Haspa BGM

What Haspa BGM does

Haspa BGM (legal name: Haspa Beteiligungsgesellschaft für den Mittelstand mbH) is a Hamburg-based private equity / Beteiligungsgesellschaft founded in 1998 that invests equity capital in established, owner-managed German Mittelstand companies. The firm is a wholly-owned subsidiary of Haspa Finanzholding, the holding entity of Hamburger Sparkasse (Haspa), Germany's largest savings bank with a balance sheet exceeding €50 billion. As a so-called Evergreen-Investor with no fund lifecycle or exit-time constraints, Haspa BGM typically deploys €3-20 million of equity per transaction into target companies with €10-300 million of revenue, holding investments for an average of 7-10 or more years. The firm manages ~20 active portfolio companies with aggregate annual revenue of approximately €1.0 billion and ~€200 million in capital under management.

Haspa BGM's offering encompasses majority equity stakes, minority equity stakes, and silent partnerships (Stille Beteiligung), tailored to specific corporate situations including succession planning, growth financing, shareholder transitions, buy-and-build strategies, MBO/MBI transactions, and corporate carve-outs. The portfolio spans highly diversified industries — food processing (Agrarfrost), medical devices and diagnostics (Aqua free, EUROIMMUN, MT.DERM), marine engineering (Becker Marine Systems), building technology (R+S Group, MHG Heiztechnik), intralogistics (Helmers Maschinenbau), software (novomind, IP Dynamics), industrial cleaning (Sandmaster, Wunderbar Clean Technology), aviation services (VARTAN.AERO), and consumer products (STEVENS Bikes, cyber-Wear), among others.

Deal flow is sourced through direct relationships, the Haspa corporate banking network, and referrals from M&A advisors and intermediaries, with a sales-led, relationship-driven go-to-market. The firm is led by three Managing Directors (Maximilian Schilling since 2003, Sven Bode since 2000, and Dr. Florian Franke since 2024) supported by a team of approximately 13 investment and administrative staff. Returns are generated through capital gains on exits (trade sales, secondary buyouts, IPOs, and dividend recapitalizations) over extended holding periods, with no externally-marketed fund vehicles.

Name

Haspa BGM

Legal name

Haspa Beteiligungsgesellschaft für den Mittelstand mbH

Website

http://www.haspa-bgm.de/

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

Haspa BGM is a Hamburg-based evergreen private equity firm, wholly-owned by Haspa Finanzholding (Hamburger Sparkasse), that invests €3-20M equity tickets in owner-managed German Mittelstand companies with €10-300M revenue, holding for 7-10+ years.

Ownership category

akta.pro rank

Product category

Private Equity / Equity Investment Management

akta.pro primary industry

Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

Keywords

• Private equity investment
• Mittelstand equity financing
• Corporate succession solutions
• Management buyout financing
• Growth capital partnerships

Headquarters

HQ city

Hamburg

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

Revenue model

1. Equity Investment Returns: Haspa BGM generates returns through capital gains on its equity stakes in portfolio companies. As a long-term investor without exit timeframes ('Evergreen-Investor'), returns are realized through trade sales, secondary buyouts, IPOs, or dividend recapitalizations over extended holding periods typically of 7-10+ years.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Haspa BGM is a Hamburg-based private equity firm that acquires equity stakes in established German Mittelstand companies, deploying €3-20M per transaction in target firms with €10-300M revenue. As an evergreen investor (no fund lifecycle), it provides customized equity solutions including majority stakes, minority stakes, and silent partnerships for succession planning, growth financing, shareholder transitions, management buy-outs, buy-and-build strategies, and corporate carve-outs.

Product overview

Haspa BGM is a private equity investment company that provides capital and strategic partnership to German mid-sized companies. Its core offering consists of equity investment products including majority stakes, minority stakes, and silent partnerships, supporting various investment scenarios such as corporate succession, growth financing, shareholder transitions, buy-and-build strategies, and spin-offs. The company manages a portfolio of approximately 20 active investments across diverse industries including manufacturing (Hansa Maschinenbau, AMAS Technology, Helmers Maschinenbau, STEVENS Bikes, Schulz-Electronic), professional services (Rübsam Fachkräfte, Sandmaster Gruppe, Wunderbar Clean Technology), software (IP Dynamics with its Dynamic Workload platform, novomind with its AI-powered omnichannel commerce suite including iPIM, iSHOP, iMARKET, and iAGENT), and specialized sectors (Aqua free medical water filters, MT.DERM tattoo equipment, VARTAN.AERO aviation services, cyber-Wear merchandising, Agrarfrost food processing). Haspa BGM operates as an 'evergreen investor' without time restrictions, allowing for long-term, sustainable investment horizons.

Differentiator

Problem solved

Functional benefit

Products and services

• Haspa BGM Investment Management Private equity investment services providing equity capital and strategic partnership to German mid-sized companies for succession, growth, shareholder transitions, and restructuring scenarios. Operates as an evergreen investor with approximately 20 active portfolio companies and €200M capital under management.
• Majority Stake Investment Haspa BGM acquires majority equity stakes in mid-sized companies, taking primary responsibility for strategic direction and future development. Typical investment size €3-20M per transaction targeting companies with €10-300M revenue.
• Minority Stake Investment Haspa BGM invests as a minority shareholder, providing equity capital and active support while operational leadership remains with the existing entrepreneur and management team.
• Silent Partnership (Stille Beteiligung) Silent equity participation that strengthens a company's economic equity without transferring ownership stakes. Features long-term and flexible structures with insolvency-proof subordination, allowing entrepreneurs to retain full operational and ownership control.
• Corporate Succession Solutions Structuring ownership transitions for German Mittelstand companies lacking family successors. Brings together different stakeholder interests and secures financing for business succession, addressing the structural challenge that approximately 47% of senior entrepreneurs cannot find a suitable successor.
• Growth Financing Equity capital provision enabling established mid-sized companies to pursue growth opportunities, combining financial resources with strategic support and industry expertise for organic and inorganic expansion.
• Buy-and-Build Strategy Support Supporting value creation through strategic acquisitions in which platform companies serve as a foundation for further specialized bolt-on purchases to build industry-leading groups.
• Management Buy-Out / Management Buy-In Structuring MBO and MBI transactions that enable management teams or entrepreneurs to acquire ownership, allowing sellers to realize assets while maintaining company involvement, and structuring favorable equity packages for both sellers and acquiring managers.
• Corporate Spin-off / Carve-out Support Organizational and legal separation of business units to increase efficiency and flexibility. Haspa BGM supports carve-outs by acquiring the separated entity together with the existing management team, as demonstrated by the 2024 Rübsam carve-out from R+S Group.
• Shareholder Transition Management Replacing departing shareholders from the existing shareholder circle and ensuring continued company development through structured equity transitions.

Quantifiable outcome

• Haspa BGM has maintained a 25+ year investment track record since 1998 with ~20 active portfolio companies
• +2 more outcomes

Named customers37 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Haspa BGM Advisory BoardminorOthersHaspa BGM maintains an Advisory Board alongside its management team, providing strategic guidance and industry expertise to the investment team.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Auctus Capital Partners: Munich-based private equity firm focused on German Mittelstand succession and growth transactions. Comparable target segment (€10–100M revenue companies), similar MBO/MBI focus, and similar ticket sizes create direct overlap.
• Paragon Partners: Munich-based private equity firm investing in succession and growth situations of mid-sized German Mittelstand companies. Overlapping geography and target segment make it a close direct peer, though typically operating at a slightly larger transaction size.
• Adcuram Group: Munich-based PE firm investing in succession, growth, and restructuring situations of mid-sized industrial Mittelstand companies. Comparable mandate around owner-managed German SMEs with similar transaction structures.
• NORD Holding: Hannover-based private equity firm investing in German mid-market companies with a similar long-term, family-business-oriented investment approach targeting succession, growth, and buy-and-build transactions. Highly comparable mandate, geography, and ticket size.
• Capitonda Capital Partners: Frankfurt-based PE advisory firm specialised in succession, MBO, and growth financing for German Mittelstand companies. Geographic and segment overlap with similar transaction structuring.
• BPE Private Equity: Hamburg-based PE firm investing in mid-sized German SMEs with focus on succession and growth capital. Direct competitor in Hamburg with overlapping geography, ticket sizes, and Mittelstand mandate.
• Hannover Finanz: Family-owned German PE firm established in 1979 that invests exclusively in Mittelstand companies. Similar evergreen-like, multi-generational holding approach with focus on succession, growth, and MBO transactions across the DACH region.

Emerging players

• mutares: Munich-based listed investment firm focusing on mid-sized European special situations and Mittelstand carve-outs/transactions. While more operationally driven, it overlaps with Haspa BGM in DACH mid-market acquisitions and portfolio-management activities.

Broad incumbents

• Deutsche Beteiligungs AG (DBAG): Frankfurt-listed German PE firm, the longest-established German PE platform, with a similar Mittelstand focus but operating at substantially larger scale and fund structures. Strong incumbent benchmark for any DACH mid-market investor.
• Aurelius Equity Opportunities: Listed Munich-based investment firm operating across European mid-market opportunities, including special situations. Operates at substantially larger scale but in an overlapping Mittelstand-adjacent segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights8 records

Customer concentration

• LinkedInde.linkedin.com/company/haspa-beteiligungsgesellschaft-f%C3%BCr-den-mittelstand-mbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A6 records

Investments6 records

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

Frequently asked questions about Haspa BGM