Ghent (BE), 27 August 2024 – Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.
X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands. In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.
Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier retain a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.
Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.”
The transaction is subject to customary approval of the merger clearance authorities.
About X²O
X²O, headquartered in Ghent (Belgium), is an omni-channel retailer of visible sanitary equipment and furniture, focused on residential bathroom renovations. The company offers a broad assortment of high quality showers, bathtubs, furniture and similar products through a network of over 50 showrooms and web shops in Belgium, the Netherlands and Germany. X²O employs more than 300 people and generated around €180m revenues in FY23. www.x2o.be
About Vendis Capital
Founded in 2009, Vendis Capital is an independent private equity firm specializing in the consumer goods sector in Europe. In partnership with experienced entrepreneurs and managers, Vendis aims to invest in small to medium sized consumer companies to help them realise their potential for growth and value creation. Vendis invests in France, Belgium, the Netherlands, Germany, Italy and in the Scandinavian countries. The headquarters of Vendis Capital are in Diegem, Belgium. www.vendiscapital.com
Waterland press contact:
Marketing & Communications Manager
Laurence Van Doosselaere
T +32 479 77 57 68
vandoosselaere@waterland.be
