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

Natalia Chaban
Natalia Chaban
Finance Director

Natalia Chaban joined VTC in 2021 as Finance Director. She is responsible for finance, taxes, treasury and consolidated financial statements at holding level.

Previously, Natalia Chaban worked for many years in auditing and audit-related consulting at one of the Big Four companies as well as at large medium-sized auditing and tax consulting firms, most recently as an associate partner. During this time, she worked as an auditor/tax consultant for both medium-sized family-run companies as well as capital market-oriented corporates.

Natalia Chaban holds a degree in economics from the University of Ulm and successfully passed both professional examinations as German Certified Public Accountant and tax consultant.

Sophia Eberl
Sophia Eberl

Sophia Eberl has been working for VTC as an assistant since 2022. She supports the management and the investment team in administrative and commercial issues.

Ms. Eberl completed an apprenticeship as a businesswoman for wholesale and foreign trade management in a medium-sized family business in Munich. There she also worked as an assistant to the management. She gained further experience as an executive assistant in a Munich-based personnel services company.

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.


FRIWO zeigt im Jahr 2016 ein starkes Ergebnis- und Renditewa...

FRIWO zeigt im Jahr 2016 ein starkes Ergebnis- und Renditewa...

Neuausrichtung des weltweiten Produktionsnetzes und Optimierung des Produkt- und Kundenportfolios...

Read more
FRIWO zeigt im Jahr 2016 ein starkes Ergebnis- und Renditewa...

FRIWO zeigt im Jahr 2016 ein starkes Ergebnis- und Renditewa...

Ostbevern, 28. März 2017 – Die FRIWO AG hat 2016 ein erfolgreiches Geschäftsjahr über den eigenen Erwartungen verzeichnet. Dabei profitierte der Hersteller hochwertiger Ladegeräte, Stromversorgungen, Akkupacks und LED-Treiber von der Neuordnung des weltweiten Produktionsnetzes und von der Optimierung seines  Produkt- und Kundenportfolios mit dem Ziel der Margenverbesserung.

  • Der Umsatz des Konzerns blieb mit 134,6 Mio. Euro wie erwartet leicht unter dem Vorjahrwert (143,0 Mio. Euro, -5,9 Prozent).
    • Wachstumsträger waren vor allem der Bereich Werkzeuge und Gartengeräte, der den Umsatz mehr als verdoppelte (+116 Prozent), sowie Stromversorgungen für den Industriebereich (+18 Prozent).
    • Umsatzrückgänge ergaben sich vor allem durch die gezielte Reduzierung des Engagements im volumenstarken Bereich „Consumer“, da sich FRIWO konsequent auf technologisch anspruchsvolle und damit margenstärkere Produkte konzentriert.


  • Das Konzernergebnis vor Zinsen und Steuern (EBIT) stieg auf 6,6 Mio. Euro nach 4,4 Mio. Euro im Vorjahr. Der Anstieg um 48,9 Prozent lag deutlich über den ursprünglichen Erwartungen des Vorstands.
    • Neben einer lebhaften Kundennachfrage im zweiten Halbjahr profitierte FRIWO von einem vorteilhaften Produkt- und Kundenmix. Zudem verlief die Verlagerung eines Teils der Produktion in das neue Werk in Vietnam schneller und kostengünstiger als zunächst geplant. Insgesamt wurde 2016 die Produktion von ca. 160 Artikeln mit einem Volumen von 1,5 Mio. Produktionsstunden von bisherigen Fertigungspartnern in China nach Vietnam verlagert.
  • Die EBIT-Rendite (bezogen auf den Umsatz) verbesserte sich signifikant von 3,1 Prozent auf 4,9 Prozent.
  • Das Konzernergebnis nach Steuern erhöhte sich von 2,7 Mio. Euro auf 4,0 Mio. Euro

Attraktive Dividende

Vorstand und Aufsichtsrat schlagen der ordentlichen Hauptversammlung am 11. Mai 2017 in Ostbevern die Auszahlung einer Dividende von 0,25 Euro je Stückaktie vor nach 0,15 Euro im Vorjahr. Damit stiege die Ausschüttung von 1,2 Mio. Euro auf 1,9 Mio. Euro. Der attraktive Dividendenvorschlag reflektiert die deutlich verbesserte Ertragslage des Konzerns.

Deutliche Vergrößerung der Belegschaft

Die FRIWO-Gruppe beschäftigte Ende 2016 weltweit 731 Mitarbeiterinnen und Mitarbeiter. Der Anstieg um 298 Personen gegenüber dem Vorjahresstichtag (433) ist vor allem durch den Aufbau der Gesellschaft in Vietnam und das Hochlaufen der Produktion im neuen Werk bedingt. In Deutschland, in erster Linie am Stammsitz in Ostbevern, waren wie im Vorjahr 260 Mitarbeiter in den Bereichen Produktentwicklung, Produktion, Vertrieb und Verwaltung tätig.

Martin Schimmelpfennig, Vorstand Finanzen und Produktion: „FRIWO wandelt sich von einem Hersteller von Stromversorgungen für zahlreiche Anwendungen hin zu einem Anbieter von komplexeren Systemlösungen und einem fokussierten Spektrum an Zielbranchen. Die Ergebnisse 2016 zeigen ganz klar, dass dieser Weg der richtige ist. Wir sind auch für das laufende Jahr optimistisch und werden unsere Devise beibehalten, dass Ertragsverbesserung vor Umsatzwachstum geht.“

Ausblick auf das Jahr 2017

Im Jahr 2017 wird der FRIWO-Konzern die Neustrukturierung der Wertschöpfungskette
weiter vorantreiben. Ein wichtiger Schritt dazu war der Kauf einer Wandler- und Drosselfertigung in Vietnam, der im Januar 2017 abgeschlossen werden konnte. Sie wird im laufenden Jahr bereits einen deutlichen Gewinnbeitrag leisten.

FRIWO strebt an, auf Basis des hohen Auftragsbestands Ende 2016 (+20 Prozent gegenüber dem Vorjahresstichtag) den Wachstumstrend der Vorjahre wieder aufzunehmen. Der Vorstand geht für 2017 bei gleichbleibenden Währungsrelationen und bei einer Fortsetzung der guten Kundennachfrage von einer leichten Steigerung des Konzernumsatzes gegenüber dem Vorjahr aus.

Die Neuausrichtung des Vertriebs, die gezielte Ausrichtung des Kunden- und Produktportfolios auf Profitabilität und ein höherer Anteil an Eigenproduktion durch das Werk in Vietnam sollen zur weiteren Verbesserung der Margen und zur Steigerung des EBIT auf 7,0 Mio. Euro bis 8,0 Mio. Euro führen.

Der vollständige Jahres- und Konzernabschluss 2016 steht auf der Internetseite der Gesellschaft unter www.friwo-ag.de zur Verfügung.