Deutsche Private Equity (DPE) announces sale of Engelmann Sensor: Successful exit after strategic transformation of the mid sized company into an internationally leading sub metering systems provider

Munich, November 20, 2025 – Funds advised by DPE Investment Gesellschaft mbH today announced the successful sale of their portfolio company Engelmann Sensor (“Engelmann”) to Rivean Capital. The exit from DPE Fund IV marks the completion of a strong growth phase for Engelmann, and the second realization from DPE’s 2021 vintage fund.

Over the past five years under DPE’s ownership, Engelmann has evolved from a German specialist in heat meters to an international player in sub‑metering systems. Since 2021, the company has significantly expanded its international customer base, launched new products, and more than doubled its EBITDA.

Sales‑ and technology‑driven growth

Under the leadership of the management team – CEO Michael Keuthen, CFO Dietrich Fabricius, and CSO Benedikt Heid – Engelmann implemented extensive growth and profitability initiatives. As a result, the company was able to capture significant market share through a leading product portfolio and excellent customer service.

In addition, Engelmann introduced innovative products in water metering, electronic heat cost allocators, and gateways. At the same time, it successfully expanded internationally across Europe and into selected markets including Canada and the United Arab Emirates.

The company also set benchmarks in sustainability by establishing a recycling program for electronic components. Furthermore, it increased manufacturing efficiency, automated processes, and successfully implemented value engineering in product development.

Partnership at eye level

“DPE proved to be an excellent partner. The trusting collaboration provided exactly the right foundation for our sustainable growth and continued independence,” said Michael Keuthen, CEO of Engelmann.

“Engelmann’s differentiated product portfolio and substantial growth potential made it a perfect fit for our investment focus. It has been a pleasure to work closely with the management team throughout their ambitious growth journey,” added Fabian Rücker, partner and managing director at DPE.

With Rivean Capital, Engelmann now embarks on its next growth phase – with the management team retaining a stake in the business. The purchase price of the transaction has not been disclosed. Completion is subject to customary conditions, including merger clearance.

DPE was advised by Houlihan Lokey (M&A), Milbank (Legal), Roland Berger (Commercial), Deloitte (Financial) and FGS (Tax).

About Engelmann

Founded in 1976 in Wiesloch-Baiertal, Engelmann offers a fully integrated product and service portfolio of heat, cooling, and water meters, electronic heat cost allocators, gateways, software, and data services. With one of the most comprehensive product portfolios in the market, Engelmann is among the few providers offering its customers a complete end-to-end ecosystem. Engelmann delivers several million devices annually to customers worldwide, helping them comply with EU Energy Efficiency Directive requirements and enabling accurate, consumption-based billing.

About Deutsche Private Equity

Deutsche Private Equity (‘DPE’) is an independent investment company that acts as a long-term, value-adding partner for mid-sized enterprises on their growth path. Over the past 18 years, DPE has become one of the leading growth investors in the DACH region, with over €3 billion in assets under management. DPE’s investment strategy focuses on the sectors of industrial technology, business services, IT and software, healthcare, as well as energy and environment. Within these areas, DPE invests in established companies with strong market positions, leading products or services, and significant growth potential.

DPE is currently deploying from its €1 billion DPE Fund IV, focused on mid-sized businesses in Germany, Austria, and Switzerland.

Press contact

Dr. Isabel Bauer
Head of marketing & communications
Mobile: +49‑162‑2305740
Email: js

DPE Investment Gesellschaft mbH
Ludwigstraße 7
80539 Munich
https://www.dpe.de/en/