Down2Earth sells its stake in Hertecant

8 November 2023



The investment will be part of Wise Equity’s platform, together with its portfolio company Special Flanges, with the aim of creating the European leader in fully-fledged custom productions for several end-markets


Milan, 10 October 2023 – Wise Equity announced today the purchase of 100% of the share capital of Flanges International (Hertecant Flanges’ holding) through its portfolio company Special Flanges from PMV and Down2Earth capital.


Hertecant Flanges is a forging and machining manufacturer, founded in 1983 in Westerlo (Belgium) by the Hertecant family, and characterized by a wide offering of high-quality custom products and very short lead times (1-2 weeks). The company manufactures a full range of pressure classes in various grades (e.g. Austenitic stainless steel, Nickel-Alloys) and specifications for a wide set of applications in the instrumentation, renewables and chemical industry.


The deal is expected to create substantial value thanks to the high complementarity of Special Flanges and Hertecant Flanges businesses, both in terms of product portfolio range and geographic coverage and will allow the combined Group to become the European leader in its niche market, with c. € 100 million revenues, 80%+ of which generated outside Italy.


Hertecant Flanges key managers Mark Dewachter (CEO) and Ron Deckers (CFO) will continue to lead the Company after the deal closing actively contributing to the development of the Group.


The investment transaction was led by Fabrizio Medea, Partner at Wise Equity, and by the investment manager Paolo Zucchi.


Flavio Malpeli, Special Flanges CEO, said: “I am very happy to welcome and collaborate with Hertecant managers. The combination with Hertecant Flanges is an important step in the direction of strengthening the positioning of the group in its reference market of top-up projects. Through this transaction we are not only enhancing the group synergies themself, but we are also creating value for our customers by improving our ability as a “problem solver” for their needs. Special Flanges and Hertecant will better serve their clients with a wider offer from the combination of product portfolio and international presence resulting in a unique positioning in their market niche”.


Mark Dewachter, Hertecant Flanges CEO, said: “I am excited to begin this new journey with Special Flanges. We share the same vision and values, and this is the perfect base to continue to

serve our customer in the best way with additional energy and an increased service to be delivered to our clients with the cooperation of Special Flanges”.


Ivo Marechal, founding partner of Down2Earth Capital, said “Hertecant was the second investment of our first fund.  We are proud of the magnificent development the company has made during our holding period, both in terms of professionalization, growth and market positioning. We believe Special Flanges to be the perfect industrial partner for Hertecant to support its further development.  We are very thankful to management and all staff with whom we have successfully partnered since March 2014 and wish them all the best in their new setting.”


Roald Borré, Group Manager Equity Investments of PMV, saidSpecial Flanges’ acquisition of Hertecant confirms Hertecant leading position, as a Flemish manufacturing company, in a worldwide competitive industry. Within the wings of a larger group Hertecant will valorise that position by growing even further. PMV is delighted that its funding supported Hertecant and helped enable its further development”.



Hertecant Flanges

Founded in 1983 by Ivan & Clarinda Hertecant, Hertecant Flanges is a forging & machining manufacturer of stainless steel and Ni-alloy components located in Westerlo, Belgium. The company has become one of the most important flange manufacturers offering high quality flanges in a full range of pressure classes in various grades and within very short delivery times. The company goal is to continue delivering above quality service and to extend its capabilities and quality standards worldwide.


Special Flanges

Special Flanges S.p.A., founded by Augusto Zucchinali in 1984, is a leading company in special forged components, exporting products in over 70 countries. Thanks to its flexibility, a wide range of products and its strong integration, Special Flanges represents a point of reference in a market that is becoming increasingly global and focused on customized products. Flanges and other forged components manufactured by Special Flanges represent today an essential production for the world industrial equipment market and will play an essential role in the energy transition expected in the coming years.


Wise Equity SGR

Wise Equity SGR is a company active in the management of closed-end investment funds investing in small and medium-sized companies with a focus on Italy. The funds managed by Wise Equity typically carry out Leveraged Buy-out and development capital operations dedicated to companies that have leading positions in their niche with two main objectives: to increase critical mass, also through ‘build-up’ operations, to improve the competitiveness and marginality of the companies, and to foster their international development.



As an investment company, PMV is building a sustainable Flemish economy, the engine of our prosperity and well-being. We partner with ambitious companies and projects that focus on social impact and financial return. PMV finances promising companies from the very start, through growth and internationalization. PMV offers tailored financial solutions to all entrepreneurs with a good business plan and a strong management team. It does so with capital, loans and guarantees. It also realizes, with and for the government, and other partners, projects that are important for prosperity and well-being in Flanders. PMV has a portfolio with 1.7 billion euros under management. For more information:


Down2Earth Capital

Down2Earth Capital is an independent private equity fund, founded in 2013, with a focus on small and medium sized transactions in Belgium. D2E Capital combines many years of successful experience in private equity with hands-on industrial experience. For more information: