09 sep Smile Invest takes a majority stake in Magnum Heating, growing leader in sustainable heating solutions
Smile Invest has become the majority shareholder in Magnum Heating alongside the founder, Mr. Gio Cleophas, and management. This is the fifth investment of Smile Invest in the last twelve months following earlier investments in SmartSD, Rovers Medical Devices, Oldelft Ultrasound and Microflor. Smile Invest’s portfolio now consists of five innovative growth companies based in the Benelux that are leaders in their respective markets.
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.