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CAPCELLENCE Mittelstandspartner

CAPCELLENCE Mittelstandspartner

Hamburg, Germany·Founded 2005··capcellence.com

CAPCELLENCE Mittelstandspartner is a Hamburg-based independent single-family-office private equity holding founded in 2005 (independent via a 2009 MBO led by Dr. Spyros Chaveles) that acquires majority stakes in DACH Mittelstand companies in mechanical and plant engineering, industrial and electrical/measurement technology, and B2B services and software, investing only its own entrepreneurially earned capital with a long-term evergreen approach and no fund-driven exit pressure.

AUM
Funds
1
vintages 2005
Portfolio
4
Exits
8

Key facts

HQHamburg, Germany
Founded2005

Recent exits

4wheels
Business Services2023 · 12yr hold
Argo-hytos
Industrials2022 · 6yr hold
Atelier Gardeur
Atelier Gardeur
Consumer2013 · 5yr hold
Kundo
Kundo
Industrials2013 · 6yr hold

Coverage notes

1 fund tracked, 12 portfolio companies (4 active · 8 realized). Verified weekly from public filings and deal announcements.

Sector breakdown

12 companies
Industrials
8 · 67%
Consumer
2 · 17%
Business Services
1 · 8%
TMT
1 · 8%

Funds & portfolio

Every fund CAPCELLENCE Mittelstandspartner has raised, with its portfolio companies. Hand-checked from public filings.

1 fund
CAPCELLENCE Evergreen HoldingEvergreenActive
2005 · 21yr4 active · 8 realized

Unrealized

4 held
IndustrialsAustria· Entry 2025
NARR GruppeActive
IndustrialsGermany· Entry 2022
SOBAtecActive
IndustrialsGermany· Entry 2026
IndustrialsSwitzerland· Entry 2021

Realized

8 exits
4wheelsExited 2023
Business ServicesGermany· Entry 2011
MBOto
Argo-hytosExited 2022
IndustrialsGermany· Entry 2016
Trade Saleto
Atelier Gardeur
Atelier GardeurExited 2013
ConsumerGermany· Entry 2008
MBOto
Deutsche SeeExited 2006
ConsumerGermany· Entry 2002
Secondaryto
Kundo
KundoExited 2013
IndustrialsGermany· Entry 2007
Secondaryto
M-U-T AG (Nynomic)Exited 2007
TMTGermany· Entry 2002
IPO
QundisExited 2013
IndustrialsGermany· Entry 2007
Secondaryto
SpherosExited 2012
IndustrialsGermany· Entry 2005
Secondaryto
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Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Dr. Spyros Chaveles
Co-Founder & Managing Partner

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Last updated July 2026 · Sourced from public filings · Report an issue