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.

Sienna Capital & Ergon  

ECP I was founded in 2005 with shareholders consisting of GBL and Parcom Capital, a former subsidiary of ING, and with 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. GBL also supported a third fund of initially EUR 350 million, which was later successfully increased to EUR 500 million. Ergon closed its fourth fund, ECP IV, at EUR 581 million with a diverse and high-quality LP base, of which Sienna is EUR 200 million. 
Sienna Capital receives certain preferential financial terms in relation to its support of ECP IV. 


The investments are valued based on the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. 

Financial Year 2019 

In 2019, Ergon closed ECP IV, a EUR 581 million fund; the fund has already called capital for EUR 119 million to partially finance three acquisitions. 
In 2019, ECP III completed the sales of Looping Group and Opseo, distributing proceeds of EUR 185 million to Sienna Capital.  


Value of Investment (12/31/2019) 


Business area

Private Equity 

Registered office

Brussels, Belgium

Key Data from GBL Annual Report 2019 


John Mansvelt
Chief Financial Officer 

Tel.: + 32 2 213 60 90