The HVAC contracting industry in Benelux focuses on heating, ventilation, and air conditioning systems installation and maintenance. Companies range from large service providers offering comprehensive solutions to niche firms specializing in eco-friendly technologies. As energy efficiency becomes paramount, the industry is moving towards sustainable practices and smart climate control systems. Innovations such as smart thermostats and heat pumps are transforming residential and commercial environments, making them more comfortable and efficient. With increasing focus on building regulations and environmental requirements, this sector is set for growth, pushing for greener and more integrated HVAC systems that align with modern climate goals.


The investors featured span private equity and venture capital, predominantly located in cities like Amsterdam, Brussels, and Luxembourg. Most firms range from small-scale operations to larger entities managing thousands of employees. Established as early as 1957, these investors are active players, with notable investment activity in 2024, indicating growing interest in HVAC solutions. The list includes significant players like CVC Capital Partners and Gimv, highlighting the increasing influx of capital into HVAC contracting ventures poised for innovation and expansion.


Top 14 HVAC Contracting 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 provides operational expertise and capital to help companies unlock their full potential. Notably, Triton has made significant investments in the HVAC sector, including the acquisition of Kälte Eckert GmbH, a supplier of air conditioning and environment-friendly cooling systems, and Fläkt Woods Group, a leading producer of energy-efficient air treatment and ventilation systems. These strategic acquisitions highlight Triton's focus on enhancing operational capabilities and driving growth in the HVAC industry, making them a relevant player in this 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, 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 engineering and industrial services sectors, which are closely related to HVAC contracting. Their recent transactions include the acquisition of NEM Energy, a company specializing in heat transfer technology, which is directly relevant to HVAC systems. Additionally, their planned acquisition of Nervión Industries, a leading industrial services operator, further emphasizes their commitment to sectors that may encompass HVAC contracting. These strategic investments highlight Mutares' focus on enhancing operational capabilities and profitability in industries that intersect with HVAC services.


3. 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 initiatives that promote growth and job creation. Notably, EIB participated in a significant funding round for Tado, a company that competes in the HVAC market by offering smart climate control solutions, raising $50 million alongside other investors. This involvement highlights EIB's commitment to supporting innovative technologies in the HVAC sector. Additionally, EIB has engaged in various debt financing transactions, such as those with Kauno Energija and Enpal, which, while not directly HVAC-related, reflect its broader strategy of investing in sustainable energy and infrastructure projects that can intersect with HVAC applications.


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 firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across multiple sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, they acquired Itho Daalderop on January 8, 2016, a company known for its HVAC solutions, which highlights their engagement in the HVAC contracting industry. Additionally, they have made other investments, such as in Acceo and Legallais, which, while not directly related to HVAC, showcase their diverse investment strategy and ability to support entrepreneurial companies in various sectors.


5. 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. Notably, Cobepa has made significant investments in the HVAC contracting industry, including the acquisition of Groupe Climater on November 9, 2021, which is directly involved in HVAC services. Additionally, Cobepa played a role in the acquisition of Heartland Home Services in partnership with The Jordan Company, which may encompass HVAC services. These transactions highlight Cobepa's active engagement in the HVAC sector, reinforcing its position as a relevant investor in this industry.


6. 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, CVC manages approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. The firm focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions in sectors related to HVAC contracting, including Armacell, which is known for its insulation solutions essential for HVAC systems, and Paroc Group, a leading producer of stone wool insulation in the Nordic and Baltic regions. These investments highlight CVC's commitment to sectors that support HVAC applications, reinforcing their relevance in this industry.


7. 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 focuses on various sectors, including healthcare and sustainability, and operates across Europe. Recently, they have made significant strides in the HVAC contracting space by acquiring Zetta Home Services, a company that specializes in heat pump installation and maintenance, as part of a €50 million investment that also included Caldor Solar, a firm focused on solar panel installation. This strategic move highlights Waterland's commitment to investing in sustainable energy solutions, which are increasingly relevant in the HVAC industry.


8. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a startup accelerator and investment firm based in Amsterdam, Netherlands, founded in 2011. They empower early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology, by providing investment, mentorship, and networking opportunities to help startups scale and succeed. In 2022, Rockstart led a €565K Seed round investment in Clairify, an Amsterdam-based startup focused on indoor air quality, showcasing their commitment to supporting innovations that can enhance HVAC systems and improve air quality. This investment aligns with their mission to support purpose-driven entrepreneurs and drive positive change in industries that impact everyday life.


9. Aliaxis

  • Website: aliaxis.com
  • Type: Corporate
  • Headquarters: Belgium
  • Founded year: 2003
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: aliaxis

Aliaxis is a corporate investor based in Belgium, founded in 2003, with a workforce exceeding 10,000 employees. The company specializes in providing construction solutions, particularly in innovative water and energy management systems. Their product offerings include a wide range of pipes, fittings, and irrigation systems tailored for various sectors, including building, infrastructure, industry, and agriculture. Aliaxis's customer base consists of construction firms and agricultural businesses seeking efficient and sustainable solutions. Notably, Aliaxis attempted to acquire Uponor Oyj, a company known for its plumbing and HVAC solutions, which highlights their interest in expanding their footprint in the HVAC sector. Additionally, their acquisition of Silver-Line Plastics in 2019, a manufacturer of high-quality plastic pipes, further strengthens their position in the North American market, which is relevant to HVAC contracting. These transactions reflect Aliaxis's commitment to enhancing its capabilities in areas that intersect with HVAC contracting.


10. Junction Growth Investors


Junction Growth Investors is a venture capital firm based in Antwerp, Flanders, Belgium, founded in 2022. The firm specializes in providing growth equity and buyout capital to innovative entrepreneurs and management teams in the energy transition sector. Their investment strategy is centered around supporting businesses that are developing climate-tech solutions aimed at achieving net-zero emissions. Notably, Junction Growth Investors participated in a €5.3 million Series B funding round for Hysopt, a company that develops digital twin software specifically for heating, ventilation, and air conditioning systems, indicating their active role in the HVAC industry. Additionally, they invested in Eturnity, a B2B SaaS company that supports businesses in transitioning to renewable energy, further showcasing their commitment to sustainable energy solutions.


11. Kartesia

  • Website: kartesia.com
  • Type: Private Equity
  • Headquarters: Leudelange, Esch-Sur-Alzette, Luxembourg
  • Founded year: 2013
  • Headcount: 51-200
  • Number of deals in 2024: 5
  • LinkedIn: kartesia

Kartesia is a private equity firm based in Leudelange, Esch-Sur-Alzette, Luxembourg, founded in 2013. The firm specializes in providing tailored financing solutions to lower mid-market companies across Europe, focusing on private corporate lending and asset management. They offer various strategies, including credit opportunities and impact funds, primarily targeting businesses seeking flexible capital for growth and operational needs. Notably, Kartesia acquired Babcock Wanson, a company involved in the HVAC sector, on May 5, 2021, which highlights their active participation in the HVAC contracting industry. Additionally, they have been involved in other transactions, such as raising funds for DANOSA, further showcasing their investment activity in diverse sectors.


12. ROM InWest

  • Website: rominwest.nl
  • Type: Corporate
  • Headquarters: Haarlem, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: rom-inwest

ROM InWest is a corporate investor based in Haarlem, North Holland, founded in 2021. They are a consulting agency that supports innovative entrepreneurs by providing advisory services and financial investments, focusing on startups, scale-ups, and SMEs that contribute to significant societal transitions, particularly in energy and food sustainability. In 2022, ROM InWest participated in funding rounds for Woon Duurzaam, which raised €2.2M to promote sustainable housing solutions, and Supersola, which secured €1 million for growth financing aimed at expanding production capacity for energy-efficient products. These transactions highlight their commitment to fostering impactful entrepreneurship in sectors that overlap with HVAC contracting, particularly in energy efficiency and sustainability.


13. Smile Invest

  • Website: smile-invest.com
  • Type: Venture Capital
  • Headquarters: Lubbeek, Flanders, Belgium
  • Founded year: 2017
  • Headcount: 11-50
  • LinkedIn: smileinvest

Smile Invest is a venture capital firm based in Lubbeek, Flanders, Belgium, founded in 2017. The firm focuses on supporting innovative growth companies in the Benelux region, providing capital and strategic guidance to help these businesses achieve market leadership in sectors such as digitalization, healthcare, and environmental solutions. Notably, Smile Invest acquired a majority stake in Magnum Heating, a Dutch manufacturer of heating systems, in September 2019. This acquisition highlights their engagement in the HVAC sector, particularly in heating solutions, showcasing their commitment to investing in companies that contribute to the HVAC contracting industry. Their model emphasizes partnerships with entrepreneurs, leveraging their expertise and networks to foster growth in various sectors, including HVAC.


14. Soudal

  • Website: soudalgroup.com
  • Type: Corporate
  • Headquarters: Turnhout, Flanders, Belgium
  • Founded year: 1966
  • Headcount: 1001-5000
  • LinkedIn: soudal

Soudal Group, founded in 1966 and based in Turnhout, Flanders, Belgium, is a corporate investor specializing in the manufacturing of sealants, adhesives, and polyurethane foams. The company serves a diverse customer base, including professionals in the construction and industrial sectors, providing innovative solutions tailored to their needs. Soudal has made significant strides in expanding its product portfolio through strategic acquisitions, such as Tramico, a French leader in waterproof joint sealing and noise insulation, and Al Muqarram Insulation Material Industry LLC, a family-owned group in the UAE. These acquisitions align with Soudal's global growth ambitions and their commitment to enhancing their offerings in the construction market, which includes critical applications in HVAC contracting. Soudal operates globally with a strong focus on sustainability and product development, positioning itself as a key player in the construction materials sector.



HVAC Contracting Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Triton PartnersLuxembourg201-50019976
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
European Investment Bank (EIB)Luxembourg1001-5000195899
GimvAntwerp, Flanders, Belgium51-20019808
CobepaBrussels, Brussels, Belgium11-5019572
CvcLuxembourg1001-5000200516
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
RockstartAmsterdam, North Holland, Netherlands11-50201116
AliaxisBelgium10001+20033
Junction Growth InvestorsAntwerp, Flanders, Belgium1-1020221
KartesiaLeudelange, Esch-Sur-Alzette, Luxembourg51-20020135
ROM InWestHaarlem, North Holland, Netherlands11-5020214
Smile InvestLubbeek, Flanders, Belgium11-5020170
SoudalTurnhout, Flanders, Belgium1001-500019660


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