BU Bregal Unternehmerkapital
DACH mid-market buyout and growth firm founded in Munich in 2015 by Florian Schick and Jan-Daniel Neumann together with the Brenninkmeijer family (C and A, COFRA), whose vehicles anchor its funds. BU invests in Mittelstand succession situations, MBOs, growth financings and corporate spin-offs with equity tickets up to EUR 300m across software, industrial technology, business services, healthcare and consumer, with a Northern Italy focus added since Fund III. EUR 7bn raised across four fund generations and nearly 160 investments (40 plus platforms, over 120 add-ons) since 2015. Dual-seat structure: founded and operationally rooted in Munich (BU Bregal Unternehmerkapital GmbH) while the group holding BU Bregal Unternehmerkapital AG has been seated in Zug since 2023; rebranded to BU in 2025. Landmark exit: EA Elektro-Automatik to Fortive at EUR 1,585m enterprise value.
BU Bregal Unternehmerkapital is a Munich buyout firm with €7.0B AUM, 32 active companies and 14 exits.
- ·12 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 14 realized deals: 4 years.
- ·Fund cadence: ~3Y between vintages · last raise 2026.
Sector breakdown
46 companiesGeography breakdown
8 geographiesKey facts
Recent exits
BU Bregal Unternehmerkapital sold Safety21 to BU Bregal Unternehmerkapital Multi-Asset Continuation Fund in 2026 after 5 years.
BU Bregal Unternehmerkapital sold Onlineprinters to BU Bregal Unternehmerkapital Multi-Asset Continuation Fund in 2026 after 10 years.
BU Bregal Unternehmerkapital sold ACTICO Group to Keensight Capital in 2025 after 4 years.
BU Bregal Unternehmerkapital sold STP to Septeo in 2025 after 5 years.
Coverage notes
5 funds tracked, 46 portfolio companies (32 active · 14 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund BU Bregal Unternehmerkapital has raised, with its portfolio companies. Hand-checked from public filings.
BU Bregal Unternehmerkapital Multi-Asset Continuation FundBuyout2026€811M2 assetsBuyout2026 · 0yr€811M2–
Unrealized
2 held| Company | Entry |
|---|---|
| Onlineprinters E-commerce · Germany | 2026 |
| Safety21 Software · Italy | 2026 |
Bregal Unternehmerkapital IVBuyout2024€2.6B11 assetsBuyout2024 · 2yr€2.6B11–
Unrealized
11 held| Company | Entry |
|---|---|
| A.Eberle Industrials · Germany | 2026 |
| BSI Software · Switzerland | 2024 |
| Communardo IT Services · Germany | 2024 |
| DemoUp Cliplister E-commerce · Germany | 2024 |
| Flipp AdTech · Canada | 2024 |
| Hettich MedTech · Germany | 2024 |
| MDT technologies Industrials · Germany | 2026 |
| Relatech IT Services · Italy | 2024 |
| SnelStart SaaS · Netherlands | 2025 |
| SwipBox Logistics · Denmark | 2025 |
| Uniconta SaaS · Denmark | 2025 |
Bregal Unternehmerkapital IIIHarvestingBuyout2021€1.9B10 assets2 exitsBuyout2021 · 5yr€1.9B102
Unrealized
10 held| Company | Entry |
|---|---|
| Channel Pilot Solutions E-commerce · Germany | 2023 |
| comrce E-commerce · Germany | 2023 |
| GSG GENII Software Group Software · Germany | 2022 |
| Italgel Industrials · Italy | 2022 |
| Netrics IT Services · Switzerland | 2023 |
| Perfect Drive Sports Group Consumer · Germany | 2021 |
| synava HealthTech · Germany | 2022 |
| SYSTABUILD Software Group SaaS · Germany | 2022 |
| Tark Thermal Solutions Healthcare · Germany | 2021 |
| Theobald Software Software · Germany | 2022 |
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| ACTICO Group AI/ML · Germany | 2021 | 2025 | Secondary | Keensight Capital | – |
| Safety21 Software · Italy | 2021 | 2026 | Continuation Vehicle | BU Bregal Unternehmerkapital Multi-Asset Continuation Fund | – |
Bregal Unternehmerkapital IIHarvestingBuyout2018€1.2B3 assets7 exitsBuyout2018 · 8yr€1.2B37
Unrealized
3 held| Company | Entry |
|---|---|
| Reline UV Group Construction · Germany | 2020 |
| trendtours Hospitality · Germany | 2018 |
| woom Consumer · Austria | 2020 |
Realized
7 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| ATP Industrials · Switzerland | 2019 | 2022 | Secondary | Arsenal Capital Partners | – |
| EA Elektro-Automatik Industrials · Germany | 2019 | 2023 | Trade Sale | Fortive | – |
| GUS Group Software · Germany | 2020 | 2022 | Trade Sale | GSG GENII Software Group | – |
| iptor SaaS · Sweden | 2020 | 2022 | Trade Sale | GSG GENII Software Group | – |
| MEDIA Central Group Business Services · Germany | 2019 | 2024 | Trade Sale | Flipp Operations | – |
| PDV Software · Germany | 2019 | 2022 | Trade Sale | GSG GENII Software Group | – |
| STP LegalTech · Germany | 2020 | 2025 | Trade Sale | Septeo | – |
Bregal Unternehmerkapital IHarvestingBuyout2015€550M6 assets5 exitsBuyout2015 · 11yr€550M65
Unrealized
6 held| Company | Entry |
|---|---|
| eGroup Business Services · Germany | 2018 |
| Embassy Group Consumer · Switzerland | 2017 |
| Kunststoff Schwanden Industrials · Switzerland | 2016 |
| Linimed Healthcare · Germany | 2018 |
| Novem Mobility · Germany | 2011 |
| proALPHA SaaS · Germany | 2013 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Davaso HealthTech · Germany | 2015 | 2017 | Secondary | Montagu Private Equity | – |
| Gabocom Industrials · Germany | 2017 | 2019 | Trade Sale | Aptiv | – |
| Onlineprinters E-commerce · Germany | 2016 | 2026 | Continuation Vehicle | BU Bregal Unternehmerkapital Multi-Asset Continuation Fund | – |
| SHD Software · Germany | 2017 | 2022 | Trade Sale | GSG GENII Software Group | – |
| Sovendus AdTech · Germany | 2015 | 2021 | Secondary | Paragon Partners | – |
About BU Bregal Unternehmerkapital
Bregal Unternehmerkapital is the largest mid-cap private equity investor headquartered in the DACH region with more than €7.0 billion of capital raised to date as of December 2024, headquartered in Zug, Switzerland with offices in Munich, Amsterdam, Milan and London. The firm was founded in 2015 as the DACH mid-cap arm of Bregal Investments, the private equity platform of the COFRA Group (Brenninkmeijer family), and operates with a partner-led investment team. Fund IV closed in May 2024 at a €2.65 billion hard cap.
Investment thesis
Bregal Unternehmerkapital deploys capital through approximately four funds, targeting majority and minority shareholdings, growth financing, succession, carve-outs and management transactions in founder- and family-led Mittelstand hidden champions with equity tickets of €75-300 million. Sector focus spans software, industrial technology, business services and healthcare and life sciences and healthtech. Geographic deployment is the DACH region (Germany, Austria, Switzerland) plus northern Italy and neighbouring economies. The platform converts founders into advisory-board members and management teams into co-owners.
Recent activity
Recent realised exits include legal tech software (2025-2026) and risk-management and decision software (2025). Recent acquisitions include IT consulting and outsourcing (2026) plus a legal tech software platform. The platform continues active deployment of Fund IV across the DACH Mittelstand mandate.
Portfolio platforms backed by BU Bregal Unternehmerkapital made 11 researched add-on acquisitions during its ownership.
Frequently asked questions
- What investment strategy does BU Bregal Unternehmerkapital focus on?
- BU Bregal Unternehmerkapital focuses on Buyout, Growth strategies in the private equity space.
- How many portfolio companies does BU Bregal Unternehmerkapital have?
- BU Bregal Unternehmerkapital has 32 active portfolio companies and 14 completed exits and 5 funds tracked on GP Intel.
- Where is BU Bregal Unternehmerkapital headquartered?
- BU Bregal Unternehmerkapital is headquartered in Munich, Germany.
- What is BU Bregal Unternehmerkapital's assets under management?
- BU Bregal Unternehmerkapital manages approximately €7.0B in assets under management.
- When was BU Bregal Unternehmerkapital founded?
- BU Bregal Unternehmerkapital was founded in 2015.
- What sectors does BU Bregal Unternehmerkapital invest in?
- BU Bregal Unternehmerkapital invests across Software, Industrials, Business Services, Healthcare, Consumer.
- What are BU Bregal Unternehmerkapital's recent exits?
- Recent realized exits by BU Bregal Unternehmerkapital include: Safety21 (2026) to BU Bregal Unternehmerkapital Multi-Asset Continuation Fund; Onlineprinters (2026) to BU Bregal Unternehmerkapital Multi-Asset Continuation Fund; ACTICO Group (2025) to Keensight Capital; STP (2025) to Septeo; MEDIA Central Group (2024) to Flipp Operations; EA Elektro-Automatik (2023) to Fortive; ATP (2022) to Arsenal Capital Partners; GUS Group (2022) to GSG GENII Software Group.
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