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.
Joint Venture between FRIWO AG and UNO MINDA Group
Creating a technology and market leader in the two and three wheeler e-vehicle market
India offers huge growth potential due to its government’s mission plan to push for e-mobility
Sound financial basis will be established due to capital measures by UNO MINDA and VTC
Ostbevern, 10th December 2021: FRIWO AG – a leading international manufacturer of innovative power supply units and e-drive solutions – entered a Joint Venture with UNO MINDA Group – a leading global supplier of proprietary automotive solutions to OEMs – enabling both companies to benefit from and even accelerate the electric vehicle revolution on the Indian subcontinent. FRIWO will hold a minority stake of 49.9 percent and will consolidate the income from the Joint Venture through the company’s financial result. UNO MINDA plans a 15 million euro investment in FRIWO AG via a capital increase in order to strengthen the industrial partnership between the two groups. The planned transaction and the capital measure are subject to regulatory approval, including of the Reserve Bank of India.
Unique position in the dynamically growing Indian e-mobility market
The Joint Venture will perfectly combine FRIWO’s long-term experience in providing sophisticated e-mobility solutions with the unmatched manufacturing track record of UNO MINDA in the Indian automotive industry to market e-drive solutions for electrical two-and three wheelers in India. The respective markets promise high growth rates facilitated by governmental initiatives such as the FAME II (Faster Adoption and Manufacturing of Electric Vehicles in India) Scheme and PLI that offers incentives to customers, OEMs and auto component manufacturers of electric two- or three-wheeler products.
In the framework of the Joint Venture, FRIWO and UNO MINDA will combine their technologies and production capabilities. As a result, the combined entity will be able to offer full-line e-drive solutions for the Indian market, combining extremely robust hardware and an outstanding software architecture. The Joint Venture will be supported by UNO MINDA’s well-established and successful marketing, sales and support functions based in India. The newly formed Joint Venture will also utilize the state-of-the-art production facilities in India from UNO MINDA to fulfil increasing client requirements and to offer high-quality customized e-solutions in record speed.
Rolf Schwirz, CEO of FRIWO, comments, “This Joint Venture is a great opportunity for FRIWO to facilitate its expertise and innovation driven e-mobility business. The Joint Venture will have a distinct product portfolio with shared facilities, sophisticated, but also market-proven technology, high quality and engineering standards from both FRIWO and UNO MINDA, at optimized costs to the customers’ benefit. This winning combination will enable the Joint Venture to successfully establish a leading position in the two- and three-wheeler electric vehicles markets in India, as well as unlock the potential of other markets”.
Mr. Nirmal K. Minda, Chairman and Managing Director of UNO MINDA, adds: “Electrification will play an important role in the transformation of the mobility industry and presents major opportunities to the entire mobility ecosystem. We are delighted to partner with FRIWO to expand our product capabilities to serve such rising EV opportunities. By combining UNO MINDA’s production skills and leading position on the Indian subcontinent with FRIWO’s technological knowledge, we can create a true leader in the rapidly growing e-vehicles market. The partnership has been forged at an opportune time where the EV industry is on the cusp of a growth trajectory facilitated by a favorable government policy and incentives. We are confident to play a key catalyst role in the electric vehicle revolution and sustainability mobility in India.”
Substantial improvement of balance sheet quality
In parallel to the investment of UNO MINDA, FRIWO’s main shareholder VTC GmbH & Co. KG through its subsidiary CARDEA will also enhance the financial soundness and balance sheet quality of the company via a debt-equity swap in the amount of 13.6 million euros. In that context, the Management Board, with the approval of the Supervisory Board, has passed a resolution to increase the share capital of FRIWO AG by issuing 406,334 new ordinary shares utilizing the Authorized Capital, excluding pre-emptive rights of existing shareholders. The new shares will be issued at a price of 33.47 euros per share. With the transaction, VTC converts existing loans from VTC into equity, which will significantly strengthen the balance sheet of FRIWO AG, thereby showing its commitment and confidence regarding FRIWO’s growth prospects.
Furthermore, the Management Board and the Supervisory Board have passed the necessary resolutions to offer UNO MINDA 448,162 new shares at the same price as stated above. FRIWO is utilizing another portion of the Authorized Capital to offer 448,162 new ordinary shares exclusively to UNO MINDA and is thus excluding pre-emptive rights of the existing shareholders. This capital increase for cash of 15 million euros is subject to regulatory approval, including of the Reserve Bank of India.
The new ordinary shares of both transactions represent 9.99 percent of the future registered share capital of FRIWO. After the completion of both transactions, VTC will hold 81.59 percent and UNO MINDA 5.24 percent of the then existing total share capital in FRIWO AG.
Further Information:
Investor Relations
FRIWO AG
Ina Klassen
About FRIWO: The listed FRIWO AG (General Standard, Frankfurt) with its headquarters in Ostbevern/Northrhine Westphalia is an international manufacturer of technically leading power-supply devices and e-drive solutions. FRIWO provides a whole host of applications with tailored systems from a single source. FRIWO, founded in 1971, has transformed itself from a provider of power-supply products to a full line supplier of sophisticated and tailorized e-mobility solutions. Today, the product portfolio does not only include premium power supply solutions, but also battery charging solutions for a wide range of applications. Furthermore, all components of a modern electric drive solution are also available: from the display, motor control unit and drive unit to the control software. With modern development centers, manufacturing facilities and sales locations in Europe, Asia and the US, FRIWO is present in all of the world’s key markets. FRIWO’s key customers are leading brands in their respective markets and have embedded FRIWO products in order to provide superior quality to their customers. Main shareholder of FRIWO AG is a subsidiary of VTC GmbH & Co. KG, Munich. For further information, please visit our website at friwo.com.
About UNO MINDA Group: UNO MINDA, a technology leader in Auto Components Industry, is a leading global supplier of proprietary automotive solutions to OEMs as Tier-1. Minda Industries Limited (MIL) is a flagship Company of UNO MINDA Group. It manufactures automobile components for Original Equipment Manufacturers (OEMs) and is rapidly expanding with growing market shares across all its product lines. It endeavors to deliver high technology and high quality products to its customers globally.
The Group is a global player in the automotive sector with overseas manufacturing facilities in Indonesia, Vietnam, Spain, Mexico, as well as Design Offices in Taiwan, Japan and Spain. It has over 71 manufacturing plants globally and has JVs/Technical Agreements with world-renowned manufactures from Japan, Italy and Taiwan.
Address
VTC GmbH & Co. KG
Promenadeplatz 12
D-80333 München
