Author: Tatjana Anderer

Frank­furt am Main/Munich — Deut­sche Betei­li­gungs AG (DBAG) is inves­t­ing in Vected GmbH (Vected) and acqui­ring a signi­fi­cant mino­rity stake in the company. The invest­ment is part of the company’s “Long-Term Invest­ments” stra­tegy. These invest­ments are always struc­tu­red using funds from the balance sheet. Foun­der and Mana­ging Direc­tor Wolf­gang Schö­berl will conti­nue to lead the company. The parties have agreed not to disc­lose the purchase price. The tran­sac­tion is subject to the usual regu­la­tory approvals. 

A tech­no­logy specia­list with a unique posi­tion in Europe

Vected was foun­ded in 2012 by Wolf­gang Schö­berl. The core of the busi­ness is the deve­lo­p­ment, manu­fac­ture, and cali­bra­tion of ther­mal imaging devices, as well as their inte­gra­tion into ready-to-use end products. Vected deve­lops and manu­fac­tures ther­mal imaging tech­no­logy, parti­cu­larly for criti­cal mili­tary appli­ca­ti­ons, as well as for dual-use purpo­ses. The company offers in-depth exper­tise with a fully inte­gra­ted system “Made in Germany.” This includes proprie­tary image-proces­sing soft­ware and the use of AI for image opti­miza­tion and object recognition. 

Vecte­d’s product port­fo­lio includes porta­ble ther­mal imaging devices, vehicle-moun­ted solu­ti­ons, and drones. In addi­tion, Vected deve­lops and manu­fac­tures custom solu­ti­ons based on the company’s exten­sive port­fo­lio of patents. 

The Growing Importance of Optro­nics for the Euro­pean Defense Strategy

Euro­pean defense budgets have been rising since 2022, and with them, the volume of procu­re­ment for vehic­les, sensors, and recon­nais­sance products. Optro­nic solu­ti­ons, in parti­cu­lar, are beco­ming incre­asingly important in both estab­lished systems and new appli­ca­ti­ons. Ther­mal imaging tech­no­lo­gies often play a crucial role in ensu­ring opti­mal visi­bi­lity even under chal­len­ging condi­ti­ons. This high-tech sector is covered by only a few compa­nies in Europe. Conse­quently, there is dispro­por­tio­na­tely high demand for solu­ti­ons such as those offe­red by Vected, which are charac­te­ri­zed by tech­no­lo­gi­cal leader­ship, high-quality imagery, and excep­tio­nal relia­bi­lity. The Euro­pean market for uncoo­led infrared systems is valued at appro­xi­m­ately 1.1 billion euros and, accor­ding to indus­try experts, is expec­ted to grow by 12 percent annu­ally through 2030. For vehicle-moun­ted systems, growth projec­tions are signi­fi­cantly higher. 

Vected also manu­fac­tures its ther­mal imaging devices and elec­tro­nic modu­les exclu­si­vely in Germany and, as a true “Made in Germany” company, is ideally posi­tio­ned to meet the requi­re­ments of Euro­pean procu­re­ment agen­cies for a Euro­pean supply chain. On the custo­mer side, too, the company bene­fits from high barriers to entry: In-depth exper­tise built up over deca­des, along with its quali­fi­ca­ti­ons and deep inte­gra­tion into custo­mers’ end products, make Vected a relia­ble supplier that can scale quickly along­side its custo­mers. This strong posi­tio­ning is also reflec­ted in the company’s deve­lo­p­ment, as it is curr­ently in a phase of signi­fi­cant growth. 

Invest­ments using on-balance-sheet funds enable long-term partnerships
DBAG’s “Long-Term Invest­ments” stra­tegy focu­ses on mino­rity stakes finan­ced with on-balance-sheet funds. This allows for a holding period that extends beyond the typi­cal dura­ti­ons of private equity funds. This results in grea­ter flexi­bi­lity in stra­te­gic direc­tion and in support­ing the growth of port­fo­lio compa­nies. As is custo­mary, the invest­ment in Vected was reviewed in accordance with DBAG’s guide­lines for respon­si­ble inves­t­ing prior to the invest­ment decision. 

Jannick Hune­cke, Member of the Execu­tive Board of Deut­sche Betei­li­gungs AG, says: “Ther­mal imaging tech­no­logy was an abso­lute niche topic for many years. Today, it is a highly rele­vant compo­nent in procu­re­ment. Vected is one of the few Euro­pean market play­ers that has maste­red the entire process—from sensor tech­no­logy and image proces­sing to hard­ware and cali­bra­tion. And it does so with a supply chain that depends neither on U.S. export licen­ses nor on compon­ents from outside Europe. That’s a compe­ti­tive advan­tage that’s very diffi­cult to replicate.”

“Demand for our products is high, and with DBAG, we can expand the neces­sary infra­struc­ture. We are prepa­ring the company for further growth. Toge­ther with DBAG, we aim to expand our produc­tion capa­city and further profes­sio­na­lize the company,” says Wolf­gang Schö­berl, foun­der and CEO of Vected.

Next Phase of Growth: Profes­sio­na­liza­tion and Capacity

Toge­ther with manage­ment, DBAG aims to posi­tion the orga­niza­tion for the coming years. The focus is on expan­ding the busi­ness in terms of person­nel and capa­city. In addi­tion, the orga­niza­tion will undergo further profes­sio­na­liza­tion and scaling. By 2030, the team is expec­ted to grow signi­fi­cantly, and at the same time, the product port­fo­lio will be further expan­ded to tap into new growth potential. 

“master. And to do so with a supply chain that depends neither on U.S. export licen­ses nor on compon­ents from outside Europe. That’s an advan­tage that’s very diffi­cult to replicate.” 

“Demand for our products is high, and with DBAG, we can expand the neces­sary infra­struc­ture. We are prepa­ring the company for further growth. Toge­ther with DBAG, we aim to expand our produc­tion capa­city and further profes­sio­na­lize the company,” says Wolf­gang Schö­berl, foun­der and CEO of Vected.

Next Phase of Growth: Profes­sio­na­liza­tion and Capacity

Toge­ther with manage­ment, DBAG plans to posi­tion the orga­niza­tion for the coming years. The focus is on expan­ding the busi­ness in terms of person­nel and capa­city. In addi­tion, the orga­niza­tion will be further profes­sio­na­li­zed and scaled up. By 2030, the team is expec­ted to grow signi­fi­cantly, and at the same time, the product port­fo­lio will be further expan­ded to tap into new growth potential. 

About DBAG

Deut­sche Betei­li­gungs AG (DBAG), which has been publicly traded since 1985, is one of Germany’s most renow­ned private equity firms. As an inves­tor and fund advi­sor, DBAG’s invest­ment focus has tradi­tio­nally been on small and medium-sized enter­pri­ses (SMEs), with an empha­sis on well-posi­tio­ned compa­nies with growth poten­tial, prima­rily in the DACH region. Key sectors include manu­fac­tu­r­ers of indus­trial goods, indus­trial service provi­ders, and Indus­try­Tech companies—that is, compa­nies whose products enable auto­ma­tion, robo­tics, and digitalization—as well as compa­nies in the busi­ness services, IT services, soft­ware, health­care, envi­ron­men­tal, energy, and infra­struc­ture sectors. DBAG has also been active in Italy since 2020 and has been repre­sen­ted by its own office in Milan since 2021. The assets mana­ged or advi­sed by the DBAG Group total appro­xi­m­ately 2.8 billion euros. ELF Capi­tal comple­ments DBAG’s range of flexi­ble finan­cing solu­ti­ons for small and medium-sized enter­pri­ses by provi­ding private debt finan­cing. — www.dbag.de

Grün­wald near Munich / Zurich – SOLUTIO AG (“SOLUTIO”), with the support of Wilshire Advi­sors LLC (“Wilshire”), is prepa­ring to launch a new fund aimed exclu­si­vely at insti­tu­tio­nal inves­tors in Switz­er­land. The target volume is appro­xi­m­ately 150 million euros. The fund is inten­ded to provide access to a private markets segment that is expan­ding due to rising defense budgets, the protec­tion of criti­cal infra­struc­ture, tech­no­lo­gi­cal sove­reig­nty, and secu­rity-rela­ted aero­space technologies. 

Wilshire’s role will be to support the fund’s exter­nal Alter­na­tive Invest­ment Fund Mana­ger (AIFM) as an invest­ment advi­sor. “Follo­wing the opening of our office in Zurich a little over a year ago, Switz­er­land is a natu­ral market for this stra­tegy,” says Robert Massing, CEO of SOLUTIO AG. “Insti­tu­tio­nal inves­tors are incre­asingly focu­sing their invest­ments on secu­rity, resi­li­ence, and tech­no­lo­gi­cal sove­reig­nty. At the same time, the range of investa­ble funds has broa­dened in recent years. With this new product, we aim to select the most attrac­tive invest­ment oppor­tu­ni­ties for our clients.” 

The fund is inten­ded to invest in selec­ted target funds and cover three key areas: defense and secu­rity, resi­li­ent infra­struc­ture and tech­no­lo­gies, and aero­space. The target volume is expec­ted to be around 150 million euros. The plan­ned geogra­phic focus is Europe, inclu­ding Israel; invest­ments in North America are also planned. 

The new fund is being deve­lo­ped as part of the stra­te­gic part­ner­ship between SOLUTIO and Wilshire. It combi­nes SOLUTIO AG’s exper­tise in struc­tu­ring and mana­ging funds in the German-spea­king insti­tu­tio­nal market with Wilshire’s global invest­ment plat­form, rese­arch capa­bi­li­ties, and expe­ri­ence in due dili­gence proces­ses and mana­ger selection. 

“The secu­rity and resi­li­ence market is young, frag­men­ted, and dyna­mic,” says Todd Cass­ler, Chief Reve­nue Offi­cer at Wilshire. “The growing number of specia­li­zed private equity and venture capi­tal funds is opening up nume­rous new invest­ment oppor­tu­ni­ties for insti­tu­tio­nal inves­tors. At the same time, the demands on due dili­gence, fund selec­tion, risk assess­ment, and port­fo­lio cons­truc­tion are incre­asing.” The fund is to be struc­tu­red as an insti­tu­tio­nal fund and mana­ged by an exter­nal Alter­na­tive Invest­ment Fund Mana­ger (AIFM). Wilshire will provide invest­ment advice for the fund; howe­ver, invest­ment decis­i­ons will remain solely with the AIFM. 

About SOLUTIO AG

SOLUTIO AG deve­lops and struc­tures invest­ment port­fo­lios for insti­tu­tio­nal investors
and family offices in German-spea­king count­ries and Switz­er­land. The company focuses
on real assets and private markets, inclu­ding private equity, infra­struc­ture, private debt,
real estate, and specia­li­zed stra­te­gies in colla­bo­ra­tion with international
invest­ment part­ners. — www.solutio.ag

About Wilshire

Wilshire is a global finan­cial services firm and part­ner to appro­xi­m­ately 300
leading insti­tu­tio­nal inves­tors and finan­cial inter­me­dia­ries. The company helps
its clients improve their long-term invest­ment results. Wilshire advi­ses clients
on assets tota­ling more than 1.6 tril­lion U.S. dollars and mana­ges assets totaling
220 billion U.S. dollars (as of June 30, 2026). Wilshire is head­quar­te­red in the U.S. and has
offices world­wide. — www.prosek.com

Berlin — Venture capi­tal inves­tor Head­line has laun­ched a new fund, Head­line EU VIII, with a volume of $400 million. This is the eighth gene­ra­tion of Euro­pean funds for the early-stage venture capi­tal inves­tor. — YPOG advi­sed Head­line on the struc­tu­ring of the Head­line EU VIII fund. Inves­tors include KfW, the Euro­pean Invest­ment Fund, family offices, and compa­nies such as the Otto Group. 

Head­line opera­tes as a globally posi­tio­ned venture capi­tal inves­tor with Euro­pean roots and an invest­ment focus that extends from Europe to the U.S., South America, and Asia. Its Euro­pean invest­ment acti­vi­ties date back to the early 2000s. With in-house teams in Berlin, Hamburg, Luxem­bourg, Paris, London, San Fran­cisco, São Paulo, Taipei, and Tokyo, Head­line combi­nes deep local roots with the reach of a global player. Its Euro­pean port­fo­lio includes, among others, Mistral, Black Forest Labs, and Bioptimus. 

Head­line EU VIII is desi­gned to support Euro­pean start­ups in the seed phase and during Series A funding rounds. A key focus is on compa­nies in the AI sector. In addi­tion, the Global Growth Fund enables invest­ments start­ing with Series B funding to support port­fo­lio compa­nies through later stages of growth. 

“Successfully comple­ting a fund­rai­sing round of this magni­tude in the early-stage segment amid the current market condi­ti­ons unders­cores inves­tors’ endu­ring confi­dence in Head­line and the team’s approach to Euro­pean early-stage invest­ments. With Head­line EU VIII, the team is consis­t­ently conti­nuing its commit­ment to Euro­pean foun­ders,” says Stephan Bank, part­ner at YPOG.

This advi­sory enga­ge­ment builds on a long-stan­ding part­ner­ship between YPOG and Head­line: For many years, YPOG has supported Head­line in struc­tu­ring nume­rous fund vehic­les, inclu­ding the prede­ces­sor fund Head­line EU VII, which had a volume of 320 million euros.

Consul­tant Head­line: YPOG

Dr. Stephan Bank ( Lead, Funds), Part­ner, Berlin
Lenn­art Lorenz (Regu­la­tory), Part­ner, Hamburg
Dr. Sebas­tian Schwarz (Tax), Part­ner, Berlin
Benja­min von Mangoldt (Funds), Senior Asso­ciate, Berlin
Dr. Niklas Ulrich (Regu­la­tory), Asso­cia­ted Part­ner, Hamburg
Valen­tin Schmidt (Tax), Asso­ciate, Berlin
Camilla Shaver­dov (Tax), Asso­ciate, Berlin

London/Bielefeld — Arcus Infra­struc­ture Part­ners (“Arcus”), an invest­ment firm specia­li­zing in infra­struc­ture invest­ments, has acqui­red SK Pharma Logi­stics GmbH (“SK Pharma”), a provi­der of logi­stics solu­ti­ons for the health­care indus­try in Germany, through its Arcus Euro­pean Infra­struc­ture Fund 4. SK Pharma’s exis­ting manage­ment team will retain a stake in the company. The tran­sac­tion is still subject to the custo­mary regu­la­tory appr­ovals and is expec­ted to close in the fourth quar­ter of 2026. POELLATH provi­ded legal coun­sel to SK Pharma’s manage­ment regar­ding a manage­ment equity stake as part of the transaction. 

SK Pharma, based in Biele­feld, is one of the leading specia­li­zed logi­stics provi­ders for the health­care indus­try in Germany. With a network of eight warehouse loca­ti­ons in northwes­tern Germany, the company has appro­xi­m­ately 85,000 m² of tempe­ra­ture-control­led warehouse space and more than 100,000 pallet spaces. SK Pharma’s custo­mer base includes phar­maceu­ti­cal manu­fac­tu­r­ers, importers, whole­sa­lers, and other compa­nies in the health­care sector. In addi­tion to its GMP- and GDP-compli­ant warehousing and distri­bu­tion infra­struc­ture, the company offers a wide range of comple­men­tary services and enables close opera­tio­nal, regu­la­tory, and digi­tal inte­gra­tion with its custo­mers’ proces­ses. The German market for outsour­ced phar­maceu­ti­cal logi­stics is expe­ri­en­cing struc­tu­ral growth, driven by demo­gra­phic trends, incre­asing outsour­cing, and rising regu­la­tory requi­re­ments. With its specia­li­zed infra­struc­ture and many years of indus­try exper­tise, SK Pharma is excep­tio­nally well-posi­tio­ned in this market. 

Arcus is an inde­pen­dent invest­ment firm focu­sed on mid-sized infra­struc­ture compa­nies with sustainable growth poten­tial, parti­cu­larly in the digi­tal, trans­por­ta­tion and logi­stics, indus­trial, and energy sectors.

Manage­ment Consul­tant for SK Pharma: POELLATH

Dr. Bene­dikt Hohaus (Part­ner, Manage­ment Buyouts, M&A/Private Equity)
Silke Simmer, LL.M. (Coun­sel, Manage­ment Buyouts, M&A/Private Equity)
Nata­lie Tafel­ski (Asso­ciate, Manage­ment Buyouts, M&A/Private Equity) 

www.pplaw.de

Munich/Paderborn – Main Capi­tal Part­ners (“Main”) announ­ces the acqui­si­tion of Raynet GmbH (“Raynet”), a German provi­der of soft­ware solu­ti­ons for IT visi­bi­lity, IT asset manage­ment, and cyber­se­cu­rity, from PINOVA. The tran­sac­tion repres­ents a signi­fi­cant step into an attrac­tive and rapidly growing market charac­te­ri­zed by strong struc­tu­ral growth drivers, attrac­tive recur­ring reve­nue, and rising demand for the manage­ment and protec­tion of complex IT environments. 

Raynet, head­quar­te­red in Pader­born, helps large enter­pri­ses disco­ver, manage, and protect complex IT envi­ron­ments. The AI-powered Raynet One plat­form combi­nes disco­very capa­bi­li­ties with a proprie­tary tech­no­logy cata­log to trans­form frag­men­ted tech­no­logy data into a centra­li­zed and relia­ble source of infor­ma­tion for IT manage­ment and cyber­se­cu­rity. With appro­xi­m­ately 170 employees, Raynet holds a strong market posi­tion in the DACH region, has a presence throug­hout Europe, and is expan­ding its opera­ti­ons in North America. The company serves custo­mers across a wide range of indus­tries through direct sales and part­ner networks. 

The incre­asing comple­xity of IT land­scapes, rising cyber thre­ats, and regu­la­tory requi­re­ments are driving the demand for grea­ter trans­pa­rency and control over enter­prise IT. The growing importance of high-quality data for AI appli­ca­ti­ons further rein­forces this need. With its combi­na­tion of IT visi­bi­lity, IT asset manage­ment, and cyber­se­cu­rity solu­ti­ons, Raynet is ideally posi­tio­ned to meet these evol­ving requirements. 

Toge­ther with Main, Raynet plans to acce­le­rate its inter­na­tio­nal expan­sion, further deve­lop stra­te­gic part­ner­ships, and expand its product port­fo­lio to include rela­ted data manage­ment and secu­rity capa­bi­li­ties. These orga­nic growth initia­ti­ves will be comple­men­ted by a targe­ted inter­na­tio­nal “buy-and-build” strategy. 

Sven van Berge Henegou­wen, Mana­ging Part­ner and Head of DACH at Main, said: “Raynet’s combi­na­tion of IT visi­bi­lity, IT asset manage­ment, and secu­rity capa­bi­li­ties addres­ses the growing need for compa­nies to under­stand and control incre­asingly complex IT envi­ron­ments. We are impres­sed by the company’s proprie­tary tech­no­logy port­fo­lio, the capa­bi­li­ties of Raynet One, and the team’s expertise.”

Ragip Aydin, foun­der and CEO of Raynet, said: “We’ve been prepa­ring Raynet for this moment—both tech­no­lo­gi­cally and strategically—for many years. Now we’re shif­ting into high gear. With Main Capi­tal Part­ners, we have a strong part­ner at our side who shares our vision, under­stands soft­ware, and knows how to scale tech­no­logy compa­nies internationally.”

Joern Pelzer, a part­ner at PINOVA, added: “Over the past five years, Raynet has evol­ved into a soft­ware provi­der with an inter­na­tio­nal reach. The successful launch and ongo­ing deve­lo­p­ment of Raynet One have laid a solid foun­da­tion for future growth. With its deep soft­ware exper­tise and proven inter­na­tio­nal ‘buy-and-build’ expe­ri­ence, we believe Main Capi­tal Part­ners is the ideal part­ner to usher in the next phase of growth on this foundation.”

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Chem­nitz — plas­mo­tion, a German deep-tech company that deve­lops and manu­fac­tures indus­trial machi­nery and proprie­tary elec­tro­lytes for the plasma-elec­tro­ly­tic surface treat­ment of metal compon­ents, has secu­red new finan­cing tota­ling 3 million euros, led by the Cotton­wood Tech­no­logy Fund and supported by the Euro­pean Inno­va­tion Coun­cil (EIC) fund. The invest­ment will support plas­mo­ti­on’s next phase of indus­trial growth, inclu­ding the contin­ued commer­cia­liza­tion of its proprie­tary plasma poli­shing tech­no­lo­gies, the scaling of its stan­dard machine plat­forms, and the expan­sion of its busi­ness with indus­trial custo­mers in Europe and around the world. 

plas­mo­tion is head­quar­te­red in the Chem­nitz region, one of Germany’s tradi­tio­nal centers for advan­ced manu­fac­tu­ring and mecha­ni­cal engi­nee­ring. The company is a spin-off of the TU Berg­aka­de­mie Frei­berg and deve­lops a new gene­ra­tion of auto­ma­ted tech­no­lo­gies for the surface treat­ment of metal components. 

Its tech­no­logy combi­nes elec­tro­che­mis­try and plasma physics to polish, deburr, clean, and modify metal surfaces—without conven­tio­nal mecha­ni­cal poli­shing or aggres­sive chemi­cal proces­ses. A key diffe­ren­tia­tor is the JETPEP tech­no­logy deve­lo­ped by plas­mo­tion, which makes it possi­ble to apply plasma-elec­tro­ly­tic poli­shing selec­tively to speci­fic areas of a compo­nent. Using a control­led elec­tro­lyte jet, this process allows for the treat­ment of complex geome­tries and indi­vi­dual surfaces without having to immerse and polish the entire compo­nent. This opens up appli­ca­tion possi­bi­li­ties for large and complex compon­ents, as well as for manu­fac­tu­ring envi­ron­ments where diffe­rent parts have diffe­rent surface requirements. 

plas­mo­tion combi­nes proprie­tary elec­tro­lyte formu­la­ti­ons, process exper­tise, in-house mecha­ni­cal engi­nee­ring, and auto­ma­tion into an inte­gra­ted solu­tion. The water- and salt-based elec­tro­lytes are desi­gned for a wide range of metals and alloys, inclu­ding stain­less steels, tita­nium, alumi­num, copper, and specialty alloys. 

The tech­no­logy enables surface rough­ness levels of up to appro­xi­m­ately Ra 0.02 µm while simul­ta­neously combi­ning poli­shing, debur­ring, and clea­ning. Exis­ting and vali­da­ted appli­ca­ti­ons range from medi­cal tech­no­logy and precis­ion engi­nee­ring to jewelry and tool­ma­king, as well as semi­con­duc­tor equip­ment and other state-of-the-art manu­fac­tu­ring industries. 

Indus­tria­liza­tion of a New Approach to Surface Finishing

Many high-quality metal compon­ents still require labor-inten­sive mecha­ni­cal poli­shing or conven­tio­nal elec­tro­che­mi­cal proces­ses that involve multi­ple produc­tion steps. Plasmotion’s goal is to replace these complex process chains with highly auto­ma­ted and repro­du­ci­ble finis­hing proces­ses that can be directly inte­gra­ted into indus­trial manu­fac­tu­ring. The unique combi­na­tion of plasma physics, elec­tro­che­mis­try, and fluid dyna­mics makes this possi­ble through unmat­ched geome­tric accuracy. 

The company’s port­fo­lio includes the dive.pro systems for dive-based plasma poli­shing, as well as the jet.pro systems for spot proces­sing, which are based on plasmotion’s JETPEP plat­form. Both systems operate enti­rely without the use of hazar­dous subs­tances and can ther­e­fore be easily inte­gra­ted into a CNC manu­fac­tu­ring environment—without the need for special floo­ring or protec­tive equipment. 

Vincent Step­pu­tat, co-foun­der and CEO of plas­mo­tion, said: “We never inten­ded to build labo­ra­tory equip­ment. Every plas­mo­tion machine is desi­gned from the very first sketch for high-quality manufacturing—as a stan­dard machine that a custo­mer quali­fies once and then deploys shift after shift on the produc­tion floor. Our dive.pro systems are alre­ady doing exactly that in our custo­mers’ manu­fac­tu­ring faci­li­ties. With Cotton­wood and the EIC Fund by our side, we will now bring JETPEP to the same level of indus­trial matu­rity and expand plas­mo­tion internationally.”

Patrick Claes­sen, a part­ner at Cotton­wood Tech­no­logy Fund, said: “plas­mo­tion is exactly the kind of indus­trial deep-tech company Cotton­wood likes to invest in: complex science trans­la­ted into a tech­no­logy that solves a very speci­fic manu­fac­tu­ring problem. Surface finis­hing may seem like a rela­tively simple step in manu­fac­tu­ring, but for high-precis­ion compon­ents, it can be one of the most labor-inten­sive, costly, and diffi­cult proces­ses to auto­mate. We see signi­fi­cant oppor­tu­ni­ties to scale this tech­no­logy globally.”

The new funding will be used to bring the jet.pro and jet.pro 3D systems into series produc­tion, expand the manu­fac­tu­ring of plasmotion’s stan­dard machi­nes and elec­tro­lytes, and grow sales and appli­ca­tion deve­lo­p­ment in Europe and inter­na­tio­nally. This funding comes at a time when Euro­pean indus­try is incre­asingly focu­sing on advan­ced manu­fac­tu­ring, auto­ma­tion, resource effi­ci­ency, and redu­cing depen­dence on labor-inten­sive produc­tion processes. 

About the Euro­pean Inno­va­tion Coun­cil (EIC) Fund

The Euro­pean Commission’s Euro­pean Inno­va­tion Coun­cil Fund is a deep-tech inves­tor that invests across all tech­no­logy sectors. The EIC Fund aims to bridge a criti­cal funding gap and support compa­nies in deve­lo­ping and commer­cia­li­zing disrup­tive tech­no­lo­gies. With its exten­sive network of inves­tors and stra­te­gic part­ners, it shares risk and enga­ges market players.

Munich – YPOG advi­sed Perso­nio on its acqui­si­tion of Circula, an expense manage­ment plat­form. The tran­sac­tion expands Personio’s offe­rings to include expense manage­ment and brings toge­ther HR, payroll, and expense proces­ses on a single platform. 

Perso­nio is a leading Euro­pean plat­form for human resour­ces manage­ment and payroll proces­sing for small and medium-sized busi­nesses. Foun­ded in Munich in 2015, the company serves more than 16,000 busi­nesses that coll­ec­tively employ 1.6 million people. Perso­nio has more than 1,500 employees at 6 loca­ti­ons across Europe.

Circula was foun­ded in Berlin in 2017 and offers a plat­form for expense manage­ment. It covers travel expen­ses, corpo­rate cards, accounts paya­ble, and employee bene­fits. More than 3,000 compa­nies and 250,000 users use Circula. 

The goal of the tran­sac­tion is to conso­li­date both compa­nies’ offe­rings in the areas of human resour­ces manage­ment, payroll, and expense manage­ment onto a single inte­gra­ted plat­form. This is inten­ded to create the first Euro­pean plat­form to combine these product offe­rings under a single provi­der. Both compa­nies plan to further deepen the inte­gra­tion of their data and busi­ness proces­ses. Finan­cial details were not disclosed. 

“Perso­nio is setting the pace for inno­va­tion in Germany. This tran­sac­tion demons­tra­tes that German tech­no­logy compa­nies are not only acqui­si­tion targets but also acqui­rers and conso­li­da­tors, and that exper­tise and value crea­tion remain in Germany and Europe. We thank the Perso­nio team for their contin­ued trust in yet another project of great stra­te­gic importance,” says Dr. Johan­nes Janning, part­ner at YPOG.

A YPOG team compri­sing members from all offices advi­sed Perso­nio on the nego­tia­tion of the tran­sac­tion docu­men­ta­tion, legal and tax due dili­gence, and the struc­tu­ring of the acqui­si­tion. YPOG had previously advi­sed Perso­nio in May 2026 on the acqui­si­tion of the recrui­ting AI startup aurio and in July 2025 on the restruc­tu­ring of its global employee stock owner­ship program. 

Perso­nia Consul­tant: YPOG

Dr. Johan­nes Janning (Lead, Tran­sac­tions), Part­ner, Cologne
Jörg Schr­ade (Tax), Part­ner, Munich
Dr. Tim Walter (Tran­sac­tions), Senior Asso­ciate, Cologne
Janic Kaba Salce­das (Tran­sac­tions, Corpo­rate), Asso­ciate, Cologne
Nina Ahlert (Tran­sac­tions), Senior Asso­ciate, Cologne
Paul Haren­berg (Tran­sac­tions), Asso­ciate, Cologne
Dr. Jacob Schrei­ber (Tax), Senior Asso­ciate, Munich
Dr. Lutz Schrei­ber (IP/IT/Data Protec­tion), Part­ner, Hamburg
Matthias Kres­ser (Tran­sac­tions), Part­ner, Berlin
Dr. Miriam Peter (Tran­sac­tions, Corpo­rate), Asso­cia­ted Part­ner, Berlin
Dr. Florian Witt­ner (IP/IT/Data Protec­tion), Asso­ciate, Hamburg
Char­lotte Petrasch (IP/IT/Data Protec­tion), Asso­ciate, Berlin
Helena Dierckx (Tran­sac­tions, Corpo­rate), Asso­ciate, Berlin
Dr. Lea Ossmann-Magiera (IP/IT/Data Protec­tion), Asso­ciate, Berlin
Laura Franke (Tran­sac­tions), Senior Project Lawyer, Cologne

The inter­nal team was led by Malgosia Zietara-Miller (Gene­ral Coun­sel) and supported by Dr. Katrin Geiger (Head of Corpo­rate and Risk).

About YPOG

YPOG stands for You + Part­ners of Game­ch­an­gers. The leading law and tax advi­sory firm supports foun­ders, inves­tors, compa­nies, and funds in Germany and inter­na­tio­nally in brin­ging visio­nary ideas to life within the tech ecosys­tem and in dyna­mic future markets.
YPOG advi­ses on the struc­tu­ring of venture capi­tal and private equity funds, finan­cing rounds, and complex tran­sac­tions, as well as on regu­la­tory and tax issues rela­ted to digi­tal assets and finan­cial inno­va­tion. As a stra­te­gic part­ner, YPOG deve­lops prac­ti­cal solu­ti­ons of the highest legal quality. The firm combi­nes legal and tax exper­tise with legal tech, digi­tal work­flows, and AI-based systems to deli­ver effi­ci­ent and scalable advice. 

www.ypog.com

Frank­furt am Main — RMG Mess­tech­nik GmbH has been sold to Dresser Utility Solu­ti­ons GmbH. Dresser Utility Solu­ti­ons GmbH is a subsi­diary of the U.S.-based Dresser Utility Solu­ti­ons LLC. HEUKING provi­ded compre­hen­sive advi­sory services to RMG Mess­tech­nik GmbH in connec­tion with the sale. 

The closing of the tran­sac­tion is subject to the custo­mary regu­la­tory appr­ovals and other closing conditions.

RMG is a global provi­der of gas measu­re­ment tech­no­logy. Its product port­fo­lio includes ultra­so­nic and turbine gas meters, gas chro­ma­to­graphs, volume conver­ters, data loggers, commu­ni­ca­tion devices, and gas meter tech­no­logy. The company is head­quar­te­red in Butz­bach (Hesse). In addi­tion to its loca­ti­ons in Germany, RMG has bran­ches in the United States, India, China, Austria, and Dubai. 

With more than a century of expe­ri­ence in deve­lo­ping inno­va­tive solu­ti­ons, Dresser Utility Solu­ti­ons is an estab­lished market leader in safe and relia­ble infra­struc­ture tech­no­lo­gies that support utili­ties world­wide. Dresser’s port­fo­lio includes gas meter­ing tech­no­logy, digi­tal meters and soft­ware, pres­sure and flow control solu­ti­ons, and products for the repair of gas and water infra­struc­ture. Toge­ther, these solu­ti­ons cover the entire life­cy­cle of utility infrastructure—from meter­ing and control to repair and maintenance. 

Consul­tant, RMG Mess­tech­nik GmbH: HEUKING

Ulrich Weide­mann (Lead Coun­sel, Corpo­rate Law / M&A, Frank­furt), Frank Holl­stein (Corpo­rate Law / M&A, Frank­furt), Dr. Frede­rik Wiemer (Anti­trust Law, Hamburg), Klaus Weinand-Härer (Tax Law, Frank­furt), Thors­ten A. Wieland (Trade­mark, Design, and Copy­right Law, Frank­furt) , Patrick Schulz, LL.M. (Univer­sity of Cape Town), (Trade­mark, Design & Copy­right Law, Frank­furt), Dr. Philip Kemper­mann, LL.M. (IP, Media & Tech­no­logy, Düssel­dorf), Julian Rosen­feld (IP, Media & Tech­no­logy, Düsseldorf). 

Munich/Zurich — Ener­gy­Tech company Reverion has raised over USD 175 million in its Series B funding round. — The funding round was led by Kembara, a Euro­pean growth fund focu­sed on deep tech and climate tech­no­lo­gies, as the lead inves­tor. In addi­tion to exis­ting inves­tors, new parti­ci­pants include Alli­anz, KfW Capi­tal, Aurum Impact, and Carbon Equity. Exis­ting inves­tors Extan­tia, Energy Impact Part­ners, UVC Part­ners, the Euro­pean Inno­va­tion Coun­cil Fund (EIC Fund), alfa8, and Possi­ble Ventures have parti­ci­pa­ted again. 

Under the leader­ship of Munich-based part­ner Sebas­tian Frech, GÖRG provi­ded legal coun­sel to the Ener­gy­Tech company Reverion in connec­tion with its Series B finan­cing round tota­ling USD 175 million.

Reverion builds highly effi­ci­ent fuel cell power plants that gene­rate elec­tri­city from gas, enable flexi­ble energy storage through rever­si­bi­lity, and can operate with nega­tive CO₂ emis­si­ons. With the capi­tal raised, Reverion plans to further scale up indus­trial mass produc­tion and estab­lish a new produc­tion faci­lity in Germany with an annual manu­fac­tu­ring capa­city of 250 mega­watts and up to 800 jobs. 

With the successful Series B funding round, Reverion is taking the next step in its evolu­tion from a deep-tech startup to an inter­na­tio­nally scaling tech­no­logy company. The funding is inten­ded, in parti­cu­lar, to enable large-scale indus­trial produc­tion and the expan­sion into new markets. Demand for the tech­no­logy is growing, parti­cu­larly from energy-inten­sive indus­tries and data centers. 

Reverion, a spin-off of the Tech­ni­cal Univer­sity of Munich (TUM), has lever­a­ged deca­des of rese­arch and deve­lo­p­ment in the field of solid-oxide elec­tro­che­mi­cal cell tech­no­logy to deve­lop a highly effi­ci­ent and rever­si­ble gas-to-elec­tri­city system that is modu­lar, controll­able, and captures its own CO₂. The company’s products can be opera­ted with various types of gas (natu­ral gas, biogas, synthe­sis gas, hydro­gen) to gene­rate elec­tri­city with unpre­ce­den­ted effi­ci­ency and, in the reverse process, produce e‑methane—a feature that is unique worldwide. 

“For DeepT­ech compa­nies, the scaling phase is when it beco­mes clear whether tech­no­lo­gi­cal excel­lence will trans­late into an indus­tri­ally successful busi­ness model. Reverion’s Series B finan­cing is an important next step in this regard,” said Sebas­tian Frech, a part­ner at Görg.

The GÖRG team advi­ses the spin-off from the Tech­ni­cal Univer­sity of Munich not only on finan­cing matters but also on various contrac­tual and opera­tio­nal issues—particularly with regard to supplier and custo­mer contracts.

Reverion GmbH Consul­tants: GÖRG Part­ner­ship of Attor­neys mbB

Sebas­tian Frech (Lead, Part­ner, Venture Capi­tal / M&A, Munich)
Max Zeis­ler (Senior Asso­ciate, Venture Capi­tal / M&A, Munich)
Judith Burg­graf, LL.M. (Asso­ciate, Venture Capi­tal / M&A, Munich)
Moritz von Limburg, LL.M. (UCT) (Asso­ciate Part­ner, Venture Capi­tal / M&A, Munich)
Dr. Adal­bert Rödding, LL.M. (Part­ner, Tax Law, Cologne)
Dr. Karl-Georg Küsters, LL.M. (Coun­sel, Tax Law, Cologne)
Mete­han Uzun­çak­mak, LL.M. (Asso­ciate Part­ner, Anti­trust Law / Invest­ment Control, Cologne) 

About KEMBARA

Kembara provi­des capi­tal to help scale Euro­pe’s leading deep-tech compa­nies. Kembara part­ners with estab­lished science and engi­nee­ring compa­nies on the verge of a breakth­rough, leads growth rounds, and supports the deve­lo­p­ment of global market leaders. — www.KEMBARA.vc

About GOERG

GÖRG is one of Germany’s leading inde­pen­dent busi­ness law firms. — With over 370 profes­sio­nals in the fields of legal, tax, and audi­ting services across its five offices in Berlin, Frank­furt am Main, Hamburg, Colo­gne, and Munich, we advise promi­nent dome­stic and inter­na­tio­nal corpo­ra­ti­ons, medium-sized compa­nies, finan­cial inves­tors, and publicly traded corpo­ra­ti­ons across all sectors of the economy and the public sector. — www.goerg.de

London/Munich – AURELIUS, a global private equity inves­tor known for its opera­tio­nal approach, has reached an agree­ment to acquire Hain Inter­na­tio­nal, the U.K. and Euro­pean busi­ness unit of Hain Celes­tial Group (NASDAQ: HAIN).

Hain Inter­na­tio­nal is a leading Euro­pean plat­form in the healthy and “better-for-you” food and beverage cate­go­ries and has a port­fo­lio of market-leading brands as well as exten­sive private-label capa­bi­li­ties. The company opera­tes in six core cate­go­ries: Baby & Kids (Ella’s Kitchen), spreads & jellies (Hartley’s, Sun-Pat, Robertson’s, Frank Cooper’s, and Rose’s), soups (New Covent Garden Soup Co., York­shire Proven­der, and Cully & Sully), plant-based bever­a­ges (Joya, Natumi, and Lima), meat alter­na­ti­ves (Linda McCart­ney), and desserts. With seven produc­tion faci­li­ties in the United King­dom, Germany, and Austria, Hain Inter­na­tio­nal supplies leading food retail­ers, discoun­ters, food­ser­vice opera­tors, and B2B custo­mers in the United King­dom, Ireland, and conti­nen­tal Europe. The company employs appro­xi­m­ately 1,500 people and gene­ra­tes annual reve­nue of about €600 million. 

The acqui­si­tion of Hain Inter­na­tio­nal will create an inde­pen­dent Euro­pean food and beverage busi­ness with leading brands and produc­tion capa­bi­li­ties across various cate­go­ries. With the support of AURELIUS Water­Rise, the company’s opera­tio­nal advi­sory team, Hain Inter­na­tio­nal will expand its leading market posi­ti­ons, drive product inno­va­tion, broa­den its private-label part­ner­ships, and opti­mize opera­tio­nal effi­ci­ency across its entire produc­tion base and supply chain. 

“Follo­wing the acqui­si­ti­ons of Xylem Inc. and Grain­ger Inc. last year, Hain Inter­na­tio­nal is our most recent Euro­pean carve-out from a U.S.-listed conglo­me­rate. “I am proud of our teams, who have made our mid-market plat­form the prefer­red part­ner for trans­at­lan­tic carve-outs,” says Tris­tan Nagler, part­ner at AURELIUS and head of the London office. “We are very plea­sed to become the owners of Hain International’s well-known brands and look forward to working with the team.” 

Frank­furt am Main/Munich — The space company “The Explo­ra­tion Company” secu­res $450 million for a reusable space capsule — backed by Besse­mer, Atomico, EQT, and Balder­ton. WEIL advi­sed Balder­ton Capi­tal (Balder­ton), one of Europe’s leading venture capi­tal inves­tors, on the Series C funding round for The Explo­ra­tion Company GmbH (TEC). The finan­cing is subject to the usual regu­la­tory approvals.

Hélène Huby foun­ded TEC in Munich in July 2021 toge­ther with a group of engi­neers who had alre­ady gained expe­ri­ence working on Euro­pean projects such as the Orion Service Module and the ISS resup­ply vehicle ATV at Airbus and Aria­ne­Group. Since then, the company has grown to more than 550 employees in Germany, France, Italy, the United States, and the United Arab Emirates. 

The Explo­ra­tion Company (TEC) is now a German-French space company that deve­lops a compre­hen­sive range of space trans­por­ta­tion solu­ti­ons, inclu­ding reusable space capsu­les and high-perfor­mance rocket engi­nes. The new funding is inten­ded, in parti­cu­lar, to further advance the deve­lo­p­ment of the reusable Nyx space capsule, which is desi­gned to dock with the Inter­na­tio­nal Space Station (ISS) and return safely to Earth. In addi­tion, the deve­lo­p­ment of the reusable, high-perfor­mance Storm rocket engine is to be accelerated. 

At $450 million, this funding round was the largest Series C finan­cing for a Euro­pean space company. The funding round was co-led by Besse­mer Venture Part­ners, Atomico, and the Scaleup Europe Fund, mana­ged by EQT, and supported by exis­ting share­hol­ders such as Balder­ton, Plural, Cherry Ventures, and Red River West. Balder­ton had alre­ady parti­ci­pa­ted as the lead inves­tor in the previous funding round in 2024 and thus remains one of the company’s key investors. 

With this advi­sory enga­ge­ment, WEIL conti­nues to expand its exper­tise in the field of venture capi­tal and reaf­firms its posi­tion in the rapidly growing aero­space sector.

Balder­ton Consul­tant: WEIL

The tran­sac­tion team was led by Private Equity Part­ner Manuel-Peter Fringer (Munich) and included Part­ner Niklas Brüg­ge­mann (Regu­la­tory, Munich) as well as asso­cia­tes Manuel Schmutz­ler, Hannah Bisch­off (both Private Equity, Munich), and Lucas Valio Otto­witz (Regu­la­tory Affairs, Munich). — www.weil.com
About WEIL

Weil, Gotshal & Manges is an inter­na­tio­nal law firm with more than 1,200 attor­neys. WEIL has offices in New York, Austin, Boston, Brussels, Dallas, Frank­furt, Hong Kong, Hous­ton, Los Ange­les, London, Miami, Munich, Paris, San Fran­cisco, Washing­ton, D.C., and Sili­con Valley. In Germany, the U.S.-based firm is repre­sen­ted by two offices in Frank­furt and Munich. Here, the firm focu­ses on provi­ding specia­li­zed coun­sel to natio­nal and inter­na­tio­nal clients in cross-border private equity and M&A tran­sac­tions, high-profile liti­ga­tion matters, complex restruc­tu­rings and finan­cings, as well as tax planning.

Frank­furt am Main – Milbank LLP advi­sed LEA Venture­part­ner GmbH & Co. geschlos­sene Invest­ment­kom­man­dit­ge­sell­schaft (“LEA”) on the merger of Aleph Alpha GmbH (“Aleph Alpha”) and Cohere Inc. (“Cohere”). The new company will operate under the name Cohere, with head­quar­ters in Toronto and Berlin, ther­eby crea­ting the first trans­at­lan­tic sove­reign AI solution. 

V14 is advi­sing Burda Prin­ci­pal Invest­ments on the merger of Aleph Alpha and Coher. V14 has previously advi­sed Burda Prin­ci­pal Invest­ments on Aleph Alpha’s Series B finan­cing round and on subse­quent addi­tio­nal equity invest­ments in Aleph Alpha. 

The merger brings toge­ther two leading provi­ders of enter­prise AI and lays the foun­da­tion for meeting the growing demand for secure, compli­ant, and sove­reign AI solu­ti­ons. Aleph Alpha has estab­lished a strong market posi­tion by provi­ding trust­wor­thy AI solu­ti­ons for busi­nesses and public-sector orga­niza­ti­ons. Cohere comple­ments these capa­bi­li­ties with its enter­prise-focu­sed AI plat­form and the Command model family, which enables orga­niza­ti­ons to deploy advan­ced AI within their own infra­struc­ture while main­tai­ning control over their data. 

As an entre­pre­neu­rial equity part­ner, LEA supports foun­ders and manage­ment teams at various stages of deve­lo­p­ment in their growth and in achie­ving a leading market posi­tion. Since 2002, LEA has successfully supported more than 140 tech­no­logy compa­nies. — The parties have agreed not to disc­lose the finan­cial terms of the tran­sac­tion. The closing of the tran­sac­tion is still subject to the neces­sary regu­la­tory approvals. 

LEA Consul­tant: MILBANK 

Led by Dr. Michael Bern­hardt (Corporate/M&A, Frankfurt);
Asso­cia­tes Stef­fen Post and Maxi­mi­lian Huber (both Corporate/M&A, Frankfurt).

About Milbank

Milbank LLP is a leading inter­na­tio­nal law firm foun­ded in New York City in 1866. Today, Milbank has 1,100 attor­neys and 11 offices in Europe, the U.S., Latin America, and Asia, repre­sen­ting the world’s most important finan­cial and busi­ness centers. Milbank’s global advi­sory services focus on finance, tran­sac­tions, and liti­ga­tion. The first Euro­pean office was opened in London in 1979, follo­wed by Frank­furt am Main in 2001 and Munich in 2004. Through close colla­bo­ra­tion between the German offices and attor­neys at other Milbank offices—particularly in London and New York—who specia­lize in finance, corpo­rate, anti­trust, and tax law, Milbank Germany offers its clients inte­gra­ted legal coun­sel in these core areas in accordance with German, English, and U.S. law at the highest level. — www.milbank.com

Düssel­dorf – Main Capi­tal Part­ners (“Main”) announ­ces its part­ner­ship with qbees GmbH (“qbees”), a specia­li­zed German provi­der of busi­ness-criti­cal mana­ged services and soft­ware solu­ti­ons for the finan­cial services indus­try. Through qbees, Main is inves­t­ing in a highly attrac­tive and dyna­mi­cally growing market charac­te­ri­zed by strong struc­tu­ral growth drivers, sustainable recur­ring reve­nue models, and incre­asing demand for the opera­tion and outsour­cing of regu­la­ted and busi­ness-criti­cal IT infrastructure. 

qbees was foun­ded in 2020 and is head­quar­te­red in Ohlstadt, Germany. The company is a specia­li­zed provi­der of mana­ged services and soft­ware solu­ti­ons for the finan­cial services indus­try. It supports banks, stock exch­an­ges, and fintech compa­nies in opera­ting busi­ness-criti­cal IT systems and, through its combi­na­tion of mana­ged appli­ca­tion services, infra­struc­ture services, soft­ware deve­lo­p­ment, and tech­no­logy consul­ting, occu­p­ies a unique posi­tion at the inter­sec­tion of finan­cial services and finan­cial IT. Thanks to its compre­hen­sive exper­tise in regu­la­ted finan­cial market envi­ron­ments, the company ensu­res the secure, regu­la­tory-compli­ant, and highly resi­li­ent opera­tion of busi­ness-criti­cal IT infrastructures. 

qbees’ exten­sive exper­tise in the finan­cial services sector, its long-stan­ding custo­mer rela­ti­onships, and its estab­lished market posi­tion in highly regu­la­ted finan­cial market envi­ron­ments create a strong foun­da­tion for the next phase of growth. As a trus­ted tech­no­logy part­ner, qbees supports banks, stock exch­an­ges, and fintech compa­nies in opera­ting busi­ness-criti­cal IT infra­struc­tures and appli­ca­ti­ons. Main will support qbees and its expe­ri­en­ced manage­ment team during the next phase of growth, contri­bu­ting its exten­sive exper­tise in scaling soft­ware and IT services companies. 

Toge­ther with Main, the company plans to further drive its growth through addi­tio­nal invest­ments in product inno­va­tion, expan­sion into new markets, and a targe­ted inter­na­tio­nal buy-and-build strategy.

Sven van Berge Henegou­wen, Mana­ging Part­ner and Head of DACH at Main, said: “We have closely follo­wed qbees’ deve­lo­p­ment and are impres­sed by the company’s unique posi­tio­ning, its highly specia­li­zed service port­fo­lio, and its proven track record in deli­ve­ring busi­ness-criti­cal solu­ti­ons to clients in regu­la­ted envi­ron­ments. We are convin­ced that qbees is excep­tio­nally well-posi­tio­ned to capi­ta­lize on the growing demand for secure IT opera­ti­ons services in the finan­cial sector. We view the company as an excel­lent addi­tion to our port­fo­lio and look forward to working with the manage­ment team to support the next phase of growth.”

Michael Spind­ler, CEO of qbees, added: “At qbees, we combine an engineer’s mind­set with a deep under­stan­ding of the finan­cial indus­try. Our clients trust us to take respon­si­bi­lity for the IT systems on which their busi­nesses depend. This requi­res tech­ni­cal exper­tise, prac­ti­cal solu­ti­ons, and close colla­bo­ra­tion. With Main Capi­tal Part­ners, we aim to build on this foun­da­tion, invest in our team, and further deve­lop our services. Main brings the expe­ri­ence and network to support us on this jour­ney. Our goal is to grow while remai­ning true to what makes qbees qbees: tech­ni­cal curio­sity, a prac­ti­cal approach, and part­ner­ships built on trust.”

About qbees GmbH

qbees, head­quar­te­red in Ohlstadt, Germany, is a specia­li­zed provi­der of IT and mana­ged services focu­sed on the finan­cial sector. The company serves banks, stock exch­an­ges, fintechs, and other regu­la­ted orga­niza­ti­ons, combi­ning compre­hen­sive finan­cial indus­try exper­tise with a holi­stic mana­ged services offe­ring to support secure, compli­ant, and highly resi­li­ent IT infra­struc­tures. qbees plays a crucial role in ensu­ring the relia­ble opera­tion of business-critical
systems. — https://qbees.io/

About Main Capi­tal Partners

Main Capi­tal Part­ners is a soft­ware inves­tor that mana­ges private equity funds in the Bene­lux count­ries, the DACH region, the Nordics, France, the United King­dom, and North America, with appro­xi­m­ately 12.0 billion EUR in assets under manage­ment. Main has more than 20 years of expe­ri­ence in streng­thening soft­ware compa­nies and works closely with the manage­ment teams of its port­fo­lio compa­nies as a stra­te­gic part­ner to drive profi­ta­ble growth and build leading soft­ware groups. Main employs appro­xi­m­ately 105 people in offices in The Hague, Düssel­dorf, Stock­holm, Antwerp, Paris, London, and a branch office in Boston. Main’s active port­fo­lio compri­ses more than 55 soft­ware compa­nies with a combi­ned work­force of over 15,000 employees. — www.main.nl

Vienna (Austria)/Hamburg — Wiener Börse AG is acqui­ring an 80% stake in North Data GmbH. North Data aggre­ga­tes publicly available corpo­rate infor­ma­tion from nume­rous regis­tries and sources and pres­ents it in a digi­tal, struc­tu­red, and user-friendly format. RSM Ebner Stolz advi­sed Wiener Börse AG on the tran­sac­tion by conduc­ting finan­cial and tax due diligence. 

As the region’s leading infra­struc­ture provi­der, Wiener Börse AG opens the door to global markets. It brings toge­ther the Vienna and Prague stock exch­an­ges. Listed compa­nies bene­fit from maxi­mum liqui­dity, while inves­tors enjoy fast and cost-effec­tive trading thanks to its posi­tion as market leader. The Vienna Stock Exch­ange coll­ects and distri­bu­tes price data and calcu­la­tes the key indi­ces for a dozen markets in the region. Thanks to its unique exper­tise, the natio­nal stock exch­an­ges in Buda­pest, Ljubljana, and Zagreb also rely on the Vienna Stock Exchange’s IT services. In addi­tion, it holds stakes in other energy exch­an­ges and clea­ring houses in the region, and now also in the company search engine North Data GmbH. 

North Data, head­quar­te­red in Hamburg, opera­tes a digi­tal plat­form for corpo­rate infor­ma­tion. The company aggre­ga­tes publicly available data from nume­rous natio­nal and inter­na­tio­nal sources, struc­tures it, and makes connec­tions between compa­nies and indi­vi­du­als trans­pa­rent. Its offe­rings are aimed, among others, at users in the fields of compli­ance, risk manage­ment, sales, and data-driven services. The busi­ness model includes freely acces­si­ble content, subscrip­tion-based premium offe­rings, and data services provi­ded through inter­faces and data exports, among other means. North Data provi­des infor­ma­tion on compa­nies from 26 Euro­pean count­ries and combi­nes broad digi­tal reach with a scalable, data-driven busi­ness model. 

Wiener Börse AG is acqui­ring an 80% stake in North Data. With this tran­sac­tion, Wiener Börse aims to expand its exis­ting range of infor­ma­tion and data services and create addi­tio­nal trans­pa­rency in unlis­ted markets. Foun­der and CEO Frank Felix Deba­tin will retain a stake in the company and will conti­nue to support its future development. 

Advi­sors to Wiener Börse AG: RSM Ebner Stolz

Bektan Güler (Project Mana­ger, Tran­sac­tion Advi­sory Services), Tobias Papen­thin, Gustav Anton Stint­zing (all Finan­cial Due Dili­gence), Tobias Bake­berg (Part­ner, M&A Tax), Daniel Hach­mann (both Tax Due Diligence)

About RSM Ebner Stolz

RSM Ebner Stolz is one of the largest inde­pen­dent mid-sized audi­ting and consul­ting firms in Germany. The company ranks among the top ten in the indus­try and poss­es­ses broad exper­tise in audi­ting, tax, legal, and manage­ment consul­ting. With this multi­di­sci­pli­nary consul­ting approach and over 2,900 employees across 15 loca­ti­ons, RSM Ebner Stolz—as one of the market leaders serving small and medium-sized businesses—advises natio­nal and inter­na­tio­nal indus­trial, commer­cial, and service compa­nies across all industries. 

As a member of RSM Inter­na­tio­nal, RSM Ebner Stolz offers its clients high-quality audit and consul­ting services in 120 count­ries world­wide through more than 500 offices.

Heil­bronn – HyIm­pulse Tech­no­lo­gies GmbH (“HyIm­pulse”), a leading Euro­pean launch services company that deve­lops and provi­des subor­bi­tal and orbi­tal launch capa­bi­li­ties based on proprie­tary propul­sion tech­no­logy, announ­ced a Series A exten­sion of its Series A finan­cing tota­ling more than 50 million euros in equity. This mile­stone reflects the strong confi­dence of new and exis­ting inter­na­tio­nal inves­tors in the company’s tech­no­logy, commer­cial progress, and long-term vision of streng­thening Europe’s sove­reign access to space. 

The round was co-led by JOIN Capi­tal and Ace Capi­tal Part­ners, with parti­ci­pa­tion from new inves­tors, inclu­ding North Ventures, BW-Capi­tal, and Bayern Kapi­tal, as well as the German Aero­space Center (DLR), supple­men­ted by contin­ued support from exis­ting share­hol­ders, inclu­ding Campus Foun­ders Ventures. This brings the company’s total equity and public funding to more than 125 million euros. 

The funding will acce­le­rate the deve­lo­p­ment and commer­cia­liza­tion of HyImpulse’s port­fo­lio of launch services, inclu­ding the second SR75 launch from the Saxa­Vord Space­port by the end of 2026 and the maiden flight of the SL1 launch vehicle, as well as expan­ding produc­tion capa­city and scaling up commer­cial opera­ti­ons across Europe and beyond. It will also streng­then the company’s posi­tion in key growth markets, inclu­ding custo­mi­zed and respon­sive satel­lite launch services, space mobi­lity, and subor­bi­tal rese­arch and defense applications. 

Dr. Chris­tian Schmie­rer, co-foun­der and CEO of HyIm­pulse: “This finan­cing reflects our inves­tors’ confi­dence in our team, our tech­no­logy, and our busi­ness vision. Europe needs inde­pen­dent, flexi­ble, and econo­mic­ally sustainable launch capa­bi­li­ties. Our proprie­tary hybrid propul­sion tech­no­logy, along with our subor­bi­tal and orbi­tal services, enable us to meet the growing demand in the commer­cial, insti­tu­tio­nal, and defense markets.”

“Europe needs not only more rockets, but also a launch cost struc­ture that actually works,” said Jan Borg­städt, foun­ding part­ner of JOIN Capi­tal. “HyIm­pulse has deve­lo­ped a funda­men­tally leaner rocket archi­tec­ture: about half the number of compon­ents, a cost reduc­tion to half per kilo­gram, and signi­fi­cantly lower capi­tal requi­re­ments to reach orbit. The company has alre­ady proven the tech­no­logy in flight. That’s why we parti­ci­pa­ted in this funding round.” 

Shimon Tsent­si­per of ACE Capi­tal Part­ners explai­ned: “We were very impres­sed by how Dr. Chris­tian Schmierer’s team achie­ved key mile­sto­nes with limi­ted resour­ces. Today’s space launch market is suffe­ring from signi­fi­cant excess demand, parti­cu­larly for afforda­ble, purpose-built launches—and HyIm­pulse offers a ground­brea­king solu­tion to this bott­len­eck. We are proud to join the inves­tor group and support the company as it beco­mes the market leader in this segment.”

Estab­li­shing Europe’s Inde­pen­dent Access to Space and Subor­bi­tal Hyper­so­nic Capa­bi­li­ties Access to space is beco­ming incre­asingly important for Europe’s econo­mic compe­ti­ti­ve­ness, tech­no­lo­gi­cal sove­reig­nty, and secu­rity. HyImpulse’s proprie­tary hybrid propul­sion tech­no­logy combi­nes non-explo­sive paraf­fin fuel with liquid oxygen, offe­ring a safe, cost-effec­tive, and scalable alter­na­tive to conven­tio­nal kero­sene-based systems. The lower system comple­xity and redu­ced number of compon­ents enable safer, more respon­sive launch opera­ti­ons and compe­ti­tive launch econo­mics, support­ing afforda­ble and sove­reign access to space. HyIm­pulse alre­ady opera­tes a commer­cial subor­bi­tal plat­form, the SR75 subor­bi­tal launch vehicle. 

Follo­wing its first flight campaign at the Koonibba Test Range in South Austra­lia in 2024, the company is prepa­ring for its next SR75 launch from the Saxa­Vord Space­port in Scot­land. HyImpulse’s SR75 and the broa­der goals of the subor­bi­tal road­map aim for launch capa­bi­li­ties of up to Mach 15 and ranges of up to 10,000 kilo­me­ters, ther­eby addres­sing growing demand from governments. 

Commer­cial Momen­tum in a Growing Market

The global market for commer­cial launch services is projec­ted to reach a volume of $32 billion by 2035, with further growth oppor­tu­ni­ties in subor­bi­tal launch services and flexi­ble launch solu­ti­ons. HyIm­pulse is bene­fiting from the growing demand for inde­pen­dent launch capa­bi­li­ties and has an order back­log of more than 350 million euros for its subor­bi­tal and orbi­tal programs. The funding will further acce­le­rate the company’s commer­cial expan­sion and tech­no­lo­gi­cal deve­lo­p­ment. — HyIm­pulse is ente­ring its next phase of growth with an order back­log of more than 350 million euros and a growing inter­na­tio­nal custo­mer base. 

About HyIm­pulse Tech­no­lo­gies GmbH

HyIm­pulse Tech­no­lo­gies GmbH is a leading German manu­fac­tu­rer and systems provi­der of commer­cial rockets for subor­bi­tal and orbi­tal launch services. Its small-satel­lite launch vehic­les, featuring a unique hybrid rocket propul­sion system based on oxygen and paraf­fin, set new stan­dards in the commer­cial space sector. With over 100 employees at its loca­ti­ons in Neuen­stadt, Otto­brunn, and Glas­gow, HyIm­pulse deve­lops rockets to deli­ver commer­cial payloads effi­ci­ently, sustain­ably, and relia­bly into low Earth orbit and beyond. — www.hyimpulse.de

Frank­furt and Los Ange­les — Gibson Dunn advi­sed WndrCo on its co-invest­ment in HYROX along­side L Catter­ton in connec­tion with Infront’s acqui­si­tion of a majo­rity stake in HYROX in part­ner­ship with HYROX’s founders.

HYROX World GmbH, head­quar­te­red in Hamburg, opera­tes a global ecosys­tem of compe­ti­ti­ons, trai­ning, and coaching cente­red around HYROX’s signa­ture fitness race format—eight one-kilo­me­ter runs alter­na­ting with eight func­tional trai­ning stati­ons. HYROX was foun­ded in 2017 by Chris­tian Toetzke, a long­time indus­try expert in the inter­na­tio­nal cycling and triath­lon scene, and Moritz Fürste, a three-time Olym­pic meda­list and world cham­pion in field hockey, and has evol­ved into a global pheno­me­non with athle­tes parti­ci­pa­ting in more than 30 countries. 

WndrCo, foun­ded in 2016 by Sujay Jaswa and Jeffrey Katzen­berg, is a U.S.-based holding company and multi-stage tech­no­logy invest­ment firm whose goal is to rethink the way people live and work. WndrCo invests in the areas of the Future of Work, consu­mer tech­no­logy, cyber­se­cu­rity, and deve­lo­per infrastructure. 

Gibson Dunn’s private equity team, led jointly by part­ners Dr. Dirk Ober­bracht (Frank­furt), Sarah Graham (Los Ange­les), and Ari Lanin (Century City), included asso­cia­tes Andreas Rief, Fabiana Ober­meier, Simon Stöhl­ker, and Tilmann Warweg (all in Frank­furt), as well as Blaine Roth (Los Ange­les) and Matt Stau­gaard (Orange County). Part­ner Attila Borsos and Asso­ciate Marcus Seete (both in Brussels) advi­sed on anti­trust matters. Part­ner Sebas­tian Schoon (Frank­furt) advi­sed on finan­cing, and Part­ner Dora Arash (Los Ange­les) advi­sed on tax matters. 

About Gibson Dunn

Gibson Dunn is one of the leading inter­na­tio­nal law firms and is ranked among the world’s top firms in indus­try surveys and by leading publi­ca­ti­ons. With more than 2,200 attor­neys in 23 offices, the firm has a global presence in all major econo­mic regi­ons. Gibson Dunn’s offices are loca­ted in Abu Dhabi, Brussels, Century City, Dallas, Denver, Dubai, Frank­furt, Hong Kong, Hous­ton, London, Los Ange­les, Madrid, Munich, New York, Orange County, Palo Alto, Paris, Beijing, Riyadh, San Fran­cisco, Singa­pore, Washing­ton, D.C., and Zurich. —

Munich, London, Boston – PSG Equity (“PSG”), a leading growth equity firm, has announ­ced the closing of its third Euro­pean fund, PSG Europe III (“PSGE III” or “the Fund”), with total commit­ted capi­tal of over 4.4 billion euros. PSG specia­li­zes in part­ne­ring with soft­ware and tech­no­logy-based service compa­nies to drive trans­for­ma­tive growth. The fund has thus reached its hard cap and recei­ved strong support from its exis­ting and new investors.
PSGE III surpas­ses its prede­ces­sor fund, which closed defi­ni­tively in Octo­ber 2023 at €2.6 billion. Subscri­bers to the Europe-focu­sed fund included, among others, govern­ment pension funds, sove­reign wealth funds, insu­rance compa­nies, family offices, and high-net-worth individuals. 

With PSGE III, PSG is conti­nuing its stra­tegy of selec­tively forming part­ner­ships with ambi­tious Euro­pean soft­ware and tech­no­logy compa­nies and support­ing them as they grow into pan-Euro­pean indus­try leaders with a global reach. The fund targets compa­nies that use AI to rede­fine enter­prise soft­ware, as well as the next gene­ra­tion of AI-native compa­nies. PSG’s most recent invest­ments in Europe include Mistral AI, Bright­Ana­ly­tics, Aikido Secu­rity, Quali­ty­Hos­ting, Emotion Mobi­lity, Nami­rial, and Glass­wall, among others. 

Accor­ding to PSG, Europe is on the cusp of a new phase of soft­ware innovation—driven by the incre­asing adop­tion of AI, growing demand for trus­ted Euro­pean tech­no­logy provi­ders, and a focus on digi­tal sove­reig­nty. PSG is convin­ced that these struc­tu­ral trends present signi­fi­cant oppor­tu­ni­ties for soft­ware provi­ders that combine deep indus­try exper­tise with Europe-focu­sed infra­struc­ture and proprie­tary data capa­bi­li­ties, while also bene­fiting from the substan­tial momen­tum of AI. 

PSG has been active in the Euro­pean market with its own team since 2019; that team now consists of 83 employees. The team includes inves­tors and func­tional soft­ware and tech­no­logy experts who work closely with the manage­ment teams of the port­fo­lio compa­nies. The team is head­quar­te­red in London and has an addi­tio­nal office in Paris. 

To date, PSG has made 43 plat­form invest­ments in Europe, comple­ted 12 (partial) exits, and closed 98 add-on acqui­si­ti­ons, with loca­ti­ons in 24 Euro­pean cities. These include the most recent exits from Sellsy, Signa­tu­rit, N2F, Artur’in, Hornet­secu­rity, and Mapal. 

Peter Wilde, Chair­man of PSG, commen­ted: “We are very plea­sed with the broad support that PSGE III has recei­ved from both exis­ting and new inves­tors world­wide. This result unders­cores the strength of PSG’s global plat­form and confirms our consis­tent and sustainable approach to value crea­tion. In doing so, we support high-growth soft­ware compa­nies with the capi­tal and opera­tio­nal resour­ces neces­sary to build endu­ring indus­try leaders.”

Mark Hastings, Chief Execu­tive Offi­cer at PSG, says: “This is an exci­ting time to be working with leading soft­ware scale-ups in Europe. We see that AI is signi­fi­cantly expan­ding oppor­tu­ni­ties in the enter­prise soft­ware sector, foste­ring the next gene­ra­tion of indus­try leaders, and at the same time acce­le­ra­ting the pace of inno­va­tion among estab­lished soft­ware plat­forms. We are very much looking forward to conti­nuing to support AI-native compa­nies that have a clear tech­no­lo­gi­cal and compe­ti­tive advan­tage. At the same time, we want to help provi­ders of busi­ness-criti­cal core systems and infra­struc­ture use AI to improve exis­ting products, acce­le­rate inno­va­tion, and drive their growth.”

Dany Rammal, Mana­ging Direc­tor and Head of Europe at PSG, adds: “The closing of PSGE III marks an important mile­stone for PSG Equity and reflects our confi­dence in the momen­tum of the Euro­pean soft­ware and tech­no­logy market. We are seeing outstan­ding soft­ware and AI compa­nies emerge at an ever-faster pace in Europe. Our plat­form enables us to iden­tify what we believe are Europe’s best compa­nies and to form part­ner­ships with their foun­ders and manage­ment teams to shape them into pan-Euro­pean market leaders with global reach. As digi­tal sove­reig­nty beco­mes incre­asingly important to custo­mers, we see a major oppor­tu­nity for Europe to produce a multi­tude of inter­na­tio­nally compe­ti­tive soft­ware champions.”

About PSG

PSG Equity is a growth equity firm that helps soft­ware and tech­no­logy-enab­led service compa­nies successfully navi­gate trans­for­ma­tive growth phases, capi­ta­lize on stra­te­gic oppor­tu­ni­ties, and build high-performing teams. With a total of more than 170 plat­form invest­ments and over 550 add-on acqui­si­ti­ons, PSG Equity brings exten­sive invest­ment expe­ri­ence, deep soft­ware and tech­no­logy exper­tise, and a clear commit­ment to part­ne­ring with manage­ment teams. PSG Equity was foun­ded in 2014 and has offices in Boston, London, and Paris. For more infor­ma­tion about PSG Equity, visit www.psgequity.com.

Munich — Auto Thoma GmbH, head­quar­te­red in Burgau, has sold all of its shares to aribos group GmbH, a port­fo­lio company of AURELIUS Wachs­tums­ka­pi­tal SE & Co. KG. — A team led by Marcel Greu­bel, Senior Coun­sel at HEUKING’s Munich office, provi­ded compre­hen­sive legal coun­sel to the share­hol­ders of Auto Thoma GmbH in connec­tion with the sale of all shares to aribos group GmbH. The advice also covered the re-invest­ment by one of the sellers in the buyer group. 

Auto Thoma GmbH is a family-owned busi­ness in Burgau, Bava­ria, specia­li­zing in colli­sion repair, auto­mo­tive pain­ting, and auto­mo­tive tech­no­logy. The target company will be inte­gra­ted as the sixth acqui­si­tion into aribos group GmbH, head­quar­te­red in Hildesheim—a dyna­mi­cally growing network of repair shops specia­li­zing in colli­sion damage repairs, which curr­ently employs more than 250 people across eight loca­ti­ons in Germany. With the acqui­si­tion of Auto Thoma GmbH, the aribos group is further expan­ding its posi­tion as one of the leading full-service provi­ders of body and paint services in the German-spea­king world. 

As part of the tran­sac­tion, Harry Thoma and TT-Betei­li­gungs GmbH sold their entire stakes in the target company. As part of the tran­sac­tion, TT-Betei­li­gungs GmbH acqui­red a stake in the buyer group through a reverse invest­ment; Timo Thoma will conti­nue to serve as mana­ging direc­tor of the target company and remain actively invol­ved in its opera­ti­ons. The parties have agreed not to disc­lose the purchase price. 

Advi­sors and Part­ners at Auto Thoma GmbH: HEUKING

Marcel Greu­bel (Lead Attor­ney, Corpo­rate Law/M&A, Munich)
Dr. Sebas­tian Poll­meier (Corpo­rate Law/M&A, Munich)
Mari­lena Schöck (Corpo­rate Law/M&A, Munich)
Peter M. Schäff­ler (Tax Law, Munich)
Stepha­nie Heider-Wurm (Employ­ment Law, Munich)
Chris­toph Nöhles, LL.M. (Boston Univer­sity), (Real Estate Law, Düsseldorf)
Nico­las Pielow (Real Estate Law, Düsseldorf) 

About HEUKING

HEUKING has appro­xi­m­ately 450 specia­li­zed attor­neys, tax advi­sors, and nota­ries across a total of eight offices and provi­des advice in over 30 areas of law as a full-service law firm. Accor­ding to the Juve Reve­nue Ranking 10/2025, the firm ranks 17th among the highest-reve­nue law firms in Germany. Its natio­nal and inter­na­tio­nal clients include medium-sized and large compa­nies in the indus­trial, commer­cial, and service sectors, as well as asso­cia­ti­ons, public enti­ties, and discer­ning private clients. — www.heuking.de

Munich — BayBG is provi­ding Wiedemann GmbH of Deggen­dorf with equity capi­tal to support its contin­ued growth. Foun­ded in 1861, the premium candle manu­fac­tu­rer is now in its sixth gene­ra­tion of leader­ship and is one of the few family-run premium candle manu­fac­tu­r­ers still produ­cing in Germany. 

In recent years, Wiedemann has moved into a new produc­tion faci­lity in Deggen­dorf and exten­si­vely moder­ni­zed its manu­fac­tu­ring opera­ti­ons. Today, the company opera­tes a highly effi­ci­ent candle factory with a sustainable and cost-opti­mi­zed energy supply. In doing so, Wiedemann has laid the ground­work for its future growth and signi­fi­cantly streng­the­ned its compe­ti­tive position. 

Against the back­drop of growing demand for premium cand­les, the company is now plan­ning its next step toward growth. The equity invest­ment from BayBG provi­des addi­tio­nal finan­cial and opera­tio­nal flexi­bi­lity to support this. 

“By moder­ni­zing our produc­tion faci­li­ties, we have laid an important foun­da­tion for further growth. The addi­tio­nal finan­cing now gives us the flexi­bi­lity to respond to rising demand and drive our contin­ued deve­lo­p­ment,” saysJuliane Wiedemann, CEO of Wiedemann Kerzen.

BayBG is support­ing Wiedemann as a long-term finan­cing part­ner on its path to contin­ued growth.

Wiedemann GmbH, based in Deggen­dorf, has been produ­cing high-quality “Made in Germany” cand­les since 1861. This sixth-gene­ra­tion family-owned busi­ness combi­nes tradi­tio­nal candle-making with modern, effi­ci­ent produc­tion and focu­ses on the premium segment. — www.kerzen.de

About BayBG

For deca­des, BayBG has been synony­mous with relia­ble equity finan­cing for Bava­rian small and medium-sized enter­pri­ses. With a total invest­ment volume of appro­xi­m­ately 364 million euros, we are among the largest equity inves­tors in Bava­ria. — Our focus is on sustainable growth and long-term part­ner­ships. As an ever­green fund, we invest without exit pres­sure, think entre­pre­neu­ri­ally, and act with a clear goal: to ensure the long-term success of our port­fo­lio companies. 

Whether it’s growth finan­cing, succes­sion plan­ning, capi­tal struc­ture opti­miza­tion, or special corpo­rate situations—we offer flexi­ble, custo­mi­zed invest­ment solu­ti­ons tail­o­red precis­ely to the needs and goals of each company. We draw on our deep under­stan­ding of busi­ness chal­lenges, many years of expe­ri­ence, and a strong network span­ning indus­try, banks, inves­tors, and public insti­tu­ti­ons. — https://baybg.com/

Hamburg – The Explo­ra­tion Company (TEC) has secu­red $450 million in the largest Series C funding round to date for a Euro­pean space company. The round was jointly led by Besse­mer Venture Part­ners, Atomico, and the Scaleup Europe Fund, which is mana­ged by EQT. In addi­tion to Cherry Ventures, other exis­ting inves­tors parti­ci­pa­ted, inclu­ding Balder­ton, Plural, and Red River West, as well as other inves­tors from Europe and the U.S. With this funding round, TEC’s total funding rises to appro­xi­m­ately $680 million. — YPOG advi­sed Cherry Ventures on The Explo­ra­tion Company’s (TEC) $450 million Series C funding round. 

The Explo­ra­tion Company deve­lops reusable space trans­por­ta­tion systems for govern­ment and commer­cial custo­mers. At the heart of its efforts is the Nyx space capsule, which is desi­gned to trans­port cargo to space stati­ons and return it safely to Earth. One plan­ned mission invol­ves docking with the Inter­na­tio­nal Space Station (ISS). In addi­tion, TEC is deve­lo­ping a high-perfor­mance rocket engine called Storm, which is inten­ded to serve as the basis for a future reusable Euro­pean heavy-lift rocket. 

Accor­ding to its own figu­res, TEC has secu­red contracts and commit­ments tota­ling more than $2 billion with public and private custo­mers world­wide. Its part­ners include, among others, the Euro­pean Space Agency (ESA) and NASA. 

“The Explo­ra­tion Company combi­nes tech­no­lo­gi­cal deve­lo­p­ment with the estab­lish­ment of a Euro­pean space infra­struc­ture. This funding round demons­tra­tes the confi­dence that exis­ting and new inves­tors have in the company’s future deve­lo­p­ment. YPOG is plea­sed to have supported Cherry Ventures in this funding round,” says Dr. Adrian Haase, a part­ner at YPOG. 

About The Explo­ra­tion Company

The Explo­ra­tion Company (TEC) is a global space company with Euro­pean roots that builds space­craft for huma­nity. The company works across natio­nal borders to promote coope­ra­tion in space and deve­lops the full range of space trans­por­ta­tion solutions—including reusable capsu­les and high-thrust engines—to trans­port cargo and, ulti­m­ately, people into space and safely back to Earth. 

TEC was foun­ded in 2021 by Hélène Huby and a team of expe­ri­en­ced aero­space profes­sio­nals and works with space agen­cies and commer­cial opera­tors. The company is backed by leading venture capi­tal firms and is expan­ding with loca­ti­ons in Europe, the United States, and the United Arab Emira­tes. www.exploration.space

Cherry Ventures Advi­sors: YPOG

Dr. Adrian Haase (Lead, Tran­sac­tions), Part­ner, Hamburg
Dr. Miriam Peer (Tran­sac­tions), Asso­ciate, Hamburg
Dr. Gerrit Breet­holt (Tran­sac­tions), Asso­ciate, Hamburg
Dr. Caro­lin Raspé (Compli­ance), Part­ner, Munich

About Cherry Ventures

Cherry Ventures is Europe’s leading early-stage venture capi­tal firm, led by a team of foun­ders and execu­ti­ves with expe­ri­ence buil­ding fast-growing compa­nies such as Spotify, Zalando, and Uber. The firm supports Europe’s boldest founders—often as their first insti­tu­tio­nal investor—and guides them through every criti­cal phase of their company’s deve­lo­p­ment, from go-to-market stra­tegy to scaling the busi­ness to buil­ding the team. We’re looking for foun­ders with a vision to deve­lop revo­lu­tio­nary technologies—whether in AI, health­care, robo­tics, consu­mer goods, or other fields—that will impact society and change the world for the better. Cherry has inves­ted in over 130 compa­nies across Europe during the pre-seed and seed phases, inclu­ding Flix, Auto1, Flaschen­post, Amboss, Manual, Numa, Moss, The Explo­ra­tion Company, Quali­f­yze, Swap, Dash0, Proxima Fusion, and Tacto. Cherry has offices in Berlin, London, and Stockholm. 

About YPOG

YPOG stands for You + Part­ners of Game­ch­an­gers and forward-looking tax and legal advice. The firm advi­ses compa­nies focu­sed on future tech­no­lo­gies with the aim of using change as an oppor­tu­nity and jointly crea­ting opti­mal solu­ti­ons. The YPOG team offers compre­hen­sive exper­tise in the areas of Funds, Tax, Tran­sac­tions, Corpo­rate, Banking, Regu­la­tory + Finance, IP/IT/Data Protec­tion, Liti­ga­tion as well as Corpo­rate Crime + Compli­ance + Inves­ti­ga­ti­ons. YPOG is one of the leading addres­ses in Germany for venture capi­tal, private equity, fund struc­tu­ring and appli­ca­ti­ons of distri­bu­ted ledger tech­no­logy (DLT) in finan­cial services. YPOG employs more than 180 expe­ri­en­ced lawy­ers, tax advi­sors and tax specia­lists as well as a notary in its offices in Berlin, Hamburg, Colo­gne, Munich, Cambridge and London. — www.ypog.law

Munich — As one of the leading cross-border private equity and M&A confe­ren­ces , pemacom’https://pemacom.com/, will once again offer a unique plat­form for networ­king and know­ledge exch­ange in the field of cross-border mergers, acqui­si­ti­ons, and private equity invest­ments with experts from around the world.

At the pema­com (Private Equity and M&A Commu­nity) event On Septem­ber 22, 2026, leading experts from inter­na­tio­nal private equity funds, German compa­nies, insti­tu­ti­ons, and consul­ting firms will gather to discuss current market chal­lenges and deve­lo­p­ments. The focus will be on topics such as geopo­li­ti­cal deve­lo­p­ments, cross-border tran­sac­tions (parti­cu­larly between the U.S. and Europe), ESG stan­dards, digi­tal busi­ness models as well as sectors such as Defen­se/­Dual-Use and family offices.

Exper­tise: Keynotes and panel discus­sions featuring leading figu­res such as Dr. Erich Vad or Dr. Niko­laus von Jacobs offer in-depth insights into the stra­te­gic direction.

Commu­nity Aspect: The appro­xi­m­ately 700 parti­ci­pants network exten­si­vely, not only during the confe­rence but also during Okto­ber­fest in Munich.

Current Rele­vance: The panels will examine speci­fic market trends, such as the role of AI and the finan­cing of defense technologies

The confe­rence will take place on Sept. 22, 2026, at the Hotel Baye­ri­scher Hof in Munich and is orga­ni­zed by the global law firm Reed Smith https://www.reedsmith.com/ in colla­bo­ra­tion with Deal­Cir­cle https://dealcircle.com/ as the main sponsors. 

Munich – The funds advi­sed by BU Bregal Unter­neh­mer­ka­pi­tal AG (“BU”) have successfully closed a multi-asset conti­nua­tion fund with a total volume of 811 million euros. The lead inves­tors in the conti­nua­tion fund are LGT Capi­tal Part­ners and Pantheon. The fund is desi­gned to conti­nue the part­ner­ship with Safety21 and Online­prin­ters and to support both compa­nies in their next phase of growth with long-term capi­tal. This will enable further acqui­si­ti­ons while also giving both compa­nies the time to further expand their posi­ti­ons as leading market players. 

The tran­sac­tion gene­ra­ted signi­fi­cant inte­rest among exis­ting and new insti­tu­tio­nal inves­tors. Exis­ting inves­tors had the option of conti­nuing their invest­ment through the conti­nua­tion fund or selling all or part of their invest­ment to realize liqui­dity. This allo­wed them to struc­ture their invest­ment flexi­bly in line with their respec­tive invest­ment objectives. 

Both compa­nies conti­nue to have signi­fi­cant poten­tial for value growth. Against this back­drop, the Conti­nua­tion Fund repres­ents the opti­mal owner­ship struc­ture to support their next phase of deve­lo­p­ment over the long term. 

Safety21 – Buil­ding a Leading Euro­pean GovTech Plat­form for Traf­fic Safety and Smart Mobility

Since part­ne­ring with BU in 2021, Safety21 has evol­ved into Italy’s leading GovTech plat­form for traf­fic safety and smart mobi­lity. This growth was driven by the successful expan­sion of major conces­si­ons, a consis­t­ently imple­men­ted buy-and-build stra­tegy, and the modu­lar, proprie­tary soft­ware plat­form TitanO. During BU’s invest­ment period, reve­nue and EBITDA nearly tripled. Today, the company serves more than 700 muni­ci­pa­li­ties under long-term contracts and gene­ra­tes a high propor­tion of recur­ring revenue. 

These are supported by Safety21’s own exten­sive IoT infra­struc­ture and in-depth regu­la­tory exper­tise. Against the back­drop of ongo­ing digi­ta­liza­tion trends and nume­rous addi­tio­nal growth opportunities—including the expan­sion of exis­ting conces­si­ons, further market conso­li­da­tion, cross-selling oppor­tu­ni­ties, and inter­na­tio­nal expansion—Safety21 is excep­tio­nally well-posi­tio­ned to evolve into a leading Euro­pean GovTech plat­form for traf­fic safety and smart mobility. 

Online­prin­ters – Driving the Next Phase of Indus­try Consolidation

Since part­ne­ring with BU, Online­prin­ters has grown into one of Europe’s leading online prin­ting plat­forms and now serves more than one million small and medium-sized custo­mers. Driven by orga­nic growth and targe­ted acqui­si­ti­ons, reve­nue and EBITDA have tripled since BU’s invest­ment. With its diffe­ren­tia­ted and value-enhan­cing stra­tegy of acqui­ring custo­mer port­fo­lios from smal­ler prin­ting compa­nies, Online­prin­ters syste­ma­ti­cally inte­gra­tes them into its highly auto­ma­ted produc­tion and fulfill­ment plat­form. This results in signi­fi­cant effi­ci­ency and sustaina­bi­lity bene­fits. With an expe­ri­en­ced manage­ment team and further attrac­tive growth opportunities—both orga­ni­cally and through M&A—Onlineprinters is excep­tio­nally well-posi­tio­ned to conti­nue driving the conso­li­da­tion of a large and frag­men­ted market and to build Europe’s leading online prin­ting platform. 

Phil­ipp Struth, a part­ner at BU, says: “Safety21 and Online­prin­ters are two outstan­ding compa­nies with strong manage­ment teams and attrac­tive oppor­tu­ni­ties to conti­nue their growth both orga­ni­cally and through stra­te­gic acqui­si­ti­ons. At BU, we see oursel­ves as a long-term part­ner to entre­pre­neurs and manage­ment teams. That is why we conti­nue to support compa­nies even beyond tradi­tio­nal invest­ment hori­zons when we still see signi­fi­cant poten­tial for value crea­tion. The Conti­nua­tion Fund enables us to conti­nue on this shared jour­ney and actively support both compa­nies in their next phase of growth.”

Caro­line Schim­mel­busch, Part­ner of Capi­tal Forma­tion at BU, adds: “We thank our exis­ting and new inves­tors for their trust and are very plea­sed to be working toge­ther with LGT Capi­tal Part­ners and Pantheon as lead inves­tors in the conti­nua­tion fund. The tran­sac­tion offe­red our exis­ting inves­tors the flexi­bi­lity to either realize liqui­dity or parti­ci­pate in the next phase of value crea­tion along­side BU. We look forward to support­ing the contin­ued growth and long-term deve­lo­p­ment of Safety21 and Online­prin­ters toge­ther with the inves­tors in the conti­nua­tion fund.”

Paul, Weiss, Rifkind, Whar­ton & Garri­son LLP served as legal counsel.

Ever­core served as the exclu­sive finan­cial advi­sor for the transaction.

About Bregal Entre­pre­neu­rial Capital

BU Bregal Unter­neh­mer­ka­pi­tal (“BU”) is a leading private equity firm with offices in Zug, Munich, Amster­dam, Milan, and London. With more than €7 billion in assets under manage­ment (AUM), BU is the largest mid-cap inves­tor head­quar­te­red in the DACH region. The funds advi­sed by BU focus on invest­ments in mid-sized compa­nies in the DACH region and adja­cent markets. With a mission to be the prefer­red part­ner for entre­pre­neurs and family-owned busi­nesses, BU focu­ses on part­ner­ships with market leaders and “hidden cham­pi­ons” that have strong manage­ment teams and growth poten­tial. Since its foun­ding in 2015, the funds advi­sed by BU have inves­ted in more than 180 compa­nies with nearly 32,000 employees. This has resul­ted in the crea­tion of more than 11,000 jobs. BU supports entre­pre­neurs and fami­lies as a stra­te­gic part­ner in further deve­lo­ping, inter­na­tio­na­li­zing, and digi­tiz­ing their compa­nies, and helps them create sustainable value respon­si­bly and with an eye toward the next generation. 

About LGT Capi­tal Partners

LGT Capi­tal Part­ners is a leading global specia­list in alter­na­tive invest­ments with over $110 billion in assets under manage­ment and more than 750 insti­tu­tio­nal clients in 50 count­ries. An inter­na­tio­nal team of over 950 employees mana­ges a broad spec­trum of invest­ment programs focu­sed on private markets, multi-alter­na­ti­ves, and diver­si­fy­ing stra­te­gies, comple­men­ted by sustainable and impact invest­ments. Head­quar­te­red in Pfäf­fi­kon (SZ), Switz­er­land, the company has offices in San Fran­cisco, New York, Dublin, London, Paris, The Hague, Luxem­bourg, Frank­furt am Main, Vaduz, Dubai, Beijing, Hong Kong, Tokyo, Singa­pore, and Sydney. — www.lgtcp.com

About Pantheon

For more than 40 years, Pantheon has been one of the leading inves­tors in the private markets sector—from invest­ments in primary funds and co-invest­ments to secon­dary tran­sac­tions in the asset clas­ses of private equity, infra­struc­ture, and private credit. For more infor­ma­tion, visit www.pantheon.com. Pantheon works globally with insti­tu­tio­nal inves­tors of all sizes, as well as a growing number of wealth advi­sors and private inves­tors. As of Decem­ber 31, 2025, the company mana­ged appro­xi­m­ately $84 billion in discre­tio­nary assets. Drawing on its many years of expe­ri­ence and a global team of invest­ment experts in Europe, North and South America, and Asia, Pantheon invests with a clear focus on sustainable value crea­tion and a commit­ment to secu­ring long-term finan­cial pros­pects for its investors.

Munich/Wuppertal – The Munich-based invest­ment firm Para­gon Part­ners is inves­t­ing in the contin­ued growth of Babtec Infor­ma­ti­ons­sys­teme GmbH. The two share­hol­ders, Michael Flun­kert and Waios Kasta­nis, will retain their stakes in the company and will guide the next phase of its deve­lo­p­ment toge­ther with Paragon. 

Babtec is a leading provi­der of inte­gra­ted quality manage­ment soft­ware in the DACH region. Foun­ded in 1994 and head­quar­te­red in Wupper­tal, the company brings toge­ther product, process, and orga­niza­tion-wide quality on a unified plat­form for quality manage­ment (QMS) and inte­gra­ted manage­ment systems (IMS)—from proac­tive quality plan­ning and risk analy­sis in product deve­lo­p­ment, through inspec­tion, complaint, and audit manage­ment, to colla­bo­ra­tion with suppliers. 

With over 30 years of indus­try expe­ri­ence, Babtec serves more than 1,300 custo­mers in quality-criti­cal indus­tries and employs appro­xi­m­ately 230 people at loca­ti­ons in Germany, Austria, Switz­er­land, and Spain.

From a tech­no­lo­gi­cal stand­point, Babtec has always been one of the industry’s leading inno­va­tors: Through the Babtec­Qube cloud plat­form, compa­nies and their suppli­ers colla­bo­rate directly in shared quality processes—an approach that is unique in the market. With the new AI agent Quorix, arti­fi­cial intel­li­gence is making its way into daily quality work­flows: Quorix analy­zes docu­ments and defect images, supports complaint proces­sing, and provi­des users with context-speci­fic assistance—directly within the plat­form, while the user reta­ins decis­ion-making autho­rity. At the same time, Babtec is driving forward the expan­sion of its cloud and subscrip­tion offerings. 

“In Para­gon, we have found a part­ner with a long-term perspec­tive who reco­gni­zes the poten­tial of our plat­form and shares our vision. The fact that we are both remai­ning share­hol­ders sends a clear signal: We believe in the next phase of Babtec—in the strength of our team, our tech­no­logy, and our custo­mer relationships—and we are shaping it toge­ther with Para­gon,” say Michael Flun­kert and Waios Kasta­nis, part­ners and co-CEOs of Babtec.

“Quality is incre­asingly beco­ming a compe­ti­tive factor for indus­trial compa­nies, and Babtec, with its end-to-end plat­form, is built precis­ely for that purpose,” says Chris­tian Bettin­ger, a part­ner at Para­gon Part­ners. “Toge­ther with the share­hol­ders and manage­ment, we aim to acce­le­rate the cloud and AI road­map, drive natio­nal and inter­na­tio­nal expan­sion, and support Babtec with capi­tal, our network, and opera­tio­nal expertise.”

The closing of the tran­sac­tion is still subject to appr­oval by the rele­vant anti­trust authorities.

About Babtec

Babtec is a leading provi­der of inte­gra­ted soft­ware for quality manage­ment (QMS) and inte­gra­ted manage­ment systems (IMS) in the DACH region. Since 1994, the Wupper­tal-based company has been setting stan­dards in the digi­tiza­tion of quality proces­ses and today supports more than 1,300 compa­nies in consis­t­ently mana­ging quality across products, proces­ses, and the supply chain—from plan­ning to networked colla­bo­ra­tion with suppli­ers. — www.babtec.de

About Para­gon

Para­gon is an owner-mana­ged, private group of compa­nies that has been inves­t­ing in medium-sized compa­nies in German-spea­king count­ries since its foun­ding in 2004. Para­gon works closely with its port­fo­lio compa­nies to ensure sustainable growth and improve opera­tio­nal proces­ses. The Para­gon port­fo­lio spans various indus­tries and curr­ently compri­ses 12 compa­nies. Para­gon is head­quar­te­red in Munich and curr­ently mana­ges over €2.4 billion in equity capi­tal. Further infor­ma­tion about the company is available at www.paragon.de. —

Berlin — GÖRG advi­sed CODE Capi­tal on the legal design and struc­tu­ring of the inde­pen­dent early-stage fund. CODE Capi­tal was foun­ded by Stephan Scham­bach and Younes Ouaqasse. The fund is struc­tu­red as an inde­pen­dent invest­ment vehicle within the frame­work of the Berlin-based CODE Univer­sity of Applied Sciences. 

CODE Capi­tal is aiming for a fund size of 10 million euros and focu­ses on invest­ments in the early pre-seed phase. Initial invest­ments range from 50,000 to 100,000 euros. As a first-check inves­tor, the fund targets tech­no­logy-orien­ted foun­ders from the CODE Univer­sity startup ecosys­tem who play a key role in shaping the tech­no­lo­gi­cal foun­da­tion of their compa­nies them­sel­ves. Key invest­ment areas include, in parti­cu­lar, AI soft­ware, tech­ni­cal infra­struc­ture, deep tech, and quan­tum-secure encryption. 

An inde­pen­dent invest­ment commit­tee prepa­res the invest­ment decis­i­ons. Bright­point Capi­tal Invest GmbH has been manda­ted to manage the fund. Prof. Dr. Julia Köhn, profes­sor of entre­pre­neur­ship at CODE Univer­sity as well as a serial entre­pre­neur and inves­tor, mana­ges the fund as gene­ral partner. 

CODE Univer­sity of Applied Scien­ces is a private univer­sity specia­li­zing in compu­ter science, data science, and cyber­se­cu­rity. It serves as the fund’s entre­pre­neu­rial hub and has an exten­sive network of students, alumni, and startup teams. 

A GÖRG team led by Hamburg-based part­ner Prof. Dr. Stephan R. Göthel advi­sed CODE Capi­tal on legal struc­tu­ring and tax matters.

Advi­sors to CODE Capi­tal Vintage 2026 GmbH & Co. KG: GÖRG Part­ner­ship of Attor­neys mbB
Prof. Dr. Stephan R. Göthel, LL.M. (Cornell) (Lead Advi­sor, Part­ner, Corpo­rate Law/Venture Capi­tal, Hamburg)
Dr. Adal­bert Rödding, LL.M. (Part­ner, Tax, Cologne)
Dr. Holger Dann, LL.M. (Coun­sel, Tax, Cologne)
Felix Schmidt (Senior Asso­ciate, Corpo­rate Law/Venture Capi­tal, Hamburg)

Wildpoldsried/Munich/Vienna – The SYSTABUILD Soft­ware Group, a BU port­fo­lio company and leading Euro­pean plat­form for soft­ware solu­ti­ons in the cons­truc­tion and trades sectors, is acqui­ring a majo­rity stake in Network Dimen­si­ons GmbH, based in Vienna. Foun­ded in 1997, the company deve­lops MEGABAU, an ERP solu­tion for the cons­truc­tion indus­try, and is one of the estab­lished specia­lists in the commer­cial and opera­tio­nal manage­ment of cons­truc­tion compa­nies in German-spea­king countries. 

Network Dimen­si­ons comple­ments the SYSTABUILD Soft­ware Group’s ERP soft­ware port­fo­lio. MEGABAU combi­nes project manage­ment, resource plan­ning, and finan­cial manage­ment into a single solu­tion based on Micro­soft Dyna­mics 365 Busi­ness Central—tailored to the proces­ses of cons­truc­tion and indus­trial compa­nies, ranging from buil­ding cons­truc­tion and civil engi­nee­ring to wood, steel, and metal fabri­ca­tion, as well as buil­ding services, earthwork, as well as demo­li­tion and recy­cling. Network Dimen­si­ons has custo­mers in Germany, Austria, Switz­er­land, and Italy. 

At the same time, company foun­der Günther Schwai­ger is fina­li­zing his busi­ness succes­sion plan after nearly 30 years. He is over­see­ing the tran­si­tion as part of a struc­tu­red process within the execu­tive manage­ment team. Florian Thur­ner, previously mana­ging part­ner of the subsi­diary ND Projects GmbH in Villach, is joining as a co-part­ner and mana­ging direc­tor and is reinves­t­ing his previous stake into the new structure. 

The SYSTABUILD Soft­ware Group is one of Europe’s leading plat­forms for soft­ware solu­ti­ons in the cons­truc­tion and trades sectors. Foun­ded in 2022, the group brings toge­ther specia­li­zed soft­ware compa­nies across the three value-chain areas of Specify (CAD, BIM, and engi­nee­ring), Fabri­cate (CAM, MES, and machine control), and Orchest­rate (ERP, service, and busi­ness soft­ware), combi­ning local market exper­tise with a centra­li­zed tech­no­logy infra­struc­ture, AI-powered deve­lo­p­ment proces­ses, and group-wide go-to-market excel­lence. Head­quar­te­red in Wild­polds­ried, the group serves more than 22,000 custo­mers with over 450 employees. The group includes Acies, Compass Soft­ware, Digi­Para, E‑KOMPLET, GLASER, Haus­mann & Wynen, Huse­mann & Fritz, SEMA, SORBA, and WGsystem. 

About Bregal Entre­pre­neu­rial Capital

BU Bregal Unter­neh­mer­ka­pi­tal (“BU”) is a leading private equity firm with offices in Zug, Munich, Amster­dam, Milan, and London. With more than €7 billion in assets under manage­ment (AUM), BU is the largest mid-cap inves­tor head­quar­te­red in the DACH region. The funds advi­sed by BU focus on invest­ments in mid-sized compa­nies in the DACH region and neigh­bor­ing markets. With a mission to be the prefer­red part­ner for entre­pre­neurs and family-owned busi­nesses, BU focu­ses on part­ner­ships with market leaders and “hidden cham­pi­ons” that have strong manage­ment teams and growth poten­tial. Since its foun­ding in 2015, the funds advi­sed by BU have inves­ted in more than 180 compa­nies with nearly 32,000 employees. In the process, more than 11,000 jobs have been crea­ted. BU supports entre­pre­neurs and fami­lies as a stra­te­gic part­ner in further deve­lo­ping, inter­na­tio­na­li­zing, and digi­tiz­ing their compa­nies, and helps them create sustainable value respon­si­bly and with an eye toward the next gene­ra­tion. — https://www.bu-partners.de/

Munich – The commer­cial law firm Gütt Olk Feld­haus advi­sed Maxburg Capi­tal Part­ners on the sale of the autma­tec Group to HOCHTIEF Aktiengesellschaft.

Since Maxburg’s acqui­si­tion in 2023, autma­tec has expe­ri­en­ced dyna­mic growth and signi­fi­cantly increased its reve­nue and earnings. At the same time, the company has syste­ma­ti­cally expan­ded its tech­ni­cal capa­bi­li­ties, regio­nal presence, and opera­tio­nal struc­tures. With its acqui­si­tion by HOCHTIEF, autma­tec is stra­te­gi­cally well-posi­tio­ned for the next phase of growth and can further streng­then its role in the expan­sion of Germany’s energy infra­struc­ture. autma­tec is a leading German gene­ral contrac­tor for the cons­truc­tion, reha­bi­li­ta­tion, and main­ten­ance of 110-kV and 380-kV over­head power lines. The company offers trans­mis­sion and distri­bu­tion system opera­tors throug­hout Germany a compre­hen­sive range of services, from site prepa­ra­tion and foun­da­tion work to tower cons­truc­tion and line instal­la­tion, as well as project management. 

Maxburg Capi­tal Part­ners is an invest­ment firm focu­sed on the German-spea­king region, with multi­ple funds and total assets under manage­ment of appro­xi­m­ately 1 billion euros. Foun­ded by expe­ri­en­ced entre­pre­neurs and inves­tors, the firm makes long-term invest­ments in medium-sized compa­nies, taking a flexi­ble approach across the entire capi­tal struc­ture. Maxburg provi­des between 10 and 100 million euros per transaction. 

The tran­sac­tion is subject to appr­oval by the Fede­ral Cartel Office.

Legal Coun­sel, Maxburg: Gütt Olk Feld­haus, Munich

Dr. Heiner Feld­haus (Part­ner, Lead Attor­ney), Dr. David Negen­born (Salary Part­ner), Matthias Uelner (Coun­sel, Lead Attor­ney), Tobias Berg­meis­ter (Asso­ciate) (all Corpo­rate / M&A), Thomas Becker, LL.M. Eur. (Of Coun­sel, IP/IT/Data Protec­tion), Anja Schmidt (Asso­ciate, Banking / Finance)
Pusch Wahlig Work­place Law, Munich: Ingo Sappa (Part­ner), Lisa Want­zen (Asso­cia­ted Part­ner, both Employ­ment Law)
Kind & Drews, Düssel­dorf: Dr. Ernesto Drews (Part­ner, Tax Law)
Blom­stein, Berlin: Dr. Elisa Hauch (Part­ner, Compe­ti­tion and Anti­trust Law)

Legal advice for the other sellers:
MOOG Part­ner­schafts­ge­sell­schaft mbB, Darm­stadt: Dr. Tobias Moog (Part­ner), Dr. Bernd Pfert­ner (Senior Advisor)
Legal coun­sel to HOCHTIEF Aktiengesellschaft:
M&A Team at Fieldfi­scher, Hamburg: Dr. Sebas­tian Kamm (Part­ner), Jonas Klima (Coun­sel), Maxi­mi­lian Franz (Senior Associate)

About Gütt Olk Feldhaus

Gütt Olk Feld­haus is a leading inter­na­tio­nal law firm based in Munich. We provide compre­hen­sive advice on commer­cial and corpo­rate law. Our prac­tice areas include corpo­rate law, M&A, private equity, and finan­cing. Gütt Olk Feld­haus also hand­les liti­ga­tion in these areas. — www.gof-partner.com

Geneva / Paris – AMCO | CPM acqui­res Green-ty Advi­sory, a Paris-based corpo­rate treasury consul­ting firm, and expands its Office-of-the-CFO plat­form to include corpo­rate treasury. Green-ty’s consul­tants come from corpo­rate treasury, invest­ment banking, and industry—not just from consulting—and work closely with treasu­r­ers on both day-to-day opera­ti­ons and trans­for­ma­tion projects. 

The company covers the entire treasury value chain: inte­rim support in the front, middle, and cash/back offices; orga­niza­tion, secu­rity, and effi­ci­ency of the treasury func­tion; as well as treasury system projects and their admi­nis­tra­tion. The part­ners are actively invol­ved in the French treasury commu­nity, inclu­ding the AFTE. 

With this acqui­si­tion, AMCO | CPM is expan­ding its offe­rings for the Office of the CFO beyond plan­ning, finan­cial closing, conso­li­da­tion, taxes, ESG, and report­ing to include corpo­rate treasury—an area the group had previously outsour­ced to specia­li­zed part­ners. Green-ty will retain its exis­ting team and conti­nue its current opera­ting model, while expan­ding its treasury exper­tise through AMCO | CPM’s presence in Europe, the Asia-Paci­fic region, the Middle East, and Africa. 

Édouard Nguyen (ESCP Busi­ness School) and Denis Pantel (ENISE, Centrale Paris, HEC Busi­ness School), who foun­ded Green-ty in 2020, conti­nue to lead the firm. Both made the tran­si­tion from the market side to consul­ting: Édouard came from a back­ground in finance in invest­ment banking and later in corpo­rate treasury, while Denis moved into market risk manage­ment for corpo­ra­ti­ons after fifteen years in invest­ment banking. 

Alex Constan­ti­nescu, CEO and Co-foun­der, AMCO | CPM: “Treasury is the part of the Office of the CFO that we haven’t been able to cover oursel­ves until now. Green-ty brings in-depth, prac­ti­cal exper­tise in a disci­pline that directly comple­ments our exis­ting work. Édouard, Denis, and their team are first and fore­most experts and only then consultants—exactly what this work requires—and we are very plea­sed to welcome them to the group.”

Édouard Nguyen, Co-foun­der, Green-ty Advi­sory: “Joining AMCO | CPM allows us to build on a global plat­form, expand our reach both within and outside of France, and colla­bo­rate with colle­agues who serve the same client base. We’ll keep our team and our way of working, now with a signi­fi­cantly larger group behind us.”

Denis Pantel, Co-foun­der, Green-ty Advi­sory: “Since 2020, we’ve built Green-ty around a simple idea: Treasury deser­ves the same level of tech­ni­cal depth as any other finan­cial disci­pline. As part of AMCO | CPM, we can offer this exper­tise to more clients and in more regi­ons without losing what has made us successful so far.”

Green-ty Advi­sory is the latest step in AMCO | CPM’s expan­sion cente­red on the Office of the CFO, follo­wing Deut­sche Private Equity’s (DPE) invest­ment in the group in 2025 and the merger of CPM Part­ners and AMCO Solu­ti­ons in the spring of 2026.

About AMCO | CPM

AMCO | CPM is a vendor-neutral consul­ting group specia­li­zing in Corpo­rate Perfor­mance Manage­ment (CPM) that opera­tes in EMEA and APAC and supports the Office of the CFO through CFO Advi­sory, plan­ning, conso­li­da­tion, report­ing, tax, ESG, and—with the addi­tion of Green-ty Advisory—corporate treasury. The group was formed in 2026 through the merger of CPM Part­ners and AMCO Solu­ti­ons, is backed by Deut­sche Private Equity (DPE), and brings toge­ther more than 500 profes­sio­nals in EMEA and APAC who work with leading CPM ecosys­tems such as OneStream, Wolters Kluwer CCH Tage­tik, Pigment, kShut­tle, SAP, and Oracle. For more infor­ma­tion, visit www.cpm.partners.

About Green-ty Advisory

Green-ty Advi­sory was foun­ded in 2020 by Édouard Nguyen and Denis Pantel and is a corpo­rate treasury consul­ting firm that serves compa­nies from offices in Paris, Rennes, and Bordeaux. Green-ty advi­ses clients on treasury proces­ses, orga­niza­tion, and treasury manage­ment systems. The company employs appro­xi­m­ately 20 consul­tants and serves more than 80 active clients across a broad range of indus­tries. Its mission, as enshri­ned in its artic­les of incor­po­ra­tion, is to share its exper­tise with clients, colle­agues, and society through a perso­nal commit­ment to equal oppor­tu­nity. For more infor­ma­tion, visit www.green-ty.com.

Hamburg – Jung­hein­rich AG, one of the world’s leading provi­ders of intra­lo­gi­stics solu­ti­ons, announ­ces the launch of its first venture capi­tal fund tota­ling 100 million euros. The fund is aimed at the next gene­ra­tion of Euro­pean deep-tech foun­ders and is a key compo­nent of Jungheinrich’s long-term stra­tegy to expand its own inno­va­tive capabilities. 

Uplift Ventures plans to use the fund to invest in high-growth tech­no­logy compa­nies as well as select deep-tech venture capi­tal funds in Europe, the U.S., and Asia. The focus is on early-stage start­ups deve­lo­ping inno­va­tive solu­ti­ons in the areas of Physi­cal AI, energy, enter­prise AI, and logistics. 

A Mile­stone

The launch of the fund marks another important mile­stone in Jungheinrich’s Stra­tegy 2030+. The goal of the corpo­rate stra­tegy is to conti­nuously expand the exis­ting port­fo­lio and streng­then long-term growth through inno­va­tion, new busi­ness models, and stra­te­gic partnerships. 

“Deep-tech inno­va­tions require long-term capi­tal and part­ners who under­stand both indus­trial chal­lenges and entre­pre­neu­rial ambi­ti­ons,” says Dr. Lars Brzo­ska, CEO of Jung­hein­rich AG. “Uplift Ventures invests in the next gene­ra­tion of indus­trial tech­no­logy pioneers, making it an important stra­te­gic part­ner for Jung­hein­rich and our Stra­tegy 2030+. Close colla­bo­ra­tion with foun­ders and the expan­sion of our inno­va­tion and part­ner network are key prere­qui­si­tes for Jungheinrich’s sustainable success.”

Through Uplift Ventures, Jung­hein­rich gains important access to areas of inno­va­tion that are of parti­cu­lar signi­fi­cance for the company’s future deve­lo­p­ment. At the same time, the plat­form streng­thens colla­bo­ra­tion with tech­no­logy-orien­ted startup teams and entre­pre­neurs. The new venture capi­tal fund comple­ments the venture-buil­ding acti­vi­ties that began in 2025, ther­eby further expan­ding the Uplift Ventures platform. 

Chris­tian Noske is joining the Uplift Ventures leader­ship team as a Gene­ral Part­ner. He will be respon­si­ble for deve­lo­ping the new venture capi­tal fund. Noske has more than ten years of expe­ri­ence inves­t­ing in deep-tech compa­nies in Europe, the U.S., and China. Before joining Uplift Ventures, he led Euro­pean invest­ments at NGP Capi­tal and was a foun­ding part­ner at BMW i Ventures and Alli­ance Ventures, the venture capi­tal arm of the Alli­anz Renault-Nissan-Mitsu­bi­shi alli­ance. Throug­hout his career, he has funded more than 40 compa­nies, inclu­ding those in the fields of robo­tics, energy, aero­space tech­no­logy, auto­no­mous driving, indus­trial manu­fac­tu­ring, and logistics. 

Kerk Wich­mann (Vice Presi­dent of Corpo­rate Stra­tegy at Jung­hein­rich and Mana­ging Direc­tor of Uplift Ventures), Chris­tina Hammes (Mana­ging Direc­tor of Uplift Ventures), Maike Steding (Venture Clienting & Opera­ti­ons Lead at Uplift Ventures), and Chris­tian Noske (Gene­ral Part­ner of the Uplift Ventures Fund).