Deutsche Beteiligungs AG (DBAG) is a Frankfurt-listed private equity firm (SDAX, HRB 52491) founded in 1965 and listed since 1985, the first German PE firm to go public. It backs mid-market management buyouts and growth financings in the DACH region and, since 2020, Italy through its DBAG Fund and DBAG ECF fund families, complemented by balance-sheet long-term investments and a private debt arm via ELF Capital. Assets under management or advisory of around EUR 2.7bn as of 31 December 2025; offices in Frankfurt, Milan and Luxembourg.
Key facts
Recent exits
Coverage notes
12 funds tracked, 93 portfolio companies (38 active · 55 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Deutsche Beteiligungs AG has raised, with its portfolio companies. Hand-checked from public filings.
DBAG Solvares Continuation FundBuyout2024 · 2yr€130M1 active
DBAG ECF IVSmall-Mid Buyout2022 · 4yr€250M5 active
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AOE | IT Services | Germany | 2023 |
| Avrio Energie | Energy | Germany | 2023 |
| ProMik | Industrials | Germany | 2023 |
| TBD Technische Bau Dienstleistungen | Construction | Germany | 2023 |
| UNITY | IT Services | Germany | 2024 |
DBAG Fund VIIIBuyout2020 · 6yr€1.1B9 active · 2 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| congatec | Industrials | Germany | 2020 |
| Dantherm | Industrials | Denmark | 2021 |
| Firian | Business Services | Germany | 2020 |
| freiheit.com | Software | Germany | 2022 |
| Great Lengths | Consumer | Italy | 2024 |
| Hipp Technology Group | MedTech | Germany | 2026 |
| MAIT | IT Services | Germany | 2025 |
| MTWH | Industrials | Italy | 2022 |
| Totalmobile | Software | UK | 2026 |
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Deutsche Giga Access | Telecom | Germany | 2020 | 2024 | – | – | – |
| in-tech | IT Services | Germany | 2022 | 2024 | Trade Sale | – |
DBAG ECF IIISmall-Mid Buyout2018 · 8yr€106M0 active · 2 realized
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| BTV Multimedia | Telecom | Germany | 2018 | 2023 | Trade Sale | – | |
| Solvares | Software | Germany | 2018 | 2024 | GP-led | – |
DBAG ECF IISmall-Mid Buyout2017 · 9yr€85M0 active · 1 realized
DBAG Fund VIIBuyout2016 · 10yr€1.0B8 active · 4 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| akquinet | IT Services | Germany | 2022 |
| Cartonplast | Business Services | Germany | 2019 |
| Cloudflight | IT Services | Germany | 2019 |
| evidia | Healthcare | Germany | 2019 |
| Fischer TireTech | Industrials | Germany | 2018 |
| Itelyum | Energy | Italy | 2021 |
| operasan | Healthcare | Germany | 2021 |
| Sero | Industrials | Germany | 2018 |
Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| duagon | Industrials | Switzerland | 2017 | 2026 | Trade Sale | – | |
| Kraft & Bauer | Industrials | Germany | 2018 | 2026 | Trade Sale | – | |
| More than Meals | Consumer | Germany | 2017 | 2024 | – | – | – |
| Pmflex | Industrials | Italy | 2020 | 2023 | Trade Sale | – |
DBAG Fund VIBuyout2013 · 13yr€700M3 active · 8 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Braun Connectivity Solutions | Industrials | Germany | 2017 |
| Polytech Health & Aesthetics | MedTech | Germany | 2016 |
| Silbitz | Industrials | Germany | 2015 |
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Cleanpart | Business Services | Germany | 2015 | 2018 | Trade Sale | – | |
| Frimo | Industrials | Germany | 2016 | 2023 | – | – | – |
| Gienanth | Industrials | Germany | 2015 | 2023 | – | – | – |
| GMM Pfaudler | Industrials | India | 2014 | 2023 | – | – | – |
| Infiana | Industrials | Germany | 2014 | 2019 | Secondary | – | |
| Schuelerhilfe | Education | Germany | 2013 | 2017 | Secondary | – | |
| Telio | Telecom | Germany | 2016 | 2021 | Secondary | – | |
| Unser Heimatbaecker | Consumer | Germany | 2014 | 2018 | – | – | – |
DBAG ECF IGrowth2011 · 15yr€213M3 active · 7 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Netzkontor | Telecom | Germany | 2018 |
| Oechsler | Industrials | Germany | 2015 |
| von Poll Immobilien | Real Estate | Germany | 2018 |
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| DNS:Net | Telecom | Germany | 2013 | 2021 | Secondary | – | |
| inexio | Telecom | Germany | 2013 | 2019 | Secondary | – | |
| mageba | Industrials | Switzerland | 2016 | 2026 | – | – | |
| Novopress | Industrials | Germany | 2015 | 2019 | Secondary | – | |
| Plant Systems & Services PSS | Business Services | Germany | 2012 | 2019 | – | – | – |
| Rheinhold & Mahla | Business Services | Germany | 2016 | 2021 | – | – | – |
| vitronet | Telecom | Germany | 2017 | 2025 | Secondary | – |
DBAG Fund VBuyout2007 · 19yr€539M0 active · 11 realized
Realized
11 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Broetje-Automation | Industrials | Germany | 2012 | 2016 | Trade Sale | – | |
| Coperion | Industrials | Germany | 2007 | 2012 | Trade Sale | – | |
| FDG | Business Services | France | 2010 | 2017 | Secondary | – | |
| Formel D | Business Services | Germany | 2013 | 2017 | Secondary | – | |
| Heytex | Industrials | Germany | 2012 | 2023 | Secondary | – | |
| Homag Group | Industrials | Germany | 2007 | 2014 | Trade Sale | – | |
| ICTS Europe | Business Services | Netherlands | 2008 | 2013 | – | – | – |
| MCE | Business Services | Austria | 2007 | 2009 | Trade Sale | – | |
| ProXES | Industrials | Germany | 2013 | 2017 | Secondary | – | |
| Romaco | Industrials | Germany | 2011 | 2017 | Trade Sale | – | |
| Spheros | Industrials | Germany | 2012 | 2016 | Trade Sale | – |
DBAG Fund IVBuyout2002 · 24yr€328M0 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Aksys | Industrials | Germany | 2001 | 2008 | – | – | – |
| Babcock Borsig Service | Business Services | Germany | 2003 | 2005 | Trade Sale | – | |
| Clyde Bergemann | Industrials | Germany | 2005 | 2016 | – | – | – |
| Coveright Surfaces | Industrials | Germany | 2003 | 2013 | – | – | – |
| Heim & Haus | Consumer | Germany | 2006 | 2011 | – | – | – |
| HT Engineering | Industrials | Germany | 2002 | 2006 | – | – | – |
| Lewa | Industrials | Germany | 2005 | 2009 | Trade Sale | – | |
| Otto Sauer Achsenfabrik | Industrials | Germany | 2004 | 2006 | Trade Sale | – | |
| Preh | Industrials | Germany | 2003 | 2011 | Trade Sale | – |
DBG Fonds IIIBuyout1998 · 28yr€145M0 active · 9 realized
Realized
9 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Andritz | Industrials | Austria | 1999 | 2003 | – | – | – |
| DS Technologie | Industrials | Germany | 1998 | 2007 | Trade Sale | – | |
| Edscha | Industrials | Germany | 2000 | 2002 | Secondary | – | |
| Euvita | Diversified | Germany | 1997 | 2002 | – | – | – |
| GAH | Business Services | Germany | 1998 | 2000 | – | – | – |
| Libro | Consumer | Austria | 1997 | 1999 | IPO | – | – |
| Schoeller & Hoesch | Industrials | Germany | 1997 | 1998 | Trade Sale | – | |
| Sebaldus | Business Services | Germany | 1997 | 1999 | – | – | – |
| Zapf | Construction | Germany | 1999 | 2006 | – | – | – |
DBAG Long-Term InvestmentsEvergreen1991 · 35yr€640M9 active · 2 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Bug Bounty Switzerland | Cybersecurity | Switzerland | 2026 |
| ELF Capital Group | Financials | Germany | 2023 |
| FinMatch | Fintech | Germany | 2025 |
| Green Datahub | Cloud Infrastructure | Germany | 2022 |
| Hausheld | Energy | Germany | 2020 |
| JCK | Consumer | Germany | 1992 |
| NOKERA | Construction | Switzerland | 2023 |
| Telio | Telecom | Germany | 2021 |
| vhf | MedTech | Germany | 2022 |
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Grohmann Engineering | Industrials | Germany | 1996 | 2017 | Trade Sale | – | |
| R+S | Business Services | Germany | 2021 | 2023 | Trade Sale | – |
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About Deutsche Beteiligungs AG
Deutsche Beteiligungs AG (DBAG) is the only DACH-listed mid-cap private equity firm with approximately €2.7 billion of assets under management or advisory as of December 2024, headquartered in Frankfurt am Main and listed on the Frankfurt Stock Exchange Prime Standard (ticker DBA, ISIN DE000A1TNUT7). The firm was founded in 1965 (celebrating 60-year anniversary in 2025-2026) and has been listed since 1985. DBAG co-invests balance sheet alongside advised funds, with DBAG ECF IV closing at €250 million in November 2024.
Investment thesis
DBAG deploys capital through 11 plus active funds including DBAG Fund VII, DBAG Fund VIII (current flagship), DBAG ECF III, DBAG ECF IV, the Solvares Continuation Fund and ELF Capital debt funds, targeting mid-market buyouts, growth capital and long-term equity investments. The integrated private debt offering via the ELF Capital acquisition complements the flagship private equity strategy. Sector focus spans manufacturing and industry tech (automation, robotics, digitalisation), business services, IT services and software, healthcare, broadband telecommunications and environment, energy and infrastructure. Geographic deployment is DACH-core (Germany 47% of portfolio revenues, Austria, Switzerland) plus Italy via the Milan office since 2021.
Recent activity
Recent realised exits include software and logistics (Solvares partial sale, April 2024), industrials and rail technology (duagon, 2024) and industrials and engineering services (in-tech, 2024). Recent acquisitions include software and SME finance platform (FinMatch minority stake, July 2025), software and digitalisation services (MAIT, 2025), software and field service management (Totalmobile joint investment with Five Arrows for Solvares add-on, 2025) and telecommunications infrastructure (data centre operator, 2024-2025). 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.
Similar firms
Other private equity firms tracked on GP Intel.
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