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
Partners
The highly experienced HBL partners consistently gained their successful track record in the German small / mid cap market.

Dr. Peter Hammermann

Jens Bender

Jörg Leussink
Unique Combination
cf:M
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.
OUR POSITION
Investment Criteria
Investments
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ZWT Wasser- und Abwassertechnik GmbH
ZWT Wasser- und Abwassertechnik GmbH
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TCT TECHNIKCENTRUM THALE GMBH
TCT TECHNIKCENTRUM THALE GMBH