Welcome to Lennertz & Co.

Lennertz & Co. is an owner-managed family office with a clear focus on the further development and value growth of its clients’ assets.

To this end, our team of more than 20 employees conducts a detailed and ongoing review of the entire family situation, taking into account the legal and tax-related framework conditions.

Our investment recommendations are fully aligned with the clients’ personal preferences. Given our complete independence, the clients are able to fully benefit from our unbiased assessment of global investment opportunities, their selection and their discreet implementation.

As an entrepreneurial family office, we appreciate our clients’ need for quick, profound and safe decisions. Lennertz & Co. has a number of licenses from BaFin (German Federal Financial Supervisory Authority - Bundesanstalt für Finanzdienstleistungsaufsicht) and is therefore subject to numerous quality and regulatory requirements of both BaFin and the Deutsche Bundesbank.

Our Services

  • Independent overall consideration of the clients’ family, business and financial situation, taking into account the legal and tax-related framework conditions
  • Advice on the strategic (long-term) and tactical (short-term) asset structuring in line with the clients’ preferences
  • Definition of a target structure of the total assets and appropriate implementation measures
  • Definition and discreet implementation of investment opportunities in line with the short-term and long-term target structure of the total assets
  • Independent assessment of investment opportunities based on our experience, external professional resources and expert opinions
  • Selection and coordination of custodian banks, asset managers and advisers based on the defined target structure of the total assets
  • Identification and implementation of direct and indirect investments in both US and European venture capital and growth funds, direct and fund investments in German and European small- and mid-cap companies as well as pre-IPO investments
  • Access to exclusive agriculture and forestry investments, infrastructure investments, and movable and property investments
  • Succession planning taking into account tax-related framework conditions
  • Introduction to asset successors
  • Creation of a family governance structure
  • Advice on and establishment of foundations, particularly charitable or family foundations
  • Execution of wills
Asset
Structuring
  • Independent overall consideration of the clients’ family, business and financial situation, taking into account the legal and tax-related framework conditions
  • Advice on the strategic (long-term) and tactical (short-term) asset structuring in line with the clients’ preferences
  • Definition of a target structure of the total assets and appropriate implementation measures
Asset Development
and Growth
  • Definition and discreet implementation of investment opportunities in line with the short-term and long-term target structure of the total assets
  • Independent assessment of investment opportunities based on our experience, external professional resources and expert opinions
  • Selection and coordination of custodian banks, asset managers and advisers based on the defined target structure of the total assets
  • Identification and implementation of direct and indirect investments in both US and European venture capital and growth funds, direct and fund investments in German and European small- and mid-cap companies as well as pre-IPO investments
  • Access to exclusive agriculture and forestry investments, infrastructure investments, and movable and property investments
Asset Transition
  • Succession planning taking into account tax-related framework conditions
  • Introduction to asset successors
  • Creation of a family governance structure
  • Advice on and establishment of foundations, particularly charitable or family foundations
  • Execution of wills

The Management

Philipp Lennertz

Philipp Lennertz founded Lennertz & Co. GmbH as managing partner in April 2015. Meanwhile, he now looks back on a fourteen year professional career working in the family office sector.

From 2010 to 2015, he was a member of the management of the Hamburg family office Spudy & Co. He previously worked for the Hamburg-based family office UBS Sauerborn. During this time, he has been able to gain valuable international experience working in New York, Hong Kong and Singapore.

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Oliver Piworus

Oliver Piworus joined Lennertz & Co. GmbH as a managing partner in May 2015. He looks back on a 28-year professional career working in the family office and banking sectors.

Before joining Lennertz & Co., he worked for the Hamburg-based family office Spudy & Co. from 2011 to 2015. He previously worked as deputy branch manager of the Hamburg branch of Vontobel Europe AG. His earlier professional career included positions at Dresdner Bank Lateinamerika AG, UBS Deutschland AG and the Hamburg-based family office UBS Sauerborn.

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Presse

Business Wire
(09/2020)

RapidAI Announces $25 Million in Series B Funding to Expand AI-Enhanced Cerebrovascular Imaging Worldwide

SAN MATEO, California - RapidAI, the worldwide leader in advanced imaging for stroke, today announced a $25 million Series B round of funding by Lennertz & Co. Building on years of profitability, these additional funds will accelerate the company’s strategic growth initiatives around the world.

Founded in 2011, RapidAI makes the most-widely used advanced cerebrovascular imaging products for patient care, research, and clinical trials. This funding will support the continued advancement of the Rapid® platform and world-class clinical products. RapidAI clinical products help save lives, RapidAI workflow and messaging technologies help stroke teams save time, and RapidAI analytics and business intelligence products help stroke networks reduce costs and improve patient outcomes.

“For several years, we have worked to develop and bring to market the next generation of AIenhanced cerebrovascular imaging products. We have been rewarded for that dedication with sustained growth and uninterrupted profitability since going to market,” said Don Listwin, CEO of RapidAI. “In the last year, we have expanded our scope from ischemic stroke to hemorrhagic stroke, and with the recent acquisition of EndoVantage, we now address aneurysm. In these difficult global times, this investment is a significant sign of support, that while others are shrinking and shuttering, we are investing and growing to help build efficient stroke networks across multi-site systems and referral networks.”

RapidAI offers an end-to-end portfolio of advanced stroke imaging and stroke assessment products for hospitals of all sizes. The Rapid platform uses artificial intelligence to create high quality, advanced images from non-contrast CT, CT angiography, CT perfusion, and MRI diffusion and perfusion scans, helping hospitals to speed up time-critical triage or transfer decisions and facilitate better patient outcomes.

“We want our investment monies directed toward companies and teams that demonstrate global vision and a track record of success,” said Philipp Lennertz, Managing Director of Lennertz & Co. "RapidAI’s vision to massively improve stroke and other cerebrovascular care through AI, and other medical imaging innovations, has known no borders and brought measurable improvement to patient care worldwide. We are excited to help them continue and expand on their mission.”

“Since RapidAI cofounders, Dr. Albers and Dr. Bammer, presented research that dramatically grew stroke treatment guidelines globally, thousands of other clinicians and I have been able to address more patients and achieve better outcomes,” said Dr. Olav Jansen, Professor at the Department of Radiology and Neuroradiology, UKSH Campus Kiel, Kiel, Germany. “With the Rapid platform’s wide array of AI-enhanced imaging technologies, we have seen opportunities for effective care grow daily.”

About RapidAI

RapidAI is the worldwide leader in advanced imaging for stroke. Based on intelligence gained over 1,000,000 scans from more than 1,600 hospitals in over 50 countries, the Rapid® platform uses artificial intelligence to create high quality, advanced images from non-contrast CT, CT angiography, CT perfusion, and MRI diffusion and perfusion scans. The Rapid imaging platform includes Rapid ICH, Rapid ASPECTS, Rapid CTA, Rapid LVO, Rapid CTP, and Rapid MRI. RapidAI also offers SurgicalPreview®, a comprehensive aneurysm management platform.

RapidAI empowers clinicians to make faster, more accurate diagnostic and treatment decisions for stroke and aneurysm patients using clinically-proven, data-driven technology. With our validated, trusted products developed by medical experts, clinicians worldwide are improving patient care and outcomes every day. For more information, visit RapidAI.com.

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Commerzbank AG
(08/2020)

How to Make Company Succession at SMEs a Success Story

A Real-life Case: Arranging Succession at Stein HGS

Mutual trust as a basis for changing owners

Bodo Stein founded the company Stein HGS more than 20 years ago. Today, the company is a leading provider of products in the areas of barrier technology, equipment for construction sites, operations, parking lots and traffic, as well as street furniture and municipal supplies. Stein HGS was one of the first companies to create an online store, which now has around 150,000 products. Just under 30 employees at the company’s headquarters in the south of Hamburg handle Stein HGS’s customers. After building up the company, the founder wanted to reduce his role and sought a new partner. The Hamburg Family Office Lennertz & Co. became that partner. In the interview, Bodo Stein and Philipp Lennertz explain how to successfully change owners.

What was the reason for the sale/acquisition of Stein HGS?

Bodo Stein: After 20 years, I wanted to withdraw from the operating business. However, a few aspects were very important to me as I sought a new partner: The new partner should not actively interfere in the operating business, but support its further development as a consultant and advisor. After many in-depth and personal discussions with Lennertz & Co., it was clear to me that I had found the right partner. With the family office, it was possible to preserve the corporate culture that had developed at Stein HGS and to discuss the future expansion as equals.

Philipp Lennertz: We quickly saw what a successful company Bodo Stein had built up over the years. In particular, we were persuaded by his early adoption of digitization in a niche. Furthermore, he differentiated himself from others by paving the way for a change in management at an early stage and prepared Stephan Otte as his competent successor. The subsequent acquisition discussions were defined by extensive mutual trust and were always constructive and purposeful. What were the most important goals in the succession arrangements for Stein HGS? Stein: Of course, it was important to me that I would be able to sell the shares for a good price. Since my employees have generally spent many years working for us, it was also critical for me that the team would feel comfortable with the new owner. And we have succeed at that.

Lennertz: We recognized the quality of management at Stein HGS early on. The processes also run very smoothly. These two aspects and the general orientation of the company quickly made it clear to us that the company has tremendous future potential. And that is why we decided to invest in Stein HGS.

What was special about this takeover and how was Commerzbank able to contribute to the success of the deal?

Lennertz: A major challenge was securing external financing for the acquisition. We approached several banks, but it quickly became apparent that the acquisition of a company with EUR 12 million in annual sales revenue is hardly serviced by financial institutions. Traditionally, banks in Germany have difficulties recognizing collateral for companies such as Stein HGS where there are high cash flows, but a low amount of fixed assets. That is why the “Financial Engineering” unit of Commerzbank was an absolute stroke of luck for us. The SME financiers offered a perfect financing solution for the deal because they were not afraid of the company’s size and also brought many years of expertise in the valuation of trading companies.

Mr. Lennertz, Mr. Stein, what do each of you consider to be the most important factors for the successful handover of a company?

Lennertz: When you reach the point of serious discussions, it is critical that you have a good understanding of the culture, especially with family-owned companies, and are able to use a 360 degree analysis to judge the motivation for a sale and to proceed with a focus on solutions. Ultimately, it is also important for you to negotiate as equals and demonstrate reliability. In comparison to larger private equity firms, we are certainly more flexible and closer to the needs of sellers. So when we look to find a solution for an entrepreneur’s individual situation, we are not bound by internal investment guidelines dictating that we will only acquire a minority or majority stake, for example. We also benefit from our personal entrepreneurial independence, which allows us to speak with a seller as equals.

Stein: The critical aspect from my point of view was that I had gotten my house in order three years before the start of the sales process. By this I mean that I had trained Stephan Otte as my successor and also transferred responsibility to another five key staff members. This gave me the certainty that the operations of the company would also run smoothly without me. It also created leeway for me as the founder of the company to deal with the sales process. Finding a new partner that you can trust is time-consuming. Conducting negotiations prudently requires your full attention if you want to be successful.

How have you, Mr. Stein, prepared your company, employees, and yourself for the handover?

Stein: It was especially challenging to find the right point in time to get all the employees on board. The time window is very tight for such transactions. The negotiations with Lennertz & Co. took a total of nine months. All the participants considered it important that the negotiations be kept secret from the staff so the employees would not become uneasy. After we signed the sales agreement, we immediately discussed the matter with all the employees and introduced the new partner. I have longstanding relationships with the employees and my goal was for the staff to have a high degree of confidence in the management as well as the new partner. The company’s DNA was to be preserved, and we succeeded in this through clear communication. This goal was so important to me that I remained very present at the company in my new capacity as advisor during this time, and everyone who wanted to speak with me had the opportunity to do so. In the smoothest possible way, this let us keep the company on a successful course with familiar management and a new partner

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Lennertz & Co. GmbH
Düsternstraße 10
20355 Hamburg
Germany

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Information according to § 5 TMG:

Lennertz & Co. GmbH
Düsternstraße 10
20355 Hamburg
Germany

Represented by:

Philipp Lennertz, Oliver Piworus

Contact:

Tel: +49 40 210 91 33-20
Fax: +49 40 210 91 33-21
Email: info@lennertz.com

Register entry:

Office: Hamburg
Register number: HRB 137568

VAT ID:

VAT Identification Number in accordance with §27a Value Added Tax Act:
DE 255 807 053

Supervisory authority:

Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)
Marie-Curie-Str. 24-28
60439 Frankfurt

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