Groupe Sterne has sold nox Belgium and nox Netherlands in an MBO backed by Thinventory
nox Belgium NV
nox Belgium NV and nox Netherlands BV are established providers of innight express and time-critical logistics services across the Benelux region. The businesses specialize in mission-critical B2B deliveries, collecting goods and spare parts late in the evening and delivering them before the start of the next working day, with a particular focus on customers requiring time-critical field service logistics. Following the transaction, the businesses will operate under the nox NightBox brand, combining their established overnight logistics network with an enhanced technology and inventory management proposition.
The Deal
Lincoln International advised Groupe Sterne, backed by Tikehau Capital, on the sale of nox Belgium NV and nox Netherlands BV via a management buyout transaction backed by Thinventory, a portfolio company of Francisco Partners. The transaction closed on September 14, 2026, and the businesses now operate under the nox NightBox brand. Under the new ownership, nox NightBox will deepen its strategic collaboration with Thinventory, combining its established Benelux overnight delivery network with Thinventory’s field service technology, locker-delivery and inventory management capabilities to provide an integrated solution for customers across the region.
Olivier Storch, CEO of STERNE Group, commented, “This new setup gives our subsidiaries in Belgium and Netherlands a solid foundation to reach profitable growth. In Germany and Austria as the nox core markets, we will continue our growth path and deliver best-in-class services to our customers. I am glad that this transaction opens up the prospect of a larger cooperation between Group Sterne and Thinventory.”
Adam Smith, CEO of Thinventory, commented, “For a long time, our customers have wanted a way to use our services for their European operations. Our stronger collaboration with nox Belgium and nox Netherlands will make this possible through the combination of Thinventory’s technology platform and nox Belgium and nox Netherlands’s in-night network operations. We will be able to offer existing and new customers in the Benelux the industry-leading solutions we already provide in the UK.”
Our Perspective
Dirk Engelmann, Managing Director at Lincoln who led the deal team, commented, “We are proud to have advised Groupe Sterne on sale of nox Belgium and nox Netherlands. The combination of an established overnight logistics network and a leading technology platform create a compelling proposition for field service customers across the Benelux region.”
Tikehau Capital (Private Equity) / Groupe Sterne
Groupe Sterne is Europe’s leading premium logistics provider. Operating in 14 countries, the company generates approximately €560 million in annual revenue and employs nearly 2,000 people across 86 branches in France and internationally. With around 57,000 m² of logistics facilities in France, it serves 170,000 delivery points every day and handles 3,500 urgent shipments daily. Groupe Sterne has continued its growth since November 2021 with the support of its majority shareholder, Tikehau Capital.
Thinventory
Thinventory, majority owned by Francisco Partners, delivers critical parts to engineers, helping customers meet tight service level agreements, optimize their field inventory and operate more efficiently. Thinventory supports the logistics and operational requirements of field engineers across multiple industries, including utilities, telecommunications, IT, healthcare and data centers.
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