WAD Capital Entrepreneurs Give Three Walloon SMEs a Sustainable Future
The Ghent-based investment fund WAD Capital has closed its first three acquisitions, marking a significant milestone in its ambitious program to acquire 25 SMEs within three years. The fund targets business owners nearing retirement who haven't planned their company's succession.
Three Walloon Companies Secured
The inaugural deals involve:
Groupe Jordan (Farciennes, Hainaut)
Mignone (Manage, Hainaut)
Alsec (Nivelles, Walloon Brabant)
These three companies have been offered a more sustainable future through WAD Capital's unique institutional search fund model, the only one of its kind in Europe.
€100M Fund Under Construction
WAD Capital is assembling a fund that will reach €100 million by end of 2026:
March 2026: Initial €60M closing
End 2026: Full €100M target
Investors: Major Belgian and Dutch families, plus a significant European private equity player
The Model: Financing Entrepreneurial Takeovers
The fund finances and supports experienced executives in their search for SMEs to revitalize, then takes a majority stake in the acquisition. The typical structure:
WAD Capital: 80% ownership
New CEO: 20% ownership
External partners (like Wallonie Entreprendre): Can participate
Seller: Often retains minority stake to support transition
Addressing Europe's Succession Time Bomb
Founded in 2022 by Steven Coppens and quickly joined by Christopher Tournis Gamble and Alain Brossé, the trio identified a critical market gap:
"47% of European business leaders are over 60, and half of companies have no succession plan," explains Alain Brossé, Managing Partner. "Each year, approximately 450,000 SMEs in Europe seek a successor, and a third don't find one. This represents a significant opportunity for strategic acquisitions."
Rigorous CEO Selection Process
2024 cohort: 1,000 applications → 7 selected
2025 cohort: 8 CEOs-in-residence
2026 cohort: 10 planned
"Candidate selection is essential," notes Steven Coppens, Managing Partner. Selected entrepreneurs undergo an intensive 12-month support program.
Target Profile
WAD Capital focuses on companies that:
Are located within 300km of Brussels
Generate €1-5M EBITDA
Are profitable but need new momentum
Aren't actively on the market
"Many business owners don't want to openly say they want to sell for fear of negative repercussions," explains Christopher Tournis Gamble, Managing Partner. "These companies are doing well, but need fresh impetus. The goal is to grow these sleeping gems."
Expected Returns
Target IRR: 35% (standard for search funds)
Exit timeline: 6-7 years
Strategy: Attract major private equity funds
Spotlight: Frédéric Schilling and Groupe Jordan
The former P&G and Goodyear director exemplifies WAD Capital's model. While entrepreneurially minded, he wasn't ready to acquire a company alone. With WAD's support, he developed a buy-and-build strategy to make Kaeron the leading Belgian HVAC platform.
"Groupe Jordan had an ideal size with 110 employees and real growth potential. The ambition is to become the number 1 player in Belgium. I hope to complete three new acquisitions in the next six months."
Key success factors for Schilling:
Founder Jean-Luc Stavaux remained involved and reinvested
Wallonie Entreprendre also participated as investor
WAD Capital provided crucial support structure
"I would never have launched alone," Schilling admits. "The group dynamic and quality of people who supported me were particularly beneficial. You need to find your sector and then approach dozens of companies. WAD Capital functions like a private equity fund, but with a real entrepreneurial approach."
The Other Two Deals
Mignone: Construction and electrical installation company acquired by Guy-Louis de le Vingne, with Wallonie Entreprendre as co-investor
Alsec: Nivelles-based security company acquired by Steven Bourgeois
