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

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

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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

Press

Handelsblatt
(04/2022)

Electric rebirth

Pepper Motion wants to convert tens of thousands of used buses and trucks with diesel engines to electric drives. The Würth Group is on board as a strategic investor.

High fuel prices could further accelerate the conversion of trucks and buses to electric drives. But electric trucks are currently hard to come by and expensive to buy for the first time.

Retrofitting could be one solution: The company Pepper Motion is electrifying used diesel commercial vehicles. "We want to retrofit tens of thousands of trucks and buses over the next few years," CEO Andreas Hager told Handelsblatt.

To meet climate targets, 2.2 million alternatively powered commercial vehicles weighing more than 7.5 tons would need to be on the road in Europe by 2030. But manufacturers might just be able to deliver 200,000 new vehicles by then.

"If we don't electrify existing vehicles, we have no chance of turning around fleets," Hager says. That's because a bus with a diesel engine that is newly registered today will still be running in 2050, he adds.

The willingness to convert is certainly there in the industry. For one thing, the high fuel prices mean that it pays to operate the system quickly, and there are also massive government subsidies. According to a study by Bain & Company, the majority of fleet managers in Europe already want to prefer buying trucks that run on electricity or hydrogen in three years. "Diesel is gradually becoming a discontinued model," said Bain partner Jörg Gnamm.

However, manufacturers still have comparatively few electric models on offer. MAN, for example, has not yet produced a single all-electric semitrailer truck in large-scale production. In addition, many fleet managers still shy away from the acquisition costs. Pepper wants to solve both problems. "We give the used commercial vehicle an environmentally friendly second life as an electric vehicle," says Hager. The electrification kits are the "most cost-effective solution," he adds.

The company, which was spun off from Intech, has now been able to convince prominent investors of the business model. Hamburg-based family office Lennertz & Co. is leading the latest round of financing. The Würth Group is also involved. The majority shareholder remains Friedrich & Wagner Holding, which has been involved since the company was founded. The proceeds of just under EUR 30 million will be used to finance the ramp-up of series production with strategic partners, further technological development, expansion into additional foreign markets and the establishment of an ecosystem of mobility services.

Potential customers for the conversion include major existing fleet owners such as transport and haulage companies, for whom it is difficult to meet the emissions targets required by 2030.

Initial conversion solutions for the Mercedes Citaro, Actros and Atego models are currently available. Vehicle models from MAN and Iveco are to be electrified in series production starting next year. Pepper uses an electric portal axle from ZF. The technological heart is the Vehicle Control Unit developed in-house, which controls everything.

Pepper has already won its first pilot customers; this year, dozens and next year hundreds of vehicles are to be equipped with electric drives. In total, Pepper aims to sell more than 1,000 electrification kits per year from 2024. By 2030, there should then be up to 60,000 converted and equipped vehicles.

Sales are expected to grow correspondingly quickly. According to industry estimates, they should be around 14 million euros this year, as the series is just starting up. By 2026, revenues are expected to exceed one billion euros.

Pepper says it can convert a city bus in six to eight weeks. After conversion, the buses have a range of about 250 kilometers.

However, at 300,000 euros, the conversion is expensive. However, Pepper is convinced that the whole thing is already paying off for fleet operators. After about ten years, the decision has to be made whether to replace an old vehicle.

A new diesel bus costs 814,000 euros over ten years, including purchase and operating costs, they argue at Pepper. This is still based on the lower diesel prices before the Ukraine war.

Despite the supposedly high purchase price, the conversion would bring savings of 144,000 euros in ten years of operation; including subsidies, it could even be more than 400,000 euros. A new electric bus would also be more expensive because of the higher purchase price.

The German government subsidizes the switch to electric drives in a variety of ways. For example, there are special depreciation allowances for e-utility vehicles and a subsidy program for the purchase of electric buses in local public transport.

If certain criteria are met, the conversion is now treated the same as a new purchase. "The retrofitting of conventionally powered commercial vehicles to alternative drives can make a significant contribution to the market ramp-up of alternative drives in road haulage," said the Federal Ministry of Transport, which has set up a retrofitting task force specifically to define safety and quality standards.

Whether the retrofit system will catch on across the board remains to be seen. Given the turbulence of the past few years, freight forwarders have only thin capital covers. Smaller companies in particular are skeptical about whether the retrofit will pay off, especially since no one can calculate electricity prices over the next few years.

Pepper also wants to offer "pay per use," a kind of rental model in which customers pay a price per kilometer for the package of vehicle, including maintenance, charging infrastructure and even fleet management.

Pepper sees opportunities not only in Germany, however. A few weeks ago, the company announced its market entry in France. By 2030, Pepper plans to equip around 5,000 electrified buses and trucks larger than 7.5 tons in the French market in cooperation with REV Mobilities. A subsidiary has also been established in Austria. The company is also currently working on the development of a production-ready drive system with fuel cells.

They see "high growth potential for Pepper, not only in the domestic and European markets, but also worldwide in a market that will grow by leaps and bounds in a very short time," said new investor Philipp Lennertz of Lennertz & Co.

Pepper CEO Hager is convinced that the development will be further accelerated by high fuel prices and geopolitical upheavals. "Move away from oil and gas," he says, is the sign of the times. "It's a new age that's emerging."

© All rights reserved. Provided by Handelsblatt GmbH – ein Unternehmen der Handelsblatt Media Group GmbH & Co. KG

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Insider (UK)
(04/2022)

“Lennertz & Co. has become a European hub for the wealthy to gain exposure to blockchain technologies”

Our colleague Oksana Tiedt gave an interview to the British "Insider" on the development of our blockchain venture investments. As early as 2017, our venture team was involved with the blockchain and the investments opportunities of corresponding start-ups. In her interview Oksana makes a deep dive with crypto journalist Kari McMahon about the investment philosophy of our fund of fund and the importance of the right manager selection.

You can read the full interview on the "Insider" website (see link below).

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