LGT Capital Partners and Coller EQT have co-led EMK Capital's single-asset continuation fund for VDK Groep, which closed at its hard cap of €1.25 billion. The deal gives existing investors the option to realize liquidity or keep their exposure to VDK Groep through the continuation vehicle, known as the VDK Partnership Fund. It also provides follow-on capital to support the company's acquisition pipeline and further expansion across Europe.
"We believe this transaction highlights the role the secondaries market can play in providing existing investors with a liquidity option while bringing in new capital to support the next phase of a company's growth," said Martin Fleischer, partner at Coller EQT, in a statement.
Headquartered in Zwolle in the Netherlands, VDK Groep owns 150 installation companies and employs 7,000 specialists. Its services span building intelligence, climate control, electrical engineering, infrastructure engineering and security systems. EMK has backed the company since 2020 and has completed 103 add-on acquisitions in that time.
EBITDA has grown from about €5 million at the time of EMK's acquisition to about €319 million on a pro forma last-12-months basis as of June 2026. Over the same period, VDK Groep has roughly doubled its EBITDA margin and raised its EBITDA cash conversion from about 70 percent to about 100 percent. In February 2026, it acquired Builtech Group, expanding its presence in Germany. Fleischer said the business combines "a successful buy-and-build strategy with exposure to attractive long-term trends including energy efficiency, electrification and building renovation."
LGT Capital Partners has completed more than 100 single-asset liquidity transactions since 2015.
Source: PE Hub · Summarized by HeadlinesBriefing