09 sep Smile Invest announces today that it has completed 2 investments in Microflor B.V. and Magnum Heating B.V.
SMILE INVEST ADDS 2 NEW COMPANIES TO ITS PORTFOLIO
Smile Invest announces today that it has completed two investments in Microflor and Magnum Heating. This concludes a busy 12 month period at Smile Invest following earlier investments in SmartSD, Rovers Medical Devices and Oldelft Ultrasound. Smile Invest’s portfolio now consists of five innovative growth companies based in the Benelux that are leaders in their respective markets.
Investment in in-vitro plant breeding and propagation specialist Microflor
Smile Invest recently acquired a substantial minority stake in Microflor alongside the family Floré, who remains on board as a majority shareholder.
Microflor is active in breeding and propagation of tropical plants with a focus on Phalaenopsis orchids. Over the past 30 years, Microflor has grown into a global top 3 player in breeding, propagation and acclimatization of orchids, the largest ornamental plant variety in the world. The company has unique expertise in in-vitro propagation and breeding technologies that resulted in an extensive proprietary plant genetics portfolio of over 160 commercially available varieties and over 1,000 varieties under development. The company is headquartered in Lochristi, Belgium, and operates state-of-the-art labs and production facilities in Belgium and Slovakia from which it delivers young plants across Europe and the Americas.
The horticulture market is changing considerably driven by trends such as higher technology standards, economies of scale triggering consolidation, shift to mass-retail sales channels, and increasing demand from emerging markets. Microflor has developed an ambitious growth strategy to benefit from the changing dynamics and chose to attract an experienced partner with whom to realize this ambition.
Febe Floré, CEO of Microflor is enthusiastic about the partnership with Smile Invest and the future of the company: “After exploring various scenarios with our advisor Oaklins, we are delighted to welcome Smile Invest as our new partner in Microflor and are excited about the future direction of the business. We have found a partner with entrepreneurial spirit, a focus on long term value creation, an experienced team and a good fit with our family values. With Smile Invest we now also have the experience on board to actively pursue acquisition opportunities and leverage our expertise in in-vitro propagation and breeding technology.”
Thomas Dewever, managing partner at Smile Invest adds: “We are enthusiastic about the growth prospects of Microflor in a consolidating market and are especially impressed by the track record of the management team. Over the years Microflor has developed a unique and broad portfolio of orchid varieties to serve their customers in Europe and the Americas. The company is a real innovator in in-vitro propagation and breeding technology. The specialist know-how and expertise in this family-owned business is truly unique and forms a strong basis from which to further grow the business globally. This investment is a perfect fit for Smile Invest given our focus on innovative, ambitious market leaders with strong technical capabilities.”
Investment in underfloor heating system provider Magnum Heating
Smile Invest has become the majority shareholder in Magnum Heating alongside the founder, Mr. Gio Cleophas and management.
Magnum Heating was founded in 1992. Over the last 3 decades the Company 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 for residential, industrial and commercial applications.From its newly built headquarters in Tholen, Magnum Heating as a specialist is well positioned to benefit from attractive market fundamentals, based on the impactful energy transition and (re-)construction drivers. The participation of Smile Invest has to facilitate the (international) growth of the company, mainly through further innovative products in the residential renovation and new-build market.
Alex van Haaren, CEO of Magnum Heating: “In Smile Invest we found a partner that fully understands our market dynamics and is willing to support and further invest in our business plans. The experience that Smile Invest brings to the table will be very valuable for Magnum Heating and will form a solid basis for further (international) growth and development of the company.”
Ivo Vincente, managing partner at Smile Invest adds: “Magnum Heating Is managed by a strong management team with 25+ years industry experience. We are impressed by its strong ambition and clear vision to further grow the business. 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 ultrathin underfloor systems to modular manifolds and remote smart thermostats. Magnum Heating bears interesting potential to further roll-out its innovation-driven product portfolio in Europe, with more countries trailing the Netherlands in terms of energy transition.”
About Smile Invest
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm 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.
Contacts Smile Invest