What investment strategy does Haspa Beteiligungsgesellschaft focus on?

Haspa Beteiligungsgesellschaft focuses on Buyout, Growth strategies in the private equity space.

How many portfolio companies does Haspa Beteiligungsgesellschaft have?

Haspa Beteiligungsgesellschaft has 19 active portfolio companies and 20 completed exits and 1 fund tracked on GP Intel.

Where is Haspa Beteiligungsgesellschaft headquartered?

Haspa Beteiligungsgesellschaft is headquartered in Hamburg, Germany.

What is Haspa Beteiligungsgesellschaft's assets under management?

Haspa Beteiligungsgesellschaft manages approximately €200M in assets under management.

When was Haspa Beteiligungsgesellschaft founded?

Haspa Beteiligungsgesellschaft was founded in 1998.

What sectors does Haspa Beteiligungsgesellschaft invest in?

Haspa Beteiligungsgesellschaft invests across Industrials, Business Services, Consumer, Healthcare, Software.

What are Haspa Beteiligungsgesellschaft's recent exits?

Recent realized exits by Haspa Beteiligungsgesellschaft include: MHG Heiztechnik (2023) to Rheem; R+S Group (2023) to NOKERA AG; Becker Marine Systems (2022) to Nakashima Propeller Co. Ltd.; Paaschburg & Wunderlich (2021) to Bihr NV; Ham-Log Gruppe (2020) to Kurt Gerdes; Brands Fashion (2017) to Jebsen & Jessen; FRIMO (2016) to Deutsche Beteiligungs AG; EUROIMMUN (2014) to EUROIMMUN shareholders.

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Haspa Beteiligungsgesellschaft

Hamburg, Germany·Founded 1998·

Buyout Growth Equity

·haspa-bgm.de

Haspa Beteiligungsgesellschaft fuer den Mittelstand (Haspa BGM) is the Hamburg private equity arm of Hamburger Sparkasse, investing since 1998. Owned by Haspa Finanzholding, it operates as a balance-sheet evergreen investor free of fund-term limits, taking majority or minority equity, silent or open, in owner-managed German-speaking Mittelstand companies for succession, growth and buy-out situations.

AUM

€200M

Funds

vintages 1998

Portfolio

Exits

Haspa Beteiligungsgesellschaft is a Hamburg buyout firm with €200M AUM, 19 active companies and 20 exits.

SectorsIndustrials Business Services Consumer Healthcare Software

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 20 realized deals: 8 years.
·Top sector focus: Industrials (28% of portfolio).

Sector breakdown

39 companies

Industrials

11 · 28%

Consumer

7 · 18%

Business Services

6 · 15%

MedTech

3 · 8%

Aerospace & Defence

2 · 5%

Logistics

2 · 5%

Biotech

2 · 5%

Construction

2 · 5%

Geography breakdown

2 geographies

Germany

38 · 97%

1 · 3%

Key facts

HQHamburg, Germany

Founded1998

Employees14+

Websitehaspa-bgm.de

Recent exits

Haspa Beteiligungsgesellschaft sold MHG Heiztechnik to Rheem in 2023 after 18 years.

Haspa Beteiligungsgesellschaft sold R+S Group to NOKERA AG in 2023 after 2 years.

Haspa Beteiligungsgesellschaft sold Becker Marine Systems to Nakashima Propeller Co. Ltd. in 2022 after 17 years.

Haspa Beteiligungsgesellschaft sold Paaschburg & Wunderlich to Bihr NV in 2021 after 7 years.

Coverage notes

1 fund tracked, 39 portfolio companies (19 active · 20 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Haspa Beteiligungsgesellschaft has raised, with its portfolio companies. Hand-checked from public filings.

1 fund

Fund

Strategy

Vintage

Size

Assets

Exits

Haspa BGM EvergreenActive

Buyout199819 assets20 exits

Buyout

1998 · 28yr

–

Unrealized

19 held

Company	Entry
Agrarfrost Consumer · Germany	2011
AMAS Technology Aerospace & Defence · Germany	2016
Aqua free MedTech · Germany	2017
Braase Logistics · Germany	2019
cyber-Wear Consumer · Germany	2023
ewers Heizungstechnik Industrials · Germany	2023
Hansa Maschinenbau Industrials · Germany	2021
Helmers Maschinenbau Industrials · Germany	2018
IP Dynamics Software · Germany	2020
Keil Anlagenbau Industrials · Germany	2017
Mt.derm MedTech · Germany	2019
novomind SaaS · Germany	2011
Rübsam Fachkräfte Business Services · Germany	2024
Sandmaster Gruppe Business Services · Germany	2025
Schulz-Electronic Industrials · Germany	2022
STEVENS Bikes Consumer · Germany	2024
TeamVet Healthcare · Germany	2020
Vartan.aero Aerospace & Defence · Germany	2025
Wunderbar Clean Technology Business Services · Germany	2024

Realized

20 exits

Company	Entry	Exit	Type	Buyer	MOIC
Becker Marine Systems Industrials · Germany	2005	2022	Recapitalization	Nakashima Propeller Co. Ltd.	–
Brands Fashion Consumer · Germany	2010	2017	Trade Sale	Jebsen & Jessen	–
Carl Group Consumer · Germany	2004	2010	Trade Sale	Fielmann	–
Euroimmun MedTech · Germany	2006	2014	MBO	EUROIMMUN shareholders	–
evotec Biotech · Germany	1998	2005	IPO	–	–
Frimo Industrials · Germany	2014	2016	Secondary	Deutsche Beteiligungs AG	–
GFA Consulting Group Business Services · Germany	2007	2019	Recapitalization	–	–
Globetrotter Consumer · Germany	2004	2014	Trade Sale	Fenix Outdoor	–
Ham-Log Gruppe Logistics · Germany	2017	2020	MBO	Kurt Gerdes	–
Hein & Oetting Industrials · Germany	2005	2018	Recapitalization	–	–
HPM Die Handwerksgruppe Construction · Germany	2005	2019	Recapitalization	–	–
MHG Heiztechnik Industrials · Germany	2005	2023	Trade Sale	Rheem	–
moba Fenster + Türen Construction · Germany	2010	2013	Trade Sale	HPM Gruppe	–
Paaschburg & Wunderlich Consumer · Germany	2014	2021	Trade Sale	Bihr NV	–
Penpet Industrials · Germany	2011	2018	Recapitalization	–	–
R+S Group Business Services · Germany	2021	2023	Trade Sale	NOKERA AG	–
Schaltex Systems Industrials · Germany	2010	2014	Trade Sale	Scanfil	–
sequenom Biotech · US	1998	2004	IPO	–	–
United Ambient Media AdTech · Germany	2007	2013	Recapitalization	–	–
Ventum Business Services · Germany	2014	2019	–	–	–

About Haspa Beteiligungsgesellschaft

Haspa Beteiligungsgesellschaft (Haspa BGM) is the equity subsidiary of Hamburger Sparkasse AG (Haspa), headquartered in Hamburg. The firm was founded in 1998 as the wholly-owned PE arm of Hamburger Sparkasse within the Haspa Finanzgruppe, and invests a minimum of approximately €2 million equity per deal with approximately 20 active holdings and 50 plus transactions across its lifetime.

Investment thesis

Haspa BGM deploys capital through a balance-sheet and evergreen bank-backed vehicle, targeting private equity flexibility with moderate leverage and a long-term horizon across MBOs, MBIs, succession, growth capital, recapitalisations, spin-offs and turnarounds, ranging from mezzanine to majority and minority stakes. Sector deployment is diversified across the Mittelstand spanning industrials, cleantech and environmental technology, business services, aviation and aerospace services and consumer. Geographic deployment is Northern Germany (Hamburg metropolitan region core). The platform is the savings-bank-backed PE partner for Northern German Mittelstand, offering patient capital and the Sparkassen trust label for succession deals.

Recent activity

Recent realised exits include industrial distribution and motorcycle parts (2024-2025) and heating technology (2023). Recent acquisitions include aerospace services (2026), cleantech and cleaning technology (2025) and industrial services (Sandmaster Group, 2025). The platform continues active deployment across the Northern German Mittelstand mandate.

Frequently asked questions

What investment strategy does Haspa Beteiligungsgesellschaft focus on?: Haspa Beteiligungsgesellschaft focuses on Buyout, Growth strategies in the private equity space.
How many portfolio companies does Haspa Beteiligungsgesellschaft have?: Haspa Beteiligungsgesellschaft has 19 active portfolio companies and 20 completed exits and 1 fund tracked on GP Intel.
Where is Haspa Beteiligungsgesellschaft headquartered?: Haspa Beteiligungsgesellschaft is headquartered in Hamburg, Germany.
What is Haspa Beteiligungsgesellschaft's assets under management?: Haspa Beteiligungsgesellschaft manages approximately €200M in assets under management.
When was Haspa Beteiligungsgesellschaft founded?: Haspa Beteiligungsgesellschaft was founded in 1998.
What sectors does Haspa Beteiligungsgesellschaft invest in?: Haspa Beteiligungsgesellschaft invests across Industrials, Business Services, Consumer, Healthcare, Software.
What are Haspa Beteiligungsgesellschaft's recent exits?: Recent realized exits by Haspa Beteiligungsgesellschaft include: MHG Heiztechnik (2023) to Rheem; R+S Group (2023) to NOKERA AG; Becker Marine Systems (2022) to Nakashima Propeller Co. Ltd.; Paaschburg & Wunderlich (2021) to Bihr NV; Ham-Log Gruppe (2020) to Kurt Gerdes; Brands Fashion (2017) to Jebsen & Jessen; FRIMO (2016) to Deutsche Beteiligungs AG; EUROIMMUN (2014) to EUROIMMUN shareholders.