Investing in companies can take many forms. One of the more well-known approaches is the "spray and pray" method: invest in as many companies as possible and hope that at least one turns out to be a success. This approach is often accompanied by limited guidance or involvement from investors. One may question whether entrepreneurs truly benefit from receiving just a pot of money. It is often the advice and direction of experienced investors that make the real difference.

We behave as if we’ll still be shareholders 100 years from now

The Belgian family-owned company 3d investors takes a markedly different approach from the "spray and pray" model. This investment firm doesn’t merely invest in companies—it actively supports both the businesses and their entrepreneurs in their growth journey. A useful metaphor is that of a family: investing like a responsible parent. In recent years, 3d investors has taken stakes in Dutch companies such as Care Cosmetics, DSIT, and in-lite, alongside Belgian investments in Zenitel, Studio 100, and Jati & Kebon, among others.

At the table are Hans Swinnen and Koen Haenen. Hans has been a partner at 3d investors since 2006. Before that, he was CEO of the Thomas Cook Group in Belgium, overseeing airline, tour operating, and retail activities. Koen joined 3d investors in 2023 to expand activities in the Netherlands. He previously served as Vice President at Canon, leading one of its global business units, and recently completed an MBA at the prestigious IMD Business School in Switzerland.

What does Koen Haenen aim to bring in his new role? “It’s a combination of my background in banking, corporate finance, strategy development, and global operations. The foundation lies in my financial background—can you read a balance sheet? Can you value a company? That’s the baseline. Then there’s the gray area: how do you apply analytical thinking to help businesses grow? That’s strategy. Finally, there’s the ability to execute. Suppose you want to grow in the U.S.—how will you do that? That’s the operational challenge—something entrepreneurs deal with every day and where we at 3d investors bring hands-on experience.”

Investing Family Capital

What do the three "d"s stand for? Hans Swinnen dives into history. 3d investors was founded in 1992 by the entrepreneurial families Donck and Desimpel.“It began with the Donck family, who had operated a dairy business for generations. Josef Donck, father of Frank Donck, managing director of 3d investors and a respected captain of industry, expanded it into Comelco, the largest Belgian dairy group at the time. Eventually, the family saw the need for consolidation in the dairy sector and Belgium becoming too small a home market. In 1991, Comelco was sold to Campina, and with the proceeds, they started an investment company to actively manage their capital.”

What about the third “d”? “The third d comes from the Desimpel family, former owners of Desimpel Kortemark, a brick manufacturing group, who have been involved since the very start.”

Initially, 3d investors focused on listed equities. The Donck family already had a stake in Almanij, the holding company above the former Kredietbank, now KBC Group NV. “We’re also shareholders in Belfimas, the controlling shareholder of Ackermans & van Haaren, a large listed Belgian group with interests in maritime, construction, and financial sectors. Additionally, we are the second-largest shareholder in Barco, a company developing visualization solutions for the entertainment, enterprise, and healthcare markets,” says Hans.

“Over time, the private equity division was born,” he continues. “We’ve worked hard to establish it, and it has grown into a leading private equity player in Belgium—and is expanding fast in the Netherlands. There is also a real estate arm focused on residential development. It’s family capital that originated from good entrepreneurship and has continued growing through entrepreneurial investing.”

Are there any other shareholders?

Hans Swinnen: “No, there are two family shareholders. That makes things simple and clear. We don’t need to convince LPs or fundraise. We invest 3d’s own funds. Our approach is to invest like a prudent parent. A crucial differentiator: we have no exit horizon. We manage family wealth with the assumption that 3d investors will still exist a hundred years from now.”

Passionate Company Builders

Both Hans and Koen describe themselves as passionate builders of businesses. “We find joy in scaling companies. That’s entrepreneurship. We work with entrepreneurs and are entrepreneurial investors ourselves. What does that mean? It means taking calculated risks to pursue ambitious growth. Entrepreneurs are often willing to take risks, but always well-considered ones—what’s the risk, the potential return, and the alternative options? That entrepreneurial mindset defines the deals we make.”

Due diligence is key, and not just the financials. Even more important is screening the entrepreneurs themselves. Hans adds:
“Are they honest? Honest people are fair with employees, customers, and suppliers. If someone is fundamentally fair, it reflects in their company culture. If they aren’t, problems will arise.”

How do you assess entrepreneurs?

Hans Swinnen: “Use your head—do your homework, ask lots of questions. Ask the same ones in different ways. But also, trust your gut. Empathy and emotional intelligence are vital. Investing isn’t just about numbers—it’s about understanding company culture. How can we contribute meaningfully? Not like a bull in a china shop, but by asking the right questions the right way. Empathy is central to how we guide companies in their growth.”

Agility is one of 3d’s core values. What does that mean in practice?
Koen Haenen: “Quickly decoding opportunities. When one appears, can you identify its potential and act swiftly? That requires proactive people who think: what’s good for the business and its future? That’s agility.”

Hans adds an example: “That’s how the in-lite deal came to be. The advisor didn’t know us. The process was underway. We were a bit late to the party. But we moved quickly, had a strong first meeting, ran our analysis, and were able to make a timely and compelling offer.”

Long-Term Investors

That family-owned culture offers clear advantages. “When we ask entrepreneurs what stood out in our approach, the answer is: your long-term commitment. One entrepreneur recalled me saying: ‘We act as if we’ll still be shareholders 100 years from now.’ That stuck with him. It means doing what’s right in good and bad times. Our open horizon ensures we keep investing. We’ll never skip investment just because we’re planning to exit. When we do sell, the buyer values the fact we’ve been good stewards. That approach has delivered strong long-term returns,” says Hans.

Why call yourselves passionate company builders rather than investors?

Hans Swinnen: “Because building is what drives us. Growth brings satisfaction—especially when employees and customers feel it too. We do far more than write checks. We contribute, for example, by chairing boards actively.”

Koen: “There are two ways to approach a company: through financials or fundamentals—business drivers, market position, value chain. Start with the latter, make smart decisions, invest in segments or markets, and the numbers will follow. Starting with Excel leads to different conversations than starting with opportunities.”

Hans: “Numbers follow actions, not the other way around. We focus on business performance. That’s why entrepreneurs resonate with us. Ninety percent of our questions are business-related. That interest doesn’t fade post-deal. We’re present weekly—not to manage the company, but to stay close, identify improvement areas, and be a valuable sounding board.”

Leverage is used with care, Hans stresses.
“We expect ups and downs. In tough times, we want control—not dependence on banks. Our entrepreneurs shouldn’t lose sleep over banks, but over customers. That gives peace of mind and ensures we can continue investing and building. We’ve never let a company fall.”

Koen adds: “Of course, bank financing helps. You can leverage as much as you like, but the key is doing so in a healthy way. We’ve built a strong reputation with banks. Even in hard times, 3d has never missed a payment. That mutual trust pays off.”

People Business

3d investors currently holds three Dutch participations: Care Cosmetics, DSIT, and in-lite. How did these come about? “It started with our own growth ambition. We needed more opportunities to put our capital to work. Culturally and economically, the Netherlands is close to Belgium. Our story resonates there: our open-end structure, our family values, our active building approach. You may find one of these qualities at our competitors—but rarely all. That unique mix has driven our success both in Belgium and the Netherlands,” says Koen.

There’s a cliché that Belgians focus more on building relationships first.
“In the Netherlands, the mindset is more transactional. Both reach the same result, just via different paths. That said, we shouldn’t generalize. At the end of the day, the goal is the same: build companies and create value. That’s why we see ourselves as Benelux investors, not Belgian or Dutch. We don’t work with satellite offices; we operate as one team with shared interests. This allows us to maintain our core values and agile decision-making.”

The Dutch culture is also known for directness.

Hans: “I appreciate that kind of transparency. I prefer when an entrepreneur says what they really think.”

Koen: “There’s a difference between being direct and being blunt. You can be clear without being rude.”

Are there business differences between Dutch and Belgian companies?

Koen: “Not really. The drivers of value—management quality, culture, strategy execution, product and tech quality, market positioning—are universal. We stay close to our 3d values, whether investing in Belgium or the Netherlands.”

Hans: “It’s actually enriching for our Benelux ambition. We constantly compare dossiers from both countries. You start to see overlaps, synergies, shared challenges. It gives us a broader market view and allows us to build strong company combinations.”

What’s the key lesson you’ve learned?

Hans: “It’s all about people. Entrepreneurs, teams—we’re all human. Success only happens with the right people in the right roles.”

Koen: “Put a man on the moon—what’s your bold but achievable vision? Everyone should know the mission and their role in it. That vision is usually just a little higher than you initially thought. Dare to pursue it.”