BRUSSELS — Belgian corporate and public affairs consultancy Whyte Corporate Affairs has secured private equity investment to enable its ambitious growth, expansion and leadership succession plans.

Independent private equity firm Finco, based in Antwerp, has taken a 49% stake in the agency for an undisclosed sum. Whyte’s fee income last year was €6.6 million.

At the same time, Whyte’s four founding partners – Sandrine Agie (pictured, second left), Joris Bulteel (right), Eveline De Ridder (second right) and Emmanuel Goedseels (left) – have opened up equity capital for new shareholders among the 40-plus team. Partner Philip Naert (pictured, centre), who helped to develop the agency’s public affairs division, is the first of the “new generation of leaders” to acquire a stake.

Whyte – named as PRovoke Media’s Benelux consultancy of the year for 2022 – also includes visual storytelling specialist StudioTokyo and brand PR and influencer agency Twyst.

De Ridder told PRovoke Media: “More and more clients are turning to us with difficult, complex questions that need comms in its broadest sense. We’re already an agency of more than 40 in a small market. We felt we’d done everything we could to grow, and if we wanted to grow further we needed extra capital. We didn’t want to be become part of an existing organisation – we’re really proud of what Whyte has become and wanted to continue navigating our own course, so that’s why we opted for private equity, so the management stays in our hands.

“The other reason is next generational – the four of us started 15 years ago, we’ve had the same partnership from the beginning and we needed to start thinking about who will take on the leadership in years to come. Philip joined us in 2014 and I believed he can build the future of Whyte with us, along with the other members of the executive committee, Isabelle Hardy and Joost Germis.”

She said the investment would accelerate Whyte’s plans to expand its services and enter new markets: “International expansion into surrounding countries is one of the options we’re looking at. Finco will help with growth, disciplines we can add to existing services, teams or add-ons we can buy or build on, and other potential partners. Acquisition is also on the cards, but nothing has been set in stone yet.”

Goedseels added that in expanding its offer, the agency would continue to focus on corporate affairs and public affairs: “Before Covid we thought we had reached a ceiling but we grew during the pandemic and saw there was still appetite for our services. There’s still room for improvement, extension and expansion in the business, disciples and expertise. Finco has the same vision of growth as us, especially in the area of issues and change communications.”

Finco managing partner Kristof Verluyten said of the deal: “We absolutely believe in the market that Whyte Corporate Affairs is tapping into and its future growth potential. Whyte has a rock-solid reputation and a brilliant team. The fact that the four founders have chosen to reinvest and that a new generation is already waiting in the wings has provided us with great confidence for the long-term and the sustainability of the company and industry.”