The specialty chemicals industry in Benelux plays a vital role in the regional economy, driven by firms that cater to sectors like pharmaceuticals, agriculture, and construction. Companies in this market focus on producing high-performance materials, functional additives, and innovative formulations designed to enhance product performance and sustainability. As environmental regulations tighten, many players are pivoting toward greener alternatives and more sustainable practices. The focus on advanced manufacturing and technology integration, particularly in bio-based and biodegradable chemicals, is reshaping the industry, pushing it toward a future marked by innovation and ecological mindfulness.


This list features 17 notable investors in the specialty chemicals sector across Benelux. Representing a mix of corporate, venture capital, and private equity firms, these investors are strategically located in major cities like Antwerp, Luxembourg City, and Amsterdam. Founded between 1958 and 2021, most of these entities boast a robust portfolio, with several committing to numerous investments in 2024 — notably including Azelis and the European Investment Bank. Their various sizes, ranging from a handful of employees to over ten thousand, reflect different approaches to igniting growth in this dynamic industry.


Top 17 Specialty Chemicals 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. The EIB aims to support sustainable projects that promote growth and job creation across various sectors. In recent years, the EIB has been involved in significant transactions within the specialty chemicals industry, such as providing $547 million in post-IPO debt to Evonik Industries and $377 million to Umicore. These investments highlight the EIB's commitment to supporting key players in the specialty chemicals sector, alongside its broader mandate to finance sustainable initiatives.


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 innovative services. Founded in 2001, Azelis has grown to cater to over 63,000 customers in the life sciences and industrial sectors, focusing on delivering high-quality raw materials and innovative formulations. In recent years, Azelis has made significant acquisitions to strengthen its position in the specialty chemicals market. Notable transactions include the acquisition of Chemiplas, a distributor of specialty chemicals in Australia and New Zealand, and Asia Primera Kimika Inc. in the Philippines, both aimed at expanding their presence in the Asia-Pacific region. Additionally, they acquired Catalite Co in Thailand, which specializes in personal care and home care chemicals, and YDS Chemicals NV in Belgium, enhancing their local presence in the Benelux region. Their acquisition of Chemical Partners further solidifies their footprint in the industrial chemicals market across Africa and the Middle East. These strategic moves highlight Azelis' commitment to the specialty chemicals industry and its role as a key player in the market.


3. 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, based in Luxembourg, 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 focuses on delivering sustainable value and growth through strategic investments. Noteworthy transactions in the specialty chemicals sector include the acquisition of Taminco, a leading specialty chemicals company, and AOC, a resin company specializing in various applications. Additionally, CVC's investment in Evonik Industries, a significant player in the specialty chemicals market, highlights their active role in this industry. Their recent acquisition of a minority stake in Hempel, a company involved in paints and coatings, also aligns with their interest in chemical-related sectors, further emphasizing their relevance in specialty chemicals.


4. 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 venture capital investor based in Maastricht, Limburg, Netherlands, with a focus on the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. They have been involved in several notable transactions that highlight their interest in innovative solutions within the specialty chemicals context. For instance, they participated in the funding rounds for Octarine Bio, a synthetic biology platform, which raised €4.3M in November 2023 and $1.99M in a seed round in September 2022. Additionally, their investment in Isobionics further emphasizes their engagement in the specialty chemicals space. Overall, dsm-firmenich is positioned as a significant player in the venture capital landscape, particularly in sectors that intersect with specialty chemicals.


5. AkzoNobel

  • Website: akzonobel.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1792
  • Headcount: 10001+
  • LinkedIn: akzonobel

AkzoNobel N.V. is a prominent corporate investor based in Amsterdam, Netherlands, with a rich history dating back to 1792. As a leading manufacturer of paints and coatings, AkzoNobel provides innovative and sustainable solutions for both industrial and consumer markets. The company serves a diverse customer base, including businesses in construction and automotive industries, as well as individual consumers. AkzoNobel has actively engaged in the specialty chemicals sector, evidenced by its acquisitions such as the fatty amine business from Kao Chemicals Europe S.L. in 2008, which bolstered its specialty chemicals offerings. In 2020, the acquisition of Stahl Performance Powder Coatings enhanced its capabilities in low-curing technology for heat-sensitive substrates, further solidifying its position in sustainable solutions. Additionally, the acquisition of the alloy wheel liquid coatings business from Lankwitzer Lackfabrik GmbH in 2022 demonstrates AkzoNobel's commitment to expanding its specialty chemicals portfolio. With a strong focus on sustainability and innovation, AkzoNobel operates in over 150 countries, delivering high-quality products that enhance and protect surfaces.


6. 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 specialty chemicals sector, including the acquisition of COMPO Expert GmbH in 2011 for approximately $295 million, a company known for its specialty fertilizers and plant nutrition solutions. Additionally, their acquisition of Fertiberia in 2019 further emphasizes their commitment to the specialty chemicals industry, as Fertiberia is a prominent producer of fertilizers. These transactions highlight Triton Partners' strategic interest in the specialty chemicals market, making them a relevant player in this field.


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. Notably, Capricorn Partners has been involved in significant transactions within the specialty chemicals industry, particularly with Green Biologics, a UK-based chemicals producer. They led a funding round for Green Biologics through their Capricorn Cleantech Fund, which emphasizes their commitment to investing in sustainable and impactful technologies. Their approach to responsible investing aims to create both financial returns and strategic value for their clients, making them a versatile player in the investment landscape.


8. Eurofins

  • Website: eurofins.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: eurofins

Eurofins Scientific SE is a corporate investor based in Luxembourg, founded in 1987. The company operates over 900 laboratories in 62 countries, providing a wide range of analytical and testing services across various industries, including pharmaceuticals, food, and environmental sectors. In recent years, Eurofins has made several strategic acquisitions to enhance its capabilities and expand its geographical reach. Notably, they acquired EAG Laboratories for $780 million, which added 21 laboratories worldwide and strengthened their position in the pharmaceutical sector. Additionally, Eurofins acquired Eurofins CDMO Alphora, further enhancing their service offerings in drug development and manufacturing. Their acquisition of Quasfar marked their entry into the Colombian market, emphasizing their commitment to expanding in the pharmaceutical sector. These transactions highlight Eurofins' active role in industries that intersect with specialty chemicals, particularly in testing and compliance services.


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 specialty chemicals sector, including the acquisition of EcoChem International, a Belgian producer of eco-friendly flame retardants, in December 2014. This acquisition highlights Gimv's commitment to supporting companies that focus on sustainable and innovative chemical solutions. Additionally, Gimv has been involved in other transactions, such as their investments in Biotalys, a company focused on sustainable agriculture, which further aligns with their interest in environmentally friendly solutions within the chemicals industry.


10. 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 specializes in the agrifood tech sector. They are dedicated to supporting innovative companies that aim to create sustainable food systems through strategic guidance and investment. Astanor has been involved in several notable transactions that intersect with the specialty chemicals industry. For instance, they led a €15 million Series A funding round for Calyxia, a startup developing biodegradable microcapsule technology to mitigate harmful microplastics, which is highly relevant to specialty chemicals. Additionally, Astanor participated in the Series C funding for Modern Meadow, a company focused on bio-based materials, further showcasing their commitment to sustainable innovations that align with specialty chemicals. Their portfolio includes investments in companies like Ynsect, which is shifting towards high-margin food ingredients, indicating a broader interest in sustainable materials and technologies.


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 founded in 1998, based in Luxembourg, 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 has made significant investments in the specialty chemicals sector, including the acquisition of Kerneos, a leader in calcium aluminate technology, and IGM Resins, a global supplier of specialty resins for the coatings and adhesives markets. Additionally, their acquisition of CordenPharma, a contract drug development and manufacturing company, highlights their engagement in the chemical manufacturing space, further solidifying their position in the specialty chemicals industry. These transactions reflect Astorg's strategic approach to investing in sectors that drive innovation and growth, including specialty chemicals.


12. Invest-NL

  • Website: invest-nl.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 51-200
  • Number of deals in 2024: 17
  • LinkedIn: invest-nl

Invest-NL is an impact investment firm based in Amsterdam, Netherlands, founded in 2020. The firm focuses on financing sustainable and innovative projects that contribute to societal transitions, particularly in the energy and technology sectors. They mobilize capital from various sources to make impactful investments aimed at fostering a more sustainable economy. Notable transactions include their strategic partnership with BioBTX, which is developing the world's first demonstration plant for BioBTX ICCP-Technology, and their investment in Pryme N.V., which is working to combat plastic waste through innovative pyrolysis processes. Additionally, they have backed Delft IMP and Paques Biomaterials, further emphasizing their involvement in projects that intersect with the specialty chemicals industry.


13. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity that acts as an investment company for the Flemish government, founded in 2001. PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors such as real estate, clean tech, and life sciences. Notably, PMV has been involved in significant transactions within the specialty chemicals sector, including a €20 million financing round for Avantium, a chemical technology company, and leading an $8 million Series C-2 financing for FRX Innovations, a manufacturer of environmentally friendly flame retardant plastics. These investments highlight PMV's commitment to supporting innovation and sustainable growth in the specialty chemicals industry, alongside their broader investment strategy.


14. 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, Mutares SE & Co. KGaA 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 specialty chemicals space through its acquisition of SFC Solutions, which encompasses seals and fluids activities, and is expected to generate substantial revenue. Additionally, their acquisition of Cikautxo Rubber & Plastic Components further strengthens their position in the automotive market, which often relies on specialty chemicals for manufacturing components. These strategic investments highlight Mutares' commitment to enhancing its portfolio in sectors that intersect with specialty chemicals.


15. 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 spans various sectors, including Food Systems and Circular Economy, with a mission to help clients achieve significant reductions in greenhouse gas emissions. Notably, Icos Capital has invested in companies like Holiferm, which is developing a commercial biosurfactant plant, and Carbon Clean Solutions, which focuses on carbon capture technologies. These investments highlight their engagement in the specialty chemicals industry, particularly in areas that promote sustainable chemical solutions.


16. 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, Netherlands, founded in 2009. The firm focuses on impact investing in innovative enterprises that have significant environmental impact potential. They provide funding and support to early-stage companies across various sectors, including energy transition, smart food & agriculture, and sustainable mobility. Notably, SHIFT Invest has participated in several transactions relevant to the specialty chemicals industry. For example, they invested in ChainCraft, a company that is scaling up production for sustainable materials, and Vertoro, which is commercializing bio-based technologies. Additionally, their investment in Kriya Materials and FoamPlant highlights their commitment to supporting innovative materials that could have applications in specialty chemicals. Through these investments, SHIFT Invest aims to contribute to sustainability by helping entrepreneurs effectively scale their businesses.


17. Brabantse Ontwikkelings Maatschappij (BOM)


The Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM acts as a development agency that supports startups and scale-ups in the Brabant region by providing funding, expertise, and networking opportunities to enhance business growth. Among their notable transactions, BOM has invested in PeelPioneers, a company that repurposes citrus peels to create essential oils and citrus pulp, which are relevant to the specialty chemicals industry. They also supported Rodenburg Biopolymers, indicating their engagement in the biopolymer sector, which is closely related to specialty chemicals. BOM's diverse investment portfolio, including companies in sustainable food and energy, showcases their commitment to innovation and development across various sectors, including specialty chemicals.



Specialty Chemicals Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
AzelisAntwerp, Flanders, Belgium1001-500020015
CvcLuxembourg1001-5000200516
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
AkzoNobelAmsterdam, North Holland, Netherlands10001+17920
Triton PartnersLuxembourg201-50019976
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
EurofinsLuxembourg10001+19878
GimvAntwerp, Flanders, Belgium51-20019808
AstanorLuxembourg11-50201710
AstorgLuxembourg51-20019988
Invest-NLAmsterdam, North Holland, Netherlands51-200202017
PmvBrussels, Brussels, Belgium51-200200111
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
SHIFT InvestAmstelveen, North Holland, Netherlands11-5020094
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310


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