capiton
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.
Key facts
Recent exits
Coverage notes
8 funds tracked, 59 portfolio companies (14 active · 45 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
59 companiesFunds & portfolio
Every fund capiton has raised, with its portfolio companies. Hand-checked from public filings.
capiton QuantumBuyoutActive2023 · 3yr€248M1 active · 1 realized
capiton VIBuyout2020 · 6yr€504M10 active · 3 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Industrials |  Switzerland | 2022 | |
| Industrials |  Germany | 2021 | |
| Construction | Switzerland | 2020 | |
| Pharma | Switzerland | 2025 | |
| Consumer | Germany | 2021 | |
| Healthcare | Germany | 2022 | |
| Pharma | Germany | 2020 | |
| Healthcare | Germany | 2026 | |
| ClimateTech | Germany | 2021 | |
| Healthcare | Germany | 2021 |
Switzerland· Entry 2022Germany· Entry 2021Switzerland· Entry 2020Switzerland· Entry 2025Germany· Entry 2021Germany· Entry 2022Germany· Entry 2020Germany· Entry 2026Germany· Entry 2021Germany· Entry 2021Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Construction | Germany | 2022 | 2024 | Trade Sale | – | ||
| Industrials | Germany | 2021 | 2025 | Trade Sale | – | ||
| Industrials | Germany | 2021 | 2025 | Trade Sale | – |
capiton OmegaBuyoutActive2019 · 7yr€288M1 active
capiton VBuyoutHarvesting2015 · 11yr€440M2 active · 10 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Pharma | Germany | 2021 | |
| Consumer | Germany | 2020 |
Germany· Entry 2021Germany· Entry 2020Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2019 | 2023 | Continuation Vehicle | – | ||
| ClimateTech | Germany | 2017 | 2025 | Trade Sale | – | ||
| Cybersecurity | Switzerland | 2018 | 2026 | Trade Sale | – | ||
| Pharma | Switzerland | 2020 | 2025 | Continuation Vehicle | – | ||
| Business Services |  Belgium | 2017 | 2019 | Secondary | – | ||
| MedTech | Germany | 2019 | 2025 | Secondary | – | ||
| Consumer | Germany | 2016 | 2023 | – | – | – | |
| MedTech | Germany | 2015 | 2019 | Secondary | – | ||
| Software | Germany | 2018 | 2023 | – | – | – | |
| Industrials | Germany | 2016 | 2023 | Continuation Vehicle | – |
Germany· Entry 2016Germany· Entry 2018capiton IVBuyoutHarvesting2010 · 16yr€350M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Construction | Germany | 2014 | 2021 | Secondary | – | ||
| Business Services | Germany | 2010 | 2017 | Secondary | – | ||
| Industrials | Germany | 2013 | 2018 | Secondary | – | ||
| Pharma | Germany | 2013 | 2019 | Continuation Vehicle | – | ||
| Industrials | Germany | 2011 | 2016 | Secondary | – | ||
| Industrials | Germany | 2014 | 2018 | Secondary | – | ||
| Industrials |  Austria | 2011 | 2016 | Secondary | – | ||
| Industrials | Germany | 2015 | 2020 | Trade Sale | – |
capiton IIIBuyoutRealized2007 · 19yr€250M0 active · 7 realized
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | Germany | 2007 | 2014 | Trade Sale | – | ||
| Construction | Germany | 2007 | 2016 | Secondary | – | ||
| Consumer | Germany | 2008 | 2015 | MBO | – | ||
| Business Services | Germany | 2009 | 2015 | Trade Sale | – | ||
| Construction | Germany | 2008 | 2015 | Secondary | – | ||
| Business Services | Germany | 2008 | 2011 | – | – | ||
| Pharma | Germany | 2008 | 2016 | Secondary | – |
capiton IIBuyoutRealized2003 · 23yr€186M0 active · 10 realized
Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Germany | 2003 | 2008 | Trade Sale | – | ||
| Energy | Germany | 2006 | 2015 | Trade Sale | – | ||
| Construction | Germany | 2004 | 2006 | Trade Sale | – | ||
| Consumer | Germany | 2006 | 2008 | Secondary | – | ||
| Industrials | Germany | 2005 | 2011 | Secondary | – | ||
| Mobility | Germany | 2005 | 2014 | Trade Sale | – | ||
| Mobility | Germany | 2005 | 2017 | Trade Sale | – | ||
| Mobility | Germany | 2005 | 2013 | – | – | – | |
| Business Services | Germany | 2006 | 2008 | Trade Sale | – | ||
| Business Services | Austria | 2003 | 2007 | MBO | – |
Germany· Entry 2005capiton IBuyoutRealized2000 · 26yr€186M0 active · 6 realized
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Business Services | Germany | 1999 | 2006 | – | – | – | |
| Industrials | Germany | 2000 | 2006 | Trade Sale | – | ||
| Industrials | Switzerland | 1999 | 2006 | IPO | – | – | |
| FoodTech |  Netherlands | 2000 | 2003 | Secondary | – | ||
| ClimateTech | Germany | 2001 | 2005 | Trade Sale | – | ||
| Financials | Switzerland | 2000 | 2002 | Trade Sale | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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Germany·€1.1BGet the full picture on capiton.
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