What Ludwig & Co. does

Ludwig & Co. GmbH is an independent corporate finance advisory firm headquartered in Frankfurt am Main, Germany, founded in June 2012 by Dr. Thomas Ludwig. The firm operates without any banking or brokerage activities, which it uses as a primary differentiator to position itself as a conflict-free advisor. It serves the German Mittelstand and mid-market segment with four interconnected service lines: Mergers & Acquisitions Advisory (buy-side and sell-side), Debt Advisory & Restructuring, Real Estate Capital Advisory, and Equity Advisory (private placements, IPOs, capital increases, share placements, dual tracks).

The firm's go-to-market is partner-led and relationship-driven, with senior leadership drawn exclusively from top-tier institutions including UBS, Rothschild, Citigroup, Lazard, Boston Consulting Group, Roland Berger, and PWC. Revenue is generated through transaction-based advisory fees (typically a percentage of deal value or fixed engagement fees), with documented mandates spanning sectors as varied as retail/consumer, manufacturing, mining, SaaS/learning technology, re-commerce/circular tech, automotive, and real estate. Notable deal scale includes the EUR 759 million UNIWHEELS AG acquisition by Superior Industries International.

The firm has been externally recognized through Thomson Reuters' Top 10 German Mid-Market Investment Bank ranking, Mergermarket's #11 ranking for M&A advisors (deals up to $750M), and multiple industry awards (Boutique Advisory Firm of the Year 2017 and 2018, Debt Advisory Firm of the Year 2015, Divestiture Management Firm 2016, Leading Restructuring & Debt Advisory of the Year 2024). Ludwig & Co. is privately held, founder-controlled, and operates from a single headquarters location with 11-50 employees, pursuing a selective mandate strategy.

Name

Ludwig & Co.

Legal name

Ludwig & Co. GmbH

Website

https://ludwig.co

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Ludwig & Co. is an independent, Frankfurt-based corporate finance advisory firm serving the German Mittelstand and mid-market with M&A, debt advisory and restructuring, real estate capital advisory, and equity advisory services, delivered through a partner-led model with no banking or brokerage conflicts of interest.

Ownership category

akta.pro rank

Product category

Corporate Finance Advisory

NAICS

Investment Banking and Securities Intermediation (52315)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)

akta.pro secondary industries

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), M&A Advisory (Buy-side/Sell-side) (BPAHADAC)

Keywords

• M&A advisory
• Debt restructuring
• Corporate finance advisory
• Equity advisory
• Real estate capital advisory

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, Technology or R&D, Infrastructure

Revenue model

1. Mergers & Acquisitions Advisory: The core business is providing comprehensive M&A advisory services including buy-side and sell-side mandates. Revenue is generated through transaction-based advisory fees, typically a percentage of deal value or fixed advisory fees per engagement.
2. Debt Advisory & Restructuring: Advising companies on raising new capital, refinancing existing debt, and financial restructuring. Generates advisory fees from transaction execution.
3. Equity Advisory: Advisory services for private placements, IPOs, capital increases, share placements, and dual-track processes.
4. Real Estate Capital Advisory: Advisory services for real estate transactions, supporting investors, owners, banks, and lenders in navigating real estate sector challenges.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Ludwig & Co. is an independent corporate finance advisory firm providing M&A advisory (buy-side and sell-side), debt advisory and restructuring, equity advisory (private placements, IPOs, capital increases, dual tracks), and real estate capital advisory services. With no banking or brokerage operations, the firm offers conflict-free advisory exclusively to the German Mittelstand and mid-market segment.

Product overview

Ludwig & Co. is an independent corporate finance advisory firm offering a unified suite of advisory services. The company provides four interconnected core services: Mergers & Acquisitions Advisory (handling buy-side and sell-side transactions), Debt Advisory & Restructuring (capital raising and debt refinancing), Real Estate Capital Advisory (sector-specific guidance for real estate transactions), and Equity Advisory (supporting IPOs, private placements, and equity capital market transactions). With no banking or brokerage operations, the firm maintains independence from conflicts of interest while delivering advisory across the full corporate finance spectrum.

Differentiator

Problem solved

Functional benefit

Products and services

• Mergers & Acquisitions Advisory

Quantifiable outcome

• Ranked Top 10 Investment Bank in German Mid Market by Thomson Reuters
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered notable.

• FoxwaynotableOthersLudwig & Co. acted as advisor to Foxway on its acquisition of Teqcycle Solutions, a German mobile trade-in company. The acquisition supports Foxway's strategy to become the leader in circular tech in Europe. This is an advisory client relationship where Ludwig & Co. provides M&A advisory services to Foxway.
• Squrance (Rise Up)notableOthersLudwig & Co. acted as advisor to stakeholders of Myskillcamp on the sale of Domoscio, a French adaptive learning specialist, to Squrance. This is an advisory client relationship.
• DIK Deutsche IndustriekapitalnotableOthersLudwig & Co. acted as exclusive advisor to the shareholders of Teba GmbH & Co. KG on the sale of the company to DIK Deutsche Industriekapital. This is an advisory client relationship.
• Lucht Probst Associates (LPA)notableOthersLudwig & Co. advised the owners of LPA on the sale to Motive Partners, a global private equity firm. LPA is a financial services provider with focus on capital market activities.
• Superior Industries InternationalnotableOthersLudwig & Co. advised UNIWHEELS AG and Management on the acquisition by Superior Industries International, Inc. (NYSE:SUP) via Superior Industries International Germany AG. Total Enterprise Value approximately EUR 759 million.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Clairfield International: Frankfurt-headquartered global mid-market M&A advisory firm. Directly competes with Ludwig & Co. for German Mittelstand sell-side and buy-side mandates.
• Lincoln International: Global mid-market M&A advisory firm with a strong DACH presence. Directly comparable to Ludwig & Co. for mid-cap M&A and debt advisory mandates in the same value range.
• goetzpartners: Munich-based independent corporate finance advisory boutique focused on German Mittelstand M&A, debt advisory, and restructuring. Directly comparable to Ludwig & Co. in client segment, service mix, and boutique positioning.
• Oaklins: Global mid-market M&A advisory network with significant German coverage. Competes head-to-head with Ludwig & Co. for Mittelstand sell-side and capital-raising mandates.
• DC Advisory: Global mid-market M&A advisory firm with strong European and German presence. Directly comparable service offering across M&A, debt, and equity advisory for mid-market clients.

Broad incumbents

• Lazard: Global advisory firm with strong German mid-market practice through Lazard Mittelstand. Broader incumbent where Ludwig & Co. Managing Director Hendrik Becker previously worked; competes for larger mandates.
• Houlihan Lokey: Global investment bank with leading mid-market M&A and restructuring practices. Larger incumbent in the same value-proposition space, particularly competes with Ludwig & Co. in debt and restructuring advisory.
• Rothschild & Co: Global advisory firm with deep European mid-market franchise and longstanding DACH practice. Broader incumbent where Ludwig & Co. founder's prior firm experience sits; competes for larger mid-cap mandates.

Emerging players

• GP Bullhound: European advisory firm focused on tech/digital M&A. Overlaps with Ludwig & Co. on SaaS and tech-enabled mandates (e.g., Myskillcamp/Domoscio, CloudControl, ENKI).
• Clipperton: Pan-European tech and digital advisory boutique. Comparable for SaaS/tech sell-side mandates that Ludwig & Co. has executed (e.g., Domoscio, ENKI).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ludwig-co-gmbh
• Xx.com/LudwigCo

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Ludwig & Co.