Vorsprung Partners – Independent sponsor for the DACH Mittelstand
Vorsprung Partners is a Hamburg-based independent sponsor. We acquire majority stakes in DACH Mittelstand companies with EBITDA of €5–15m on a deal-by-deal basis, alongside a network of more than 30 entrepreneurial families as co-investors.
Long-term entrepreneurial capital focusing on Hidden Champions in the DACH region.
Our mission is to be a trusted long-term partner for outstanding Mittelstand companies. As value investors, we provide entrepreneurial capital and expertise that drive sustainable growth while safeguarding businesses’ principles and independence.
By combining family and institutional capital with the discipline of private equity, we build enduring success for all stakeholders.
Investment criteria
- Revenue: €15–200m
- EBITDA: €5–15m
- Geography: DACH Region
- Structure: Majority Stakes
- Horizon: Mid- to long-term
Why the German Mittelstand
Global Leaders in Attractive Niches
The DACH mid-market is home to thousands of highly specialised companies that lead their niches globally or in Europe, often in technologically advanced B2B segments. Many still lack institutional ownership.
Large Pool of Succession Opportunities
30–40% of DACH SMEs face ownership succession within the next five to ten years. This creates a steady pipeline of proprietary and bilateral opportunities with moderate competition.
Fragmented Markets with Consolidation Potential
Many sectors are highly fragmented and ideal for buy-and-build. Consolidation drives margin expansion, economies of scale and higher exit multiples.
Attractive Entry Valuations, Strong Exits
Entry multiples in the DACH region remain moderate relative to company quality. Many founder-managed businesses leave significant improvement potential for hands-on investors.
What sets us apart
Industry Expertise
With decades of hands-on private equity and operational experience, we bring sector-specific insight that allows us to source proprietary opportunities and support portfolio companies with proven, value-enhancing strategies.
Entrepreneurial Partnerships
We work hand in hand with founder and owner families, offering flexible rollover options and long-term collaboration that preserve their entrepreneurial heritage.
Family Business Value
Backed by over 30 prominent entrepreneurial families, we invest our own capital with a long-term mindset, ensuring true alignment of interests with business owners.
Operational Excellence
From day one post-acquisition, we strengthen management teams, professionalise structures, and unlock both organic and inorganic growth opportunities.
ESG Focused Approach
We actively transform companies with limited or no ESG footprint into sustainability and impact leaders in their industries.
Lean Governance
We design flexible ownership and governance structures that respect the individuality of each business. We avoid bureaucracy and focus on pragmatic decision-making.
Downside protection
Attractive Entry Multiple
We aim to invest at a significant discount to market multiples. There are no price-driving auctions. Sellers prefer entrepreneurial capital, and we commit long term to the family brand, the workforce and the industrial network of our co-investing families.
Conservative Leverage
We reach our return goals without aggressive leverage. We work mainly with house banks and local Sparkassen, securing attractive financing costs with few or no covenants.
Earn-Out and / or Vendor Loan
Every deal includes an earn-out and/or vendor loan from the selling owners. This is non-negotiable. It is the extra protection we need before investing in a business we have known for only a few months.
Substantial Equity Rollover
Skin in the game. In every deal we expect the owners to reinvest part of their capital into the new company. It is our litmus test of their belief in the joint value creation strategy.
Buy-and-build
We consolidate Mittelstand industries with discipline. We acquire off-market platforms at attractive multiples and build market leaders through structured integration.
Team
Florian Lahnstein, Founder and Managing Partner
Florian is the Founder and Managing Partner of Vorsprung. He previously held positions at Siguler Guff, was Founder of RiverRock, and Head of European Investment Banking at Bear Stearns and UBS Investment Banking Germany. He has over 30 years of experience in Alternative Assets and M&A across DACH and Europe.
Joachim Ringer, Partner
Joachim is a Partner at Vorsprung. Previously he was Head of Investment Banking & Capital Markets Germany/Austria at Credit Suisse, leading a team of 45 professionals, after senior positions at Deutsche Bank and Morgan Stanley. He brings over 25 years of investment banking experience in M&A and ECM.
Holger Rossbach, Partner
Holger is a Partner at Vorsprung. Previously he was Managing Director and Co-Head of Private Equity at Palladio Partners, and spent almost 10 years at Cambridge Associates, leading the London-based European PE/VC team and opening the Munich office. He has over 20 years of private equity experience.
Contact
Vorsprung Management GmbH
Neuer Wall 35
20354 Hamburg
info@vorsprungpartners.com · LinkedIn
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