Penne brings Indufin on board as new partner

Penne brings Indufin on board as new partner

M&A-advisor sell-side



Indufin is to acquire a stake in Penne alongside BNP Paribas Fortis Private Equity with the ambition to help realise the company’s strong growth plans. As a vote of confidence in the company’s future, the Penne family will further strengthen its position by increasing its stake in the company.


Penne is a leading supplier of solutions in the field of complex metal and plastic components. Its customers include international first-tier suppliers to the automotive and HVAC industries. Among other things, Penne produces wiper systems for cars and propellers for air conditioners.

In addition to being a global player, Penne is above all a family company with strong local roots. Based in Aalst, Belgium and led by the third generation, the company has always strived to keep production in its own country. Thanks to extensive automation and innovation, the company manages to be competitive with the manufacturing industry abroad, both in terms of quality and price. This strategy is now paying off, partly thanks to increasing demand for shorter supply chains and reshoring.

Penne realised a turnover of 36 million euros in 2022.

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Indufin is the investment vehicle of the Belgian group De Eik (founded by the entrepreneurial Van Waeyenberge family) and several other Belgian families. Indufin’s shareholders and management have a stable and long-standing experience in supporting Belgian companies.

Indufin focuses on value creation by being a sounding board for the day-to-day management, by providing insights to take the company to the next level and by leveraging its extensive relationship network.

Penne becomes Indufin’s fifth stake in its current portfolio alongside technical maintenance company Yontec, communications agency Springbok, gardening tools and DIY equipment distributor Varo and IT services group Cheops.

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BNP Paribas Fortis Private Equity:

BNP Paribas Fortis Private Equity, the private equity arm of the eponymous bank, has been active in the private equity market since 1987 and today has some 30 companies in its portfolio, including Konings, Studio 100, Hannecard and Point Chaud.

BNP Paribas Fortis Private Equity invested in Penne back in 2007 and now remains on board with the company as a minority shareholder. Together with brothers Frans and Jan Penne, of whom Frans handles day-to-day management, BNP Paribas Fortis Private Equity saw in Indufin the ideal partner to continue working on the company’s successful growth.

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