The chocolate manufacturing industry in Benelux thrives on rich traditions and innovation, producing a variety of chocolates from artisan to mass-market brands. Specializing in not just chocolate bars but also confectionery items such as pralines and filled chocolates, companies in this sector cater to diverse consumer preferences. Major players focus on premium quality and sustainability, emphasizing ethical sourcing of cocoa. With rising interest in healthier alternatives, brands now experiment with sugar-free and vegan chocolate lines. As consumer awareness elevates demand for transparency, the industry's future hinges on adapting to evolving tastes and sustainable practices.


In 2024, a range of investors actively participated in the Benelux chocolate manufacturing scene. This includes corporate players like Azelis and venture capital firms such as PeakBridge and Verlinvest, indicating a mix of strategic and developmental funding endeavors. The firms vary in size and experience, hailing from locations like Brussels and Luxembourg, and they recorded between zero to 16 significant investments throughout the year. Spanning across industries from FoodTech to private equity, these investors demonstrate a keen interest in fostering innovation in the chocolate market while driving growth opportunities.


Top 8 Chocolate Manufacturing 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 a diverse investment portfolio, with notable transactions including the acquisition of Munchy Food Industries in 2018, a Malaysian snacks group known for its Choc-o biscuits, highlighting their engagement in the chocolate manufacturing sector. Additionally, they have made various acquisitions across different food sectors, such as Berlys in 2024 and Kalle in 1997, showcasing their strategic approach to investing in food-related businesses.


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 the life sciences and industrial sectors, focusing on high-quality raw materials and innovative formulations. In 2024, Azelis announced several strategic acquisitions aimed at enhancing its presence in the food and nutrition market. Notably, they acquired Hortimex, a Polish specialty chemicals distributor in the food ingredients segment, and Gillco Ingredients, a US-based specialty ingredient provider in the food and nutrition market. These transactions indicate Azelis's commitment to expanding its portfolio in sectors that are relevant to chocolate manufacturing, as they enhance their capabilities in supplying ingredients that could be utilized in chocolate production.


3. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, specializing in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notably, PeakBridge led a $5.6 million funding round for WNWN Food Labs, a cocoa-free chocolate business, which aims to scale up manufacturing and prepare for a retail launch in the UK. This investment highlights their commitment to innovation in the chocolate sector, alongside their broader portfolio that includes various food-related companies.


4. 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, focusing on high-growth consumer brands across multiple sectors, including food and beverage. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, Verlinvest has increased its stake in Tony's Chocolonely, a leading ethical chocolate brand, from 43.1% to 55.9% in a recent funding round, highlighting their commitment to the chocolate manufacturing sector. This investment supports Tony's global growth and aligns with Verlinvest's strategy of prioritizing consumer needs and sustainable practices. In addition to Tony's Chocolonely, Verlinvest has a diverse portfolio that includes investments in various food and beverage companies, showcasing their broad interest in the consumer market.


5. BIO - the Belgian Investment Company for Developing Countries


The Belgian Investment Company for Developing Countries (BIO) is a not-for-profit organization established in 2001, based in Brussels, Belgium. BIO focuses on providing investment support and development financing to private sector companies in developing countries, aiming to empower these businesses to thrive and contribute to their local economies. Among its notable transactions, BIO has invested in Puratos Grand-Place Indochina, which raised significant funds through debt financing and non-equity assistance, indicating BIO's involvement in the chocolate manufacturing sector. Additionally, BIO's investment in Gebana, a company that deals with agricultural products including cocoa, further highlights its engagement in the chocolate supply chain. These transactions reflect BIO's commitment to fostering sustainable development in industries that include chocolate manufacturing.


6. 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 specializes in partnering 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 food sector, including a substantial minority stake in Vandemoortele, a company that owns the Alpro brand, which is relevant to the chocolate manufacturing context. This investment, announced in 2009, aimed to support Vandemoortele's growth in its frozen bakery and lipids divisions. Additionally, Gimv has been involved in various other transactions, such as acquiring a majority stake in The Spice Factory and investing in startups like Paleo, indicating their active role in supporting food-related businesses.


7. 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 acquired Hancocks Group, a UK confectionery wholesaler, for approximately £100 million in 2012, aiming to leverage their experience in wholesaling to expand Hancocks' national depot network and enhance its product offerings. This acquisition highlights their involvement in the confectionery sector, which is closely related to chocolate manufacturing. Additionally, they have made other acquisitions, such as One Way Plastics and Oerlemans Foods, further demonstrating their active investment strategy in diverse food-related businesses.


8. Gilde Participaties


Gilde Participaties is a private equity firm based in the Netherlands, founded in 1982. The firm specializes in investment management, providing capital and strategic support to businesses primarily in the Benelux region and the healthcare sector. Gilde operates through independent partnerships, including Gilde Equity Management and Gilde Healthcare. Notably, Gilde has been involved in transactions within the food sector, such as the acquisition of Van der Breggen BV, a Dutch bakery known for its caramel waffles and biscuits, which are relevant to the chocolate manufacturing context. This acquisition, announced on July 13, 2007, aimed to enhance growth opportunities by combining Van der Breggen with another company, Bakkersland Banket. Additionally, Gilde acquired Fruity Line in 2016, further demonstrating their active role in the food industry.



Chocolate Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
AzelisAntwerp, Flanders, Belgium1001-500020015
PeakBridgeLuxembourg11-5020188
VerlinvestBrussels, Brussels, Belgium11-5019955
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
GimvAntwerp, Flanders, Belgium51-20019808
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
Gilde ParticipatiesNetherlands11-5019820


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