X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier
Antwerp – CFI is pleased to announce it acted as the corporate finance advisor to Jan Ollevierin attracting Waterland as majory shareholder of X²O, alongside Vendis Capital and himself.
About X²O
Founded in 2004 by Belgian entrepreneur Jan Ollevier and headquartered in Ghent (Belgium), X²O is an omni-channel retailer of visible sanitary equipment and furniture, focused on residential bathroom renovations. The company offers a broad assortment of high quality showers, bathtubs, furniture and similar products through a network of over 50 showrooms and web shops in Belgium, the Netherlands and Germany. X²O employs more than 300 people and generated around EUR 180m revenues in FY23. In 2016, independent private equity firm Vendis Capital invested in X²O through its second fund, supporting the management team in the rapid expansion of both its offline and online operations.
About Waterland
Waterland is an independent European private equity investment group that supports entrepreneurs in realising their growth ambitions. Waterland currently manages over 14 billion euros of investor commitments. Since its founding in 1999, Waterland has grown to more than 200 professionals operating across 13 offices in 11 countries.
About the transaction
Waterland takes a majority share in X²O as part of a strategic initiative to support the company’s further international expansion and enhance its market position. This partnership aims to leverage Waterland’s extensive resources and expertise, enabling X²O to accelerate its growth trajectory. Both Vendis Capital and Jan Ollevier will retain a significant minority stake alongside Waterland, ensuring continuity in the leadership and vision of the company. The transaction successfully closed on 26 September 2024, marking a pivotal moment in X²O’s evolution as it embarks on this new chapter of growth.
CFI’s role in the process
Mario Van Gasse, Partner at CFI, has been the corporate finance advisor of Jan Ollevier for many years, among others as a board member of X²O since 2018.
Jan Ollevier, founder and shareholder: “The collaboration with Mario was highly professional and smooth, with valuable support in negotiation and deal execution. I’m very pleased with the outcome. Now, as we enter this next phase with Waterland, we look forward to leveraging their strong track record and strategic approach. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland is the ideal partner to help us expand our presence and continue delivering superior value and experiences to our customers.”
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