Sero, Rohrbach (Germany)

Development and manufacturing service provider for electronic components

Key facts at a glance

  • Broad-based electronics service provider with global production capacity and expertise in industrial, medical technology and automotive applications
  • Diversify manufacturing capabilities and expand customer base by completing the acquisition of Semecs in 2021
  • Establish a presence in the NAFTA region by completing the acquisition of Syncron EMS in 2022

Revenues in €mn












Investment by
DBAG's interest
Management Buyout
Majority investment of DBAG Fund VII
First invested
November 2018

As of 31 December 2022



Sero is an electronic manufacturing services (EMS) provider. The company focuses on co-engineering, assembly, calibration and testing of electronic components for industrial, medical and automotive applications. Electronic components manufactured by the group are used in charging columns, heat meters, heart monitoring devices, photovoltaic inverters and e-bike motors, among others. Sero's major customers include various blue-chip industrial companies.

The company is headquartered in Rohrbach and has additional production facilities in Slovakia and the USA. The group employs approximately 750 people.

With Sero, we are again investing in a previously owner-led company. We were particularly impressed with the company’s excellent processes and unwavering customer orientation.

Volker Bonsels
Managing Director


per cent

average annual revenue growth since 2015/2016

Potential for development

In 2021, Sero could complete the acquisition of Semecs, a Dutch EMS provider focused on medium-volume, mid-mix industrial and medical applications. The transaction broadens Sero's customer base and increases manufacturing flexibility through an additional site in Slovakia. In this context, management expects synergy potential in the form of savings in production costs through the optimal allocation of projects to the respective sites and additional revenues through a broader, complementary service offering.

The acquisition of Syncron EMS, a US-based EMS provider, was completed in 2022 to drive the further internationalization of the Group. The transaction gives Sero access to the attractive NAFTA region, where both existing and new customers can be served.


Volker Bonsels
Volker Bonsels
Volker Bonsels
+49 69 95787-152

Volker Bonsels

Managing Director

Volker Bonsels joined Deutsche Beteiligungs AG in 1995 and became a Managing Director in 2001.

He holds a degree in Industrial Engineering from the University of Technology, Kaiserslautern, and also studied at the University of Warwick. He started his professional career as a trainee in corporate banking at Deutsche Bank.

Volker Bonsels has 27 years of experience in private equity. He was, and is, a member of the advisory councils at those portfolio companies in which DBAG invested under his lead capacity. He has extensive expertise in a variety of sectors, including building components, industrial services and mechanical and plant engineering. Among the most successful transactions he led are Coperion, Lewa and Otto Sauer Achsenfabrik.

Current portfolio companies

Cartonplast Braun Connectivity Solutions Sero

Former portfolio companies