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 30 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 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.

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

Press

Lennertz & Co.
(09/2022)

Lennertz & Co. leads Series B round in brillen.de

A private equity fund initiated by Hamburg-based family office Lennertz & Co. is acquiring a minority stake in SuperVista AG, which operates under the “brillen.de” brand in Germany. Lennertz & Co., alongside some of the founders and employees of SuperVista, are participating in the current Series B funding round, which has amounted to a sum in the tens of millions.

With its unique digital concept, the Brandenburg-based company combines the cost efficiency of an online provider and the necessary customer service provided by having a traditional brick-and-mortar store. The partner opticians in the SuperVista-network are thus enabled to hold their own against the competition of larger optical franchise stores and pure online providers.

The SuperVista concept is based on integrating both online and in-person practices. The idea helps build robust customer acquisition through online marketing with bespoke digitalization. The process starts with the purchase and fitting of the glasses, to their production, through to the on-site product handover to the customer, eliminating intermediary costs.

Its network of partner opticians now covers seven countries with over 1,700 branches, including the company's own stores. The turnover of the SuperVista Group was recently over 200 million EUR and continues to grow in line with the industry.

"The SuperVista business model is proof of how disruption works, in this case, in fruitful cooperation with the many partner opticians on site," says Philipp Lennertz, managing partner of Lennertz & Co. "We are pleased to have the opportunity to participate in this great growth story again in the current funding round."

Lennertz & Co. had already invested in SuperVista AG at an earlier stage and had sold its shares in 2016 to the U.S. investment firm TCV, SuperVista's current anchor investor.

Matthias Kamppeter, founder of brillen.de: "Our unique business model and positioning as a discounter in the opticians’ industry has proven to be a successful concept to stand out against the big competitors for ten years. The current capital increase enables us to further expand our network of partner opticians and our stores throughout Europe."

 

About brillen.de

brillen.de is the German brand of the international omnichannel company SuperVista AG, which is known for producing and selling high-quality progressive and single-vision glasses at low prices.

The company started in Germany in 2012 with 12 employees, a few partner opticians, and sales of less than 1 million EUR. Today, the hybrid optician has more than 1,300 employees working in more than 1,700 affiliated or owned optical stores in seven countries with sales of more than 200 million EUR (2021). The largest markets are Spain and Italy, ahead of Poland and the United Kingdom.

 

About Lennertz & Co.

As an entrepreneurial, owner-managed family office, Lennertz & Co. is fully focused on the success of its clients’ investments. Our investment recommendations are in line with the personal preferences of clients, who benefit from the independence of Lennertz & Co. and the exclusive nature of its investment opportunities.

Lennertz & Co. also has a large number of permits from the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and thus fulfills the numerous qualitative and quantitative requirements of both the BaFin and the German Federal Bank (Bundesbank).

Lennertz & Co. shares the demand of its clients for fast, well-founded, and confident decision-making. On behalf of clients, the expert team at Lennertz & Co. – which can point to decades of experience – carefully reviews opportunities as they emerge in the segments of venture and growth capital, private equity, and blockchain. Moreover, the company’s advisory board is staffed by reputable specialists in the fields of industry, venture capital and private equity, including Prof. Dr. Heinrich von Pierer, Prof. Dr. Klaus Wucherer, Stefan Theis, Daniel Thung, Daniel Milleg, and Florian Heinemann.

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TiAM
(09/2022)

„Blockchain megamarket challenges investors“

In the tranquil Swiss community of Zug, there has been something of a gold-rush atmosphere since 2013. That is because the global center of blockchain technology has formed there. This so-called Crypto Valley was home to more than 1,100 blockchain startups with a total of more than 6,000 employees at the end of 2021, according to the CV VC Global Market Report. The top 50 companies at the end of last year brought in a market value of more than $600 billion, including 14 unicorns that came in at more than $1 billion in value. At the end of 2019, the value of the top 50 companies was just $25 billion.

The extreme growth momentum is easily explained: blockchain and cryptocurrencies are closely linked. "We see a lot of developers going into this area, and whenever a lot of know-how and talent comes together, in our experience it offers very high growth potential," explains Oksana Tiedt, who deals with blockchain ventures for the family office Lennertz & Co.

This is confirmed by forecasts. In a study, the consulting firm PwC assumes that blockchain should increase global gross domestic product by $1.76 trillion by 2030 and that the technology should then be implemented in 10 to 15 percent of global infrastructure. "The market research institute Gartner even attributes a value creation potential of USD 3.1 trillion to blockchain by 2030," informs Axel Daffner, Managing Director of Pegasos Capital GmbH.

The reason for the potential lies in the way the technology works. "First of all, the blockchain is an electronic registry for digital records, transactions and events, whose applications include cryptocurrencies, smart contracts or decentralized, autonomous organizations," explains Andreas Wörle of Wellinvest Pruschke & Kalm GmbH.

 

More efficient, cheaper and faster

The use of the technology, which is considered tamper-proof, is thus diverse. It can play an important role in the digital transfer of property rights and copyrights because it eliminates the need for an intermediary. At the same time, processes can be more efficient, less expensive, and faster.

Examples abound. Today, the supply chain of a product mapped on the blockchain can be traced in seconds. Such a search used to take up to seven days, according to industry experts. Settling international auto insurance claims used to take months; blockchain makes it happen in hours. "In the energy sector, blockchain makes it possible to trade solar power in a decentralized manner without an intermediary, which can save costs," Maximilian Bruckner of investment advisor 21e6 Capital outlines another application example.

In virtually all areas, workflows and processes in companies can – at least in theory – be made faster, simpler and more cost-effective. Nevertheless, euphoria should not be too great. "Apart from the financial sector, the adaptation of blockchain in most other industries is progressing much more slowly than initially assumed, partly because they lack the necessary infrastructure," says Professor Philipp Sandner, head of the Frankfurt Blockchain Center.

In contrast, promising applications are emerging, especially in the financial sector. For example, he says, there are initial approaches to putting CO2 credits on the blockchain in order to make them tradable internationally, for example between the owner of a mangrove forest in Southeast Asia and a German SME. Another area, he believes, is the metaverse. "Here, the blockchain offers the possibility of transporting the assets you own across different virtual worlds," Sandner said. The sky seems to be the limit for the imagination.

 

Complicated universe

At the same time, however, the field is difficult for investors to keep track of. One way to profit from the technology's potential is through cryptocurrencies such as Ether or Solana. "There are thousands of developers working on the Ethereum network, for example, where Decentralized Finance emerged and the first non-fungible tokens were created," Bruckner explains.

For example, the first stocks, bonds and real assets would be issued as tokens. In the process, the currency Ether would be used to make transactions and pay fees within the Ethereum ecosystem. "If the platform grows, the value of the Ether should also increase," says Bruckner.

However, investors have to accept high fluctuations in value in the process. At Lennertz & Co, this is one reason why they take a different approach: namely, through a portfolio of venture capital funds that exclusively finance young blockchain companies. A thorough analysis of the funds is important here. "We look for teams that consist of accomplished blockchain developers, but also specialists who are familiar with the start-up phase and the further development of companies," explains Tiedt. "We also pay attention to the track record of the funds, their investment strategy and structure, and want references from independent sources that confirm their quality. In addition, the funds in the portfolio should complement each other by investment areas and phases, as well as geographically."

 

VC blockchain funds as an alternative

Overall, the expert distinguishes infrastructure and middleware providers in the blockchain sector, which primarily includes software manufacturers, as well as app developers. In addition, there are old-world companies that – like shovel manufacturers in the famous gold rush – provide the equipment for it, i.e. banks or other service providers. "We are focusing on the infrastructure and middleware subsectors, as that is where we see the greatest potential at the moment," says Tiedt.

At the same time, she says, investing in the early stages of a company or network is also exciting because the growth opportunities are simply highest here. However, as is always the case with venture capital, the risks are also correspondingly high.

Another option is to enter the field via UCITS funds or ETFs such as the Art Transformers Equities fund, the BNY Mellon Blockchain Innovation or the Invesco CoinShares Global Blockchain ETF. Admittedly, these products also suffered recently from the generally poor sentiment for technology stocks, triggered in particular by the turnaround in interest rates, in some cases very severely. However, this may just offer entry opportunities.

This could be supported by the Gartner Hype Cycle. "It roughly states that in the early phase of every technological development, excessive expectations and exaggerations can be observed," explains Daffner. But then disillusionment and disillusionment quickly spread. A lot of capital is destroyed in this phase. "Only in the third phase does a technology begin to deliver economic added value," says the expert. According to Gartner's current hype cycle chart, at least some blockchain areas have reached the third phase. The currently more favorable prices could actually represent an opportunity.

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Lennertz & Co. GmbH
Düsternstraße 10
20355 Hamburg
Germany

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Philipp Lennertz

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