Equistone and Scheybeeck have sold BUKO to Groupe Bruxelles Lambert (GBL)

BUKO

BUKO is a leading pan-European provider of temporary traffic management and road safety solutions. BUKO delivers an essential end-to-end service to enhance safety, optimize traffic flows and minimize disruption. The company has a strategic focus on the low-speed segment, where it has built a strong position in the most attractive and resilient utilities and infrastructure end markets. Its services include traffic plan development, permitting, digital solutions, installation and deinstallation of equipment and on-site (traffic) management. Founded in the Netherlands in 1991, BUKO has evolved into an international leader with over 1,000 employees and activities in the Netherlands, Sweden, the United Kingdom and Germany.

The Deal

Under Equistone’s and Scheybeeck’s ownership, BUKO has successfully initiated its international expansion, complementing continued strong domestic growth with targeted international acquisitions to build a leading platform across key European markets. With the platform more than tripling in size in three years and ambitions to further accelerate while preserving the unique BUKO culture, a natural moment arrived to investigate a sale to a new growth-oriented partner.

Lincoln International was appointed as exclusive advisor and ran a bespoke, fast-paced process focused on high-conviction large cap private equity and infrastructure investors. Groupe Bruxelles Lambert emerged as the best partner to support BUKO in realizing its ambition to become the next-generation European market leader.

Our Perspective

Martijn Koops, Managing Director in Lincoln International’s Amsterdam office, commented, “Infra services is one of the hottest segments in the M&A market at the moment, benefiting from long-term mega trends and regulatory tailwinds, which is attracting significant investor demand. It is amazing what the team at BUKO has accomplished in the past three years, with a long-term growth outlook ahead. This landmark transaction further extends Lincoln’s unmatched track record of success in the smart city segment, where we are seeing significant deal activity across Europe. Having also led the sale of BUKO to Equistone in 2023, this transaction also underpins the long-term relationships Lincoln builds with our clients and our ability to support them across multiple phases of value creation.”

Equistone

Equistone is an independent investment firm which operates across Benelux, France, Germany, Switzerland and the UK. The company is one of Europe’s leading investors in middle market buyouts with a strong and consistent track record spanning more than 30 years. The company has a team of over 40 investment professionals operating across Europe, investing as a strategic partner alongside management teams. BUKO marks the fourth successful exit in the Benelux for Equistone in the last three years, following Andra Tech Group, Heras and Amadys.

Groupe Bruxelles Lambert

Groupe Bruxelles Lambert (GBL) is an established investment holding company, listed on the stock exchange for over 70 years and with a net asset value of €14.0 billion at the end of December 2025. As a leading and active investor in Europe, GBL focuses on long-term value creation, supported by a stable family shareholder base. In line with its raison d’être of delivering meaningful growth, GBL aims to offer its shareholders an attractive return through the growth of its net asset value per share, a sustainable dividend and share buybacks. GBL is listed on Euronext Brussels (Ticker: GBLB BB; ISIN code: BE0003797140) and is part of the BEL 20 index.

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