The industrial gases industry in Benelux focuses on the production and distribution of essential gases like oxygen, nitrogen, and hydrogen, used across sectors including healthcare, manufacturing, and energy. Companies in this field supply gases in various forms, cater to needs such as welding, electronics, and food preservation. Moreover, there's a growing trend towards sustainable and green gas solutions, especially hydrogen, reflecting the push for reduced carbon emissions. The sector is becoming more innovative, with investments aimed at enhancing efficiency in gas production and exploring new applications, further intertwining itself with the broader climate change efforts and digital advancements.


The list highlights 17 prominent investors in the industrial gases sector within Benelux, varying from corporate giants like the European Investment Bank to venture capital firms such as Capricorn Partners. Based across Luxembourg, Belgium, and the Netherlands, these investors range in size from small firms to large-scale operations and hold years of experience, dating back to 1926. In 2024, they collectively engaged in numerous deals, emphasizing their active roles and commitment to the growth and innovation of the industrial gases market.


Top 17 Industrial Gases Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB), founded in 1958 and based in Luxembourg, is a public entity 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 several significant transactions, including a debt financing round for Sunfire, which raised approximately $108.6 million, and INERATEC, which secured about $41.8 million. These companies are engaged in innovative energy solutions that may utilize industrial gases, highlighting EIB's role in financing projects that intersect with the industrial gases industry. EIB's commitment to promoting growth and job creation through its investments further underscores its relevance in sectors that include industrial gases.


2. 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 acquisitions in the industrial gases sector, including GCE Group, which specializes in gas control and distribution, and Honeywell Gas Technologies, known for its gas technologies. Additionally, they acquired the ARVOS Group, which, while primarily focused on steam auxiliary components, operates within the broader industrial landscape. Their acquisition of Norres Schlauchtechnik, a manufacturer of plastic industrial hoses, also aligns with industrial applications, further demonstrating their engagement in related sectors.


3. 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 significant transactions related to the industrial gases sector, particularly through their investments in McPhy Energy, which specializes in hydrogen storage technology. In a funding round in 2010, Gimv participated alongside other investors to support McPhy's global expansion and commercialization efforts. Additionally, their recent acquisition of a majority stake in Groupe Tibbloc, a leader in temporary energy solutions, further demonstrates their interest in sectors that intersect with energy and industrial applications. Overall, Gimv's strategic investments reflect a commitment to supporting innovative solutions in the energy landscape, including those relevant to industrial gases.


4. 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, part of Mutares SE & Co. KGaA, is a private equity investment firm based in Amsterdam, Netherlands, founded in 2021. The firm specializes in acquiring and managing companies in transition, providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has been involved in several significant transactions relevant to the industrial sector. In 2024, they signed an agreement to acquire Nervión Industries, Engineering and Services, a leading Iberian industrial services operator with consolidated revenues of approximately EUR 200 million. This acquisition is expected to close in Q1 2025 and highlights Mutares' strategic interest in industrial services. Additionally, their acquisition of NEM Energy from Siemens Energy B.V. in 2022 strengthens their Engineering & Technology segment, further indicating their involvement in sectors that may intersect with industrial gases. Other acquisitions, such as Guascor Energy and Sofinter Group, also reflect their broader focus on energy and engineering solutions, which are relevant to the industrial gases industry.


5. 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 founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC aims to deliver sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the industrial gases sector, exemplified by their acquisition of a minority stake in Indonesia's PT Samator Indo Gas for $155 million in March 2023. This investment marks their commitment to the industrial gases industry, as they plan to support the expansion of Samator Indo Gas, including the construction of a new plant in Central Java. This transaction, along with their diverse portfolio, showcases CVC's capability and interest in various sectors, including industrial gases.


6. Finindus

  • Website: finindus.be
  • Type: Venture Capital
  • Headquarters: Zelzate, Flanders, Belgium
  • Founded year: 1926
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: finindus

Finindus is a venture capital firm based in Zelzate, Flanders, Belgium, founded in 1926. The firm specializes in providing early-stage and growth financing to innovative technology companies, particularly in the fields of materials, sustainable manufacturing, and Industry 4.0. They emphasize proactive and pragmatic assistance to maximize long-term value creation for their portfolio companies. Notably, in 2024, Finindus participated in significant transactions such as Power to Hydrogen, which raised $18 million in a Series A round, and Ionomr Innovations, a developer of polymer and membrane technologies for hydrogen applications, which raised $14.9 million in a Series A round in 2022. These investments highlight their commitment to supporting advancements in hydrogen technology, a key area within the industrial gases sector.


7. 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. Their commitment to responsible investing aims to create both financial returns and strategic value for their clients. Notably, Capricorn Partners has been involved in several transactions that align with the industrial gases context, such as their investment in Black Bear Carbon, which is developing sustainable carbon production methods. This investment reflects their interest in clean technologies that could have applications in the industrial gases sector. Additionally, their participation in funding rounds for companies like Electric Hydrogen indicates a focus on innovative energy solutions, which are relevant to the industrial gases industry.


8. Vopak

  • Website: vopak.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1999
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: vopak

Royal Vopak N.V. is a logistics company specializing in the storage and handling of essential products such as chemicals, oil, gases, and biofuels. Founded in 1999 and based in Rotterdam, South Holland, Netherlands, Vopak operates a global network of terminals that provide safe and efficient storage solutions for a diverse range of customers, including producers and manufacturers. In recent years, Vopak has made significant investments in the industrial gases sector, particularly in liquefied natural gas (LNG). Notably, they acquired a 50% stake in the Eems Energy Terminal for approximately €100 million, enhancing their LNG infrastructure. Additionally, Vopak holds a 49% stake in Sociedad Portuaria el Cayao, the only LNG import facility in Colombia, which allows them to tap into the growing Colombian LNG market. Furthermore, Vopak has invested in Hydrogenious Technologies, which focuses on bulk hydrogen storage and transportation systems, indicating their interest in the hydrogen segment of the industrial gases market. These transactions highlight Vopak's strategic focus on expanding its presence in the industrial gases industry.


9. 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 been involved in several relevant transactions, including investments in Carbon Clean Solutions, which raised significant funding for carbon capture technologies, and CarbonOrO, which is working on reducing emissions in the waste-to-energy and steel industries. These investments highlight Icos Capital's commitment to supporting technologies that align with the goals of the industrial gases sector, particularly in the context of emissions reduction and sustainability.


10. Innovation Fund


The Innovation Fund is a corporate investment fund based in Schaerbeek, Brussels, Belgium, founded in 2015. It focuses on supporting innovative startups and companies primarily in the chemistry and life sciences sectors. The fund collaborates with various partners and sources projects from academic institutions and industry initiatives. Notably, the Innovation Fund has participated in funding rounds for companies like VOCSense, which raised €2.5 million to develop gas microsensors for applications in the chemical and petrochemical sectors. This involvement highlights the fund's interest in technologies that are relevant to industrial gases. Additionally, the fund has invested in Zeopore Technologies, which is refining its technology for specific applications, potentially including those related to gas sensing and management. These transactions demonstrate the Innovation Fund's engagement with companies that operate at the intersection of innovation and industrial gases.


11. 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 investments 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 acquisitions in the industrial sector, such as Megadyne, which produces belts and pulleys for industrial applications, and IGM Resins, which operates in the chemical sector. Their recent acquisition of IPCOM, a company involved in industrial applications, further highlights their engagement in industries that intersect with industrial gases. Astorg's disciplined investment process and commitment to creating long-term value through partnerships with entrepreneurs position them as a noteworthy investor in the industrial gases landscape.


12. Syensqo Ventures

  • Website: solvay-ventures.com
  • Type: Corporate
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn:

Syensqo Ventures is a corporate investor based in Brussels, Belgium, founded in 2016. The firm specializes in advanced materials and solutions across various industries, including aerospace, automotive, and healthcare. With a strong emphasis on research and development, Syensqo Ventures aims to meet the evolving demands of its diverse market. In recent years, they have participated in several significant funding rounds, including an oversubscribed Series A round for Compact Membrane Systems, which focuses on developing olefins and carbon capture solutions, highlighting their interest in technologies that are relevant to the industrial gases sector. Other notable investments include Phase Two Chemicals and Bioeutectics, which further showcase their commitment to innovative chemical solutions.


13. 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, 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. Their investment strategies include credit opportunities and impact funds, catering primarily to businesses seeking flexible capital for growth and operational needs. Notably, Kartesia has been involved in several transactions relevant to the industrial gases sector, including the acquisition of Babcock Wanson, which operates in the industrial sector. They have also engaged in debt financing for companies like Fertiberia, which is involved in the production of fertilizers, potentially linking them to the industrial gases market. Their diverse portfolio and strategic investments suggest a capability and interest in the industrial gases industry.


14. Industrya

  • Website: industrya.com
  • Type: Venture Capital
  • Headquarters: Seraing, Wallonia, Belgium
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: industrya

Industrya is a venture capital investment fund based in Seraing, Wallonia, Belgium, founded in 2020. The firm specializes in supporting innovative start-ups and scale-ups within the industrial sector, providing services such as incubation, acceleration, and investment to help entrepreneurs develop sustainable solutions. In 2022, Industrya participated in a €3 million Series A funding round for Enosis, aimed at accelerating the industrialization of their solutions. Additionally, they invested in VOCSense, which raised €2.5 million in seed funding to industrialize gas microsensors, targeting applications in the chemical and petrochemical sectors. These transactions highlight Industrya's active role in fostering innovation in the industrial gases field, making them a relevant player in this industry.


15. Vtti


VTTI is a corporate investor based in Rotterdam, South Holland, Netherlands, specializing in energy storage and the development of critical energy infrastructure. Founded in 2006, VTTI operates globally with a focus on sustainable energy solutions aimed at supporting the transition to a carbon-neutral future. In 2024, VTTI made headlines with its acquisition of a 70% stake in the Adriatic LNG terminal, valued at approximately €800 million. This terminal, with a regasification capacity of 9.6 billion cubic meters of natural gas per year, marks VTTI's entry into operational LNG assets, highlighting their involvement in the industrial gases sector. Additionally, VTTI invested £33 million in Wastefront for the construction of a tyre recycling plant, which will enable the development of multiple plants at VTTI sites worldwide, further showcasing their interest in chemical processing and sustainability.


16. Convent Capital

  • Website: conventcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: convent-capital

Convent Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2011. The firm specializes in sustainable investments and growth capital provision, primarily targeting small to medium-sized enterprises in the Benelux region. Convent Capital aims to enhance the sustainability efforts of businesses while supporting their growth. Among their notable transactions, they acquired Convertus and Dumaco Group, both of which are involved in sectors that may intersect with industrial gases. Most significantly, their lead investment in ChainCraft, which raised EUR 11 million to develop an industrial scale plant, highlights their engagement in the industrial gases context. This investment reflects their commitment to supporting innovative companies that contribute to sustainability and growth in the industrial sector.


17. Planet First Partners


Planet First Partners is a venture capital firm based in Niederanven, Luxembourg, founded in 2020. The firm focuses on sustainable development and provides growth equity investments to disruptive entrepreneurs aiming to scale tech-enabled businesses that address environmental and social challenges. Notably, Planet First Partners has been involved in significant transactions within the industrial gases context, including a Series D investment in Sunfire, a German electrolyzer manufacturer, which raised €109 million to enhance its green hydrogen technologies. They also participated in a Series E funding round for Sunfire, further solidifying their role in the green hydrogen market. Additionally, their investment in Nanogence, which focuses on catalyst technology for reducing carbon emissions, and their involvement with Submer, a company developing solutions for energy-efficient data centers, demonstrate their commitment to innovative technologies that intersect with the industrial gases sector.



Industrial Gases Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
Triton PartnersLuxembourg201-50019976
GimvAntwerp, Flanders, Belgium51-20019808
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
CvcLuxembourg1001-5000200516
FinindusZelzate, Flanders, Belgium1-1019266
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
VopakRotterdam, South Holland, Netherlands5001-1000019991
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
Innovation FundSchaerbeek, Brussels, Belgium1-1020150
AstorgLuxembourg51-20019988
Syensqo VenturesBrussels, Brussels, Belgium1-1020164
KartesiaLeudelange, Esch-Sur-Alzette, Luxembourg51-20020135
IndustryaSeraing, Wallonia, Belgium11-5020201
VttiRotterdam, South Holland, Netherlands1001-500020063
Convent CapitalAmsterdam, North Holland, Netherlands1-1020112
Planet First PartnersNiederanven, Luxembourg, Luxembourg11-5020205


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