Whitestone Group SA, a listed Belgian holding company, has announced plans to raise approximately EUR 70 million to support investments in Belgian SMEs. The transaction will be executed in two phases: a private placement of EUR 46 million with existing shareholders and Alcopa, followed by a public offering of EUR 25 million expected in Q2 2026.
This capital increase reflects Whitestone’s growth ambitions since its 2021 listing and aims to strengthen its portfolio, which could exceed EUR 200 million within a year. Investments will focus primarily on Belgian SMEs in sectors such as technology (including medtech), materials, and niche B2B industries.
“We are proud to assist our longstanding client Whitestone on this important capital market transaction. Our role is to accompany Whitestone throughout every stage of the transaction, working also closely with the FSMA, the joint bookrunners (Degroof Petercam and Belfius) and their legal counsel (Baker McKenzie).”
The transaction is expected to be completed in two stages between January and April 2026, subject to customary conditions and regulatory requirements.
The NautaDutilh team advising Whitestone includes Axel Maeterlinck (Corporate/M&A) and Calista Babuder (Corporate/M&A).
