DEALSOURCING, SEKTORFOKUS, MARKTFRAGMENTIERUNG

Der deutsche Small- und Mid-Cap-Markt zeigt sich auch 2025/26 widerstandsfähig. Trotz hoher Energiepreise, strengerer Regulierung und geopolitischer Unsicherheit bleibt der Mittelstand bemerkenswert stabil. Das liegt weniger an Größe, sondern an Struktur: Der Markt ist fragmentiert, unternehmerisch geprägt und weniger abhängig von globalen Kapitalmarktzyklen. 

Warum der Small- und Mid-Cap-Markt so resilient ist

Viele Unternehmen im Segment sind inhabergeführt, technologieorientiert und langfristig ausgerichtet. Entscheidungen werden schneller getroffen, Transformationen pragmatisch umgesetzt – ein wesentlicher Faktor, der die Resilienz stärkt. Hinzu kommen solide Bilanzen, starke Kundenbindung und eine hohe technische Kompetenz.

Deutschland verfügt zudem über besonders viele Hidden Champions unter 200 Mio. Euro Umsatz – mehr als fast jedes andere europäische Land. Diese Nischenführer bleiben auch in volatilen Zeiten profitabel und attraktiv für strategische Käufer und internationale Investoren

Strukturelle Treiber des Dealflows

Der Dealflow ist weniger makrogetrieben, sondern lebenszyklusgetrieben:

• Unternehmensnachfolgen

• Transformation bestehender Geschäftsmodelle

• Carve-outs großer Konzerne

Diese Faktoren sorgen für eine kontinuierliche, stabile Deal-Pipeline, getragen von Strategen, Private Equity, Family Offices und internationalen Käufern.

Fazit: Mittelstand bleibt gerstaltend, nicht abwartend

Trotz anspruchsvoller Rahmenbedingungen bleibt der deutsche Mittelstand robust und handlungsfähig. Unternehmerinnen und Unternehmer warten nicht auf politische Reformen – sie gestalten selbst. Genau das macht den Small- und Mid-Cap-Markt seit Jahrzehnten resilient.

Wer tiefer einsteigen möchte, findet weitere Einblicke im aktuellen Paper von Henning Graw. Wir freuen uns auf den Austausch.

Why Mid-cap Businesses Remain Resilient in the German M&A Market

The resilience of the mid-cap segment in the German M&A market is based on several factors. Medium-sized companies are characterized by agility and flexibility. They can react more quickly to market changes and have lean decision-making processes, for example when it comes to working time models or temporary production adjustments.

In addition, they have strong customer loyalty and a high level of technical expertise, which secures market share even in volatile times. Business decisions are based less on quarterly figures and more on long-term goals. This generation-oriented perspective leads to greater crisis resilience. Finally, the conservative financing of many family businesses ensures solid balance sheets and less vulnerability to external shocks.

What further characterizes this German mittelstand resilience is that small and medium-sized enterprises do not wait for reforms—they implement them. This is the result of clear priorities: they have not lost their enthusiasm for entrepreneurship, but rather for the political and regulatory environment. Many entrepreneurs today openly say: "I'm tired of the administrative overhead – I want to get back to creating.” In some cases, this frustration leads to a willingness to sell, but not to resignation: the operational will to drive things forward remains unbroken. This pragmatic attitude ensures that German SMEs remain capable of acting even in a challenging environment.

“Resilience in mid-cap companies comes from entrepreneurial spirit, not size. Small- and mid-cap deals are less macro-driven and more life-cycle-driven.”

 

Henning Graw

Managing Partner, IMAP Germany 

Sector Hotspots in the German M&A Market: Where Momentum is Strongest

• Automation: Robotics, sensor technology, and specialized machine manufacturers are benefiting from the trend toward nearshoring and the growing need for resilient supply chains
• Software and IT also remain a hotspot: B2B SaaS models, specialized ERP systems and cybersecurity are highly fragmented and offer significant potential for buy-and-build strategies
• Healthcare and Medtech sectors: Demographic trends and digitalization are driving demand for solutions in nursing IT, outpatient care, digital diagnostics and animal health
• The Green Transition is opening up opportunities in building technology, recycling and energy services. In the Construction and Infrastructure sector, momentum is driven by technical building equipment, renovation and modernization specialists, as well as niche construction and building materials companies. There are also investments in energy efficiency, climate adaptation, and infrastructure which are leading to high demand and structural growth
• Consumer and heritage brands remain attractive: Cultural assets and sustainable brands combine emotional appeal with ESG aspects, thereby gaining additional relevance
• Defense and security are rising in strategic relevance: Order books are growing thanks to NATO investments, the 2% target, and the modernization of critical infrastructure. The highly fragmented area of sensor technology, optics, electronic systems, UAV technology, cyber defense, and dual-use applications is particularly attractive. Medium-sized suppliers play a central role here; they are technologically leading, profitable, and increasingly the focus of international buyers

Structural Headwinds and Critical Voices

As robust as the German M&A market is overall, structural challenges are clearly evident. Germany continues to operate with comparatively high taxes and regulatory requirements, which can dampen investment sentiment. In addition, many target companies are small in size and the quality of their financial reports varies greatly, which in practice increases due diligence costs.

Building a Compelling Equity Story for SMEs

It is particularly important to develop a credible equity story. It must convincingly present the company's future prospects, as these often carry more weight than pure figures. The advisor also has the task of clearly identifying the key value drivers, from market position and niche leadership to resilience factors. Finally, it is important to manage process tactics wisely by clustering buyer groups in a targeted manner, for example strategists on one side and private equity on the other.

German M&A Outlook for 2026: Structurally Driven, not Cyclical

2026 will be a year in which SMEs are influenced more by structural drivers than by cyclical factors. Succession planning for family business will remain the dominant factor in the German M&A market, and its share of total deal flow will continue to rise. At the same time, additional momentum will come from transformation, digitalization, and efficiency programs in Germany that are realigning many business models.

Buy-and-build investment strategies will continue to gain in importance because fragmentation in Industrial Tech, Software, Healthcare, and Business Services offers ideal conditions for scaling and consolidation. At the same time, the market for carve-outs is likely to grow as many corporations focus on portfolio streamlining and capital optimization.

Access to financing remains selective: Savings banks and regional institutions continue to support the real economy but operate with clear risk parameters and more intensive scrutiny. Debt funds are increasingly focusing on resilient business models with stable cash flows and avoiding volatile, capital-intensive sectors. Additional stability is provided by family offices as long-term investors and entrepreneurial capital, which invest for the longer term, react less cyclically, and thus strengthen equity structures.

All in all, this points to a year that will not see overheating, but rather a functional, stable, and strategically driven German M&A market—with solid volumes, clear buyer groups, and attractive opportunities for investors and advisors.