What Quadriga Capital does

Quadriga Capital is a Frankfurt-based private equity firm operating as Quadriga Capital Eigenkapitalberatung GmbH, headquartered at Hamburger Allee 4 in Frankfurt, Germany. The firm has been investing in German Mittelstand companies for over 25 years across three vertical sectors: Healthcare, Tech-Enabled Services, and Smart Industries. Quadriga supports entrepreneurs and management teams through equity investments, pursuing both organic growth and buy-and-build strategies to build scaled platforms (its portfolio companies have collectively executed 80+ acquisitions). Notable current and former portfolio companies include United Therapy, Krankenhausgruppe, newcare, GIG, GBA Group, salestech group, SCIO Automation, Kinetics, Ipsen, HEDRICH GROUP, Aspire Education, and Signition Holding.

The firm generates revenue through the standard private equity model — recurring management fees on funds under management plus carried interest and performance fees on realized investment gains — across multiple fund generations including Quadriga Capital Fund IV LP (2014), Fund V/Partnership V, and Fund VI (2021). Quadriga sources deals primarily through its established DACH entrepreneur and advisor network, has no publicly disclosed product technology stack of its own, and supports digital and AI-enabled transformation within portfolio companies (e.g., proprietary agentic AI products at salestech group, AI/digital transformation at Signition). The firm is governed by Managing Partner Philipp Jacobi (since 1998) with Partners Jörg Mugrauer (Smart Industries), Dr. Philip Matlachowsky (Healthcare), and Thomas Render (Tech-Enabled Services), supported by senior advisors and three specialized boards: Healthcare, Digital, and Impact Advisory. Quadriga is a UN PRI signatory since 2012 (A+/A+ ratings) and the first German PE firm to sign the IFC Operating Principles for Impact Management in 2021.

Name

Quadriga Capital

Legal name

Quadriga Capital Eigenkapitalberatung GmbH

Website

https://quadriga-capital.de

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

Quadriga Capital is a Frankfurt-based private equity firm investing equity capital in German Mittelstand companies across Healthcare, Tech-Enabled Services, and Smart Industries via organic growth and buy-and-build strategies.

Ownership category

akta.pro rank

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees: Quadriga Capital generates revenue through management fees charged on funds under management, typical for private equity structures.
2. Carried Interest / Performance Fees: The firm earns carried interest based on investment performance and realized gains from portfolio companies, aligning investor and manager interests.
3. Investment Returns: Returns realized through exits of portfolio companies including trade sales, IPOs, and secondary transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Quadriga Capital is a Frankfurt-based private equity firm that provides equity capital and strategic/operational support to medium-sized companies (Mittelstand) in Germany and the DACH region. The firm invests across three sector verticals — Healthcare, Tech-Enabled Services, and Smart Industries — through successive fund vintages, executing both organic growth and buy-and-build strategies alongside entrepreneurs and management teams. Investments are exited via trade sales, IPOs, and secondary transactions.

Product overview

Quadriga Capital is a private equity and equity advisory firm that has been operating successfully for over 25 years, supporting entrepreneurs and management teams in implementing sustainable growth strategies. The firm focuses on investments in medium-sized companies in three sectors: Healthcare, Tech-Enabled Services, and Smart Industries. The company does not develop or sell proprietary technology products; rather, it acquires and supports portfolio companies across these sectors. Its portfolio companies include salestech group (AI-enabled digital transformation platform in the DACH region), GBA GROUP (laboratory and analytical services), United Therapy (outpatient therapy and rehabilitation network), SCIO Automation (industrial automation platform), newcare (elderly care services), GIG (cardiovascular care centers), Ipsen (heat treatment solutions), HEDRICH GROUP (vacuum technology), Kinetics (high-purity process systems), ZTK Zahngesundheit (dental centers), and Aspire Education (vocational training and education platform).

Differentiator

Problem solved

Functional benefit

Products and services

• Quadriga Capital Fund IV LP Private equity fund providing equity capital for buy-and-build and organic growth investments in German Mittelstand companies across Healthcare, Tech-Enabled Services, and Smart Industries; for institutional investors seeking exposure to the German lower mid-market.
• Quadriga Capital Fund V (Partnership V) Private equity fund vintage for Mittelstand investments, including the SCIO Automation platform that was partially exited in 2023.
• Quadriga Capital Fund VI Quadriga's most recent fund vintage (raised 2021), continuing investments in German Mittelstand companies across Healthcare, Tech-Enabled Services, and Smart Industries; continues to support SCIO Automation alongside AEA Investors.
• Mittelstand Buy-and-Build and Growth Capital Investments Direct equity investment and value-creation services (operational and digital transformation support, strategic guidance) for medium-sized companies (Mittelstand) in Germany and the DACH region across Healthcare, Tech-Enabled Services, and Smart Industries.

Quantifiable outcome

• Multiple successful exits including Aspire Education to EMZ Partners, Kinetics to Exyte, GBA Group co-investment with Ardian, DOREA to MdF Group.
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered supporting.

• ARQISsupportingImplementation/ SI/ Consulting Partner · 1 April 2023ARQIS advised Quadriga Capital on its acquisition of a majority stake in Signition Group, supporting digital transformation and international expansion plans.
• BlueMarksupportingStrategic or Co-development Partner · 1 March 2021BlueMark, leading independent verification provider for impact and sustainable investing, was engaged to independently verify Quadriga Capital's Impact Management System alignment with the Operating Principles for Impact Management.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• AEA Investors: U.S.-based mid-market private equity firm with strong industrial and automation focus. Became majority shareholder in SCIO Automation alongside Quadriga Capital Fund VI in 2023, making it both a co-investor and a directly comparable mid-market PE peer.
• EMZ Partners: DACH-focused mid-market private equity firm with comparable Mittelstand focus. Acquired Aspire Education from Quadriga in 2022, directly demonstrating overlap in target sector (education/tech-enabled services) and deal universe.
• Equistone Partners Europe: Pan-European mid-market private equity firm with deep DACH Mittelstand heritage. Directly competes with Quadriga for control and growth investments in the same German mid-cap universe across similar sector verticals.
• Deutsche Beteiligungs AG (DBAG): Publicly listed German mid-market private equity firm investing in Mittelstand companies across industrials, TMT, and healthcare. Highly comparable in geographic focus, sector verticals, and target company size.
• IK Partners: European mid-market private equity firm with established DACH presence. Targets similar mid-cap Mittelstand businesses across healthcare, business services, and industrial sectors, making it a direct comparitor for deal flow.
• Waterland Private Equity: European mid-market private equity firm with strong DACH/Nordics footprint and buy-and-build focus. Competes for similar Mittelstand platforms, particularly in healthcare, education, and tech-enabled services.
• Paragon Partners: Independent German mid-market private equity firm focused on Mittelstand succession situations and corporate carve-outs. Directly competes with Quadriga for German control transactions in similar size range.
• Active Ownership Capital (AOC): DACH-focused mid-market private equity firm investing in succession and growth situations in the Mittelstand. Closely comparable in target geography, deal size, and operating model.

Broad incumbents

• Ardian: Global private investment house with significant European mid-market buyout activity. Co-invested with Quadriga in GBA Group (2021) and operates across much larger AUM scale, serving as both a transaction counterparty and a broader incumbent competitor.

Regional players

• Nordic Capital: Northern European private equity firm with healthcare and tech-enabled services expertise that occasionally overlaps with Quadriga's sector verticals and Mittelstand-style platforms, though it primarily operates outside the DACH region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/quadriga-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

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

M&A26 records

Investments4 records

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

Frequently asked questions about Quadriga Capital