DUBAG Group

What DUBAG Group does

DUBAG Group is a Munich-based private equity investment advisory firm founded in 2009 by Dr. Michael Schumann. It manages the Lenbach Equity Opportunities (LEO) fund series, comprising LEO II (launched 2019) and LEO III (closed in 2024 at a EUR 80 million hard cap), through which it acquires and actively develops European mid-market companies in special situations, with a primary emphasis on corporate carve-outs from large industrial and corporate groups. DUBAG targets companies with EUR 20–400 million turnover and EBITDA margins between -10% and +20%, applying in-house operational resources (including interim CEO/CFO/CRO placements) to reposition portfolio companies for eventual exit. The firm's disclosed portfolio spans automotive, industrial manufacturing, health and nutrition, media, packaging, steel, elastomers, die-casting, and additive manufacturing, generating EUR 650 million of portfolio turnover and 2,500 portfolio employees across investments, with over 80 transactions executed by the team since inception.

The firm's business model is the standard closed-end private equity structure: it earns recurring management fees on committed and invested fund capital from institutional limited partners, supplemented by carried interest on successful realizations, aligning manager and investor incentives across a typical 10-year fund life. DUBAG's distribution is direct and relationship-driven, with deal flow sourced off-market through the M&A departments of large European corporates (transaction counterparties have included Saint-Gobain, Nestlé Health Science, TRUMPF, Vitesco Technologies, JTEKT, Holcim, Schaeffler, Stora Enso, Syntegon, Altor and the European Broadcasting Union) and through personal and advisor networks rather than competitive auctions. The firm has a wholly-owned Italian subsidiary, DUBAG Italia srl in Milan, formalizing its regional expansion into Southern Europe, and the team has grown materially through 2023–2025 with senior hires across investment, operations, finance, and ESG functions to support the LEO III deployment cycle.

DUBAG does not develop or sell software or technology products; its proprietary capabilities sit in financial engineering, carve-out execution, and operational value creation. There are no AI/ML products, proprietary models, or technology platform disclosed, and the firm's marketing footprint is limited to a multi-language corporate website, a LinkedIn presence, press releases, and an asset-metrix-based investor reporting portal, consistent with an institutional B2B advisory model.

Name

DUBAG Group

Legal name

DUBAG Investment Advisory GmbH

Website

https://dubag.eu

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

DUBAG Group is a Munich-based private equity investment advisory firm that manages the LEO (Lenbach Equity Opportunities) fund series, acquiring and developing European mid-market companies in special situations, with a primary focus on corporate carve-outs from large industrial groups.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Management of Companies and Enterprises (55)

SIC

Investment Advice (6282)

akta.pro primary industry

Industry-Specialist Buyout (Sector-Focused) (FSANABAE)

akta.pro secondary industry

Small-Cap / Micro-Buyout (FSANABAD)

Keywords

• Private equity advisory
• Corporate carve-outs
• Special situations investing
• Investment fund management
• Portfolio company operations

Headquarters

HQ city

München

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: DUBAG earns management fees from managing the LEO (Lenbach Equity Opportunities) private equity funds on behalf of institutional investors. The LEO III Fund achieved a hard cap of EUR 80 million in investor commitments.
2. Carried Interest (Performance Fees): As is standard in private equity, DUBAG earns carried interest from successful exits and realizations of portfolio companies, aligning fund manager and investor incentives.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

DUBAG Group is a Munich-based private equity investment advisory firm that manages the LEO (Lenbach Equity Opportunities) fund series (LEO II and LEO III), focused on acquiring and actively developing companies in special situations, with a strong emphasis on corporate carve-outs from large industrial and corporate groups. The firm deploys financial and operational resources, an in-house operations team, and a long-term holding approach to reposition portfolio companies in sectors including automotive, industrial manufacturing, media, health, and specialty materials across the DACH/European market.

Product overview

DUBAG Group is a Munich-based private equity investment advisory firm that manages specialized funds (LEO II and LEO III) focused on acquiring and developing companies in special situations, particularly corporate carve-outs. Rather than offering a technology product platform, the firm provides investment management and operational support services to its portfolio companies. The portfolio includes companies acquired from larger corporations across diverse sectors including industrial manufacturing, health and nutrition, automotive, media, and specialty chemicals. DUBAG's core offering is its private equity fund management and active development of portfolio companies rather than a software or technology product.

Differentiator

Problem solved

Functional benefit

Products and services

• LEO II Fund (Lenbach Equity Opportunities II)
• LEO III Fund (Lenbach Equity Opportunities III)
• Investment Advisory and M&A Services
• Portfolio Operations and Value Creation Services

Quantifiable outcome

• Successfully completed >80 transactions across multiple fund generations since founding in 2009
• +2 more outcomes

Named customers15 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Ardian (Secondary & Mid-Market): Paris-headquartered global private investment house with European mid-market buyout and special situations capabilities. Comparable to DUBAG at the strategy level but with a vastly larger capital base.
• Proalpha Group / Deutsche Beteiligungs AG: Frankfurt-listed German mid-market private equity firm. Comparable by DACH focus and mid-market carve-out/buyout mandate, but operates as a publicly listed vehicle with much broader scope and capital base.

Direct peers

• Triton Partners: Frankfurt-based mid-market private equity firm focused on European industrial carve-outs and operational value creation. Highly comparable to DUBAG's DACH mid-market carve-out strategy, though at larger fund sizes.
• Halder (HALDER Beteiligungsberatung): Frankfurt-based mid-market private equity firm investing in DACH succession situations and carve-outs of SMEs. Comparable strategy and target geography to DUBAG with similar transaction size range.
• Equistone Partners Europe: Pan-European mid-market private equity sponsor headquartered in Munich, with long history of DACH buyouts and carve-outs. Comparable to DUBAG in geography and segment, though at substantially larger fund size.
• Pinova Capital: Munich-based mid-market private equity firm with DACH focus. Comparable to DUBAG by regional concentration, mid-market deal size, and German industrial carve-out thesis.
• Mutares: Munich-headquartered listed special-situations investor acquiring carve-outs from larger corporates and turnarounds. Comparable to DUBAG by geography (DACH), strategy (carve-outs, complex situations), and operational restructuring approach.
• Altor Equity Partners: Stockholm-based mid-market private equity firm with strong DACH/Nordics footprint and carve-out/operational improvement focus. Directly comparable to DUBAG; notably, DUBAG acquired ItalPresseGauss from Altor in 2026, evidencing direct transactional overlap.
• Aurelius Equity Opportunities: Munich-based listed special-situations mid-market investor focused on corporate carve-outs and turnarounds across Europe. Closest direct comparable to DUBAG given shared DACH base, carve-out specialization, and target size profile.

Emerging players

• VR Equitypartner: German mid-market private equity provider owned by DZ Bank Group, focused on succession solutions and DACH SMEs. Comparable to DUBAG's DACH carve-out / succession thesis at smaller scale; overlap includes team alumni (Sven Lüdinger previously at VR Equitypartner).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dubag-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about DUBAG Group