Enwendo: sale to Studibo (IceLake Capital) advised by atares
atares, the digital M&A boutique for technology-driven companies, advised the shareholders of Enwendo GmbH as exclusive M&A advisor on the sale of 100% of the shares to Studibo DACH GmbH, a portfolio company of IceLake Capital. The transaction marks the next logical step in the growth of the fast-growing Hamburg-based PropTech company and strengthens Studibo’s position as one of the leading European players in sustainable building and engineering services.
In just three months – from project launch to successful closing – atares supported the process end-to-end. The team led by Rainer Wieser, Daniel Oberhuber and Bastian Siefert approached qualified investors, coordinated the due diligence, and negotiated the entire transaction documentation. Key factors in the transaction were the extremely swift process execution, the seamless alignment of the international parties, and the high strategic fit between both companies.
The two founders and former sole shareholders, Jan Wanderer and Moritz Stoldt, will continue to serve as Co-CEOs on Enwendo’s management team. Together with Studibo and IceLake Capital, the PropTech Enwendo intends to further accelerate its growth by scaling its digital platform and driving expansion in the fragmented European market for energy-efficient building renovation. Studibo, which has grown rapidly in recent years, is further establishing itself as a major European consolidator in the Testing, Inspection, Certification (TIC) & Engineering sector through this strategic acquisition.
Rainer Wieser, Partner at atares: “In a challenging market environment, we found the perfect strategic partner for Enwendo in Studibo and IceLake Capital. The extremely fast pace of the transaction from project kick-off to closing in just three months highlights not only the outstanding preparation but also the excellent strategic fit on both sides. We congratulate the founders on this great success.”
Jan Wanderer and Moritz Stoldt, Founders and Co-CEOs of Enwendo: “In Studibo and IceLake Capital, we have found a partner that is an excellent strategic and cultural fit for Enwendo from day one. We are very excited about the journey ahead and the opportunities this partnership creates for Enwendo and our clients. We owe special thanks to the atares team around Rainer Wieser, Daniel Oberhuber and Bastian Siefert: From initial outreach to closing in just two months, the collaboration was defined by the highest level of professionalism, speed, and a deeply trusted working relationship throughout. Such a smooth process would not have been possible without their outstanding support.”
About Enwendo
Founded in 2022 by Jan Wanderer and Moritz Stoldt in Hamburg, Enwendo GmbH is a leading German PropTech company for premium digital energy consulting. The company offers end-to-end solutions ranging from initial energy audits and customized renovation roadmaps (iSFP) to complete subsidy management and technical construction supervision. With its innovative, data-driven platform, Enwendo stands out through high customer satisfaction and automated processes in a dynamic growth market.
About Studibo & IceLake Capital
Studibo is a rapidly growing European group of engineering and consulting firms focusing on sustainable buildings, environment, and Testing, Inspection & Certification (TIC). Backed by the Amsterdam-based private equity investor IceLake Capital, Studibo pursues an ambitious buy-and-build strategy and is quickly establishing itself as a major player in Europe. IceLake Capital is a pan-European investment fund focused on supporting fast-growing mid-market companies on their path to market leadership.
About atares
atares is a digital M&A boutique focusing on technology-driven mid-cap companies in Germany and sees itself as a pioneer in the digitalization of the M&A industry. Founded in 2001, Atares has advised on more than 200 transactions in over 20 years. The focus is on transaction sizes between EUR 10 and 250 million, mostly involving owner-managed companies. With long-standing personal contacts to corporates, Private Equity investors, and M&A advisories in Europe, North and South America, and Asia, and as a member of the global tech M&A alliance Global Tech Mergers, atares is a sought-after partner for the tech champions of tomorrow. The Munich-based atares team manages projects with a comprehensive technology and data stack – for value-adding, efficient transactions with the best user experience.
