sector, which may include plant-based ice cream alternatives. These transactions reflect Prosus's commitment to food innovation and sustainability, aligning with trends in the ice cream industry.



Ice Cream Production Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
PeakBridgeLuxembourg11-5020188
AzelisAntwerp, Flanders, Belgium1001-500020015
VerlinvestBrussels, Brussels, Belgium11-5019955
AstanorLuxembourg11-50201710
Wessanen Benelux (B Corp)Amsterdam, North Holland, Netherlands51-20017650
Triton PartnersLuxembourg201-50019976
GimvAntwerp, Flanders, Belgium51-20019808
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
AstorgLuxembourg51-20019988
Navus VenturesMaassluis, South Holland, Netherlands11-5020133
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921


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