The Benelux Private Equity fund Smile Invest and its portfolio company Magnum Heating have acquired a majority stake in Thermoduct.
Thermoduct is a specialist in floor and ceiling heating and cooling systems in Belgium. From its location in Mortsel (Antwerp, Belgium), Thermoduct, under the leadership of CEO Manu Nys, has built a strong position in the market for surface heating and cooling systems. With its floor, ceiling and driveway heating and cooling systems, Thermoduct offers a total solution ranging from engineering (technical design and calculation) and distribution to installation with its own installers. Thermoduct positions itself as a complete system integrator and can thus always guarantee quality, thereby distinguishing itself from other parties in its market. Thermoduct has built up an excellent reputation and brand name over the past years. Customers of Thermoduct are installation companies and distribution partners in the construction sector relying on the specialist knowledge of Thermoduct in underfloor heating and cooling systems.
Proost Ventures provided the Commercial Due Diligence of Thermoduct to Magnum Heating and its main shareholder Smile Invest.
Download here in pdf the detailed Case Study Commercial Due Diligence – Thermoduct
Client testimonial
“Proost Ventures delivered a high-quality commercial due diligence, which went into great depth of both Thermoduct and the Belgian market for heating, including both the entire installation and distribution value chain. Proost Ventures has prepared Magnum Heating in an optimal way to enter the Belgian market with Thermoduct as a platform, by outlining all the elements of a successful commercial strategy and we are obviously pleased that the transaction with Thermoduct and its founder Manu Nys has come to fruition,” says Alex van Haaren, the CEO of Magnum Heating.
About Thermoduct
Thermoduct is one of the pioneers in the field of underfloor heating. Thermoduct has been active in the market of underfloor heating systems, wall- and ceiling heating for more than 50 years. Thermoduct caters to private individuals, companies and industrial applications. Thermoduct supplies and integrates a large range of underfloor heating systems. With services ranging from engineering to installation with its own specialist personnel, Thermoduct positions itself as a party offering a total solution. Thermoduct thus provides much more value-add than a wholesaler in underfloor heating.
More info: www.thermoduct.be
About Magnum Heating
The Magnum Heating Group is a manufacturer of electric underfloor heating mats, cables and thermostats. Over the last 3 decades Magnum Heating has grown into a successful fast-growing market leading and branded European designer, manufacturer and supplier of innovative electric and water-based underfloor-, wall- and ceiling heating systems and adjacent products. Underfloor heating systems in combination with electrical heat pumps perfectly respond to the fundamental energy transition moving away from fossil heating sources to sustainable climate solutions. Magnum has a continuous focus on innovation, supported by its customers, ranging from ultra-thin underfloor systems to modular manifolds and remote smart thermostats.
More info: www.magnumheatingroup.com
About Smile Invest
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment fund with €350 million assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and innovative consumer markets. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.
More info: www.smile-invest.com
About Proost Ventures
Commercial Due Diligence, Strategy, and Corporate Finance
Proost Ventures is an independent Advisory and Strategy Consulting boutique specializing in Commercial Due Diligence, strategy advisory, and M&A. Proost Ventures is specialized in a number of industries including Renewable Energy, Healthcare, Industry e.g. Automotive, and Financial Services (Banks, Insurance Companies, Stock Exchanges, Index providers, Private Banks, Asset Finance,…).
More information: www.proostventures.com