News – DUBAG Group

LEO III Fund acquires PronoKal Group from Nestlé Health Science to drive Innovation an global growth in ketogenic Nutrition

21. October 2025

Munich/Barcelona, Juli 31, 2025 – We’re proud to announce that LEO III Fund has successfully acquired PronoKal Group from Nestlé Health Science.
With this acquisition, PronoKal will now operate as an independent company – ready to strengthen its leading position in the fast-growing ketogenic nutrition market.

Backed by a strong foundation in science-based, medically supervised nutrition, the company is ideally positioned to accelerate innovation, expand internationally, and deliver sustainable health solutions with real impact.
This transaction reflects DUBAG Group’s ongoing commitment to unlocking value in complex corporate carve-outs and supporting long-term, purpose-driven growth.

A big thank-you to Nestlé Health Science for the trustful collaboration and to everyone who contributed to the success of this transaction, especially our DUBAG deal team for their dedication and tireless efforts:

Deal Team: Dr. Michael Schumann, Emanuel Cattanei, Sebastian Stalter & Fabian Hilke

Legal: Sven Schweneke & Daniel Mursa (Taylor Wessing) & Emilio Prieto (Ecija)

Download the press release here.

LEO II & LEO III Annual General Meeting 2025

14. October 2025

On September 18, 2025, we had the pleasure of welcoming our investors, partners and portfolio companies to the Annual General Meeting 2025 of LEO II & LEO III in Munich.

The event, at which both funds came together for the first time, marked an important milestone on our joint journey. It reflected 16 years of market presence since our foundation in 2009 – with a combined portfolio turnover of over 650 million euros and more than 2,500 employees in our companies.

Like a flock of birds flying in perfect formation, our success is based on collaboration, coordination and common goals – between investors, management teams and partners across Europe.

The Annual General Meeting provided an opportunity to share perspectives, celebrate successes and look ahead together to the next chapter of growth and value creation.

A big thank you to all participants for their trust, commitment and inspiring contributions.

Here’s to continued momentum and a shared flight to new possibilities.

DUBAG welcomes Maren Blindert to the Team

13. October 2025

In July 2025, Maren Blindert joined the DUBAG team as an Investment Analyst.

She graduated with a Bachelor of Science in International Business with a focus on Finance from Maastricht University and holds an International Master of Finance from Católica Lisbon School of Business & Economics. Maren started at DUBAG as an Intern before joining as a full-time Analyst.

Prior to DUBAG, she gained valuable experience at Accuracy Germany GmbH and in the M&A Team of AdEx Partners GmbH, where she supported financial due diligence and strengthened her expertise in transaction processes. Further, she gained insights into private equity co-investments and portfolio management FCM Frédéric Capital Management.

We are delighted to welcome Maren to the team and look forward to a successful collaboration.

Lenbach Equity Opportunities III. GmbH & Co. KG has signed a purchase agreement for TRUMPF’s 3D Printing Business

7. July 2025

Munich/Ditzingen/Schio, July 4, 2025: In line with its strategy of investing in high-potential industrial assets, the LEO III Fund has signed an agreement with TRUMPF to acquire the Additive Manufacturing (Laser Metal Fusion (LMF) / Powder Bed Fusion (PBF/LPBF)) business, a pioneer in additive manufacturing technologies. The transaction highlights DUBAG’s role as a reliable and responsible partner for large corporations in executing complex carve-outs.

Strategic realignment of the Business following the Carve-out

The new group aims to establish itself as a technologically leading, internationally operating solution provider for metallic 3D printing. The focus is on the development, manufacturing, implementation, and sales of comprehensive solutions that go beyond the mere delivery of machines. As part of the carve-out, internal structures and processes will be simplified to address customer needs more quickly and effectively worldwide. Customers will benefit not only from innovative equipment but also from extensive application consulting, process development, automation solutions, and integration concepts covering the entire value chain.

In particular, the specific requirements of OEMs and their suppliers in the aerospace and medical technology industries will be addressed, as well as those of specialized contract manufacturers focusing on industrial series production in metallic 3D printing. The future market strategy targets the aerospace, medical technology, dental, and general industrial sectors.

The completion of the transaction is subject to approval by relevant authorities and the fulfillment of all contractually agreed conditions.

A big thank-you to everyone who supported us on this transaction.
Especially our DUBAG deal team for their dedication and tireless work throughout the process:

Dealteam: Emanuel Cattanei, Sebastian Stalter, Alexander Preuss, Raphael Marold and Sven Lüdiger
Legal: Sven Schweneke, Laurenz Kiefer, and their team Taylor Wessing, as well as Daniela Andreatta and her team from Orrick, Herrington & Sutcliffe LLP in Italy

Download the press release here.

DUBAG Group acquires Tokai Erftcarbon GmbH

30. June 2025

We’re thrilled to welcome TOKAI ERFTCARBON GmbH to the LEO III Fund portfolio!
This acquisition reflects DUBAG Group’s continued commitment to unlocking value in complex corporate carve-outs. With a strong heritage in graphite electrode production and a skilled team on the ground, Tokai Erftcarbon is ideally positioned for long-term growth and operational excellence.
We look forward to shaping the next phase of the company’s journey in close collaboration with its experienced management team.

A big thank-you to everyone who supported us on this transaction –
especially our DUBAG deal team for their dedication and tireless work throughout the process:

Dealteam: Christoph Mödder, Sebastian Stalter & Fabian Hilke
Legal: Sven Schweneke & Laurenz Kiefer (Taylor Wessing)
Debt Advisory: Philipp Widmaier, André Lerchenmüller & Alexander Rabel (Debt Advisory Partners)

DUBAG welcomes Sebastian Stalter to the team

17. October 2024

On August 1st, 2024, Sebastian Stalter joined the DUBAG team as a Director.

Sebastian has over 15 years of professional experience in private equity and investment banking. Before joining DUBAG, he worked for two renowned, medium-sized private equity funds, where he was responsible for several pan-European acquisitions and refinancing, particularly in the automotive industry. Before that, he worked at Rothschild & Co., where he focused on complex financial restructurings, distressed M&A, and debt advisory. Sebastian studied Business Administration at the Ludwig Maximilian University of Munich.

We are delighted to welcome Sebastian to the team and look forward to a successful collaboration!

DUBAG welcomes Sven Lüdiger to the team

17. October 2024

On June 20th 2024, Sven Lüdiger joined the DUBAG team as an Investment Analyst.

Sven studied at the University of Münster and University of California Berkeley Haas School of Business and graduated with a Bachelor of Science in Business Administration and a Master of Science in Finance and Economics. He started at DUBAG as an Intern before joining as full-time Analyst. Prior to DUBAG, he gained foundational expertise in the financing of SME with an apprenticeship in banking at Nord/LB. Sven also brings valuable experience from his internships in structured finance (energy/infrastructure) at Nord/LB London, corporate finance at Fresenius Kabi and private equity with a focus on succession issues at VR Equitypartner.

We are delighted to welcome Sven to the team and look forward to a successful collaboration!

We have moved!

3. September 2024

Since July 1st 2024 you will find us in our new spaces at Thomas-Wimmer-Ring 1, 80539 Munich, directly at the Isartor. We look forward to welcoming you to our new location!

DUBAG welcomes Fabian Hilke to the team

3. September 2024

On December 1st 2023, Fabian Hilke joined the DUBAG team as an Investment Analyst.

Fabian graduated from International School of Management with a Bachelor of Arts in Management and holds a Master of Science in Finance from Nova School of Business and Economics. He started at DUBAG as an Intern before joining as full-time Analyst. Prior to DUBAG, he gained foundational expertise in Private Equity during his internships at Family Trust Investor and AUCTUS Capital Partners

We are delighted to welcome Fabian to the team and look forward to a successful collaboration!

DUBAG welcomes Petar Angelov to the team

2. September 2024

On February 1st 2024, Petar Angelov joined the DUBAG team as Head of Finance.

Petar Angelov has been working as Head of Finance at DUBAG Group since February 2024. With his solid academic background in business administration from Munich University of Applied Sciences and advanced qualifications as a CFA Charterholder and CAIA Charterholder, Petar brings profound expertise to the financial sector. Throughout his professional career, he has acquired valuable knowledge at DTCP as a Senior Portfolio Manager focusing on portfolio management and digitalization projects, at RWB PrivateCapital Emissionshaus AG where he initiated the co-investment program in addition to his portfolio management duties, and at vonBraun&Schreiber where he built his extensive knowledge in private equity. Petar’s early career also included significant internships and trainee positions at renowned institutions such as UBS Real Estate, Commerz Finanz, Siemens Financial Services, Bayerische Landesbank, and E.On Sales & Trading, where he established a solid foundation in risk management, financial analysis, and controlling.

We are delighted to welcome Petar to the team and look forward to a successful collaboration!