Fremman Capital (“Fremman”) is pleased to announce that it has entered into an agreement to acquire Incendin, a European leader in sustainable fire-protection solutions, from Straco. Headquartered in Belgium, Incendin develops environmentally responsible fire-fighting and flame-retardant formulations used across a wide range of industrial, commercial and other safety-critical applications.
Incendin’s differentiated formulations deliver superior fire-protection performance for its customers. The Company pioneered the first fluor-free fire-fighting agent in Europe, where it now holds a leading position, and has built a broader portfolio of proprietary flame-retardant technologies serving a diverse, blue-chip customer base. With over 25 years of heritage and a team of 145+ professionals, Incendin operates specialised manufacturing, R&D and testing facilities in Belgium, Italy, Germany and the UK, serving customers across Europe, North America and Asia.
The Company benefits from deep formulation and regulatory know-how, and long-standing customer relationships – and operates in resilient, regulation-driven end markets underpinned by mandatory replacement cycles, non-residential renovation and increased fire risks awareness.
Under Straco’s ownership, Incendin has delivered strong growth through a combination of organic initiatives and targeted M&A, having completed six acquisitions over the past decade. Most recently, in 2024, the Company acquired ProPHOS Chemicals in Italy, a specialist formulator of fire-fighting agents and flame retardants, further strengthening its position across Southern Europe. Supported by a favourable regulatory context, rising demand for sustainable fire-protection solutions and a strong management team, Incendin is well positioned for its next phase of development.
Fremman will support Incendin in accelerating this next phase through i) strengthening its European leadership and driving the ongoing transition to fluor-free solutions; ii) expanding its portfolio of innovative fire-safety products; iii) scaling internationally, with a particular focus on the United States; and iv) pursuing targeted M&A to build further upon the Company’s strong platform.
Olivier de Vregille, Founding Partner at Fremman Capital, said “Incendin fully aligns with our investment strategy: a European champion with clear leadership in a regulation-driven sector, built on proprietary formulations, deep technical know-how and a strong culture of innovation. Together with Tom and the wider Incendin team, we see a compelling opportunity to accelerate the Company’s international expansion, broaden its product offering and further reinforce its position as a reference partner for sustainable fire-protection”.
Tom Van Gyseghem, CEO of Incendin, added “I would like to thank Straco for their support and partnership over the past years, during which we have built Incendin into a European reference in sustainable and innovative fire-protection. The Incendin team is excited to welcome Fremman as our new partner to accelerate our growth. Their international reach, experience in scaling mid-market businesses and long-term, partnership-driven approach will be invaluable as we continue to innovate, expand our offering and extend our footprint beyond Europe. More than ever, the industries and communities we serve need safer, cleaner and more sustainable fire-protection solutions – and we are proud to lead that transition”.
Maarten Peers, Managing Partner at Straco PE, concluded “From the moment we partnered with the Incendin team, we shared a clear strategic ambition: to build the European leader in sustainable fire protection. Over the past four years, we have pursued that ambition by focusing on sustainable and innovative solutions, expanding into new markets and building a robust M&A platform. Testament to our strategy was the acquisition of Prophos in Italy, opening an entirely new market for Incendin. It has been a privilege to be part of this journey and we wish Tom and the entire team all the best in this exciting next chapter with Fremman”.
About Incendin:
Incendin develops innovative, environmentally responsible chemical formulations for fire-fighting agents, flame-retardants and fire-resistant coatings. The Company offers a broad portfolio of technologies, including fluorine-free solutions, and operates within stringent certification frameworks to deliver safe, reliable and sustainable fire-protection across industrial and safety-critical applications.
For more information, please visit: www.incendin.com
About Fremman Capital:
Fremman Capital is a pan-European, mid-market investment firm with offices in London, Luxembourg, Madrid, Munich, Milan and Paris. The firm partners with successful management teams to help transform strong regional businesses into industry-leading multinational platforms. Fremman Capital’s team brings over a century of combined investment experience. Fremman is committed to driving sustainable growth and creating long-term value with a positive impact on businesses, their shareholders and society.
For more information, please visit: https://fremman.com
About Straco:
Straco is a Benelux based family-owned investment firm with offices in Belgium and the Netherlands active in 3 strategic pillars: Real Estate, Private Equity and Investments. By partnering with its companies for the long-term, Straco enables them to further develop and realize their growth plans across Europe. Straco firmly believes in the benefits of adopting a flexible investment horizon as the optimal way to help its companies grow.
For more information, please visit: www.straco.be