December 16, 2025
Apheon, a leading European private equity firm, is pleased to announce that it has signed a binding agreement to acquire a majority stake in Rubio Monocoat (“Rubio” or the “Company”), a global pioneer in sustainable wood protection solutions for interior and exterior applications. Apheon thereby partners with management and the founding Muylle family, whereas Bencis, an investment company active in Belgium, the Netherlands and Germany sells its stake in the Company. The new partnership marks the beginning of Rubio’s next phase of growth as it continues to scale internationally, advance its innovation roadmap and reinforce its position as one of the most sustainable and technology-driven brands in the wood coating industry.
Headquartered in Izegem (Belgium) and founded in 1906, Rubio has grown into an innovation-led platform serving customers in over 80 countries. Supported by its proprietary molecular binding technology, the Company develops, produces and distributes high-performance mono-layer wood oils for interior and exterior applications, wood paints, and construction sealants. Rubio operates an asset-light production footprint across Belgium, the UK and the US, complemented by a scalable distribution model spanning resellers, direct-to-business and e-commerce.
Rubio has undergone a significant transformation in recent years, growing strongly under Bencis’ tenure through broadening its product portfolio, strengthening its commercial organization, and expanding its operations internationally. Management and the founding Muylle family will stay onboard as meaningful shareholders in the Company alongside Apheon.
With Apheon as a partner, Rubio plans to accelerate its growth across key international markets, further strengthen its omnichannel model and continue developing the product offering. Selective, strategic acquisitions will also be considered to complement Rubio’s product range and geographic reach. Sustainability will remain a core pillar of the Company’s strategy, underpinning its fully VOC-free formulations, bio-based raw materials and strong ESG foundations.
Wim Maes, CEO of Rubio, commented, “Over the past years, Rubio has evolved into a global reference in premium, sustainable wood protection, driven by our commitment to innovation, craftsmanship and environmental responsibility. As we look to the future, we see tremendous opportunity to bring our technologies, brands and values to many more professionals and passionate woodworkers worldwide. In Apheon, we have found a partner that not only shares our long-term vision, but also brings the industrial mindset, global network and entrepreneurial spirit needed to unlock the next chapter of our growth. Since 2020, the Bencis team helped us to raise the bar on ESG, invest in future technology and R&D capabilities and build a strong team. My team and I are very thankful for the partnership with Bencis and especially its partners Benoit and Matthias.”
Pieter Lambrecht, Partner at Apheon, complemented, “Rubio is a special company: a pioneer in sustainable chemistry, a premium brand with global appeal, and a business built on deep technical know-how and a distinctive innovation culture. We have enormous respect for Wim and his team, who have built a unique platform combining technology, craftsmanship, entrepreneurship and sustainability. We are thrilled to partner with them and the Muylle family to strengthen Rubio’s international leadership, accelerate its innovation pipeline and support its ambition to become the global champion in high-performance, eco-friendly wood protection.”
Benoit Graulich, Managing Partner and Matthias Vermeersch, Associate Partner at Bencis, added, “Rubio has been a fantastic investment for Bencis. Together with Wim and his talented team, we transformed Rubio from a successful product-oriented company into a truly international player, combining a strong brand, best-in-class R&D and a modern omnichannel go-to-market model. It has been a privilege to support the Company’s evolution into a global reference in sustainable wood protection. We are proud of what has been achieved together and are confident that, with Apheon’s support, Rubio will continue its remarkable growth journey. A special word of gratitude as well to Benoit Muylle for his trust in transitioning from a founder-led organization towards a more scalable, professional management model.”
