Creating value through the operational improvement of companies with development potential.


We are a pan-European investment group focused on creating value through the operational improvement of companies with development potential. Established in 2004, we are publicly listed in Germany and we operate from offices in Germany and the UK.

We have a track record of successful investment in more than 50 companies in numerous geographies, industries and sectors. Aurelius improves the operational performance of companies by providing management capabilities and financial resources for investing in products, sales and R&D. Aurelius has liquid cash resources for investment of over £200m.

Our Investment Criteria

Aurelius UK invests in European, middle market, private and public companies which have improvement potential through financial and operational support. We make investment decisions based on the following criteria:

Deal size

We focus on businesses with sales of £25-1,000m+, EBITDA margin from negative to +15% and with equity investment requirements of up to £70m


We seek control equity investment opportunities in underperforming businesses with development potential requiring financial or operational improvement or turnaround


We invest in opportunities, rather than specific sectors, although we have proven capability in Business Services, Chemicals, Consumer Goods, Food & Beverages, Industrials and TMT

Transaction types

We specialise in investing in medium-sized companies and corporate spin-offs, as well as transactions including private company and portfolio acquisitions, MBOs, MBIs, IBOs, P2Ps, and complex divisional carve-outs from corporates, owner managers, private equity and banks

Business attractions

We seek businesses with growth potential and established market positions in industries with barriers to entry, which would benefit from close operational assistance

Our Advantages

Aurelius UK is a hands-on proactive and supportive operational investor with a long-term investment horizon


  • We fund deals on an ‘all equity basis’ without the need for third party financing
  • Minimal external input required to complete: we have in-house legal and due diligence capability
  • We are a highly experienced investment team with proven ability to transact at speed

Flexibility to vendor requirements

  • Scope to accommodate minority shareholders, vendor loans, earn outs and deferred consideration structures
  • We offer anti-embarrassment protections

Operational focus

  • We employ a team of 70 operational CEOs & managers and taskforce members to help deliver real operational improvement - not financial re-engineering
  • Our portfolio companies are sustainably developed by investment and operational support in Sales, Marketing, Logistics, Procurement, Supply Chain, Production as well as Legal, Human Resources, Finance and Investor Relations; and with strategic bolt-on acquisitions

Long-term investment horizon

  • Committed capital on balance sheet means we are a stable, bank-independent investor
  • Long-term capital makes us patient providers of capital - we are not exit driven

Our investments

Over the past decade Aurelius Group has invested in more than 60 companies across Europe. Our current portfolio companies employ more than 23,000 people, generating combined annual revenues in excess of £2.5 billion. Set out below are those of our deals that have UK operations.

Logo Bertram Group

Bertram Group

Bertram Group, originally founded in 1968, is a leading UK multi-channel books wholesaler, selling printed books to retailers, academic libraries and consumers worldwide as well as digital books to academic libraries. With operations across the UK, the Netherlands, and France it is comprised of six distinct brands: Bertram Books, Wordery, Dawson Books, Erasmus, Houtschild and Bertram Library Services. With a strong competitive position across the UK and Europe, Bertram Group distributes 20 million books each year to over 100 different countries.

Logo Wex Photo Video

Wex Photo Video

Wex Photo Video, established in 1997, is the UK’s leading online photo retailer, focused on meeting the needs of enthusiast and pro photographers and videographers with over 17,000 products. The website is complemented by a highly knowledgeable customer contact team, its Norwich showroom, and extensive online content.  In September 2015, Wex Photographic acquired Fixation, the country's leading repair workshop, also offering equipment rental, advice and sales from its base in Kennington, London. In 2017, Wex merged with Calumet’s UK business to offer a true omni-channel experience across its website, shops and Norwich-based contact centre.

Logo Office Depot

Office Depot

Office Depot operates in the UK and thirteen countries across Europe through its two main brands: Office Depot and Viking. Office Depot serves workplace needs through a wide range of office supplies, technology products, business machines, printing supplies, facilities products and furniture. Office Depot has had a presence in the UK since 1991 and from its Leicester head office service customers throughout the country.

Logo CalaChem


CalaChem Fine Chemicals is a leading producer of fine chemicals for renowned clients in the agrochemical, pharmaceutical and speciality chemical sectors. The company offers a range of services including manufacture, development and large-scale production. It also provides a range of services to other companies adjacent to its site in Grangemouth, Scotland. Before being acquired by Aurelius, CalaChem was a subsidiary of the 3i-backed Finnish KemFine Group

Logo Transform / The Hospital Group

Transform / The Hospital Group

Transform is the UK’s leading provider of surgical and non-surgical cosmetic procedures. The company, which has belonged to the AURELIUS Group since the end of June 2015, comprises 25 clinics in England, Scotland, Wales, and Northern Ireland, as well as three dedicated cosmetic procedures hospitals in Manchester, Birmingham, and London. The business was enlarged by the acquisition of The Hospital Group in 2016

Logo Working Links

Working Links

Founded in 2000, Working Links is a leading provider of specialist services, in the UK and internationally, to help those in society with complex needs to progress from social exclusion to social inclusion. As a prime contractor delivering key government programmes, such as the UK’s flagship Work Programme and Transforming Rehabilitation schemes, they work alongside key public sector funders including the Department for Work and Pensions and Ministry of Justice to deliver frontline public services in areas such as rehabilitation and employability. 

Logo Calumet


Calumet is a multi-channel retailer of branded and own-label photography equipment and services with locations across Germany, Belgium, and the Netherlands. Calumet’s expanding online business and pan-European network of specialist stores offer a premium purchasing experience across all channels to a diverse customer base of photography enthusiasts, professionals, and companies.

Logo Allied Healthcare

Allied Healthcare

Allied Healthcare is the UK’s largest domiciliary care business and a leading provider of healthcare services to the NHS and local government and the majority owner of a major Irish homecare provider. The company has more than 12,000 employees and works with 140 Local Authorities located across England, Scotland, and Wales, and 100+ NHS Clinical Commissioning Groups.

Logo Solidus


SOLIDUS is a top 2 player in both the European Solid Board and Graphic Board markets. Each year SOLIDUS produces 180,000 tonnes of Solid Board, 180,000 tonnes of Solid Board Packaging products and 130,000 tonnes of Graphic Board. Solid Board is predominantly utilised in the food and beverage sector, due to its water resistant properties. Graphic Board is traditionally used in hard back book covers, jigsaw puzzles and luxury packaging. Solidus has also been grown via acquisitions in Northern Europe (2016) and Southern Europe (2018) which have further grown its solid board capabilities and brought core board manufacture into the group.

Logo Sealine


Sealine International is a leading motor boat builder acquired in September 2013 by Aurelius Group, as a bolt-on to HanseYachts. During its 40 year history, Sealine has developed a reputation for 35 - 60 ft motor yachts which feature ground-breaking, cutting-edge designs. Following acquisition, production of the Sealine range has been moved to one of the most state-of-the-art yacht yards in the world, located at Greifswald, Germany

Logo Briar Chemicals

Briar Chemicals

Briar is a provider of crop protection and specialty industrial chemicals and Aurelius’ third major acquisition in the chemicals industry. An Aurelius investment since September 2012, the Norwich-based business was acquired from Bayer CropScience. Our strategy since investment has been to focus on extending Briar’s product portfolio and expanding contract production for third-party customers, as well as maximising the marketing expertise of existing Aurelius affiliates in the specialty chemicals sector


Our Case Studies

Set out below are case studies of three recent Aurelius UK deals

Our Team

Aurelius’ experienced UK team comprises both investment specialists and operational managers, who together are dedicated to sourcing, executing and managing investments across the UK & Ireland. We are supported by Aurelius Group's executive, investment and operational teams.

Investment Team

Tristan Nagler

Managing Director

  • BA (Hons.), FCA and Executive MBA
  • KPMG Corporate Finance, Investec

    +44 (0)20 7440 0485

William Stamp


  • BA (Hons.), ACA
  • KPMG LLP, Hilco Capital
    +44 (0)20 7440 0489

Peter Wood


  • BSc (Hons)
  • Next Wave Partners LLP, PwC, Accenture plc     

    +44 (0)20 7440 0484

Tobias Bayer

Investment Manager

  • Diplom-Kaufmann, Business Administration
  • Ernst & Young, Prolimity Capital Partners, Aurelius AG

    +44 (0)20 7440 0486

Freya Macken

Investment Associate

  • Degree (Hons.), MSc (Hons.)
  • Credit Agricole, Barclays

    +44 (0)20 7440 0495

Thomas Pinks

Investment Associate

  • BSc, MSc
  • Mizuho Investment Management, Alegro Capital, Pöyry Capital, HSBC

    +44 (0) 20 7440 0497

Andrew Roth

Investment Associate

  • BSc (Hons), ACA
  • Deloitte LLP

    +44 (0)20 7440 0493

Jonathan Yong

Senior Legal Counsel

  • BA, MA (Oxon), GDL, LPC
  • Ropes & Gray International LLP, White & Case LLP

    +44 (0)20 7440 0483

Operational Team

Matthias Taeubl

Vice President

  • M.Sc.
  • Concentro Management AG, Knorr-Bremse AG

Christian Schmehl

Operating Partner

  • PhD, MSc, GradDip, BA (Hons)
  • Getronics Group, KPMG (London/Berlin) Corporate Restructuring , mbb consult GmbH

Stephen Moon

Operating Partner - Working Links and associated Group companies

  • Wh Sch, C.Eng, B.Eng(Hons), MIFT, MIMechE, MIoD
  • Working Links, Altaris Capital Partners LLC, Penlon, Venturn


Associate Operating Partner

  • B.Com., ACA, Executive MBA
  • KPMG, McGrathNicol, FTI Consulting


Senior Operations Manager

  • MBA
  • Tate & Lyle, Air Products plc, ITI Energy, Aloe Private Equity


Senior Operations Manager

  • BA, MBA
  • CapAnalysis LLC/Howrey LLP, AlixPartners UK

Nishul Shah

Operations Manager

  • BSc
  • Barclays Capital, EY, Proservartner, Deloitte

Amar Gulati

Operations Manager

  • BSc, ACA
  • PwC

Zach Holmes

Operations Manager

  • B.Com, CA
  • PwC, Deloitte 

Daven Chopra

Manager Operations

  • BSc, CIMA
  • Deloitte

Support Team

Misha Patel

Office Manager

  • Fox-Davies Capital

    +44 (0)20 7440 0480


Junior HR Manager

  • BA
  • The Workshop Technologies, Tyche Consulting

    +44 (0) 207 440 0492

Media Centre


See our latest news and archive here.

Aurelius corporate carve-out survey

This year’s survey canvassed the opinions of respondents from Aurelius’ network of UK and continental European advisory and corporate contacts on their expectations for corporate carve-out activity in the European market in 2017.

See our corporate carve-out-survey report

Media Contacts

John Evans
(0203 745 4960 / Enable JavaScript to view protected content.)

Zinka MacHale
(0203 745 4964 / Enable JavaScript to view protected content.

Aurelius UK tax strategy

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» Download (PDF, 107kB)

Current Job Offers

At Aurelius Group we are always on the lookout for people who want more than just a job.

The continued development of our business heavily relies on us recruiting bright people able to source and execute investments as well as manage and restructure companies.  We are a long-term investor and have the same commitment to our people. In our dynamically growing group, we offer employees a great career opportunity – whether you are looking for a role as an intern or managing director, lawyer or operational manager, Aurelius will be a GOOD HOME for your career.

Functional Expert Procurement (m/f)

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» Functional Expert Procurement (m/f)

Private Equity Intern

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» Private Equity Intern

Contact us: +44 (0)20 7440 0480

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Our AURELIUS UK office is located at
3rd Floor, 1 Savile Row, London W1S 3JR

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