After a challenging period, the Benelux Digital Consumer M&A market – with a focus on e-commerce and marketplaces – is improving again.

Over 20 private equity firms are already active in the Benelux market only, and with many holdings maturing, deal activity is expected to rise. At Investec, we’ve mapped the key players, KPIs, technology and valuation trends in a dedicated insight report. 

As can be seen on the chart below, Marketplaces consistently trade at higher EBITDA multiples than traditional E-commerce players, with a peak in early 2021 driven primarily by the COVID-19 pandemic. However, since mid-2021, as economies reopened and consumer behavior normalized, both sectors have seen more stable multiples, with marketplaces typically maintaining a premium over traditional E-commerce due to scalability and an asset-light model.

There are numerous private equity platforms in the market looking for acquisitions and further scaling. Below you will find an overview of a selection of the Benelux private equity platforms active in the Digital Consumer market.

Curious to learn more? Get in touch with Maurits Odekerken for the full insight.