What Stemas does

Stemas AG is a Munich-based, privately-held German Aktiengesellschaft operating as a permanent-capital industrial holding (Beteiligungsgesellschaft) for Mittelstand companies in electronics, electrical engineering, mechanical/plant engineering and fire protection. Founded as a vehicle for owners Stefan Hasper and Thomas Müsch, the company acquires majority stakes (typically ≥51%, preferably >75%) in firms with 10-30M EUR of annual revenue, addressing three situations: unresolved succession, profitability weakness requiring restructuring, and corporate carve-outs. The stated model explicitly excludes planned exits; acquired companies are retained and developed operationally and financially within the group indefinitely, with management co-investment encouraged to align long-term incentives.

The company's product surface is the 12 wholly-owned subsidiaries grouped into five segments: electronics manufacturing services (ELPROG, FRANK Elektronik, EKER Systemtechnik, EPS, PressFinish Electronics and HSP as the sixth), electric drive systems (Phytron stepper motors and GEFEG motors/gearboxes up to 750 W), inductors and transformers (Weiss Elektrotechnik and HAUFE), machine and equipment construction (INKA System), and fire protection/rescue (Fritz Massong). Differentiated technical capabilities include Phytron's space-qualified stepper motors used in NASA's Mars Rover Curiosity, FRANK's 1.50 m LED board assembly, ELPROG's climate-neutral ISO-14001/50001-certified production, and HSP/EKER miniature electronics capable of fitting inside an infusion needle. Certifications cluster around ISO 9001:2015, supplemented by ISO 13485 (medical), DIN EN 9100 (Phytron aerospace), ISO 14001 (ELPROG, EPS planned) and VdS (Fritz Massong fire protection). The group's newest physical asset is the 8,000 m² Tech-Hub Gernlinden opened in 2024, co-housing Phytron and PressFinish.

Commercially, the holding generates returns through dividends and value appreciation from portfolio companies while portfolio companies themselves monetize via direct B2B sales of electronics manufacturing services, motors and drives, inductive components, special machinery and fire-protection products into industrial, automotive, aerospace, medical technology, traffic technology and lighting end markets; customer revenue and pricing are not publicly disclosed. Marketing channels center on joint trade-show presence (Electronica, productronica, SPS IPC Drives), LinkedIn/XING/Facebook, and a deal-sourcing partnership with the Biz4Sale portal. Group scale is approximately 150M EUR consolidated revenue across roughly 1,000 employees across 12 subsidiaries and ~10 German manufacturing locations, with a 40.4% equity ratio reported for 2019 and no external funding rounds disclosed.

Name

Stemas

Legal name

Stemas AG

Website

https://stemas.de

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Stemas AG is a Munich-based, privately-held German industrial holding company that acquires majority stakes (≥51%) in 10-30M EUR Mittelstand firms with succession, restructuring or carve-out needs, holding them permanently across electronics manufacturing, electric drives, transformers, machine building and fire protection.

Ownership category

akta.pro rank

Headquarters

HQ city

München

HQ country

Germany

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Dividend and Value Creation from Portfolio Companies: Stemas AG generates revenue through dividend income and value appreciation from its portfolio companies. The holding takes majority stakes (typically >51%) in Mittelstand companies, strengthens them operationally and financially, and holds them long-term without planned exits. Each portfolio company generates revenue through its own operations - electronics manufacturing services, motor sales, transformer sales, machinery, and fire protection services.
2. Portfolio Company Revenues: Individual portfolio companies generate revenue through electronics manufacturing services (EMS), sales of electric motors and drive systems, inductors and transformers, special purpose machines, and fire protection products/services. Target company size: 10-30M EUR annual revenue.
3. EMS/Electronics Manufacturing Services: Six portfolio companies generate revenue through EMS services including PCB assembly (SMD/THT), prototyping, system integration, and testing services for industrial, medical, aerospace, and automotive customers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Stemas AG is a Munich-based industrial holding company that acquires and operationally develops majority stakes in German Mittelstand industrial companies. Its portfolio of 12 subsidiaries sells electronics manufacturing services, electric motors and drive systems, transformers and inductors, special-purpose machinery, and fire protection equipment and services directly to industrial, aerospace, medical, automotive, and public-sector customers.

Product overview

Stemas AG is a holding company (Beteiligungsgesellschaft) that acquires and develops medium-sized German industrial companies. The portfolio consists of 12 companies organized under the 'ELEKTRONIK-GRUPPE' brand (6 EMS/electronics manufacturing companies: ELPROG, FRANK Elektronik, EKER Systemtechnik, EPS, PressFinish Electronics, and HSP), electric drive systems (Phytron and GEFEG Drive Technologies), inductivities and transformers (Weiss Elektrotechnik and HAUFE), machine and equipment construction (INKA System), and firefighting/fire protection services (Fritz Massong). The companies operate independently while benefiting from group synergies, offering comprehensive services from component manufacturing through complete device production, with group revenue of approximately 150 million EUR and about 1,000 employees.

Differentiator

Problem solved

Functional benefit

Brands

• ELEKTRONIK-GRUPPE: Markendach für die fünf Elektronikfertigungs-Beteiligungen: ELPROG, Frank Elektronik, EKER, EPS, PressFinish und HSP
• ELEKTRONIK-GRUPPE
• GEFEG Drive Technologies GmbH

Products and services

• ELPROG GmbH — Flexible EMS Production Flexible electronics manufacturing services covering SMD and THT assembly for small to medium series, prototyping with short lead times, complete assembly including housing and final inspection, custom test equipment development, and diverse testing methods (X-ray, 3D-AOI, Flying-Probe-Tester). Climate-neutral operations certified to ISO 9001, ISO 13485, ISO 50001, and ISO 14001. Serves medical, industrial, and aerospace customers.
• FRANK Elektronik GmbH — LED and Long-Board EMS Full EMS spectrum including SMT and THT assembly, test equipment manufacturing, assembly and coating, with specialization in lighting and LED technology and long-board assembly capability up to 150cm x 50cm with capacity of 45 million components per month. DIN EN ISO 9001:2015 certified. Serves European lighting industry and general EMS customers.
• EKER Systemtechnik Electronic GmbH — EMS and Complex System Technology Provider of planning, project management, development, and manufacturing of high-quality electronic components and complex system technology, offering hardware and software development, layout creation, test concept design, prototyping through certification to series production. DIN EN ISO 9001:2015 certified. Includes extreme miniaturization capability for sensored PCBs small enough to fit inside an infusion needle.
• EPS Electronic Products & Systems GmbH — Large-PCB EMS System and production partner for industrial, lighting technology, consumer electronics, and automotive sectors, offering electronics development, prototyping, rapid boards, component procurement, manufacturing, coating and casting, assembly, and after-sales service. Board capability up to 450 x 500mm at minimum. ISO 14001 certification planned. Serves traffic control systems and automotive customers.
• PressFinish Electronics GmbH — High-Reliability EMS Over 30-year-old EMS provider on 2,000 m² manufacturing custom and proprietary assemblies for medical technology, industrial electronics, and aerospace sectors. SMD and THT lines capable of over 160,000 components per hour. DIN EN ISO 9001:2015 certified with ERP-controlled manufacturing.
• HSP Barschat & Krönert GmbH — Development and Production EMS Reliable partner for development and production of high-quality electronics solutions, offering hardware and software development (embedded systems, FPGA/VHDL, PC software), electronics manufacturing, and individual system solutions from initial concept through production to long-term support. DIN EN ISO 9001:2015 certified.
• Phytron GmbH — Stepper Motors and Linear Actuators High-tech provider of stepper motors and linear actuators with optional gears and feedback systems, and a broad spectrum of power electronics and controls. Products used on NASA's Mars Rover Curiosity. DIN EN ISO 9001 certified since 1994, DIN EN 9100 aerospace certified since 2016. Serves aerospace, space, industrial automation, and scientific customers globally.
• GEFEG Drive Technologies GmbH — Electric Motors and Gearboxes Developer and producer of electric motors, brushless DC servomotors (BLDC/EC motors), brushed DC motors, and planetary, spur, and worm gearboxes with brakes and encoder systems for applications up to 750 watts. Serves medical technology and diverse industrial sectors. 75+ years of brand history (Gefeg founded 1948, NECKAR founded 1967).
• Weiss Elektrotechnik GmbH — Transformers and Inductors 40 years of experience with windings producing transformers and inductors as core products, alongside plastic processing, casting services, and modules. Quality management audited by TÜV-Süd to DIN EN ISO 9001:2015. Expanded product range via 2014 acquisition of Schaffer Trafobau to include flat transformers and explosion-protected (ATEX) transformers.
• HAUFE GmbH & Co. KG — Audio Electronics and Transformers Audio electronics specialist since 1947 for communication technology including intercoms, 100V speaker systems, high-end microphones and preamps. Produces inductors, performs sheet metal processing, magnetic shielding, and power supplies up to the kW range with own factory in Beierfeld. ISO 9001 certified.
• INKA System GmbH — Special Purpose Machinery and Automation Over 35 years of experience as special machine builder with 70+ employees, offering Industry 4.0 automation solutions, special machines, fixtures, and tools from development through final assembly and commissioning. Serves automotive industry and plant engineering customers. DIN EN ISO 9001 certified. Ranked 4th strongest Bavarian SME by Süddeutsche Zeitung.
• Fritz Massong GmbH — Fire Protection and Rescue Services Nearly 100 years of market presence providing fire protection, rescue services, and security solutions with 110 employees at 5 locations in southern Germany generating 17 million EUR revenue. ISO and VdS certified. Offers foam systems, safety identification, deployment containers, ladder safety, radiation measurement, and forest fire equipment to fire departments, rescue services, and large/medium industrial companies.

Quantifiable outcome

• FRANK Elektronik: Revenue grew from 2.5M EUR to 30M EUR and employees from 17 to 100+ since 2010
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered minor.

• Thofan Immobilien GmbHminorOthers · 1 January 2011Thofan Immobilien GmbH is a real estate management company with the same ownership structure as Stemas AG. Founded in 2011, it has built a broad portfolio of commercial and residential real estate. The collaboration enables maximum efficiency in managing Stemas group's assets.
• GCI Management Consulting GmbHminorStrategic or Co-development PartnerSTEMAS AG holds 30% stake in GCI Management, a consulting firm for Mittelstand and corporate clients focused on Corporate Finance and Performance Management. Active in DACH, Central/Eastern Europe, Asia, and North America for 20+ years. Stefan Hasper serves as Managing Director.
• Biz4SaleminorGTM or Marketing PartnerBiz4Sale is a free, fast, and confidential platform for company purchases, sales, and equity investments. Features hundreds of active listings enabling specific searches and initial contact between investors and entrepreneurs. One of the leading company exchanges in the DACH region.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Katek SE: Munich-listed German EMS group with a similar Mittelstand roll-up strategy. Directly comparable as a German-rooted multi-company electronics manufacturing platform serving industrial, medical and automotive customers.
• Scanfil Oyj: Finland-based European EMS group operating a multi-country production footprint. Comparable as a contract manufacturer serving industrial, energy, automation and medical customers, with similar acquisition-driven growth.
• Wittenstein SE: German manufacturer of precision gearing, servo drives and mechatronic systems for robotics, machine tools, aerospace and medical technology. Comparable to Phytron/GEFEG in the high-end electric drive systems niche.
• Zollner Elektronik: One of the largest family-owned German EMS providers, with broad electronics manufacturing services, mechatronics and cable assembly. Closely comparable to Stemas's Elektronik-Gruppe footprint in scale and customer base.
• Paragon GmbH: German automotive electronics specialist with sensor, HMI and e-mobility product lines. Comparable to Stemas's automotive-tilted portfolio (EPS, GEFEG, INKA) and as a German Mittelstand-rooted electronics business.
• Maxon Motor: Swiss manufacturer of high-precision DC motors, brushless drives and gearheads used in medical, robotics, aerospace and industrial automation. Closely comparable to Phytron and GEFEG in the high-end niche motor segment.

Broad incumbents

• Deutsche Beteiligungs AG: Frankfurt-listed German private equity firm specializing in Mittelstand buyouts. Comparable as a German mid-market investor in industrial companies, though with a fund-based, finite-life model rather than Stemas's permanent hold.
• Haniel Group: Duisburg-based German family-owned industrial holding with diversified operating businesses. Comparable as a long-term, family-controlled German Beteiligungsgesellschaft applying a permanent-hold, value-creation model similar in spirit to Stemas.
• USI (Universal Scientific Industrial / Asteelflash): Global EMS conglomerate with strong European operations. Comparable as a broad-incumbent electronics manufacturing services provider whose portfolio overlaps with Stemas's Elektronik-Gruppe, though at much larger scale and with global footprint.

Emerging players

• Heliad Equity Partners: Frankfurt-listed German investment company focused on German Mittelstand and growth companies. Comparable as a public Beteiligungsgesellschaft operating in the same German mid-market space, though smaller and more financial in style.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/STEMASAG
• LinkedInlinkedin.com/company/stemas-ag

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

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 Stemas