Management buy-out of Caviar Group, backed by Together Fund and Jürgen Ingels
Antwerpen – CFI is pleased to announce that it acted as the exclusive corporate finance advisor to Caviar Group (“Caviar”) on its management buy-out, backed by Together Fund and Jürgen Ingels.
About Caviar
Caviar is an award-winning, independently owned and operated content studio with offices in Los Angeles, London, Brussels, Paris and Amsterdam. The company produces a broad range of video content, from advertising campaigns and music videos through to films, series and television formats. With over 20 years of experience and a strong focus on attracting and developing creative talent, Caviar has built a solid reputation and an extensive international network of clients and partners. Today, it is recognised as one of the largest independent production groups of its kind in Europe and the United States.
About Together Fund
Together Fund is the first European equity fund dedicated specifically to supporting independent audiovisual production companies. Managed by Axio Capital and backed by a €25 million commitment from the European Investment Fund as part of the MediaInvest programme, the fund was established to provide long-term, strategic capital to established independent producers across Europe. With initial capitalisation of approximately €58 million, Together Fund aims to help companies scale their operations and strengthen their market presence while preserving their editorial independence, primarily through minority equity investments and active strategic support. The fund’s broader mission is to contribute to a more structured and resilient independent production sector capable of competing on a global scale.
About Jürgen Ingels
Jürgen Ingels is a Belgian entrepreneur and investor with a strong focus on technology-driven and innovative businesses. He is the founder of Clear2Pay, an international payments software company that was acquired by FIS in 2014, and subsequently built an extensive investment platform through initiatives such as Smartfin Capital and his private investment vehicle. He is also the founder of Supernova, a leading European technology and innovation festival. In addition, he has been actively involved in Tax Shelter investments in Caviar for several years and has a longstanding interest in the audiovisual sector.
About the transaction
The transaction was initiated as Caviar’s founding and management team sought a new long-term partner to support the next phase of the group’s development and international expansion. The investment by Together Fund and Jürgen Ingels provides Caviar with strategic capital and sector expertise to build on its creative excellence and strong reputation, enabling the group to further strengthen its platform and attract top talent across its international network. For Together Fund and Jürgen Ingels, the transaction represents an opportunity to partner with a leading independent content studio with a proven track record and significant growth potential, in line with their shared objective of supporting the development of high-quality European audiovisual production companies.
CFI’s role in the process
CFI supported the management team in defining the transaction structure and positioning, identifying and engaging with suitable financial partners, and coordinating the process and negotiations with all stakeholders. CFI’s involvement ensured a well-managed and efficient process, culminating in the successful closing of the transaction on 30 December 2025.
Bert Hamelinck, CEO of Caviar: “We are grateful for the constructive support and guidance provided by CFI throughout this process. This new shareholder structure, with the strong involvement of our own management team, enables us to pursue our ambitions even further. We will continue to invest in high-quality content, support talent development and strengthen our international partnerships. Our goal remains to tell stories that make an impact both locally and globally.”
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