Founded in 1999, Waterland is a respected independent private equity firm recognised for its buy-and-build growth strategy. The company offers its portfolio companies comprehensive support in areas such as acquisitions, financing, organisational development and initiatives to increase economic performance. With more than 190 employees in 11 European countries, Waterland has in-depth local expertise and solid networks in its business regions.

X2O, the target of this acquisition, is a leading omnichannel retailer of visible bathroom fittings and furniture in the Benelux. Founded in 2004 by Belgian entrepreneur Jan Ollevier, X2O pioneered an innovative, affordable B2C concept in Belgium and later expanded into the Netherlands. The company offers a wide range of high-quality sanitaryware, including bathroom cabinets, furniture, bidets, washbasins and toilet bowls. X2O operates over 50 showrooms in Belgium, the Netherlands and Germany, complemented by e-commerce in these countries.

Vendis Capital, a European private equity firm specialising in the consumer goods sector, participated in this transaction alongside Waterland and the management of X2O. Vendis first invested in X2O in 2016 and has supported the company’s rapid expansion both offline and online.

This strategic acquisition is in line with Waterland’s investment philosophy of partnering with ambitious management teams to accelerate growth and create value. Waterland has acquired a majority stake in X2O, with both Vendis and Jan Ollevier retaining significant minority stakes. The transaction is expected to strengthen X2O’s market position and provide a platform for further international expansion.

Eight Advisory team members supporting this transaction:

Financial due diligence: Pieter Wygaerts (Partner), Margot De Vylder (Director), Henri Lippinois (Manager), Yara Abd El Nour (Senior), Hadrien Iweins (Analyst)
Tax due diligence: Christian Van Craeyvelt (Partner), Bram De Roo (Senior Manager), Jean-Louis Vansimaeys (Manager), Ward Sandra (Senior)