DVC Partners is a pan-European special situations and deep-value investor that takes majority or controlling stakes in mid-sized companies facing complex or turnaround situations. It is the 2024 rebranding of Springwater Capital, the firm founded in 2002 by Martin Gruschka, and operates from Milan, Madrid, Luxembourg and Brussels with a team of about 15 professionals. Its portfolio spans gold recycling and jewellery (Gens Aurea / Orocash), tyre distribution (Fintyre), live-shopping media (123.live), solar equipment (Soltec), agri-biotech (Kimitec) and travel (Kompas, Travel Live), with combined revenues above EUR 2 billion. The Italian anchor asset Gens Aurea listed on Euronext Milan in July 2026.
Key facts
Recent exits
Coverage notes
1 fund tracked, 8 portfolio companies (7 active · 1 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
8 companiesFunds & portfolio
Every fund DVC Partners has raised, with its portfolio companies. Hand-checked from public filings.
DVC Special SituationsTurnaroundHarvesting2015 · 11yr7 active · 1 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| E-commerce |  Germany | 2025 | |
| Consumer | Germany | 2024 | |
| Industrials |  Italy | 2021 | |
| AgTech |  Spain | 2025 | |
| Hospitality | Slovenia | 2020 | |
| Energy | Spain | 2025 | |
| Hospitality | Spain | 2015 |
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Consumer | Italy | 2019 | 2026 | IPO | – | – |
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