The History of the Lutz Helmig Family Office

Wealth based on the sale of Helios Kliniken

Dr. Lutz M. Helmig, a medical doctor and entrepreneur, began his career in the healthcare industry in 1982,
taking a leading role in Klinik Oberwald. In 1987, he co-founded the Asklepios Kliniken Group with attorney
Bernard große Broermann but later separated from the partnership in 1994. Helmig subsequently focused on his
own hospital company, which was renamed Helios Kliniken in 1995. Under his leadership, Helios
grew into one of Germany’s largest private hospital operators.

When the Helmig family sold their 94% stake in Helios Kliniken to Fresenius in 2005 for €1.5 billion,
the company was a significant player in the healthcare market. This transaction provided the financial foundation
for the family’s subsequent investment activities through ATON GmbH.

The Creation of ATON GmbH

Established in 2001, ATON GmbH became the main vehicle for managing the Helmig family’s wealth.
ATON and its three affiliates initially generated approximately €110 million in annual revenue. Following the
sale of Helios Kliniken, ATON expanded its investment scope significantly. By 2011, ATON’s revenue had reached
€1.9 billion.

ATON emphasizes long-term wealth accumulation through investments in innovative companies with
market leadership in their respective fields. The portfolio companies are evaluated based on measurable success
metrics, such as earnings, cash flow, and key performance indicators (KPIs) related to their industries. The firm’s
equity ratio of around 50% allows it to operate with financial independence, even during market fluctuations.

The investment focus of the Helmig family office

Over the years, the Helmig family office has made several notable investments, often focusing on strategic industries and companies with growth potential:

• Aviation: In 2006, ATON acquired a 25.1% stake in the German airline dba, which was later sold to Air Berlin. Before the sale, Helmig gifted Air Berlin shares to dba employees.
• Engineering: The acquisition of a controlling stake in EDAG, a German engineering service provider, marked a significant investment in the industrial sector. EDAG later went public, with ATON maintaining a majority stake.
• Financial Services: Through Horus Finanzholding, another family investment vehicle, the Helmig family acquired stakes in companies such as Wüstenrot & Württembergische, Ellwanger & Geiger, and Spiekermann & Co., a wealth management firm.

Current Operations

ATON’s operations span multiple industries, employing approximately 15,600 people globally as of 2023.
Its total operating performance for the year was €2.2 billion. Women make up 15.3% of ATON’s workforce,
with ongoing efforts to increase their representation in management and STEM professions.

Most of ATON’s investments involve majority shareholdings, reflecting its preference for direct influence
and long-term partnerships with portfolio companies. Minority investments are rare and typically reserved for
businesses with high growth potential through disruptive innovations.

Ownership Structure

ATON GmbH is wholly owned by Dr. Lutz M. Helmig, his wife Dagmar Helmig, and their two children.
No external parties hold shares in the company, although this restriction does not apply to the portfolio
companies under ATON’s management.

Picture source: Getty Images