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 > 600 m
turnover
> 4.500
employees
EUR 300 m
equity
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.

Philipp Härtel
Philipp Härtel
Investment Associate

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.

Andreas Joha
Andreas Joha
Senior Investment Associate

Andreas Joha joined the investment team of VTC in 2021. He works on transactions as well as portfolio management tasks and screens potential investment opportunities and markets.

Previously, he spent several years at PricewaterhouseCoopers in Munich advising private equity clients on buyside and sellside transactions.

Andreas received a Bachelor of Science in Economics and Business Administration with a major in Finance & Accounting from Goethe University Frankfurt, Germany, and a Master of Science in Finance with a major in Corporate Finance from Stockholm School of Economics, Sweden.

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
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.

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.

Headquarter:
Stade (Germany)
Sales (EUR m):
270
Employees:
1.150
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):
110
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):
80
Employees:
500
United Souvenirs GmbH

United Souvenirs GmbH is a leading retailer and wholesaler of souvenirs and gift items in Europe. With its wholesale activities, the company is present throughout Europe. In addition, United Souvenirs operates over 60 stores in tourist hot spots in Austria, Germany, Spain, Poland and Slovakia.

Headquarter:
Vienna
Sales (EUR m):
45
Employees:
220

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 45m 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.

News

Press release on the 2022 half-year financial report

Press release on the 2022 half-year financial report

Half-year revenue increases by 52 % from 48.2 million euros in the same period last year to 73.2 million euros EBIT turnaround to 0.1 million euros in spite of perceptible pressure ...

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Press release on the 2022 half-year financial report

Press release on the 2022 half-year financial report

  • Half-year revenue increases by 52 % from 48.2 million euros in the same period last year to 73.2 million euros
  • EBIT turnaround to 0.1 million euros in spite of perceptible pressure on materials expenses. Second quarter also profitable after taxes
  • Order book reaches all-time high of 127.0 million euros
  • E-mobility joint venture with UNO MINDA Group in India encounters very strong customer interest; Letters of Intent signed for a medium-sized double-digit million euro figure
  • Balance sheet quality improved, equity ratio at a solid 20.4 %
  • Forecast for 2022 as a whole increased to a growth in revenues in the double-digit percentage range, slightly positive full-year result is anticipated

Ostbevern, 11 August 2022 – FRIWO Group was able to maintain its dynamic revenue growth in the second quarter of 2022. Boosted primarily by high demand in the e-mobility business and positive developments in the other three segments, the quarterly revenue climbed by 52 % from 29.0 million euros to 44.2 million euros. The positive performance was still hampered by ongoing bottlenecks in the availability of major electronic components and COVID-19-related logistical issues. In spite of the significant increase in costs resulting from these developments, which are passed on to customers only in part and in a dialogue in a spirit of partnership, FRIWO has succeeded in achieving a turnaround to profitability. In the quarter under review, the earnings before interest and taxes (EBIT) increased from minus 1.0 million euros to plus 1.1 million euros. At mid-year, the operative profit increased from minus 2.7 million euros to plus 0.1 million euros. FRIWO also reported a plus of 0.5 million euros after taxes in the months April to June (Q2-2021: minus 1.6 million euros). As demand continues to be high, FRIWO also anticipates a positive performance for the full year. Revenues are projected to increase in a medium double-digit percentage range (2021: 100.5 million euros) and therefore by more than previously assumed.

„Our portfolio of services is encountering particularly dynamic customer interest in the e-mobility sector. We therefore expect a revenue increase in 2022 as a whole and, in spite of ongoing cost pressure; we continue to expect a slightly positive result. There is also very strong customer demand for our e-mobility joint venture in India. Therefore we are very confident for the financial years 2023 and beyond,” comments Rolf Schwirz, Chairman of the Board of FRIWO AG, this development.

Order book at an all-time high of 127 million euros

The confidence regarding the second half of the financial year is primarily based on the continuing high demand for e-mobility drive solutions. Therefore, the group’s order intake as of 30 June 2022 increased by 44.5 % from 65.0 million euros to 93.9 million euros in in a six-month comparison, and thus indicates further growth. The order book leapt to an all-time high of 127.0 million euros (H1-2021: 60.4 million euros). The positive business development is also reflected in the strong increase in headcount, which grew year-on-year from 2,182 to 2,646. Of this number, more than 90 % are located in the Far East, primarily in Vietnam.

Balance sheet quality improved considerably, equity ratio rises to a solid 20.4 %

The capital increase in the course of the stake of the Indian joint venture partner UNO MINDA and FRIWO at the end of June resulted in an increase of 15 million euros in equity. The equity ratio will therefore increase to 20.4 % (31/12/2021: 11.9 %). Moreover, a prolongation of the current financing agreements with the house banks could be concluded up until the end of 2023. This completes the measures to stabilise the financing initiated in 2021. In addition to further improving the balance sheet quality, the company will also focus on the improvement of cash flow and working capital in the second half of the year. The last mentioned has increased significantly due to material bottlenecks and high demands at the same time.

High demand for e-mobility drive systems in India – aiming for market leadership for electric two- and three-wheelers

The joint venture with the UNO MINDA Group to supply e-mobility drive systems for two- and three-wheelers is encountering very high demand in India. Thus, in the second quarter, letters of intent concerning the supply of e-mobility drive solutions for well-known Indian vehicle manufacturers were signed, which should result in sales in the medium double-digit million-euro range. Promising negotiations on further contracts are also ongoing with world-leading manufacturers of two- and three-wheelers in Japan. The construction of a manufacturing plant south of Delhi is already underway and is expected to start operations in the first half of 2023. The joint venture – in which FRIWO owns 49.9 % – is targeting a leading role in the huge electric two- and three-wheeler market in India. FRIWO anticipates first earnings and cash flow from licensing revenues from the 2023 financial year onwards.

Full-year forecast for 2022: Sales expected to grow in the medium double-digit range and earnings to be on the positive side

The continuing high demand and the record order book at the half-year are a sound basis for a continued positive development in the second half of 2022. Notwithstanding the continued tense situation on the international supply markets and the uncertainties concerning possible negative impacts from the Ukrainian crisis and the progress of the COVID 19 pandemic, the Executive Board is raising its expectations for growth in Group revenue in 2022 to a medium (so far: low to medium) double-digit percentage range. In addition, a slightly positive Group EBIT also remains to be projected. FRIWO is also confident of generating sustainably profitable growth in the years to come.

The 2022 half-year financial report and additional information on the company are available on the Investor Relations section of the website.

Download the press release as PDF

Download the half-year report as PDF

 

Contact investor relations and media
FRIWO AG
Ina Klassen
+49 (0) 2532 81 869

Peter Dietz
+49 (0 )69 97 12 47 33

Der Beitrag Press release on the 2022 half-year financial report erschien zuerst auf FRIWO.