Limburgse Reconversie Maatschappij

What Limburgse Reconversie Maatschappij does

Limburgse Reconversie Maatschappij (LRM) is a Belgian regional investment and development company founded in 1994 and wholly owned by the Flemish Region. Headquartered at Corda Campus in Hasselt, Province of Limburg, LRM deploys capital across the full company lifecycle — from seed-stage venture through growth equity to mezzanine and subordinated debt — exclusively into companies with a Limburg connection. Since 1999, the firm has invested over EUR 1.1 billion in the region, with two-thirds directed to corporate financing and one-third to real estate development. Its financing products span Venture Capital (EUR 250K-EUR 10M), Private Equity, and a suite of specialized loans including KlimOp (EUR 50K-EUR 250K, 4.5% rate, reducing to 3.5% with job creation), Doorbraaklening, Plus Loan, Customized Loan (EUR 500K-EUR 2.5M), and Mezzanine Financing (EUR 250K-EUR 10M).

LRM's business model blends capital deployment with ecosystem development. Beyond financing, the company operates three business campuses (Corda Campus in Hasselt, DronePort in Sint-Truiden, Thor Park in Genk) and seven specialized incubators (Corda INCubator, DronePort Incubator, IncubaThor, BioVille, C-mine Crib, Greenville, Agropolis), hosting more than 300 startups across Limburg. The firm leads the reconversion of former coal mining sites into mixed-use economic districts — be-MINE in Beringen (Europe's largest industrial heritage site), Terhills in Eisden/Maasmechelen, and the Waterschei site hosting Thor Park. Revenue mechanics derive from capital gains on portfolio exits (EUR 408 million in cumulative dividends distributed since 1994), interest income on its EUR 150 million KlimOp loan portfolio, dividends from portfolio companies, real estate rental income from campus and site operations, and management fees from co-investment structures including The Faktory Fund with Angelwise. As a development entity, LRM operates without annual government allocations, funding itself from balance sheet equity projected at EUR 535 million in 2025. The company reports a 2025 consolidated profit of EUR 5.1 million and attributes 20,600 jobs created to its portfolio and ecosystem activity over its operating history.

LRM serves three primary customer segments in Limburg: early-stage startups seeking seed and venture capital, SMEs requiring growth equity or mezzanine financing, and scale-ups needing larger capital injections. Its go-to-market is sales-led, with an investment team that proactively sources deals through regional business networks (LIOF, Belcham, Budding Innovation, EuraTechnologies) and co-investment partners (Angelwise, NRW.BANK). Geographic scope is concentrated in the Province of Limburg, with cross-border activity extending into the Meuse-Rhine Euroregion.

Name

Limburgse Reconversie Maatschappij

Legal name

NV Limburgse Reconversie Maatschappij

Website

https://lrm.be

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Limburgse Reconversie Maatschappij (LRM) is a Flemish Region-owned regional investment company founded in 1994 in Hasselt, Belgium. It deploys venture capital, private equity, and subordinated loans into Limburg-connected startups, SMEs, and scale-ups while operating business campuses, incubators, and former mining site redevelopments.

Ownership category

akta.pro rank

Product category

Regional Development Venture Capital & Private Equity

NAICS

General Warehousing and Storage (49311)

SIC

Services-Equipment Rental & Leasing, Nec (7359)

akta.pro primary industry

Multilateral Development Banks (MDBs) (FSABAKAA)

Keywords

• Venture capital financing
• Private equity investment
• Subordinated loan products
• Business campus development
• Regional economic reconversion

Headquarters

HQ city

Hasselt

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Capital gains from portfolio company exits: LRM generates returns by exiting its equity investments in portfolio companies through trade sales, IPOs, or secondary transactions. Exits are the primary mechanism for crystallising gains on venture and growth equity positions.
2. Dividend income: LRM distributes dividends received from its portfolio companies and from its own operational activities. Cumulative dividends distributed total EUR 408 million, representing a recurring return stream on the investment portfolio.
3. Interest income on loans: LRM provides debt financing (including KlimOp loans) to companies and earns interest payments on the outstanding principal. The EUR 150 million KlimOp loan portfolio generates recurring interest income.
4. Management fees and carried interest: As an investment company managing funds and co-investment structures (e.g., The Faktory Fund with Angelwise), LRM likely charges management fees and participates in carried interest on fund returns, though specific fee structures are not publicly disclosed.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

LRM is a regional venture capital and private equity investment company providing growth capital, subordinated loans, and mezzanine financing to startups, scale-ups, and SMEs with a Limburg connection, in ticket sizes ranging from €50,000 to €10 million. Beyond capital, LRM provides 'smart money' — combining knowledge, network access, and active board participation — and operates three business campuses, seven specialised incubators, and large-scale reconversion of former coal mining sites (be-MINE, Terhills) into mixed-use business and leisure destinations.

Product overview

LRM (Limburgse Reconversie Maatschappij) operates as a venture capital and private equity investment company offering 'smart money' financing solutions alongside knowledge and network support. The company provides a comprehensive suite of financing products including Venture Capital (€250,000-€10,000,000 for startups/scale-ups), Private Equity (for mature companies), and specialized loan programs (Breakthrough Loan €50,000-250,000, KlimOp Loan, Plus Loan, Customized Loan €500,000-2,500,000, and Mezzanine Financing €250,000-10,000,000). Complementing financial services, LRM develops innovative real estate through business parks (Kristalpark III) and business buildings (FacThory), and manages an ecosystem of 3 campuses (Corda Campus, DronePort, Thor Park) and 7 specialized incubators (Corda INCubator, DronePort Incubator, IncubaThor, BioVille, C-mine Crib, Greenville, Agropolis). The company also redevelops former mining sites including be-MINE (Beringen) and Terhills (Maasmechelen) into leisure and tourism destinations, and operates event venues including the Corda Arena and Terhills Events.

Differentiator

Problem solved

Functional benefit

Brands

• Limburg Startup (LSU): Overarching startup community managed by LRM, connecting existing startup initiatives, strengthening startups, and accelerating growth processes across Limburg through a network of 7 incubators.
• be-MINE
• Terhills
• Corda Campus
• DronePort
• Thor Park
• KlimOp Loan
• Doorbraaklening (Breakthrough Loan)
• Plus Loan
• Corda Arena

Products and services

• Venture Capital Equity and hybrid financing for startups and scale-ups in early development stages, offering capital, subordinated loans, and bridging amounts ranging from €250,000 to €10,000,000, with LRM taking an active role including board participation. For Limburg-based founders and entrepreneurs.
• Private Equity Financing solutions for mature companies with proven track records, including subordinated loans for buy-outs, buy-ins, family arrangements, acquisitions, growth, and diversification. Targeted at established Limburg SMEs and mid-market companies.
• KlimOp Loan Subordinated loan of €50,000 to €250,000 over 7 years for small businesses with promising projects. Interest rate of 4.5%, reduced to 3.5% if the company creates 5 new jobs. Part of the Limburg climate transition loan programme.
• Doorbraaklening (Breakthrough Loan) Subordinated loan of €50,000 to €250,000 for SMEs pursuing internationalisation, digitalisation, or sustainability projects (AI, machine learning, Industry 4.0, ESG/SDG), offered in collaboration with VLAIO subsidies and UHasselt scientific knowledge.
• Plus Loan Subordinated loan without guarantees for SMEs, supplemental to KlimOp loans, bank loans, or own resources. Amount: €250,000 to €600,000 over 7 years at 6.5% interest, acting as leverage for additional bank financing.
• Customized Loan Tailored subordinated loans for growth companies ranging from €500,000 to €2,500,000 over 2 to 8 years, with particular affinity for family businesses.
• Mezzanine Financing Subordinated loan positioned between equity and bank financing, suitable for buy-outs, buy-ins, new production lines, or new distribution channels. Minimum €250,000 to maximum €10,000,000.
• Energy Transition Capital Sustainable business financing for high-impact projects focused on energy transition, with support for permits, subsidies, procurement, and installation. Targeted at companies developing sustainability and renewable energy projects.
• Corda Campus Technology and services-focused business campus in Hasselt, spanning 14 hectares expanding to 23 hectares by 2030. Hosts 250+ companies with 5,000+ employees, featuring the Corda Arena (10,000 m² digital experience arena for up to 4,000 people).
• DronePort Campus 28-hectare state-of-the-art testing environment for manned and unmanned aviation in Brustem (Sint-Truiden). Hosts researchers, startups, and entrepreneurs in the drone industry with specific incubator facilities.
• Thor Park 93-hectare business, technology, training, and science park in Genk on the former Waterschei coal mining site. Competence center for energy transition, smart manufacturing, and smart city applications, featuring EnergyVille, IncubaThor, FacThory, and T2-campus.
• Kristalpark III 325-hectare sustainable industrial estate in Lommel (North Limburg) developed by LRM and city of Lommel. Includes 48 hectares green buffer, 75 hectares solar park (Kristal Solar Park), and 13 wind turbines. Focus on manufacturing, logistics, and food industries.
• Terhills 219-hectare former mining site in Maasmechelen (Eisden) transformed into leisure ecosystem including Terhills Resort by Center Parcs (250 cottages), Terhills Hotel, Terhills Cablepark, and gateway to Hoge Kempen National Park.
• be-MINE 100,000 m² former mining site in Beringen, Europe's largest industrial heritage site. Joint venture between LRM (49%), Ciril, and Van Roey Vastgoed transforming the site into tourist, leisure, and business destination with living, working, shopping, sports, and recreation.
• Limburg Startup Overarching startup community managed by LRM, connecting existing startup initiatives, strengthening startups, and accelerating growth processes through the network of 7 incubators across Limburg.

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• LIOFcoreStrategic or Co-development PartnerLIOF is the Limburg Development Company, a regional economic development agency focused on the Limburg province of Belgium. LIOF works alongside LRM to support the growth of companies in the Limburg ecosystem. The two organisations share a regional development mandate and collaborate on ecosystem development initiatives, investment opportunities, and the broader economic reconversion of Limburg's economy.
• be-MINE (Joint Venture with Ciril and Van Roey Vastgoed)flagshipStrategic or Co-development Partnerbe-MINE is a flagship joint venture project in which LRM participates alongside Ciril and Van Roey Vastgoed. The initiative focuses on the urban reconversion of the former Beringen coal mine site in Limburg into a mixed-use innovation and real estate district. LRM acts as an equity partner and co-developer, contributing capital and ecosystem expertise to transform the historic industrial site into a modern economic hub. This is LRM's most prominent real estate-led reconversion project and a key symbol of its economic transformation mandate.
• Belcham (Belgian-American Chamber of Commerce)minorStrategic or Co-development PartnerBelcham is the Belgian-American Chamber of Commerce, a bilateral business network that connects Belgian and American companies. LRM is a partner of Belcham, using the network to connect with entrepreneurs and companies that have cross-border ambitions. Belcham membership provides LRM with access to transatlantic business opportunities and deal flow from companies seeking US market expansion support.
• Budding InnovationminorStrategic or Co-development PartnerBudding Innovation is a Limburg-based innovation and entrepreneurship support organisation. LRM partners with Budding Innovation as part of its broader ecosystem-building strategy in the Limburg region. The partnership supports early-stage entrepreneurs and helps channel promising companies into LRM's investment pipeline.
• EuraTechnologiesminorStrategic or Co-development PartnerEuraTechnologies is a technology hub and start-up accelerator based in the Lille area of northern France. LRM's partnership with EuraTechnologies provides its portfolio companies and the broader Limburg ecosystem with access to a international technology network, accelerator programmes, and cross-border market expansion opportunities. The partnership reflects LRM's interest in connecting the Limburg ecosystem with French and broader European innovation networks.

Scale indicators7 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• NRW.BANK: German state development bank for North Rhine-Westphalia. LRM's existing co-investment partner. Structurally equivalent to LRM as a sub-national government-owned DFI providing debt and equity to regional SMEs.
• Gimv: Listed Belgian PE/VC firm investing in SMEs and scale-ups across Belgium and Europe. Comparable to LRM in targeting Belgian growth-stage companies with equity capital, though more commercially focused and broader geographic mandate.
• Sowalfin: Walloon SME financing agency providing loans, guarantees, and equity to Walloon SMEs. Comparable to LRM's loan product portfolio (KlimOp, Plus Loan, Customized Loan) and SME-focused lending mission.
• PMV (Participatiemaatschappij Vlaanderen): Flemish regional investment company providing equity, loans, and mezzanine financing to Flemish companies. Most direct peer to LRM as both are government-owned sub-national DFIs operating in Flanders, with overlapping mandates in SME and scale-up financing.
• LIOF (Limburg Development Company): Dutch regional development agency for Limburg (Netherlands). Directly comparable to LRM as a regional economic development agency operating in the cross-border Meuse-Rhine Euroregion. LRM has partnership with this entity.
• S.R.I.W. (Société Régionale d'Investissement de Wallonie): Walloon regional investment company providing equity and loans to Walloon SMEs. Closest structural analog to LRM in Belgium — government-owned sub-national DFI — but serving the French-speaking region.

Broad incumbents

• Bpifrance: French national development bank providing financing, guarantees, and equity to French SMEs and startups. Larger scale than LRM but comparable DFI model with regional offices and concessional financing products.
• European Investment Bank (EIB): EU-level development bank providing loans, equity, and advisory services across Europe. Comparable to LRM in DFI function but vastly larger scale and pan-European mandate; provides capital that LRM co-deploys regionally.
• Invest-NL: Dutch national investment institution financing Dutch SMEs and sustainability projects. Comparable mission to LRM in supporting regional economic development and energy transition, with broader geographic mandate.
• SFPI-FPIM (Federal Holding & Investment Company): Belgian federal holding company managing strategic equity stakes and providing capital to Belgian companies of national importance. Broader mandate than LRM but comparable government-owned investment function.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@LRMBelgium
• Xx.com/lrm_nv
• LinkedInlinkedin.com/company/49353

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments94 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Limburgse Reconversie Maatschappij