SHS Capital

SHS targets European healthcare companies in growth situations, including SMEs and scale-ups. It invests across growth equity, buyouts, and minority stakes, with equity tickets of €10-50 million and enterprise values up to €150 million. Core geographies are the DACH region, Nordics, and Benelux, with selective European coverage.

SHS is flexible: it executes majority and minority investments, including management buy-ins, management buyouts, spin-offs, and succession situations. The firm does not disclose a fixed fund structure publicly but has deployed capital through fund generations SHS III through SHS VI.

SHS invests across diagnostics and tools, medtech and suppliers, pharma and specialty delivery systems, and healthtech. Current portfolio companies include Ackermann Instrumente (surgical instruments), AMW (drug delivery), Blue Ocean Spine (3D-printed spinal implants), Develco Pharma (specialty pharmaceuticals), and Incision Group (operating-room software).

SHS operates from a single office in Tübingen. Dr. Cornelius Maas and Sarah Stelzer are identified as managing partner and press contact, respectively. The firm also draws on a network of external medical and technical experts who support investment decisions, but a full list of investment professionals is not publicly available.

Yes. Core target countries include Germany, Austria, Switzerland, the Nordics, and Benelux. Portfolio companies such as CAM Bioceramics (Netherlands), Dr.Dropin (Norway), Lowenco (Denmark), and Miracor Medical (Belgium/Switzerland) reflect this cross-border scope. The firm states it also selectively considers other European countries.

SHS leverages more than 30 years of healthcare specialization and deep roots in the Tübingen life-sciences cluster. Its network of medical and technical experts helps identify privately held companies. The firm's concentrated regional focus on the DACH and Nordic markets gives it access to family- and founder-owned healthcare businesses that rarely run broad auction processes.

SHS has realized exits to both strategic and financial buyers. Known trade sales include EIT Emerging Implant Technologies to Johnson & Johnson, PathoQuest to Charles River Laboratories, TNI medical to Masimo, and phenox to Wallaby Medical. Vita 34 was taken public on the German stock exchange.