Our approach

We recognize that economic activities, especially in the consumer sector, have both positive and negative impacts on sustainability.

While providing valuable goods, services and jobs, the sector can also harm the environment and perpetuate poor labor conditions within supply chains. Our investment approach aims to make companies more sustainable under our stewardship, and focuses on environmental sustainability, such as reducing GHG emissions and promoting sustainable supply chains, and social sustainability, including talent development, diversity, and community investment. We believe that pursuing sustainability can inspire others, improve partnerships, and make portfolio companies more attractive.

Sustainability is integral to our activities. From the investment cycle to projects within our portfolio companies, we prioritize sustainable practices that promote long-term value and positive impact.

Within our own organization, we implement initiatives to strengthen sustainability and uphold transparency through clear and detailed reporting.

Learn more about our approach in our Sustainable Investment and Ownership Policy

Sustainability in all phases of the investment cycle

Throughout every phase of our investment cycle, from scouting promising opportunities to nurturing and exiting portfolio companies, we integrate ESG and sustainability considerations.

Projects in portfolio companies

We want to make sure that the companies we invest in become more sustainable under our stewardship.

To achieve this, at least 3 ESG projects are put in place per portfolio company, and working session are organized between the portfolio companies and Vendis management.

Projects in our own organization

We recognize the importance of not just promoting sustainability within our portfolio companies but also within our own operations.

We believe in leading by example. That’s why we’ve made it a core commitment to continually enhance our own sustainability practices.

Transparent reporting

We believe in openly reporting our ESG performance, embracing accountability, and providing stakeholders with clear insights into our sustainability journey.

Yearly Sustainability Report

 

Each year, we conduct thorough ESG assessments in close collaboration with an external ESG advisor. These assessments encompass both qualitative and quantitative components, providing us with a comprehensive view of our ESG performance. This collaborative effort allows us to evaluate our sustainability initiatives objectively and results in a detailed ESG report, which we present annually during our Investor Event.

SFDR Disclosures and Reporting

 

We are committed to full compliance with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088 or “SFDR”) and the Taxonomy Regulation (Regulation (EU) 2020/852). These disclosures encompass three key areas: (i) our sustainability risk policy, which outlines our approach to managing sustainability risks, (ii) our principal adverse impacts statement, which highlights our efforts to minimize negative environmental and social impacts, and (iii) information on remuneration in relation to sustainability risks, ensuring alignment with our sustainability goals. Notably, our funds Vendis Capital III and Vendis Capital IV must be considered investment products that fall within the scope of article 8 of the SFDR and hence promote environmental and/or social characteristics.

Invest Europe

 

Each year, we provide ESG reporting to our investors, following the ESG Reporting Guidelines established by Invest Europe, the world’s largest association of private capital providers representing Europe’s private equity, venture capital, and infrastructure investment firms as well as their investors. These reports offer a comprehensive overview of ESG metrics at both the portfolio company and fund levels.

Principles for Responsible Investment

 

Since 2018, we have been signatories of the Principles for Responsible Investment (PRI). Our dedication to responsible investing is reflected in our yearly PRI reports, which showcase our progress and adherence to PRI principles. Read our PRI Scorecard with regard to 2023

Investing for sustainability

At Vendis Capital, we want to make a positive contribution towards a sustainable society.

We believe incorporating Environmental, Social and Governance (ESG) considerations into our portfolio management can go hand in hand with achieving fundamental long-term value creation and significant investment value for all stakeholders.

Sustainability is an integral part of Vendis’ investment activities, throughout the full investment cycle. We support and drive change by structurally engaging with our portfolio companies to embed ESG improvement initiatives in their broader value creation plans.

We encourage both ourselves and our portfolio companies to operate in accordance with our ESG principles and actively advance ESG-related initiatives.

Sustainability in all phases of the investment cycle

Throughout every phase of our investment cycle, from scouting promising opportunities to nurturing and exiting portfolio companies, we integrate ESG and sustainability considerations.

This commitment is in strict alignment with our Sustainable Investment and Ownership Policy

Projects

We want to make sure that the companies we invest in become more sustainable under our stewardship.

To achieve this, at least 3 ESG projects are put in place per portfolio company, and working session are organized between the portfolio companies and Vendis management.

Our own organization

We recognize the importance of not just promoting sustainability within our portfolio companies but also within our own operations.

We believe in leading by example. That’s why we’ve made it a core commitment to continually enhance our own sustainability practices.

Transparent reporting

We believe in openly reporting our ESG performance, embracing accountability, and providing stakeholders with clear insights into our sustainability journey.

Annual ESG Assessments with External Advisor

Each year, we conduct thorough ESG assessments in close collaboration with an external ESG advisor. These assessments encompass both qualitative and quantitative components, providing us with a comprehensive view of our ESG performance. This collaborative effort allows us to evaluate our sustainability initiatives objectively and results in a detailed ESG report, which we present annually during our Investor Event.

Principles for Responsible Investment

Since 2018, we have been signatories of the Principles for Responsible Investment (PRI). Our dedication to responsible investing is reflected in our yearly PRI reports, which showcase our progress and adherence to PRI principles.

SFDR Disclosures and Reporting

We are committed to full compliance with the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088 or “SFDR”) and the Taxonomy Regulation (Regulation (EU) 2020/852). These disclosures encompass three key areas: (i) our sustainability risk policy, which outlines our approach to managing sustainability risks, (ii) our principal adverse impacts statement, which highlights our efforts to minimize negative environmental and social impacts, and (iii) information on remuneration in relation to sustainability risks, ensuring alignment with our sustainability goals. Notably, our funds Vendis Capital III and Vendis Capital IV must be considered investment products that fall within the scope of article 8 of the SFDR and hence promote environmental and/or social characteristics.

Amaya

Over the course of 2023, l’Atelier d’Amaya has reached its goal of using 100% recycled and recyclable packaging for all products.

 

This shift reduces waste and helps lower the company’s environmental footprint. Every product now comes in packaging designed to be reused or recycled.

Pink Gellac

Promoting employee engagement and wellbeing

In 2023, Pink Gellac enhanced its employee engagement and well-being practices in collaboration with a new HR partner. The company conducted an employee satisfaction survey, receiving positive results, and is developing an action plan for further improvements. Additionally, Pink Gellac has finalised its employee handbook and updated its health and safety procedures to formalise these efforts. 

Pink Gellac is a B-Corp certified company as per October 2024.

Kamera Express

Gaining carbon insights and setting targets

 

Our portfolio company Kamera Express made significant strides in addressing its carbon footprint. After conducting a comprehensive analysis of its scope 1 & 2 emissions, the team set reduction targets aligned with the Science-Based Targets initiative (SBTi).

 

The company has also implemented software improvements, reducing packaging material and volume when shipping products to clients, further reducing environmental impacts.

Kamera Express also partnered with Regreener to offset a substantial portion of their emissions through carbon capture projects.

SoLow

Ensuring sustainable material sourcing

 

Since our acquisition of the company, SoLow has implemented several ESG measures relating to material procurement.

 

The EU Timber Regulation prohibits the placement of illegally harvested timber and timber products on the EU market.

To adhere to the Timber Regulation, SoLow has set up a Due Diligence System for wood and paper. Going forward, the company will carry out a risk analysis of current suppliers of timber products and start buying 100% FSC-certified wood, cardboard and paper.

Petrol

Launching a sustainable clothing brand

 

Our portfolio company Petrol aims to reduce its environmental impact by increasing sustainable materials used for clothing.

 

In 2020, Petrol launched a sustainable brand proposition: “The Road to a Cleaner Future”. This sustainable collection contains 25% sustainable styles. Petrol has set the goal of increasing the share of sustainable styles by at least 5 percentage points per year.

Involvement in the BVA

By proactively engaging in industry-wide collaboration, we aim to drive positive change. We have helped to establish an ESG Committee within the Belgian Venture Capital & Private Equity Association (BVA) and have shared with its members a set of template policies for portfolio companies.

B Corporation

Since the end of 2022, we have obtained certification as a B Corporation.

 

As a certified B Corporation, we join a global community of companies dedicated to using business as a force for good, and we look forward to continuing our journey towards a more sustainable and socially responsible future.

Exit

We keep our sustainability goals in focus, even when divesting a portfolio company, to make sure that our ethical and environmental values are not left behind.

  • We are transparent about a portfolio company’s ESG performance towards potential buyers.
  • We assess the suitability of a potential next owner for all relevant stakeholders and take it into account in the decision making.

Ownership

Under our stewardship, we want to spark and fuel a change of mentality towards sustainability within the portfolio companies that will last beyond our ownership.

 

  • Our portfolio companies establish an ESG policy and develop a yearly ESG action plan, ensuring they stay committed to their sustainability goals.
  • The performance of our portfolio companies is measured by a set of quantitative and qualitative sustainability indicators.
  • The companies under our stewardship adhere to a Code of Conduct.
  • An external ESG advisor performs an annual ESG performance review to measure progress and to set new objectives for the next year.

Alpine

Developing sustainable packaging

 

Alpine is making strides in reducing packaging impact. In 2020, the company developed a more sustainable packaging line, which contains 98% less plastic per unit.

 

The packaging is made from FSC-certified cardboard, biodegradable PaperFoam, and a small plastic ‘window’ made from recycled plastic.

The sustainable packaging line is implemented in 2021 for Alpine’s 6 best-selling products. Alpine is a B-Corp certified company as per May 2024.

ESG Goals

We are committed to achieve our ESG objectives, ensuring they are translated into annual action plans featuring impactful priority projects and, where appropriate, concrete targets.

 

  • Environmental goals:
    • We measure our carbon footprint and are committed to reducing it.
    • We strive for sustainable mobility by promoting the use of public transport and minimizing air travel to reduce emissions wherever possible.
    • We aim to make our business operations more sustainable, for example by prioritizing sustainable sourcing, recycling, and other environmentally responsible practices.
  • Social goals:
    • We want to improve the diversity in our organization by taking diversity and inclusion into account in our selection process and by identifying potential barriers in the recruitment process.
    • We aim to develop our own corporate citizenship program to demonstrate our commitment to social responsibility by positively impacting society and the environment.
  • Governmental goals:
    • We have developed a set of formal ethical, good governance and organizational standards and policies.
    • We highly value open management culture & sound feedback mechanisms to foster transparent communication, trust, and collaboration within our organization.

Pre-investment

From the very beginning of our investment screening process, we prioritize ESG considerations, recognizing their importance in shaping our investment decisions.

  • All potential investments are screened against our exclusion list, ensuring that we uphold our ethical and sustainability standards in every decision we make.
  • We evaluate the current ESG performance of potential portfolio companies and conduct an ESG due diligence. We then provide comprehensive reports highlighting areas for potential improvement. The first initiatives for enhancing ESG at new portfolio companies are already identified and concretized in the pre-investment phase, which gives us a kick-start in the investment phase. 

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