The condiment and sauce manufacturers industry in Benelux produces a wide array of flavor-enhancing products, ranging from traditional sauces to innovative new alternatives. Companies in this sector vary from large, established brands to nimble startups focused on health-conscious and sustainable offerings. With a growing demand for plant-based options and global flavors, this industry is evolving rapidly. Additionally, consumer interest in gourmet and artisanal products is influencing market trends, driving manufacturers to innovate continuously and meet these preferences. As a result, both investment and development are poised to grow, making the Benelux region an exciting place for these manufacturers.


The investors featured in this list include private equity and venture capital firms, corporate investors, and more, based mainly in Luxembourg and the Netherlands. These firms vary significantly in size, with a majority employing fewer than 500 people, and are established entities, some dating back to the 19th century. Collectively, they participated in 2024 investment deals across the burgeoning condiment and sauce sector, illustrating robust interest in food production innovation. This range of investors reflects a collaborative approach, supporting growth and technological advances in Benelux's flavorful marketplace.


Top 16 Condiment and Sauce Manufacturers 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 made significant investments in the food sector, notably acquiring Continental Foods Belgium SA in 2013 for approximately $528 million, which is involved in the production of sauces and condiments. Additionally, CVC is in the process of acquiring Panzani from Ebro Foods for €550 million, a brand that has a strong presence in the pasta and sauce market, with a turnover of €470 million in 2020. These transactions highlight CVC's strategic focus on companies that operate within the condiment and sauce manufacturing space, demonstrating their commitment to delivering sustainable value and growth in this industry.


2. 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 providing innovation services. Founded in 2001, Azelis serves over 63,000 customers across various sectors, including life sciences and industrial markets. In recent years, Azelis has made significant acquisitions to strengthen its position in the food ingredients market. Notably, they acquired Hortimex, a Polish distributor focused on food ingredients and nutraceuticals, and Gillco Ingredients, a U.S. specialty ingredient provider in the food and nutrition market. These acquisitions reflect Azelis' commitment to expanding its portfolio in the food sector, particularly in areas relevant to condiment and sauce manufacturing.


3. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. They offer a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has been involved in several notable transactions that intersect with the food industry, particularly in the condiment and sauce manufacturers context. For example, they co-led a $6 million Series A funding round for Chinova Bioworks, a food tech startup that has developed a natural preservative for food and beverages, which is highly relevant for condiment manufacturers. They also participated in a seed round for Chinova Bioworks in 2018, further emphasizing their commitment to innovations in food preservation. Additionally, their investment in Phytolon, which raised $14.5 million to commercialize proprietary colors for food and beverage applications, showcases their interest in enhancing food products, including sauces. Overall, dsm-firmenich's investments reflect a strategic focus on food technology that aligns with the condiment and sauce manufacturing industry.


4. 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 aim to support innovative companies that create sustainable food systems through strategic guidance and investment. Astanor has been involved in several notable transactions, including a Series A funding round for Umiami, a Paris-based foodtech company, which raised €32.5 million to innovate in the food sector. Additionally, they led a Series A funding round for Stockeld Dreamery, a Swedish alt-dairy startup, which raised €16.5 million to develop ambitious cheese alternatives. These investments reflect Astanor's commitment to supporting innovative food technologies, which may include future opportunities in the condiment and sauce manufacturing sector.


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 Brussels-based venture capital firm founded in 1995, specializing in high-growth consumer brands across various sectors, including food, beverage, health, and technology. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, Verlinvest has invested in Sir Kensington's, a New York-based condiments company, leading an $8.5 million Series A funding round aimed at expanding the company's market reach. Additionally, they acquired a 24.5% stake in Mutti S.p.A., a prominent Italian tomato processing company, which holds a significant market share in tomato products, further emphasizing their involvement in the condiment sector. Their diverse portfolio reflects a commitment to consumer needs and sustainable practices, making them a key player in the food and beverage investment landscape.


6. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg that provides financial services such as loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. Founded in 1958, the EIB aims to promote growth and job creation by funding initiatives in both public and private organizations. In recent years, EIB has been involved in several transactions relevant to the food industry, including a debt financing of $22,158,111 for MATR Foods in September 2024, which is known for its food products. Additionally, EIB provided $38,788,771 in debt financing to Carbery Group in December 2019, a company that produces cheese and dairy products, which may include sauces and condiments. These transactions highlight EIB's engagement in the food sector, making it a potential investor in condiment and sauce manufacturers.


7. 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 venture capital firm and startup accelerator 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. In recent transactions, Rockstart has participated in funding rounds for startups like Reduced, which raised €2.9 million to develop plant-based flavor enhancers, directly linking them to the condiment and sauce manufacturing industry. Additionally, their investment in Endless Food, which raised over $1 million, further demonstrates their commitment to innovative food solutions. Rockstart's focus on supporting purpose-driven entrepreneurs aligns with their investments in food technology, making them a relevant player in the condiment and sauce sector.


8. 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. Notably, Triton has made significant investments in the food sector, including the acquisition of Geia Food from Norwegian private equity firm Credo Partners in April 2021. This acquisition highlights Triton's interest in the food industry, which includes condiment and sauce manufacturers. Additionally, Triton has a history of acquiring companies like Semper and Stenqvist, which may also relate to food production, although specific details on those transactions are less clear. Overall, Triton's diverse investment portfolio and their active role in the food sector position them as a relevant investor in the condiment and sauce manufacturing industry.


9. 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 condiment and sauce manufacturing sector, including the acquisition of La Comtoise in 2018 and a majority stake in The Spice Factory in 2025, which is expected to enhance TSF's growth and international expansion. Additionally, their investment in Vandemoortele, which owns the Alpro brand, highlights their involvement in the food industry, particularly in products that can be categorized under condiments and sauces. These transactions demonstrate Gimv's active role in supporting companies that align with the condiment and sauce manufacturing industry.


10. Icos Capital


Icos Capital is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2005. The firm specializes in ClimateTech investments, partnering with startups and corporations to accelerate sustainability through innovative technologies. Their focus includes sectors such as Food Systems and Circular Economy, providing funding and strategic support to help clients achieve significant reductions in greenhouse gas emissions. Notably, Icos Capital has invested in MOA Foodtech, which secured Series A funding, indicating their interest in food technology innovations. They also participated in funding for PEF Technologies, a company specializing in non-thermal, energy-efficient food preservation, which is relevant to the condiment and sauce manufacturing industry. These investments reflect Icos Capital's commitment to supporting advancements in food production and sustainability.


11. Louis Dreyfus Company

  • Website: ldc.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1851
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: louis-dreyfus-company

Louis Dreyfus Company B.V. is a corporate investor based in Rotterdam, South Holland, Netherlands, with a long history dating back to 1851. As a major player in the agricultural sector, LDC operates across various industries, including food processing, bioenergy, and transportation. The company is dedicated to ensuring a reliable and sustainable supply chain for agricultural products in the food and beverage industry. In recent years, LDC has made significant investments in the food sector, including a $26.35 million investment in Gathered Foods, which focuses on plant-based seafood products through its brand Good Catch. This investment aims to develop new products and expand market presence. Additionally, LDC is set to acquire Cacique, the largest exporter of soluble coffee in Brazil, which reflects its strategy to enhance its food processing capabilities. These transactions highlight LDC's active role in the food industry, making it a relevant investor in the condiment and sauce manufacturing space.


12. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, Netherlands, founded in 1948. The firm specializes in supporting medium-sized and large companies, particularly family-owned enterprises in the Benelux region. NPM Capital provides capital and strategic advisory services to help these businesses achieve growth and sustainability. The firm operates across various sectors, including technology and education, but has also made significant investments in the food sector. Notably, NPM Capital acquired HAK in December 2005, a company recognized for its production of sauces and condiments, which highlights their involvement in the condiment industry. Additionally, their acquisition of Continental Bakeries in June 2006 further emphasizes their engagement in the food sector, as this company produces bakery products that may complement condiment offerings. Their investment in Agro Care, a major tomato producer, also aligns with the condiment industry, as tomatoes are a key ingredient in many sauces. Overall, NPM Capital's diverse portfolio and strategic focus on growth make them a relevant investor in the condiment and sauce manufacturers space.


13. H2 Equity Partners

  • Website: h2ep.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 11-50
  • LinkedIn: h2-equity-partners

H2 Equity Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1991. The firm specializes in private equity investments in mid-sized companies across various sectors, providing hands-on support and consulting services to help management teams achieve growth and operational improvements. Notably, H2 Equity Partners has been involved in several acquisitions relevant to the food industry, including the acquisition of Oerlemans Foods, a company that operates within the food sector, which may include condiment and sauce production. Additionally, they acquired Klaas Puul, a shrimp processor, which, while not directly related to condiments, indicates their engagement in the broader food market. Their investment strategy focuses on enhancing company growth and innovation, making them a potential player in the condiment and sauce manufacturing space.


14. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across various sectors, including digital technologies, health, and clean technologies. Notably, Capricorn Partners has made significant investments in the food ingredients sector, such as their involvement with c-LEcta, a biotechnology company that aims to scale operations in food ingredients manufacturing. Additionally, they invested EUR7 million in Prolupin, a company specializing in plant-based proteins, which aligns with the growing trend towards sustainable and innovative food products. Their commitment to responsible investing and creating strategic value for clients further enhances their profile as an investor in the food industry.


15. 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, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. Notably, Astorg acquired Solina Group, a French food ingredients producer, which aligns with the condiment and sauce manufacturing industry. This acquisition highlights their capability and interest in the food sector. Additionally, Astorg has been involved in various other transactions, including investments in companies like Picard Surgeles and Mecatherm, although these are less directly related to condiments and sauces. Overall, Astorg's strategic guidance and governance in the food ingredients space position them as a relevant investor in the condiment and sauce manufacturers sector.


16. ABN AMRO Clearing Bank

  • Website: abnamro.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 501-1000
  • Number of deals in 2024: 19
  • LinkedIn: abn-amro-clearing-bank-n-v-

ABN AMRO Clearing Bank, founded in 1982 and based in Amsterdam, Netherlands, is a banking institution that provides a range of financial services including personal banking, business banking, and investment management. The bank serves individual consumers and businesses, helping them manage their financial needs and investments while ensuring compliance with financial regulations. Notably, ABN AMRO has been involved in several transactions relevant to the food industry, including the acquisition of Perkins Foods, a company that operates in the condiment and sauce sector. Additionally, they participated in funding PeelPioneers, which repurposes citrus peels, potentially linking to the production of citrus-based sauces and condiments. These transactions highlight ABN AMRO's engagement in the food sector, particularly in areas that could intersect with condiment and sauce manufacturing.



Condiment and Sauce Manufacturers Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
AzelisAntwerp, Flanders, Belgium1001-500020015
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
AstanorLuxembourg11-50201710
VerlinvestBrussels, Brussels, Belgium11-5019955
European Investment Bank (EIB)Luxembourg1001-5000195899
RockstartAmsterdam, North Holland, Netherlands11-50201116
Triton PartnersLuxembourg201-50019976
GimvAntwerp, Flanders, Belgium51-20019808
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
Louis Dreyfus CompanyRotterdam, South Holland, Netherlands10001+18515
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
AstorgLuxembourg51-20019988
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219


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