Stemas

Stefan Hasper and Thomas Müsch, the two-member management board, make all investment and operational decisions. Hasper focuses on deal structuring and financing, while Müsch handles deal flow, operations, personnel, and controlling. Both are credentialed engineers with prior consulting careers at KPMG and Roland Berger, respectively.

No. Stemas explicitly states that a Weiterveräußerung — resale — of its holdings is not planned. The firm positions itself as a permanent owner for small and mid-sized German industrials, making it structurally distinct from traditional private equity funds that operate on fixed 5-to-10-year hold periods.

Stemas is the largest single shareholder in GCI Management, holding a reported 30 percent stake. GCI provides turnaround, restructuring, and M&A advisory services to mid-sized companies in the DACH region and serves as a proprietary deal-sourcing channel for Stemas. Stefan Hasper is also a managing director at GCI, where he leads the restructuring and M&A practice.

Stemas targets companies with annual revenue between €10 million and €30 million — firms that are typically too large for an individual management buy-in and too small for most institutional private equity funds. The firm takes majority stakes of at least 51 percent, and aims for control positions above 75 percent.

Stemas does not publish a formal exclusion list, but its concentrated focus on electronics manufacturing, electric drive systems, and fire safety equipment suggests it avoids consumer brands, software, and asset-light service businesses. The firm has stated an intention to diversify its portfolio but not to depart from specialized industrial manufacturing.

The two-member management board is overseen by a three-member supervisory board: Dr. Achim Johannis (VALTEQ makon), Helena Vonholdt (former Taylor Wessing CSO), and Dirk Ostheimer (Global Assekuranz). The structure separates strategic oversight from day-to-day investment and operating work conducted by Hasper and Müsch.