Successful First Closing of Vendis Transition

Vendis announces the successful first closing of Vendis Transition, its new €150 million small-cap fund. The fund has secured commitments of over €100 million at first close.

A Dedicated Small-Cap Strategy with Integrated Sustainability

Vendis Transition will invest equity tickets of €5 million to €20 million in profitable consumer businesses with at least €2 million EBITDA across Belgium, the Netherlands, France, the DACH region and the Nordics.

The strategy targets scalable small-cap companies with proven business models and strong growth potential. Vendis has demonstrated consistent performance in this segment through disciplined operational value creation, international expansion and selective buy-and-build.

Sustainability is embedded as a forward-looking pillar of the strategy. Vendis has been B-Corp certified since 2022 and has developed robust ESG processes across its platform and portfolio. Vendis Transition integrates these capabilities into its investment framework, with the objective of strengthening portfolio company resilience, improving operational efficiency and enhancing long-term competitiveness.

Vendis Transition complements Vendis’ €525 million flagship fund, Vendis IV — raised in 2025 — which focuses on larger transactions with equity tickets of €20 million to €75 million, enabling Vendis to support consumer companies across a broader range of sizes and stages.

Michiel Deturck, Managing Partner, commented:

“Vendis has delivered top-quartile returns in the small-cap consumer segment in prior funds. With Vendis Transition, we continue to focus on profitable emerging leaders where active ownership, operational discipline and international scaling drive sustainable value creation.”

Christian Riisberg, Partner Vendis Transition, added:

“Sustainability is increasingly becoming an economic necessity in the consumer sector. Regulatory developments linked to planetary boundaries and shifting demand — particularly from younger generations now entering their prime spending years — are reshaping markets. Companies that anticipate these shifts early tend to be more resilient and better positioned for growth.”

Strong Pipeline

The team is already working on several actionable opportunities across food, lifestyle, living, mobility and wellbeing. The pipeline is well advanced, and the fund expects to announce its first investment in the near term.

Vendis Transition remains open for additional commitments ahead of the next closing.