Full Breakdown
US Acquisitions of German Mittelstand Accelerate
By Drooid · · How we work
Deal Volume and Notable Transactions
Financial-data provider PitchBook recorded 76 U.S.-backed acquisitions and equity investments in German industrial and manufacturing firms in 2025, valued at roughly $29.5 billion (€26.3 billion)—almost twice the total in 2022. The cumulative value of U.S.-linked deals stood at $23.9 billion as of August 19, 2026.
The database “German Companies Under Foreign Ownership” lists 7,861 firms, of which 1,750 are currently owned by U.S. investors.
Key 2025-2026 transactions include:
- Madison Air’s $5.4 billion purchase of ebm-papst, the Mulfingen-based motor and fan maker.
- Bain Capital’s acquisition of a 51 % stake in Everllence (formerly MAN Energy Solutions).
- Carlyle, together with the Qatar Investment Authority, bought BASF Coatings for about €7.7 billion; the deal was struck on October 26, 2025 and closed on June 30.
Official Statements & Responses
A survey by the American Chamber of Commerce in Germany found that about 62 % of U.S. firms operating in the country expect business conditions to improve over the next three to four years, and 52 % plan to expand their German operations, up from 49 % in 2024.
Verbatim Quotes
- “From what we are seeing in the market, the interest from US investors in German companies is definitely still there,” — Samar-Ahmad Albrecht-Mahmood, of Veracity Capital Investments
- “I would say the trend is continuing, although perhaps not simply in terms of higher deal numbers every year,” — Ahmad Albrecht-Mahmood, of Veracity Capital Investments
Implications for German Industry
Analysts cite two converging forces: an aging owner-operator generation lacking heirs, and U.S. investors’ perception that German SMEs offer specialized expertise at moderate valuations. While overall foreign direct investment in Germany rose to €86.1 billion last year, U.S.-origin capital fell to €11.8 billion—a 44 % decline from 2024—yet the volume of high-value deals continues to grow.
The trend suggests that U.S. capital will remain a significant source of ownership change for Germany’s Mittelstand, potentially reshaping governance structures while preserving the technical know-how that makes these firms attractive to foreign buyers.
