End 2023, GIMV—through its Cristallo holding within the Fronnt platform—finalized the acquisition of Ehold, marking a key milestone in Fronnt's evolution toward becoming a national leader in multi-technical installation services. Ehold brings customer-centric operations and wide-ranging technical capabilities in renewable energy and smart building infrastructure, estimated within the €5-25M range typical for strategic platform acquisitions in the Belgian mid-market.
Strategic Rationale
Ehold adds substantial technical firepower across HVAC, photovoltaics, EV charging systems, and heat pump installations—perfectly aligned with Belgium's energy transition priorities. The acquisition deepens Fronnt's capabilities in residential and SME markets while expanding geographic coverage. With this move, Fronnt demonstrates its targeted buy-and-build strategy to consolidate best-in-class technical installation firms and create a future-ready, integrated group addressing decarbonisation and electrification demands.
Ventures4Growth's Pivotal Role
Ventures4Growth played a central role in identification, engagement, and transaction execution for Ehold. The V4G team, led by Alexander Van de Rostyne and Chris Raman, designed a structured approach for sourcing and onboarding technical installation firms into the Fronnt platform, including stakeholder alignment, deal negotiation, valuation modeling, and process management through closing.
Platform Achievement
This transaction follows V4G's earlier facilitation of acquisitions for Fronnt, including Lenaerts, ABN Klimatisatie, Sanitel, Electro Verbeke, Electro Zwijsen, and TAC!. Each acquisition contributed to Fronnt's evolution into a €110M+ turnover group employing more than 400 people across 14 operating companies.
The Feather in the Cap
The Ehold acquisition isn't just another deal—it reflects the momentum of Belgium's cleantech sector and the strategic foresight behind Fronnt's formation. With Ventures4Growth guiding its growth-by-acquisition model, Fronnt is shaping into a national one-stop partner for integrated energy and building solutions, positioning itself at the forefront of Belgium's energy transition.