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.
Deutsche Beteiligungs AG is a Frankfurt buyout firm with €2.7B AUM, 42 active companies and 55 exits.
- ·19 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 55 realized deals: 6 years.
- ·Best return: 0.5x MOIC on mageba (2026).
- ·Top sector focus: Industrials (32% of portfolio).
- ·Fund cadence: ~3Y between vintages · last raise 2024.
Sector breakdown
97 companiesGeography breakdown
9 geographiesKey facts
Recent exits
Deutsche Beteiligungs AG sold duagon to Knorr-Bremse in 2026 after 9 years.
Deutsche Beteiligungs AG sold Kraft & Bauer to Syngroh Capital in 2026 after 8 years.
Deutsche Beteiligungs AG exited mageba in 2026 after 10 years.
Deutsche Beteiligungs AG sold vitronet to BlackRock in 2025 after 8 years.
Partners
Coverage notes
12 funds tracked, 97 portfolio companies (42 active · 55 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund Deutsche Beteiligungs AG has raised, with its portfolio companies. Hand-checked from public filings.
DBAG Solvares Continuation FundActiveBuyout2024€130M1 assetsBuyout2024 · 2yr€130M1–
Unrealized
1 held| Company | Entry |
|---|---|
| Solvares SaaS · Germany | 2024 |
DBAG ECF IVSmall-Mid Buyout2022€250M7 assetsSmall-Mid Buyout2022 · 4yr€250M7–
Unrealized
7 held| Company | Entry |
|---|---|
| AOE IT Services · Germany | 2023 |
| Avrio Energie Energy · Germany | 2023 |
| MTW Holding Consumer · Italy | 2022 |
| ProMik Industrials · Germany | 2023 |
| TBD Technische Bau Dienstleistungen Construction · Germany | 2023 |
| TNL Gruppe Business Services · Germany | 2026 |
| Unity IT Services · Germany | 2024 |
DBAG Fund VIIIBuyout2020€1.1B9 assets2 exitsBuyout2020 · 6yr€1.1B92
Unrealized
9 held| Company | Entry |
|---|---|
| congatec Industrials · Germany | 2020 |
| Dantherm Industrials · Denmark | 2021 |
| Firian Business Services · Germany | 2020 |
| freiheit.com IT Services · Germany | 2022 |
| Great Lengths Consumer · Italy | 2024 |
| Hipp Technology Group MedTech · Germany | 2026 |
| MAIT IT Services · Germany | 2025 |
| MTWH Industrials · Italy | 2022 |
| Totalmobile SaaS · UK | 2026 |
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Deutsche Giga Access Telecom · Germany | 2020 | 2024 | Trade Sale | Strategic Fiber Networks GmbH | – |
| in-tech IT Services · Germany | 2022 | 2024 | Trade Sale | Infosys | – |
DBAG ECF IIIHarvestingSmall-Mid Buyout2018€106M0 assets2 exitsSmall-Mid Buyout2018 · 8yr€106M02
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| BTV Multimedia Telecom · Germany | 2018 | 2023 | Trade Sale | ETC Group | – |
| Solvares SaaS · Germany | 2018 | 2024 | Continuation Vehicle | DBAG Solvares Continuation Fund | – |
DBAG ECF IIHarvestingSmall-Mid Buyout2017€85M0 assets1 exitsSmall-Mid Buyout2017 · 9yr€85M01
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Sjolund Industrials · Denmark | 2018 | 2022 | – | – | – |
DBAG Fund VIIHarvestingBuyout2016€1.0B9 assets4 exitsBuyout2016 · 10yr€1.0B94
Unrealized
9 held| Company | Entry |
|---|---|
| akquinet IT Services · Germany | 2022 |
| Cartonplast Business Services · Germany | 2019 |
| Cloudflight IT Services · Germany | 2019 |
| Dieter Braun Mobility · Germany | 2016 |
| evidia Healthcare · Germany | 2019 |
| Fischer TireTech Industrials · Germany | 2018 |
| Itelyum Industrials · Italy | 2021 |
| operasan Healthcare · Germany | 2021 |
| Sero Industrials · Germany | 2018 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| duagon Mobility · Switzerland | 2017 | 2026 | Trade Sale | Knorr-Bremse | – |
| Kraft & Bauer Industrials · Germany | 2018 | 2026 | Trade Sale | Syngroh Capital | – |
| More than Meals Consumer · Germany | 2017 | 2024 | Trade Sale | Group of Butchers | – |
| Pmflex Industrials · Italy | 2020 | 2023 | Trade Sale | Hager Group | – |
DBAG Fund VIHarvestingBuyout2013€700M4 assets8 exitsBuyout2013 · 13yr€700M48
Unrealized
4 held| Company | Entry |
|---|---|
| Braun Connectivity Solutions Industrials · Germany | 2017 |
| Dahlback Consumer · Germany | 2014 |
| Polytech Health & Aesthetics MedTech · Germany | 2016 |
| Silbitz Industrials · Germany | 2015 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cleanpart Business Services · Germany | 2015 | 2018 | Trade Sale | Mitsubishi Chemical | – |
| Frimo Industrials · Germany | 2016 | 2023 | Trade Sale | FRIMO Innovative Technologies GmbH | – |
| Gienanth Industrials · Germany | 2015 | 2023 | – | – | – |
| GMM Pfaudler Industrials · India | 2014 | 2023 | Secondary | ChrysCapital | – |
| Infiana Industrials · Germany | 2014 | 2019 | Secondary | Pamplona Capital Management | – |
| Schuelerhilfe Education · Germany | 2013 | 2017 | Secondary | Oakley Capital | – |
| Telio Telecom · Germany | 2016 | 2021 | Secondary | Charterhouse Capital Partners | – |
| Unser Heimatbaecker Consumer · Germany | 2014 | 2018 | – | – | – |
DBAG ECF IHarvestingGrowth2011€213M3 assets7 exitsGrowth2011 · 15yr€213M37
Unrealized
3 held| Company | Entry |
|---|---|
| Netzkontor Telecom · Germany | 2018 |
| Oechsler Industrials · Germany | 2015 |
| von Poll Immobilien Real Estate · Germany | 2018 |
Realized
7 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| DNS:Net Telecom · Germany | 2013 | 2021 | Secondary | 3i Infrastructure plc | – |
| inexio Telecom · Germany | 2013 | 2019 | Secondary | EQT | – |
| mageba Construction · Switzerland | 2016 | 2026 | – | – | 0.5x |
| Novopress Industrials · Germany | 2015 | 2019 | Secondary | ZHG Zangen Holding GmbH | – |
| Plant Systems & Services PSS Business Services · Germany | 2012 | 2019 | – | – | – |
| Rheinhold & Mahla Business Services · Germany | 2016 | 2021 | Trade Sale | CSSC Waigaoqiao Cruise Supply Chain Co., Ltd. | – |
| vitronet Telecom · Germany | 2017 | 2025 | Secondary | BlackRock | – |
DBAG Fund VRealizedBuyout2007€539M0 assets11 exitsBuyout2007 · 19yr€539M011
Realized
11 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Broetje-Automation Aerospace & Defence · Germany | 2012 | 2016 | Trade Sale | Shanghai Electric | – |
| Coperion Industrials · Germany | 2007 | 2012 | Trade Sale | Hillenbrand | – |
| FDG Consumer · France | 2010 | 2017 | Secondary | CM-CIC Investissement | – |
| Formel D Business Services · Germany | 2013 | 2017 | Secondary | 3i | – |
| Heytex Industrials · Germany | 2012 | 2023 | Secondary | Bencis Capital Partners | – |
| Homag Group Industrials · Germany | 2007 | 2014 | Trade Sale | Duerr | – |
| ICTS Europe Business Services · Netherlands | 2008 | 2013 | Secondary | Groupe IPE and Sofinord | – |
| MCE Business Services · Austria | 2007 | 2009 | Trade Sale | Bilfinger Berger | – |
| ProXES Industrials · Germany | 2013 | 2017 | Secondary | Capvis Equity Partners | – |
| Romaco Industrials · Germany | 2011 | 2017 | Trade Sale | Truking Technology | – |
| Spheros Mobility · Germany | 2012 | 2016 | Trade Sale | Valeo | – |
DBAG Fund IVRealizedBuyout2002€328M0 assets9 exitsBuyout2002 · 24yr€328M09
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Aksys Mobility · Germany | 2001 | 2008 | – | – | – |
| Babcock Borsig Service Business Services · Germany | 2003 | 2005 | Trade Sale | Bilfinger Berger | – |
| Clyde Bergemann Industrials · Germany | 2005 | 2016 | MBO | – | – |
| Coveright Surfaces Industrials · Germany | 2003 | 2013 | – | – | – |
| Heim & Haus Consumer · Germany | 2006 | 2011 | MBO | Dr. Rolf-Christian Schommers and Heinz-Theo Nühlen families | – |
| HT Engineering Industrials · Germany | 2002 | 2006 | – | – | – |
| Lewa Industrials · Germany | 2005 | 2009 | Trade Sale | Nikkiso | – |
| Otto Sauer Achsenfabrik Mobility · Germany | 2004 | 2006 | Trade Sale | Holland Group | – |
| Preh Mobility · Germany | 2003 | 2011 | Trade Sale | Joyson Group | – |
DBG Fonds IIIRealizedBuyout1998€145M0 assets9 exitsBuyout1998 · 28yr€145M09
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Andritz Industrials · Austria | 1999 | 2003 | – | – | – |
| DS Technologie Industrials · Germany | 1998 | 2007 | Trade Sale | A-Tec Industries | – |
| Edscha Mobility · Germany | 2000 | 2002 | Secondary | The Carlyle Group | – |
| 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 | Glatfelter | – |
| Sebaldus Business Services · Germany | 1997 | 1999 | – | – | – |
| Zapf Construction · Germany | 1999 | 2006 | – | – | – |
DBAG Long-Term InvestmentsActiveEvergreen1991€640M9 assets2 exitsEvergreen1991 · 35yr€640M92
Unrealized
9 held| Company | 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 | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Grohmann Engineering Industrials · Germany | 1996 | 2017 | Trade Sale | Tesla | – |
| R+S Business Services · Germany | 2021 | 2023 | Trade Sale | NOKERA AG | – |
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).
Frequently asked questions
- What investment strategy does Deutsche Beteiligungs AG focus on?
- Deutsche Beteiligungs AG focuses on Buyout strategies in the private equity space.
- How many portfolio companies does Deutsche Beteiligungs AG have?
- Deutsche Beteiligungs AG has 42 active portfolio companies and 55 completed exits and 12 funds tracked on GP Intel.
- Where is Deutsche Beteiligungs AG headquartered?
- Deutsche Beteiligungs AG is headquartered in Frankfurt, Germany.
- What is Deutsche Beteiligungs AG's assets under management?
- Deutsche Beteiligungs AG manages approximately €2.7B in assets under management.
- When was Deutsche Beteiligungs AG founded?
- Deutsche Beteiligungs AG was founded in 1965.
- What sectors does Deutsche Beteiligungs AG invest in?
- Deutsche Beteiligungs AG invests across Industrials, Business Services, Software, Healthcare, Energy.
- What are Deutsche Beteiligungs AG's recent exits?
- Recent realized exits by Deutsche Beteiligungs AG include: duagon (2026) to Knorr-Bremse; Kraft & Bauer (2026) to Syngroh Capital; vitronet (2025) to BlackRock; Deutsche Giga Access (2024) to Strategic Fiber Networks GmbH; in-tech (2024) to Infosys; Solvares (2024) to DBAG Solvares Continuation Fund; More than Meals (2024) to Group of Butchers; BTV Multimedia (2023) to ETC Group.
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