We’re proud to announce that our LEO III Fund has signed a purchase agreement for the acquisition of IVOSTUD GmbH and its subsidiaries from Doncasters Limited, a wholly owned indirect subsidiary of the NYSE-listed DPC Holdings PLC.

Based in Breckerfeld, IVOSTUD is a specialized developer and manufacturer of stud welding systems and the welding studs and fastening elements they use. Its offering ranges from fixed-mounted systems to robotic weld heads for high-volume production, complemented by installation, maintenance, and spare parts services. IVOSTUD employs around 170 people, with production sites in Breckerfeld and Radevormwald and sales and service locations in the US, Mexico, France, the UK and China. Its customers are mainly automotive manufacturers and their suppliers.

IVOSTUD stood out to us for its engineering depth, which goes back to 1967 and its predecessor, Nelson Bolzenschweiß-Technik. Beyond that, it has a true single-source offering that combines welding systems, a portfolio of more than 340 stud types, and comprehensive service and application support across the entire product life cycle. Deep technical know-how, long-standing customer relationships, and a clear carve-out story.

Our ambition together with management:

• Position IVOSTUD as an independent, internationally active specialist in stud welding technology
• Expand the commercial presence and local service capabilities in North America
• Drive growth with the new IV-5 stud welding system, launched in 2026 with Industry 4.0 capability and extended data functions
• Extend the business with industrial customers and further improve operational efficiency

Christoph Moedder, Partner at DUBAG Group: “IVOSTUD is a well-established company with decades of stud welding expertise and long-standing relationships with leading automotive manufacturers and suppliers. We look forward to working with the management team and all employees to position IVOSTUD for further growth in Europe and North America.”

This transaction reflects our continued commitment to partnering with exceptional industrial businesses in complex corporate carve-outs and supporting their next phase of independent growth.

We would like to thank Doncasters for a trustful and constructive process, and our full team for their outstanding work:

Deal Team: DUBAG

Christoph Moedder

Tolga Dahmen

Maren Blindert

Legal: HEUKING – Andreas Lenz & Bastian Rieck

Download the press release here.

We’re proud to announce that our LEO III Fund has signed a purchase agreement for the acquisition of Holcim Technical Solutions and Products GmbH (HTSP) from Holcim.

Based in Edingen-Neckarhausen, HTSP is a specialized manufacturer of engineered elastomer solutions and high-performance rubber materials — serving customers across aerospace, mechanical engineering, mobility, medical technology, and road marking applications.

What makes HTSP particularly compelling: a strong and well-established position in civil aviation flooring, where its engineered, non-textile materials meet the industry’s stringent requirements for flammability, durability, and slip resistance. And beyond aviation, a robust portfolio across several highly specialized sectors — from drinking-water-certified rubber sheeting to critical insulating and building solutions and an established road-marking business. A technically demanding profile, a loyal customer base, and a clear carve-out story.

Our ambition together with management:

• Sharpen strategic focus on customers and their technological needs
• Continue expanding the product portfolio and enhancing product performance
• Support a smooth relocation and secure HTSP’s long-term future in the Mannheim/Heidelberg region
• Build on HTSP’s leading position in civil aviation flooring as a key growth driver

Sebastian Stalter, Director at DUBAG Group:
“We are delighted to partner with HTSP’s management team and to support the next chapter in the company’s development. Together, we will deepen the focus on HTSP’s customers and their technological needs, and look forward to securing a strong future in the Mannheim/Heidelberg region.”

This transaction reflects our continued commitment to partnering with exceptional industrial businesses in complex corporate carve-outs and supporting their next phase of independent growth.

We would like to take this opportunity to recognise the exceptional contribution of our full team:

Deal Team: DUBAG

Dr. Michael Schumann, Sebastian Stalter, Alexander Preuss & Sven Lüdiger

Legal Advisor: Taylor Wessing

Sven Schweneke & Florian Leitsbach

IT Advisory: Valantic

Stephan Herteux & Dominik Oswald

Download the press release here.

We are pleased to announce that the Lenbach Equity Opportunities III Fund, advised by the DUBAG Group, has successfully completed the acquisition of ItalPresseGauss S.r.l. from Altor.

Based in Italy, ItalPresseGauss is a well-established provider of advanced die-casting technologies, with a strong track record in high-pressure aluminum die-casting solutions, automated work cells, and tailored production systems for customers worldwide.

With its deep engineering expertise and long-standing customer relationships, ItalPresseGauss is ideally positioned to benefit from key industry trends – particularly the ongoing electrification of the automotive sector and the increasing demand for lightweight components.

Our ambition together with management:

• Strengthen ItalPresseGauss’ position as a leading manufacturer of high-pressure aluminum die-casting solutions
• Accelerate innovation and further enhance the company’s technological offering
• Drive international expansion, with a focus on Europe and the United States

Pursue both organic growth and selective M&A opportunities

Emanuel Cattanei, Partner at DUBAG Group:
“We are very pleased to support ItalPresseGauss in this next stage of its development. The company combines a strong market position with significant growth potential. Together with management, we aim to further strengthen innovation, sharpen the customer offering, and support expansion across key markets.”

This investment underlines our continued commitment to partnering with strong industrial businesses in special situations and supporting their next phase of growth.

We would like to thank all parties involved for the constructive and professional collaboration throughout the process.

The DUBAG deal team
Sven Lüdiger
Sebastian Stalter
Emanuel Cattanei

Legal Advisor
Daniela Andreatta and her team from Orrick Italia

M&A Advisor
Deloitte Advisory was appointed as expert in analyzing the business plan and the financial sustainability

Download the press release here.

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.

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.