About Us



Founded in 2009, CORE Industries is a partner-managed private equity firm based in Munich. CORE invests in companies in growth, succession and crisis situations. 


As a fund manager of an internationally financed fund, CORE identifies, acquires and develops technologically strong companies in the mid-market segment that are headquartered in Europe.


CORE also specializes in the active, operational restructuring of acquired companies in special situations. With the addition of our customized program, CORE.N for successful succession solutions, CORE also invests in profitable family businesses.

Well-considered and operationally sustainable actions in economically challenging situations form part of our achievements and specific strengths. We follow a distinctly entrepreneurial approach: It is a matter of course for us to take responsibility for a company's development in the work place.


Leonhard Reznicek

After studying political science, Leonhard Reznicek worked in the Corporate Finance departments of BDO and KPMG as an M&A advisor for eight years. After receiving an MBA from INSEAD and the Wharton School, he started out as an investment manager and later worked as Vice President of operations for ARQUES, where in five years he oversaw the restructuring of a total of nine companies. He also set up the operational teams of ARQUES Iberia and ARQUES UK. Mr. Reznicek was member of the executive team of a publicly listed company (Geregelter Markt) for three years. Later, he went on to manage a two year reorganization of a media company with over 500 employees as part of the executive team. Leonhard Reznicek is an enthusiastic mountaineer and father of two most beloved daughters.


Dr. Markus Ziegler

Markus Ziegler studied economics at Heidelberg University, and in 1996 he received his PhD in Finance at the same institution. He then worked for several years for the Financial Services Citibank in London's financial center. After a number of years working in management consulting for Gemini Consulting in the international fields of finance, M&A and Restructuring, he founded, along with other partners, the company Salvus Diligens Industriebeteiligungen. Following an industrial logic, a vertically integrated supplier was formed due to the takeover of various transition suppliers to the automotive industry, the entire business was then ultimately sold to an OEM. Dr. Ziegler is a passionate skier and golfer. He resides in Munich, is married and has a daughter. 


Sporting goods retail chain

The optimization of inventory management and the return to

economic principles have led to success.



Seller wanted to dispose of permanent loss of business outside the core area

Annual turnover € 23 million

EBT € -2.5 million

140 employees



Carve-out by construction finance department and introduction of new IT systems (ERP, purchasing control, POS, accounting), reducing working capital by 43%, sales of unprofitable stores, modernize branch network, new store concept with higher sales per square meter, reducing rental costs, reduce cost of sales by 66% to 45% in 4 years through better purchasing conditions, lower copies on old stock by expansion of own brands.



After the first day of take over, the company became cash-positive and a successful retail was possible after redevelopment.

Manufacturing of special gears

The successful entry into low-margin however continually-growing

mass production was only possible through massive cost reductions.



The family business was lead for 10 years by a journalist who married into the family, an urgent need for professionals, no F&E-Investments, no update of the calculation base, years of losses.

Annual turnover € 29 million

EBT € -0.1 million

190 employees



Liquidity injection to prevent acute insolvency, massive cost savings, supplier’s waiver > 25%, final restructuring agreement despite simultaneous reduction in personnel, through outsourcing of test stands at an independent institution (DMT), reputation increased with the customer along with less expensive testing costs and a liquidity inflow of > € 2 million, licensing of older gear to Chinese company, entry into mass production of wind gearboxes brought about the single largest order in company history of > €  20 million, re-establishment of apprenticeships.



Sales doubled in three years

EBITDA € 5 million

350 employees

Successful sale to market-listed Korean strategists

Suppliers for automotive transmission forgings

This turn-around comes mainly through growth-oriented measures:

New customer acquisition program and utilization of production capacity.




Concentration on the core business of the seller

Annual turnover € 70 million

EBIT margin <2.5%

220 employees



Organisational carve-out from the worldwide group structure of the seller, building of leaner administrative functions, immediate cleanup of the product range, finalization of the permanent service level agreements (SLAs), reorganization and expansion of previously insufficient sales activities as key to success, significant increase in capacity utilization



Successful sale to strategists from the same industry.

Chemical plant for antioxidants in Spain and the UK

Through creativity and consistent action, we have built up a new company

 from what was thought of as a seemingly unsolvable situation.


Seller wanted to dispose of loss-making core business, due to operational problems in the UK sale to strategists was not possible, losses in Spain and high losses in UK, negative market trend, symbolic purchase price and necessary investment in working capital.

Annual turnover € 62 million

EBIT € -4.1 million

150 employees



Outsourcing the production of the raw material Paracresol and using its market position with 25% of the global market capacity, resulted in permanently favorable purchase conditions, brought in a specialized project developer for the settlements near the chemical sites in residential areas thereby achieving high revenues for the payment of severance pay in UK, successful restructuring of the Spanish business against the market trend by dramatic cost reductions, establishment as an independent brand in the market



After solving the difficult strategic situation, a successful sale to the largest customers took place.

Automotive transmission suppliers

After a complete reorientation we developed an independent,

medium-sized business with a health customer structure.



Company has historically been used as a collector for the primary products of the parent company - the losses were cross-subsidized, all production capacities were sustained underutilized, proactive customer acquisition was not desired from a corporate policy point of view as there were attractive, new customers in a competitive relationship with the parent company

Annual turnover € 85 million

140 employees



Implementation of a project financed by the seller of an extensive social plan, replacement of the entire management, rebuilding of the financial sector, factoring for working capital financing, construction of internal distribution and wide-area performance-based integration of external intermediaries on a commission basis for America, Europe and Asia, brand strengthening by higher utilization of production capacity



Successful sale to an automotive supplier.

Automatic transmission suppliers

With well-prepared sales cooperation and outstanding products,

the company made a breakthrough into the international market.




Permanent loss through underutilization

Annual turnover € 200 million

1,300 employees



Implementation of a social plan, supplementary management, long-term cooperation with major partners which could be implemented promptly and carried out in advance of the takeover-led talks, activation of an Asian business by establishing appropriate hubs in Hong Kong and Beijing, promotion of F&E activities in particular for four-speed transmission components, extensive integration of external engineering capacities



Successful sale to an automotive supplier.

Member of Invest Europe, the German Private Equity and Venture Capital Association and the German National Association of repositioning, renovation and interim management.