What do the long-established German companies Birkenstock, Viessmann, Linde and ebm-papst have in common?
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companies → establish → What
All have fallen into American hands.
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All → fall → hands
Traditional German family-owned businesses and small-to-medium-sized enterprises (SMEs) have become increasingly attractive to US companies and investors.
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businesses → own → companies
Last year, US investors were involved in 76 acquisitions and investments in German industrial and manufacturing companies, according to an analysis by financial data provider PitchBook.
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investors → involve → PitchBook
The transactions were valued at about $29.5 billion (€26.3 billion) in 2025, nearly double the 2022 total.
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transactions → value → 2025
As of August 19, 2026, the figure stood at $23.9 billion.
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figure → stand → billion
"From what we are seeing in the market, the interest from US investors in German companies is definitely still there," said Samar-Ahmad Albrecht-Mahmood of Veracity Capital Investments, which advises companies looking to invest in Germany.
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which → see → Germany
German companies, particularly those in the industrial and manufacturing sector, remain attractive, "because many of them are highly specialized, have strong customer relationships and very good technical know-how," he told DW.
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he → remain → DW
"In many cases, these are businesses that have built up a strong position in their niche over decades.
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that → build → decades
"
At the same time, many German business owners are reaching an age where they are thinking about selling their business, Albrecht-Mahmood underscored, pointing out that "there is often no successor within the family."
"This brings companies onto the market that might not have been available for sale a few years ago," he said.
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he → reach → sale
Notable takeovers this year include ebm-papst, the Mulfingen-based manufacturer of electric motors and fans, which was bought by US company Madison Air for $5.4 billion in August.
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which → include → August
In June, the long-established Augsburg-based company Everllence, formerly MAN Energy Solutions, was sold to Bain Capital, with the US investment firm acquiring a 51% stake in the company.
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firm → establish → company
According to Die Deutsche Wirtschaft (DDW), a German business information network focused on the Mittelstand (medium-sized and family-owned companies), no country owns more German firms than the United States.
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country → accord → States
Of the total 7,861 companies identified in the database "German Companies Under Foreign Ownership," 1,750 are currently held by US investors.
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1,750 → identify → investors
PricewaterhouseCoopers (PwC), one of the world's leading auditing and consultancy organizations, also underscored the growing US investor interest in acquiring German companies.
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PricewaterhouseCoopers → lead → companies
In a report, titled Destination Germany, PwC said that while the number of acquisitions and equity investments has not increased, the financial volume of the deals has jumped.
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volume → title → deals
The report highlighted, in particular, the acquisition of BASF Coatings by the US investment firm Carlyle, in partnership with the Qatar Investment Authority (QIA), for around €7.7 billion.
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report → highlight → billion
The deal was struck on October 26, 2025, and closed on June 30 of this year.
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deal → strike → year
According to a recent survey by the American Chamber of Commerce in Germany, about 62% of the US companies active in the country are expecting business conditions to improve over the next three to four years.
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conditions → accord → years
Meanwhile, some 52% of them are planning to expand their operations in Germany, up from 49% in 2024.
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% → plan → 2024
At first glance, however, the increase in US acquisitions and equity investments does not seem to align with the decline in US investment flows to Germany last year.
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increase → seem → Germany
According to the Bundesbank, significantly less investment capital flowed from the US to Germany in 2025 than in the previous year.
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capital → accord → year
While foreign direct investment in Germany has risen overall — from €57.4 billion in 2024 to a total of €86.1 billion last year — investment from the US amounted to only €11.8 billion, nearly 44% less than in 2024.
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investment → rise → 2024
In contrast, investment from the United Kingdom rose to around €26 billion.
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investment → rise → billion
"I would say the trend is continuing, although perhaps not simply in terms of higher deal numbers every year," Albrecht-Mahmood said.
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Mahmood → say → numbers
"The general interest in good German industrial companies, especially strong Mittelstand businesses, remains high.
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interest → remain → companies
"
Relatively low valuations also play a role, the expert argued.
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expert → play → role
"Compared to the US, we still see situations where German companies are valued more moderately, particularly in the SME segment.
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companies → compare → segment
This can make acquisitions quite attractive for international buyers.
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acquisitions → make → buyers
"
This article was originally written in German.
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article → write → German
The Aporia
