EMK Capital has closed a 1.25 billion euro single-asset continuation fund, the VDK Partnership Fund, for VDK Groep, the Dutch technical installation services group it has owned since 2020. LGT Capital Partners and Coller EQT co-led the vehicle, which gives EMK’s existing investors the option to sell their exposure or roll into the new structure and provides follow-on capital for VDK’s acquisition pipeline.
VDK, headquartered in Zwolle, owns 150 installation companies and employs 7,000 specialists across building intelligence, climate control, electrical engineering, infrastructure engineering and security systems. Under EMK it has completed 103 add-on acquisitions, growing from about 5 million euros of EBITDA at entry in 2020 to about 319 million euros of pro-forma EBITDA for the twelve months to June 2026, with margins roughly doubling and cash conversion improving from about 70 percent to about 100 percent. Its February 2026 acquisition of Germany’s Builtech Group extended the platform into the German market.
The continuation fund is the exit that is not an exit. Rather than sell a consolidated installation platform into a soft mid-market or list it, EMK resets the holding clock with secondaries capital priced by two co-lead buyers, and keeps the roll-up running. The structure only works because the asset’s record, 103 deals integrated without margin dilution, is the diligence.