Investment holding · Röthenbach a. d. Pegnitz, Germany
Four of them work for defence and law enforcement. ATC Technology machines parts to five-axis tolerances and holds a licence to manufacture weapons and ammunition. BA Clearance removes unexploded ordnance, Safetrek finds it with AI, 1MOA trains people on the weapon. The other seven keep the house broad.
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Focus
Eleven companies across nine fields reads, at first glance, like spreading without a thesis.
It isn't. Four of the eleven serve defence ministries, police forces and public authorities, and that is where the capital we add goes. ATC Technology machines five-axis parts to ±0.005 mm, is certified to ISO 9001:2015 and NATO AQAP, and holds the German licence to manufacture weapons and ammunition. BA Clearance removes unexploded ordnance; its Safetrek application detects and classifies it in the field using AI, built by former German special forces soldiers. 1MOA trains hunters and sport shooters on the weapon.
The other seven — property, forestry, health, drone and negotiation software, online retail — carry the base load. They are not decoration. They are simply not the reason we drive to the office in the morning.
The focus has a plain commercial reason. Approvals, certifications and access to procurement offices take years to earn and are hard to copy afterwards. A company that holds them has dug a moat. In the other seven businesses, price decides.
Position
A fund has a term. After seven years, often ten, it sells because the partnership agreement says so — not because selling helps the company at that particular moment.
In defence that clock runs against you. From first contact through qualification, trials and approval to the first framework contract actually being called off, more than seven years regularly pass. A fund would have to sell at exactly the point where years of groundwork start turning into revenue. The buyer takes the harvest, the fund did the work.
We invest our own capital, which changes the arithmetic. We stay on the share register for as long as the business carries itself. Across all eleven companies, that has so far meant open-ended.
Whoever talks to us talks to the managing director.
There is no committee that meets again in four weeks. A no comes quickly; a yes needs numbers.
Ways in
We take majority stakes in companies that already run and whose owner wants a shareholder who stays. Succession is the most common reason: someone wants to step back without the business being broken up, handed to a competitor, or continued three years later under a new name with half the staff. We do not buy in order to restructure. What works stays, including the management team, if it wants to stay.
Minority stakes in young companies whose product is on the market and whose next step depends on money: an approval, a production run, a sales team. In defence this mostly funds the years in which a product is being qualified and earns nothing.
Sometimes money is not what is missing. Then we advise and take no stake.
Portfolio · August 2026
The inner ring turns the four defence and law enforcement companies, the outer ring the remaining eight. Hover over a tile or tap it — the activity appears underneath.
Where we stand
Companies
active, across nine fields
Defence & law enforcement
ATC Technology, BA Clearance, Safetrek, 1MOA
Typical sales cycle
years to the first framework contract called off
Fund term
years, because there is no fund
Contact
Two paragraphs are enough for a first read: what the company does, what is missing. If it does not fit, you will hear that in the reply rather than in the fourth round.