Kaeron: Building a National Leader in HVAC & Technical Services
Kaeron is a Brabant Wallon-based holding company led by entrepreneur Frédéric Schilling, established through WAD Capital's search fund model Belgium to consolidate companies in the hvac sector Belgium. Following a 12-month search supported by WAD Capital and Wallonie Entreprendre, Kaeron completed its first business acquisition with Groupe Jordan in 2025 as its platform investment. This marks the beginning of an ambitious hvac business consolidation strategy to build a Benelux leader in heating, ventilation, and air conditioning services, combining operational excellence with sustainable growth across the region.
"Groupe Jordan is the ideal foundation for our vision to build the Benelux's premier HVAC services platform. We're building more than a consolidation play, we're creating an integrated group that combines operational excellence, invests in skilled technicians, and delivers comprehensive climate solutions to commercial and residential clients across the region."
— Frédéric Schilling, Founder & CEO, Kaeron
About Groupe Jordan
Groupe Jordan is a Belgian company specializing in the installation, sale, and maintenance of heating, air-conditioning, and stove systems within the hvac sector in Belgium. Founded on more than a century of experience, the company serves both public-sector and private clients throughout Hainaut and surrounding regions, offering tailored hvac investment belgium solutions and comprehensive annual maintenance contracts. Operating with certified technicians (including AGR-Gaz credentials), Groupe Jordan focuses on modern, energy-efficient equipment such as condensing boilers while maintaining strict compliance with European standards and delivering transparent, detailed project proposals to every client.
About Eric Demory
Eric Demory is a Brussels-based company specializing in heating, sanitary installations, and air conditioning systems for residential and commercial clients across the greater Brussels region. Founded in 1980, the company has cultivated over four decades of expertise in the hvac sector in Belgium, serving individual homeowners and businesses with comprehensive solutions spanning installation, maintenance, and repair services. Eric Demory emphasizes quality craftsmanship, personalized client relationships, and energy-efficient systems working exclusively with modern equipment, certified installations, and reliable professional service that has established the company as a trusted partner for heating and climate control solutions throughout Brussels and beyond.
Value Creation
Kaeron aims to build a leading Benelux HVAC services group by expanding market reach, strengthening recurring revenues, and modernising operations through selective digitalisation. The strategy prioritises integrating acquired businesses into a cohesive platform through disciplined hvac business consolidation, enhancing service quality across all touchpoints, and developing sustainable, future-ready capabilities. By empowering strong local teams with operational autonomy while creating synergies in procurement, technology, and best practices, Kaeron positions the group to serve clients with consistency and excellence throughout the Benelux region.
October 2025
Wallonie Entreprendre Opens Up to Search Funds, a New Model for SME Succession
L’Echo
Kaeron, led by Frédéric Schilling, has acquired Groupe Jordan with financing from WAD Capital and Wallonie Entreprendre, who now hold the majority stake. The acquisition was completed through a search fund structure, a model that is still emerging in Belgium. WAD Capital supported Schilling by financing his search period, which enabled him to identify and acquire Groupe Jordan, while Wallonie Entreprendre provided additional backing for the company’s development.