About us

We are an industrial holding company with steady growth, which originates from acquisitions as well as the organic development of our group companies.

Entrepreneurs with long track record

We started building VTC from the mid 1990ies. At that time we were one of the first private equity firms in Germany, investing external capital mostly from high net worth individuals. Since 2004 we are able to live our dream: by investing our own equity, we became entrepreneurs ourselves. This allows us to take a long view concerning VTC and its group companies. Unlike a private equity investor, we have no exit focus.

Holding with added value

As sparring partners for the top management of our group companies we provide support in strategic discussions or selected projects. Our group companies are fully independent of each other, and the holding does not provide any central functions for the group. We emphasize the importance of flexibility and quick decision making.

Professional acquirer

Our strong experience and solid financial background (our holding is fully equity financed) makes us a trusted partner for corporates or entrepreneurs in divestment processes. Due to our lean structure we can take quick decisions and offer flexible deal structures. Being entrepreneurs ourselves helps us to understand the motivation and  emotions of private sellers.

Strong corporate values

Our team has grown organically over the last 20 years. The resulting company culture is based on strong values, which we carry into our group companies. We rate the long term impact of our actions higher than short term financial results. An investment in a company is also a commitment from our side towards customers, employees and financing partners.

Our Values

VTC in Numbers

EUR > 500 m
> 4.500
EUR 300 m
up to EUR 50 m
equity per transaction

The VTC Team

Natalia Chaban
Natalia Chaban
Finance Director

Natalia Chaban joined VTC in July 2021 as Finance Director. She is responsible for finance, taxes, treasury and consolidated financial statements at holding level.

Previously, Natalia Chaban worked for many years in auditing and audit-related consulting at one of the Big Four companies as well as at large medium-sized auditing and tax consulting firms, most recently as an associate partner. During this time, she worked as an auditor/tax consultant for both medium-sized family-run companies as well as capital market-oriented corporates.

Natalia Chaban holds a degree in economics from the University of Ulm and successfully passed both professional examinations as German Certified Public Accountant and tax consultant.

Sara Grauenhorst
Sara Grauenhorst
HR Manager

Sara joined VTC in 2021. She is responsible for Human Resource Management and is involved in the support of the group companies.

Before joining VTC Sara worked for Eversheds Sutherland in Munich, where she was responsible for all HR issues of the Practice Groups Litigation & Dispute Management and Employment Law. During this time she supported the firm in the context of various restructurings in all HR-related topics.

Sara holds a Bachelor of Laws degree with a focus on Human Resource Management from the FOM Hochschule für Oekonomie & Management, Munich.

Philipp Härtel
Philipp Härtel
Investment Analyst

Philipp Härtel is with VTC since 2020. He works on current transactions and is screening potential investment opportunities and markets.

Before joining VTC he worked in the M&A team of Harris Williams in Frankfurt, where he was involved in buyside and sell side mandates. Moreover, he gained previous experience at Gimv, KPMG and ING Corporate Finance.

Philipp holds a Bachelor of Science degree in Econometrics and Operations Research from Maastricht University as well as a Master of Science degree with focus on Corporate Finance from the Rotterdam School of Management.

Jürgen Leuze
Jürgen Leuze
Managing Partner

In the early years of VTC Jürgen worked on a number of industry roll ups and held management positions in portfolio companies. Since then he has responsible for many transactions and gained broad experience in the industrials and renewables space. Jürgen is in charge of Baettr Holding GmbH.

Before his time at university he worked as a trainee for HypoVereinsbank AG in Munich. He is an active shareholder in the Leuze family business.

Jürgen holds a business degree (lic.oec.HSG) from the University of St. Gallen, Switzerland.

Stefan Leuze
Stefan Leuze
Managing Partner

Stefan has overseen a number of VTC‘s transactions in Germany and Switzerland, mostly in the mechanical and plant engineering businesses. He is in charge of Sesotec GmbH and JK Group.

Before joining VTC Stefan was partner in a turnaround consulting firm where he also took on interim management positions. He started his career as a trainee at HypoVereinsbank AG and later worked for Bain & Company in Munich and London.

Stefan serves as a board member of the Leuze Group.

He has a business degree from Ludwig-Maximilians-University in Munich.

Julius Mährlein
Julius Mährlein
Investment Director

Julius joined VTC in 2015. He works on transactions as well as portfolio management tasks.

From 2011 to 2014 he worked for GCA Altium and was involved in numerous buy side and sell side mandates, mainly in consumer goods and retail. In addition he was able to gain in-depth capital markets know how.

Julius holds Bachelor and Master of Science in International Business degrees from Maastricht University, Netherlands.

Richard G. Ramsauer
Richard G. Ramsauer
Managing Partner

During his time at VTC Richard was responsible for a number of transactions in the industrials, infrastructure and electronics space. He manages VTC’s interests in FRIWO AG. He is also in charge of public relations at VTC.

Before joining VTC Richard worked for Bain & Company as a project manager in the Munich and Stockholm offices. During his time at Bain he focused on strategy work and efficiency programs in the industrials and commodities sectors. Richard also spends some time on his forestry estate in Austria.

Richard is an Austrian citizen and holds a business degree from the University of St. Gallen, Switzerland and an MBA from the University of Chicago, USA.


Dr. Thomas Robl
Dr. Thomas Robl
Managing Partner

Before co-founding VTC in 1992 Thomas had worked for IMM Industrie Management München, back then one of the first private equity firms in Germany.

During his time at VTC Thomas applied his long experience at numerous transactions. In the early years of VTC he initiated and implemented a number of industry roll-ups and took on executive positions in portfolio companies. Thomas co-founded one of the leading German private equity fund-of-funds and today is a member of the company’s supervisory board.

Thomas holds a PhD (Dr.rer.nat.) in physics from the Technische Universität Munich and an INSEAD MBA, France.

Dr. Ulrich Wolfrum
Dr. Ulrich Wolfrum

Since 2000 Ulrich has worked on numerous transactions at VTC. In addition he chaired strategic projects and add-on acquisitions at portfolio companies. He is responsible for deal sourcing at VTC and is the contact person for investment banks and M&A advisors.

Ulrich started his career at A.T. Kearney in Munich and Dusseldorf. There he focused on efficiency programs and strategy development in the consumer goods, retail and energy sectors, where he could apply the experiences from his family business.

Ulrich holds a business degree and a PhD in business from Ludwig-Maximilians-Universität in Munich.


Currently we offer the following vacancies:

Investment Associate (m/w/d)

Majority shareholdings

Baettr Holding GmbH

Baettr is a leading component supplier for the wind industry. The company is specialized in the serial production of large cast products for on- and off-shore markets incl. CNC-machining, metal finishing as well as subassembly offerings according to customer specifications. The international footprint with three foundries, two machining and two surface treatment facilities in Europe and Asia is ideally positioned to serve its customers worldwide.

Stade (Germany)
Sales (EUR m):

FRIWO AG is an internationally operating systems provider developing, producing and marketing high-performance, high-quality hard- and software solutions along the electrical drive train. FRIWO’s main market segments are e-mobility, household appliances and tools, medical equipment and industrial applications. Based on a global manufacturing and sourcing footprint, FRIWO is able to deliver leading edge technology at highly competitive prices.

Ostbevern (Germany)
Sales (EUR m):
JK-Gruppe GmbH

JK Group is a worldwide leading manufacturer of devices for the tanning, fitness, and beauty industry. At the Company’s headquarter in Windhagen (Germany), JK develops and produces devices under the brand names “Ergoline”, “Beauty Angel”, “Sun Angel” and “Wellsystem”. The fields of application include cosmetic tanning, red light and near infrared applications for skin care as well as dry water massage.

Windhagen (Germany)
Sales (EUR m):
Sesotec GmbH

Sesotec develops and manufactures machines and systems for the detection and separation of contaminants, for product inspection and for the sorting of material flows. Product sales primarily focus on the global food, plastics, pharmaceutical, wood, textile, and recycling industries. Sesotec’s global market leadership is based on a high competence in a wide range of technologies. The leading facility for design, development and manufacturing is located in Germany. Sesotec’s export quota amounts to over 50%.

Schönberg (Germany)
Sales (EUR m):


We are constantly looking for new investments for further growth. Due to our lean decision making processes any new investment opportunity will be analyzed quickly by our team. We have earned a reputation for finding creative solutions suited for every new transaction. Since we invest our own money, we think long term and do not focus on exit strategies.

We are looking for companies which fulfill the following criteria:

We have no sector focus. In the past we have done transactions in manufacturing, services and wholesale.

Our group companies range from EUR 75m to EUR 240m in sales. Even with substantial growth potential investments should have revenues of at least EUR 10m.
We also look for add on acquisitions for our portfolio companies which can be smaller.

Investment amount and regional focus:
We are looking for majority stakes but will also consider a qualified minority. We invest equity tickets of up to EUR 50m per deal, in case of larger transactions we would work with a partner.
Our regional focus lies on Germany, and neighbouring countries.


FRIWO steigert Ergebnis und Rentabilität im Jahr 2017

FRIWO steigert Ergebnis und Rentabilität im Jahr 2017

Geschäftsentwicklung des Power-Supply-Spezialisten über den eigenen Erwartungen...

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FRIWO steigert Ergebnis und Rentabilität im Jahr 2017

FRIWO steigert Ergebnis und Rentabilität im Jahr 2017

Ostbevern, 27. März 2018 – FRIWO, internationaler Hersteller hochwertiger Ladegeräte, Stromversorgungen, Akkupacks und LED-Treiber, hat im Jahr 2017 eine Geschäftsentwicklung über den eigenen Erwartungen verzeichnet. Der Konzern steigerte den Ertrag und die Profitabilität deutlich und schwenkte wieder auf einen Wachstumskurs ein. Die Dividende soll von 25 Eurocent je Aktie im Vorjahr auf 40 Eurocent für das Jahr 2017 erhöht werden – dies wäre die dritte Dividendenanhebung in Folge.

Wesentliche Erfolgskennzahlen 2017

  • Der Umsatz des Konzerns nahm um 5,0 Prozent auf 141,3 Mio. Euro zu (2016: 134,6 Mio. Euro), nachdem er im Vorjahr noch leicht rückläufig gewesen war.
  • Das Wachstum wurde vor allem durch die Produktbereiche Elektromobilität, Medizintechnik sowie Werkzeuge und Gartengeräte angetrieben. Dadurch konnten die strategiekonformen Rückgänge bei Geschäften mit margenschwächeren Produkten mehr als kompensiert werden.
  • Der Anteil des internationalen Geschäfts am Konzernumsatz stieg erfreulicherweise von 54 Prozent im Vorjahr auf 60 Prozent.
  • Bereits ein gutes Drittel des Konzernumsatzes stammte von Produkten, die in der 2015 gegründeten Fertigungsstätte in Vietnam hergestellt wurden.
  • Das Konzernergebnis vor Zinsen und Steuern (EBIT) lag mit 10,0 Mio. Euro um gut die Hälfte (+52,1 Prozent) über dem Vorjahreswert von 6,6 Mio. Euro. Wichtige Einflussfaktoren für die sehr positive Ertragsentwicklung waren die mittlerweile nahezu abgeschlossene Neuordnung der weltweiten Produktionsbasis, die ebenfalls weit fortgeschrittene Optimierung des Produkt- und Kundenportfolios sowie interne Effizienzfortschritte.
  • Die EBIT-Rendite (bezogen auf den Umsatz) verbesserte sich deutlich von 4,9 Prozent auf 7,1 Prozent.
  • Der FRIWO-Konzern schloss das Jahr 2017 mit einem Ergebnis nach Steuern von 7,0 Mio. Euro ab nach 4,0 Mio. Euro im Jahr zuvor. Das entspricht einem Ergebnis je Aktie von 0,91 Euro nach 0,52 Euro im Jahr 2016.


Attraktive Dividende

Vorstand und Aufsichtsrat schlagen der ordentlichen Hauptversammlung am 15. Mai 2018 vor, die Dividende von 25 Eurocent je Stückaktie auf 40 Eurocent je Stückaktie anzuheben. Damit stiege die Ausschüttung von 1,9 Mio. Euro auf 3,1 Mio. Euro. Bezogen auf den Konzernüberschuss beträgt dies einer Ausschüttungsquote von 44 Prozent, die damit im nachhaltig angestrebten Zielkorridor von 30 bis 50 Prozent läge.

Rolf Schwirz, Vorstandsvorsitzender (CEO) der FRIWO AG: „So positiv die wirtschaftliche Entwicklung von FRIWO im Jahr 2017 auch war, so wenig haben wir Grund, uns zufrieden zurückzulehnen. Der weltweite Markt für Stromversorgungen und Ladegeräte hat ein Volumen von deutlich mehr als 30 Mrd. US-Dollar und bietet solide Wachstumschancen für die kommenden Jahre. Als einer der führenden Entwickler und Hersteller in dieser Branche wollen wir diese Chancen schneller und aktiver nutzen als bisher. Produktinnovationen sowie schnelle und reibungslose Prozesse sind entscheidende Schlüssel, um bestehende Kunden an FRIWO weiter zu binden und neue Kunden für FRIWO zu begeistern.“


Ausblick auf das Jahr 2018

Der Vorstand geht mit vorsichtigem Optimismus ins Geschäftsjahr 2018. Den nach wie vor guten gesamtwirtschaftlichen Rahmenbedingungen in den FRIWO-Absatzmärkten und der aussichtsreichen strategischen Positionierung des Konzerns stehen auf der Beschaffungsseite Lieferengpässe in der gesamten Elektronikbranche gegenüber, die zu entsprechenden Mehrkosten führen könnten. Auch ein verschärfter Wettbewerb durch den Eintritt neuer Marktteilnehmer oder durch Bestrebungen von Kunden, große Bestellmengen auf mehrere Lieferanten zu verteilen, können sich negativ auf die erzielbaren Preise auswirken.

Vor diesem Hintergrund geht der Vorstand für das laufende Jahr von einem leichten Wachstum des Konzernumsatzes gegenüber dem Jahr 2017 und einer dazu in etwa proportionalen Entwicklung des Konzern-EBIT aus.


FRIWO auf einen Blick

in Mio. EUR 2017 2016
Umsatz 141,3 134,6
Ergebnis vor Zinsen und Steuern (EBIT) 10,0 6,6
EBIT-Umsatzrendite in % 7,1 4,9
Ergebnis vor Ertragsteuern (PBT) 9,5 6,2
Ergebnis nach Steuern 7,0 4,0
Ergebnis je Aktie in Euro 0,91 0,52
Investitionen 6,6 3,0


31.12.2017 31.12.2016
Bilanzsumme 60,8 57,7
Eigenkapital 22,1 17,7
Eigenkapitalquote in % 36,3 30,6
Mitarbeiter (Stichtag) 1.943 731