+Succession Planning+ Long-established construction company in southern North Rhine-Westphalia + Large order backlog

+++ SUCCESSION PLAN +++

Successful specialized company for building renovation and waterproofing in southern North Rhine-Westphalia
+ Over 50 years in business + Strong order backlog + In-house fleet +

Our client is an owner-managed skilled trades business and a specialist in building renovation and waterproofing in southern North Rhine-Westphalia. Founded in 1972, the company has been family-owned for over 50 years and has been under the continuous leadership of the current managing partner since 2004.

The company operates exclusively in the existing-buildings market; it does not perform new construction work. The largest service area is renovation, with a focus on building waterproofing; this area accounts for approximately 50 percent of revenue. Additions and renovations contribute about 30 percent; the remaining approximately 20 percent is divided among structural fire protection, external thermal insulation composite systems, mold and concrete remediation, and a crane service.

A key differentiator is the company’s in-house execution. Construction projects are primarily carried out by the company’s own employees; in 2025, outsourced services accounted for approximately 10 percent of total project volume.

Of particular note is the system warranty on interior waterproofing. The company provides a ten-year warranty on the waterproofing systems it installs, whereas terms of two to five years are standard in the market. According to management, no competitor in the service area offers a comparable guarantee.

The customer base is broadly diversified: approximately 80 percent of revenue comes from residential customers, about 15 percent from commercial customers, and about 5 percent from public-sector clients; the company is not dependent on any single major client. To date, new business has been generated almost exclusively through referrals and word-of-mouth.

The company employs 13 people. The workforce consists primarily of skilled tradespeople and includes, in addition to management, an operations manager, four foremen, two journeymen, two construction assistants, and three part-time administrative staff, as well as trainees and those in marginal employment. Operational management of the construction projects rests with the operations manager; thus, there is an independent operational level below the management team. Employee turnover is low, and the company provides its own training.

The subject of the transaction is the company and a sole proprietorship owned by the shareholder. As of August 2026, the current order backlog comprises 29 construction projects with a gross value of approximately 819 TEUR, of which approximately 385 TEUR relates to the largest single project. Based on the fiscal years 2023 through 2025, we estimate a sustainable earnings base of approximately 1,804 TEUR for the company; the corresponding EBITDA for both entities—normalized for one-time income and personnel expenses—amounts to approximately 142 TEUR.

The sole proprietorship owns a vehicle fleet, construction equipment, and a separately located business property. Management rates the technical condition of the vehicle fleet and construction equipment as very good; there is no investment backlog; since numerous pieces of equipment have been depreciated but remain operational, the fair value is significantly higher than the book value. Unlike these assets, the approximately 2,500 m² of operating space used at the company’s headquarters is leased and is not part of the transaction; according to the company, a long-term lease agreement can be concluded.

The sale to an external successor is taking place as part of a structured business succession process with the goal of continuing operations in the long term. Opportunities for growth exist, in particular, in establishing the company’s own plastering crew, expanding crane rental to third parties, actively marketing the system warranty, tapping into the commercial and public sector contract business, and further developing marketing and sales.

The ideal successor has professional training in the construction trades—preferably a master craftsman’s certification—thinks entrepreneurially, maintains a cooperative leadership style, and understands the established culture of a family-run trade business.