27 Aug X²O welcomes Waterland to join forces with Vendis Capital and Jan Ollevier in supporting continued growth
Waterland, a leading pan-European investor, has taken a majority share in X²O, the leading omni-channel retailer of visible bathroom equipment and furniture in the Benelux.
X²O was founded in 2004 by Belgian entrepreneur Jan Ollevier, who pioneered the innovative value-for-money B2C concept in Belgium and started the first showrooms in the Netherlands. In 2016, Vendis Capital invested in X²O with its second fund and supported the management team in a rapid expansion in Belgium and the Netherlands, both offline and online. Recently the company opened its first showrooms in Germany. To support the strong growth to more than 50 showrooms in total today, the group implemented a new ERP system, and operates a state-of-the-art and sustainable logistic center.
Waterland takes a majority share in X²O, with a strategy to support its further international expansion. Both Vendis and Jan Ollevier reinvest a significant minority stake alongside Waterland. For Vendis, the deal is already the third investment from its €450m fund Vendis IV, that was raised earlier this year.
Peter Demets, CEO of X²O since 2018, comments on the new partnership: “We look forward to entering this new phase of growth with Waterland. Our company has significant experience collaborating with investors to achieve important milestones, and we are confident that Waterland’s strong track record and strategic approach make them the ideal partner for us. This carefully considered partnership ensures continuity, enabling us to further expand our presence and continue delivering superior value and experiences to our customers.
The transaction is subject to customary approval of the merger clearance authorities.