BWK Unternehmensbeteiligungsgesellschaft
Also known as BWK, BWK GmbH Unternehmensbeteiligungsgesellschaft
Stuttgart Unternehmensbeteiligungsgesellschaft (since 1990) investing permanent capital of LBBW, W&W, Hertie-Stiftung and L-Bank in majority, minority and silent stakes in Mittelstand firms.
- HEADQUARTERS
- Stuttgart, Germany
- FOUNDED
- 1990
- AUM
- €300M (2026)
- OUTSIDE CAPITAL
- —
- TEAM LISTED
- 12 people
Focus
- STAGES
- GrowthBuyout
- SECTORS
- Industrial & ManufacturingConsumer & E-commerceHealthTechSoftware & SaaSMedia & Entertainment
- ASSET MIX
- Private equityDirect investments
- GEOGRAPHY
- Germany
Overview
BWK GmbH Unternehmensbeteiligungsgesellschaft was founded in Stuttgart in 1990 on the initiative of Prof. Dr. Norbert Loos together with Baden-Württembergische Bank and the Württembergische insurance group. It invests the permanently available capital of its shareholders – Landesbank Baden-Württemberg, the Wüstenrot & Württembergische group, the Gemeinnützige Hertie-Stiftung and L-Bank – rather than a fixed-term fund, so it can hold stakes for 20 years or more. It takes majority, minority and silent participations in established DACH Mittelstand companies with about €15-100M revenue, and reports about €300M of investment capital, about €150M invested in 12-13 companies and more than 70 participations since 1990.
Investment thesis
Equity without exit pressure: long-term, open-ended majority or minority partnerships with entrepreneur-led Mittelstand companies that have a stable market position and cash flow, acting as an 'institutional family shareholder'.
PORTFOLIO (37)
- CONSILIOSoftware & SaaS · since 2026
- CruiseVisionMedia & Entertainment · since 2018
- Erpo MöbelwerkConsumer & E-commerce
- heute-wohnen-GruppeConsumer & E-commerce · since 2022
- HORA eTecIndustrial & Manufacturing · since 2017
- IMS GearIndustrial & Manufacturing · since 1999
- KRUG HolzsystembinderIndustrial & Manufacturing · since 2022
- ndd MedizintechnikHealthTech · since 2015
- QLOCKTWO GruppeConsumer & E-commerce · since 2020
- RAFIIndustrial & Manufacturing · since 2015
- VTQ VideotronikIndustrial & Manufacturing · since 2024
- Coffee FellowsConsumer & E-commerce · since 2015 · Exited (sold to founding family, July 2026)
- Aebi Schmidt HoldingExited
- All for One SteebExited
- BechtleExited
- BizerbaExited
- BKtel communicationsExited
- Dr. HaasExited
- E.G.O. Blanc & FischerExited
- HellerExited
- H & R IndustrierohrbauExited
- ICTExited
- ITT BornemannExited
- Joma-PolytecExited
- Just SpicesExited
- LTS Lohmann Therapie-SystemeExited
- MAHLE BehrExited
- PrintusExited
- R-BiopharmExited
- RixiusExited
- R&K IngenieureExited
- Romina MineralbrunnenExited
- SICKExited
- Sunval NahrungsmittelExited
- TRUMPFExited
- VOLLMER WERKEExited
- XactoolsExited
People
- Dr.-Ing. Bernd BergschneiderManaging Director (spokesman) · source
- Margit MüllerManaging Director · source
- Joachim ErdleChairman of the Supervisory Board · source
- Martin De VriesManagement team (Geschäftsleitung) · source
- Christian HieberManagement team (Geschäftsleitung) · source
- Philipp SchmitzManagement team (Geschäftsleitung) · source
- Julian BeckInvestment Management · source
- Elke KemperInvestment Management · source
- Adrian MartinInvestment Management · source
- Johannes SchneiderInvestment Management · source
- Martin SillyInvestment Management · source
- Tobias StolleInvestment Management · source
Links
Frequently asked questions
BWK Unternehmensbeteiligungsgesellschaft is a private equity fund based in Stuttgart, Germany, founded in 1990.
Yes. BWK Unternehmensbeteiligungsgesellschaft invests its own capital in private companies.
BWK Unternehmensbeteiligungsgesellschaft invests at Growth and Buyout stages in Industrial & Manufacturing, Consumer & E-commerce, HealthTech, Software & SaaS and Media & Entertainment.
Key people at BWK Unternehmensbeteiligungsgesellschaft include Dr.-Ing. Bernd Bergschneider (Managing Director (spokesman)), Margit Müller (Managing Director), Joachim Erdle (Chairman of the Supervisory Board) and Martin De Vries (Management team (Geschäftsleitung)).
BWK Unternehmensbeteiligungsgesellschaft's investments include CONSILIO, CruiseVision, Erpo Möbelwerk, heute-wohnen-Gruppe, HORA eTec, IMS Gear, KRUG Holzsystembinder and ndd Medizintechnik, among others.
The most recent publicly reported investment by BWK Unternehmensbeteiligungsgesellschaft is CONSILIO (Majority stake (succession)), announced in Jun 2026.