SHV Holdings

What SHV Holdings does

SHV Holdings N.V. is a privately-held, family-owned Dutch conglomerate founded in 1896 and headquartered in Utrecht, Netherlands, operating as a decentralised holding company with seven independent business groups: SHV Energy (off-grid LPG/LNG distribution and renewable fuels serving 30 million customers in 25+ countries through brands such as Calor, Liquigas, Primagaz, Supergasbras, Petromax, Xiwei, and SunSource Energy), Nutreco (animal nutrition and aquafeed via Skretting for aquaculture and Trouw Nutrition for livestock), Kiwa (Testing, Inspection and Certification across 40 countries with 10,000+ employees), NPM Capital (Benelux-focused private equity with ~20 portfolio companies), Makro (106-store cash-and-carry wholesaler in Argentina, Brazil, Colombia, and Venezuela), Mammoet (heavy lifting and transport with engineering specialties such as Mega Jack 5200 and SPMT pontoons), and ONE-Dyas (49%-held North Sea oil and gas E&P). FY2022 net sales were €25.6 billion (28% growth YoY), with operating income before exceptional items of €691 million and operational cash flow of €1,032 million; segment revenue splits were SHV Energy €11.2B, Nutreco €9.0B, Mammoet €1.55B, Makro €1.39B, and Kiwa €1.11B.

The group's technology footprint is distributed across subsidiaries rather than centralized: Kiwa's UNO Asset Management platform combines 3D digital twins, predictive maintenance, and inspection scheduling for industrial assets; Skretting 360+ integrates IoT sensors, underwater cameras, and AquaSim management software for Mediterranean aquaculture precision farming; Mammoet operates the SHERPA ERP system and is converting equipment fleets to electric and hydrogen power; Nutreco's Eruvaka unit provides cloud-based smart feeders and real-time pond monitoring for shrimp farmers in India and Latin America. Revenue is generated primarily through transaction-based pricing (LPG/LNG distribution, animal feed, heavy lift, retail, oil and gas) and recurring/contract-based pricing (Kiwa TIC services, NPM Capital returns via exits and dividends). Customer segments span enterprise (Bruce Power, Skanska-Costain-STRABAG JV, Pomerleau-Canam, Lerøy/Mowi/SalMar, Enerkem, DCC Energy), SMB and Horeca (Makro, small aquaculture operators, manufacturers requiring TIC), and residential (SHV Energy's 30 million end-customers). The group's go-to-market is direct field sales across B2B service lines plus physical retail for Makro; marketing is decentralised through each subsidiary's own brand and channels.

Active strategic actions include Kiwa's 2024 acquisition of NQA, BM Trada's certification division, Unitek, Trialon, and SNQA (adding ~1,000 employees across the US, UK, and China), Kiwa's 2022 acquisition of Belgium's Vinçotte, SHV Energy's 2022 entry into Bangladesh via Petromax and full ownership of India's SunSource Energy (which is scaling to 1 GW solar deployment by 2027), the SHV Energy–DCC Energy MoU on renewable liquid gas and rDME, and ongoing NPM Capital portfolio activity including Picnic's €430 million raise for German expansion. The group employs 60,255 people across 72 countries and is present in 79 countries per the FY2022 Annual Report.

Name

SHV Holdings

Legal name

SHV Holdings N.V.

Website

https://shv.nl

Company type

Private

Founded year

1896

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SHV Holdings N.V. is a family-owned Dutch conglomerate operating seven independent business groups — SHV Energy, Nutreco, Kiwa, NPM Capital, Makro, Mammoet, and ONE-Dyas — across LPG distribution, animal nutrition, TIC services, private equity, cash-and-carry retail, heavy lifting, and North Sea oil and gas.

Ownership category

akta.pro rank

Headquarters

HQ city

Utrecht

HQ country

Netherlands

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. SHV Energy Revenue: Leading global distributor of off-grid energy including LPG and small-scale LNG, sustainable fuels and renewable energy solutions serving 30 million business and residential customers for heating, cooking, and transportation.
2. Nutreco Revenue: Animal nutrition and aquafeed production serving the growing world population's protein needs through livestock and aquaculture feed solutions.
3. Kiwa Revenue: Testing, Inspection and Certification (TIC) services providing impartial verification through laboratory testing, statutory inspection, auditing, calibration, and certification.
4. NPM Capital Revenue: Private equity investment company providing growth capital with majority and minority stakes in Benelux companies, generating returns through exits and dividends.
5. Makro Revenue: Cash-and-carry wholesale operations targeting professional Horeca customers and end consumers across Argentina, Brazil, Colombia, and Venezuela.
6. Mammoet Revenue: Heavy lifting and transport solutions providing engineering expertise, global network, and equipment fleet for large-scale industrial moves.
7. ONE-Dyas Revenue: Oil and gas exploration, development and production focused on the North Sea region (UK, Netherlands, Germany).

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

SHV Holdings is a Dutch family-owned, decentralised holding company that owns and operates seven business groups: SHV Energy (LPG, LNG, renewable fuels distribution to 30 million customers), Nutreco (animal nutrition and aquafeed via Skretting and Trouw Nutrition), Kiwa (testing, inspection and certification services), NPM Capital (private equity investments in Benelux), Makro (cash-and-carry wholesale across Latin America), Mammoet (heavy lifting and transport services), and ONE-Dyas (49%-owned oil & gas exploration and production in the North Sea). The company employs over 60,000 people across 72 countries and reported €25.6 billion in net sales for FY2022.

Product overview

SHV Holdings is a family-owned, decentralized conglomerate with seven business units operating across diverse industries. The portfolio includes SHV Energy (off-grid energy distribution), Nutreco (animal nutrition/aquafeed via Skretting and Trouw Nutrition), Mammoet (heavy lift/transport), Kiwa (testing/inspection/certification with UNO digital platform), NPM Capital (private equity), Makro (cash-and-carry wholesale), and ONE-Dyas (oil & gas). The companies share a common purpose of 'Feeding the Future' and sustainability through various product lines including precision farming solutions (Skretting 360+, AquaSim), renewable energy (SunSource, Dimeta), industrial digital platforms (UNO Asset Management), and heavy-lift equipment (Mega Jack systems).

Differentiator

Problem solved

Functional benefit

Products and services

• SHV Energy
• Nutreco
• Kiwa TIC Services
• NPM Capital
• Makro Cash-and-Carry Wholesale
• Mammoet Heavy Lifting & Transport
• ONE-Dyas Oil & Gas E&P
• UNO Asset Management Platform
• Skretting 360+ Precision Farming
• Eruvaka Aquaculture Pond Management
• Mega Jack 5200 Heavy Lift System
• SunSource Energy Solar Solutions
• Dimeta Renewable DME
• AquaSim Management Tools
• Trouw Nutrition Mexico Premix & Young Animal Feed

Quantifiable outcome

• 60,255 employees across 72 countries generating €25.6 billion in net sales
• +4 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• DCC EnergycoreStrategic or Co-development Partner · 19 November 2024SHV Energy and DCC Energy signed MoU to explore sustainable opportunities for generating renewable liquid gas (rLG) and renewable/recycled carbon dimethyl ether (rDME). The collaboration aims to address supply challenges in Europe and pave the way for large-scale production and widespread commercial adoption of rLG and rDME, with both companies planning to involve other industry stakeholders.
• Oxbo / National Grape Research AllianceminorStrategic or Co-development Partner · 12 November 2024Oxbo, an NPM participation, joined the National Grape Research Alliance (NGRA) as one of its first affiliate members. NGRA is a non-profit focused on research and innovation in the American grape and wine industry.
• EnerkemcoreStrategic or Co-development Partner · 26 July 2023Dimeta (SHV Energy joint venture) partnered with Enerkem, the first company producing renewable methanol and ethanol from non-recyclable, non-compostable municipal solid waste. The partnership plans to develop two major projects in Northwest Europe and Gulf Coast USA focused on converting waste into DME (dimethyl ether), a clean-burning fuel, to reduce carbon footprint of over one million households using LPG.
• Dimeta (Joint Venture with UGI)coreStrategic or Co-development Partner · 26 July 2023SHV Energy joint venture with UGI (Dimeta) to accelerate development of rDME, a sustainable alternative to help de-fossilize the LPG industry. Additional JV with KEW Technology (Circular Fuels Limited) developing first-of-its-kind demo site with rDME production expected to start in 2023 and full-scale production by 2025.
• Linking Hydrogen Power Potential ConsortiumminorStrategic or Co-development Partner · 30 June 2023Kiwa joined EU project under Interreg 6B North Sea program alongside consortium partners in Belgium, Denmark, France, Germany and Netherlands. The initiative aims to accelerate introduction of hydrogen products across North Sea region countries.
• Green Team TwenteminorStrategic or Co-development Partner · 23 June 2023Kiwa sponsors Green Team Twente, a team of students from University of Twente and Saxion Hogeschool working on hydrogen race cars for Shell Eco-Marathon and Formula Student competitions. Kiwa provides risk analysis support.
• WWF and Finance EarthminorStrategic or Co-development Partner · 8 May 2023Skretting (Nutreco company) collaborated with WWF and Finance Earth on a Fisheries Improvement Fund supporting sustainable fisheries. The initiative aims to create scalable solutions for healthier marine ecosystems through environmental financing, replicable globally.
• Aion (Aker BioMarine spin-off)minorStrategic or Co-development Partner · 8 May 2023Skretting partnered with Aion to tackle pallet waste by recycling fishmeal bags into plastic pallets. The circular solution achieves estimated 84% reduction in carbon emissions and 50% reduction in costs over 10-year pallet lifespan on Houston-Montevideo route.
• Volkswagen Trucks and Caminhões e ÔnibusminorStrategic or Co-development Partner · 26 January 2023Supergasbras partnered with Volkswagen Trucks and Grupo EGSA to develop the world's first electric truck for bulk LPG transport. The VW e-Delivery electric truck has up to 250km range and initially operates in Rio de Janeiro region.
• KEW Technology / Circular Fuels LimitedminorStrategic or Co-development Partner · 1 January 2022SHV Energy joint venture developing first-of-its-kind demo site for rDME production, with full-scale production expected by 2025. Joint venture continues development of renewable dimethyl ether from waste sources.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• HAL Trust: Dutch family-controlled investment vehicle holding diversified, unlisted equity interests. Comparable to SHV Holdings in family ownership, decentralized Dutch governance, and broad portfolio of operating businesses across geographies.
• METRO AG: German-listed cash-and-carry wholesaler serving HoReCa and independent retailers across Europe and Asia. Direct peer to Makro in format (cash-and-carry), target customer (professional foodservice), and growth dynamics in emerging markets.
• Intertek: London-listed TIC services provider with comparably diverse industry coverage (energy, food, consumer products, transportation). Closest peer to Kiwa in business model, customer base, and growth profile.
• SGS: Swiss-listed global TIC leader operating across inspection, verification, testing, and certification. Like Kiwa, serves industrial, agri-food, energy, and infrastructure end markets with a recurring revenue model and strong compliance/regulatory moat.
• Bureau Veritas: Paris-listed global TIC (Testing, Inspection, Certification) services major with similar vertical breadth — energy, marine, agri-food, construction, cybersecurity. Directly comparable to Kiwa in offering portfolio, regulatory-driven revenue model, and bolt-on M&A growth strategy.
• Sarens: Belgian privately-held heavy lifting and engineered transport specialist. Direct competitor to Mammoet in mega-project lifting, nuclear, and renewables infrastructure work, with comparable global equipment fleet and engineering depth.
• Neptune Energy: Privately-held North Sea-focused upstream oil and gas E&P operator. Direct peer to ONE-Dyas in geography (UK, Netherlands, Germany North Sea), asset profile, and exposure to North Sea fiscal regimes including windfall taxes.

Regional players

• Costain Group: UK-based infrastructure and engineering solutions provider. Relevant adjacency to Mammoet given joint venture work on HS2 and shared exposure to UK infrastructure mega-projects, though Costain is a contractor while Mammoet is a specialist lifting/transport provider.

Broad incumbents

• Koch Industries: Private US conglomerate owned by the Koch family, with operations spanning oil & gas, chemicals, refining, and investments. Comparability to SHV lies in large-scale, family-controlled, decentralized holding structure with energy exposure and significant investments/PE activity.
• Cargill: Largest privately-held US company and family-controlled global conglomerate spanning animal nutrition, agricultural commodities, food ingredients, and risk management. Comparability to SHV rests on family ownership, multi-decade horizon, and parallel presence in animal nutrition (Nutreco vs Cargill Animal Nutrition) and broad industrial activities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shv
• Facebookfacebook.com/shvholdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries27 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments2 records

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

Frequently asked questions about SHV Holdings