Down2Earth Capital is a Belgian investment firm that focuses on sustainable and responsible investments in small and medium-sized enterprises.

Down2Earth Capital

Vectis is an independent investment fund that invests in promising companies with strong and ambitious management. The fund offers financial and active support for further development and expansion.

Vectis

Cobepa is an investment company focusing on building responsible prosperity for the long term. It is involved in various sectors and regions through its investment activities.

Cobepa

As of June 17, 2022,  operates as a subsidiary of Merkator BV.

Gimv NV

Down 2 Earth Capital | 3,617 followers on LinkedIn. Experience &amp; Common Sense | Down2Earth Capital is an independent private equity fund established in 2013. D2E Capital focusses on small and medium sized equity transactions in Belgium.

The partners of D2E Capital combine their successful private equity experience with a top level industry experience.

Non-executive director - Advisor

Curd Vandekerckhove

Partner at Down 2 Earth Capital

Joost Verdiesen

Founding Partner at Quaestor Wealth Care

Geert Vastiau

Founding Partner at Down 2 Earth Capital

Alain Keppens

Down 2 Earth Capital

We are thrilled to announce the successful signing of the sale of our stake in Gudrun Group to Natra , one of Europe’s largest vertically integrated platforms for private label and co-manufacturing of chocolate products. A heartfelt thank you to Sofie De Lathouwer , Bart Horemans , and the entire team at Gudrun Group for their dedication and partnership these years. Wishing everyone at Gudrun Group and Natra the very best in this tasty new chapter! 🍫

We are proud to congratulate Gudrun Group on winning the 2024 Voka Award for Innovative Entrepreneurship. This achievement highlights their commitment to sustainability and innovation, core values we share at D2E. Well done to the entire Gudrun team on this well-deserved recognition.

We are pleased to announce the closing of our third fund at the hard cap of €170M. Thank you to our investors for their trust and support, and to our management teams for their commitment and hard work in reaching this milestone. We look forward to continued growth and success together!

We are thrilled to announce our investment in Accuramed BV , a leading distributor of cardiorespiratory devices and laboratory equipment, with a loyal client base of over 250 hospitals, commercial laboratories and pneumology and cardiology practices throughout the Benelux. We look forward to accelerating the growth trajectory, together with Filip knez , Karel Knez and the rest of the Accuramed team! Read more: https://lnkd.in/dVqPnzgw

🚴♀️ 🚴♂️ We are thrilled to announce our investment in CYCLOBILITY a leading Belgian provider of bicycle leasing with six physical stores, located in Ghent, Roeselare, Aalst, Sint-Niklaas, Kluisbergen and Lier. Looking forward to continuing the spectacular growth trajectory together with Andries Aumann and the rest of the Cyclobility team. 🚴♀️ 🚴♂️ https://lnkd.in/efP8cd34

We are very excited to announce our investment in Loda, a leading Belgian manufacturer and distributor of cleaning and maintenance products for the retail market. Together with Hans GEERTS , is our ambition to continue and accelerate the growth trajectory of Loda by further expanding and sustaining the product range and by entering into new market segments and geographies. https://lnkd.in/edVesBg8

Earlier this week, D2E’s portfolio company Nordic announced the acquisitions of Askja Reizen (including its VNC Asia Travel brand) and Go North. Askja Reizen is a Dutch specialised travel organisation with similar destinations as Nordic and with a history that goes back 35 years. Through this acquisition, Nordic is executing on its growth strategy to become the leading player on remote nature destinations in Western Europe. VNC Asia Travel is a specialised travel brand with high-growth Asian destinations such as Japan & South Korea. Nordic anticipates to leverage the VNC expertise into its other client markets. Go North is a leading Icelandic DMC (Destination Management Company) focusing on self-driving packages and special groups in Iceland. Together with CEO Unnur Svavarsdottir, Nordic will further continue and support the strong growth of Go North. https://lnkd.in/epdZk7kg

Earlier this week, D2E’s portfolio company Grandeco Wallfashion Group announced the acquisition of a controlling stake in Rasch Wallpaper and Textile. Rasch is the second largest German wallpaper manufacturer with a history that goes back to 1861. Through this acquisition, Grandeco is executing on its growth strategy and becomes the leading wallfashion player in Europe with a combined sales of more than €150m, employing 600 passionate walldecoration people. https://lnkd.in/ef4wWyGi

We are thrilled to announce our investment in Golden Care, a global provider of eco-friendly cleaning and protection products for outdoor furniture, which coincides with the reinforcement of the Golden Care management team. It is our ambition to continue and accelerate the growth trajectory of Golden Care by introducing its top-quality cleaning and protection products in new market segments and geographies. https://lnkd.in/ez9YsgdC

Metric
Company Name	Down2Earth Capital	Vectis	Cobepa	Gimv NV
Symbol				GIMB
MSH ID	BE:D2E	BE:VECTISPE	COM:COBEPA	COM:GIMV
Market	PRIVATE	PRIVATE	PRIVATE	STOCKS
Sector	Financial Services & Finance	Financial Services & Finance	Financial Services & Finance	Financial Services
Industry	Investment Management	Private Equity	Investment Management	Asset Management
Country	BE	BE	BE	BE
Stage
Employee Count				93
Website	d2e.be	vectispe.be	cobepa.com	gimv.com
LinkedIn	down-2-earth-capital
Founders

Metric
Market Cap				1.21B
Enterprise Value
Monthly Web Traffic
Web Traffic Growth
Valuation
Raised Capital

Metric
Revenue				205.48M
Revenue (LTM)
Revenue (NTM)
Gross Profit				205.48M
EBITDA				236.43M
Operating Income				233.99M
Net Income				229.34M
EPS				8.24
Diluted EPS				8.29
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin				1.83
Operating Profit Margin				1.38
EBITDA Margin				1.15
Net Profit Margin				1.24
Return on Equity				0.15
Return on Assets				0.11
Return on Capital Employed				0.12

D2E

BE:D2E

Down2Earth Capital

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio				-20.58
P/B Ratio				0.87
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio				9.28
EV Multiple				19.56K

Metric
Days Sales Outstanding				37.68
Days Payables Outstanding
Days Inventory Outstanding
Operating Cycle				1.08K
Cash Conversion Cycle				1.10K
Asset Turnover				0.10

Metric
Operating Cash Flow				-21.00M
Free Cash Flow				-21.00M
Cash Flow to Debt				-0.06
Operating Cash Flow/Sales				-0.10
Free Cash Flow Yield				-0.05

Metric
Cash & Equivalents				324.28M
Accounts Receivable
Inventory
Goodwill
Debt to Capitalization				0.20
Debt to Assets				0.20
Current Ratio				28.40
Quick Ratio				756.72

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue
R&D to Revenue
SG&A to Revenue				4.12