We are an industrial holding company with steady growth, which originates from acquisitions as well as the organic development of our group companies.
Entrepreneurs with long track record
We started building VTC from the mid 1990ies. At that time we were one of the first private equity firms in Germany, investing external capital mostly from high net worth individuals. Since 2004 we are able to live our dream: by investing our own equity, we became entrepreneurs ourselves. This allows us to take a long view concerning VTC and its group companies. Unlike a private equity investor, we have no exit focus.
Holding with added value
As sparring partners for the top management of our group companies we provide support in strategic discussions or selected projects. Our group companies are fully independent of each other, and the holding does not provide any central functions for the group. We emphasize the importance of flexibility and quick decision making.
Professional acquirer
Our strong experience and solid financial background (our holding is fully equity financed) makes us a trusted partner for corporates or entrepreneurs in divestment processes. Due to our lean structure we can take quick decisions and offer flexible deal structures. Being entrepreneurs ourselves helps us to understand the motivation and emotions of private sellers.
Strong corporate values
Our team has grown organically over the last 30 years. The resulting company culture is based on strong values, which we carry into our group companies. We rate the long term impact of our actions higher than short term financial results. An investment in a company is also a commitment from our side towards customers, employees and financing partners.
Susanne Fehre has been part of the VTC team since 2023. She supports the management as well as the Wertcontor team as an assistant in all administrative and commercial matters.
Ms. Fehre previously worked as an assistant to the board of directors of a medium-sized family business in Munich. She gained further experience at a subsidiary of Unicredit, for which she worked as an executive assistant for more than ten years. Ms. Fehre has an education as a nurse.
Mira Has has been part of the VTC team since 2024. She supports the management as well as the investment team in administrative and commercial matters.
Previously, she worked as an executive assistant at a family office with focus on the real estate sector. She gained further experience as a team assistant and sales support at an expanding German investment company. Mira Has has an education as office communications clerk.
Philipp Härtel is with VTC since 2020. He works on transactions as well as portfolio management tasks and screens potential investment opportunities and markets.
Before joining VTC he worked in the M&A team of Harris Williams in Frankfurt, where he was involved in buyside and sell side mandates. Moreover, he gained previous experience at Gimv, KPMG and ING Corporate Finance.
Philipp holds a Bachelor of Science degree in Econometrics and Operations Research from Maastricht University, Netherlands as well as a Master of Science degree with focus on Corporate Finance from the Rotterdam School of Management, Netherlands.
Andreas Joha joined the investment team of VTC in 2021. He works on transactions as well as portfolio management tasks and screens potential investment opportunities and markets.
Previously, he spent several years at PricewaterhouseCoopers in Munich advising private equity clients on buyside and sellside transactions.
Andreas received a Bachelor of Science in Economics and Business Administration with a major in Finance & Accounting from Goethe University Frankfurt, Germany, and a Master of Science in Finance with a major in Corporate Finance from Stockholm School of Economics, Sweden.
In the early years of VTC Jürgen worked on a number of industry roll ups and held management positions in portfolio companies. Since then he has responsible for many transactions and gained broad experience in the industrials and renewables space. Jürgen is in charge of Baettr Holding GmbH.
Before his time at university he worked as a trainee for HypoVereinsbank AG in Munich. He is an active shareholder in the Leuze family business.
Jürgen holds a business degree (lic.oec.HSG) from the University of St. Gallen, Switzerland.
Stefan has overseen a number of VTC‘s transactions in Germany and Switzerland, mostly in the mechanical and plant engineering businesses. He is in charge of Sesotec GmbH and JK Group.
Before joining VTC Stefan was partner in a turnaround consulting firm where he also took on interim management positions. He started his career as a trainee at HypoVereinsbank AG and later worked for Bain & Company in Munich and London.
Stefan serves as a board member of the Leuze Group.
He has a business degree from Ludwig-Maximilians-University in Munich.
During his time at VTC Richard was responsible for a number of transactions in the industrials, infrastructure and electronics space. He manages VTC’s interests in FRIWO AG. He is also in charge of public relations at VTC.
Before joining VTC Richard worked for Bain & Company as a project manager in the Munich and Stockholm offices. During his time at Bain he focused on strategy work and efficiency programs in the industrials and commodities sectors. Richard also spends some time on his forestry estate in Austria.
Richard is an Austrian citizen and holds a business degree from the University of St. Gallen, Switzerland and an MBA from the University of Chicago, USA.
Before co-founding VTC in 1992 Thomas had worked for IMM Industrie Management München, back then one of the first private equity firms in Germany.
During his time at VTC Thomas applied his long experience at numerous transactions. In the early years of VTC he initiated and implemented a number of industry roll-ups and took on executive positions in portfolio companies. Thomas co-founded one of the leading German private equity fund-of-funds and today is a member of the company’s supervisory board.
Thomas holds a PhD (Dr.rer.nat.) in physics from the Technische Universität Munich and an INSEAD MBA, France.
Nicole Weihrauch has been working for VTC as an assistant since 2023. She supports the management and the investment team in divers administrative and commercial matters.
Prior to VTC, she worked for a renowned Private Equity company as assistant. She gained further experience in the international business department of a leading internet platform as well as in various departments of Dresdner Bank.
Nicole completed an apprenticeship as bank clerk and has a business degree from Ludwig-Maximilians-University in Munich.
Since 2000 Ulrich has worked on numerous transactions at VTC. In addition he chaired strategic projects and add-on acquisitions at portfolio companies. He is responsible for deal sourcing at VTC and is the contact person for investment banks and M&A advisors.
Ulrich started his career at A.T. Kearney in Munich and Dusseldorf. There he focused on efficiency programs and strategy development in the consumer goods, retail and energy sectors.
Ulrich holds a business degree and a PhD in business from Ludwig-Maximilians-Universität in Munich.
Shareholdings
Baettr Holding GmbH
Baettr is a leading component supplier for the wind industry. The company is specialized in the serial production of large cast products for on- and off-shore markets incl. CNC-machining, metal finishing as well as subassembly offerings according to customer specifications. The international footprint with three foundries, two machining and two surface treatment facilities in Europe and Asia is ideally positioned to serve its customers worldwide.
FRIWO AG is an internationally operating systems provider developing, producing and marketing high-performance, high-quality hard- and software solutions along the electrical drive train. FRIWO’s main market segments are e-mobility, household appliances and tools, medical equipment and industrial applications. Based on a global manufacturing and sourcing footprint, FRIWO is able to deliver leading edge technology at highly competitive prices.
JK Group is a worldwide leading manufacturer of devices for the tanning, fitness, and beauty industry. At the Company’s headquarter in Windhagen (Germany), JK develops and produces devices under the brand names “Ergoline”, “Beauty Angel”, “Sun Angel” and “Wellsystem”. The fields of application include cosmetic tanning, red light and near infrared applications for skin care as well as dry water massage.
Sesotec develops and manufactures machines and systems for the detection and separation of contaminants, for product inspection and for the sorting of material flows. Product sales primarily focus on the global food, plastics, pharmaceutical, wood, textile, and recycling industries. Sesotec’s global market leadership is based on a high competence in a wide range of technologies. The leading facility for design, development and manufacturing is located in Germany. Sesotec’s export quota amounts to over 50%.
United Souvenirs GmbH is a leading retailer and wholesaler of souvenirs and gift items in Europe. With its wholesale activities, the company is present throughout Europe. In addition, United Souvenirs operates over 80 stores in tourist hot spots in Austria, Germany, Spain, Poland and Slovakia.
Headquarter:
Vienna
Sales (EUR m):
90
Employees:
500
Acquisitions
We are constantly looking for new investments for further growth. Due to our lean decision making processes any new investment opportunity will be analyzed quickly by our team. We have earned a reputation for finding creative solutions suited for every new transaction. Since we invest our own money, we think long term and do not focus on exit strategies.
We are looking for companies which fulfill the following criteria:
Sector:
We have no sector focus. In the past we have done transactions in manufacturing, services and wholesale.
Size:
Our group companies range from EUR 55m to EUR 250m in sales. Even with substantial growth potential investments should have revenues of at least EUR 10m.
We also look for add on acquisitions for our portfolio companies which can be smaller.
Investment amount and regional focus:
We are looking for majority stakes but will also consider a qualified minority. We invest equity tickets of up to EUR 50m per deal, in case of larger transactions we would work with a partner.
Our regional focus lies on Germany, and neighbouring countries.
2019 ist für FRIWO ein Jahr des Übergangs auf dem Weg zum Sy...
Ostbevern, 27. März 2019 – FRIWO, internationaler Hersteller hochwertiger Ladegeräte, Stromversorgungen, Akkupacks und LED-Treiber, wandelt sich sukzessive vom reinen Produkt- zu einem Systemanbieter. Nach dem Ende 2018 erfolgten Erwerb der Emerge-Engineering GmbH, eines Spezialisten für elektrische Antriebe, und der damit verbundenen Stärkung der Technologiebasis kann FRIWO ihren Kunden künftig digital steuerbare, exakt aufeinander abgestimmte Stromversorgungs- und Antriebslösungen aus einer Hand anbieten. Das Produkt- und Lösungsportfolio wird dazu entsprechend erweitert und angepasst, so dass das Jahr 2019 ein Jahr des Übergangs ist.
Im abgelaufenen Geschäftsjahr 2018 hat FRIWO eine solide Geschäftsentwicklung in einem herausfordernden Branchenumfeld verzeichnet. Wie bereits am 12. März 2019 in einer Börsenpflichtmitteilung bekannt gegeben, wurde mit einem Ergebnis vor Zinsen und Steuern (EBIT) von 7,5 Mio. Euro das zweithöchste operative Konzernergebnis der jüngeren Firmengeschichte erwirtschaftet. Vorstand und Aufsichtsrat schlagen der Hauptversammlung am 7. Mai 2019 eine zum Vorjahr konstante Dividende von 40 Eurocent je Aktie vor, was zur Ausschüttung von 3,1 Mio. Euro führen würde.
Wesentliche Erfolgskennzahlen des FRIWO-Konzerns 2018 • Der Umsatz lag mit 120,5 Mio. Euro um 14,7 Prozent unter dem Vorjahreswert von 141,3 Mio. Euro und auch leicht unter dem zuletzt prognostizierten Zielwert von 125 Mio. Euro. Die Geschäftsentwicklung war geprägt von Lieferengpässen bei wichtigen elektronischen Bauteilen sowie durch die kundenseitige Verschiebung oder Stornierung von Projekten. Auch Kosten für Strukturmaßnahmen, vor allem für Anpassungen bei den Produktionskapazitäten in Europa und Asien, belasteten das Ergebnis. Durch erfolgreiche Gegenmaßnahmen wie zum Beispiel Vorratskäufe von knappen Bauteilen konnte FRIWO jedoch einen Teil der Effekte kompensieren und ein starkes Schlussquartal erzielen.
• Das Konzernergebnis vor Zinsen und Steuern (EBIT) lag mit 7,5 Mio. Euro am oberen Ende der Erwartungsspanne von 6,5 bis 7,5 Mio. Euro, allerdings unter dem Vorjahres-Rekordwert von 10,0 Mio. Euro. Obwohl das operative Ergebnis damit unter den ursprünglichen Erwartungen des Vorstands blieb, handelt es sich um den zweithöchsten Wert in der jüngeren Firmengeschichte.
• Die EBIT-Rendite (bezogen auf den Umsatz) erreichte solide 6,2 Prozent (2017: 7,1 Prozent).
• Der FRIWO-Konzern schloss das Jahr 2018 mit einem Ergebnis nach Steuern von 5,3 Mio. Euro ab nach 7,0 Mio. Euro im Jahr zuvor (-24,0 Prozent). Das entspricht einem Ergebnis je Aktie von 0,69 Euro nach 0,91 Euro im Jahr 2016
Belegschaftsstärke auftragsbedingt leicht reduziert Der FRIWO-Konzern beschäftigte Ende vergangenen Jahres weltweit 1.887 Mitarbeiterinnen und Mitarbeiter. Der Personalbestand lag damit leicht unter dem Wert am gleichen Vorjahresstichtag (1.943). Der Rückgang ist vor allem auf die Anpassung der Mitarbeiterzahl auf die Auftragslage im eigenen Werk in Vietnam und auf die Schließung der Entwicklungsabteilung in China zurückzuführen. Am Stammsitz in Ostbevern waren Ende vergangenen Jahres 259 Personen in den Bereichen Produktentwicklung, Produktion, Vertrieb und Verwaltung tätig (Vorjahresstichtag: 262).
Stärkung des gesamten Produktportfolios Durch den Erwerb der Emerge-Engineering GmbH hat sich FRIWO eine Steuerungssoftware gesichert, die es erlaubt, dass elektrische Antriebe individuell auf einzelne Anwender eingestellt werden können. Dies eröffnet neue Features und Funktionen für nahezu alle Anwendungsbereiche der FRIWO-Produkte. Beispielweise lassen sich E-Bikes so einstellen, dass es dem Radler unabhängig vom Gelände immer die gleiche Trittfrequenz abverlangt. In der Medizintechnik kann man Geräte mit Frühwarnsystemen ausstatten, die anzeigen, wann ein Batterieaustausch notwendig ist.
FRIWO wird im laufenden Jahr den Fokus auf die Entwicklung von Systemlösungen legen, die Kunden ein Gesamtpaket aus Hard- und Software für digital steuerbare, exakt aufeinander abgestimmte Stromversorgungs- und Antriebslösungen bieten. Mit der erworbenen Technologie kann nahezu das gesamte Produktportfolio des Konzerns gestärkt werden.
Rolf Schwirz, Vorstandsvorsitzender (CEO) der FRIWO AG: „Durch den Wandel vom Produkt- zum Systemanbieter schaffen wir die Grundlage für nachhaltiges profitables Wachstum der FRIWO-Gruppe. Dies erfordert jedoch zunächst Investitionen in neue Produkte und in den weiteren Aufbau der Teams. Insofern ist 2019 ein Jahr des Übergangs. Im operativen Geschäft bleiben mögliche Auswirkungen der vor allem in Deutschland schwächeren Konjunktur auf die Nachfrage abzuwarten. Auf der Beschaffungsseite werden wir weiterhin Engpässe bei bestimmten Bauteilen erleben. Ungeachtet dieser aktuellen Gegenwinde sind wir aber von den langfristigen Chancen und Perspektiven des FRIWO-Konzerns mehr denn je überzeugt.“ Ausblick auf das Jahr 2019 Der Vorstand rechnet im Geschäftsjahr 2019 mit einem schwierigeren konjunkturellen Umfeld in Europa, das sich dämpfend auf die Nachfrage nach FRIWO-Produkten auswirken könnte. Darüber hinaus wird FRIWO die gezielte Ausrichtung des Kunden- und Produktportfolios auf Profitabilität fortsetzen und nicht ausreichend profitable Umsätze weiter zurückfahren. Vor diesem Hintergrund geht der Vorstand 2019 auf der Basis gleichbleibender Währungsrelationen von einem Konzernumsatz leicht unter dem Vorjahresniveau aus.
Auf der Kostenseite werden sich neben erwarteten Lohnsteigerungen an den Fertigungsstandorten die Investitionen in Produktinnovationen und neue Teams auswirken, welche im Zusammenhang mit dem Wandel des Konzerns zum Systemanbieter stehen. Positiv auf die Ertragslage sollten sich die gezielte Ausrichtung des Kunden- und Produktportfolios auf Profitabilität und die Erhöhung der Wertschöpfungstiefe auswirken. In Summe der Einflüsse sieht der Vorstand aber die Chance, im Jahr 2019 die bereits respektable EBIT-Rendite gegenüber dem Vorjahr stabil zu halten oder annähernd zu erreichen.
Den Geschäftsbericht 2018 des FRIWO-Konzerns finden Sie im Internet unter www.friwo-ag.de
