Created in 2005, Ergon Capital Partners ("ECP") is a private equity fund operating in the mid-market segment.

Ergon is a disciplined and discreet value investor, which provides "patient and friendly capital" to entrepreneurs and managers who need capital and industrial solutions to accelerate the development of their companies. Ergon represents an alternative to other types of financial investors (family offices, local private equity funds, purely financial investors) and proposes a unique flexibility, adapted to each specific situation.


Ergon Capital Partners makes equity investments from EUR 25 million up to EUR 75 million. To carry out its investment activity Ergon is advised by Ergon Capital Advisors, an independent advisory firm with offices in Brussels, Paris, Munich, Milan and Madrid.

Since its inception in 2005, over successive investment programs, Ergon raised approximately €1.5 billion, and invested in 20 companies (of which 6 in the Benelux, 2 in France, 3 in Germany, 7 in Italy and 2 in Spain) and 40 add-on acquisitions for a total aggregate transaction value in excess of €3.5 billion

Sienna Capital & Ergon

ECP I was founded in 2005 with shareholders consisting of GBL, Sienna Capital's parent company, and Parcom Capital, a subsidiary of ING. The first fund had EUR 150 million in assets under management. In 2007, these same shareholders backed a second fund, ECP II, in the amount of EUR 275 million. In 2010, GBL supported a third fund of initially EUR 350 million, ECP III. In July 2016, the size of ECP III was successfully increased by EUR 150 million bringing the total commitment to EUR 500 million. In 2017, Ergon launched ECP IV in which Sienna Capital committed EUR 200 million. Sienna Capital receives certain favourable financial terms for its support of Ergon.

Financial year 2017

During the year, ECP III completed the sale of its majority stakes held in Golden Goose and ElITech and invested in Keesing Media Group. In December 2017, ECP IV has been launched with a final closing expected in 2018 and a target of EUR 500 million.


Value of investment

EUR 285 million (30/06/2018)

Business area

Private Equity

Registered office

Brussels, Belgium

Key data from GBL Annual Report 2017


John Mansvelt
+ 32 2 213 60 90