The heavy civil construction industry in the DACH region focuses on large-scale infrastructure projects such as highways, bridges, and tunnels. This sector includes companies that design, build, and maintain vital structures, ensuring connectivity and safety for communities. As urbanization escalates and nations prioritize sustainability, many firms are stepping up their game through technology adoption, eco-friendly materials, and innovative construction methods. In 2024, investment in this sector showed a promising upward trend, with significant funding aimed at modernizing infrastructure, demonstrating a robust demand for effective, sustainable solutions amidst growing population challenges.


In 2024, the DACH region saw significant investment activity in the heavy civil construction sector, driven by various investors such as corporate giants, venture capitalists, and private equity firms. The 16 investors listed here operate from key hub cities like Berlin, Zug, and Munich. Ranging in size from small teams to major corporations employing thousands, these investors actively fund and support innovations and acquisitions. The year marked over 70 deals collectively across these firms, emphasizing their commitment to enhancing infrastructure solutions and technology in this industry.


Top 16 Heavy Civil Construction Investors in DACH


1. Holcim

  • Website: holcim.com
  • Type: Corporate
  • Headquarters: Zug, Zug, Switzerland
  • Founded year: 1912
  • Headcount: 10001+
  • Number of deals in 2024: 12
  • LinkedIn: lafargeholcim

Holcim is a leading building materials manufacturer based in Zug, Switzerland, founded in 1912. The company specializes in innovative and sustainable construction solutions, offering a diverse range of products including cement, aggregates, and ready-mix concrete. Holcim caters primarily to construction companies and architects, focusing on decarbonizing building practices and promoting circular construction to meet the growing demand for environmentally friendly materials. In recent years, Holcim has made several strategic acquisitions to strengthen its position in the heavy civil construction market. Notable transactions include the acquisition of Teko Mining, a major independent aggregates company in Serbia, which enhances Holcim's presence in the region and aligns with its sustainability goals. Additionally, the acquisition of Sivyer Logistics, a leading recycler of construction and demolition waste in London, supports Holcim's commitment to recycling and sustainability in construction. Other significant acquisitions include Holcim Australia and Lafarge Serbia, which further expand their market reach and product offerings in the construction materials sector. These transactions underscore Holcim's active role in the heavy civil construction industry, making them a relevant investor in this space.


2. Foundamental

  • Website: foundamental.com
  • Type: Venture Capital
  • Headquarters: Berlin, Berlin, Germany
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: foundamental

Foundamental is a Berlin-based venture capital firm founded in 2019, specializing in the architecture, engineering, and construction (AEC) technology sectors. With a team size of 11-50, they provide early-stage funding and strategic support to startups, helping founders navigate the challenges of building their businesses. Their portfolio includes companies focused on 3D design, construction, renovation, and supply chain logistics, primarily targeting businesses in the AEC industry. Notable transactions include their participation in the Series A funding of Indus.AI, a construction software company that raised $8 million to enhance product development and expand its market reach. Additionally, they invested in Mighty Buildings, which raised $40 million in Series B funding to innovate in construction methods. These investments highlight Foundamental's active role in supporting technologies that can significantly impact the heavy civil construction landscape.


3. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative investment strategies and commitment to sustainability. Among their notable transactions, Partners Group acquired United States Infrastructure Corporation, which provides essential underground utility locating services, highlighting their engagement in infrastructure-related investments. Additionally, their acquisition of Parmaco Oy, an education infrastructure platform in Finland, further demonstrates their involvement in construction-related sectors. These investments reflect Partners Group's strategic approach to accessing private markets and navigating complex investment landscapes, making them a significant player in the infrastructure and construction investment space.


4. Sika

  • Website: sika.com
  • Type: Corporate
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1910
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: sika

Sika AG is a specialty chemicals company founded in 1910, headquartered in Baar, Zug, Switzerland. With a global presence in 103 countries, Sika develops and produces innovative solutions for the construction and industrial sectors. Their product range includes concrete admixtures, waterproofing systems, and flooring solutions, primarily serving construction companies and contractors. Notable transactions include the acquisition of Modern Waterproofing Group, which enhances Sika's product portfolio in roofing and waterproofing systems, crucial for heavy civil construction projects. Additionally, the acquisition of Kwik Bond Polymers focuses on polymer systems for concrete infrastructure refurbishment, further solidifying Sika's role in the heavy civil construction market. Other acquisitions, such as LCS Optiroc and Sable Marco, also contribute to their offerings in cementitious products, which are vital in large-scale construction projects.


5. Heidelberg Materials


Heidelberg Materials, founded in 1873 and based in Heidelberg, Baden-Württemberg, Germany, is a leading building materials manufacturer that produces and distributes essential products such as cement, aggregates, ready-mixed concrete, and asphalt. The company serves construction and infrastructure development customers, providing reliable and sustainable materials to meet the growing demands of housing and economic development. Notably, Heidelberg Materials has made several strategic acquisitions to bolster its position in the heavy civil construction sector. For instance, the acquisition of Kynningsrud Prefab, a precast contractor in Norway and Sweden, enhances their geographical presence and capabilities in precast construction. Additionally, the acquisition of Alex Fraser Group in Australia, a provider of recycled construction materials and asphalt, aligns with their strategy to optimize their portfolio in core markets. These transactions reflect Heidelberg Materials' commitment to supporting infrastructure development and their active role in the heavy civil construction industry.


6. Nemetschek Group

  • Website: nemetschek.com
  • Type: Corporate
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 1963
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: nemetschekgroup

Nemetschek Group is a corporate investor based in Flensburg, Schleswig-Holstein, Germany, founded in 1963. As a leading software company, they provide digital solutions tailored for the architecture, engineering, and construction industries. Their software products are designed to enhance efficiency and collaboration among professionals in these fields, including architects, engineers, and construction managers. Notably, Nemetschek has been involved in several relevant transactions that highlight their commitment to the construction sector. For instance, they participated in the seed funding round for SymTerra, a platform aimed at improving site communication in the construction industry. Additionally, they led a Series B funding round for Reconstruct, which offers AI-powered remote quality control and progress monitoring software, further emphasizing their focus on innovative solutions that can benefit heavy civil construction projects. Their acquisitions of companies like DACODA GmbH and Nemetschek Scia nv also reflect their strategy to enhance their software offerings in the construction domain.


7. LafargeHolcim

  • Website: lafargeholcim.com
  • Type: Corporate
  • Headquarters: Zug, Zug, Switzerland
  • Founded year: 1969
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: lafargeholcim

LafargeHolcim, founded in 1969 and based in Zug, Switzerland, is a leading corporate investor in the building materials sector, specializing in innovative and sustainable construction solutions. The company offers a diverse range of products, including low-carbon concrete and cement, which are crucial for modern construction projects. LafargeHolcim has made strategic acquisitions to enhance its market position, such as the acquisition of Tarrant Concrete Co., a prominent ready-mix concrete company in Texas, aimed at strengthening operations in the Dallas/Fort Worth area. This deal, valued at over USD 40 million, reflects their commitment to capitalizing on growth opportunities in the heavy civil construction market. Additionally, their acquisition of The Kendall Group in the UK, a leading aggregates and ready-mix concrete manufacturer, further demonstrates their focus on expanding their footprint in the construction materials sector. These transactions highlight LafargeHolcim's active role in supporting heavy civil construction through the provision of essential materials and innovative solutions.


8. Sgs

  • Website: sgs.com
  • Type: Corporate
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 1878
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: sgs

SGS S.A. is a leading testing, inspection, and certification company based in Geneva, Switzerland, with a global presence and a workforce of over 10,000 employees. Founded in 1878, SGS provides independent services to ensure product quality and compliance across various industries. In recent years, SGS has made significant acquisitions to strengthen its position in the construction sector. Notably, the acquisition of an 80% stake in Ryobi Geotechnique International Pte Ltd in 2020 enhances its geoengineering capabilities in Southeast Asia. Additionally, the acquisition of Korea Construction Quality Test & Analysis in 2010 aligns with SGS's growth strategy in industrial services, particularly in soil and construction material testing. These transactions reflect SGS's commitment to diversifying its service offerings in the construction materials testing sector, making it a relevant player in the heavy civil construction industry.


9. Vossloh

  • Website: vossloh.com
  • Type: Corporate
  • Headquarters: Werdohl, North Rhine-Westphalia, Germany
  • Founded year: 1883
  • Headcount: 1001-5000
  • Number of deals in 2024: 3
  • LinkedIn: vossloh

Vossloh AG, founded in 1883 and based in Werdohl, North Rhine-Westphalia, Germany, is a prominent corporate investor in the rail technology sector. The company specializes in rail infrastructure solutions, providing a range of products such as rail fastening systems, concrete ties, and maintenance services to railway operators and construction firms. Vossloh's commitment to innovation and sustainability is evident in its global operations aimed at enhancing the reliability and efficiency of rail transport systems. In recent years, Vossloh has made significant acquisitions to bolster its position in the heavy civil construction industry. Notably, in 2024, Vossloh announced the acquisition of Sateba, a major manufacturer of concrete sleepers in Europe, for approximately 450 million euros, which is expected to generate substantial revenue. Additionally, their acquisition of Rocla Concrete Tie in 2016 for $117.2 million further solidified their presence in the North American rail infrastructure market. Vossloh also acquired the rail milling business of STRABAG Rail GmbH in 2019, enhancing their milling capabilities. These strategic transactions highlight Vossloh's active involvement in the heavy civil construction sector, particularly in railway infrastructure development.


10. Peri

  • Website: peri.com
  • Type: Corporate
  • Headquarters: Weißenhorn, Bavaria, Germany
  • Founded year: 1969
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: peri

PERI Group, founded in 1969 and based in Weißenhorn, Bavaria, Germany, is a prominent construction and engineering company specializing in formwork and scaffolding solutions, as well as 3D construction printing. They serve a diverse clientele in the construction industry, including contractors and architects, by offering innovative and efficient solutions tailored to various project needs. In 2024, PERI Group made a significant move by acquiring UK-based Mabey Hire, which enhances their market share in civil engineering and renovation, particularly in the UK. This acquisition is part of their growth strategy to strengthen their position in the heavy civil construction sector. Additionally, PERI has been involved in various funding rounds for technology companies like Cosuno and Naska.AI, which, while not directly related to heavy civil construction, indicate their interest in innovative solutions that could benefit the construction industry as a whole.


11. Palfinger Ag

  • Website: palfinger.com
  • Type: Corporate
  • Headquarters: Bergheim, North Rhine-Westphalia, Germany
  • Founded year: 1932
  • Headcount: 10001+
  • LinkedIn: palfinger

Palfinger AG, founded in 1932 and based in Bergheim, North Rhine-Westphalia, Germany, is a leading manufacturing company specializing in cranes and lifting equipment. With a workforce of over 10,000 employees, Palfinger provides a diverse range of products, including knuckle boom cranes, service cranes, and marine equipment, primarily serving businesses in the construction, mining, and municipal sectors. Their offerings are designed to enhance operational efficiency and safety in heavy lifting applications. Notably, Palfinger has made strategic acquisitions to bolster its market position, including the acquisition of Ratcliff-Palfinger, the UK tail lift market leader, in 2005, and the acquisition of a significant stake in Sky Steel Systems LLC in 2017, which aligns with their strategy to enhance operations in building maintenance and leverage synergies with their existing business units. These transactions highlight Palfinger's commitment to expanding its influence in sectors closely related to heavy civil construction.


12. Redstone


Redstone is a venture capital firm based in Berlin, Germany, founded in 2014. The firm specializes in investing in technology startups across various sectors, including FinTech, Industrial, Sustainability, and Quantum. Redstone provides investment management services and conducts research on the venture capital landscape, particularly focusing on the participation of pension funds in the startup ecosystem. Notably, Redstone has invested in several construction technology companies, such as Flexcavo, which raised $7.5 million in seed funding to enhance its construction equipment rental network in Germany, and PlanRadar, which has raised significant funding across multiple rounds to support its technological development and international expansion in the construction management space. Additionally, Redstone's investment in Fixed Construction further emphasizes its engagement in the construction sector, showcasing its commitment to supporting innovative solutions within the industry.


13. senseFly, now AgEagle

  • Website: ageagle.com
  • Type: Corporate
  • Headquarters: Cheseaux-Sur-Lausanne, Vaud, Switzerland
  • Founded year: 2009
  • Headcount: 51-200
  • LinkedIn: sensefly

AgEagle Aerial Systems Inc., based in Cheseaux-Sur-Lausanne, Switzerland, is a corporate investor specializing in drone technology. Founded in 2009, the company manufactures drones, sensors, and software tailored for various industries, including agriculture, construction, and defense. AgEagle's offerings focus on high-resolution aerial mapping and surveying solutions, which are crucial for enhancing operational efficiency in construction projects. Notably, AgEagle has made significant acquisitions to bolster its capabilities in this space, including the acquisition of Measure for $45 million in April 2021, which enhances their data analytics capabilities. Additionally, the acquisition of senseFly, a subsidiary specializing in fixed-wing drones, for $23 million in October 2021, further strengthens their position in the construction sector. The acquisition of MicaSense for $23 million in January 2021 also aligns with their strategy to provide advanced imaging solutions that can be utilized in construction monitoring and management.


14. Knauf

  • Website: knauf.com
  • Type: Corporate
  • Headquarters: Iphofen, Bavaria, Germany
  • Founded year: 1932
  • Headcount: 10001+
  • LinkedIn: knauf

Knauf is a corporate investor based in Iphofen, Bavaria, Germany, founded in 1932. As a leading manufacturer of building materials, Knauf specializes in insulation and construction products that cater to the needs of construction companies and contractors. Their offerings include insulation materials, facade coatings, and construction accessories, emphasizing energy efficiency and sustainability. Notably, Knauf has made significant acquisitions to strengthen its position in the construction materials market. In 2018, they acquired USG for $7 billion, enhancing their portfolio in wallboard and other construction products. Additionally, in 2023, Knauf do Brasil acquired Trevo Drywall, further expanding their reach in the construction sector. The acquisition of Gyptec, a Colombian wallboard producer, along with its interests in Central America, also highlights their commitment to providing essential materials for construction projects. These transactions underscore Knauf's active role in the construction industry, making them a relevant player in heavy civil construction.


15. Adcuram Group

  • Website: adcuram.com
  • Type: Corporate
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 2003
  • Headcount: 11-50
  • LinkedIn:

Adcuram Group is an investment group based in Flensburg, Schleswig-Holstein, Germany, specializing in mergers and acquisitions, operational development, and succession planning for mid-sized companies. Founded in 2003, the firm provides strategic support to businesses undergoing transitions, ensuring sustainable growth and effective management of complex scenarios. Notably, Adcuram Group acquired MEA AG, a leading construction supplier with an annual turnover of approximately 120 million euros, in September 2018. This acquisition highlights their engagement in the construction sector, which is relevant to heavy civil construction. Additionally, they acquired RWG in August 2019, further demonstrating their active role in the industry. Their expertise is particularly valuable for companies in need of guidance during carve-outs and ownership changes, making them a potential partner for firms in the heavy civil construction space.


16. Deutsche Private Equity (DPE)


Deutsche Private Equity (DPE) is a private equity firm based in Munich, Bavaria, Germany, founded in 2007. The firm specializes in providing growth capital to medium-sized enterprises primarily in Germany, Austria, and Switzerland. DPE manages investment funds with a focus on fostering growth and creating sustainable corporate values for its portfolio companies. Notably, DPE has been involved in significant transactions within the construction sector, including the acquisition of B plus L Infra Log GmbH in August 2020. This company operates in the construction site services sector, managing approximately 1,000 active projects, which highlights DPE's engagement in the heavy civil construction industry. Additionally, DPE acquired Terwa in January 2015, further indicating its interest in companies related to construction and infrastructure.



Heavy Civil Construction Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
HolcimZug, Zug, Switzerland10001+191212
FoundamentalBerlin, Berlin, Germany11-5020197
Partners GroupBaar, Zug, Switzerland1001-5000199619
SikaBaar, Zug, Switzerland10001+19102
Heidelberg MaterialsHeidelberg, Baden-Württemberg, Germany10001+18734
Nemetschek GroupFlensburg, Schleswig-Holstein, Germany1001-500019634
LafargeHolcimZug, Zug, Switzerland10001+19691
SgsGeneva, Geneva, Switzerland10001+18785
VosslohWerdohl, North Rhine-Westphalia, Germany1001-500018833
PeriWeißenhorn, Bavaria, Germany5001-1000019691
Palfinger AgBergheim, North Rhine-Westphalia, Germany10001+19320
RedstoneBerlin, Berlin, Germany11-50201414
senseFly, now AgEagleCheseaux-Sur-Lausanne, Vaud, Switzerland51-20020090
KnaufIphofen, Bavaria, Germany10001+19320
Adcuram GroupFlensburg, Schleswig-Holstein, Germany11-5020030
Deutsche Private Equity (DPE)Munich, Bavaria, Germany51-20020072


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