Blog

PRESS RELEASE

Vienna, 14 May 2025 – FSN Capital Compass I has signed an agreement to invest in UHL Bau as a strategic partner to elevate the company’s position as a leading services provider in the Austrian civil engineering market for critical infrastructure, including energy and water. The investment in UHL Bau is the first platform investment in Austria for the FSN Capital Funds.

UHL Bau GmbH, headquartered in Wiener Neustadt, is a leading specialist in underground civil engineering for electricity, gas, water, sewage, district heating and telecommunications networks. The investment in UHL Bau, which was founded by the Uhl family in 1966, follows the FSN Capital Funds’ approach to support founders and entrepreneurs in their next stage of growth. Existing owners Jürgen and Sabine Uhl will retain a significant minority stake and continue to serve on the company’s supervisory board.

UHL Bau has demonstrated profitable growth of more than 10% per year over the last 15 years. The company generated revenues of more than €80 million in 2024 and today employs around 460 people. Over more than 60 years, the company has strategically expanded its core business, as a major service provider for public projects that help meet the everyday needs of Austrians. Through its role in modernizing critical infrastructure, UHL Bau also contributes to Austria’s transition to renewable energy sources.

FSN Capital Compass I will, together with the management team and the Uhl family, seek to accelerate the growth of the company. The investment strategy will focus on continued organic growth, as well as targeted add-on acquisitions, while also driving best practice operations and sustainability.

The transaction is subject to approval from applicable authorities. Closing is expected in the third quarter of 2025.

The deal team of Schindler Attorneys was headed by partner Florian Cvak (lead transactional law) and Clemens Philipp Schindler (lead M&A). FSN Capital had been advised by German law firm LARK, who engaged PwC Legal as Austrian local counsel. Due to the longstanding relationship of Schindler Attorneys and FSN Capital, separate teams of Schindler Attorneys advise the sponsor on financing (lead partner Martin Abram) as well as merger control and FDI (lead partner Philippe Kiehl) aspects alongside LARK.

Further inquiry:

Florian Cvak, LL.M. / DDr. Clemens Philipp Schindler, LL.M.
florian.cvak@schindlerattorneys.com / clemens.schindler@schindlerattorneys.com