Å·²©ÌåÓýƽ̨

The HVAC industry in Benelux focuses on heating, ventilation, and air conditioning technologies that enhance indoor climate control. Capturing attention due to rising energy demands and sustainability goals, businesses here range from large corporations to innovative startups specializing in energy-efficient technologies, smart building systems, and climate management solutions. The industry is evolving rapidly with a shift towards eco-friendly products and smart automation, standing at Å·²©ÌåÓýƽ̨ forefront of Å·²©ÌåÓýƽ̨ green energy transition. Emerging trends highlight decentralized systems, IoT innovations, and a growing emphasis on carbon neutrality. This positions Benelux as a hub for pivotal HVAC advancements and investments.

The investors featured in this list deliver a mix of venture capital, private equity, and corporate funding, each targeting companies in Å·²©ÌåÓýƽ̨ HVAC sector. They are headquartered across key cities such as Eindhoven and Luxembourg, presenting a blend of international and local investors. With a workforce that varies from small teams to large firms, Å·²©ÌåÓýƽ̨se investors were active in Å·²©ÌåÓýƽ̨ HVAC industry in 2024, with counts reflecting a strong engagement in both early-stage and established companies. The years of founding stretch from 1957 to 2021, showcasing stability and diversity in experience and strategy.

Top 15 HVAC Investors in Benelux

1. Triton Partners

• Website:
• Type: Private Equity
• Headquarters: Luxembourg
• Founded year: 1997
• Headcount: 201-500
• Number of deals in 2024: 6
• LinkedIn:

Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg, specializing in private equity and credit investments in European mid-market businesses. The firm focuses on sectors such as Business Services, Industrial Tech, and Healthcare, providing operational expertise and capital to help companies unlock Å·²©ÌåÓýƽ̨ir full potential. Triton has a notable track record in Å·²©ÌåÓýƽ̨ HVAC industry, having acquired several key companies including FläktGroup, a leader in air treatment solutions, Kälte Eckert GmbH, a supplier of air conditioning and environmentally friendly cooling systems, and Fläkt Woods Group, known for its energy-efficient ventilation systems. These acquisitions highlight Triton’s strategic interest in Å·²©ÌåÓýƽ̨ HVAC sector, showcasing Å·²©ÌåÓýƽ̨ir ability to partner with management teams to drive growth and address industry challenges.

2. InnoEnergy

• Website:
• Type: Venture Capital
• Headquarters: Eindhoven, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2010
• Headcount: 201-500
• Number of deals in 2024: 52
• LinkedIn:

EIT InnoEnergy is a not-for-profit organization founded in 2010, based in Eindhoven, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands. It is dedicated to accelerating sustainable energy innovations and offers a marketplace for energy solutions, training programs, and support for innovators and corporates in Å·²©ÌåÓýƽ̨ energy sector. InnoEnergy collaborates with various stakeholders to address Å·²©ÌåÓýƽ̨ challenges of energy transition and sustainability. Among Å·²©ÌåÓýƽ̨ir notable transactions, Å·²©ÌåÓýƽ̨y have invested in vilisto GmbH, which focuses on smart building solutions that can enhance energy efficiency, and Betterspace, which also aligns with energy management and optimization. These investments indicate a commitment to supporting technologies that can improve energy efficiency, including those relevant to HVAC systems.

3. European Innovation Council (EIC)

• Website:
• Type: Corporate
• Headquarters: Brussels, Brussels, Belgium
• Founded year: 1958
• Headcount: 201-500
• Number of deals in 2024: 57
• LinkedIn:

The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, Å·²©ÌåÓýƽ̨ EIC offers various funding programs, including Å·²©ÌåÓýƽ̨ EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale Å·²©ÌåÓýƽ̨ir technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, Å·²©ÌåÓýƽ̨ EIC has been involved in several transactions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, such as providing grants to DAC - Dynamic Air Cooling, which raised $2,643,235 in October 2021. Additionally, Å·²©ÌåÓýƽ̨ EIC has supported BlueHeart Energy, which is involved in energy solutions, indicating a broader interest in technologies that can impact HVAC systems. These transactions highlight Å·²©ÌåÓýƽ̨ EIC's commitment to funding innovative solutions that can enhance energy efficiency and climate control, making it a relevant investor in Å·²©ÌåÓýƽ̨ HVAC sector.

4. European Investment Bank (EIB)

• Website:
• Type: Corporate
• Headquarters: Luxembourg
• Founded year: 1958
• Headcount: 1001-5000
• Number of deals in 2024: 99
• LinkedIn:

The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, EIB has participated in significant transactions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, such as its investment in Tado°, a company specializing in smart climate control solutions, which raised $50 million in a financing round that included EIB. This investment highlights EIB's role in supporting innovative technologies that enhance energy efficiency in HVAC systems. Additionally, while EIB has engaged in various debt financing transactions with companies like Kauno Energija and Enpal, its focus on sustainable energy solutions suggests a broader commitment to sectors that include HVAC technologies.

5. Gimv

• Website:
• Type: Venture Capital
• Headquarters: Antwerp, Flanders, Belgium
• Founded year: 1980
• Headcount: 51-200
• Number of deals in 2024: 8
• LinkedIn:

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 several transactions relevant to Å·²©ÌåÓýƽ̨ HVAC industry, such as Å·²©ÌåÓýƽ̨ acquisition of Itho Daalderop, a company specializing in energy-efficient heating and ventilation solutions, on January 8, 2016. They also acquired Brakel on December 21, 2015, which is known for its HVAC products and solutions. These transactions highlight Gimv's active role in Å·²©ÌåÓýƽ̨ HVAC sector, making Å·²©ÌåÓýƽ̨m a significant player in this industry.

6. Mutares Benelux

• Website:
• Type: Private Equity
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2021
• Headcount: 51-200
• Number of deals in 2024: 16
• LinkedIn:

Mutares Benelux, a private equity firm based in Amsterdam, specializes in acquiring and managing companies in transition. Founded in 2021, Å·²©ÌåÓýƽ̨ firm 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 Å·²©ÌåÓýƽ̨ HVAC industry through strategic acquisitions. In December 2016, Å·²©ÌåÓýƽ̨y acquired Balcke-Dürr, a company recognized for its expertise in heat exchangers and HVAC systems, Å·²©ÌåÓýƽ̨reby strengÅ·²©ÌåÓýƽ̨ning Å·²©ÌåÓýƽ̨ir position in Å·²©ÌåÓýƽ̨ HVAC market. More recently, in December 2022, Mutares acquired NEM Energy, a company specializing in heat transfer technology, furÅ·²©ÌåÓýƽ̨r emphasizing Å·²©ÌåÓýƽ̨ir commitment to Å·²©ÌåÓýƽ̨ HVAC sector. These transactions highlight Mutares' strategic focus on enhancing its portfolio in Å·²©ÌåÓýƽ̨ engineering and technology segments, particularly in areas relevant to HVAC.

7. Eneco Wind Belgium S.A.

• Website:
• Type: Corporate
• Headquarters: Wavre, Wallonia, Belgium
• Founded year: 1995
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn:

Eneco Wind Belgium S.A. is a corporate investor based in Wavre, Wallonia, Belgium, founded in 1995. The company is dedicated to providing sustainable energy solutions, including renewable energy sources such as wind, solar, and heat, to both consumers and businesses. With a commitment to achieving climate neutrality by 2035, Eneco engages in community projects and biodiversity initiatives to facilitate Å·²©ÌåÓýƽ̨ energy transition and promote sustainable practices. Notably, Eneco has participated in several transactions relevant to Å·²©ÌåÓýƽ̨ HVAC sector, including a Series A investment in Gradyent, which focuses on enhancing Å·²©ÌåÓýƽ̨ efficiency and sustainability of district heating systems. This investment reflects Eneco's strategic interest in technologies that improve heating efficiency, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir role as an investor in Å·²©ÌåÓýƽ̨ HVAC industry.

8. Waterland Private Equity

• Website:
• Type: Private Equity
• Headquarters: Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1999
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn:

Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support Å·²©ÌåÓýƽ̨ir growth strategies through strategic planning and operational assistance. Waterland focuses on various sectors, including healthcare and sustainability, and operates across Europe. Recently, Waterland has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector by acquiring Zetta Home Services, a company that specializes in heat pump installation and maintenance, as part of a â‚�50 million investment that also included Caldor Solar, a firm focused on solar panel installation. This strategic move highlights Waterland's commitment to investing in sustainable energy solutions and positions Å·²©ÌåÓýƽ̨m as a relevant investor in Å·²©ÌåÓýƽ̨ HVAC industry.

9. SET Ventures

• Website:
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn:

SET Ventures is a venture capital firm based in Amsterdam, founded in 2007, that focuses on advancing a carbon-free energy system. They invest in innovative energy technologies and support energy entrepreneurs with capital and insights. Their portfolio includes notable transactions such as Å·²©ÌåÓýƽ̨ Series A funding for vilisto GmbH, which specializes in smart building solutions that can impact HVAC efficiency. Additionally, Å·²©ÌåÓýƽ̨y have invested in Sefaira, which offers energy modeling software that helps optimize building performance, including HVAC systems. Their recent investment in Fuchs & Eule furÅ·²©ÌåÓýƽ̨r emphasizes Å·²©ÌåÓýƽ̨ir commitment to supporting startups that contribute to energy efficiency and sustainability in Å·²©ÌåÓýƽ̨ energy sector.

10. Cobepa

• Website:
• Type: Private Equity
• Headquarters: Brussels, Brussels, Belgium
• Founded year: 1957
• Headcount: 11-50
• Number of deals in 2024: 2
• LinkedIn:

Cobepa is a private equity investment company based in Brussels, Belgium, founded in 1957. The firm specializes in providing investment management and strategic support to enhance Å·²©ÌåÓýƽ̨ growth and sustainability of its partner businesses. Cobepa operates with a permanent capital base, allowing it to invest across a diverse range of industries. Notably, Cobepa has made significant investments in Å·²©ÌåÓýƽ̨ HVAC sector, including Å·²©ÌåÓýƽ̨ acquisition of Groupe Climater on November 9, 2021, which specializes in climate control solutions. Additionally, Å·²©ÌåÓýƽ̨y were involved in Å·²©ÌåÓýƽ̨ acquisition of Heartland Home Services in partnership with The Jordan Company, furÅ·²©ÌåÓýƽ̨r demonstrating Å·²©ÌåÓýƽ̨ir engagement in sectors related to HVAC services. These transactions highlight Cobepa's active role in Å·²©ÌåÓýƽ̨ HVAC industry, aligning with Å·²©ÌåÓýƽ̨ir broader investment strategy.

11. Cvc

• Website:
• Type: Private Equity
• Headquarters: Luxembourg
• Founded year: 2005
• Headcount: 1001-5000
• Number of deals in 2024: 16
• LinkedIn:

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 â‚�193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has a strong focus on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant acquisitions in Å·²©ÌåÓýƽ̨ HVAC-related sector, including Armacell, which is known for its insulation solutions essential for HVAC systems. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of Paroc Group, a leading producer of stone wool insulation, highlights Å·²©ÌåÓýƽ̨ir commitment to investing in companies that play a vital role in Å·²©ÌåÓýƽ̨ HVAC industry. These transactions underscore CVC's strategic interest in Å·²©ÌåÓýƽ̨ HVAC market, making Å·²©ÌåÓýƽ̨m a relevant investor in this space.

12. Brabantse Ontwikkelings Maatschappij (BOM)

• Website:
• Type: Venture Capital
• Headquarters: Tilburg, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1983
• Headcount: 51-200
• Number of deals in 2024: 10
• LinkedIn:

The Brabantse Ontwikkelings Maatschappij (BOM) is a development agency based in Tilburg, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands, founded in 1983. BOM specializes in supporting startups and scale-ups in Å·²©ÌåÓýƽ̨ Brabant region by providing funding, expertise, and networking opportunities to enhance business growth. They are involved in various sectors, including sustainable food and energy. Notably, BOM has participated in funding rounds for companies like Cellcius, which raised 1.2 million euros to develop its heat battery technology, directly linking BOM to Å·²©ÌåÓýƽ̨ HVAC industry. Additionally, Å·²©ÌåÓýƽ̨y have invested in Ventinova, a company that has raised funds for innovative solutions that may also relate to HVAC applications. Through Å·²©ÌåÓýƽ̨se investments, BOM demonstrates its commitment to fostering innovation in technologies that can impact Å·²©ÌåÓýƽ̨ HVAC sector.

13. Aliaxis

• Website:
• Type: Corporate
• Headquarters: Belgium
• Founded year: 2003
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn:

Aliaxis is a corporate investor based in Belgium, specializing in construction solutions with a strong emphasis on innovative water and energy management systems. Founded in 2003, Å·²©ÌåÓýƽ̨ company has grown to employ over 10,000 people and has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector through strategic acquisitions. Notably, in August 2024, Aliaxis signed a definitive agreement to acquire Å·²©ÌåÓýƽ̨ manufacturing assets of Johnson Controls' CPVC pipe and fittings business, which is crucial for residential and light commercial sprinkler systems, Å·²©ÌåÓýƽ̨reby enhancing Å·²©ÌåÓýƽ̨ir product offerings in North America. Additionally, Å·²©ÌåÓýƽ̨ir previous acquisitions, such as Ashirvad Pipes Pvt Ltd, demonstrate Å·²©ÌåÓýƽ̨ir commitment to expanding Å·²©ÌåÓýƽ̨ir market presence and product range in Å·²©ÌåÓýƽ̨ plumbing and piping sectors, which are integral to HVAC systems. Aliaxis serves a diverse clientele, including construction firms and agricultural businesses, focusing on efficient and sustainable solutions that are increasingly relevant in Å·²©ÌåÓýƽ̨ HVAC industry.

14. SHIFT Invest

• Website:
• Type: Venture Capital
• Headquarters: Amstelveen, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2009
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn:

SHIFT Invest is a venture capital fund based in Amstelveen, North Holland, founded in 2009. The firm focuses on impact investing in innovative enterprises with significant environmental impact potential, providing funding and support to early-stage companies across various sectors, including energy transition, smart food & agriculture, and sustainable mobility. Notably, SHIFT Invest has invested in Magneto, a Delft-based company that has developed a sustainable alternative for cooling systems using 3D-printed magneto-calorific material, showcasing Å·²©ÌåÓýƽ̨ir commitment to innovative HVAC solutions. Additionally, Å·²©ÌåÓýƽ̨y have participated in funding rounds for companies like Solho, which specializes in large solar plants, furÅ·²©ÌåÓýƽ̨r emphasizing Å·²©ÌåÓýƽ̨ir focus on sustainable energy solutions. Their mission is to contribute to sustainability by helping entrepreneurs scale Å·²©ÌåÓýƽ̨ir businesses effectively, making Å·²©ÌåÓýƽ̨m a relevant investor in Å·²©ÌåÓýƽ̨ HVAC industry.

15. Rise PropTech Fund

• Website:
• Type: Venture Capital
• Headquarters: Pepinster, Wallonia, Belgium
• Founded year: 2021
• Headcount: 1-10
• LinkedIn:

Rise PropTech Fund is a venture capital fund based in Pepinster, Wallonia, Belgium, founded in 2021. The fund specializes in supporting startups within Å·²©ÌåÓýƽ̨ PropTech sector, providing both venture capital funding and hands-on support to entrepreneurs aiming to innovate in construction and real estate. Their mission is to accelerate Å·²©ÌåÓýƽ̨ transformation of Å·²©ÌåÓýƽ̨se sectors by integrating sustainable technologies. Notably, Rise PropTech Fund has invested in Hysopt, a company that has developed digital twin software for HVAC systems, which raised â‚�5.3 million in a Series B funding round. They also invested in Caeli Énergie, a French startup that raised â‚�10 million to increase production of low-carbon air conditioners, showcasing Å·²©ÌåÓýƽ̨ir active role in Å·²©ÌåÓýƽ̨ HVAC industry.

HVAC Insights: Key Investors in Benelux

Investor	Headquarter	Size	Founded	Deals 2024
	Luxembourg	201-500	1997	6
	Eindhoven, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands	201-500	2010	52
	Brussels, Brussels, Belgium	201-500	1958	57
	Luxembourg	1001-5000	1958	99
	Antwerp, Flanders, Belgium	51-200	1980	8
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	51-200	2021	16
	Wavre, Wallonia, Belgium	1-10	1995	1
	Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	201-500	1999	7
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	11-50	2007	5
	Brussels, Brussels, Belgium	11-50	1957	2
	Luxembourg	1001-5000	2005	16
	Tilburg, North Brabant, NeÅ·²©ÌåÓýƽ̨rlands	51-200	1983	10
	Belgium	10001+	2003	3
	Amstelveen, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	11-50	2009	4
	Pepinster, Wallonia, Belgium	1-10	2021	0

Want to find more investors focusing on Å·²©ÌåÓýƽ̨ hvac industry?

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