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

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
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.

Career

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.

Headquarter:
Stade (Germany)
Sales (EUR m):
240
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):
85
Employees:
350
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):
75
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 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.

News

Recycling rate, recyclate content and the impact on the plastics industry

Recycling rate, recyclate content and the impact on the plastics industry

On the way to a functioning circular economy, it is the declared goal of industry, society and policymakers to turn today’s waste into tomorrow’s secondary raw materials....

Read more
Recycling rate, recyclate content and the impact on the plastics industry

Recycling rate, recyclate content and the impact on the plastics industry

What is meant by recycling rate?

The recycling rate is the percentage of recyclable materials actually recycled from waste. A distinction is made here between secondary components (complete, recyclable components) and secondary raw materials. However, the exact reference figures used to calculate the recycling rate are as varied as they are controversial. This is because the recycling rate is often equated with the recovery rate. However, while the latter also includes the energetic recovery of valuable materials from waste - i.e. energy recovery through incineration and thus a waste of resources - the recycling rate excludes this type of recovery.

The Waste Management Act (Kreislaufwirtschaftsgesetz – KrWG) defines recycling in Article 3 (25) as “any recovery operation by which waste is reprocessed into products, materials or substances either for the original purpose or for other purposes”. It also states that recycling excludes “energy recovery and reprocessing into materials intended for use as fuel or for backfilling” (23a).

According to the study Plastics Material Flow Diagram in Germany 2019, 99.4% of the total 6.3 million tons of plastic waste in this country is recovered, but only 47% is recycled. In fact, only 33% of plastic waste from private households is recycled. The reason for this discrepancy is that plastics in industry are mostly clean and sorted by type, but in households they are heavily mixed.

Among other things, the proper separation of waste by consumers is important here, because mixed waste is difficult to recycle. The better it is separated at home, the easier it is for different types of packaging to be sorted in the plants and consequently recycled.

EU Waste Framework Directive

In order to increase the recycling rate for municipal waste, the EU Waste Framework Directive of 2008 was strengthened again in 2018. While the original directive stipulated a recycling rate of 50% for certain materials for each country by 2020, the amended Waste Framework Directive (Directive (EU) 2018/851) stipulates 55% by 2025, 60% by 2030 and even 65% by 2035. The calculation of the recycling rate has also changed with the new EU requirements. Up to then, the EU member states used “input calculations” as their guideline. This means that what is recycled from a collection system is counted. In the future, output-oriented quotas will apply throughout the EU. This means that only waste that is actually recycled will be counted as recycled.To ensure uniform application of the calculation rules, the EU Commission has defined specific calculation and measurement points for the most common wastes and recycling processes.

How has the recycling rate for plastics developed in recent years?

In 2019, 6.28 million tons of plastic waste were generated in Germany. Around 85.2% of this waste was generated after use (“post-consumer waste”). The remaining 14.8% was generated during the production and, above all, the processing of plastics. That sounds like a lot of recycled material. But far from it. As shown in the Plastic Atlas published by the Heinrich Böll Foundation in 2019, 60% of our plastic waste is “combusted with energy recovery”. The nearly 40 percent remaining is recycled.

Development of plastic packaging recycling

According to IK Industrievereinigung Kunststoffverpackungen e.V., there has been a clear positive trend in the recycling rates of plastic packaging since the German Packaging Act came into force in 2019. According to a study conducted by GVM Gesellschaft für Verpackungsmarktforschung, they rose by 12.3% in the sector of end consumer use in 2019. As a result, in 2019 plastic packaging rates total 55.2%, based on the overall market. Thus, according to the Zentrale Stelle Verpackungsregister (Central Agency Packaging Register – ZSVR), the very ambitious statutory recycling rate of 58.5% was nearly achieved.

IK Managing Director Dr. Isabell Schmidt is pleased with this development: “The surge in recycling is a terrific success of the new packaging law that our industry has championed.”

At the same time, Schmidt emphasized that the circular economy must now continue to pick up speed and that it is now a matter of strengthening the financial incentives for recyclable packaging design so that investments in new packaging designs also pay off for everyone. A renewed review of the Packaging Act is planned for 2022.

What is meant by recyclates?

The term “recyclate” is primarily used in the plastics industry and is synonymous with reprocessed plastic waste. Recyclates are obtained by means of different reprocessing methods depending on the condition of the plastic waste being recycled. Plastic recyclates are generally divided into two categories: “post-industrial recyclates” and “post-consumer recyclates”.

Post-industrial recyclates

Post-industrial recyclates are obtained from industrial waste that is generated as rejects during the production process. In most cases, they are of a single type and can therefore be crushed and recycled with the help of special plastic mills without any major sorting or cleaning effort. Post-industrial recyclates are of particularly high quality due to their clean starting material and are therefore preferred by many companies. And yet there are areas of application, such as food, cosmetics and pharmaceuticals, in which even the single-variety post-industrial recyclates may not be used, or may only be used to a limited extent, due to the most stringent requirements for product safety and hygiene.

Post-consumer recyclates

These recyclates are recovered from end consumer waste, i.e. the yellow sack or garbage can used in Germany. Post-consumer waste is collected, sorted by type of plastic (PP, PE, PS), shredded, washed and then melted into plastic granulate. Since the yellow sack contains packaging mixed from a wide variety of plastic types, processing it into high-quality recyclate is more demanding and requires state-of-the-art recycling and sorting facilities.

 

 Sesotec supports all industrial areas of the plastics cycle with innovative solutions - 
for more profitability, quality and productivity.
Discover our Circular Economy Systems.

Development of recyclate content and the consequences for the plastics industry

Recyclates are becoming increasingly important as a raw material for new plastic products. This was also demonstrated by the Plastics Material Flow Diagram in Germany published in 2019. In 2019, 13.7% of the total volume of plastics processed was covered by recyclates. Since the last survey in 2017, the volume of recyclates has increased by around 5% per year. However, there is still considerable room for improvement in the use of recyclates.

The IK (Industrievereinigung Kunststoffverpackungen), the German Association for Plastics Packaging and Films, sees the main obstacles to the use of recyclate in the lack of availability and, in some cases, inferior quality of the recycled material. Recyclers and waste disposal associations have therefore been calling for political action since the middle of 2020. Baden-Württemberg’s Minister of the Environment, Climate Protection and the Energy Sector, Franz Untersteller of the Green Party campaigned for a “mandatory percentage of recyclate content in plastics” at the Resource Efficiency and Circular Economy Congress held in Stuttgart. The Bundesrat (Germany’s upper house of parliament), however, rejected the call for national recyclate use quotas for certain products. The reason: While plastic recyclates are already routinely used in many sectors, such as construction, packaging and agriculture, the hurdles are very high in other sectors, such as food and cosmetics packaging, which place special demands on the quality of the recyclates. The required quantities and qualities of secondary raw materials are not currently available for such sensitive applications.

However, the quality and safety of products must under no circumstances be compromised by the use of recyclates. According to the IK, optimized waste separation by consumers plays a key role on the one hand, while on the other hand investments in high-tech sorting and high-quality processing are needed to cope with the required volumes and to sort them optimally. Only through the smooth interaction of all parties involved – from consumers and recyclers to manufacturers and processors – can a stable market for recyclates be established in the long term.

Challenge for recyclers, manufacturers and processors of plastic

The increasing demands on recyclate quantity and quality are not only increasing the pressure on recyclers to produce more single-variety material. Manufacturers and processors must also use more recyclate in order to be able to meet customer demands and legal requirements in the future. On the one hand, some machines have to be retrofitted in order to be able to process more materials, and on the other hand, state-of-the-art material analysis systems, sorting equipment and metal separators are required in order to be able to handle lower-grade qualities and reliably remove any impurities.

Conclusion

The terms recycling rate and recyclate content are often used synonymously but have different meanings. While the recycling rate represents the proportion of waste that is recycled, recyclate content is the proportion of secondary raw materials that are incorporated into new products. Both recycling rate and recyclate content are important factors for a functioning circular economy.

However, the recycling rate is difficult to track. Up to now, everything that goes from a sorting plant to recycling has been calculated. Losses in the recycling process, such as the incineration of impurities, have so far been included in the official quota. However, the recycling rate directly determines the availability of secondary raw materials. The more material is recycled, the more material is available for the production of recyclate. To get the cycle going, the recycling rate and thus the use of recyclates in the manufacture of new products must be significantly increased. This requires both further political action and the willingness of everyone involved, whether consumers, recyclers, manufacturers or processors, to make their contribution and pull together.


New E-Book: The Circular Economy - Challenges and opportunities for Recyclers and plastics processors

In this comprehensive e-book, you will gain insight into the most important factors of the Circular Economy. In particular, we look at the goal of creating a circular economy that must be profitable not only for people and the environment but also for recyclers, plastics manufacturers and processors.