20 November 2025
Strategic partnership for sustainable growth
Wiesloch-Baiertal/Frankfurt – European private equity firm Rivean Capital, together with Engelmann’s management, has acquired a majority stake in Engelmann from funds advised by DPE Deutsche Private Equity. Engelmann, headquartered in Wiesloch-Baiertal, is a leading developer and manufacturer of smart submetering technologies that play a central role in measuring and billing heat, cooling, and water consumption in multi-tenant buildings. The partnership with Rivean Capital will enable Engelmann to strengthen its market leadership and expand into existing and new international markets.
Engelmann employs 210 people across two sites in Germany and one in China. For more than a decade, Engelmann has grown significantly faster than the market, driven by product innovation, portfolio development, and increasing internationalization.
Strategic focus for future growth
“Rivean Capital has convinced us with its expertise and strategic resources that we can achieve our growth targets even faster. The partnership allows us to further enhance our innovation capabilities and expand into complementary markets,” says Michael Keuthen, CEO of Engelmann.
Engelmann is renowned for its end-to-end ecosystem in smart submetering, including innovative heat and water meters that are essential for efficient consumption measurement and billing in multi-tenant buildings. The partnership with Rivean Capital will help to accelerate the development of new products and strengthen Engelmann’s market presence.
“Together with management, we plan to actively shape Engelmann’s next growth phase,” says Alexander Dokters, Director and member of the Investment Team at Rivean Capital. “We see significant potential to further expand Engelmann’s strong market position – particularly through technological portfolio enhancements, consistent internationalization, and targeted add-on acquisitions.”
International market with strong growth potential
The global submetering market continues to show strong growth dynamics. Rising demand for energy-efficient solutions in multi-tenant buildings and increasing connectivity of submetering systems – including real-time data analysis, consumption optimization, and integration into smart home and district solutions – offer Engelmann long-term growth prospects. In recent years, the company has established itself as one of the leading providers of smart submetering technologies.
“With Rivean Capital’s support, Engelmann will accelerate its international expansion while advancing product development in areas such as intelligent submetering systems and software solutions to improve building energy efficiency,” says Dr. Justus Heuer, Partner and member of the Portfolio Enhancement Team at Rivean Capital. “The focus is not only on entering new markets but also on further developing digitalization within the company.”
Commitment to sustainability with a circular economy strategy
Engelmann’s frontrunner circularity approach reduces the product carbon footprint through recyclability and eco-design, supported by a comprehensive circular economy policy. The company focuses on designing products with modular components, durable materials, and improved energy efficiency during use, while ensuring that end-of-life units can be disassembled and reintegrated into production. Initiatives include closed-loop recycling processes, use of recycled materials in new products, and continuous innovation in eco-design to minimize environmental impact across the product lifecycle.
“Engelmann has established itself as a reliable partner in the smart submetering industry, with a clear focus on quality, innovation, customer satisfaction, and sustainability. These values align perfectly with Rivean Capital’s approach of investing in leading companies in the industrial tech sector,” explains Matthias Wilcken, Senior Partner and member of the Executive Committee at Rivean Capital. “We are confident that Engelmann will continue to grow in the coming years, supported by our financial resources and strategic guidance.”
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 more than one million devices annually to customers worldwide, helping them comply with EU Energy Efficiency Directive requirements and enabling accurate, consumption-based billing.
Further information:
The purchase price of the transaction has not been disclosed. Completion is subject to customary conditions, including merger clearance.
Engelmann is Rivean Capital’s seventh platform investment in Germany, alongside Perbility, Dataciders, Green Mobility Holding, ]init[ AG für digitale Kommunikation, Best4Tires, and TonerPartner.
About Rivean Capital
Rivean Capital is a leading European private equity investor for mid-market transactions, active in the DACH region, the Benelux countries, and Italy. Funds advised by Rivean Capital manage over EUR 5 billion in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful high-tech businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. Headquartered in Amsterdam, Netherlands, Rivean Capital also has offices in Brussels, Frankfurt/Main, Milan, and Zug, enabling a strong local presence across key European markets.