Compagnie Nationale à Portefeuille (CNP) is a non-listed Belgian holding company controlled by GROUPE FRÈRE-BOURGEOIS*.

With a Net Asset Value close to 1.7 billion euros, CNP makes long-term investments in European listed and non-listed companies, with the objective of achieving a return that exceeds its cost of capital through balanced growth of its net asset value and of the dividends distributed to CNP’s shareholders, with a limited risk profile.

We aim to perform our professional shareholder’s role along three main axes:

  • Strategy: provide strong oversight and strategic support for management’s efforts to create long-term value (based on sustainable competitive advantages), including asset arbitrage, investments and disposals
  • People: selection of talented managers who drive the value creation of our shareholdings, motivating them through a close dialogue while respecting their operating autonomy
  • Financial engineering: sound financial discipline, optimizing NOPAT/Capital Employed, which should exceed the Weighted Average Cost of Capital (WACC) without over-leverage.

Together with GROUPE BRUXELLES LAMBERT (GBL), CNP is one of the main pillars of GROUPE FRÈRE-BOURGEOIS. Both GBL and CNP rely on a stable shareholders’ base: CNP is exclusively controlled by Mr. Albert FRÈRE* while GBL is jointly controlled with the DESMARAIS Family (POWER CORPORATION of CANADA).

“GROUPE FRÈRE-BOURGEOIS” refers to FRÈRE-BOURGEOIS S.A. and its controlled financial holding companies. Its structure has evolved considerably over the years.

According to article 5 Belgian company laws