The entrepreneurial fund Profinpar Fund II is proud to announce its investment in Stellar Tech, a Brussels-based company specialising in influencer marketing. This fund raising supports the acquisition of a major competitor in Germany, marking an important step in the creation of a European group destined to become a key player in a fragmented sector undergoing strong organic growth.

Founded in 2015 by entrepreneurs Cathy Pill and Sarah Levin, Stellar Tech offers an innovative SaaS platform for marketing agencies and brands looking to maximise the effectiveness of their influencer advertising campaigns on social networks. The Stellar platform optimises campaign management and maximises return on investment for clients, in particular through the use of artificial intelligence and machine learning. The company serves such high-profile clients as Disney, Nintendo, Dyson, Air France and Ketchum.

With a strong presence in the Benelux and French-speaking markets, Stellar aims to strengthen its position in Europe through strategic acquisitions. The acquisition of IROIN®️, Germany’s leading influencer marketing platform, fits perfectly with this strategy and enables Stellar to enhance its product offering and accelerate its expansion in the DACH region. This acquisition, which is the second in less than a year following that of Influo (now renamed Creatorz) in June 2024, strengthens Stellar’s position as a major influencer marketing player in Europe.

The market for influencer marketing software is growing rapidly, fuelled by the increasing adoption of this strategy by brands and communications agencies to reach their target audiences. Numerous market studies confirm the increase in budgets allocated to influencer marketing, leading to a significant rise in investment in tools dedicated to running and measuring these campaigns. The global influencer marketing market is expected to reach USD 25.4 billion by 2024. Annual growth projections for the European market are around 15%.

Profinpar is investing in Stellar alongside other shareholders, including Cédric Pierrard, an investor at Profinpar. Cédric is the founder and former CEO of Efficy, a European CRM platform, he will chair Stellar’s Board of Directors.

“Profinpar is enthusiastic about the idea of supporting Stellar in this crucial phase of its development. With solid foundations in its historic markets, Stellar is perfectly positioned to capitalise on the expected growth in the sector and to act as a consolidator at European level. In addition, the collaboration with Cédric Pierrard meets the company’s needs and is a perfect illustration of our investment model, which mobilises capital and skills to support the development of fast-growing companies,” said Dimitri de Failly, partner at Profinpar.

Cathy Pill, founder and CEO of Stellar Tech, is proud of the company’s track record and confident in its ability to become a European leader in a fast-growing market. She believes that Profinpar is the ideal partner to support Stellar Tech at this stage of its development: “Profinpar’s investment as lead investor in this financing round marks a decisive step for Stellar. In addition to the capital they are providing, Profinpar will actively support us on the board of directors to ensure that the company can effectively implement its development strategy.”

The team managing Profinpar and their 50 entrepreneur-investors are launching a new fund under the same name, designed to step in where traditional private equity funds stop.

Françoise Belfroid (formerly of the Ronveaux group), Francis Blake (Imperbel), François Blondel (KitoZyme, OncoDNA), Christophe Leclercq (Newelec), Paul Portier (Groupe Portier), Etienne Rigo (Octa+), and Thierry Quertinmont (formerly of Trafic) are among the entrepreneur-investors participating in Profinpar’s capital.

This Walloon investment fund, created in 2016 from an investors’ club, aims to take stakes in promising SMEs whose fundamentals are too weak to attract traditional private equity funds, yet too strong to interest individual investors.

These founders are now launching a second version of the fund, bolstered by more entrepreneurs and greater resources.

The new Profinpar will also prioritize Walloon and Brussels-based SMEs, “because that’s where the need is greatest.”

Injecting ESG

“While there are seven to eight funds serving this SME market in Flanders, in Wallonia, Profinpar is almost alone,” notes Rodolphe Blondiau, a former partner at M&A firm Merodis who has joined Dimitri de Failly and Thomas Walgraffe on the Profinpar management team. Founder Pierre Robin, 74, is stepping back from operations but remains on board as senior advisor and investor.

“The companies we target employ between 10 and 200 people, have an EBITDA between €0.5 and €4 million, a positive cash flow, and an enterprise value between €5 and €25 million, often with a single shareholder-manager,” explains Dimitri de Failly.

Their main needs lie in governance (no board of directors), executive teams (too reliant on the founder), and challenges such as regulation, competition, or ESG criteria.

€2 to €6 million per ticket

Profinpar’s strategy involves pairing each portfolio company with one or more entrepreneur-investors based on relevant experience. “We are multisectoral, and so are our shareholders. We avoid only three sectors: hospitality, construction, and biotech.”

Backed by €50 million (up from €38 million for the first fund), of which €31 million has already been raised, the new fund will make minority or majority investments ranging from €2 to €6 million, compared to a previous maximum of €4 million. It will also require at least two board seats.

Structured as a Belgian private PRICAF, the fund aims to complete two to three transactions per year for the first five years, then either exit or continue supporting companies for the next five.

To date, the first Profinpar fund, which will be wound down by the end of 2027, has invested in ten companies and exited four: MiD Finance, Nexum, ODB, and Pro Leather. The first three generated capital gains, while the fourth filed for bankruptcy shortly after Profinpar’s exit.

“In any portfolio of ten, there are always two or three top performers and one or two setbacks,” says Dimitri de Failly. “But our first fund’s investors have already recouped their capital and made a profit.”

100 files analyzed per year

Each time the fund invests in a company, it works along two axes: improving structure and supporting growth. “That means putting in place a real board of directors, a leadership team (reducing dependence on the founder-CEO), and a system based on operational excellence,” says Dimitri de Failly.

“We also ensure that companies grow both organically (new markets, expanded sales teams) and through acquisitions. Many SMEs are hesitant about external growth, but that’s our field, and we can help.”

The new fund also includes four public institutional investors: SFPIM (already involved in the previous fund), and newcomers Wallonie Entreprendre, Noshaq, and Finance & Invest Brussels. “It’s a sign of recognition for our model, and we’re also very complementary,” says Rodolphe Blondiau. Many entrepreneurs who contact public institutions are referred to Profinpar.

“We review around 100 proposals each year, more than half of which are presented directly by owners (without intermediaries),” he adds. “That will continue. Of the 100, around 20 go through deeper analysis, 10 undergo full due diligence, and 2 or 3 end in an investment.”

Currently, the team is reviewing a few opportunities, including two companies in digitalization and one in animal health.

Summary

Profinpar, a fund backed by entrepreneur-investors, is launching a new ten-year investment cycle with €50 million to support high-potential SMEs. Like its predecessor, it will focus on Wallonia and Brussels, “where the need is greatest.” The fund will target SMEs with 10 to 200 employees, EBITDA of €0.5 to €4 million, and enterprise value between €5 and €25 million. Four public institutions are on board: SFPIM, Wallonie Entreprendre, Noshaq, and Finance & Invest Brussels.

Following the success of its first fund launched in 2017, Profinpar, a firm specialising in supporting profitable and growing SMEs in Belgium, is launching a new €50 million fund. Among the investors are well-known Belgian entrepreneurs.

Founded in 1997 as an investor club, Profinpar has been supporting SMEs for over 25 years. In 2017, its founder Pierre Robin partnered with Dimitri de Failly and Thomas Walgraffe to launch a first €38 million fund. The objective was to fill a gap in the French-speaking Belgian venture capital market: investing between €2 and €6 million in profitable and growing SMEs.

The new fund has already attracted and united high-profile entrepreneurs such as Françoise Belfroid (Ronveaux Group), Francis Blake (Imperbel), François Blondel (KitoZyme, OncoDNA), Christophe Leclercq (Newelec), Paul Portier (Portier Group), Etienne Rigo (Octa+), Thierry Quertinmont (Trafic), Serge Bassem (Ewon), Louis Amory (Maison Blavier), and Cedric Pierrard (Efficy).

A distinctive approach

What makes Profinpar unique is its combination of equity investment with the expertise of its investors, who are entrepreneurs themselves. “Our investors are entrepreneurs who share their experience and networks with our partner companies to help them grow,” says Dimitri de Failly, Profinpar Partner. “We act as active partners, by buying shares or injecting capital, and by supporting the management team at board level to help shape strategic thinking and contribute to key decisions. This allows us to bring real added value to SMEs.”

‘Rough diamond’ SMEs

Profinpar targets companies with an enterprise value between approximately €5 and €25 million, located in Belgium, Luxembourg and northern France. However, the strategic focus is on French-speaking Belgium, where private equity players are scarcer than in Flanders. “There is a real need for private investors willing to actively support SME growth in Belgium,” notes Thomas Walgraffe, Partner at Profinpar. “Business transfers are also becoming a major issue. Our offer aims to fill a real gap. Our approach is often complementary to that of public investors, with whom we gladly collaborate.”

More precisely, Profinpar looks for profitable SMEs with development potential, typically in niche or consolidating sectors. It supports their growth and structuring path, with a particular focus on ESG aspects. “Structuring is critical,” explains Dimitri de Failly. “Many SMEs struggle to grow or find successors due to weak internal organisation or overdependence on their founder. Profinpar’s role is to help strengthen these businesses, notably by investing in the professionalisation of their governance. It’s an essential prerequisite for healthy growth.”

Strong success stories

Since launch, the first Profinpar fund has invested in 10 ambitious SMEs and has now completed its investment period. Notable success stories include MiD Finance, based in Fléron, which became the national leader in personal and mortgage loan brokerage in just a few years. This impressive trajectory led to its acquisition by French group Meilleurtaux in early 2023. Another example is Nexum, based in Brabant, which Profinpar supported in consolidating the European change management consulting market. Through two acquisitions in Denmark and the UK, Nexum tripled in size and was ultimately acquired by a US-based strategic partner.

Becoming the reference private investor in French-speaking Belgium

With solid financial results from its first fund, Profinpar is now launching a new €50 million fundraising campaign. The team recently welcomed a new Partner, Rodolphe Blondiau (formerly with M&A firm Merodis), and will further expand in the coming months. Pierre Robin, founder of Profinpar, has stepped back from day-to-day operations but remains involved as a senior advisor and investor. The team of four has completed over 70 transactions in Belgium and internationally. “Our ambition is to become the leading private investor in French-speaking Belgium for financing ambitious SMEs,” say the three Partners.

A well-advanced fundraising

The fundraising is already well underway, with more than €30 million committed out of the €50 million target. Over 50 entrepreneur-investors—including many from the first fund—as well as major Belgian institutional investors (SFPIM, Wallonie Entreprendre, finance&invest.brussels, Noshaq, etc.) are backing the project. A first closing is expected before year-end, paving the way for the initial investments.

Prosci Expands Its Direct Market Presence Through the Acquisition of Nexum

Fort Collins, Colorado, USA — April 5, 2023. Prosci, Inc. (“Prosci”), the leading global provider of change management solutions that help clients attain success with their change initiatives, is pleased to announce the acquisition of Nexum Group SRL (Nexum). Nexum has been a member of Prosci’s global partner program since 2016, with the two companies sharing a close, mutually beneficial working relationship ever since.

Scott McAllister, CEO of Prosci says, “We have partnered with Nexum for the past seven years to deliver world-class change management solutions consisting of training, advisory and consulting throughout much of Europe as well as Singapore. Nexum has fabulous people who work closely with their clients to help them succeed with the many changes that they implement in their organizations. In addition, by combining our strengths and diverse perspectives and experiences, we can accelerate our ability to develop offerings and expand our ongoing contribution to the change management discipline. We are excited to be able to do this together as Prosci.”

Prosci is now better positioned to understand the diverse and complex needs of European organizations. European clients, in turn, benefit from direct access to Prosci’s holistic change management solutions, expertise, and the best-practices insights of its global network of change practitioners.

“We have focused on providing high-quality services to clients based on Prosci’s portfolio and research driven approach,” says Caroline Mørck Jensen, CEO of Nexum. “By coming together as one company, we are confident that we will be able to do this even more effectively and provide wonderful opportunities for our people.”

With the acquisition of Nexum, Prosci builds on its momentum of expanding its global presence in recent years. The company’s widely attended change management programs, expert advisory services, and tools are now available to more and more organizations throughout North America, South America, Europe, Australia/New Zealand and Singapore.

About Prosci:

Founded in 1994, Prosci is a global leader in change management and the provider of choice for 80% of Fortune 100 companies. Prosci combines scientific research with the people side of change to deliver results-focused solutions that enable clients to achieve change outcomes and grow organizational change capability. Prosci maintains the industry’s largest body of change management research—the basis for the company’s tools, methodologies, services, and role-based development programs. To date, Prosci has certified over 100,000 change management practitioners worldwide. The company is headquartered in Fort Collins, Colorado; with offices across North America, South America, Europe, Australia/New Zealand and Singapore; plus more than 25 certified Prosci Partners around the globe.

About Nexum Group SRL:

Nexum was founded in Belgium in 2001 to help clients build individual and organisational change capabilities. In 2015, Nexum introduced the Prosci role-based training, methodologies and tools into Belgium, France, Luxembourg, French-speaking Switzerland, and French-speaking Africa. In 2019, Nexum expanded its reach to Sweden, Denmark and Norway when it acquired Prosci Affiliate, proactuer.  In 2022, Nexum joined forces with CMC Partnership Global to become the largest European Prosci Affiliate, expanding change management training, capability building and advisory into the UK, Ireland, Italy, Singapore and South Africa.

The Walloon credit broker will continue to grow within the French Meilleurtaux group, in its first international operation.

Walloon credit and insurance broker Mid Finance is leaving the Profinpar holding company to become part of the French Meilleurtaux group. Based in Fléron and founded by Michel David in 2007, Mid Finance offers consumer credit, mortgages and insurance. Last year, it posted sales of around €10 million, up 33%, and employs 34 people. It has doubled in size over the last three years.

Profinpar, a holding company for entrepreneur-investors, became the company’s largest shareholder in 2018. It supported the company’s growth for five years. It is now handing over to Meilleurtaux, which has a broader range of activities. Although the amount of the transaction has not been disclosed, the market is talking in terms of some €70 million. This is enough to generate a handsome capital gain for Profinpar and its founder, who remained a shareholder.

Meilleurtaux offers finance, insurance and investments to individuals. Its ambition is to become the benchmark marketplace in these areas “serving the French and their purchasing power”. Mid Finance is its first acquisition outside France. “This operation marks the first step in Meilleurtaux’s European development”, emphasises its chairman Guillaume Autier.

Founded in 1999, Meilleur Taux has been owned by the American investment fund Silver Lake since 2020. It owns 95% of the company, with the managers and directors sharing the remainder.

We are pleased to announce that Nexum Group has acquired 100% of the shareholding in CMC Global Group ltd to form a new joint organisation.

This venture will bring together Proci’s two highest performing Affiliates. The company will continue to provide change management training, support, and consultancy services, helping individuals and client organisations build effective change capability.

Caroline Mørck Jensen, CEO of Nexum, speaks of the natural partnership between the two organisations:
“As major Prosci partners, Nexum and CMC have been in dialogue for many years, and we realised we were both keen to work together in a closer way. So, this acquisition is a natural next step in our relationship. By joining forces, we are in an even stronger position to serve our local and global clients, leveraging on the talents and working practices of two exceptional organisations.”

Nexum and CMC will operate throughout Europe, Africa, and Asia. As a result, client organisations can look forward to a greater breadth of training, service, and support, across a wider geographical spread and in more languages.

Continuing our strong partnership with Prosci, Nexum and CMC Global will deliver Prosci change management training and related consultancy services in the following territories: Belgium, Denmark, France, Ireland, Italy, Luxembourg, Morocco, Norway, Sweden, Switzerland, Singapore, South Africa, Tunisia and, UK.

With a combined staff of over 100 people, the merged organisations now bring even greater strength and commitment to existing and new clients in developing their capacity for individual and organisational change.

Michael Campbell, CMC Global’s Managing Director, speaks about the opportunities for clients and customers globally in this exciting new venture:

“After 22 years, operating as CMC, we are excited to join forces with Europe’s leading Prosci partner Nexum Group, to accelerate our joint growth. I believe that together, in this period of economic uncertainty, we can realise the vision of being able to serve better the individual and organisational change requirements of more customers in more countries, languages and cultures.”

Mark Dorsett, Chief Global Officer of Prosci, speaks of the long-lasting partnership with the two organisations:
“At Prosci, we look for partners who are committed to helping customers achieve change success. Nexum Group and CMC Partnership Global have demonstrated this for many years and have been strong members of our partner community. We congratulate them on coming together and wish them the best as they go forward as one team. We continue to look forward to working with them.”

Already active in more than 40 countries, Pitagone has developed an innovative safety system for stopping ram lorries. We take a closer look at a Brussels-based company that will also be providing security for spectators at the 2022 World Cup in Qatar.

What do the Elysée Palace, the Tokyo Olympics, Barcelona’s Ramblas and the British royal family have in common? They all have a Belgian guardian angel. Or to be more precise, security barriers manufactured in Brussels, with a mobile system that is unique in the world.

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