Sandberg Capital

The investment committee is chaired by founder Martin Fedor, who has led acquisitions in the region since 1996. Day-to-day deal work is led by Managing Partner Michal Rybovič and Partner Richard Flimel, supported by a team of investment managers who specialize by sector and geography. Flimel joined after running Slovak broadcaster TV JOJ and holding JOJ Media House, bringing operational and legal experience from Sullivan & Cromwell in New York and London.

Sandberg is structured as a regulated asset manager that raises capital from external institutional and private investors through closed-end private equity funds — not a single-family office. Its most recent vehicle, Sandberg Investment Fund II, closed at EUR 130 million in 2022 with a diversified LP base. Founder Martin Fedor is the firm's controlling figure, but there is no public disclosure of a single-family wealth origin.

The IT strategy revolves around consolidating small and mid-sized enterprise-software, ERP, and payments companies into a single holding platform, Solitea — rebranded Seyfor in 2022. The holding spans subsidiaries in Slovakia, Czechia, Slovenia, Austria, and Poland and claims more than 100,000 business customers. Sandberg has used bolt-on acquisitions (Besteron payments, AXIOM Provis, Clever Decision) and partial stake increases to deepen the platform's geographic and product coverage.

Sandberg executes its strategy through its own commingled funds and makes direct control and minority investments from those vehicles — there is no public evidence of the firm acting as an LP in third-party funds. Its disclosed structure is that of a direct-investing private equity manager using holding-company roll-ups across its target verticals.

The firm relies on a localized origination model: an eight-person investment team with deep Bratislava and, since 2025, Prague presence covers Slovakia, Czechia, and adjacent CEE markets natively. Management teams of portfolio platforms such as Seyfor and Sanagro identify and execute add-on acquisitions, creating an embedded sourcing network. Firm principals also point to personal relationships: Partner Richard Flimel has executed transactions in nearly every Eastern European country.

Sandberg does not publish an explicit exclusion list. The portfolio suggests a sector-concentrated rather than sector-exclusionary approach: IT, agriculture, retail, telecoms, and education account for all disclosed positions. Sectors demonstrably absent from its publicly named portfolio include healthcare, financial services, energy transition infrastructure, and heavy industry.

Sandberg Capital does not disclose a single-family wealth origin. Founder Martin Fedor built his track record through a series of acquisitions in media, telecoms, and energy starting in the mid-1990s, well before launching the firm. The firm raises blended third-party capital, and no named ultra-high-net-worth family is identified as the anchor LP.