One of the joys of being a fund manager within the European smaller companies market is the large number of differing business available to invest in, and SLI's concentrated bottom-up process has identified a number of German ‘Mittelstand' businesses.
German Mittelstand businesses are small and medium sized enterprises often exhibiting a number of similar characteristics which have proven to be highly successful over the medium to long term. Firstly, the founders of the business retain an involvement both in terms of a significant shareholding but also in some kind of management capacity. This provides several benefits including stability of management, consistency of strategy and execution, and economic alignment of management and external shareholders. Secondly, the business will typically have a clear product and market focus ...
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