In 2025, the Benelux private equity market was characterized by volatility, driven by persistent macro-economic uncertainty, trade tariffs, and ongoing geopolitical tensions. This created a cautious investment climate, with private equity firms extending holding periods and delaying exits, consequently limiting overall market liquidity. Competition among investors, fuelled by a scarcity of attractive targets, resulted in increased pricing pressure and more selective deal-making. NPM’s focus markets were similarly affected.
Despite these conditions, NPM advanced its strategic ambitions and maintained a competitive position. Key priorities included:
Strengthening its unique market proposition through a flexible, long-term investment horizon
Expanding the portfolio in line with clearly defined investment themes.
Reinforcing operational involvement through specialized expertise.
International expansion of NPM.
Benchmarking conducted during the year confirmed that NPM’s historical returns remain at the upper end of the second quartile among buyout funds in Europe, underscoring the strength of its approach.
NPM continued to implement its strategy effectively throughout the year. Its unique profile, combining ample, flexible capital with a long-term perspective on value creation, represented a key differentiator in challenging market conditions. Four investments themes continued to guide the company’s approach to investment: Healthy Life & Learning, Digital & Technology, Sustainable Future, and Feeding the World, all supported by a growing network of dedicated advisors providing deep sector expertise.
However, the 2025 economic environment was reflected in the performance of the portfolio, with nearly half of the companies experiencing softer market conditions and delayed top-line growth.
Internationalization remained a cornerstone of the Group’s strategy. In Belgium, NPM has established itself as a recognized investor following the acquisitions of Jeco Energies and Tech Tribes in 2024, complemented in 2025 by add-ons, including OpenValue for Tech Tribes, and Trafohuis and Applitech for Jeco Energies.
In Germany, NPM strengthened its presence with the 2025 acquisition of Elbfrost, a foodservice distributor focused on frozen food for institutional customers, primarily in the educational and care segments. A new Munich office is now fully operational, with a local team established and several theme advisors onboarded.
Beyond the acquisitions of Elbfrost and the add-ons for Jeco Energies and Tech Tribes, NPM completed a minority investment in NTS Group, a Dutch supplier of high-tech industries including semiconductor and analytical equipment.
NPM also reached agreement to acquire Büter Group, a Dutch producer and designer of custom-made hydraulic cylinders focused on agriculture OEMs and lifting tables for railway applications. This transaction was completed in January 2026.
Looking ahead, market conditions are expected to remain challenging. NPM is however, well-positioned to grow its portfolio further.
Ongoing geopolitical uncertainty may continue to influence investment sentiment and transaction timing. NPM’s long‑term approach and conservative capital structure provide flexibility in this environment.
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