FSN Capital Invests acquires majority stake in Austrian Uhl Group, Marking a Major Move in the Construction Sector

Almost 60 years after being founded as a small family business, the Uhl Group has become indispensable when it comes to building critical infrastructure in Eastern Austria. Based in Wiener Neustadt, UHL Bau GmbH is a leading specialist in civil engineering works relating to electricity, gas, water, wastewater, district heating and telecommunications networks. In 2024, the company generated revenue of more than €80 million and employed around 460 people: a top choice for projects involving water, electricity, gas or data lines, district heating, or fiber optics.

The founding family, led by Sabine and Jürgen Uhl, announced a strategic realignment of the company. With the entry of the Northern European private equity firm FSN Capital as majority owner, the Uhl Group has brought an internationally active partner to Lower Austria.

The transaction is subject to approval by the relevant authorities. It is expected to be completed in the third quarter of 2025. The transaction also includes UHL Elektro GmbH, a wholly owned subsidiary of UHL Bau GmbH which focuses on installation and energy technology in the low-to-high voltage range, as well as transformer and charging stations.

The FSN Capital Compass I Fund, established in 2022, focuses on investments in Northern Europe. The fund currently has a volume of €410 million.

Business Law Powerhouse LARK provided comprehensive advice to FSN Capital on this transaction with Dr Ludger Schult, Dr Daniel Epe (both co-leads) and Franziska Lang (all Private Equity/M&A) as well as Dr Anselm Lenhard and Philipp Büchler (both Finance). Michael Lind, Daniel Hoehnl and Dominik Pflug from PwC Legal Austria covered the Austrian aspects of the transaction. Dr Andreas Boos from Buntscheck supported LARK in the area of antitrust law.