About us

We are an industrial holding company with steady growth, which originates from acquisitions as well as the organic development of our group companies.

Entrepreneurs with long track record

We started building VTC from the mid 1990ies. At that time we were one of the first private equity firms in Germany, investing external capital mostly from high net worth individuals. Since 2004 we are able to live our dream: by investing our own equity, we became entrepreneurs ourselves. This allows us to take a long view concerning VTC and its group companies. Unlike a private equity investor, we have no exit focus.

Holding with added value

As sparring partners for the top management of our group companies we provide support in strategic discussions or selected projects. Our group companies are fully independent of each other, and the holding does not provide any central functions for the group. We emphasize the importance of flexibility and quick decision making.

Professional acquirer

Our strong experience and solid financial background (our holding is fully equity financed) makes us a trusted partner for corporates or entrepreneurs in divestment processes. Due to our lean structure we can take quick decisions and offer flexible deal structures. Being entrepreneurs ourselves helps us to understand the motivation and  emotions of private sellers.

Strong corporate values

Our team has grown organically over the last 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.

Our Values

VTC in Numbers

EUR > 600 m
> 4.500
EUR 300 m
up to EUR 50 m
equity per transaction

The VTC Team

Susanne Fehre
Susanne Fehre

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.

Philipp Härtel
Philipp Härtel
Investment Associate

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
Andreas Joha
Investment Manager

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.

Jürgen Leuze
Jürgen Leuze
Managing Partner

In the early years of VTC Jürgen worked on a number of industry roll ups and held management positions in portfolio companies. Since then he has responsible for many transactions and gained broad experience in the industrials and renewables space. Jürgen is in charge of Baettr Holding GmbH.

Before his time at university he worked as a trainee for HypoVereinsbank AG in Munich. He is an active shareholder in the Leuze family business.

Jürgen holds a business degree (lic.oec.HSG) from the University of St. Gallen, Switzerland.

Stefan Leuze
Stefan Leuze
Managing Partner

Stefan has overseen a number of VTC‘s transactions in Germany and Switzerland, mostly in the mechanical and plant engineering businesses. He is in charge of Sesotec GmbH and JK Group.

Before joining VTC Stefan was partner in a turnaround consulting firm where he also took on interim management positions. He started his career as a trainee at HypoVereinsbank AG and later worked for Bain & Company in Munich and London.

Stefan serves as a board member of the Leuze Group.

He has a business degree from Ludwig-Maximilians-University in Munich.

Julius Mährlein
Julius Mährlein
Investment Director

Julius joined VTC in 2015. He works on transactions as well as on portfolio management.

Prior to VTC he worked for GCA Altium and was involved in numerous buy side and sell side mandates, mainly in consumer goods and retail.

Julius holds Bachelor and Master of Science degrees in International Business from Maastricht University, Netherlands.

Richard Ramsauer
Richard Ramsauer
Managing Partner

During his time at VTC Richard was responsible for a number of transactions in the industrials, infrastructure and electronics space. He manages VTC’s interests in FRIWO AG. He is also in charge of public relations at VTC.

Before joining VTC Richard worked for Bain & Company as a project manager in the Munich and Stockholm offices. During his time at Bain he focused on strategy work and efficiency programs in the industrials and commodities sectors. Richard also spends some time on his forestry estate in Austria.

Richard is an Austrian citizen and holds a business degree from the University of St. Gallen, Switzerland and an MBA from the University of Chicago, USA.

Dr. Thomas Robl
Dr. Thomas Robl
Managing Partner

Before co-founding VTC in 1992 Thomas had worked for IMM Industrie Management München, back then one of the first private equity firms in Germany.

During his time at VTC Thomas applied his long experience at numerous transactions. In the early years of VTC he initiated and implemented a number of industry roll-ups and took on executive positions in portfolio companies. Thomas co-founded one of the leading German private equity fund-of-funds and today is a member of the company’s supervisory board.

Thomas holds a PhD (Dr.rer.nat.) in physics from the Technische Universität Munich and an INSEAD MBA, France.

Nicole Weihrauch
Nicole Weihrauch

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.

Dr. Ulrich Wolfrum
Dr. Ulrich Wolfrum

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.


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.

Stade (Germany)
Sales (EUR m):

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.

Ostbevern (Germany)
Sales (EUR m):
JK-Gruppe GmbH

JK Group is a worldwide leading manufacturer of devices for the tanning, fitness, and beauty industry. At the Company’s headquarter in Windhagen (Germany), JK develops and produces devices under the brand names “Ergoline”, “Beauty Angel”, “Sun Angel” and “Wellsystem”. The fields of application include cosmetic tanning, red light and near infrared applications for skin care as well as dry water massage.

Windhagen (Germany)
Sales (EUR m):
Sesotec GmbH

Sesotec develops and manufactures machines and systems for the detection and separation of contaminants, for product inspection and for the sorting of material flows. Product sales primarily focus on the global food, plastics, pharmaceutical, wood, textile, and recycling industries. Sesotec’s global market leadership is based on a high competence in a wide range of technologies. The leading facility for design, development and manufacturing is located in Germany. Sesotec’s export quota amounts to over 50%.

Schönberg (Germany)
Sales (EUR m):
United Souvenirs GmbH

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.

Sales (EUR m):


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:

We have no sector focus. In the past we have done transactions in manufacturing, services and wholesale.

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.


DC/DC converter for electromobility

DC/DC converter for electromobility

Supply of additional 12 V from a 48 V traction battery

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DC/DC converter for electromobility

DC/DC converter for electromobility

Electric bicycles have been enjoying tremendous popularity for quite some time, e-scooters are also increasingly roaming the streets. In addition to the supply voltage for their drive, these vehicles require a lower voltage of 12 V for indicators and headlights, which is typically buffered by a corresponding lead acid battery. A new FRIWO DC/DC converter ensures the supply of the additional battery from a 48 V traction battery.
Currently the subject of electromobility is much talked about. This is attributable to the limited fossil fuels, particularly oil, and to CO2 gases generated during combustion, which contribute to global warming and therefore to environmental pollution (for example soot particles, nitrogen oxides, etc.). Electric cars are still a niche market. There are only a few models and manufacturers worldwide. One reason for this situation is certainly owed to the increased comfort demand - including luxury. This includes, for instance, extras like air conditioning, seat heating or heated front and rear windshields which usually can be found in conventional cars.
Unlike electric cars, however, electric bicycles have become rapidly popular. The annual sales figures continue to rise: according to the ZIV industry association, 605,000 e-bikes were sold in Germany in 2016. This means that the overall market share increased from 12.5 percent in 2015 to 15 percent in 2016. If children's bicycles and racing bikes are ignored, the share is even significantly higher. According to ZIV, a total of three million e-bikes roam Germany's cycle paths since the beginning of 2017*. All of this, of course, in a comfortable way to ensure a faster and easier mobility.
E-scooters, also known as electric mopeds or electric light-weight bikes, are an extension of this product range towards more mileage and speed. Having enjoyed increasing popularity in Asia for quite some time, these vehicles are coming on strong in our country. With the improvement of the required charging infrastructure, the numbers of eco-friendly electric scooters will also increase on our streets. Especially in big cities, the quiet two-wheelers are more frequently spotted, private owners and delivery services are switching over to this eco-friendly alternative. In addition, e-scooter rentals and sharing are emerging: Apart from Berlin, Hamburg and Munich many big cities in North Rhine-Westphalia belong to the driving forces.
E-scooters typically extract the energy required for their operation from a 13-cell rechargeable battery. 13 cells with a nominal voltage of 46.8 V still fall under the so-called safety extra low voltage, but already provide a voltage level at which the resulting currents can be controlled by a predetermined power. This cell number is currently becoming industry standard. As far as e-scooters are concerned, a 12 V level for indicators and headlights is also required. These 12 V are, as practiced today, buffered by a 12 V battery. This means that the 12 V battery needs to be supplied by the 48 V traction battery. FRIWO has therefore developed a new DC/DC converter which copes with this task and which offers a variety of advantages:

  1. In addition to the nominal charging power of 150 W (13,8 V x 11 A charging current), the converter is capable of supplying a short-term peak current of 13.2 A (+20 % boost), which comes in handy if the battery is deeply discharged, or in case of short-term loading demands.
  2. The converter's efficiency reads more than 95 %. The high power density allows a very compact design. The compact design is also owed to the converter's cooling system which is achieved by natural convection. The converter therefore does neither require a fan, nor an external metal fixture for the purpose of cooling by increased surface. The high efficiency serves as basis for a long shelf-life and high reliability.
  3. Operating temperatures range from -20°C to 80°C. This allows the converter to work both in deepest winter as well as in the hottest summer - the electric vehicle is always ready for use. From a temperature of 60°C upwards the converter automatically reduces the output power (so-called derating) with natural convection.
  4. The potted converter has IP67 protection and is robust against typical automotive requirements: temperature changes, salt spray, vibrations or shocks will no longer be a problem.
  5. A significant advantage is also constituted by the electrical characteristics: in addition to the wide DC input voltage of 30 - 60 V the converter has a very accurate output voltage regulation with <1 % deviation. A low reverse current of <100 µA from the 12 V battery also prevents unwanted discharges.
  6. The converter comes with a µController for numerous functions. This includes, for example, a self-test after starting, the adjustable (during production) output voltage and current limit, an output curve optimized for parallel operation, temperature monitoring of the converter with derating function, and the fulfillment of short-term peak current requirements until derating starts.
  7. Electromagnetic compatibility (EMC) includes both the interference emission and the interference immunity of the converter against external interference. The converter complies with the automotive standards for both requirements: low noise emission (especially in the FM band) and high immunity to interference and overvoltage pulses.
  8. A communication interface is also provided: securely connected to the 48 V and 12 V electrical system the converter is activated by an "enable" signal and acknowledges the correct operation with a "power good" signal.
  9. Redundant switches have also been installed for safety reasons. They prevent short-circuits between the input and output electrical system which may be caused by a broken line transistor.
  10. Further protective functions ensure the highest level of safety: The converter is permanently short-circuit proof and has both overvoltage and over temperature protection. In addition, the soft start after switching on and the mechanical polarity protection for input and output plugs increase the safety. An additional electronic polarity protection can also be provided.

With the new DC/DC converter FRIWO has engineered an ideal component for Light Electric Vehicles (LEV) which optimally completes the existing product portfolio with battery chargers and battery packs and which drives FRIWO's integration as system supplier for tomorrow's market of electromobility.

* E-scooter startups conquer Germany's cities, https://www.wired.de/collection/tech/e-roller-startups-erobern-deutschlands-staedte


VTC GmbH & Co. KG
Promenadeplatz 12
D-80333 München

+49 (0) 89 64949 - 0