Itho Daalderop & Klimaatgarant: building sustainable value for the housing market

Itho Daalderop & Klimaatgarant: building sustainable value for the housing market

Gimv recently brought two companies together into a single entity to achieve an ambitious vision: energy-neutral housing for a sustainable future.

As energy requirements get more stringent it’s no surprise that housing must become more energy efficient – or even energy neutral. This has created a market with high growth potential. To take advantage of this opportunity – and to help build a more prosperous and sustainable society – Gimv acquired majority stakes in two complimentary businesses, Itho Daalderop and Klimaatgarant, merging them into a single entity. What is behind this initiative?

Complimentary businesses

Itho Daalderop develops, manufactures and sells heating, domestic hot water, ventilation and control technology for the residential market ( Its innovative product range includes central heating systems, heat pumps, boilers for heating and domestic hot water (including solar) and )ventilation systems. These can be combined into total systems for energy-neutral housing. The company is currently a major player in the residential HVAC* sector in Benelux. With 90% of its activity in renovations and 10% in new construction, Itho Daalderop aims to eventually balance the two segments. In certain core product groups it has 60% of the market share in the Netherlands. The Dutch company also has an office in Sint Niklaas, Belgium and exports to the OEM market worldwide.

Klimaatgarant is active in the new-build market. It develops and runs energy-neutral housing projects for municipalities, project developers and housing corporations in the Netherlands ( The approach combines highly energy-efficient construction; HVAC systems based on heat and cold storage, optimal insulation and ventilation; and solar energy generation. Residents receive a 25-year guarantee that their homes won’t consume energy on a net basis.

*HVAC: heating, ventilation and air conditioning

A four-minute video gives you a tour of energy-efficient housing for a sustainable future.


Different angle, same aims

The two companies fit perfectly well together – and not just because Klimaatgarant co-founder and director Wim van den Bogerd is a former CEO of Itho Daalderop. Klimaatgarant has market share in new construction, but has never had in-house products. It has long used those from Itho Daalderop and other suppliers. So bringing the two together into a single entity – while preserving their separate strong brands – will create opportunities.

Infograph ID/KG


Preparations for the merger were already well underway before 2016. A 180-day plan was devised for integrating the two companies, allowing the merger of management teams and commercial efforts while keeping up to speed on the order pipeline.

The next steps of value creation include raising awareness of the group, optimizing manufacturing costs for key products, and focusing R&D on heat pumps and other product groups critical to becoming a complete HVAC solution provider for the energy-efficient home of the future.

Looking further, the merged company aims to grow in the Netherlands and expand into Belgium and Luxembourg, which have similar markets. Also in the cards is eventual expansion into Germany, UK, France and Scandinavia. With a place on the board, Gimv will “think along” with management as the new, merged company makes this exciting journey to a more sustainable future.

Bas Korte, CCO Itho Daalderop/Klimaatgarant

With innovative products and long-term guarantees, we’re the only company that has all the disciplines: heating, ventilation and domestic hot water.

Bas Korte - CCO, Itho Daalderop/Klimaatgarant

Future Proof - Itho Daalderop: IoT frontrunner

The Internet of Things (IoT) refers to objects with built-in electronics that can exchange data within a network. Take spIDer, developed by Itho Daalderop and one of the first e-thermostats on the market.

Picture it as a spider at the center of a web that includes heat pump-based central heating, domestic hot water, a ventilation system, CO2 sensors and electrical appliances. Linking these devices together, spIDer keeps them running in harmony to maintain a healthy, comfortable and energy-efficient indoor climate.

This IoT expertise will help position the combined entity as a technology leader in a rapidly evolving field. Longer term, it could enable the use of renewable energy to provide hot water to an entire neighborhood.


Brakel: another seamless fit

Another recent investment by the Sustainable Cities team is the company Brakel, an important player in high-end solutions for glass daylight constructions, ventilation systems and fire safety systems in commercial and industrial buildings. These systems respond to the growing trend for sustainable and comfortable buildings, as well as increasingly strict European regulations for climate control and fire safety. With its focus on HVAC, this investment also seamlessly fits into the Sustainable Cities portfolio.

Sustainable Cities platform: investing in tomorrow's smart, clean and efficient communities

The goal of the Gimv Sustainable Cities Platform is to invest in creating an efficient and sustainable society. With this focus and an eye on urbanization trends, the Sustainable Cities portfolio is made up of strong performers in HVAC, green energy, water management and waste treatment, and recycling. Other sectors include sustainable building materials, modular construction, chemicals, fire safety and green transportation. "After analyzing multiple HVAC opportunities across the value chain in Europe, the Sustainable Cities team recognized the potential that the merger of IthoDaalderop and Klimaatgarant would provide," says Laurens Rosenmöller, Principal in the Sustainable Cities team. Ivo Vincente, Managing Partner & Head Sustainable Cities, adds: "With a focus on sustainable HVAC solutions, our new partnerships with Brakel and Itho Daalderop-Klimaatgarant respond to the growing trend for sustainable construction. As an investor, we can play a substantial role in the field.”


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