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
turnover
4.500
employees
EUR 300 m
equity
up to EUR 50 m
equity per transaction

The VTC Team

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.

Christian Kalasch
Christian Kalasch
Senior Investment Manager

Christian is with VTC since 2016. He supports transaction processes as well as the development of group companies (e.g. in add on acquisitions).

From 2011 to 2015 he worked for Commerzbank M&A in Frankfurt and London and William Blair in their Frankfurt, London and Chicago offices. He was involved in numerous buy side and sell side mandates and advised clients on strategic portfolio optimizations. His industry focus was on industrials, health care and services.

Christian holds a bachelor degree in business (finance and accounting) from Ludwig-Maximilians-University in Munich and a master’s degree in finance from St. Andrews University in Scotland.

Christian A. König
Christian A. König
Investment Analyst

Christian König joined the VTC team in 2019. He works on current transactions and is screening potential investment opportunities and markets.

During his time at university he already gained first experience in the investment industry, amongst others with Maxburg Capital Partners, Waterland Private Equity and the Leveraged Finance Division of UniCredit Bank.

Christian holds Bachelor degrees in Economics and Business Administration as well as a Master of Science degree with focus on Finance & Accounting from Ludwig-Maximilians-University Munich.

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
Senior Investment Manager

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
Partner

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.

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, three machining and two surface treatment facilities in Europe and China is ideally positioned to serve its customers worldwide.

Headquarter:
Stade (Germany)
Sales (EUR m):
220
Employees:
1.100
FRIWO AG

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.

Headquarter:
Ostbevern (Germany)
Sales (EUR m):
100
Employees:
2.500
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.

Headquarter:
Windhagen (Germany)
Sales (EUR m):
115
Employees:
400
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%.

Headquarter:
Schönberg (Germany)
Sales (EUR m):
85
Employees:
500

Acquisitions

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:

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

Size:
Our group companies range from EUR 85m to EUR 220m 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.

News

FRIWO zeigt außergewöhnlich starkes erstes

FRIWO zeigt außergewöhnlich starkes erstes

Konzernumsatz wächst um 20,7 Prozent auf 40,6 Mio. Euro, teilweise bedingt durch nachlaufende...

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FRIWO zeigt außergewöhnlich starkes erstes

FRIWO zeigt außergewöhnlich starkes erstes

Ostbevern, 10. Mai 2017 – Die FRIWO AG hat ein außergewöhnliches starkes erstes Quartal 2017 verzeichnet. Der Konzernumsatz des Herstellers hochwertiger Ladegeräte, Stromversorgungen, Akkupacks und LED-Treiber nahm von Januar bis März dieses Jahres gegenüber dem gleichen Vorjahreszeitraum um 20,7 Prozent auf 40,6 Mio. Euro zu. Dieser im langfristigen Vergleich sehr hohe Quartalswert ist außer auf eine unverändert lebhafte Kundennachfrage auch auf Nachlaufeffekte aus dem Vorquartal zurückzuführen. So wurden zu Jahresbeginn Aufträge abgearbeitet, die zunächst für das vierte Quartal 2016 vorgesehen waren. Diese Aufträge hatten zudem eine sehr gute Margen- und Ergebnisqualität.

Das Konzernergebnis vor Zinsen und Steuern (EBIT) erhöhte sich im Startquartal deutlich von 1,2 Mio. Euro im entsprechenden Vorjahreszeitraum auf 3,9 Mio. Euro. Dabei profitierte FRIWO auch von dem steigenden Anteil der Eigenfertigung durch das neue Produktionswerk in Vietnam und von der weit fortgeschrittenen Optimierung des Produkt- und Kundenportfolios mit Blick auf Marge und Rentabilität.

Der Konzern schloss das erste Quartal mit einem Gewinn nach Steuern von 2,7 Mio. Euro ab (Q1 2016: 0,7 Mio. Euro).

Belegschaft stark gewachsen

Die FRIWO-Gruppe beschäftigte per Ende März dieses Jahres 1.652 Personen nach 731 zum Jahresende 2016. Der starke Anstieg ist in erster Linie auf die erstmalige Einbeziehung der im Januar erworbenen Wandlerfertigung am Standort Vietnam zurückzuführen. Zudem wurde die Belegschaft in der 2015 neu gegründeten Produktionsstätte nahe Ho Chi Minh Stadt weiter aufgestockt.

 

Ausblick auf das Gesamtjahr 2017

FRIWO erwartet für die Folgequartale jeweils Umsätze, die unter dem Wert für die ersten drei Monate liegen werden. Dabei spielen sowohl die weitere bewusste Reduzierung des Engagements im margenschwächeren Konsumerbereich eine Rolle als auch die Tatsache, dass einige sehr wichtige Kunden Umsatzprofile mit starken saisonalen Schwankungen haben. Aus diesen Gründen darf die außergewöhnlich gute Entwicklung der ersten drei Monate nicht auf das Gesamtjahr 2017 hochgerechnet werden.

Der Vorstand bestätigt die bisher gemachten Angaben für das Gesamtjahr: Auf Basis gleichbleibender Währungsrelationen geht er für 2017 von einer leichten Steigerung des Konzernumsatzes aus. Die gezielte Ausrichtung des Kunden- und Produktportfolios auf Marge und Profitabilität sowie der höhere Anteil an Eigenproduktion sollen sich in der weiteren Verbesserung der Ertragslage niederschlagen. Der Vorstand erwartet weiterhin ein Konzern-EBIT in der Spanne von 7,0 bis 8,0 Mio. Euro.

Address
VTC Industriebeteiligungen GmbH & Co. KG
Promenadeplatz 12
D-80333 München
Phone
+49 (0) 89 64949 - 0

Fax
+49 (0) 89 64949 - 450