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 (15 active · 44 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund capiton has raised, with its portfolio companies. Hand-checked from public filings.
capiton QuantumBuyout2023 · 3yr€248M2 active
capiton VIBuyout2020 · 6yr€504M10 active · 3 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Asyril | Industrials | Switzerland | 2022 |
| Axxence Group | Industrials | Germany | 2021 |
| CEDES | Industrials | 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 | Energy | Germany | 2021 |
| Wundex | Healthcare | Germany | 2021 |
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| GRITEC | Industrials | Germany | 2022 | 2024 | Trade Sale | – | |
| KM Packaging | Industrials | Germany | 2021 | 2025 | Trade Sale | – | |
| Stuertz Group | Industrials | Germany | 2021 | 2025 | Trade Sale | – |
capiton OmegaBuyout2019 · 7yr€288M1 active
capiton VBuyout2015 · 11yr€440M2 active · 10 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Addvance Group | Healthcare | Germany | 2021 |
| AlphaPet Ventures | Consumer | Germany | 2020 |
Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AEMtec | Industrials | Germany | 2019 | 2023 | GP-led | – | |
| BWTS | Energy | Germany | 2017 | 2025 | Trade Sale | – | |
| CymbiQ Group | Cybersecurity | Switzerland | 2018 | 2026 | Trade Sale | – | |
| Dec Group | Pharma | Switzerland | 2020 | 2025 | GP-led | – | |
| Gemaco Group | Business Services | Belgium | 2017 | 2019 | Secondary | – | |
| GPE Group | MedTech | Germany | 2019 | 2025 | – | – | – |
| Hamm Reno Group | Consumer | Germany | 2016 | 2023 | – | – | – |
| LAP-Laser | MedTech | Germany | 2015 | 2019 | Secondary | – | |
| MAGIX | Software | Germany | 2018 | 2023 | – | – | – |
| Raith | Industrials | Germany | 2016 | 2023 | GP-led | – |
capiton IVBuyout2010 · 16yr€350M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Engelmann Sensor | Industrials | Germany | 2014 | 2021 | Secondary | – | |
| Gess | Business Services | Germany | 2010 | 2017 | Secondary | – | |
| Kautex Maschinenbau | Industrials | Germany | 2013 | 2018 | Secondary | – | |
| KD Pharma | Pharma | Germany | 2013 | 2019 | GP-led | – | |
| Poli-Tape Gruppe | Industrials | Germany | 2011 | 2016 | Secondary | – | |
| Prefere Resins | Industrials | Germany | 2014 | 2018 | Secondary | – | |
| Schur Flexibles | Industrials | Austria | 2011 | 2016 | Secondary | – | |
| Trioptics | Industrials | Germany | 2015 | 2020 | Trade Sale | – |
capiton IIIBuyout2007 · 19yr€250M0 active · 7 realized
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Lahmeyer International | Business Services | Germany | 2007 | 2014 | Trade Sale | – | |
| nora systems | Industrials | Germany | 2007 | 2016 | Secondary | – | |
| Nutwork Handelsgesellschaft | Consumer | Germany | 2008 | 2015 | MBO | – | |
| RTS-Gruppe | Business Services | Germany | 2009 | 2015 | Trade Sale | – | |
| svt-Gruppe | Industrials | Germany | 2008 | 2015 | Secondary | – | |
| walter services | Business Services | Germany | 2008 | 2011 | Write-off | – | – |
| Zytoservice | Pharma | Germany | 2008 | 2016 | Secondary | – |
capiton IIBuyout2003 · 23yr€186M0 active · 10 realized
Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Borsig | Industrials | Germany | 2003 | 2008 | Trade Sale | – | |
| Ensys | Energy | Germany | 2006 | 2015 | Trade Sale | – | |
| Essener Hochdruckrohrleitungsbau | Industrials | Germany | 2004 | 2006 | Trade Sale | – | |
| Gimborn | Consumer | Germany | 2006 | 2008 | Secondary | – | |
| GMC Gossen Metrawatt | Industrials | Germany | 2005 | 2011 | Secondary | – | |
| KOKI | Industrials | Germany | 2005 | 2014 | Trade Sale | – | |
| MT Misslbeck | Industrials | Germany | 2005 | 2017 | Trade Sale | – | |
| SHW Casting Technologies | Industrials | Germany | 2005 | 2013 | – | – | – |
| Steco | Business Services | Germany | 2006 | 2008 | Trade Sale | – | |
| Trenkwalder | Business Services | Austria | 2003 | 2007 | MBO | – |
capiton IBuyout2000 · 26yr€186M0 active · 6 realized
Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| DKV Euro Service | Business Services | Germany | 1999 | 2006 | – | – | – |
| Hettich Gruppe | Industrials | Germany | 2000 | 2006 | Trade Sale | – | |
| Meyer Burger | Industrials | Switzerland | 1999 | 2006 | IPO | – | – |
| Refresco Holding | Consumer | Netherlands | 2000 | 2003 | Secondary | – | |
| REpower Systems | Energy | Germany | 2001 | 2005 | Trade Sale | – | |
| RMF Investmentgroup | 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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