PwC Legal, in collaboration with LARK as lead counsel, advises FSN Capital on the acquisition of UHL Bau GmbH

FSN Capital Compass I Fund has acquired a majority stake in the Austrian company UHL Bau GmbH. The previous co-owners, Jürgen and Sabine Uhl, will retain a minority stake and continue to serve on the supervisory board of the company.

The transaction is subject to approval by the relevant authorities. It is expected to be completed in the third quarter of 2025. 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.

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

The advising PwC Legal team was led by Michael Lind and was further supported by Ursula Roberts, Bernhard Müller, Dominik Pflug, Daniel Höhnl, Matthias Hofer, Sandra Popp, Maximilian Moser, Stefanie Bedürftig and Andrej Miladinov.