What kind of carve-out investor DACH-wide are you?

Principal. We acquire non-core divestitures from listed groups, family-office holdings, and PE-owned platforms across Germany, Austria, and Switzerland. We hold the asset; we do not flip it. The capital is permanent and committed from one balance sheet.

Do you require a clean carve-out perimeter?

No. Operational complexity is welcome. Shared services, transitional service agreements, dual-use IT, and tangled IP are normal in Mittelstand carve-out situations. We underwrite the standalone case and structure the TSA accordingly.

How fast can a corporate seller move with you?

Indicative term sheet inside two weeks of receiving a credible information package. Signing in four to six weeks once exclusivity is granted. Closing follows merger control and the EU FDI Screening Regulation 2019/452 timeline where applicable.

Will you take labour and pension liabilities?

Yes, where the carve-out perimeter supports it. We have closed transactions with full §613a transfer-of-undertaking treatment and assumed pension obligations under bAV frameworks. We do not strip workforce.

Are you regulated under the AIFM-Directive or SFDR?

We invest as a principal from balance-sheet capital, not through an AIFM-licensed fund. Where deal structuring requires a regulated vehicle, we partner with licensed AIFMs in Luxembourg or Liechtenstein. SFDR Article 8/9 disclosures are produced when applicable to the structuring vehicle.

Carve-Out Investor DACH Mittelstand

Definition

What we mean by carve-out.

A carve-out is the controlled separation of an operating perimeter from a parent organisation. The perimeter is rarely a clean legal entity. It is usually a business line that shares HR, IT, treasury, and procurement with the parent and that depends on transitional service agreements for some quarters after closing. The Mittelstand carve-out adds a further layer: family-owned groups divest non-core units that have never been managed as standalone entities.

We engage as a carve-out investor DACH-wide and as a spin-off acquirer where listed groups separate divisions ahead of strategic refocus. Operational complexity is the asset, not the obstacle. Each perimeter is underwritten on the strength of the standalone business case, not the smoothness of the perimeter.

Market Context

Why it matters in DACH today.

Three structural pressures are driving non-core divestiture activity across Germany, Austria, and Switzerland. Listed groups face renewed shareholder pressure to focus the portfolio: industrial conglomerates, life-science groups, and diversified Swiss holdings have all announced multi-year separation programmes. Family offices and Mittelstand holdings are pruning legacy assets that no longer fit the long-term strategy. Private equity sponsors approaching fund-life maturity are divesting carve-out perimeters that did not integrate cleanly.

The carve-out market is also shaped by regulation. The EU FDI Screening Regulation 2019/452 and national implementations require notification for many cross-border carve-outs. NIS-2 cybersecurity obligations migrate with the perimeter, which means the buyer must inherit compliance posture, not assume the parent's. Energy-intensive carve-outs face additional scrutiny under DACH transition policy. We absorb this complexity because permanent capital does not require quick perimeter standardisation.

The perimeter is rarely clean.
That is the opportunity.

Engagement

How we engage.

We invest from permanent capital committed off our own balance sheet. There is no fund clock, no syndication, and no LP redemption window. Sellers receive certainty of funds, a single decision-maker, and a written term sheet inside two weeks of credible information exchange.

The acquisition follows our four-phase process. Phase one is preliminary review against the exclusion list inside seven days. Phase two is structured analysis: commercial diligence on standalone economics, legal and regulatory mapping, tax structuring of the carve-out vehicle, and TSA scoping. Phase three is term sheet and exclusivity. Phase four is signing and closing, sequenced around merger control and FDI screening.

Post-closing, the perimeter migrates onto our platform. Shared-service replacement, ERP migration, and TSA wind-down follow a standard playbook refined across multiple carve-out integrations. See methodology and acquisition and process.

Boundary

What we are not.

We are not a carve-out advisor: we are the principal acquirer. We do not run sell-side processes for divesting groups, do not accept retainers, and do not produce information memoranda. We are not a generalist sponsor: we will not bid in eight-party auctions on perimeters with clean financials and no operational complexity. We are not an asset stripper: we hold and integrate. We are not a passive holding company: post-closing, we are operationally engaged through platform-side operating partners. If your situation is a fully scoped, perimeter-clean auction, you have better-priced capital available; we will tell you so on the first call.

Track Record

Substance over slogans.

Fourteen platform investments since inception. Nine exits realised. A material share originated as Mittelstand carve-out perimeters from listed parents or family-office holdings. Named portfolio companies include Quarero Robotics, Karyali Group, Knowingo, Datatronics, and OpenSpring. Datatronics in particular entered our platform as a non-core divestiture and was reshaped into a standalone EMS provider within twenty-four months of closing.

The pattern is repeatable. We assume operational complexity as a feature of pricing rather than a deal-breaker. We negotiate TSA arrangements that protect both sides. We integrate the perimeter into the broader platform on a multi-year horizon. The bilateral origination of these transactions is documented in our portfolio and profile.

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