Small- to Mid-Cap Private Equity

Investments of typically up to €10M of equity in DACH small & middle-sized businesses, plus the combined experience of more than 100 transactions.

  • Investments

    Ownership successions, corporate spin-offs, changes in the shareholder structure, special situations with increased complexity including (very selectively) underperformance situations, and growth financing

  • Growth

    Strong focus on worldwide growth potential build-up opportunities (markets with consolidation potential). We support building defensible market positions, recurring revenues and premium products

  • Approach

    Controlling equity stake (MBO / LBO) with board seats along with strong management and operational improvement

  • Regional Focus

    We focus on the DACH-region, especially Germany, but seek global add-ons. Our offices are in Frankfurt and Munich


The highly experienced HBL partners consistently gained their successful track record in the German small / mid cap market.
Dr. Peter Hammermann
Dr. Peter Hammermann
HBL InvestmentPartners Founding Partner & Managing Director
Dr. Hammermann began his career with Robert Bosch GmbH and BHF Bank. In 1995, he was a founding partner of a German mid-cap private equity house. In 1998, he founded the German business of Barclays Private Equity, now Equistone Partners, a leading European small / mid-cap private equity house. He continued in his leadership roles as Managing Director Europe, Member of the Management Board Europe, and Chairman of the Supervisory Board Europe for 20 years.
Jens Bender
Jens Bender
HBL InvestmentPartners Founding Partner & Managing Director
Jens Bender completed training as a bank officer at HypoVereinsbank AG and then attained a degree in Business Administration (Diplom-Kaufmann) at the Goethe University Frankfurt am Main. He begin to work in Corporate Finance, among others at Bankhaus Metzler/Metzler Corporate Finance in 2001. He held the title of Deputy Head of the Mid-Cap M&A team at Commerzbank AG from 2007 to 2012 before co-founding cf:M together with Jörg Leussink in 2012.
Jörg Leussink
Jörg Leussink
HBL InvestmentPartners Founding Partner & Managing Director
Jörg Leussink earned a Degree in Business Administration (Diplom- Kaufmann) at the Goethe University Frankfurt am Main before beginning a career in 2000 with Bankhaus Metzler/Metzler Corporate Finance. He was the Senior Director of the M&A team at Commerzbank AG from 2007 to 2012 and co-founded cf:M in 2012 together with Jens Bender.

Unique Combination


Jens Bender & Jörg Leussink founded the small- and mid-cap corporate finance advisory firm in 2012 after having worked at Bankhaus Metzler and Commerzbank for over a decade. Part of the cf:M model is the origination and execution of equity investments with family offices.

Private Equity

To further adapt the range of offerings, as well as expand the reach of cf:M, the company joined forces with Dr. Peter Hammermann, a pioneer in the investment business in the German-speaking region for over 20 years, to establish HBL Investment Partners, a mid-sized German private equity company in 2018.

HBL InvestmentPartners

In July 2018, the partners closed their first investment with TCT Technikcentrum Thale GmbH. This was followed by the closing of ZWT Wasser- und Abwassertechnik GmbH in September 2019 together with the current company management.


  • Exceptional small and mid-cap DACH private equity joint market presence
  • 25 years of exceptional market position
  • Consistent above average performance
  • Unique set-up for deal flow

"We strongly believe in the power of matching human expertise and leadership to each business opportunity for long-term success."

Investment Criteria


  • Typical investments of up to €10 m of equity – specific cases may exceed this amount
  • Strong focus on (worldwide) growth potential build-up opportunities (consolidation potential)
  • Strong management
  • Controlling equity stake (MBO / LBO) with board seats
  • Defensible market positions, recurring revenues, & premium products
  • Focus on DACH-region, especially Germany, neighboring countries on an opportunistic basis
  • Operational improvement


  • ZWT Wasser- und Abwassertechnik GmbH

    • ZWT is a leading, medium-sized provider of efficient technical solutions in the water and wastewater sector with over 250 systems implemented in the last 20 years
    • ZWT has extensive experience in the fields of process engineering, construction technology, mechanical engineering and EMSR technology in water and wastewater plant construction
    • ZWT generates sales of approx. EUR 15 million
    • ZWT was acquired in 2019 together with the management team
    ZWT Wasser- und Abwassertechnik GmbH

    • TCT is a national provider of engineering services in terms of planning, construction, project management and commissioning of mobile communications infrastructure
    • The expertise of TCT includes the complete installation and integration of system technology and directional radio systems, especially for mobile networks. 
    • The customers of TCT include the largest mobile operators in Germany, e.g. Telefónica, Deutsche Telekom and Vodafone
    • TCT generates sales of approx. EUR 40 million
    • TCT was acquired in 2018 together with the new management
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