Odewald KMU

What Odewald KMU does

Odewald KMU is a Berlin-based private equity firm founded in 2008 that invests in small and medium-sized enterprises (Mittelstand) across Germany, Austria, and Switzerland. The firm manages approximately €350 million across two funds — Fund I (€150M, 2008) and Fund II (€200M, 2015) — and targets majority stakes in companies with up to €100 million in revenue. Since inception, Odewald KMU has executed more than 30 transactions spanning 16 platform investments and 17+ add-on acquisitions across sectors that include vocational training, healthcare and social services, IT/software, industrial services, engineering, and consumer brands.

The firm's investment approach centers on four situations: succession solutions, growth financing, industry consolidation through buy-and-build, and management buy-outs/buy-ins. More than 75% of deal flow is sourced proprietary, drawing on the partners' networks across German industry, public administration, and politics. Active portfolio platforms include Education Partners (vocational training, with nine bolt-on acquisitions), HiOffice Group (social recruiting, with an Austrian foothold via Morawitz), Softdoor (mobile healthcare services), and GIATA (travel technology with AI-driven hotel data matching and the SMARTSEER acquisition). The Managing Partners are Christoph Freiherr von Huene, Stefan Müller, and Lutz Weidemann.

Odewald KMU's revenue model follows standard PE economics: recurring management fees on committed capital (typically 1.5–2% of AUM) plus carried interest on realized returns. The firm is lean, with approximately 10–15 professionals across investment and operating functions. Limited partners in the funds comprise insurance companies, pension funds, family offices, and promotional banks from Germany and Europe. The firm is currently in active realization mode, with exits completed in 2024 (Karl Schmidt) and H1 2025 (Spieth & Wensky), and a sale process initiated in February 2026 for Education Partners.

Name

Odewald KMU

Legal name

Odewald KMU II Gesellschaft für Beteiligungen mbH

Website

https://odewaldkmu.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Odewald KMU is a Berlin-based private equity firm founded in 2008 that manages approximately €350 million across two funds, taking majority stakes in DACH Mittelstand companies with up to €100 million in revenue for succession, growth, and buy-and-build situations.

Ownership category

akta.pro rank

Product category

Private Equity (Mittelstand-focused buyout and growth capital)

NAICS

Other Financial Investment Activities (5239), Miscellaneous Financial Investment Activities (523999)

SIC

Investors, Nec (6799)

akta.pro primary industry

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

akta.pro secondary industries

Multi-Sector / Generalist Growth Equity (FSANACAO), Industrials & Manufacturing Growth Equity (FSANACAF)

Keywords

• Private equity investments
• Mittelstand buyouts
• Succession financing
• Growth capital
• Buy-and-build strategy

Headquarters

HQ city

Berlin

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: Annual management fees charged on committed capital under management, typical for private equity fund structure
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, representing the primary value creation mechanism for fund returns

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Odewald KMU is a Berlin-based private equity firm that invests majority equity from its two fund generations (Fund I €150M, Fund II €200M) into market-leading small and medium-sized enterprises (Mittelstand) in the DACH region. The firm delivers tailor-made succession solutions, growth financing, buy-and-build platform investments, industry consolidation strategies, and Management Buy-Out/Buy-In transactions, while providing strategic advisory, conservative financing structures, and management co-investment programs to portfolio companies.

Product overview

Odewald KMU is a private equity firm investing in market-leading SME companies in German-speaking regions (DACH), offering partnership-based succession solutions and growth financing. The firm manages a 350 million EUR fund across two generations (Odewald KMU I: 150M EUR, Odewald KMU II: 200M EUR). The portfolio comprises 20 portfolio companies across four target sectors: German engineering, healthcare, intelligent services, and IT/software. Current portfolio companies include: Education Partners (vocational training), HiOffice Group (AI-powered social recruiting), Softdoor (social health services), GIATA (travel tech with AI), ctrl QS (digital consulting), Dentabene (dental centers), ARTUS (damage restoration), AMT Schmid (electric drive technology), Heizkurier (mobile energy), Langer & Laumann (elevator door drives), and others spanning healthcare services, industrial services, and retail sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Odewald KMU Fund I Private equity fund providing majority equity capital to market-leading Mittelstand companies in the DACH region for succession solutions and growth financing, with a 10+2 year fund term and €150M committed capital. Targets companies with up to €100M revenue.
• Odewald KMU Fund II Second vintage private equity fund continuing Odewald KMU's Mittelstand investment strategy with €200 million of committed capital, focused on succession, growth, and buy-and-build opportunities in the DACH region.
• Succession Solutions Tailor-made equity solutions for founders and family business owners seeking to exit while preserving company identity, culture, and continuity. Includes systematic re-investment options for selling shareholders and integration of new management structures.
• Growth Financing Capital and strategic support for profitable, fast-growing Mittelstand companies pursuing organic expansion, market development, or add-on acquisitions. Combined with active advisory board support and operational improvement expertise.
• MBO/MBI Transactions Majority equity backing for Management Buy-Out and Management Buy-In transactions, pairing experienced managers with Odewald KMU's capital, Mittelstand network, and advisory board resources.
• Buy-and-Build Platform Investments Platform investments in fragmented industries that enable industry consolidation via add-on acquisitions. Provides capital and operational support for roll-up strategies.

Quantifiable outcome

• Average annual sales growth of portfolio companies
• +2 more outcomes

Named customers9 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

AI capability5 records

Partnerships

Four partnerships are on record, tiered minor.

• Harris WilliamsminorImplementation/ SI/ Consulting Partner · 24 February 2026Harris Williams is providing advisory services to Odewald KMU for the sale process of Education Partners, a German vocational training provider. This engagement supports Odewald KMU's exit strategy for this portfolio company.
• bpv HuegelminorImplementation/ SI/ Consulting Partner · 1 January 2026bpv Huegel provided legal and tax advisory services to Odewald KMU and HiOffice Group for the acquisition of Morawitz Consulting GmbH, which closed in January 2026.
• Heuking Kühn Lüer WojtekminorImplementation/ SI/ Consulting Partner · 1 January 2026Heuking provided legal advisory services alongside bpv Huegel for Odewald KMU and HiOffice Group on the Morawitz Consulting acquisition.
• Garger SpallingerminorImplementation/ SI/ Consulting Partner · 1 January 2026Garger Spallinger advised the founder and sole shareholder Stefan Morawitz on the transaction when Odewald KMU and HiOffice Group acquired Morawitz Consulting.

Scale indicators7 records

Recent moves14 records

Expansion highlights6 records

Direct peers

• Auctus Capital Partners: Munich-based PE firm investing exclusively in German Mittelstand companies with sub-€100M revenue, focused on succession and growth financing — a direct competitor for the same deal universe as Odewald KMU.
• NORD Holding: Hannover-based PE firm investing in German Mittelstand SMEs with focus on succession solutions and buy-and-build — a directly comparable strategy; NORD Holding was also a buyer of Odewald's Heizkurier exit in 2022.
• IK Partners: Pan-European mid-market PE firm with significant DACH Mittelstand activity, focused on sub-€200M revenue companies across succession, growth, and buy-and-build — directly comparable by strategy and ticket size.
• Paragon Partners: Munich-based independent PE firm focused on mid-market buyouts and growth investments in German-speaking markets, often targeting succession situations and buy-and-build platforms in the same Mittelstand segment.
• capiton AG: Berlin-based PE firm focused on succession and growth capital for German Mittelstand companies, with comparable fund sizes and a similar regional DACH investment focus to Odewald KMU.
• Deutsche Beteiligungs AG (DBAG): Frankfurt-listed German mid-market PE firm focused on Mittelstand buyouts and growth financing across industrial, healthcare, and services sectors — the closest publicly-traded peer to Odewald KMU by strategy, geography, and ticket size.
• ECM Equity Capital Management: Frankfurt-based PE firm investing in German Mittelstand succession and growth situations with similar fund sizes and target company profiles — a directly comparable strategy in the same DACH Mittelstand niche.
• Halder (Halder Beteiligungsberatung): Frankfurt-based PE firm specializing in German Mittelstand succession transactions and growth capital, with a similar focus on family-owned SMEs — a directly comparable strategy and ticket size to Odewald KMU.
• Argos Wityu: European independent mid-market PE firm with strong DACH Mittelstand focus; acquired Odewald's Karl Schmidt portfolio company in 2024, evidencing direct overlap in deal universe and target company profile.
• BPE Private Equity: Cologne-based independent PE firm focused on succession solutions for German Mittelstand companies with comparable ticket sizes — also the former employer of Odewald KMU Managing Partner Joachim von Ribbentrop, indicating strong sector overlap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/odewald-kmu

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries20 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 Odewald KMU