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.


Gastbeitrag: Trailblazer TV bei Sesotec

Gastbeitrag: Trailblazer TV bei Sesotec

Salesforce blickt hinter die Kulissen von Sesotec

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Gastbeitrag: Trailblazer TV bei Sesotec

Gastbeitrag: Trailblazer TV bei Sesotec


Wir bei Salesforce beschreiben unsere Kunden als Trailblazer/treɪlbleɪzə/ - Wegbereiter- der vierten industriellen Revolution, die sich den Chancen des digitalen Zeitalters gestellt haben. Hierbei handelt es sich nicht nur um disruptive Start-Ups aus Berlin, oder große Enterprises aus Frankfurt, sondern jedes Unternehmen, das erfolgreich sein möchte, hat das Potenzial ein echter Trailblazer zu werden.

Deshalb haben wir uns gedacht, so ein Blick hinter die Kulissen dieser Unternehmen wäre doch sehr spannend. Und so haben wir uns auf die Spuren von Trailblazern gemacht, Salesforce Kunden, die ihre Geschichte mit uns teilen. Denn über eins können wir uns jetzt schon sicher sein: Dort finden wir Visionäre und Pioniere, von denen man viel lernen kann!

Und so entstand Trailblazer TV. Das Konzept? Auf Einladung von Trailblazern, reisen wir zu unseren Kunden mit der Mission, das Unternehmen kennenzulernen - den Spirit zu verstehen, die Personen, die DNA - was sind Trailblazer wirklich?

Zwei Gegenstände und ein Besuch bei Sesotec

Bei unserer ersten Folge von Trailblazer TV habe ich ein ganz besonderes Unternehmen besucht, den Mittelständler Sesotec. Und diese Reise können Sie in unserem Video Blog ansehen - aber lassen Sie mich ein bisschen mehr erzählen:

Auf Einladung von Sesotec habe ich mich als rasende Reporterin mit Mikrophon und Kamera bewaffnet sofort auf den Weg gemacht! Sesotec hat mir eine recycelbare PET-Flasche und einen mit einem Fremdkörper präparierten Astro zugeschickt. Was hat es damit wohl auf sich? Sesotec ist in Schönberg beheimatet, eine kleine Gemeinde im Landkreis Freyung-Grafenau mit nicht einmal 4000 Einwohnern. Bei meiner Recherche wird schnell klar, Sesotec ist ein werteorientiertes Unternehmen und es übernimmt klare Verantwortung für seine Produkte, Mitarbeiter, Kunden und die Region.

Sesotec: Innovation aus Leidenschaft

Bei der Ankunft begrüßt mich Axel Vornhagen - Managing Director / COO bei Sesotec, und gibt mir die ersten Einblicke. Sesotec ist ein junges und dynamisches Unternehmen und schaut auf eine 40 jährige Erfolgsgeschichte zurück. Sesotec ist Spezialist für die Fremdkörperdetektion und die Materialsortierung, welches ein essentieller Bestandteil in vielen Branchen, wie der Lebensmittel-, Kunststoff-, und Recyclingindustrie ist. Die Position, einer der Markführer zu sein, verteidigt man durch die Garantie höchster Präzision und mit peniblem Fokus auf Qualität. Preise wie der Innovationspreis 2017 stehen gleich in der Eingangshalle in einer Glasvitrine. Axel Vornhagen betont: “Als Anerkennung für unsere Arbeit die Top 100-Auszeichnung zu bekommen, freut uns sehr.“  Und das hat sich Sesotec auch verdient! Unvergleichbare Maschinen und hochqualifizierte Mitarbeiter machen das Unternehmen zu einem Hidden Champion und einem wahren Trailblazer

Fertigung - Made in Germany

Mit großem Elan werde ich durch die Fertigung geführt. Michael Perl, Head of Sorting Recycling, zeigt mir die Sortiermaschine VARISORT. Jetzt macht die recycelbare PET-Flasche Sinn. Bei Einwurf wird die Flasche durch ein Multisensorsystem anhand von Farbe und Kunststoffart sortiert. Warum ist das wichtig? Ungewünschte Materialien werden mit Separiersystemen (z.B. Ausblasdüsen) millisekundengenau aus dem Stoffstrom aussortiert. Durch die Präzision wird die Materialausbeute erhöht und Fremdkörper können so aus Materialströmen entfernt werden.

In der Hand halte ich nun den präparierten Astro. Was genau in ihm versteckt ist erklärt mir Franz Penn, Head of Application Management Product Inspection bei Sesotec. Er empfängt mich am Röntgengerät RAYCON D+ und wir lassen den Astro auf dem Band durchlaufen. Sesotec hat unserem Astro ein Metallherz geschenkt, wie ich auf dem Bildschirm sehen kann. Das Röntgengerät detektiert Verunreinigungen, welche nichts in Produkten, wie z.B. Lebensmitteln, zu suchen haben. Maschinen von Sesotec stellen also die Reinheit und die Qualität von Produkten sicher, ein unabdingbarer Schritt. Obwohl mir das Herz vom Astro schon sehr gut gefällt!

Im Bayerischen Wald zuhause aber überall vertreten

Der CEO Marc Setzen empfängt mich vor dem Gebäude und erklärt mir bei einem Spaziergang, dass Sesotec‘s DNA sich in drei Begriffen umreißen lässt: Dynamik, Partnerschaft und Perfektion. 80% aller ausgelieferten Systeme sind kundenspezifisch mit einer hohen globalen Nachfrage. Aber ohne Mitarbeiter - manche sogar in 2. Generation - wäre Sesotec heute nicht so weit gekommen. Mit knapp 420 Mitarbeitern - weltweit kommen nochmal 100 dazu in den 7 Tochtergesellschaften in Singapur, China, USA, Italien, Indien, Kanada und Thailand. Sesotec ist einer der größten Arbeitgeber in der Region und treue Mitarbeiter das wichtigste Kapital.

Weiter schlendere ich durch die Fertigung und treffe auf offene und herzliche Mitarbeiter. In der Marketingabteilung treffe ich auf Brigitte Rothkopf und ihre Kollegen - wir kennen uns noch von der Salesforce World Tour @ CEBIT, bei der Sesotec in unserer Halle im Trailblazer Camp ausgestellt hat. Ich darf überall über die Schulter schauen und beobachten, mit welcher Präzision hier gearbeitet wird. Was viele nicht wissen, Sesotec hat eine hohe Fertigungstiefe, das heißt es werden noch viele Teile selbst gefertigt. Sesotec ist eine echte ‘Made in Germany’ Erfolgsgeschichte.

Salesforce als Partner

Zuletzt suche ich die EDV Abteilung und lande bei Josef Blöchl. Als Business Processes/Application Support Salesforce war er von Anfang an bei der digitalen Transformation von Sesotec dabei. Er sagt, dass Sesotec die Digitalisierung als Chance gesehen hat. Mit Salesforce als Partner hat Sesotec es geschafft alle Abteilungen und Tochtergesellschaften auf eine Plattform zu bringen. Im Anwenderbericht kann man hier noch mehr erfahren.

Jetzt wird es schon dunkel und ich verabschiede mich von einem unglaublichen Tag bei Sesotec. Sesotec ist ein bemerkenswertes mittelständisches Unternehmen mit engagierten und tollen Mitarbeitern. Mit Verantwortung, Engagement und einer klaren Strategie nach vorne. Gewappnet für die Zukunft und einer klaren Vision sehen wir Sesotec als einen wahren Trailblazer - ein Wegbereiter in der Industrie, dem deutschen Mittelstand und der digitalen Zukunft. Aber überzeugen Sie sich doch selbst davon:


Salesforce Trailblazer TV bei Sesotec