Syngroh is closely related to the fortune made by Klaus Grohe who inherited the sanitary company hansgrohe from his father Hans Grohe in 1977. The producer of sanitary equipment today is in majority-owned by the American Financial Investor Masco corporation and in minority by the family of Klaus Grohe. Syngroh was found already in 1999 to manage the family assets but it took until 2018 to announce the first major acquisition. In the coming years, they will acquire completely KMLS from Hamburg, a service provider in renting out and installing eco-friendly lighting in offices, becoming an energy-saving advisory. Syngroh’s clear investment focus is on companies with a revenue between 10 and 50 million euros, and is not limited by industries. Especially in moments of succession planning or companies which are close to a breakthrough, Syngroh wants to assist with their skills. They gained this expertise by managing and growing the sanitary company hansgrohe from a small company with a turnover of 35 million DM in 1977 to a turnover of today more than 1 billion euros. The volume of Syngroh Family Office is of 100 million euros and is planned to invest and acquire between three and five companies until 2022. The structure of the single family office is threefold with the main company syngroh, an integrated advisory firm called syngroh advisory and syngroh capital the branch who makes the decisions regarding acquisition or sale of companies. The office is led by Richard Grohe a son of Klaus Grohe and Robert Clausen, an investment banker with long experience at BNP Paribas and Credit Suisse and working for the Grohe family for more than 20 years. Furthermore, the whole wider family including Klaus Grohe participates and helps to make investment decisions.

Key facts about the Syngroh Single Family Office

  • Family: Klaus Grohe Family
  • Estimated wealth: 250 million euros
  • Location: Schiltach, Frankfurt – Germany
  • Investment Focus: Active investments in small or medium enterprises
  • Notable Investments or Holdings: KMLS
  • Website: https://syngroh-capital.com/de/willkommen.html
  • Executives: Richard Grohe, Robert Clausen

Picture source: Dan Smedley

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Proventus is the life’s work of Robert Weil, one of Sweden’s most unorthodox investors. In 1969 with only 20 years, he started his first investment company Weilinvest which would later be renamed to Proventus. He and his company were an active driver of the professionalisation, internationalisation and improvement of transparency of the Swedish capital market. As an investment company they acquired in their 50 years of existence various companies. After the acquisition of the companies, they reformed and optimized them, held them and sold them later. Notable examples are the Swedish toy company BRIO, later sold to Ravensburger. In another transaction Weil acquired Götabanken (one of the most important financial actors in the Swedish finance system) and later sold it to SPP, Sweden’s largest insurance company. They also did a restructured PUMA in 1990, replacing the management and restructuring the company to later sell their shares to an American Investor. Robert Weil has outspoken political views against nationalism, antisemitism and supports several Jewish organisations worldwide, also comments on politics in the most important newspaper in Sweden, Dagens Nyheter.

The company structure of Proventus as of today is twofold. One part is comprised of Proventus Capital Partners which is an alternative banking institution, providing loans between 10 million and 100 million to mid-sized companies who are not able to raise equity for expansions and acquisitions. They invest in all sectors without a specific industry focus. Northern countries like Scandinavia, the British Isles and Germany are core countries for Soventus Capital Partners. The capital to make these investments comes from 5 funds which received capital from various pension funds and the mother company Proventus AB. The strategy is to provide a tool tackling deficits in the financial sector, where companies are left without adequate access to classical financial institutions and loans. The four funds combined comprise of capital around 20 billion euros for direct lending.

The second smaller branch is called Proventus Invest and operates in two ways. One branch of Proventus Invest operates as a hedge fund, doing opportunistic investments in mispriced companies in order to sell them in the short-medium term with a bonus. Second, the company focuses on longer-term investments in companies or asset around the Nordic region.

Key facts about the Proventus Single Family Office

  • Family: Robert Weil
  • Estimated wealth: EUR 500 mio.
  • Location: Stockholm, Sweden
  • Investment Focus: Real Estate, Private Equity, Capital Markets/Financial Products
  • Notable Investments or Holdings: Puma, Gotabanken, Kaefer, Meltwater
  • Website: http://www.proventus.se/

Picture source: Jon Flobrant

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Why it makes sense to be part of a Multi Family Office

For a HNWI (a high net worth individual) it can definitely make sense to become member of a Multi Family Office. These Offices are usually managed by very experienced asset managers, and provide a substantial network. As a member you will gain contact with other HNWIs or entrepreneurial families, strengthen your professional network, or gain possibilities for future business deals or lucrative investments. Multi Family Offices also offer the possibility to become part of a club deal, where a homogenous circle of investors pool capital to realise the acquisition of premium assets, for example, prime real estate. These deals are not offered if you are just another client at your (private) bank where the attention of an asset manager is split among many more wealthy clients.  On the other hand, in relation to a Single Family Office, where you have asset managers only structuring and managing your assets,  the costs of a Multi Family Office are much lower, since you share your managers with other wealthy families.

This is the minimum fortune of a HNWI person to join a Multi Family Office

Usually Multi Family Offices do not have an explicit financial threshold to become eligible as a member. Regarding our experience, the usual fortune of a person to join a Multi Family Office are 8 digits or more. This is an amount of capital when it makes sense to pay specialists and highly qualified asset and tax managers to help you most effectively to structure and manage the family or personal fortune. Some Multi Family Offices also allow people with a lower net worth to join a Multi Family Office, but this remains the exception. Lower entry requirements sometimes occur in bank-related Multi Family Offices, when banks open their own Multi Family Office to retain wealthy clients.  On the other end are also no limits, specialised and very wealthy family offices have even much higher entry barriers or only allow invited members to join their office. Since Multi Family Offices are not a protected term, therefore everyone can open one, making it harder to get to a clear cut definition.

How to become part of an exclusive Multi Family Office in Europe?

The usual process is to reach out to a Multi Family office as a wealthy client and to engage in a conversation about how you want to structure your assets. Depending on your strategy, your fortune and also the capacity of the Multi Family Offices you can reach a joint conclusion it makes sense to join or regarding your needs you are better served at a traditional bank or a private bank.  Depending on if you want your assets actively managed or rather prefer only an advisory role of the Multi Family Offices there are a great variety of alternatives to reach out to. Our lists, the links you can find below this article, help you to find the adequate Multi Family Office, which best serves your needs. Some Multi Family Offices are closed for new members, in these cases, it is not possible to join them.

Photo source: Austin Distel


How did the Boehringer / von Baumbach family earn their fortune?

The fortune is stemming from the global pharmaceutical company Boehringer Ingelheim one of the leading pharma companies worldwide. The company is one of the leaders in animal healthcare and offers a range of medicine especially regarding respiratory diseases. The company is still today private and not listed at the stock exchange. It made in 2018 a profit of 2.1 billion euros and reported revenue of almost 17,5 billion euros. More than 50.000 people are employed globally at the company. The revenues stem predominantly from human medicine (72%) and nearly a quarter from medicine for animals (23%).  It was found by Albert Boehringer in 1885 in Ingelheim, therefore, the name Boehringer Ingelheim. His father found in 1817 the drugstore Boerhinger in Stuttgart which later became the different chemical company Boehringer Mannheim operated by his brother but sold to the Engelhorn family.  Boehringer Ingelheim was a company of a bit more than 20 people at the beginning selling tartar and derivate products. Today the fortune of the family clan of the Boehringer von Baumbachs is estimated, according to Handelsblatt with 42,4 billion euros in the last year.

How did  Boehringer Ingelheim develop?

One of their first commercially super successful inventions was to produce lactic acid in great quantities with the help of a special type of bacteria. This was sold in the beginning as baking powder. Another successful prewar product was a lemonade called Chabeso based on lactic acid, which was produced internationally but did not survive the fierce competition after the second world war, that is why it was discounted in the 1960s. The first actual pharmaceutical for what they are known today was called Laudanon, and was an opium-based pain killer in 1915.  In the following decades they produced coffein, morphin and codein as raw materials for pharmaceuticals, and expanded internationally by opening their first international branch in Vienna, still today responsible for all Eastern Europe and Central Asia. The next milestone and still one of the strongest segments of the company, was research about medication for respiratory diseases. It started with the commercialisation of Lobelin in 1923 which was a drug to battle respiratory arrest. A lot of other medicaments followed mostly in the area of cardiovascular diseases or the previously mentioned respiratory malfunctions. Further famous medicaments were the 1950 commercialised Buscopan tackling all kind of stomach cramps. Today their best selling drugs are Pradaxa which helps to prevent blood clots and Spiriva which is to tackle respiratory diseases. Number three and four in the ranks of top-selling drugs both are medicating Diabetes, one of the diseases most heavily affecting the developed countries in the 21st century.  Their latest bold management move was a swap with Sanofi, where Boehringer Ingelheim swapped their branch of over the counter drugs for humans against the veterinary division of Sanofi, strengthening their profile in the animal medicine market. They are among the companies with a very strong profile in research. Their annually budget for R&D is around three billion euros. Currently, apart of animal health, a big focus of Boehringer Ingelheim is the whole range of biomedicine, manifested for example through the acquisition of the Austrian biotech company ViraTherapeutics for 210 million euros last year. Another investment made in Austria in the same field is the production facility for cellular culture in Vienna for 700 million euro, the greatest investment ever made by the company.

Does the Boehringer family have a Single Family Office?

Yes they do, and it is called Profunda. They were able to attract several high profile asset manager, tax managers among others. Unfortunately very little is known what is the focus and the investment strategy of this prestigious high-value single family office. Another highly qualified member of their single-family office, Sven Bäumle became later a partner at KPMG, showing the high dedication and quality with which they are managing their assets.  About the asset management strategy of concrete acquisitions purchased by PROFUNDA for the Boehringer von Baumbach family is nothing publicly known, neither about the classes of assets. According to the private banking magazin, the chairman of the supervisory board, Christian Boehringer was the victim of a case of art fraud, where an art consultant overcharged purchases of paintings and other luxury assets.

This article is part of our detailed report “The single family offices of Europe’s richest families“.

Picture source: freestocks.org

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The Scottish businessman Sir Brian Souter is the founder of the Stagecoach group, a major international transport company. With a net worth of approximately £1B he is one of the richest UK citizens. Souter’s investment firm specializes on Real Estate, Funds, Stock and owns a large Private Equity portfolio. The Edinburgh based Family Offices has, amongst other, stakes in Virgin Mobile Latin America, AMA and Argent Energy. Typical equity invesmtents have a ticket size between £2M – £30M.

Key facts about the J Leon Single Family Office

  • Family: Souter
  • Estimated wealth: £1B
  • Location: Edinburgh, United Kingdom
  • Investment Focus: Real Estate, Private Equity, Financial Markets
  • Notable Investments or Holdings: Virgin Mobile Latin America, AMA, Argent Energy
  • Websitehttps://www.souterinvestments.com

Picture source: Adam Wilson

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The J Leon Group is a fourth generation British single family office of the Leon family. Besides the main asset class, commercial property, the family office also invests in private equity, hedge funds and financial markets. Private equity investments are taking place in a direct and indirect manner (through Iceni Capital). The current portfolio of the company consists of ito world, Thesis Asset Management and the US early stage startup aWhere.

Key facts about the J Leon Single Family Office

  • Family: Leon
  • Estimated wealth: n.a.
  • Location: London, United Kingdom
  • Investment Focus: Real Estate, Private Equity, Financial Markets
  • Notable Investments or Holdings: Thesis Asset Management, ito World
  • Websitehttps://www.jleon.co.uk

Picture source: Aron Van de Pol

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Wirtgen Invest is a German Single Family Office, located near the city of Bonn. The SFO originated in the sale of the family-owned construction machinery manufacturer “Wirtgen Group” to John Deere for 4.4B€ in 2017. The Wirtgen brothers Jürgen and Stefan are heading the family investment group with a broad investment focus. Besides real estate and capital markets, the SFO is also investing in Energy and Venture Capital. Energy is one of their strong assets, being a field where they operate 3 solar parks in the Czech Republic, furthermore a wind park in Poland and a further wind park in Sweden. Generating sustainable energy and securing energy stability for future generations. In the real estate sector, they own three absolute prime real estate objects in Cologne. They have a team of more than 20 members, to manage the fortune of the family most effectively and were able to secure the support of the former head of investment at the private bank Warburg, Jörg Rahn as an executive. Regarding the venture department, the focus is on mid-sized companies with clear core competence and market leadership or realistic chances to become a market leader. Digitalisation and effective management of the existing assets is a key focus and very high on the current Agenda of the Family Office. But it is not all about increasing wealth, Wirtgen Invest also has a philanthropical part, supporting the German NGO “Kind in Not” with a centre for therapy for handicapped kids in the rural Indian state of Madhya Pradesh.

Wirtgen Invest is part of our venture capital single family office database.
Wirtgen Invest is part of our real estate single family office database.

Key facts about the Single Family Office Wirtgen Invest

  • Family: Wirtgen
  • Estimated wealth: 1500M€
  • Location: Windhagen, Germany
  • Investment Focus: Real Estate, Energy, Venture Capital, Capital Markets
  • Notable Investments: Bazaar de Cologne, Opern Passagen, Altes Eichamt
  • Website: https://www.wirtgen-invest.de

Picture source: Nico von Nordheim

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Reimann Investors is a munich-based Single Family Office, which mainly invests in capital markets and venture capital. The family office was created as the Reimann-Dubbers family sold its stake in the German chemical company “Reckitt-Benckiser”. Within the last years, Reimann Investors developed into a successful venture capital fund with several exits.

Reimann Investors is part of our venture capital single family offices database.

Key facts about the Munich based Family Office Reimann Investors

  • Family: Reimann-Dubbers
  • Estimated wealth: 350M€
  • Location: Munich, Germany
  • Investment Focus: Capital Markets, Venture Capital
  • Notable Investments: Keller Sports, Klarna, AlphaPet, Deutsche Handelsbank, SpendIt
  • Websitehttps://www.reimann-investors.com

Latest News about Reimann Investors

  • 18.10.2018: 10M€ growth financing for Keller Sports. See more here.

Picture Source: Anastasia Dulgier

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