BU Bregal Closes Multi-Asset Continuation Fund at Over €811 Million

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.