The sports apparel industry in Benelux thrives as a blend of function and fashion, showcasing brands that cater to sports enthusiasts and everyday consumers alike. With an emphasis on innovation and sustainability, companies produce a wide array of products ranging from activewear to specialty athletic gear. The sector is witnessing a shift towards eco-friendly materials and technologies, appealing to an increasingly conscious consumer base. Market dynamics are driven by e-commerce growth and changing lifestyles, revealing promising potential for new entrants and established players as they respond to the rising demand for fitness and outdoor activities.


The list of investors features a mix of corporate, private equity, and venture capital firms headquartered across Benelux. With sizes ranging from limited partners to significant firms, the investors have collectively made 63 deals in 2024. Their inception years span from 1994 to 2016. Each investor shows a strategic interest that reflects their focus, aligning their financial support with burgeoning opportunities in the sports apparel sector.


Top 12 Sports Apparel 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 has a diverse portfolio, but it has made significant investments in the sports apparel sector, notably acquiring OXBOW, a brand known for its surf and sports apparel, in 1996, and Pacific Brands, which includes well-known apparel brands, in 2001. Furthermore, CVC has engaged in substantial funding rounds for sports organizations such as Premiership Rugby and Six Nations Rugby, indicating a strong connection to the sports industry.


2. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor has made significant investments in the sports apparel context, including a recent funding expectation of €200 million for Juventus Football Club S.p.A., which is heavily involved in sports merchandise and apparel. Additionally, Exor participated in the seed funding of CARIUMA, a brand known for its sustainable sneakers, further emphasizing its engagement in the sports apparel industry. These transactions highlight Exor's strategic interest in the sports and apparel market, complementing its broader investment strategy.


3. Samsonite

  • Website: samsonite.com
  • Type: Corporate
  • Headquarters: Oudenaarde, Flanders, Belgium
  • Founded year: 1910
  • Headcount: 1001-5000
  • LinkedIn: samsonite

Samsonite International S.A. is a corporate investor based in Oudenaarde, Flanders, Belgium, specializing in high-quality travel bags and accessories. Founded in 1910, the company has established itself as the world's largest travel luggage manufacturer and retailer. In recent years, Samsonite has expanded its brand portfolio through strategic acquisitions, including High Sierra Sport Company for $110 million in 2012, which enhances its presence in the North American casual bag market, and Gregory Mountain Products for $85 million in 2014, aimed at strengthening its foothold in the outdoor market. Additionally, Samsonite has acquired other brands such as Saxoline Traveller and eBags.com, further diversifying its offerings. These transactions reflect Samsonite's commitment to not only serving travelers but also tapping into the sports and outdoor apparel market.


4. Vendis Capital

  • Website: vendiscapital.com
  • Type: Private Equity
  • Headquarters: Machelen, Flanders, Belgium
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: vendis-capital

Vendis Capital is a private equity investment firm based in Machelen, Flanders, Belgium, founded in 2009. The firm specializes in consumer scale-ups, providing capital and strategic support to help businesses grow internationally and implement effective digitalization strategies. Vendis Capital has a strong track record of investing in the fashion and apparel sector, having acquired a majority stake in Petrol Industries, a Dutch fashion brand, and Noppies, a brand focused on maternity and children's clothing. These transactions highlight Vendis Capital's commitment to enhancing market presence and achieving sustainable growth for its portfolio companies, making them a valuable partner for businesses in the sports apparel industry.


5. 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 made significant investments in companies that intersect with the sports and fitness industry, such as The Climbing Hangar, a leading UK bouldering gym operator, which they acquired to accelerate growth and expand operations. This investment reflects their commitment to supporting brands that prioritize consumer needs and sustainable practices. Their portfolio also includes investments in fashion and lifestyle brands, indicating a broader interest in consumer goods that may encompass sports apparel.


6. Quadrivio Group


Quadrivio Group is a private equity firm based in Luxembourg, founded in 2000, specializing in investment management. The firm focuses on transforming small and medium-sized enterprises (SMEs) into small multinationals through specialized funds in various sectors, including Lifestyle, Industry 4.0, and Silver Economy. Quadrivio Group has been active in the apparel industry, with notable transactions such as the acquisition of Dondup, a fashion brand, and Ferrante Brands, which owns the Filippo De Laurentiis label. Their investment in Sessùn, a French women's ready-to-wear brand, further highlights their commitment to the apparel sector. These transactions reflect Quadrivio's strategy to enhance brand presence and expand into new markets, including the US and Asia, which are crucial for growth in the sports apparel segment.


7. Forward Venture Capital

  • Website: forwardvc.com
  • Type: Venture Capital
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: forwardventurecapital

Forward Venture Capital is a venture capital firm based in The Hague, South Holland, Netherlands, founded in 2016. The firm specializes in supporting early-stage entrepreneurs by providing both investment and guidance to help accelerate their growth. While Forward Venture Capital focuses on various sectors, including digital commerce and SaaS, they have also invested in companies within the sports apparel context. Notably, they participated in the seed round for Halfdays, which raised $1.5 million in September 2021, a company that specializes in outdoor apparel. Additionally, they have been involved in other transactions such as Roccamore and Volumental, which, while not strictly sports apparel, indicate a broader interest in fashion and footwear. Their recent investment in TO THE MARKET, which raised $2,178,644 in October 2023, further demonstrates their active role in supporting innovative brands, potentially including those in the sports apparel space.


8. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000. They specialize in early-stage investments, primarily in innovative technology companies, and provide financial support and strategic guidance to entrepreneurs. Their focus is on sectors like digital health and education tech, but they have also invested in the fashion industry. Notably, they participated in funding rounds for KupiVIP, a leading online shopping club in Russia that sells fashion and accessories, and Outfittery, a Berlin-based curated shopping startup. These investments highlight their engagement in the apparel sector, showcasing their versatility as investors in both technology and fashion-related ventures.


9. Peak

  • Website: peak.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: peak-capital

Peak Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2008. The firm specializes in investing in early-stage companies primarily within the SaaS, marketplace, and platform sectors. They leverage their experience as former entrepreneurs to provide funding and support to help these businesses scale and succeed. In 2021, Peak Capital led a $4.2 million seed round for Heja, a youth sports management social platform, indicating their interest in the sports sector. Additionally, they have made various investments in other sectors, such as fashion with United Wardrobe, a second-hand fashion marketplace, which shows their diverse investment strategy. However, their focus remains largely outside of traditional sports apparel, as evidenced by their other transactions.


10. 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 various sectors, including healthcare and sustainability, and has been active in the fitness industry through its acquisition of LifeFit Group, a German health and fitness platform. This acquisition, along with LifeFit's subsequent acquisition of the FIT/One Group, highlights Waterland's commitment to expanding its footprint in the fitness sector, which is closely related to sports apparel. Other notable transactions include the acquisition of RUF Group and Napoleon Games Group, although these are less relevant to the sports apparel context.


11. LeanSquare

  • Website: leansquare.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: leansquare

LeanSquare is a venture capital investment fund based in Belgium, founded in 2014. The firm specializes in supporting innovative projects across various sectors, including the Cultural and Creative Industries, Enterprise Software, and Life Sciences. LeanSquare aims to provide financial investment, expertise, and networking opportunities to mature startups seeking growth. In 2023, LeanSquare participated in significant transactions within the sports tech space, including a seed funding round for Raw Stadia, which raised $1.63M to expand into the US NFL market. Additionally, LeanSquare was part of a syndicate that invested in CityLegends, which received close to €1 million to enhance its marketing efforts and user base in Western Europe and the US. These transactions highlight LeanSquare's active role in the sports industry, particularly in technology and innovation related to sports.


12. 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 a venture capital investment company founded in 1994, based in Hasselt, Flanders, Belgium. The firm focuses on sustainable economic growth in the Limburg region, providing financing and expertise to startups, scale-ups, and mature companies. LRM is involved in various sectors, including real estate development and the reconversion of old mining sites. Notably, LRM has invested in sports-related companies, such as Raw Stadia, a sports tech company that raised $1.63M to expand into the US market with a focus on the NFL. Additionally, LRM has supported Classified Cycling, which raised $2,358,741 in a seed round, indicating their interest in the cycling and sports apparel market. These transactions highlight LRM's commitment to fostering innovation in the sports industry.



Sports Apparel Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
SamsoniteOudenaarde, Flanders, Belgium1001-500019100
Vendis CapitalMachelen, Flanders, Belgium11-5020093
VerlinvestBrussels, Brussels, Belgium11-5019955
Quadrivio GroupLuxembourg11-5020003
Forward Venture CapitalThe Hague, South Holland, Netherlands1-1020162
Mangrove Capital PartnersLuxembourg11-5020005
PeakAmsterdam, North Holland, Netherlands11-5020088
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
LeanSquareBelgium1-1020143
LrmHasselt, Flanders, Belgium51-20019941


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