Aquis

Project Oase is a private sauna and wellness complex in Flanders with an extensive range of high-quality and uniquely designed sauna complexes, equipped with Finnish saunas, jacuzzis, heated swimming pools, and infrared cabins, among other things. The complex is open daily and focuses entirely on a private (B2C) customer base.The company combines a stable, recurring revenue stream with strong profitability (average normalized EBITDA margin of 31.3%). Hygiene, service, and customer satisfaction are at the heart of its service offering.Day-to-day operations are managed by the manager, supported by a permanent and reliable team of 10 employees, supplemented by a flexible pool of students and flexi-jobbers who are mainly deployed during weekends.The transaction includes the acquisition of both the operating company and the asset management company, including the real estate that is currently privately owned by the manager but is of a professional nature.The average normalized EBITDA of the operating company is EUR 400k.

Project Exura specializes in central and industrial heating, with a strong focus on CLV renovations for larger apartment buildings. A large part of its activities consists of solutions for chimney and exhaust systems, both through existing shafts and new external constructions.The assignments mainly come from co-owners' associations, supplemented by projects for private and business customers in classic HVAC, which ensures a stable mix of specialized and general services.The company operates in Flanders and has a modern infrastructure with a well-organized warehouse and office space, which supports efficient operation and further growth.Turnover: ±3.8 million EURNormalized EBITDA: ±875k EUR

Project Solis is a company that primarily operates as a fruit and vegetable shop, but also offers a wide range of hot meals, salads, wraps, soups, fresh fish, meat, desserts, and many other convenience products and everyday groceries. In addition to its retail activities (50% of turnover), Project Solis also supplies the B2B market via a user-friendly online ordering platform. Led by two experienced managers and supported by around 40 permanent employees, Project Solis is operating at full capacity. Demand from B2B customers for their fresh concept is growing daily, with particular opportunities for expansion into the retail sector. In order to take full advantage of these opportunities, the production space needs to be relocated, as the current space is limited and more suited to the current turnover level. Average turnover FY22 – FY24: EUR 5,013 million Average normalized EBITDA over the last 3 financial years (FY22-FY24): EUR 503K

Project Mechano specializes in the sale of technical parts for industry and agriculture and offers a wide range of stock and customized solutions. The company provides technical advice and various ordering options (physical store, webshop, mail, etc.). Project Mechano, located in West Flanders, has a spacious sales area, a warehouse, and a workshop. The entire property is preferably part of the transaction. Project Mechano's customer base mainly comprises a wide range of companies (B2B) and, to a lesser extent, municipalities/provinces (B2G) and private individuals (B2C), mainly in East and West Flanders. Thanks to strong partnerships with reliable suppliers, the company guarantees timely and high-quality deliveries. Project Mechano is managed by a single manager who, together with one employee (1 FTE), is responsible for orders, customer reception, and customized solutions.

Project Techo is a second-generation roofing company with years of experience in various roofing systems. As the name suggests, they specialize in both roofing and facade work. Facade work has mainly arisen from the increasing demand for the 'retrofitting' of existing facades and protecting them against various weather conditions. Project Techo serves a wide range of customers, including private customers, public institutions, and general contractors. The working region covers the whole of West Flanders and a large part of East Flanders. The Project Techo team consists of ten qualified and motivated employees. Scope of the transaction: 100% share sale Average EBITDA: ±185k EUR Revenue: ±1,350k EUR

Project Archive specializes in the digitization (scanning) of primarily spatial planning files and government registers. In addition, Project Archive offers the possibility of integrating the data digitized and structured by the company with existing (internal) software programs. With more than fifty years of experience in the scanning and digitization industry, the company has built up a sustainable customer base throughout Flanders and Brussels. Project Archive currently employs four permanent staff, supplemented by five temporary workers. Project Archive offers its services to both companies (B2B) and governments (B2G), with governments accounting for an average of 98% of turnover in the past three years. The transaction involves a carve-out (asset deal) of Project Archive from the parent group. The buyer will have to find a new location, but the activities are fully relocatable. Reason for sale: The management of the parent group is currently considering a strategic restructuring. Part of this is the carve-out of Project Archive, as Archive's services are no longer part of the group's core activities. Revenue levels rose from approximately €780k to approximately €1.3 million in the period from 2023 to 2024. Normalized EBITDA also shows an upward trend, from €110k in fiscal year 2023 to €230k in fiscal year 2024. Important: The figures for 2024 are actual figures realized up to and including April 2024. From May to December 2024, the figures are based on a budget, based on signed contracts and/or quotations.