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D'Ieteren Group: The 220-Year Transformation from Coachbuilders to Global Holding Company
I. Introduction & Episode Roadmap
Picture Brussels in 1805. Napoleon still rules France, and Belgium doesn't yet exist as a nation. In a modest workshop on Rue du Marais, a Dutch-born carpenter named Jean-Joseph D'Ieteren is crafting his first chariot wheel, launching what would become one of the most remarkable family business transformations in European history.
Since its foundation in 1805 in Brussels, D'Ieteren has been the name of a family of entrepreneurs, that has grown into what is called today the D'Ieteren Group. Two hundred and twenty years later, this wheelwright's descendant company commands a market capitalization exceeding €10 billion, owns the world's largest vehicle glass repair company, and just completed a €4 billion extraordinary dividend—one of the largest shareholder returns in Belgian corporate history.
The central question animating this deep dive: How did a workshop that predates Belgium's independence transform into a global investment holding company spanning vehicle glass repair, premium notebooks, automotive distribution, and industrial parts? 220 years of uninterrupted activity is rare enough for a company, but what's more, D'Ieteren has remained a family business, since Nicolas D'Ieteren, current Chairman of the Board of Directors of D'Ieteren Group, represents the 7th generation to run the company since its creation. Another remarkable fact is that D'Ieteren has always been able to evolve with technical and societal changes, often anticipating them.
The D'Ieteren family is one of Belgium's most prosperous dynasties, with an estimated fortune of more than €6.5 billion in 2025. The family's stake of approximately 60% represents extraordinary wealth concentration for a 220-year-old enterprise—far different from the dilution seen in other European dynasties like Peugeot with its 200 shareholders or Hermès with over 100 family members.
This story unfolds across five distinct chapters: the founding coachbuilding era, the pivotal 1948 Volkswagen partnership that created the modern company, the 1999 Belron acquisition that would become the crown jewel, the aggressive 2021-2022 portfolio expansion, and the 2024 family reorganization that consolidated seven generations of wealth into a single branch. Each inflection point reveals lessons about family capitalism, strategic patience, and the power of seemingly mundane businesses.
II. Founding & Early History: Carriage Builders Before Belgium
The Belgian company D'Ieteren is older than the State of Belgium. The company is currently known as Belgium importer of VAG group cars and they were formerly known for their coachbuilding activities and assembly of Studebaker cars and Volkswagens.
The family's entrepreneurial history dates back to 1805, when Jozef (Jean-Joseph) D'Ieteren, a Dutch-born carpenter, established a workshop in Brussels initially focused on building horse-drawn carriages. The timing mattered enormously—Brussels sat at the crossroads of European commerce, and transportation infrastructure was still primitive. A master craftsman who could build durable, elegant carriages occupied a crucial economic niche.
Jean Joseph D'Ieteren founded his small workshop close to the center of Brussels in 1805, when Belgium was still part of France. He specialized himself in the production of chariot wheels, but soon started to manufacture complete chariots. Jean Joseph died in 1831, but his two sons Adolphe and Alexandre took over.
The transition to the second generation coincided with Belgian independence in 1830, creating new opportunities in a nation finding its identity. The youngest, Alexandre, moved to Paris for some time to specialize himself in drawing and reworking woodwork of carriages. In 1857 he established a new and larger workshop the "Nieuwstraat" (Newstreet) in Brussels.
Founded by master coachbuilder Joseph-Jean D'Ieteren in 1805, who began his first venture in coachbuilding and wheelwrighting, establishing a workshop on the Rue du Marais/Broekstraat. In 1857, his son Alexandre D'Ieteren expanded the business by opening a second location at 106 Rue Neuve/Nieuwstraat, where vehicle painting and garniture were incorporated into the existing trade of coachbuilding and wheelwrighting.
The company's reputation grew steadily. The company exposes in 1880 to the Fiftieth Anniversary of Independence Exhibition and, in 1896, Alfred became secretary founder and vice-president of the Belgian Trade-Union Chamber of the Bodywork and Additional Industries. The two brothers became suppliers to the Royal Court of Belgium and, in 1905, the company received from King LĂ©opold II an order for a landau to be used at the official ceremonies.
The late 19th century brought the most significant technological disruption since the wheel itself: the automobile. Rather than resist this change, the D'Ieterens embraced it. In 1897, D'Ieteren became one of the first companies to produce bodywork for motorized vehicles, signaling a significant transition from traditional horse-drawn carriage manufacturing to automobile bodywork.
The next logical step for D'Ieteren was to move into the manufacture of car bodies, even though not all horse-drawn coachbuilders were able to make the switch. In fact, the two types of production coexisted for some twenty years, sometimes for the same customers who often owned both types of cars.
This adaptability—recognizing technological shifts early and pivoting accordingly—became the defining characteristic of D'Ieteren across seven generations. The family had learned a crucial lesson: excellence in craftsmanship could transfer across technologies if you moved quickly enough.
III. The First Reinvention: From Coachbuilders to Car Distributors (1900s-1948)
The early 20th century brought industrialization at scale, transforming D'Ieteren from artisanal craftsmen into automotive manufacturers. In 1906, Alfred and Émile D'Ieteren, grandsons of Jean-Joseph D'Ieteren, commissioned the construction of a new premises on Rue du Mail/Maliestraat, which featured an 'ultra-modern workshop' dedicated to bodywork activities.
By the end of the 19th century, the D'Ieteren were already building automobile bodies. At the beginning of the 20th century, horse-drawn and automotive bodywork activities coexisted, with D'Ieteren building on its reputation in the former field to meet the wishes of the first motorists and dress the chassis of over a hundred prestigious Belgian, European and US brands of the time, including Bugatti, Delahaye, Excelsior, Hispano-Suiza, Isotta-Fraschini, Mercedes, Minerva, Rolls-Royce.
Chassis from over a hundred brands, of which Impéria, Minerva, Panhard, Renault, Peugeot, Delahaye, Mercedes and Hispano Suiza, were bodied by D'Ieteren. They built about 6,000 coachworks in total.
The company's financial ambitions grew alongside its operational scope. The company continued to grow, and in 1929, the company went public through an initial public offering on the Brussels Stock Exchange, marking its expansion into the financial markets.
The Great Depression forced strategic adaptation. After the economic crash from 1929, Lucien left the trade of building luxury coachworks and became a sales representative for American car brands and trucks like Studebaker, Pierce-Arrow, Auburn and Rockne. To avoid heavy import taxes, Lucien's company started to assembly the chassis and coachworks for the Belgian market.
The company expanded further in 1931 by becoming the official distributor for several prominent U.S. automobile brands, including Studebaker, Pierce-Arrow, and Auburn. In 1935, D'Ieteren added automobile assembly to its operations, setting up plants for assembling vehicle chassis and bodywork sourced from Studebaker factories.
Over more than two centuries, the D'Ieteren family adapted their business to major technological and economic shifts, evolving from artisanal coachbuilding to industrial-scale car body manufacturing, and later to automobile importation, assembly, and distribution. Key milestones include securing contracts with prestigious brands like Minerva and Hispano-Suiza after World War I, assembling Studebaker and Volkswagen vehicles in Belgium post-World War II.
World War II devastated European industry, but it also created extraordinary opportunities for companies positioned to serve reconstruction. The D'Ieteren family emerged from the war searching for a transformational partnership—one that would define the company for the next seven decades and beyond.
IV. The Volkswagen Partnership: The Foundation of Modern D'Ieteren (1948-1970s)
The most important meeting in D'Ieteren's history occurred in 1948, when Pierre D'Ieteren—Lucien's son—traveled to a bombed-out German factory in Wolfsburg. What he found was a company with a troubled past but an extraordinary product: the Volkswagen Beetle, designed by Ferdinand Porsche and initially commissioned by Adolf Hitler as the "people's car."
In 1948 Pierre D'Ieteren, scion of a family of industrialists with a long established coach-building business, entered into an agreement with Volkswagen to import cars into Belgium. A little later work began on the construction of an auto-assembly plant, with the first stone of the building laid on 1 September 1948.
The bet required courage. Volkswagen's Nazi associations made it politically toxic in much of Europe. The factory had been heavily bombed during the war and was struggling to restart production. Yet Pierre D'Ieteren saw what others missed: a brilliantly engineered, affordable car that could motorize the emerging European middle class.
In 1948, Pierre D'Ieteren signed a contract to import vehicles made by the Volkswagen Group and agreed to assemble Volkswagens under license. Construction of a new factory on the south side of Brussels began in October 1948, and by 1949, the first cars were being produced.
In addition to his business as a Volkswagen importer, D'Ieteren had been the Belgian importer before the war of several US brands including Studebaker. A few months after the importation deal with Volkswagen, in April 1949, the first locally assembled Studebaker emerged from what had now become a car factory. Thanks to the partnership between D'Ieteren and Studebaker, it became the third most popular American car in Belgium, behind Ford and Chevrolet.
A few months later, the famous Beetle is launched in Belgium. A new factory of assembly is built in Forest nearby Brussels from which turns out the first Studebaker in April 1949. In 1950, D'Ieteren becomes exclusive importer of Porsche.
The Volkswagen relationship expanded rapidly. By 1970 the plant had produced 835,236 cars, of which more than 95% (795,581) were Volkswagen Beetles. More than 2% (21,675) were Studebakers and most of the rest were Volkswagen vans or Porsches.
The factory's success attracted Volkswagen's direct interest, leading to a pivotal strategic decision. The factory, which was later sold to Volkswagen in 1970, is now known as Audi Brussels. This sale proved prescient—D'Ieteren exchanged capital-intensive manufacturing for capital-light distribution, a shift that would compound benefits for decades.
Pierre D'Ieteren died in road accident in 1975 and his son Roland took over management of the now very large D'Ieteren empire. The enterprise later obtained the exclusive import rights for Belgium for brands like Audi (1974), Seat (1984), Skoda (1992), Rolls-Royce and Bentley (2000) and Lamborghini (2001).
Under Roland D'Ieteren's leadership, the company became Belgium's dominant automotive distributor. In 1972, Roland D'Ieteren becomes associate director of the company. Just a few years later, D'Ieteren becomes the head of the D'Ieteren group after the fatal accident of father Pierre in January 1975. Roland D'Ieteren played a paramount role in the development of D'Ieteren as Belgium's leading car importer. He developed those activities into a gigantic car empire.
The Volkswagen partnership—now spanning 75+ years—created a remarkable competitive position: dominant market share in Belgium, recurring service revenue, and deep relationships across the automotive value chain. But Roland D'Ieteren understood that Belgian automotive distribution alone wouldn't sustain long-term growth. The search for diversification opportunities began.
V. Diversification Era: Car Rental & Services (1956-2011)
D'Ieteren launched its car rental business in 1956 with Dit'Rent-a-Car, a short-term vehicle rental service, which was licensed to Avis two years later.
In 1956, D'Ieteren enters the short-term car rental market. An agreement is signed with the Belgian railway company: Beetles are made available for rent at the main railway stations in Belgium. In 1958, during the Brussels World Fair, Dit'Rent-a-Car, D'Ieteren rental division, becomes an Avis licensee.
The Avis relationship deepened over three decades, culminating in a transformational acquisition. In 1989, D'Ieteren expanded its global footprint by acquiring Avis Europe, a leading short-term vehicle rental company.
D'Ieteren becomes the majority shareholder of Avis Europe, following a long period of partnership of almost 30 years. This acquisition makes it possible for D'Ieteren to take foot on the international market. With around 8 million customers per year, Avis Europe is present in Europe, Africa, the Middle East and Asia with the Avis and Budget brands. In 2005, D'Ieteren holds 59.6% of the capital of the company.
The Avis investment taught D'Ieteren invaluable lessons about operating services businesses at scale—fleet management, customer experience, insurance relationships, and geographic expansion. These capabilities would prove directly applicable to their next major acquisition.
In 2011, D'Ieteren withdrew from short-term vehicle rental by selling its 59.6% stake in Avis Europe to Avis Budget Group. The exit represented strategic refinement: car rental had become increasingly commoditized with thin margins, while another services opportunity beckoned—one with dramatically better unit economics and stronger competitive moats.
VI. KEY INFLECTION POINT #1: The Belron Acquisition (1999)
In 1999, D'Ieteren made the acquisition that would ultimately become its most valuable asset. The target: Belron, a vehicle glass repair and replacement company with roots even older than D'Ieteren itself.
Belron was first founded as a family business in 1897 as Jacobs & Dandor in Cape Town, South Africa. The company was purchased and renamed Plate Glass Bevelling and Silvering in 1899. In 1917, City Glass Bevelling & Silvering Works bought Plate Glass; the companies were merged in 1919.
Morris Lubner became chairman of the company after Emmanuel Brodie's death in 1961. Lubner had by then brought his own sons, Ronald and Bernard, into the business. Ronald Lubner became especially involved in PGSI's automotive glass arm. In 1958, the company developed its own laminated glass for rear windshields. In the early 1960s, the company spotted a new expansion opportunity: the vehicle glass repair and replacement, known as VGRR in the trade, the basis of the later Belron company. In 1962, Ronald Lubner convinced his father to buy up a fast-growing glass company, Express Glass.
Belron had expanded internationally throughout the 1980s and 1990s. International expansion continues with the acquisition of two vehicle glass replacement companies in the UK Autoglass® and Windshields. The company acquires the Carglass brand in France and Benelux. The company establishes Windshields in the United States. South African Brewers acquire control of PGSI. VGRR operations are regrouped under the Belron holding company.
SAB's decision to refocus its operations around a core of beverage production and hotel and leisure operations placed Belron on the market in the late 1990s. Belgium's D'Ieteren, the country's leading automobile distributor and a major shareholder in Avis Europe, bought PGSI in 1999, and then shed the group's non-auto glass operations, keeping only the Belron International business.
In 1999 D'Ieteren Group acquired Belron from the Lubner family (Belron's founding family) and South African Breweries. In the initial 20-year ownership period, D'Ieteren Group worked closely with Belron's leadership team to increase market shares in the various countries and to penetrate new geographic markets (+26 countries).
In September 2009, Cobepa exercised its put options and sold its 16% equity stake in Belron to D'Ieteren for €275 million.
The investment thesis was elegant: vehicle glass repair is a recession-resistant, recurring revenue business. Windshields crack regardless of economic conditions. Insurance companies prefer repair over replacement. And strong brands drive customer preference in what otherwise appears a commodity service.
Gary Lubner, who led Belron for years, explained: "We have a powerful business model. It relies on strong and longstanding relationships with insurance companies who recommend us to their policyholders; and at the same time building strong brands. People always are amazed that we've managed to build a brand for a windscreen company. Repairing or replacing windscreens is a distress purchase—low interest and infrequent. Yet, if you ask people here in the UK where would you go if that happened, 90% tell you Autoglass. People know us just as well on the Continent where we also have 90% top of mind awareness for our brand Carglass."
Over that period, Belron has grown into the undisputed global leader in vehicle glass repair, replacement and recalibration. The company's sales and EBITDA grew more than six and ten-fold respectively.
VII. KEY INFLECTION POINT #2: The Safelite Acquisition (2007)
The 2007 acquisition of Safelite, America's largest windshield replacement company, transformed Belron from a primarily European business into a truly global champion.
In 2007, Safelite was acquired by U.K. based Belron, which is in turn owned by the D'Ieteren group. Belron is the world's largest vehicle glass company, providing service in over 32 countries. Thomas Feeney became the president and CEO in 2008.
Bud Glassman and Art Lankin started Safelite in a junkyard in Wichita, Kansas in 1947. The company declared bankruptcy in 1997, after which it became owned by its largest creditor, J.P. Morgan & Co. In 2007, Safelite was acquired by U.K. based Belron.
Belron S.A., a large vehicle glass repair and replacement company, has completed its acquisition of another, Safelite Group Inc. According to Dan Wilson, president and chief executive officer, the new joint organization will be known as Belron US. The new Belron US will integrate the U.S. operations of the former Safelite Group Inc. and the former Belron Inc., which was the U.S. operation of Belron. While Belron US is the new legal entity for the U.S. operation, the company will continue to operate under its existing brands including Safelite AutoGlass, Service AutoGlass, and Safelite Solutions. The transaction was announced Feb. 6 and the deal closed effective March 3.
The U.S. market offered extraordinary scale opportunities. Once again, the division contributed a little over half of Belron's sales. North America became Belron's profit engine, despite recent challenges from mild weather and insurance claim avoidance.
In 2019 Safelite acquired and successfully integrated TruRoad, the largest acquisition in its history.
Belron International Limited is a British-South African vehicle glass repair and replacement group operating worldwide across 34 countries and employing over 25,000 people. It is headquartered in Egham in the United Kingdom. Belron's brands include Autoglass in the United Kingdom, Ireland, and Poland; Carglass in most of Europe; O'Brien AutoGlass in Australia; Safelite in the United States; Smith & Smith in New Zealand; and Lebeau and Speedy Glass in Canada.
VIII. KEY INFLECTION POINT #3: Portfolio Transformation (2011-2022)
The 2011-2022 period marked D'Ieteren's evolution from an automotive company to a diversified investment holding group. This transformation occurred through strategic exits, acquisitions, and corporate restructuring.
Moleskine Acquisition (2016):
The price payable to the sellers pursuant to the purchase agreements entered into on September 22, 2016, amounts to €2.40 per share, valuing 100 percent of the company at €506 million.
An acquisition price of €2.40 per share was agreed with outgoing stakeholders Syntegra Capital and Index Ventures, valuing Moleskine at around €510 million. Last September saw D'Ieteren, a listed luxury vehicle distributor with a dominant 22% share of the Belgian market, acquire 41% of the Moleskine shares, and this rose to more than 95% in December. It now has, together with Moleskine which owns treasury shares, full ownership of the brand and has removed the business from the Milan Stock Exchange.
Acquisition of a premium consumer brand with high margins and long-term development potential based on increasing consumer demand for analogue experience in a digitalizing world.
The Moleskine acquisition puzzled some analysts—what did a Belgian car importer know about Italian notebooks? Moleskine notebooks have fired the imaginations of would-be Hemingways, but even some struggling novelists might not have imagined their maker being taken over by a Belgian car importer. Just as Moleskine notebooks are often bought with romantic aspirations by those who dream of sketching one's way to becoming the next Picasso, the bid has some analysts wondering if the Belgian company's purchase isn't a flight of fancy away from its main business.
CD&R Partnership (2018):
Early 2018 D'Ieteren Group opened Belron's capital to Clayton Dubilier & Rice ('CD&R'), an American private equity firm which acquired a c.40% stake in the company. This marked the start of the second phase of ownership and a renewed partnership with Belron's management. In 2021, CD&R sold part of its stake to new shareholders: H&F, GIC and BlackRock.
Corporate Restructuring (2021):
In 2021, D'Ieteren carved out its vehicle distribution and retail business into a new fully owned subsidiary. The two businesses, until then part of D'Ieteren SA/NV, became two separate entities: D'Ieteren Group and D'Ieteren Automotive, each receiving a new graphic identity and logo.
TVH Parts Acquisition (2021):
D'Ieteren Group has acquired a 40% stake in TVH Parts on October 1st, 2021 from one of the founding families, the family Vanhalst, creating a long-term partnership with the family Thermote, who keeps a 60% stake in the company.
D'Ieteren Group is pleased to announce that it has closed the acquisition of a 40% stake in TVH Parts, a global leading independent distributor for aftermarket parts related to material handling, construction & industrial, and agricultural equipment. As previously announced, the provisional acquisition price corresponds to an amount of €1,172m to be financed with D'Ieteren Group's excess liquidity, valuing TVH Parts at an Enterprise Value of €3,650m.
TVH, founded more than 50 years ago, is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It has continuously expanded its customer offering and geographical presence and has built up a considerable amount of parts data over the years.
Parts Holding Europe Acquisition (2022):
D'Ieteren Group is pleased to announce that it has closed the acquisition of Parts Holding Europe (PHE). D'Ieteren Group is pleased to announce that, further to the press releases dated February 14 and March 14, 2022, it has closed the acquisition of Parts Holding Europe (PHE), a Western European leader in independent distribution of vehicle spare parts present in six countries: France, Belgium, The Netherlands, Luxemburg, Italy and Spain.
The acquisition price corresponds to an Enterprise Value of €1.7bn, resulting in an equity consideration paid of €571m (€540m equity as previously announced plus cash generated by the company since January 1st, 2022), to be financed with D'Ieteren Group's excess liquidity.
PHE has achieved a compounded yearly sales and EBITDA growth of respectively 5.6% and 20.2% since 2010.
IX. KEY INFLECTION POINT #4: Family Shareholding Reorganization (2024)
In September 2024, D'Ieteren announced what management called "a once-in-a-generation moment"—a comprehensive reorganization of family shareholdings that would consolidate control and trigger an extraordinary €4 billion dividend.
The family shareholders of D'Ieteren Group have reached an agreement to reorganise their respective shareholdings, cementing the long-term stability of the Group's family shareholding. The envisaged reorganisation to concentrate family ownership in one single family branch represents a once-in-a-generation moment for D'Ieteren Group, optimally positioning it for the next decades while also sharing a considerable part of the value created through an extraordinary dividend to all shareholders. With the contemplated move, D'Ieteren Group confirms the continuation of its strategy and its ambition to create value for all its stakeholders. Under the terms of the agreement, Nayarit plans to acquire 16.7% of D'Ieteren Group's capital from SPDG group, including all profit shares held by SPDG group, at a price equivalent of €223.75 per ordinary share cum dividend.
Cousins Nicolas D'Ieteren and Olivier Perier were put on equal footing and praised for carrying the wealthy clan's firm into the seventh generation. But the parity lasted just three years, when Nicolas replaced his father as board chairman in 2017. Now, in a move that has blindsided minority investors and is quickly becoming a case study in family corporate governance, Nicolas, 49, has unveiled a costly plan to gain majority control of the fast-growing company by buying out Olivier, 53. The split, dubbed a "once-in-a-generation shareholding reorganization" by the €10 billion ($11 billion) Brussels-listed firm, is rooted in divisions within the secretive clan, say people familiar with the matter. The scions have different personalities and goals, and the move is designed to head off any future conflict.
This shareholder transaction, which is subject to the D'Ieteren Group and Belron Group financings, is expected to be accompanied by an exceptional return to shareholders in the form of a dividend to be paid by D'Ieteren Group, totalling c.€4bn or €74 per ordinary share, rewarding all D'Ieteren Group shareholders for their continued support after significant value creation over the past years. D'Ieteren Group will use c.€850m of existing liquidity to fund the extraordinary dividend. Alongside the operation, it intends to raise a new debt facility of €1bn, which is structured as underwritten bank loans, half through a 5-year maturity and half through a shorter-term loan.
Concurrently, Belron intends to refinance its existing €4.3bn loans and to raise additional financing for c.€3.8bn on a best-efforts basis. Combined with available liquidity, this additional debt would allow the funding of a c.€4.3bn dividend distribution from Belron to its shareholders, of which c.€2.2bn would be distributed to D'Ieteren Group. Following this, Belron's net debt is expected to represent c.€8.9bn, or 5.5x adjusted EBITDA of the last 12 months as of June 2024. Given Belron's proven track record of strong cash generation, this ratio is expected to rapidly decrease over the next few years.
Their move has led to a 15% drop in D'Ieteren Group's share price and harks back to the way the clan has dealt with succession in the past. By funneling power over the generations into a single male lineage—described by one sixth-generation heir as "clipping" the branches—the sprawling company has not only emerged as one of the world's oldest still in the hands of a single family but also one with remarkably few related shareholders. This compares with the dilution seen in some other major fortunes like the automaking Peugeot dynasty, whose two ancestors started a business in 1810 and now has some 200 shareholders stretching into the 10th generation. French luxury giant Hermes International SCA, also founded in the first part of the 19th century, has more than 100 family shareholders.
In 2024, majority shareholders reached an agreement to reorganise their respective shareholdings, cementing the long-term stability of the Group's family shareholding at a time of solid results. This once-in-a-generation reorganisation, whereby Nayarit Participations acquired 16.7% of D'Ieteren Group's capital from SPDG and thereby increased its shareholding to 50.1%, was successfully executed and allowed to share a considerable part of the value created through an extraordinary dividend of €74 per ordinary share to all shareholders.
The net financial position of the "Corporate & Unallocated" segment evolved to a net financial debt of €652.8m on 31 December 2024 (from a net cash surplus of €1,188.3m end-2023). This is largely explained by the dividends paid to the shareholders of D'Ieteren Group (€200.8m ordinary dividend in June 2024 and €3,975.3m of extraordinary dividend in December 2024).
X. The Business Today: Portfolio Overview
D'Ieteren Group today operates as a diversified investment holding company with five core portfolio businesses plus real estate operations.
D'Ieteren Automotive (100% owned):
D'Ieteren Automotive (100% owned): distributor of Volkswagen, Audi, SEAT, Ĺ koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium and expanding into other mobility services.
Leading importer and retailer of cars in Belgium. Largest fleet in Belgium, with 1.2 million cars on the road. More than 70-year partnership with the VW Group. Leading independent importer of Volkswagen Group brands.
In combination with tight cost management, these topline trends resulted in a 21.2% YoY increase in adjusted operating result to €269.7m versus €222.5 in FY-2023 at a record adjusted operating margin of 5.1% (+92bps YoY).
Belron (~95% owned):
Belron International Limited is the world's leading vehicle glass repair, replacement, and recalibration group, headquartered in Egham, United Kingdom, and operating in 40 countries across six continents with approximately 30,000 employees. In 2024, the company achieved sales of €6.5 billion and completed approximately 16 million vehicle glass repair, replacement, and recalibration (VGRR) jobs.
The report says Belron completed 16.6 million repair, replacement and recalibration jobs in 2024, 4% more than in 2023.
Belron's total sales (at 100%) increased by 6.8%, to €6,459.0m in 2024, of which 5.8% organic growth, contribution from acquisitions of 0.9% and a slightly positive currency effect of 0.1%.
According to officials, the spread of Advanced Driver Assistance Systems (ADAS) capabilities in fleets "has continued to deliver strong incremental revenues for Belron" because those vehicles' windshield-mounted cameras must be recalibrated after a replacement.
PHE (~91% owned):
PHE (100% in economic rights) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain.
PHE expects a mid-single-digit organic sales growth driven by market share gains. Adjusted operating result margin is expected to remain stable compared to 2024 (9.3%).
TVH Parts (40% owned):
TVH, founded more than 50 years ago, is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It has continuously expanded its customer offering and geographical presence.
Moleskine (100% owned):
Since the acquisition, D'Ieteren Group has supported Moleskine's management team in pursuing multiple paths of growth: Combine a strategy of growth from the core (remaining the market leader and trendsetter in notebooks) while growing through adjacent product categories such as writing materials, smart writing systems, bags, eyewear etc.
However, the decline in brick and mortar shopping, together with a volatile B2B channel, have resulted in revenues slowing down in 2019 and an increasing pressure on margins, exacerbated in 2020 due to the Covid-19 crisis.
2024 Financial Performance:
The Group's key performance indicator (KPI)—the adjusted consolidated profit before tax, Group's share—reached €1,065.0m, up by 9.6%, or 10.1% at constant currency compared to 2023 with Belron at 50.3% for both periods.
The D'Ieteren Group achieved a record profit of approximately $1.2 billion profit in 2024, according to officials. Belron contributed roughly half of that. "This is not a minor, symbolic achievement when compared to the couple of hundred million dollars we were generating less than a decade ago," group CEO Francis Deprez says. "These records were achieved despite an increasingly turbulent and uncertain macroeconomic environment in which our business operated in 2024."
2025 Outlook:
Belron expects a mid-single-digit organic sales growth driven by price/mix and increased ADAS recalibration penetration, and with modest volume growth.
Belron is on track to reach its 23% adjusted operating margin ambition for 2025 thanks to top-line drivers, productivity improvements and net transformation efficiency gains. Free cash flow is expected to remain at high levels.
XI. Playbook: Business & Investment Lessons
1. Family Capitalism Done Right
D'Ieteren's 220-year history offers a masterclass in transgenerational family business management. The company has successfully navigated seven leadership transitions while maintaining strategic continuity—an extraordinarily rare achievement.
Over more than two centuries, the company has transformed from a family-run automotive artisan into a diversified investor focused on building a portfolio of market-leading businesses that "reinvent industries in search of excellence and meaningful impact."
The 2024 reorganization exemplifies the D'Ieteren approach to succession: rather than allowing generational dilution to fragment ownership, the family has historically "clipped branches" to concentrate control. This preserves strategic agility and aligns family interests with long-term value creation.
2. The Power of Strategic Reinvention
D'Ieteren has reinvented itself at least five times: from coachbuilding to car bodies (1897), from manufacturing to distribution (1948), from distribution to services (1989 with Avis), from automotive-focused to diversified holding (2016-2022), and from operating company to investment platform (2021).
Each transition required recognizing technological or economic shifts early and repositioning accordingly. The family's willingness to exit successful businesses (the Forest factory in 1970, Avis Europe in 2011) when circumstances changed demonstrates strategic discipline rare among family enterprises.
3. Hidden Champions in "Boring" Industries
Belron exemplifies the "hidden champion" phenomenon—a global market leader in an industry most investors overlook. Vehicle glass repair seems unglamorous until you examine the economics:
- Recurring revenue: Windshields crack regardless of economic conditions
- Insurance relationships: Insurers prefer repair partners who minimize claims cost
- Brand moats: 90% top of mind awareness for Carglass in Europe
- Technology tailwinds: The ADAS calibration industry is witnessing an increase in merger and acquisition (M&A) activity, as it's projected to see a global growth rate of 12.8% annually through 2033. It estimates that the size of the ADAS calibration services market in North America in 2024 was $1.2 billion.
The market is anticipated to grow at a CAGR of 5.8% during the forecast period, with the total market value projected to reach USD 22.1 billion by 2033. This steady growth is primarily driven by the increasing vehicle parc, rising road safety awareness, and the proliferation of advanced driver assistance systems (ADAS) that necessitate precision in windshield replacement and calibration.
4. Leadership Excellence
Francis Deprez joined D'Ieteren Group in 2016 as Member of the Executive Committee and was appointed Chief Executive Officer in July 2019. He is a member of the Board of Directors at Belron, D'Ieteren Automotive, Moleskine, TVH and PHE.
Francis Deprez holds a degree in Applied Economics from the University of Antwerp (UFSIA) and an MBA from Harvard Business School. He worked for fifteen years at McKinsey & Company, including eight as a Partner, five years at Deutsche Telekom as Senior VP Strategy and five years at Detecon International as CEO. Since September 2016, he has been a member of the Executive Committee at D'Ieteren.
XII. Investment Framework: Bull and Bear Cases
Bull Case
ADAS Recalibration Tailwind: Every windshield replacement on an ADAS-equipped vehicle requires camera recalibration—a higher-value service. According to Persistence Market Research, the market is set to be valued at US$3.12 Bn in 2025 and will expand to US$5.75 Bn by 2032, registering a healthy CAGR of 9.2% during the forecast period. Increasing consumer demand for safety, stricter government regulations mandating ADAS integration, and rapid advancements in automotive sensor technologies are fueling this growth.
Dominant Market Position: Belron operates with approximately 90% brand awareness in key markets and longstanding insurance relationships that competitors cannot easily replicate. This creates a powerful competitive moat.
Hamilton Helmer's 7 Powers Analysis: - Scale Economies: Belron's global procurement and logistics network creates cost advantages - Network Effects: Insurance partnerships create reciprocal value - Counter-Positioning: Integrated recalibration capability that independent operators lack - Switching Costs: Insurance company integration creates relationship stickiness - Brand: Carglass, Autoglass, Safelite enjoy extraordinary brand recognition
Family Stability: The 2024 reorganization, while initially concerning to markets, eliminated potential governance uncertainty for decades ahead.
Bear Case
Debt Levels Post-Dividend: Belron's net financial debt reached almost $10 billion by the end of 2024, according to D'Iteren's financial report. It was a little over $5 billion at the end of 2023. The report attributed part of the substantial debt increase to the dividends paid to Belron's shareholders.
Belron's Senior Secured Net Leverage Ratio stands at 5.15x, already down from the estimated 5.5x at the time of the announcement of the capital restructuring, and versus 2.95x at the end of December 2023.
North American Softness: Sales volumes in North America were down in 2024 thanks to mild winter weather and consumer issues with insurance. "There was some claim-avoidance behaviors that we saw in some consumers," he said, explaining that higher auto insurance premiums have been driving customers to avoid making claims that would drive up insurance costs. This means many consumers were using cash. "The work may not have come to us because we're stronger with insurance work than with cash."
Moleskine Challenges: Moleskine experienced an 8% decline in sales and a significant drop in adjusted operating results, leading to an impairment charge of €131 million.
Porter's Five Forces Analysis: - Supplier Power: Moderate—glass supply is commoditized - Buyer Power: High—insurance companies wield significant negotiating leverage - Competitive Rivalry: Moderate—Belron dominates but faces regional competitors - Threat of Substitutes: Low—windshields require professional replacement - Threat of New Entry: Low—insurance relationships and brand awareness create barriers
Key Performance Indicators to Track
1. ADAS Recalibration Penetration Rate: Currently ~42%, this metric reveals how effectively Belron captures the higher-value service opportunity from ADAS-equipped vehicles. Rising penetration indicates successful upselling and competitive differentiation.
2. Belron Organic Revenue Growth: Given the debt load, Belron must demonstrate consistent mid-single-digit organic growth to deleverage while maintaining operating investments. This metric distinguishes sustainable performance from acquisition-driven growth.
3. Belron Net Leverage Ratio: Currently ~5.15x, management must demonstrate deleveraging toward 3-4x over the next 2-3 years to justify the capital structure decisions. Failure to deleverage would signal cash flow stress.
XIII. Conclusion: The Next 220 Years
The D'Ieteren story offers a remarkable case study in family business longevity. From Jean-Joseph D'Ieteren's 1805 workshop to Nicolas D'Ieteren's 2024 majority stake, seven generations have navigated technological disruption, world wars, economic crises, and strategic reinvention—emerging each time stronger than before.
The current portfolio represents the family's accumulated wisdom: dominant positions in essential services (Belron, PHE, TVH), a transforming automotive distribution business (D'Ieteren Automotive), and an aspirational consumer brand with execution challenges (Moleskine). Whether this configuration proves optimal will depend on management's ability to deleverage Belron while capturing ADAS tailwinds, restore Moleskine's growth trajectory, and identify the next transformational opportunity.
For long-term investors, D'Ieteren represents something increasingly rare: a family-controlled enterprise with the patience to hold through cycles, the discipline to exit when circumstances change, and the humility to acknowledge that the most valuable businesses often look boring from the outside. The wheelwright's descendants learned that lesson long ago—and they're still applying it today.
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