Chapters Group revenues have topped $100M. What does it actually do?

Europe isn’t short of homegrown tech aggregators. However, few are as prolific - or as difficult to describe as the Hamburg-headquartered Chapters Group.

Led by the charismatic CEO Jan-Hendrik Mohr, in a little over 5 years Chapters (formerly known as MEDIQON and before that, Medical Columbus) has been transformed from a forgotten small-cap to an M&A powerhouse with 40+ acquisitions under its belt.  

Since 2019, Chapters has deployed c.€120M of capital to create c.€25M of asset level EBITDA (excluding the Software Circle stake).

Chapters’ share price is up 6X in 6 years.

But what exactly is it? A listed VMS HoldCo? An evergreen hedge fund? 

We would argue, a bit of both. Chapters’ has nailed two crucial aspects of a rollup:

• Raise common equity from long-term US investors at premium multiples (Sator Grove, Mitch Rales AND the MIT endowment are its top 3 shareholders)

• Have majority owned platforms deploy this capital, mixed in with cost competitive bank financing - into acquisitions of profitable, mature European businesses

Genius, right? What’s the secret sauce?

Read on to find out:

1. How Jan-Hendrik Mohr gave Medical Columbus a second lease of life

2. Chapters’ investment strategy: what businesses they have bought and how much they have paid

3. How Chapters structures platforms: case study of CarMa

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