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Smile Invest portfolio company Magnum Heating Group completes strategic acquisition in Belgium and takes a next step in creating a European market leader in sustainable climate solutions

Smile Invest portfolio company Magnum Heating Group completes strategic acquisition in Belgium and takes a next step in creating a European market leader in sustainable climate solutions
01 september 2020

Magnum Heating Group (“Magnum”) today announces that it acquires all shares in Thermoduct, a specialist in floor- and ceiling- heating and cooling systems in Belgium. The combination of Magnum and Thermoduct strengthens their market leadership in the Benelux, and is a next step for Magnum in creating a pan-European market leader in innovative environmental climate solutions, supported by a selective add-on strategy. Magnum is supported by its majority shareholder Smile Invest, a Benelux investor, who came on board last year with the aim to accelerate Magnum’s ambitions together with management.

From its location in Mortsel (BE), Thermoduct, under the leadership of CEO Manu Nys, has built a strong position in the market for surface heating and cooling systems. The company mainly supplies customers in Antwerp, East & West Flanders and Brabant. 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.

Thermoduct is a value-add to Magnum’s activities in the Benelux. Alex van Haaren, CEO of Magnum: “Thermoduct has a unique approach to its market that fits well with the market dynamics in Belgium. There is no overlap with our current activities in Belgium, which means that Thermoduct is a good addition to the water-based climate solutions segment. We look forward to work with Manu to further build on the vision and ambition to become a pan-European market leader in innovative climate solutions.”

For Manu Nys, founder of Thermoduct, it was important to enter into a partnership with a party that could guarantee the continuity of the company: “We already knew Magnum as a reliable party in the market. Magnum has a very wide range of electric and water-based climate solutions with presence across the entire value chain. The combination of Thermoduct and Magnum is therefore logical and gives us more clout in the market. I look forward to work with Magnum to realize the ambitions for continued growth”. Manu Nys will remain as director of Thermoduct after the transaction.


About Magnum Heating Group

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.


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.


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 Digitalisation, Healthcare & Wellbeing and Environment. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest
Thomas Dewever, Managing Partner • thomas.dewever@smile-invest.com • +32 476 423 582
Ad Notenboom, Partner • ad.notenboom@smile-invest.com • +31 6 54 28 60 98