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.

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.