Korys Acquires Majority Share in Virya Energy from Colruyt Group
This strategic transaction, based on an equity value of approximately EUR 600mil, underscores Korys’ commitment to fostering innovation and driving sustainable development in the energy sector. Korys now holds a 70% ownership interest, while the Colruyt Group retains a 30% stake. Virya Energy and the Colruyt Group will continue to jointly develop know-how and expertise in their common energy transition initiatives, such as the group’s zero-emission ambition of goods transport by 2035.
By acquiring a controlling stake in Virya Energy and by redeploying the proceeds from the sale of Parkwind last year, Korys is positioned to stay at the forefront of the renewable energy market. In line with Korys’ investment strategy, Virya will continue to pursue its growth strategy in both well-established technologies like wind and solar, while also dedicating resources to exploring and developing cutting-edge solutions such as sustainable hydrogen and electric mobility.
The combined expertise and resources of Korys and Virya Energy will be instrumental to developing and investing in energy transition infrastructure and technologies globally, further promoting Belgium’s innovation profile.
“This share transfer represents a logical next step in our strategy that will further strengthen our position in the renewable energy landscape,” commented Dries Crevits, partner at Korys. “We have always been dedicated to driving progress in the energy transition, and with a majority stake in Virya Energy, we are poised to accelerate our efforts and make a more significant contribution.”
“This shift in ownership structure is a positive and natural development for Virya Energy. Korys’ commitment to sustainability aligns perfectly with our vision to develop more than 3 gigawatts of production capacity across the full energy value chain over the next 10 years. With their increased support, we can confirm our ambition to be a driving force in the transition to a sustainable energy future in Belgium and beyond,” added Paul Tummers, CEO of Virya Energy.
About Korys
Korys is the investment company of the Colruyt family and creates sustainable added value in 3 ecosystems: Conscious Consumer, Healthy Living, and Energy Transition.
Korys does this in partnership with entrepreneurs and companies who share its commitment to value-driven entrepreneurship and sustainability while leveraging the expertise of a highly motivated team of 30 professionals in Belgium and Luxembourg. Thanks to its dedication, craftsmanship and strong financial foundation, Korys can make long-term commitments.
Over the past two decades, Korys built a portfolio of sustainable investments worth over €4 billion. Besides more than 20 direct investments, including Colruyt Group and Virya Energy, Korys also manages private equity funds and investments in listed instruments.
About Virya Energy
Virya Energy is active in the development, financing, and operation of projects in the field of energy transition. The company, based in Belgium, was founded at the end of 2019 by Colruyt Group and its majority shareholder, Korys.
Virya Energy is active across the entire value chain of sustainable energy. This includes the production of green energy in Europe through its subsidiaries Eoly Energy and Eurowatt, in Asia through its subsidiary Sanchore and a majority stake in Constant Energy, and energy distribution through its subsidiary DATS 24. Virya Energy is also involved in the development of sustainable hydrogen projects through Virya H2. The company holds interests in service providers to the offshore industry, including GeoXYZ, DotOcean, and Marlinks.
About Colruyt Group
Colruyt Group operates in the food and non-food distribution sector in Belgium, France and Luxembourg with more than 700 own stores and approximately 580 affiliated stores. In Belgium, this includes Colruyt Lowest Prices, Okay, Bio-Planet, Cru, Dreambaby, Bike Republic, Zeb, PointCarré, The Fashion Store and the affiliated stores Spar and PointCarré. In France, in addition to Colruyt stores and DATS 24 filling stations, there are also affiliated Coccinelle, Coccimarket, Panier Sympa and PointCarré stores. Jims operates fitness clubs in Belgium and Luxembourg. Newpharma is the Belgian online pharmacy of Colruyt Group. Solucious and Culinoa deliver food service and retail products to professional customers in Belgium (hospitals, SMEs, hospitality sector, etc.). The activities of Colruyt Group also comprise printing and document management solutions (Symeta Hybrid). Colruyt Group also holds interests, including in Virya Energy (to which DATS 24 belongs since June 2023) and in Dreamland.
The group has more than 32.000 employees and recorded EUR 10,8 billion in revenue in 2022/23. Colruyt Group NV is listed on Euronext Brussels (COLR) under ISIN code BE0974256852.
