09.2020: The fund of Afinum invests in Threema GmbH. Together with the founders, who will retain a significant share in the business, Afinum is going to support the continuation of the strong historic growth. In partnership with Afinum, the company is striving to further strengthen its market position as the […]
08.2020: HQ Equita (Harald Quandt Group) acquires a majority stake in MUEGGE GmbH from MEYER BURGER TECHNOLOGY AG. MUEGGE is one of the leading manufacturers of industrial mission critical microwave components, systems and plasma sources in German-speaking Europe. Based in Reichelsheim, Germany, MUEGGE employs appr. 120 people and provides innovative […]
07.2020: Financial investor capiton takes over CNP Group, based in Germany. CNP is an international manufacturer and distributor of generic pharmaceuticals with a focus on anti-infectives. In addition to antibiotics, CNP offers over-the-counter medicines and medical devices. Most of the products are manufactured at the company’s two production sites in […]
06.2020: Mutares SE & Co. KGaA has signed an agreement to take over SABO Maschinenfabrik GmbH, one of the leading manufacturers of lawn mowers and other outdoor power tools. The seller is the US group Deere & Company (John Deere). SABO is one of the leading brands for high quality […]
03.2020: Harald Quandt Industriebeteiligungen GmbH (“HQIB”) acquired a majority stake in zetcom Group AG (“zetcom”) in March 2020. The Swiss company develops leading software solutions in the field of inventory management for museums and non-profit organizations as well as private, institutional and corporate collections. Globally, zetcom provides solutions to more […]
02.2020: Financial investor AUCTUS is taking a stake in Georg Parlasca biscuit factory. The traditional family company near Hanover/Germany was founded 1897 and is run by the 4th generation of Anna-Luise, Annett and Georg Parlasca. Parlasca has been able to position itself as a leading private label manufacturer for specialty […]
01.2020: A funds of investor Afinum acquires a majority stake in Swiss Interconnect Holding SA („LEMCO PRECISION“). Together with the entrepreneur and long-standing CEO André Rezzonico, who will remain minority shareholder. LEMCO PRECISION (www.lemco-precision.ch) manufactures contacts for data and power transmission that are small in diameter, complex in shape, and […]
01.2020: Software specialist Werbas AG takes a private, German group of investors on board to manage company succession. WERBAS AG is one of the leading providers of effective software solutions in the automotive industry. Companies in many areas who use special workshop software or dealership software benefit from this software […]
01.2020: Covestro has successfully closed the sale of its European polycarbonates sheets business to the Germany-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy. The segment generated total sales of EUR 130 million in […]
12.2019: Bregal acquires leading provider of power electronics as part of a succession plan. Laboratory power supplies, electronic loads and bidirectional power supplies for R&D, education and industrial applications: These are the core business fields of EA Elektro-Automatik GmbH & Co. KG, a globally leading supplier of power electronics for […]
11.2019: GPE Group, a producer of specialized med-tech systems and components, has acquired NICOLAY, a manufacturer of medical equipment based in Nagold, Germany. The combined group will generate revenues of appr. € 85 million annually. NICOLAYs core competences lie in the development and production of non-invasive patient surveillance equipment. The […]
10.2019: Financial invesor Afinum invests in Golfversand Hannover GmbH („all4golf“), Europe’s largest e-commerce company for golf equipment and the undisputed market leader in the German speaking region. The leading position of all4golf is reflected in the extensive range of more than 20,000 SKUs, which includes the full range of golf […]
08.2019: DMB Dr. Dieter Murmann Beteiligungsgesellschaft mbH has acquired Germany-based MESSRING Group. With the August 16 purchase agreement, DMB acquired the crash test technology specialist retroactively as of January 1, 2019. The sellers are the two general managers Robert Weber and Dierk Arp, who will remain general managers of the […]
07.2019: Lifco Group has signed an agreement to acquire the majority of the German company ErgoPack Deutschland GmbH. The company is the leading manufacturer of ergonomic and mobile pallet strapping systems that are used in many different industries globally. In 2018, the acquired operation reported net sales of approximately 22 MEUR. […]
07.2019: Seitz pet food from Langwedel in Lower Saxony/Germany is a leading manufacturer of premium wet food for dogs and cats in the private label segment. The range also includes BARF products and sausages, which are sold under their own brand “Seitz pet food”. Seitz’s customers include German premium brand […]
07.2019: In order to support further expansion of the business, funds advised by Steadfast Capital acquired a majority stake in BUK Group (BUK). The transaction comprises BUK Kunststofftechnik GmbH and EMG GmbH, both based in Eppingen (Baden-Württemberg), UHB Kunststofftechnik GmbH, based in Bohmte (Lower Saxony), as well as the toolmaking […]
06.2019: Fidelium Partners has acquired 100% of Mühlhoff Umformtechnik GmbH from owning familiy. Mühlhoff manufacturers complex formed parts and components for the automotive industry. The customer base includes almost all notable car manufacturers such as BMW, Daimler, Ford, Volvo, VW, etc. and their respective suppliers globally. Customers appreciate the high […]
04.2019: A fund advised by AFINUM Management GmbH has exited Sinnex to French Groupe Mériguet, a leading provider of renovation services for high end private residences and historic buildings. Sinnex is a highly-specialized interior outfitting company serving the megayacht industry across Europe. The company also builds high end interior for private […]
03.2019: In order to support further expansion of the business, a fund of Steadfast Capital has acquired a stake in Kempf Group (KEMPF) in February 2019. The transaction comprises Kempf Holding, based in Bad Marienberg (Western Germany) with a further production plant in Kowary, Poland), and Kempf Reparatur, based in […]
02.2019: Financial investor Halder has completed an MBO of Conen Group (Morbach/Germany). The investment provides a succession solution for the founder’s family which had established the company in 1965. Conen specializes in outfitting educational institutions like schools and nursery schools in Western Europe, the Middle East and the US. Technical […]
02.2019: Shell* has agreed to acquire 100% of sonnen, the Germany based leader in smart energy storage systems and innovative energy services for households. This follows an investment by Shell in May 2018 and means that post regulatory approval and completion sonnen will become a wholly owned subsidiary of Shell. […]
02.2019: Funds advised by Equistone Partners Europe („Equistone“) have agreed the sale of a majority stake in OTTO Luft- und Klimatechnik GmbH & Co. KG („OTTO“) to Engie Deutschland GmbH („Engie“), one of the leading companies for technical building services, facilities management, industrial refrigeration technology and energy services in Germany. […]
01.2019: Harald Quandt Industriebeteiligungen GmbH has completed the acquisition of a majority stake in procilon GROUP (“procilon”). procilon offers its customers comprehensive software solutions for the secure digital communication, identification, and storage of sensitive information. Proprietary cryptographic software applications thereby form the core of procilon’s portfolio. Founded in 2001 and […]
01.2019: Investor Lampe Privatinvest has sold von Oertzen GmbH (Germany), a leading solution provider of high-pressure water jetting systems for industrial customers, to Hako (Germany), a subsidiary of the Possehl Group. With an annual turnover of more than 430 million euros and around 2,000 employees worldwide, Hako GmbH from Bad Oldesloe […]
12.2018: Investors AFINUM an INVISION acquire a majority stake in Ledlenser GmbH & Co. KG, Germany, a leading manufacturer of LED flashlights and headlamps. Headquartered in Solingen/Germany and with a production site in Yanjiang (China), Ledlenser (www.ledlenser.com) counts among the worldwide leading manufacturers of high-quality flashlights and headlamps for professional, […]
11.2018: As part of a succession plan, VESCON Automation Group GmbH, majority owned by Quadriga Capital, acquires a majority stake in the Lower Bavarian Schiller Group. The company provides innovative automation solutions for the automotive and semiconductor industries and employs around 200 people. The company founder, Ewald Schiller, will remain […]
09.2018: A fund, advised by AFINUM Management GmbH, participates as part of a proprietary transaction at Ventomaxx GmbH. The founder Hans Schorsch and his sons Philipp and Florian Schorsch remain involved. Together with AFINUM, the Schorsch family wants to expand their successful business model at home and abroad. Ventomaxx (www.ventomaxx.de) […]
9.2018: The investor capiton and the management acquire 100% of the shares in AEMtec as part of a management buy-out. AEMtec is a world leader in Engineering & Electronic Manufacturing Services (EMS) with focus on micro- and opto-electronic systems. The Company’s products target blue chip customers in medical, industrial automation, semiconductor and data and […]
08.2018: The independent pan-European investment company Argos Wityu has acquired a majority stake in German aktivoptik Group (aktivoptik) as part of a succession plan. With a network of 76 stores, most of them in hypermarkets and other highly frequented locations, and sales of around 50 million Euros (as of 2017) […]
07.2018: The Internet company Scout24 buys Finanzcheck.de, the German online comparison portal for consumer credit, for € 285 million. Finanzcheck.de operates a platform for consumer finance and offers users a fast and efficient comparison of consumer credit in real time. In addition, the Company cooperates with affiliate websites, point-of-sale financing partners and […]
07.2018: HIL, part of the USD 1.8 billion diversified CK Birla Group in India, today announced the acquisition of Parador Holdings GmbH, a Germany based, vertically integrated, full-range supplier which designs, manufactures and distributes a wide range of flooring solutions including resilient flooring, laminate and engineered wood floors, wall & […]
06.2018: Hempel A/S has signed an agreement to acquire 65 percent of one of Germany’s leading manufacturers of decorative paint, J.W. Ostendorf (JWO). Following closing of the transaction, JWO becomes part of the worldwide Hempel family, and is thus an evident factor for Hempel’s continuing ambition to grow and for […]
05.2018: The financial investor capiton participates in Magix Software GmbH. Magix is a leading global developer and provider of video and music editing software and photos. The Berlin-based company with further development sites in Dresden and Madison (USA) distributes its products especially to professional users such as advertising agencies, freelancers […]
05.2018: The German investor Finatem acquires Gothaer Fahrzeugtechnik GmbH (GFT), a leading system provider of highly specialized products for the crane and construction industry. With around 370 employees at Gotha and Eisenach, GFT manufactures complex tube and sheet metal structures made of high-strength fine-grain structural steels as well as complete […]
04.2018: The German Investor Finatem has acquired the majority of shares in HKM Sports Equipment GmbH (www.hkmsport.de), as well as the business operations of HKM Textil GmbH. As the market leader for full-range equestrian products in Germany, HKM Sports Equipment offers a differentiated portfolio of equestrian products listing more than 21,000 […]
02.2018: An equity fund advised by Orlando has acquired 100% of SLR Group. SLR is a leading manufacturer of high-quality cast iron components for all industry, but especially for the agricultural and construction machinery with a turnover of appr. EUR 140 million. The annual 120,000 tons of ductile iron are produced at […]
01.2018: OKE Group GmbH has taken over Wilhelm Schröder GmbH, headquartered in Herscheid, thus continuing its growth. Wilhelm Schröder has around 140 employees and specializes in component solutions and system assemblies for the automotive and the household appliances industry. But even small parts such as door lock components, hybrid solutions for […]
01.2018: Funds advised by DPE Deutsche Private Equity (DPE) have agreed to acquire a majority interest in the Air Alliance Group. Founder and CEO Wolfgang Krombach retains a significant shareholding and will continue to lead the Company. Headquartered at Airport Siegerland, Air Alliance has developed into a leading provider of […]
01.2018: CP Corporate Planning AG stands for simple and versatile software solutions for operational and financial control in medium sized enterprises, and has now successfully completed its ownership succession with support from the equity capital partner HANNOVER Finanz. With a company history spanning almost 30 years, Corporate Planning is one […]
A fund managed by private equity firm ECM Equity Capital Management has acquired a stake in the leading Swiss urology specialist Uroviva. The Uroviva Group is comprised of a urological clinic and a network of eight urological practices as well as an andrological practice in the future. With more than […]
11.2017: The SCHNEEBERGER Group, Switzerland, has taken over the A.MANNESMANN GmbH in Remscheid/Germany. A.MANNESMANN produces ball screws, telescopic actuators and drilling spindles for international engineering companies. The transaction is a perfect complement to two leading linear technology companies with their complementary products.
09.2017: Funds advised by Bregal have acquired a majority stake in gabo Systemtechnik GmbH. gabo produces micro duct systems to major European telecommunication companies as well as local fibre network operators and municipalities. Its array of products comprises more than 800 pipes, fittings and sealing elements which can be combined individually. gabo […]
08.2017: Zhongwang, China, acquires Aluminiumwerk Unna AG, the leading German manufacturer of seamless extruded aluminum tubes as well as tubular profiles. In 2016, the company generated revenues of about EUR 65m and employed appr. 220 people.The buyer is a subsidiary of China Zhongwang Holding Ltd., Asia’s largest manufacturer and developer […]
06.2017: Miele is to acquire a controlling stake in the Steelco Group and grows the medical technology division within the Miele Group by around one third to appr. € 250m. The Italian Steelco is a manufacturers of cleaning, disinfection and sterilisation products for medical and laboratory applications and achieved a turnover of € 71m […]
05.2017: Lakesight, the buy-and-build platform in the machine vision sector, has acquired Chromasens in Germany. Chromasens is an innovative company in the machine vision market with a core expertise in line-scan technology, dedicated to the production of cameras, lights and custom imaging solutions. Chromasens has 60 employees and sales of ca. EUR 10 […]
03.2017: Evonik Industries, the German specialty chemicals company, has acquired Dr. Straetmans, the raw materials supplier for cosmetics. Dr. Straetmans is headquartered in Hamburg, Germany, and the site will become Evonik’s global competence centre for preservative solutions. Dr. Straetmans, which specialises in alternative preservative systems, says it will be able […]
01.2017: Funds of Swiss based Capvis Equity Partners will become the new majority owner of Felss Group, a global technology leader in cold forming of hollow parts. Felss Group manufactures metal processing machines and components for diverse sectors such as the automotive industry under the brand Felss Shortcut Technologies. The cold […]
01.2017: The former shareholders of PolyCine GmbH agreed to sell their stakes in the Company to Munich-based industrial holding Armira. PolyCine GmbH in Schiffweiler/Germany, is a specialist in the development and manufacturing of PP-based packaging systems for medical solutions such as sodiumchloride, amino acid solutions, lipid solutions etc. Their products […]
12.2016: The German ACHAT Hotel- und Immobilienbetriebsgesellschaft has been taken over by equity Investor HANNOVER Finanz. ACHAT is a leading operator of „Value- and Budgethotels”, running 30 hotels in Germany (28), Austria (1) and Hungary (1). Many of the hotels are located in medium-sized and smaler cities, or are close to metropolitan areas. In 2015, ACHAT generated ca. EUR […]
12.2016: A fund of German investor AFINUM invests in HOFFMANN Fördertechnik GmbH in the course of a succession planning. HOFFMANN Fördertechnik is a leading manufacturer of electric chain hoists, marketed worldwide under the brand name “LIFTKET”. The transaction is a typical AFINUM situation – succession planning of a successful mid-sized company in […]
11.2016: In the context of corporate succession, the HANNOVER Finanz Group is taking on a majority shareholding in MOESCHTER Group Holding GmbH & Co. KG. The management, responsible for operations for many years, is demonstrating its solidarity with the Dortmund-based family business by taking on a minority holding. The entrepreneurial […]
11.2016: German Investor capiton acquired Raith GmbH, the full service provider for nanofabrication instrumentation, along with the management. Raith, Germany, is a leading precision technology solution provider for nanofabrication, electron beam lithography, focused ion beam fabrication, nanoengineering and reverse engineering applications for universities and other organizations involved in nanotechnology research and materials […]
10.2016: German private investment company GENUI and the Cherry management has announced the acquisition of the international Cherry Group from ZF Friedrichshafen AG. The Cherry Group headquartered in Auerbach, Germany, ranks among the world’s leading manufacturers of computer input devices with a focus on office, industry, IT security and switches for mechanical […]
10.2016: IK Investment Partners acquires APOSAN Dr. Künzer GmbH in Germany. APOSAN is an integrated full-range pharmaceutical homecare supplier with its own manufacturing capacities and a dedicated key account management and homecare nurses team to generate and support its growing nationwide patient base. The APOSAN group of companies is organised in three […]
09.2016: The US based Allied Machine & Engineering Corp. acquires the majority of the shares of German based Wohlhaupter GmbH, a manufacturer of precision tool systems for machining centers and millturns, facing and boring heads, grooving heads, clamping tools and customized solutions for boring operations. The acquisition will result in a highly […]
09.2016: The Swiss Company Kunststoff Schwanden AG has a new shareholder. Bregal Unternehmerkapital has acquired a major stake in the successful plastics manufacturer. Kunststoff Schwanden is developing and producing high-quality plastic components and complex components for packaging, technical parts, household appliances and automobile Technology and employs over 500 employees.
08.2016: SODECIA Group in Portugal acquired the German Kemmerich Group. Kemmerich Group employs approx. 1,000 people, with sites in Germany (two), Spain, Czech Republic and the US. Since 1897, Kemmerich develops and produces high quality stamping, bending and forming parts made of different materials for well-known OEM´s.
08.2016: Bilfinger is selling its activities related to the manufacturing and installation of offshore foundations. Buyer of the manufacturing activities is the VTC Group Munich, buyer of the installation activities is the Dutch Van Oord Group. The two parties have agreed to keep the terms of the sale confidential. In […]
07/2016: German based Dr. Förster AG gets Wagner Holding, VR Equitypartner and Mr. Thomas Hübner as new shareholder on board. Dr. Förster is a fast growing manufacturer of natural health products like cosmetics, nutrition, tea and OTC pharmaceuticals. www.drfoerster.de
07.2016: Perusa Partners Fund II, L.P. („Perusa“) has completed a majority investment in Senator GmbH & Co. KGaA („SENATOR“). SENATOR is one of the world‘s leading suppliers of merchandising products and writing instruments. In addition to high quality ballpoint pens, the product range also includes mugs, writing cases, and accessories. […]
7.2016: China’s Zhongding Group says European unit signs an agreement to buy AMK Holding GmbH & Co KG. The AMK Group, a family-owned company with headquarters in Kirchheim/Teck, Germany, has been one of the market and technology leaders in the electric drive technology, control technology, industrial automation engineering, and automotive areas […]
07.2016: The Austrian company Meusburger Georg GmbH & Co KG takes over PSG Plastic Service GmbH located in Mannheim. PSG is specialised in hot runner and control systems for die and mould making. The turnover of PSG Plastic Service GmbH amounted to about 27 million EUR in 2015.
Global corporation Groupe SEB from France has acquired the household and garden product specialist Emsa from Emsdetten. The present shareholder Günter Nosthoff executed the sale of Emsa to the SEB Group in close consultation with the company’s three managing directors: Dr Klaus Flacke, Max Harrysson and Sebastian Moebus. “This transaction […]
Schneider Druckluft, a premium specialist for compressed air systems, was sold to Atlas Copco, a world-leading provider of sustainable productivity solutions. Schneider Druckluft, based near Stuttgart/Germany, has about 110 employees. The company focuses mainly on piston compressors but offers a wide range of related products and services. It had revenues […]
06.2016: Bain Capital Private Equity, announced to sell FTE automotive to Valeo, subject to customary regulatory and anti-trust approvals. FTE automotive headquartered in Germany, develops, manufactures and sells a comprehensive portfolio of tailored and integrated hydraulic and electro-hydraulic systems for cars and commercial vehicles and reported appr. EUR 500 Million sales in 2015. […]
06.2016: IDEX CORPORATION announced that LUKAS Hydraulik GmbH, a subsidiary of IDEX, is to aquire AWG Fittings GmbH (“AWG”), a European leader in the manufacturing of safety equipment, for a cash consideration of €46.0 million. AWG produces engineered products for the safety and emergency response markets, including valves, monitors and nozzles. The German […]
05.2016: The Heico Companies LLC, the appr. US$2 bn parent holding company for a diversified portfolio of over 35 businesses involved in manufacturing, construction and industrial services, announced the acquisition of Wistra GmbH Cargo Control. Wistra is a German manufacturer and supplier of cargo securement products. In addition to a […]
05.2016: The ibg Group (www.ibgndt.de) is the market leading manufacturer of eddy current instruments for non-destructive testing (NDT) and setting technology standards. Whether for multi-frequency structure verification, simultaneous harmonic analysis, temperature-adaptive structure test, automatic tolerance zone generation or multi-filter crack and grinder burn detection. As part of a succession, new entrepreneurial stakeholder […]
05.2016: Schuler AG, the market leader in forming equipment, is to take over the die construction specialist AWEBA, one of the world’s leading full-service providers of dies and fixtures. AWEBA supplies international customers in the automotive and electrical industries, as well as machine and plant manufacturers with forming, cutting, hydroforming, and die-casting […]
05.2016: Nanogate AG has acquired 75 % of shares in plastics specialist Walter Goletz GmbH and is therefore expanding system expertise in the area of high-demand plastic components. Walter Goletz, based in Kierspe, Germany, currently has around 130 employees and is striving to achieve sales above EUR 15 million in 2016.
04.2016: SIGNA Retail, owner of Karstadt and other reail activities, is going to acquire a 60% stake in Outfitter Group from o5 Holding GmbH. The remaining 40% will be hold by the founder and CEO Ron Berger. Outfitter.de is a full service provider for team sports and corporate merchandising in Germany, being a leading multi-channel-seller in the sports […]
04.2016: BAVARIA Industries Group AG, Munich, is selling the holding Austria Druckguss GmbH & Co. KG (ADG) to the Chinese Zhongding Group. Austria Druckguss generated turnover of appr. EUR 30 million by producing aluminium die-cast components for the automotive industry.
04.2016: Private Equity Investor VR Equitypartner is going to take a majority share in Norafin Group. The company is a solution provider for engineered fabrics, specialty and technical nonwovens and composites, for industrial market segments such as filtration, performance apparel and specialty applications. Norafin employs 160 people and generates appr. EUR […]
03.2016: Callista Private Equity expands its portfolio and acquires 100% of the shares of Poppe Ahrensbök GmbH (prospectively Globus Gummiwerke GmbH). Poppe Ahrensbök GmbH is a leading manufacturer of elastomer products in the field of automotive, aerosol and packaging. The company generates revenues of approx. EUR 32m and it should already […]
02.2016: AFINUM and OMOS Equity Partners invest in Kappa optronics GmbH, a developer and manufacturer of application-specific camera systems. For more than 30 years Kappa (www.kappa.de) has been a leading manufacturer of rugged cameras for extreme environments, e.g. in the aviation, automotive and many more industries. Kappa employs about 120 people in Germany and the […]
Exciting potential in the German Fittings and Valves Industry. Industry 4.0 and the “energy revolution” will demand more product innovation and even more cost efficency. How do the family owned manufacturer cope with this challenges? For the German speaking industry report by Centum Capital, > read here
2016: The RAG-Stiftung has acquired 70 percent of the Dorsch Group. With 2,000 employees, Dorsch is Germany’s largest engineering consultancy firm and is focused on large-scale infrastructure projects, including urban development, water, transport, the environment and airports.
01.2016: The alfanar Group has taken over all shares of Heinrich Kopp GmbH. The alfanar Group (Saudi Arabia), with more than 22,000 employees and a turnover of 2.5 billion US Dollars, is one of the major electrical equipment manufacturers. “The new membership of this established, internationally active industrial group is for us at Kopp an […]
2015: The Valeo Group acquires Peiker Acoustic, the German technology expert for telematics and connectivity solutions. With appr. EUR 310 million sales, Peiker is the leading provider of on-board telematics and mobile connectivity solution for cars.
12.2015: Within the framework of a succession arrangement NORD Holding is acquiring Fritz Hiltl Hosenfabrik GmbH & Co. KG, which is headquartered in Bavaria. The seller consists of the joint heirs of Hedwig Hiltl, who passed away in 2014.The incumbent General Manager Martin Merkl is remaining on the team, and […]
2015: MBB SE has acquired the majority in the German Aumann Group. Aumann is a leading manufacturer of systems for coil winding of electric motors and for e-mobility. The rapidly growing company generates revenue of around EUR 33 million and has 160 employees.
The industry group ADCURAM has signed an agreement to take over the building equipment division of Haas Group in Germany. This transaction includes Bayernwald Windows and Doors, Hoco Windows and Doors and Wo&Wo Sunlight Design, together with about 800 employees and more than EUR 100 million sales.
see German site
2015: Sun European Partners announced that an affiliate has completed the acquisition of Flabeg Deutschland, a supplier of high-performance automotive glass products. Flabeg delivers the widest range of glass and mirror applications and is the world’s leading manufacturer of mirrors for the automotive industry. The company employs appr. 1,500 people […]
see German site.
2015: SOLVIS is a medium-sized, technologically leading producer of hybrid heating solutions (conventional & renewable) for private and commercial applications. Its products are outstanding in terms of efficiency, scaleability and longevity, thus offering a highly attractive total cost of ownership for its Clients.
see German site