VM Capital

What VM Capital does

VM Capital GmbH is the private family office of the Vorndran-Sattelberger family, based in Düsseldorf, Germany, and was founded in July 2000 by Dr. Helmut Vorndran following an 11-year career at A.T. Kearney (where he rose to Partner and Managing Director of the Japanese subsidiary). Operating as a directly investing family office, VM Capital deploys family capital into small and mid-cap technology companies in the DACH region, Benelux, and Scandinavia, with equity tickets ranging from €5M to €50M and target enterprise values up to €200M. The firm historically advised the Ventizz Capital Funds (five vehicles totaling approximately €870M raised with NPM Capital N.V. as co-shareholder from 2000-2019), executing 53 fund-led transactions plus additional direct deals, including four IPOs in Frankfurt and London (Ersol Solar Energy AG, PV Crystalox Solar PLC, Exceet Group SE, QSIL). Cumulative performance is reported at 2.9x MoC and 98% gross IRR. Assets under management in direct participations, infrastructure, and real estate exceed €400 million.

The current active portfolio is anchored by Thomas-Krenn.AG, a Freyung-based manufacturer of customized build-to-order servers and storage systems serving over 15,000 European customers via a distinctive online shop with next-day delivery; the platform was extended in 2022 via the merger with EXTRA Computer GmbH (PCs, notebooks, industrial PCs under the exone, Pokini, and Calmo brands). PAVOY GmbH Paul van Oyen, a Hillesheim-based manufacturer of high-quality steel storage and workshop equipment distributed through approximately 1,000 specialist dealers across German-speaking and neighboring European countries, forms the industrial manufacturing leg. IT and renewable energy adjacencies include the 50% Hochtief joint venture Yorizon GmbH & Co. KG (green data centers, formed 2024), the affiliated CoreCooling GmbH (energy-efficient IT cooling via Hot-Fluid-Computing technology), and VM Solar Jerez GmbH (a 4MWp photovoltaic independent power producer in Spain). Following the July 2025 divestiture of QSIL SE (technical materials, €200M+ revenue) and IBYKUS AG (IT services), the portfolio is concentrated on IT hardware and sustainable data center infrastructure.

VM Capital generates revenue through a hybrid model: management and advisory fees on historical fund mandates (now largely in runoff), and economic exposure through direct equity ownership of operating companies, which collectively generate over €200M in annual revenue. The group is wholly owned and controlled by Dr. Helmut Vorndran, with Elke Vorndran on the management board since 2021 and the family's second generation (Marc and Jan Sattelberger) positioned for continuity. Operations are run from Düsseldorf by a small core team of approximately six professionals supplemented by a Senior Consultant and IT administration support.

Name

VM Capital

Legal name

VM Capital GmbH

Website

https://vmcap.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VM Capital is the Düsseldorf-based family office of the Vorndran-Sattelberger family, making direct €5M-€50M equity investments in small and mid-cap technology companies across DACH, Benelux, and Scandinavia, with €400M+ AUM and an active portfolio anchored by Thomas-Krenn servers, EXTRA Computer IT hardware, and PAVOY steel equipment.

Ownership category

akta.pro rank

Product category

Private Equity / Family Office Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Private equity investment
• Family office services
• Mid-cap buyouts
• Technology growth capital
• Buy-and-build strategy

Headquarters

HQ city

Düsseldorf

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management & Advisory: VM Capital generates revenue through advising Private Equity funds (Ventizz Capital Funds) and managing a portfolio of direct investments in technology companies, real estate and infrastructure projects. Assets under management exceed €400 million.
2. Direct Portfolio Company Revenue: Portfolio companies generate revenues through hardware manufacturing (Thomas-Krenn.AG, EXTRA Computer), industrial equipment (PAVOY), renewable energy (VM Solar Jerez), and advanced materials (QSIL). The group generates over €200 million in annual revenue.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

VM Capital is a privately held family office that makes direct equity investments (€5M–€50M) in established, profitable Small- and Mid-Cap technology companies in the DACH region, with opportunistic reach into Benelux and the Nordics. It advises PE funds (Ventizz Capital Funds) and actively manages a portfolio of holdings in IT hardware (Thomas-Krenn.AG, EXTRA Computer), industrial steel equipment (PAVOY), advanced technical materials (QSIL), IT services (IBYKUS), renewable energy (VM Solar Jerez), and green data centers (Yorizon / CoreCooling joint ventures).

Product overview

VM Capital operates as a Family Office managing a portfolio of companies across three main sectors: High-Value-Added Manufacturing Industries, Information and Communication Technology (ICT), and Renewable Energies/Cleantech. The portfolio is centered on Thomas-Krenn.AG as the core investment, a leading manufacturer of customized server and storage systems (build-to-order) in Germany, which has since 2022 also included EXTRA Computer GmbH as a partner company for IT hardware (PCs, notebooks, industrial PCs under exone, Calmo, and Pokini brands). Supporting portfolio companies include PAVOY (high-quality steel storage equipment), QSIL SE (high-purity technical materials including quartz glass, ceramics, and refractory metals), IBYKUS AG (IT services and software), VM Solar Jerez (solar energy IPP), and joint ventures Yorizon and CoreCooling for green data center operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Mid-Cap Private Equity Buyout Investments Direct equity investments of €5M to €50M in established, profitable Small- and Mid-Cap companies in technology-intensive industries (ICT, advanced manufacturing, Cleantech) headquartered or with core activity in the DACH region; targets buy-and-build and growth strategies with enterprise values up to €200M.
• Ventizz Capital Fund Advisory Services Investment advisory and asset management services to the Ventizz Capital Funds (five funds, approx. €870M cumulative volume deployed over 2000–2019) in which VM Capital acts as advisor alongside co-shareholder NPM Capital N.V.; covers deal sourcing, diligence, execution and value creation for tech-focused European Mid-Cap buyouts.
• Thomas-Krenn.AG Server and Storage Systems Custom-built server and storage systems produced in Freyung, Germany (DIN EN ISO 14001 and 27001 certified); sold to end users, resellers and data center operators across Europe through an online configurator with next-day delivery.
• EXTRA Computer GmbH IT Hardware (exone, Pokini, Calmo) German-manufactured PCs, notebooks, servers, industrial PCs, rugged tablets, touch and panel PCs plus cloud services, sold under the exone, Pokini and Calmo brands to qualified specialist retailers and system integrators.
• PAVOY GmbH Paul van Oyen Steel Storage and Workshop Equipment High-quality German-manufactured steel storage and workshop equipment (and the KIND sub-brand's storage systems business) produced at Hillesheim, Germany, distributed through ~1,000 specialist dealers across German-speaking and neighboring European countries.
• QSIL SE Technical Materials (Quartz Glass, Ceramics, Refractory Metals) High-purity quartz glass, specialty glasses, technical ceramics and refractory metals manufactured in Germany, the Netherlands, the UK, China and India, sold globally to semiconductor, photovoltaic, lighting, chemical, analytics and fiber-optic customers (over 1,000 employees; >€200M annual revenue at peak).
• IBYKUS AG IT Services Full-service IT company providing software development, systems integration and managed services (business areas Systems, Software and Services) to companies and government agencies in Germany and internationally from Erfurt and other Central German locations (260+ employees).
• VM Solar Jerez GmbH Photovoltaic Power Production Photovoltaic independent power producer (IPP) generating renewable electricity from a 4MWp solar park near Jerez de la Frontera, Spain, supplying roughly 7 million kWh per year into the grid.
• Yorizon GmbH & Co. KG Green Data Centers Build-and-operate platform for environmentally sustainable ('green') data centers across German-speaking regions, set up as a 50/50 joint venture with Hochtief AG; combines VM Capital/Thomas-Krenn IT and cooling expertise with Hochtief's construction capability.
• CoreCooling GmbH Energy-Efficient IT Cooling Solutions Energy-efficient liquid cooling technology solutions for IT and data center operators, provided as a 50%-held affiliated company inside the Thomas-Krenn group; complements the Hot-Fluid-Computing technology developed together with Thomas-Krenn.AG.

Quantifiable outcome

• 2.9x MoC (Multiple on Invested Capital) and 98% IRR (gross) performance to date
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and major.

• Hochtief AGcoreStrategic or Co-development Partner · 1 January 202450% joint venture Yorizon GmbH & Co. KG with Hochtief for building and operating 'green' data centers across German-speaking regions. Combines Thomas-Krenn.AG's IT hardware expertise with Hochtief's construction capabilities.
• CoreCooling GmbHcoreTechnology or Integration50% joint venture holding leading technology for energy-efficient IT cooling solutions. Thomas-Krenn.AG holds 50% stake in this company developing liquid cooling solutions for data centers.
• H.C. Starck GroupmajorStrategic or Co-development PartnerQSIL SE (VM Capital portfolio company) acquired H.C. Starck High Performance Metal Solutions operations outside North America, including Hermsdorf (Germany), Calne (UK), Taicang (China) and Bangalore (India) facilities, adding 250 employees and expanding into refractory metals.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Deutsche Beteiligungs AG: Frankfurt-listed private equity firm focused on DACH mid-cap buyouts and buy-and-build. Directly comparable to VM Capital in target geography, ticket size (€5–50M equity / up to €200M EV), and sector focus on industrial and technology Mittelstand companies.
• HANNOVER Finanz: Family-controlled German PE holding company investing in DACH Mittelstand with multi-decade hold horizons. Closely comparable business model to VM Capital's family-office approach, long-duration capital, and focus on profitable technology/industrial SMEs.
• Halder Beteiligungsberatung: DACH mid-market PE firm investing in profitable SMEs and tech-enabled industrial companies. Overlaps with VM Capital on transaction size, geographic focus (DACH/Benelux), and emphasis on operational value creation alongside management.
• AUCTUS Capital Partners: German mid-market PE firm focused on succession and growth capital investments in DACH Mittelstand companies. Comparable to VM Capital in equity ticket size and orientation toward entrepreneur-led Mid-Cap businesses.
• Aheim Capital: DACH lower-mid and mid-cap investor with focus on succession, growth capital, and buy-and-build themes in technology and industrial niches. Directly comparable to VM Capital on Mid-Cap buyout strategy in German-speaking regions.
• Paragon Partners: Munich- and Frankfurt-based mid-cap PE firm executing buy-and-build strategies across DACH. Compares on geography, ticket size (€50–250M transactions), and platform-based approach in technology/industrial segments.
• ECM Equity Capital Management: German independent PE firm investing in profitable SMEs with focus on growth, succession and company spin-offs in DACH. Direct overlap with VM Capital's mid-cap technology buyout mandate and Mittelstand orientation.
• HQ Equita: DACH mid-market buyout firm providing growth capital and succession solutions to technology and industrial Mittelstand companies. Comparable on geography, equity ticket size, and entrepreneur-aligned investment style.

Regional players

• GIMV: Bellisted Benelux growth and mid-cap PE investor with technology/industrial portfolio. Compares to VM Capital on geographic adjacency (Benelux) and sub-sector themes (industrial tech, digital infrastructure) but operates with broader LP-driven fund model.

Broad incumbents

• EQT Partners: Large European/global PE firm with significant DACH activity across technology, industrial and infrastructure. Adjacent broader incumbent that competes for DACH mid-cap tech deals and validates the family-office/PE convergence strategy VM Capital pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VM Capital