Handelsblatt | How Private Equity Investors Are Consolidating the German Consulting Industry

Published by Handelsblatt on April 2, 2025

Friedrich Bieselt, Managing Director and head of Lincoln International’s Business Services Group in Europe, recently shared insights with Handelsblatt on the private equity-led consolidation of Germany’s consulting industry.

Germany’s consulting market—the second largest globally—is undergoing significant transformation as private equity firms actively acquire mid-sized consultancies to create scalable platforms. Recent transactions, such as Investcorp’s majority stake in supply chain consultancy Miebach and HIG Capital’s merger of Kerkhoff Consulting with British consulting group Interpath, illustrate the growing appeal of consulting firms’ stable revenue streams and resilience across economic cycles.

Friedrich explores the drivers behind this trend, including the need for private equity investors to capitalize on generational transitions within mid-sized firms, the scalability of consulting platforms and the sector’s ability to thrive during both economic downturns and growth periods.

“This is a lucrative business opportunity,” says Friedrich. “Private equity is consolidating the market to leverage economies of scale and build platforms that can grow sustainably.”

The article also examines how these aggressive expansion efforts in Germany signal broader implications for the DACH region and the global mergers and acquisitions market, with significant opportunities for further consolidation in the consulting sector.

Click here to read the full, gated article in German.