A ‘great team with broad capabilities’, A&O Shearman’s private equity offering is experienced in both domestic and cross-border deals. This ‘expertise in different domains’ lends itself to the team’s M&A work, and its experience in deals with novel structuring aspects. Wouter Van de Voorde heads the practice from Antwerp, with global corporate co-head Dirk Meeus working out of Brussels. Meeus combines M&A, private equity, and equity capital markets expertise. Frederiek Adams ‘really understands priorities for an investor’, representing both local and international private equity houses on buy- and sell-side transactions. Esther Remy is noted for her work involving complex carve-out and disentanglement considerations.
Private equity in Belgium
A&O Shearman
Practice head(s):
Wouter Van de Voorde
Other key lawyers:
Frederiek Adams; Dirk Meeus; Esther Remy
Testimonials
‘Largest team active in private equity deals in Belgium with multiple partners being able to support you on M&A transactions with expertise in different domains available.’
‘Frederiek Adams is a very pragmatic, young and enthusiastic lawyer that really understands priorities for an investor.’
‘Great team with broad capabilities on all fronts within the firm. Trusted partner advising us on almost all deals we do.’
Work highlights
Baker McKenzie BV/SRL
The private equity team at Baker McKenzie BV/SRL is praised for its ‘deep knowledge of local private equity practices’, with standout fund formation expertise alongside buy-back experience as part of its full-scale private equity and venture capital offering. Roel Meers heads the team, a corporate finance expert with notable experience of the healthcare and life sciences sectors. Luc Meeus is noted for his ‘deep experience in fund structuring and PE-related M&A transactions’, often advising clients on the tax aspects of transactional work, while Koen Vanhaerents heads the global capital markets offering. Dominique Maes is ‘hands-on, direct, and very efficient’ in his work on domestic and international M&A transactions, and both Kristoff Cox and Kim Stas continue to be recommended.
Practice head(s):
Roel Meers
Other key lawyers:
Koen Vanhaerents; Luc Meeus; Dominique Maes; Davinia Martens; Kristoff Cox; Kim Stas; Younes Sebbarh
Testimonials
‘Deep knowledge of local private equity practices and good network in the local business community. International network helps if something happens in one of the countries a portfolio company is active in, and wants to get legal support on ad-hoc business topics.’
‘Strong expertise in the area of private equity fund of funds, building on previous experience. Complete and very well structured documentation.’
‘Dominique Maes is a very pragmatic, seasoned lawyer that searches for solutions while defending client interests.’
Key clients
Astanor
FPIM-SFPI
Astorg
Korys
AgomAb Therapeutics
TA Associates
ReMYND
Target Global
Korys Investments
CVC Capital
M80 Capital
GIMV
IMEC
Innovation Industries
Kebek
Revive
Newton Biocapital II Partners
Belgian Growth Fund II
Fortino Capital Partners
Capricorn
Straco
Participatiemaatschappij Vlaanderen / PMV
Equilis Europe
Welvaartsfonds
Apheon
Work highlights
- Advised Astanor and Target Global, as co-lead investors, in Robovision’s EUR 42 million financing round.
- Advised Astorg on the buy-out of Sofico Invest BV, an Industry-leading software group for enhanced automotive and mobility services.
- Advised the Belgian Sovereign Wealth Fund SFIPM on the structuring and set up of Belgian Growth Fund II, a EUR 300,000,000 fund-of-fund.
ARGO Law
ARGO Law‘s corporate finance and fund structuring departments in Antwerp are ‘focused on solutions’ in private equity work, providing transactional support for funds including assistance on platform investments, add-ons and exits, and tax structuring. Kris Verdoodt co-heads the corporate finance team, with an emphasis on private M&A transactions, while co-head Bert Van Ingelghem is particularly sought-after by family owned companies. Philippe Rens is praised as the Belgian market’s ‘best tax and fund structuring lawyer’, heading the fund structuring practice alongside Freya Jorens. Louis Hoet is also recommended, with sector expertise from sport to tech.
Practice head(s):
Kris Verdoodt; Bert Van Ingelghem
Other key lawyers:
Philippe Rens; Louis Hoet; Freya Jorens; Evelyn Van Raemdonck
Testimonials
‘Hands-on partners (vs. traditional law firms) which means that you are often in direct contact with the experienced professional handling your case/project/file.’
‘Direct contact with experienced professionals and/or partners. In addition, Louis Hoet is coordinating all our needs internally.’
‘The Argo team do many PE deals and therefore have a very good view of the market.’
‘Louis Hoet is a great sparring partner on PE/M&A files. He is our first contact person, with a pragmatic approach.’
‘Philippe Rens is, in my opinion, the best tax and fund structuring lawyer of the Belgian market. Tax advice is comprehensive, to the point, business minded and creative.’
‘Fast and efficient response. Listen carefully to customers and other parties. Focused on solutions and proactive.’
‘We have mainly worked with Evelyn Van Raemdonck: she is fast, efficient, listens, understands the situation and is solution-oriented.’
Key clients
Smile Invest
Waterland Private Equity Investments
Think2Act
Finco
Sofindev
Mitiska REIM
Fortino Capital Partners
Rivean Capital
WorxInvest Horizon
Entourage Capital
Down2Earth Partners
Winwinner Debt Fund
Vectis Private Equity
Equine Care Group
Hummingbird Ventures
Strada Partners
NPM Capital
Gimv
Bencis Capital Partners
Work highlights
- Advised Mitiska REIM on the set-up of First Retail Partners, a newly established fund backed by Partners Group, as well as on its subsequent acquisition by First Retail Partners of 5 Belgian and 5 Portuguese retail parks.
- Assisted Waterland on the acquisition of a majority stake in Abts NV, the exclusive distributor of Tönissteiner beverages in the Benelux.
- Assisted Smile Invest NV on the acquisition of MedEnvision, a Belgian based medtech company that develops products to improve the efficiency of orthopaedic procedures in the operating room on a global scale.
Clifford Chance
The private equity offering at Clifford Chance brings together team members from its corporate, tax and finance practices to advise local and international market players both sell- and buy-side in their complex, multi-faceted matters. The team has a notable focus on venture capital work in the tech sector, an area of expertise of Patrice Viaene. Team head Niek De Pauw often advises on high-profile transactions, including M&A, buy-side acquisitions, sell-side disposals, and public to private transactions. The energy sector continues to be an area of strength for the team, with Xavier Remy a key name here.
Practice head(s):
Niek De Pauw
Other key lawyers:
Xavier Remy; Patrice Viaene; Gillis Waelkens
Key clients
EQT Infrastructure and Fiberklaar
Antin Infrastructure Partners and Eurofiber
Azelis
SFPIM
Tikehau Capital
Marguerite
Cityforward
DTCP
PSA Group
Tikehau Capital (through its Regenerative Agriculture fund)
Aikido Security
THI Holdings
QIC, APG, SLAM and PMV
Asterion Industrial Partners
Work highlights
- Advised Digital Transformation Capital Partners (DTCP), an infrastructure private equity fund specialised in digital infrastructure, on its acquisition of Asteria Infrastructure from Zites BV.
- Advising SFPIM, the investment and holding company of the Belgian federal government, on the recapitalisation of Lineas Group, Europe’s largest private rail freight operator.
- Acted for Marguerite on the auction sale of its 10% stake in the offshore wind company C-Power, to EDF Renewables and C-Power Holdco.
DLA Piper
DLA Piper’s private equity practice provides ‘precise support’ on matters from fund formation to venture capital investments, also providing advice on tax planning and management. Michaël Heene co-heads the team in Antwerp with Pierre Berger; Heene often advises private equity houses and their portfolio companies while Berger is a go-to for regulatory issues and regulatory-driven strategic projects. In Brussels, finance and projects head Caroline Hoste leads the team alongside tax specialist Chris Thompson.
Practice head(s):
Michaël Heene; Pierre Berger; Caroline Hoste; Chris Thompson
Testimonials
‘Precise support covering Belgian, Luxembourg and French law aspects.’
‘Ability to work under various laws (Belgium, Netherlands) and explain local specificities to foreign parties.’
‘Agile, highly available, great coordination of a high number of parties, effective problem solver.’
‘Friendly and responsive.’
‘Personable, strong communication, approachable, reachable, deliver on time.’
Key clients
Apheon
EMK
FPIM
Grinta
Ponsardin Capital
777 Partners
Bregal Milestone
Carlyle
Castik
Eagle Football Holdings
Fortino Capital Venture
Horizon Equity Partners
IceLake Capital
Marklaan Advisory – Strada Partners
Miraclon
Newport Buyout
NPM Capital
PMV
Tioga Capital Partners sLP
Torqx Capital Partners
Waterland
Work highlights
- Advised Marklaan Advisory, an alternative investment fund manager, on structuring two funds: Strada Partners I and Strada Partners 0, established as Private Privaks under Belgian law.
- Assisting Federale Participatie- en Investeringsmaatschappij (SFPIM) with its Design – Renovate– Finance – Maintain (DRFM) program, which renovates Belgian state and military real estate assets to improve energy efficiency.
- Advised Belfius Bank NV/SA as the super senior lender in the financing for Apheon’s acquisition of AlliA Insurance Brokers.
Linklaters
The team at Linklaters runs the gamut of private equity matters, advising on fund set up and structuring, acquisitions, financing, and portfolio management. It brings together team members from the corporate and finance group both within Belgium and internationally to combine tax, restructuring, and regulatory expertise. Department head Arnaud Coibion is noted for his M&A and equity capital markets experience, while ‘extremely efficient’ An-Sofie Van Hootegem is sought-after by funds, investment holdings and family offices for support throughout the entire buy-out lifecycle. For tax related matters, Caroline Borgers is the go-to.
Practice head(s):
Arnaud Coibion
Other key lawyers:
An-Sofie Van Hootegem; Evita Bassot; Caroline Borgers; Francis Wijnakker
Testimonials
‘The team is very close to its clients and understands their needs. They care for the relationship and always make sure the best team is available.’
‘An-Sofie Van Hootegem is extremely efficient and listens to the clients’ needs.’
Key clients
Ardian
PAI
Hg Capital
Waterland
Cobepa
Verlinvest
Gimv
GBL
Korys
Robur Capital
Dovesco
NPM Capital
AtlasInvest Holding
Arev Partners
CDPQ
SK Capital Partners
Sofina
Rivean Capital
Kartesia
Gilde Equity Management
Work highlights
- Advised Hg Capital on its investment in Induver and Clover and on the sale of a c.20% stake in team.blue to Canada Pension Plan Investment, valuing the company at €4.8bn, making it one of the largest privately owned technology companies in Europe.
- Advised 4 Healthy Pets NV (the company behind the brand Edgard & Cooper) and its shareholders on the sale of 100% of the shares in 4 Healthy Pets NV to a subsidiary of General Mills Inc., a large American conglomerate known for its portfolio of food brands.
- Advised Strada Partners on its acquisition of the Elsyca group and on its acquisition of Tresco Engineering, a European leader in inland navigation software, alongside founders and Think2Act Capital.
Loyens & Loeff
The ‘very efficient’ private equity team at Loyens & Loeff handles fund formation, regulatory advice, and M&A transactions for players in the market, working closely with the firm’s investment management team on complex, often cross-border matters. Thomas Lenné heads the team, combining sector expertise in energy, infrastructure, life sciences and technology with experience advising funds and financial investors on their investments, add-ons, and exit transactions. Robrecht Coppens takes the lead on venture capital work, and is sought after for high level pre-insolvency restructuring matters.
Practice head(s):
Thomas Lenné; Robrecht Coppens
Other key lawyers:
Mathias Hendrickx; Mélanie Schollaert
Testimonials
‘Very efficient team. They know the market very well.’
‘Good knowledge of their practice, business-oriented.’
Key clients
Redbird Capital Partners
EQT Healthcare Growth Investments S.à r.l.
Draycott SCR
Ice Lake Capital
Rivean Capital
Astanor Ventures
Platinum Private Equity
KKR
Torqx Capital
Eurazeo
General Atlantic
Baltisse
Strategic Value Partners
Criteria Bio Ventures SICC S.A.
Notion Capital Managers LLP
Work highlights
- Assisted EQT in acquiring CluePoints SA, a leading provider of AI-driven software solutions, through a competitive auction process, handling legal due diligence, transaction structuring, and negotiation of agreements.
- Assisting Eurazeo in its acquisition of Rydoo, including deal structuring, reinvestment by Marlin Equity Partners and managers, and financing, facilitating a strategic and seamless transaction crucial for Eurazeo’s expansion in Belgium.
- Represented Strategic Value Partners in the sale of APCOA Holdings GmbH’s Belgian operations to Indigo Park Belgium NV.
Stibbe
Stibbe‘s ‘high quality, relationship driven’ private equity offering serves high profile Belgian and international funds, venture capitalists, and public entities. The team works closely with its finance, tax, competition and IP practice groups across the Benelux region, and is noted for its specialist experience in M&A transactions. At its helm is Stefan Odeurs, a go-to adviser for funds on their investments in leveraged transactions, expansion capital, and divestments. Dries Hommez is also recommended, combining expertise in corporate and financial law with a focus on private equity and M&A.
Practice head(s):
Stefan Odeurs
Other key lawyers:
Dries Hommez; Jan Peeters; Margaux Beyer; Nina Coussement
Testimonials
‘High quality, relationship driven, very well connected in the local landscape and commercially aware of sensitivities. Always available and quick turnaround times while maintaining quality to a high standard. Pleasure to work with.’
‘Dries Hommez is an engaged, well liked and connected lawyer, reliable and very experienced, pragmatic and can work well with other firms.’
‘Margaux Beyer is a safe pair of hands and very pleasant to work with.’
‘Very professional, lots of sector experience, good track record and references, always available.’
‘Dries Hommez, Margaux Beyer and Nina Coussement are a very professional team, with senior involvement and quick turnarounds. They are dealmakers: focusing on getting a deal done and not on problems, very aware of what’s going on in the sector.’
Work highlights
- Assisted the Flemish Government on the sale of its shares in Gimv to WorxInvest, the parent company of SDWorx.
- Advising Palex Medical, a Spain-based portfolio company owned by Apax Partners and Fremman Capital specialising in the distribution of high value-added MedTech equipment and solutions, on the envisaged acquisition of Duomed.
- Assisted Chequers Capital Partners on the acquisition of a majority stake in Cheops Capital Partners NV from Indufin and Filip Goos (the founder) as well as on the reinvestment by Filip Goos in the newly incorporated holding company.
White & Case LLP
White & Case LLP fields a 'very dedicated' private equity team, leveraging its corporate and M&A capabilities to advise on those transactions with a significant private equity element. Its EMEA-wide private equity strength includes resources in London, Frankfurt, Milan and Stockholm, often handling cross-border mandates. Practice co-head Thierry Bosly is valued for his 'strategic thinking skills', combining transactional experience and global market knowledge. Carlo Meert focuses on cross-border M&A transactions, and has notable experience of the engineering sector. Thomas Glauden is recommended for cross-border Luxembourg matters.
Practice head(s):
Thierry Bosley; Carlo Meert
Other key lawyers:
Thomas Glauden
Testimonials
‘Very dedicated team, everyone going the extra mile.’
‘Carlo Meert is great. Humble and very professional. Always available to help.’
‘Thierry Bosly is an asset for our company. His strategic thinking skills are highly valuable in complex situations.’
Key clients
Copeba
Hameur
Hy24
General Mills
Summit Partners
PPF Group
Proemion Holding / Battery Ventures
Work highlights
ALTIUS
ALTIUS‘ private equity offering is noted for its ‘market knowledge’, supporting both Belgian and international private equity firms, venture capital funds, real estate funds, hedge funds, and equity fund advisors. It has notable experience advising on venture capital investments in early-stage companies, including in the life sciences and tech sectors. Practice co-head Tom Vantroyen specialises in M&A transactions, while co-head Marie Brasseur has notable experience in the energy sector.
Practice head(s):
Tom Vantroyen; Marie Brasseur
Other key lawyers:
Thijs Herremans; Audrey Zegers
Testimonials
‘The team, and especially the partners, are highly responsive and hands-on.’
‘They have very good market knowledge.’
Key clients
Access Capital Partners
Alfeor
Aurelius
Aurelius Equity
Bloc Ventures
BPI Investissement
Bridgepoint Capital
CM-CIC
CVC Capital Partners
Deutsche Invest Capital and Deutsche Invest Mittelstand
Exor
Indufin Capital Partners
Indufin Investment Fund
LBO France
Newfund
Omnes Capital
Otium
Platinum Equity
Starwood Capital
Tikehaut Investment
Valiance Advisors LLP
Vertica Capital Partners
Work highlights
- Advised Indufin Investment Fund in relation to its strategic investment in several companies, including Secutec, Penne, and Yontec.
- Advised Alfeor on the acquisition of assets from the bankrupt Les Ateliers de la Meuse SA (ALM), via the newly-formed company, Les Nouveaux Ateliers de la Meuse SRL, which it incorporated together with Wallonie Entreprendre, one of ALM’s historical shareholders.
- Advised the leading global alternative investment manager, CVC Capital Partners, on several aspects of its regulatory obligations as an AIFMD in Belgium.
Cresco Advocaten
‘A premier legal firm in the venture capital space’, Antwerp-based Cresco Advocaten supports venture capital investors, start-ups and scale-ups in investments and divestments, alongside its work for private equity funds in buy-out M&A transactions, formation, and fundraising. Founder and practice head David Dessers is praised for his ‘vast experience and strategic mindset‘; Glenn L’hoëst was made partner in December 2023, combining ‘deep expertise in corporate law with strong structuring skills’.
Practice head(s):
David Dessers
Other key lawyers:
Glenn L’hoëst; Olivier Van Raemdonck
Testimonials
‘Glenn L’hoëst combines deep expertise in corporate law with strong structuring skills to ensure favourable fund terms for clients. He is detail-oriented when handling complex contracts, while maintaining a strategic outlook to align the fund structure with the client’s long-term goals. Effective communication and problem-solving.’
‘CRESCO stands out as a premier legal firm in the venture capital space, renowned for its extensive experience in this domain and its professionalism. The team combines expert legal acumen with a pragmatic approach, offering clients insightful and tailored advice. Their ability to navigate complex transactions while maintaining a client-focused mindset sets them apart, making them a trusted partner for those seeking strategic guidance and long-term value.’
‘David Dessers, the senior partner and founder of CRESCO, is a true leader in the legal field, especially in venture capital. His vast experience and strategic mindset make him a figure akin to a captain of industry. David’s calm and solution-oriented approach ensures that clients feel confident and well-guided through even the most complex legal matters.’
‘Glenn L’hoëst, a recently promoted partner, brings fresh energy and exceptional talent to the team. His hunger for success and dedication to clients make him stand out as a rising star in the legal profession. Both David and Glenn exemplify professionalism, combining a personable demeanour with a focus on practical, results-driven solutions that set them apart from competitors.’
‘Very strong team around partners David Dessers and Glenn L’hoëst, with several exceptional associates.’
‘Fantastic availability and responsiveness, eye for detail and in-depth understanding of the entire file and all relevant legal docs.’
‘Knowledgeable about tech and software with an efficient and pragmatic approach.’
‘Glenn L’hoëst is a hard-working, knowledgeable lawyer with a client-centric mindset, always trying to meet our demands in terms of deliverables and timelines, in the most efficient manner. He is very responsive and always available to jump on a call and provide ad hoc legal advice, and is therefore considered a trusted advisor.’
Key clients
imec.xpand II
Dovesco
SmartFin Capital – SmartFin Ventures
Impact Shakers Ventures
Partech Ventures
imec.istart future fund
Air Liquide Venture Capital
Novalis Ventures
M80 Capital
Xange Ventures
Airbus Ventures
Hymont Capital
Pitchdrive Fund IIIs
Angelwise
Innovation Industries
KBC Focus Fund
Headline
KBC Group
Credix
Techwolf
PMV
Welvaartsfonds
Main Capital
Birdhouse Ventures
Work highlights
- Advised Robovision on its EUR 60 million Series A round.
- Advised imec.xpand II and Smartfin Capital on their +EUR250 million fund formations.
- Advised Techwolf on its USD 50 million Series A round.
Eubelius
Eubelius‘ private equity offering takes a ‘hands-on, business-oriented approach‘ as part of an integrated corporate and M&A team, with notable experience handling complex disentanglement and carve-out issues, fund formation, structuring, and fundraising. Co-head Matthias Wauters is sought after for his expertise regarding the Belgian venture capital market, Erwin Destuyver often handles cross-border transactions and Filip Jenné has stand out experience of corporate real estate transactions. The ‘highly skilled and highly experienced’ Felix Dobbelaere supports private equity clients in the Belgian M&A market.
Practice head(s):
Matthias Wauters; Erwin Destuyver; Filip Jenné; Felix Dobbelaere
Other key lawyers:
Philippe Mulliez
Testimonials
‘The PE/M&A team is very knowledgeable and extremely pragmatic in its approach – instead of solely going into pure legal arguments, the PE/M&A team has a hands-on, business-oriented approach, meaning that any proposals, negotiations and discussions will keep this in mind.’
‘All the members of the PE/M&A team that we work in are very down-to-earth persons with whom we build a lasting relationship of trust. The team is always available and also serves as a great sounding board when we have specific questions or would like a second opinion.’
‘Erwin Destuyver is a true expert in the PE/M&A field, extremely knowledgeable on the matters and has ample experience; he is very pragmatic in his approach and is able to make a solid business and risk assessment (i.e. assessment of what items to fight for in negotiations). In addition thereto Erwin is a very nice person who boosts trust and confidence.’
‘Great team, very knowledgeable in their field and well connected. They relate very well to entrepreneurs and SMEs / entrepreneurial companies. The team acts in a very pragmatic and result oriented manner. A real pleasure to work with.’
‘The individuals are very friendly, knowledgeable, result oriented and work well together.’
‘Felix Dobbelaere is a highly skilled and highly experienced corporate and M&A lawyer, with a lot of private equity connections, with whom it is a real pleasure to work.’
‘Private equity and M&A experts: very knowledgeable team. Pro-active and cost-efficient approach with excellent value for money. Specialized boutique firm approach which differentiates Eubelius from other law firms.’
‘Felix Dobbelaere is a great lawyer in his field of expertise: very professional, very knowledgeable, always available, pro-active and very pleasant to work with.’
Key clients
CubeCold
BNP Paribas Fortis Private Equity
V-Nova
Fedrus International
Participatiemaatschappij Vlaanderen (PMV)
Duomed
Damier Group (Vindevogel family office)
Dovesco
Sports & Leisure Group
Creafund
Magnax
European Innovation Council Fund
V-Bio Ventures
Fortress Investment Group
I Squared Capital
Aptean
Work highlights
- Advised BNP Paribas Fortis Private Equity Belgium and WallonieEntreprendre on the acquisition of a minority equity stake of 20% of the holding company of the Stûv group.
- Advised The Organic Consumer Group (a Damier company) on its acquisition of LaSaponaria, an Italian producer and distributor of natural and sustainable personal care products.
- Advised the management of Duomed group on the exit of PE fund G Square and the entry of Palex Medical (a portfolio company of PE funds Apax and Fremman Capital) in its capital.
Jones Day
Jones Day‘s ‘client centric’ private equity team leverages its international network to advise clients in both domestic and cross border deals, also offering an active venture capital practice and increasing leveraged finance expertise. Thomas De Muynck, ‘an outstanding professional' who is dual qualified in New York, heads the team and is experienced in advising US and EU funds in Belgian transactions. Jonas Van Den Bossche is a go-to for high profile PE buyouts. The practice was further strengthened by the addition of Pierre-Olivier Mahieu from A&O Shearman in January 2025.
Practice head(s):
Thomas De Muynck
Other key lawyers:
Jonas Van Den Bossche; Paul Van Hooghten; Pierre-Olivier Mahieu
Testimonials
‘Client centric, deep-dive in understanding the key elements of the case, go beyond answering clients’ questions.’
‘Thomas de Muynck invests in a deep understanding of the client and case, and has a direct style in his communications.’
‘Thomas De Muynck is an outstanding professional, discrete but very knowledgeable and thorough. He has excellent intercultural skills and strong strategic insights.’
‘This team is really hands on and to the point, very thorough and pleasant to work with as there is an active interaction and alignment with the client. It is also perfectly capable of handling cross-border and cross-continental transactions where needed in coordination with local counsel.’
Key clients
Arsenal Capital Partners
Bekaert
Biobest Group
CellCarta Biosciences
Encevo
Euroclear
Fortino Capital
For Talents Transmission
Hi Inov Capital
IMCD
iSTAR Medical
Jensen-Group
McCain Foods
Pandox
Partech Capital
Rockley Management
SATEBA
Specialized Bicycle Components
The Riverside Company
Work highlights
- Advised Biobest on the EUR 500 million debt and equity financing for its acquisition of Biotrop Participacoes SA in Brazil.
- Advised SATEBA in its acquisition of the railway business of the De Bonte Group.
- Advised For Talents in the EUR 190 million joint investment, together with RGreen Invest, in Belenergia SpA.
Lydian
The private equity offering from the ‘capable, pragmatic and service oriented’ Lydian sits within its corporate and finance team, and is experienced in handling a range of matters, from mid-market to large-scale international transactions. Team co-head Peter De Ryck is ‘knowledgeable in his field, proactive‘ and noted for his specialised real estate expertise, while co-head Maxime Colle combines private equity, life sciences, and technology sector expertise. Co-head Florence Colpaert made partner in January 2024 and is a go-to for energy and telecoms clients.
Practice head(s):
Peter De Ryck; Maxime Colle; Florence Colpaert
Testimonials
‘The Lydian team is a full service firm which is very capable, pragmatic and service oriented. They have assisted us on several international matters in which we required a Belgian local counsel.’
‘I have been working with Peter de Ryck for several years now and it is always a pleasure to work with him and his team. He is knowledgeable in his field, proactive and invests in his long term relationships.’
Key clients
Naxicap Partners
House of HR (backed by Bain Capital and Naxicap Partners)
White Bridge Investments
Andera Partners
Tikehau Ace Capital
Carl Zeiss Ventures
La Financière Patrimoniale d’Investissement (LFPI)
European Dental Group (backed by Nordic)
Northleaf Capital Partners
Waterland Private Equity
Hartree Partners
Alantra
IU Group – formerly Career Partner Group (backed by Oakley Capital)
Zurich Global Ventures
StoneCalibre
Dense Air Limited (backed by Sidewalk Infrastructure Partners)
DWK Life Sciences (backed by One Equity Partners)
SteelCase Inc.
Level Equity Growth
Bundesrepublik Deutschland – Finanzagentur GmbH
Ufenau Capital Partners
Bencis Capital Partners
TINC NV
Bloom Equity Partners
Trill Impact Ventures
Eli Lilly
Work highlights
- Assisted Norwegian software giant Visma with the acquisition of Silverfin NV (and its subsidiaries).
- Assisted independent investment company Bencis with the auction sale of Ceban Pharmaceuticals, a growing international healthcare platform that provides pharmaceutical solutions for local healthcare providers in several European countries.
- Assisted Eli Lilly and Company in view of a Series A Financing Round in Augustine Therapeutics NV, a spin-off of the Vlaams Instituut voor Biotechnologie (VIB) and the University of Leuven.
NautaDutilh
NautaDutilh‘s private equity team members ‘not only address current issues but also anticipate future legal needs’ for clients from family offices to global private equity funds. The department is headed by Philippe Remels, a go-to for clients in regulated sectors such as healthcare, life sciences, and energy, along with Axel Maeterlinck, who joined the team in July 2024 from Simont Braun. Olivier Van Wouwe is particularly recommended for his ‘nuanced and helpful advice’.
Practice head(s):
Philippe Remels; Axel Maeterlinck
Other key lawyers:
Christophe Wathion; Olivier Van Wouwe
Testimonials
‘Clients would appreciate their proactive strategies, which not only address current issues but also anticipate future legal needs.’
‘Christophe Wathion delivers empathy and genuine concern for clients’ needs.’
‘Philippe Remels has a deep understanding of complex legal frameworks.’
‘We enjoy working with Olivier Van Wouwe. He is very strong and hardworking. He is able to give nuanced and helpful advice to legal counsels, and I believe that’s because he has worked in business himself.’
‘Among the Belgian team of Nauta Dutilh, I was particularly well supported by Olivier Van Wouwe who demonstrated a high degree of professionalism and in depth knowledge of M&A matters. Composed and constructive in all his interactions, Olivier is furthermore very responsive and provides clear and actionable input.’
Key clients
Octopus Ventures
Korys Investments
VMF Invest
Summa Equity
Confo Therapeutics
Vico Therapeutics
FEops
Work highlights
- Assisted Confo Therapeutics on its EUR 60 million Series B Financing Round.
- Advised Vico Therapeutics on its EUR 65 million Series B financing round.
- Assisted Summa Equity with its acquisition of NetGuardians SA.
Quinz
The private equity team from corporate boutique Quinz is co-led by 'great sparring partner' Bart Lintermans and Klaas Thibaut. Lintermans is particularly recommended for his expertise in real estate matters, while Thibaut advises on capital raising and regulatory compliance, often working with funds focusing on life sciences investments. Willem Witters joined the team in September 2024 from Stibbe, heading the equity capital markets practice.
Practice head(s):
Klaas Thibaut; Bart Lintermans
Other key lawyers:
Charlotte De Cort; Willem Witters
Testimonials
‘I typically work with Bart Lintermans. He is a great, sociable lawyer who actually gives practical recommendations and advice when asked. Involvement of other team members is also super, with typically Bart and one other senior lawyer being your contact person with a great overview of the file. Bart is a great sparring partner to find creative structuring solutions.’
‘We have worked with them for over a decade. The high quality they deliver is consistent, they come up with pragmatic solutions and they are highly regarded by their peers. We also appreciate their commitment to integrity and credibility.’
‘Bart Lintermans is head of the team. He is the type of lawyer that can really change things by intervening in a transaction.’
‘Very good senior involvement. Best firm in Belgium in terms of price for quality.’
Key clients
Ackermans & van Haaren
Gimv
Driehaus Capital Management
Normec
Foresco Packaging
Only Creative Entrepreneurs
BNP Paribas Fortis Private Equity
Ampersand Capital Partners
Eranovum
CIM Capital
Icelake Capital
Work highlights
- Assisted lead investors Ackermans & van Haaren (AvH) and Driehaus Capital Management LLC in securing a EUR 60M Series B financing round for Confo Therapeutics.
- Advised Gimv on various transactions, including the acquisition of Electro Zwijsen, Erens, Bovema International, Induzz3 and Electro Verbeke.
- Advised the shareholders of consultancy firm MoneyOak on the sale of the company to EPSA Group.
Strelia
Strelia‘s private equity practice advises both Belgian and international PE funds, VC funds, and individual investors as well as target companies and existing shareholders, with a focus on the technology, life sciences and pharmaceuticals sectors. Gisèle Rosselle heads the team, a tech-sector specialist with international experience, and Katrien Vorlat has significant experience supporting multinational PE funds. Laurent Verhavert is ‘clear and pragmatic' and is qualified across both Belgium and Luxembourg.
Practice head(s):
Gisèle Rosselle
Other key lawyers:
Katrien Vorlat; Laurent Verhavert; Céderic Devroey
Testimonials
‘Great team, which is involved in shaping both market norms and wider awareness of PE in Belgium through involvement in professional organisations abroad.’
‘Katrien Vorlat is highly responsive, commercial and user-friendly. She is everything you would want in a lawyer supporting you.’
‘Strelia treat you always as an important client, having one single point of contact and benefiting from Strelia’s network to get the problem solved.’
‘Laurent Verhavert is a great professional, very reactive and proactive, clear and pragmatic.’
Key clients
Arcadea Group
Rubis Group
Dematra Waterland
Swarovski Group
Foreman Capital
Chemtech Group
Société générale
AbéNex
Newton Biocapital
Vesalius Biocapital
Quilvest capital partners
Dawn capital
Crane capital
Arlington capital partner
BC partners
Cellaion
Join capital
Flamingo Therapeutics
Novadip Biosciences
Neuvasq Biotechnologies
Soil Capital
Ambienta
Aboleris Pharma
Imcyse
New Mountain Capital
Work highlights
- Assisted Paris stock-exchange-listed company Rubis Group on its sale of a 55% stake in the joint-venture Rubis Terminal to its JV partner, I Squared Capital.
- Assisted La Saponaria in the sale of their shares to the Organic Consumer Group, a member of the international holding company Damier Group, and their subsequent reinvestment.
- Assisted life-sciences investment fund Vesalius Biocapital, as well as syndicate of investors, in the framework of a EUR 15,000,000 equity financing round in Cognivia.
Ace Law
Ace Law‘s ‘expert knowledge of the Belgian PE landscape‘ as a corporate boutique is a key element of its practice, which is focused on assisting clients in fund structuring and investments and divestments. Clients ‘highly recommend‘ practice head and co-founder Didier Roemers for his commercial approach to both national and international transactions, while Wouter Verhelst is highlighted for his ability to ‘untangle complex situations’. Antoon Dierick joined the team in Ghent in July 2024 from MDP Advocaten.
Practice head(s):
Didier Roemers
Other key lawyers:
Wouter Verhelst; Filip Meire; Antoon Dierick
Testimonials
‘The firm’s expert knowledge of the Belgian PE landscape makes them an excellent advisor, both from a commercial and a legal point of view.’
‘Didier Roemers is hands-down the best lawyer I have ever worked with. He is efficient, punctual, fast and clear in his communication. What really stands out, though, is how commercial he is: he understands what’s important and what’s not, and dares to make clear recommendations. I highly recommend him to everyone in Belgium for any PE / VC work.’
‘We could count on Wouter Verhelst to get into the details and untangle complex situations for us.’
Key clients
Triginta Fund
Gimv
Capital A Partners
Tilleghem Private Equity
WorxInvest
Down2Earth Capital
REACTR Fund
Andera Partners
Vectis Private Equity
Erudite.Health
EverBlue Fund
Vybros Capital Partners
Lighthouse Intelligence
Value Enhancement Partners
Work highlights
- Advised Gimv on its investment in Castelein Sealants together with management and investment fund Akiles.
- Assisted Vybros Capital Partners on the fund structuring of its EUR 125 million private equity fund.
- Advised REACTR, a Belgian real estate fund, on the acquisition of the Blue Towers from Ghelamco for EUR 100 million.
Cambrian
Valued for its ‘expertise, pragmatic and customer centric approach,’ and ‘qualitative work’, the private equity offering from Cambrian in Antwerp combines experience supporting funds and companies in their equity capital markets transactions with an increasing focus on fund formation. Pieter Capiau, Wim Van Berendoncks and Yannick Verrycke co-head the team, offering particular expertise regarding the technology sector.
Practice head(s):
Pieter Capiau; Wim Van Berendoncks; Yannick Verrycke
Other key lawyers:
Laura Rosseel; Reinart Vos; Sammy Perel
Testimonials
‘We have a longstanding relationship with Cambrian and have relied on their services for our venture capital investment activities, both on the level of the management structure (set-up, incentive mechanisms) and throughout the different stages of investment in our portfolio companies (invest/follow-on/exit).’
‘We value in particular the expertise, pragmatic and customer centric approach, and qualitative work.’
‘Pieter Capiau has proven on several occasions to grasp the particular context and complexity of our activities and to participate and come up with creative and appropriate proposals/solutions during the negotiation, structuring and drafting of legal documentation of transactions. Pieter also has an excellent view on how our industry works and changes.’
Key clients
Hummingbird Ventures
Prime Ventures
Peak Capital
Senovo
Pitchdrive
SmartFin Capital
Volta Ventures
Imec
Sweetwood Ventures
PMV
Think2Act
TheClubdealFund
9.5 Magnitude Ventures
Rio Fund
Shift Invest
Force over Mass
Inventures
FPIM
LRM
Arkane
Oper Credits
Deo
Storychief
Loop Earplugs
Mobietrain
NGData
Settlemint
Road21
Pluginvest
Vaultspeed
Ziggu
Work highlights
Deloitte Legal
Deloitte Legal‘s ‘customer focused’ private equity practice works within its corporate and M&A team, and leverages the wider team’s life sciences, healthcare, and technology sector expertise to support investors and funds. David Roelens heads the wider practice from Brussels, where Christoph Michiels takes the lead on the team’s scale-up and investor initiatives and Marc Van tieghem is the go-to in Antwerp.
Practice head(s):
David Roelens; Christoph Michiels; Marc Van tieghem
Other key lawyers:
Henri-Simon Vande Vyver; Hans Vansweevelt
Testimonials
‘Very customer focused team. In-depth know-how and excellent response times.’
‘Excellent knowledge of our corporate file. Good and immediate support by the Deloitte Legal team.’
‘We appreciate the hands-on support by Henri-Simon Vande Vyver and the team’s flexibility in our requests. Their good knowledge of our file and practical advice is a significant plus.’
Key clients
PMV – Welvaartsfonds
Baltisse
Waterland
Saffelberg
D’Ieteren
Chequers Capital
Aurelius
Kebek Private Equity
Essers family office
Heylen Group
Cobepa
Korys Investments
M80 Partners
De Eik NV
Forbion
Imec.Xpand Comm.V.
Jeito
Inkef Capital
Welvaartsfonds
ECBF
Capricorn Health Fund
QBIC fund
White Fund
Participatiemaatschappij Vlaanderen
Korys Investments
Vbio-Ventures
Accelleran NV
Agomab Therapeutics NV
Amber Technologies
Ampacimon NV
Amphistar BV
Arkite NV
Aphea NV
Apitope International NV
Arcsec NV
Augustine Therapeutics NV
Bioqube Ventures NV
Blue Foot Membranes
Bubbly-Doo BV
Beeple NV
Complix NV
Constell8 NV
Deuteroncology NV
Dualyx NV
Epigan NV
eTheRNA Immunotherapies NV
FOx Biosystems NV
Friedewald Confectionary NV
Inbiose NV
Indigo Diabetes NV
Intigriti NV
Jay Technologies
Leuven Air Bearings NV
Micledi Microdisplays BV
Minoryx Therapeutics BE NV
MRM Technologies NV
MRM Health NV
Ontoforce NV
Ovizio Imaging Systems NV
Primmune
Prodigest BV
Protealis NV
Rewind Therapeutics NV
S-biomedic NV
Sensolus NV
Sentea NV
Skilpod BV
Softhale NV
Solithor BV
Swave BV
Trince BV
Unifly NV
Vipun Medical NV
Work highlights
- Advised the shareholders of the Dairy Food Group on the drafting and negotiation of transaction documentation in respect of the sale of the group to the Royal A-ware group.
- Assisted Cobepa SA in its acquisition due diligence of Easyfairs NV and its subsidiaries.
- Assisted Augustine Therapeutics with the series A investment round of approx. EUR 55 mio and first closing of EUR 17 mio with Asabys (Spain) as lead investors and Eli Lilly (US) co-investor.
Liedekerke
Liedekerke‘s practice, as part of its corporate and M&A and banking and finance teams, ‘is very knowledgeable and pragmatic in its approach’ to assisting private equity and venture capital firms. Noted for its sector strength in the energy, tech and life sciences industries, the team often assists start-ups and scale-ups. Damien Conem heads the team, and is experienced in regulated industries and multi-jurisdictional operations.
Practice head(s):
Damien Conem
Other key lawyers:
Christel Van den Eynden; Wim Dedecker; Jacques Meunier
Testimonials
‘Liedekerke has a strong partner base with hands-on and adequate legal advisory. We recommend them for many of our private equity matters with a Belgium angle.’
‘I mostly work with Christel Van den Eynden and Wim Dedecker. They are both very hands-on and have strong capabilities to assist on all services related to PE.’
Key clients
Biotrop Participacoes S.A.
Perpetum Energy
CGE Partners
Transition Capital Partners
Gemini Investments LP
Cordiant Digital Holding UK Limited
Spadel
SFPI (The Federal Holding and Investment Company (SFPIM))
Korys
Honotel
M80
Work highlights
- Assisting the venture capital fund of Euronext listed company Spadel’s with multiple investments including in Dripl (sustainable beverage start-up) and The Mocktailclub (beverage start-up).
- Assisting Perpetum Energy, a Belgian group active in the market of industrial decarbonization, with the entry of private equity player Pioneer Point Partners into its equity.
- Assisting Transition Capital Partners, a UK and Italy based private equity investment firm, with the acquisition of a majority stake in BeVet SRL.
Monard law
Monard law, joined by Buyle fields a ‘client oriented, practical and knowledgeable’ team advising private equity and venture capital funds on all stages of the investment cycle. Often advising family-owned companies, Nicole Segers heads the private equity practice. Benoit Samyn is a go-to for matters regarding the real estate sector, while Pieter Van den Broeck has experience of cross-border work in the Netherlands and China particularly.
Practice head(s):
Nicole Segers
Other key lawyers:
Pieter Van den Broeck; Maxime Monard; Benoit Samyn; Lize Van Looy; Nick Samyn
Testimonials
‘Team is client oriented, practical and knowledgeable in all fields that are relevant.’
‘Maxime Monard and Lize Van Looy are both practical lawyers, highly valued not only for their practical approach but also their in-depth knowledge of all relevant matters. In addition, they are a real pleasure to work with.’
‘Very approachable team; very quick to respond; high quality of output.’
‘Very good collaboration with the lawyers. If the lawyer doesn’t have the expertise personally they will search for colleagues to help.’
‘Down to earth, efficient support. Strong market knowledge.’
‘Nice to work with, no-nonsense people.’
‘Competent and readily available experts who remain constant throughout the years.’
‘Excellent responsivity and flexibility from Maxime Monard. Solid expertise and availability from Lize Van Looy.’
Key clients
Down 2 Earth Capital
Quanteus Group
Legia Capital
Glowi
LRM
Concentra
GT Invest
Sitemark
Droia Ventures
Chili Publish
E-Capital Equity Management
The Nest Family Office
Pharrowtech
Lizy
In2Action
Vectis Private Equity
Invale
LocalGlobe
XAnge
OTB Ventures
Eneco Ventures
Molten Ventures
Felix Capital
Work highlights
- Advised The Nest on the acquisition of a 20% stake in Ardo, a global leader in the production and sales of fresh frozen vegetables, fruit and herbs.
- Advised Felix Capital as lead investor in the USD 30 mio equity round of Belgian scaleup TechWolf.
- Advised Glowi (backed by BNP Paribas Fortis Private Equity NV) on six acquisitions in the past year (Easy Life, Blue Group, Motmans & Partners, CaptainWork, RCA, HeadOffice).
Simont Braun
Simont Braun‘s private equity and fund structuring team works closely with its corporate dispute resolution practice and newly formed ESG team, which has a particular focus on ESG for private equity. Team co-heads Steven Callens and Tom Swinnen offer corporate and M&A specialist expertise, while co-head Thomas Gernay is a go-to for tax matters.
Practice head(s):
Tom Swinnen; Steven Callens; Thomas Gernay
Other key lawyers:
Julie Braeckman; Melissa Maertens
Work highlights
- Assisted the shareholders of the Emmers group within the framework of the sale of a minority stake to Belgian private equity Akiles.
- Assisted the Danish Rockwool on the divestment of its Belgian distributor Wille.
Van Olmen & Wynant
Van Olmen & Wynant is recommended for its ‘pragmatic insight’ in private equity and venture capital matters, providing advice on private company investments, fund structuring, and formation. Founding partner and corporate practice head Luc Wynant has standout experience in the venture capital space, while Koen Hoornaert ‘excels in proactive advisory’ work for family businesses, their shareholders, and directors.
Practice head(s):
Luc Wynant; Koen Hoornaert
Other key lawyers:
Laurent Detaille
Testimonials
‘What makes the practice different (and why I keep returning to them) is their pragmatic insight. Many law firms are knowledgeable, but sometimes create “problems” instead of solving them. Luc Wynant is very experienced and gets things done.’
‘Knowledgeable partners and associates, decades of experience in industry, including in highly evolving industries (e.g. technology).’
‘Pragmatic legal advice with focus on business needs. Excellent follow up.’
‘A strong, close and genuine relationship with their clients, coupled with a solution-driven and highly professional and pragmatic mindset. This combination results in Van Olmen & Wynant being a true trusted partner accompanying us in every step of our development.’
‘We work regularly with Luc Wynant and Laurent Detaille. Both show a strong dedication to any of our professional needs and, aside from their deep legal expertise, take the effort to understand our culture, ambitions and way of doing business. This makes them an outstanding legal adviser but also a trusted business partner crucial to our operations. They make you feel they are part of your own team!’
‘Very experienced team with the right knowledge to guide you through a transaction.’
‘Luc Wynant is really an expert with many years of experience. He is a very calm person who can explain “legal things” in a very understandable language.’
‘Koen Hoornaert is an exceptional individual and a walking encyclopedia with tons of experience. He is a very straightforward and transparent communicator. He excels in proactive advisory to avoid damage control later down the process. It is clear that he puts the client before everything else. I have 100% trust in Koen as our legal advisor and that is worth a lot these days.’
Key clients
AAA Fund
Alberts
Angular Ventures
AnyKrowd
Bizzcontrol
Bizzy Fintech
Capital-E
Flanders Tax Shelter
ING Belgium
Juunoo
Juvi Immo
JWood – Omega Studio
Kadonation
Kampani
Moonbag Capital
MVGM
Newion Partners
Paleo
PatientSupportR
Pepite
Raito
Sentometrics
Soda Data
Team Industries
Tom Vandecasteele
Victrix
Vitamins@work
Work highlights
- Assisted the shareholders of Albatross Projects GmbH in their sale of 100% of the shares in Albatross Projects GmbH and its subsidiaries to Waterland.
- Assisted the sellers in the sale of all shares in ECE to Sofindev, a leading private equity player in the Benelux, as part of a leveraged buy-out transaction.
- Assisted Rik Vandecasteele NV with the incorporation of a holding company by Oxygenium Holding NV to acquire shares of FINEX NV, the transfer of 100% of FINEX NV shares to the new holding company, and the subsequent cash reinvestment into the holding company by Oxygenium Holding NV, BNP Paribas Fortis Private Equity Belgium NV and Bruyneel Demets NV.