The HVAC industry in Benelux focuses on heating, ventilation, and air conditioning technologies that enhance indoor climate control. Capturing attention due to rising energy demands and sustainability goals, businesses here range from large corporations to innovative startups specializing in energy-efficient technologies, smart building systems, and climate management solutions. The industry is evolving rapidly with a shift towards eco-friendly products and smart automation, standing at the forefront of the green energy transition. Emerging trends highlight decentralized systems, IoT innovations, and a growing emphasis on carbon neutrality. This positions Benelux as a hub for pivotal HVAC advancements and investments.


The investors featured in this list deliver a mix of venture capital, private equity, and corporate funding, each targeting companies in the HVAC sector. They are headquartered across key cities such as Eindhoven and Luxembourg, presenting a blend of international and local investors. With a workforce that varies from small teams to large firms, these investors were active in the HVAC industry in 2024, with counts reflecting a strong engagement in both early-stage and established companies. The years of founding stretch from 1957 to 2021, showcasing stability and diversity in experience and strategy.


Top 15 HVAC Investors in Benelux


1. Triton Partners


Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg, specializing in private equity and credit investments in European mid-market businesses. The firm focuses on sectors such as Business Services, Industrial Tech, and Healthcare, providing operational expertise and capital to help companies unlock their full potential. Triton has a notable track record in the HVAC industry, having acquired several key companies including FläktGroup, a leader in air treatment solutions, Kälte Eckert GmbH, a supplier of air conditioning and environmentally friendly cooling systems, and Fläkt Woods Group, known for its energy-efficient ventilation systems. These acquisitions highlight Triton’s strategic interest in the HVAC sector, showcasing their ability to partner with management teams to drive growth and address industry challenges.


2. 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. It is dedicated to accelerating sustainable energy innovations and offers a marketplace for energy solutions, training programs, and support for innovators and corporates in the energy sector. InnoEnergy collaborates with various stakeholders to address the challenges of energy transition and sustainability. Among their notable transactions, they have invested in vilisto GmbH, which focuses on smart building solutions that can enhance energy efficiency, and Betterspace, which also aligns with energy management and optimization. These investments indicate a commitment to supporting technologies that can improve energy efficiency, including those relevant to HVAC systems.


3. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in several transactions relevant to the HVAC industry, such as providing grants to DAC - Dynamic Air Cooling, which raised $2,643,235 in October 2021. Additionally, the EIC has supported BlueHeart Energy, which is involved in energy solutions, indicating a broader interest in technologies that can impact HVAC systems. These transactions highlight the EIC's commitment to funding innovative solutions that can enhance energy efficiency and climate control, making it a relevant investor in the HVAC sector.


4. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, EIB has participated in significant transactions relevant to the HVAC industry, such as its investment in Tado°, a company specializing in smart climate control solutions, which raised $50 million in a financing round that included EIB. This investment highlights EIB's role in supporting innovative technologies that enhance energy efficiency in HVAC systems. Additionally, while EIB has engaged in various debt financing transactions with companies like Kauno Energija and Enpal, its focus on sustainable energy solutions suggests a broader commitment to sectors that include HVAC technologies.


5. 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 been involved in several transactions relevant to the HVAC industry, such as the acquisition of Itho Daalderop, a company specializing in energy-efficient heating and ventilation solutions, on January 8, 2016. They also acquired Brakel on December 21, 2015, which is known for its HVAC products and solutions. These transactions highlight Gimv's active role in the HVAC sector, making them a significant player in this industry.


6. 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 HVAC industry through strategic acquisitions. In December 2016, they acquired Balcke-Dürr, a company recognized for its expertise in heat exchangers and HVAC systems, thereby strengthening their position in the HVAC market. More recently, in December 2022, Mutares acquired NEM Energy, a company specializing in heat transfer technology, further emphasizing their commitment to the HVAC sector. These transactions highlight Mutares' strategic focus on enhancing its portfolio in the engineering and technology segments, particularly in areas relevant to HVAC.


7. Eneco Wind Belgium S.A.

  • Website: eneco.com
  • Type: Corporate
  • Headquarters: Wavre, Wallonia, Belgium
  • Founded year: 1995
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: eneco-wind-belgium-s-a-

Eneco Wind Belgium S.A. is a corporate investor based in Wavre, Wallonia, Belgium, founded in 1995. The company is dedicated to providing sustainable energy solutions, including renewable energy sources such as wind, solar, and heat, to both consumers and businesses. With a commitment to achieving climate neutrality by 2035, Eneco engages in community projects and biodiversity initiatives to facilitate the energy transition and promote sustainable practices. Notably, Eneco has participated in several transactions relevant to the HVAC sector, including a Series A investment in Gradyent, which focuses on enhancing the efficiency and sustainability of district heating systems. This investment reflects Eneco's strategic interest in technologies that improve heating efficiency, further solidifying their role as an investor in the HVAC industry.


8. 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, Waterland has made significant strides in the HVAC sector 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 and positions them as a relevant investor in the HVAC industry.


9. SET Ventures

  • Website: setventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: setventures

SET Ventures is a venture capital firm based in Amsterdam, founded in 2007, that focuses on advancing a carbon-free energy system. They invest in innovative energy technologies and support energy entrepreneurs with capital and insights. Their portfolio includes notable transactions such as the Series A funding for vilisto GmbH, which specializes in smart building solutions that can impact HVAC efficiency. Additionally, they have invested in Sefaira, which offers energy modeling software that helps optimize building performance, including HVAC systems. Their recent investment in Fuchs & Eule further emphasizes their commitment to supporting startups that contribute to energy efficiency and sustainability in the energy sector.


10. 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. The firm 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. Notably, Cobepa has made significant investments in the HVAC sector, including the acquisition of Groupe Climater on November 9, 2021, which specializes in climate control solutions. Additionally, they were involved in the acquisition of Heartland Home Services in partnership with The Jordan Company, further demonstrating their engagement in sectors related to HVAC services. These transactions highlight Cobepa's active role in the HVAC industry, aligning with their broader investment strategy.


11. 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 strong focus on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions in the HVAC-related sector, including Armacell, which is known for its insulation solutions essential for HVAC systems. Additionally, their acquisition of Paroc Group, a leading producer of stone wool insulation, highlights their commitment to investing in companies that play a vital role in the HVAC industry. These transactions underscore CVC's strategic interest in the HVAC market, making them a relevant investor in this space.


12. Brabantse Ontwikkelings Maatschappij (BOM)


The Brabantse Ontwikkelings Maatschappij (BOM) is a development agency based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM specializes in supporting startups and scale-ups in the Brabant region by providing funding, expertise, and networking opportunities to enhance business growth. They are involved in various sectors, including sustainable food and energy. Notably, BOM has participated in funding rounds for companies like Cellcius, which raised 1.2 million euros to develop its heat battery technology, directly linking BOM to the HVAC industry. Additionally, they have invested in Ventinova, a company that has raised funds for innovative solutions that may also relate to HVAC applications. Through these investments, BOM demonstrates its commitment to fostering innovation in technologies that can impact the HVAC sector.


13. 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, specializing in construction solutions with a strong emphasis on innovative water and energy management systems. Founded in 2003, the company has grown to employ over 10,000 people and has made significant strides in the HVAC sector through strategic acquisitions. Notably, in August 2024, Aliaxis signed a definitive agreement to acquire the manufacturing assets of Johnson Controls' CPVC pipe and fittings business, which is crucial for residential and light commercial sprinkler systems, thereby enhancing their product offerings in North America. Additionally, their previous acquisitions, such as Ashirvad Pipes Pvt Ltd, demonstrate their commitment to expanding their market presence and product range in the plumbing and piping sectors, which are integral to HVAC systems. Aliaxis serves a diverse clientele, including construction firms and agricultural businesses, focusing on efficient and sustainable solutions that are increasingly relevant in the HVAC industry.


14. SHIFT Invest

  • Website: shiftinvest.com
  • Type: Venture Capital
  • Headquarters: Amstelveen, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: shift-invest

SHIFT Invest is a venture capital fund based in Amstelveen, North Holland, founded in 2009. The firm focuses on impact investing in innovative enterprises with significant environmental impact potential, providing funding and support to early-stage companies across various sectors, including energy transition, smart food & agriculture, and sustainable mobility. Notably, SHIFT Invest has invested in Magneto, a Delft-based company that has developed a sustainable alternative for cooling systems using 3D-printed magneto-calorific material, showcasing their commitment to innovative HVAC solutions. Additionally, they have participated in funding rounds for companies like Solho, which specializes in large solar plants, further emphasizing their focus on sustainable energy solutions. Their mission is to contribute to sustainability by helping entrepreneurs scale their businesses effectively, making them a relevant investor in the HVAC industry.


15. Rise PropTech Fund


Rise PropTech Fund is a venture capital fund based in Pepinster, Wallonia, Belgium, founded in 2021. The fund specializes in supporting startups within the PropTech sector, providing both venture capital funding and hands-on support to entrepreneurs aiming to innovate in construction and real estate. Their mission is to accelerate the transformation of these sectors by integrating sustainable technologies. Notably, Rise PropTech Fund has invested in Hysopt, a company that has developed digital twin software for HVAC systems, which raised €5.3 million in a Series B funding round. They also invested in Caeli Énergie, a French startup that raised €10 million to increase production of low-carbon air conditioners, showcasing their active role in the HVAC industry.



HVAC Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Triton PartnersLuxembourg201-50019976
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
GimvAntwerp, Flanders, Belgium51-20019808
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
Eneco Wind Belgium S.A.Wavre, Wallonia, Belgium1-1019951
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
SET VenturesAmsterdam, North Holland, Netherlands11-5020075
CobepaBrussels, Brussels, Belgium11-5019572
CvcLuxembourg1001-5000200516
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
AliaxisBelgium10001+20033
SHIFT InvestAmstelveen, North Holland, Netherlands11-5020094
Rise PropTech FundPepinster, Wallonia, Belgium1-1020210


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