Ecostal goes European and welcomes Project Zero

With a consolidating market and an industry calling for scale, ten months ago, Jan Cieters, the managing director of Project Zero, deemed it the opportune time to seek a suitable acquirer. In close collaboration with Marktlink, he recently finalised an agreement in which the Ecostal Group becomes the 100% owner of Project Zero. Project Zero is a significant player in the B2B distribution of materials for photovoltaic installations in the Dutch-speaking part of Belgium. Acquirer Ecostal Group and Project Zero are complementary; Ecostal is primarily active in French-speaking Belgium and France, while Project Zero focuses on the northern regions of Belgium and the Netherlands.

With a longstanding background in banking, Jan Cieters took over Project Zero in 2020. This endeavor proved successful, as over the past three years, he steered Project Zero's revenue from 10 million euros to 40 million euros. In close consultation with the advisory board, he realised that, to offer the company a promising future, collaboration with a larger partner was the solution. "We had the choice to develop as a smaller player in a niche market or to seek more impact," he concluded. He sees himself as a playmaker who took matters into his own hands, chose the right moment to act, and sought guidance from the most suitable partner.

Cieters, familiar with the financial world, chose Marktlink to bring this project to a successful conclusion. "My decision to choose Marktlink for this project proved to be the right one. I look back with satisfaction on the acquisition process we went through together. The feeling was right from the start. What I particularly liked about Marktlink is the short communication lines and the fact that as a seller, you retain enough freedom to choose the lawyers and tax advisors you want to consult and support you," says Jan Cieters, who had clearly outlined criteria for the type of partner he wanted to work with. "I had expressed my desire to stay on board and continue to play a significant role. It is also my ambition to continue investing. Marktlink was aware of this and worked towards it," he says. This led to Jan Cieters becoming a shareholder of the Ecostal Group, alongside the current shareholders of the group. Additionally, he became a member of the executive committee of Ecostal.

Each entity retains its name, customers, and autonomy in management. Ecostal will operate in the French-speaking Belgian, French, and Luxembourgish markets, while Project Zero will be active in the Flemish and Dutch markets. Acquirer Ecostal Group is a significant player in the energy transition, focusing on three pillars: the distribution of photovoltaic equipment and charging stations, engineering, design, and installation of solar structures and carports, and also the recycling of photovoltaic equipment. Ecostal has around 40 employees, while Project Zero has 13 employees.

Jan Cieters looks back with satisfaction on the collaboration with Marktlink in general and with Filip Mariën and Sanne van Wunsel in particular. "In hindsight, it all seems to have gone smoothly and quickly, but the closing of a deal inevitably takes time and sometimes follows a bumpy path. When there were challenging moments in the negotiation process, Filip became a sort of shuttle diplomat, a results-oriented 'go-between' who seeks and maintains balance between both parties," concludes a satisfied Jan Cieters.