What investment strategy does capiton focus on?

capiton focuses on Buyout, Growth strategies in the private equity space.

How many portfolio companies does capiton have?

capiton has 14 active portfolio companies and 45 completed exits and 8 funds tracked on GP Intel.

Where is capiton headquartered?

capiton is headquartered in Berlin, Germany.

What is capiton's assets under management?

capiton manages approximately €1.6B in assets under management.

What sectors does capiton invest in?

capiton invests across Industrials, Healthcare, Business Services, Consumer, Energy.

What are capiton's recent exits?

Recent realized exits by capiton include: AEMtec (2026) to Micross Components; CymbiQ Group (2026) to Adnovum and x-tention; KM Packaging (2025) to ALPLA Group; Stuertz Group (2025) to Voilap Group; BWTS (2025) to ZPUE; Dec Group (2025) to capiton VI; GPE Group (2025) to Atlantik Advisors Group; GRITEC (2024) to Viessmann Generations Group.

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capiton

Berlin, Germany·Founded 1999·

Buyout Growth Equity

·capiton.de

Berlin mid-market buyout firm founded in 1999 as the private equity arm of the Gothaer insurance group and made independent through a management buyout in 2004, when management and employees acquired 90 percent while capiton continued managing Gothaer's portfolio. capiton invests equity tickets of roughly EUR 20m to 60m in profitable DACH Mittelstand companies with EUR 50m to 300m revenue across two practices, High-Tech Industrials and Healthcare and Life Sciences, through succession deals, MBOs, carve-outs, buy-and-build and continuation funds. It manages around EUR 1.6bn across eight fund generations and has backed 59 platform investments with over 118 add-ons and 40 plus exits since 1999. Managing Partners since November 2025: Christoph Karbenk, Frank-Markus Winkler, Gerwin Theiler and Fritjof Franz.

AUM

€1.6B

Funds

vintages 2000–2023

Portfolio

Exits

capiton is a Berlin buyout firm with €1.6B AUM, 14 active companies and 45 exits.

SectorsIndustrials Healthcare Business Services Consumer Energy

Key takeaways

·13 exits in the last 5 years · consistent DPI cadence.
·Average hold across 45 realized deals: 6 years.
·Fund cadence: ~3Y between vintages · last raise 2023.

Sector breakdown

59 companies

Industrials

13 · 22%

Business Services

8 · 14%

Construction

7 · 12%

Pharma

7 · 12%

Consumer

5 · 8%

Mobility

4 · 7%

Healthcare

3 · 5%

ClimateTech

3 · 5%

Geography breakdown

5 geographies

Germany

48 · 81%

Switzerland

7 · 12%

Austria

2 · 3%

Belgium

1 · 2%

Netherlands

1 · 2%

Key facts

HQBerlin, Germany

Founded1999

Employees29+

Websitecapiton.de

Recent exits

capiton sold AEMtec to Micross Components in 2026 after 3 years.

capiton sold CymbiQ Group to Adnovum and x-tention in 2026 after 8 years.

capiton sold KM Packaging to ALPLA Group in 2025 after 4 years.

capiton sold Stuertz Group to Voilap Group in 2025 after 4 years.

Partners

Fritjof FranzManaging Partner

Manuel HertweckChairman of the Investment Committee

Mara StockPartner

Christoph SporsPartner

Alexander KretzerPartner

Coverage notes

8 funds tracked, 59 portfolio companies (14 active · 45 realized). Verified weekly from public filings and deal announcements.

Investment team

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

Fritjof Franz

Managing Partner

Manuel Hertweck

Chairman of the Investment Committee

Mara Stock

Partner

Christoph Spors

Partner

Alexander Kretzer

Partner

Funds & portfolio

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

8 funds

Fund

Strategy

Vintage

Size

Assets

Exits

capiton QuantumActive

Buyout2023€248M1 assets1 exits

Buyout

2023 · 3yr

€248M

Unrealized

1 held

Company	Entry
Raith Deep Tech · Germany	2023

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
AEMtec Industrials · Germany	2023	2026	Trade Sale	Micross Components	–

capiton VI

Buyout2020€504M10 assets3 exits

Buyout

2020 · 6yr

€504M

Unrealized

10 held

Company	Entry
Asyril Industrials · Switzerland	2022
Axxence Group Industrials · Germany	2021
Cedes Construction · Switzerland	2020
Dec Group Pharma · Switzerland	2025
EVP / Vitafy Consumer · Germany	2021
HCD Healthcare & Diagnostics Healthcare · Germany	2022
MiP Pharma Pharma · Germany	2020
SAPV Care Healthcare · Germany	2026
Solvis ClimateTech · Germany	2021
Wundex Healthcare · Germany	2021

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Gritec Construction · Germany	2022	2024	Trade Sale	Viessmann Generations Group	–
KM Packaging Industrials · Germany	2021	2025	Trade Sale	ALPLA Group	–
Stuertz Group Industrials · Germany	2021	2025	Trade Sale	Voilap Group	–

capiton OmegaActive

Buyout2019€288M1 assets

Buyout

2019 · 7yr

€288M

–

Unrealized

1 held

Company	Entry
KD Pharma Pharma · Germany	2019

capiton VHarvesting

Buyout2015€440M2 assets10 exits

Buyout

2015 · 11yr

€440M

Unrealized

2 held

Company	Entry
Addvance Group Pharma · Germany	2021
AlphaPet Ventures Consumer · Germany	2020

Realized

10 exits

Company	Entry	Exit	Type	Buyer	MOIC
AEMtec Industrials · Germany	2019	2023	Continuation Vehicle	capiton Quantum	–
BWTS ClimateTech · Germany	2017	2025	Trade Sale	ZPUE	–
CymbiQ Group Cybersecurity · Switzerland	2018	2026	Trade Sale	Adnovum and x-tention	–
Dec Group Pharma · Switzerland	2020	2025	Continuation Vehicle	capiton VI	–
Gemaco Group Business Services · Belgium	2017	2019	Secondary	Saffelberg Investments	–
GPE Group MedTech · Germany	2019	2025	Secondary	Atlantik Advisors Group	–
Hamm Reno Group Consumer · Germany	2016	2023	–	–	–
LAP-Laser MedTech · Germany	2015	2019	Secondary	IK Investment Partners	–
Magix Software · Germany	2018	2023	–	–	–
Raith Deep Tech · Germany	2016	2023	Continuation Vehicle	capiton Quantum	–

capiton IVHarvesting

Buyout2010€350M0 assets8 exits

Buyout

2010 · 16yr

€350M

Realized

8 exits

Company	Entry	Exit	Type	Buyer	MOIC
Engelmann Sensor Construction · Germany	2014	2021	Secondary	DPE Deutsche Private Equity	–
Gess Business Services · Germany	2010	2017	Secondary	JR Holding (AUCTUS)	–
Kautex Maschinenbau Mobility · Germany	2013	2018	Secondary	Plastech Beteiligungs	–
KD Pharma Pharma · Germany	2013	2019	Continuation Vehicle	capiton Omega	–
Poli-Tape Gruppe Industrials · Germany	2011	2016	Secondary	Bitburger Family Office	–
Prefere Resins Construction · Germany	2014	2018	Secondary	Silverfleet Capital	–
Schur Flexibles Industrials · Austria	2011	2016	Secondary	Lindsay Goldberg	–
Trioptics Industrials · Germany	2015	2020	Trade Sale	Jenoptik	–

capiton IIIRealized

Buyout2007€250M0 assets7 exits

Buyout

2007 · 19yr

€250M

Realized

7 exits

Company	Entry	Exit	Type	Buyer	MOIC
Lahmeyer International Business Services · Germany	2007	2014	Trade Sale	Tractebel Engineering	–
nora systems Construction · Germany	2007	2016	Secondary	Intermediate Capital Group	–
Nutwork Handelsgesellschaft Consumer · Germany	2008	2015	MBO	Management and existing shareholders	–
RTS-Gruppe Business Services · Germany	2009	2015	Trade Sale	Media-Saturn	–
svt-Gruppe Construction · Germany	2008	2015	Secondary	IK Investment Partners	–
walter services Business Services · Germany	2008	2011	Secondary	H.I.G. Europe and Anchorage Capital	–
Zytoservice Pharma · Germany	2008	2016	Secondary	IK Investment Partners	–

capiton IIRealized

Buyout2003€186M0 assets10 exits

Buyout

2003 · 23yr

€186M

Realized

10 exits

Company	Entry	Exit	Type	Buyer	MOIC
Borsig Industrials · Germany	2003	2008	Trade Sale	KNM Group	–
Ensys Energy · Germany	2006	2015	Trade Sale	Technische Werke Ludwigshafen	–
Essener Hochdruckrohrleitungsbau Construction · Germany	2004	2006	Trade Sale	Bilfinger Berger	–
Gimborn Consumer · Germany	2006	2008	Secondary	Penta Investments	–
GMC Gossen Metrawatt Industrials · Germany	2005	2011	Secondary	M Cap Finance	–
KOKI Mobility · Germany	2005	2014	Trade Sale	AVIC Electromechanical Systems	–
MT Misslbeck Mobility · Germany	2005	2017	Trade Sale	AC Industrials	–
SHW Casting Technologies Mobility · Germany	2005	2013	–	–	–
Steco Business Services · Germany	2006	2008	Trade Sale	IFCO Systems	–
Trenkwalder Business Services · Austria	2003	2007	MBO	Trenkwalder family	–

capiton IRealized

Buyout2000€186M0 assets6 exits

Buyout

2000 · 26yr

€186M

Realized

6 exits

Company	Entry	Exit	Type	Buyer	MOIC
DKV Euro Service Business Services · Germany	1999	2006	–	–	–
Hettich Gruppe Industrials · Germany	2000	2006	Trade Sale	Hettich family	–
Meyer Burger Industrials · Switzerland	1999	2006	IPO	–	–
Refresco Holding FoodTech · Netherlands	2000	2003	Secondary	3i Group	–
REpower Systems ClimateTech · Germany	2001	2005	Trade Sale	Areva	–
RMF Investmentgroup Financials · Switzerland	2000	2002	Trade Sale	Man Group	–

About capiton

Capiton is a long-established Berlin-headquartered DACH mid-cap private equity firm with €1.6 billion of assets under management as of December 2024, founded in 1999 (current AG legal structure 2004). The firm remains a partner-owned independent platform (inhabergeführte Beteiligungsgesellschaft). Capiton has delivered approximately 18% average annual EBITDA growth across the portfolio, making it one of the longest-tenured Berlin-headquartered DACH mid-cap GPs.

Investment thesis

Capiton deploys capital through six generations of flagship funds plus AlphaPet follow-on and buy-and-build vehicles and Quantum funds, targeting mid-cap buy-out partnerships with profitable, growth-oriented DACH companies. Investment focus spans companies with €50-300 million revenue and equity tickets of €20-60 million. Sector focus spans high-tech industrials, healthcare and life sciences, business services, consumer goods and software. Geographic deployment is anchored in the DACH region (Germany, Austria, Switzerland) with selective adjacent European bolt-ons. The partner-at-eye-level approach combines with disciplined sector specialisation across multi-decade portfolio relationships.

Recent activity

Recent realised exits include healthcare IT (CymbiQ and Anovis Group, January-March 2026), industrial processing (Dec Group, February 2026), packaging (KM Packaging to ALPLA Group, 2025) and industrial components (GRITEC, October 2024). Recent acquisitions include home healthcare (SAPV Care majority stake, March 2026), pet supplements (Tierliebhaber via AlphaPet, April 2026) and pet food (Cpro Food via AlphaPet, April 2026). The platform continues active deployment across the flagship fund and AlphaPet buy-and-build platform.

Frequently asked questions

What investment strategy does capiton focus on?: capiton focuses on Buyout, Growth strategies in the private equity space.
How many portfolio companies does capiton have?: capiton has 14 active portfolio companies and 45 completed exits and 8 funds tracked on GP Intel.
Where is capiton headquartered?: capiton is headquartered in Berlin, Germany.
What is capiton's assets under management?: capiton manages approximately €1.6B in assets under management.
When was capiton founded?: capiton was founded in 1999.
What sectors does capiton invest in?: capiton invests across Industrials, Healthcare, Business Services, Consumer, Energy.
What are capiton's recent exits?: Recent realized exits by capiton include: AEMtec (2026) to Micross Components; CymbiQ Group (2026) to Adnovum and x-tention; KM Packaging (2025) to ALPLA Group; Stuertz Group (2025) to Voilap Group; BWTS (2025) to ZPUE; Dec Group (2025) to capiton VI; GPE Group (2025) to Atlantik Advisors Group; GRITEC (2024) to Viessmann Generations Group.