Newsletter Sept. 2023

Impact as a strategic advantage in a world in transition

So far, 2023 has been an exciting year for us at Vidia including fundraising, deal making and firm building. At the same time, the general market sentiment is currently characterized by attention grabbing headlines speaking of “the deindustrialization of Germany”, but also growth expectations resulting from the climate transition of entire sectors, additionally spurred by government initiatives globally.

The general private equity market outlook remains challenging and transaction activity limited. On the plus side, entrepreneurs and mid-cap company owners are increasingly aware of the operational challenges and opportunities associated with the ongoing industry transformation, thanks to heightened climate concerns. At Vidia, this development has led to a steady and increasing deal flow – often a consequence of our thematic and proactive sourcing approach. Our operational value creation strategy is proving to be a winning concept for owners looking for a responsible exit or a strong operational partner.

The investment into plastic recycling niche-market leader BPM is emblematic for our strategy targeting succession situations in ‘Mittelstand’-companies with significant scale-up potential and a direct substitute for CO2-heavy value chains. This type of climate solution will experience more and more demand as the industrial transformation intensifies. Private investors have a critical role to play, simultaneously accelerating and benefitting from the shift to a sustainable, circular and climate-positive economy. It is up to us as private equity investors to identify winning business models and invest capital and ressources into hidden climate champions with global relevance, unlocking rapid decarbonization at scale.

Johanna Struthmann



Marking its initial platform investment in the plastic recycling space, Vidia Climate Fund I has acquired specialized plastic recycling company Best Plastic Management GmbH (BPM) through newly established PolymerCycle GmbH. BPM’s succession situation and organic as well as inorganic scale-up potential in combination with its superior CO2 avoidance fully match Vidia’s investment strategy of maximizing both impact and financial return.

The family-run business specializes in the disposal and recycling of post-industrial plastic waste. At their site near Bremen, Germany, BPM generates an output of 20,000 metric tons of recycled material per year. Providing expansion capital and the necessary operational support, Vidia intends to scale capacity by up to 40,000 metric tons. The resulting output of up to 60,000 tons per year would turn the new portfolio company into one of the leading plastic recycling companies in the DACH region, securing a spot among the top 5 players in the long run.

“This acquisition represents a milestone for our plastic recycling strategy,” says Johanna Struthmann, Founding Partner of Vidia. The investment is emblematic for the strategy and philosophy behind our fund, as BPM exhibits a high collinearity of financial and impact return based on the parameters of our Vidia evaluation matrix. Our team has collaborated on numerous successful scale-ups as well as investments into the recycling industry in the past, and we look forward to developing BPM together with management.”

Climate Impact: CO2 reduction of more than 3,000 tons p.a., per million Euro invested

Recycling is a sub-sector of Vidia’s core themes of Circular Economy, Electrification and Industrial Materials, which are anchored in the Vidia founding principle: driving decarbonization of the highest emitting industries by scaling existing climate solutions. Proven technologies across these sectors have the highest chance of rapid and meaningful CO2 reduction. Adding value across the board, Vidia transforms operations to improve efficiency and scale relevant technologies. Employing sub-sector-specific deal sourcing strategies, the Vidia team actively identifies and evaluates suitable candidates with transformation potential. BPM was approached well before a structured sales process was kicked off, while partnering with the owner throughout a focused and pragmatic due diligence process.
In terms of CO2 avoidance potential, BPM performs high on the Vidia climate impact matrix. The company anticipates an avoidance of over 3,000 tons of CO2 emissions p.a., per million Euro invested with further potential following a full ramp-up of capacity.

Growth strategy with operational commitment

Over the last 30 years, BPM’s corporate development has been characterized by steady growth through a dedicated management team and continuous expansion investments. Vidia’s investment now aims to elevate the company to new heights. In the fragmented but growing plastic recycling market, the targeted production capacity of 60,000 metric tons p.a. provides a strategic advantage and an attractive value proposition for blue-chip customers. Through selected additional acquisitions by the PolymerCycle platform, a further diversification of waste streams with a simultaneous increase in internal value add is targeted. In addition, BPM offers further potential in the optimization of operational processes – especially in the areas of sales and sourcing, product controlling and asset utilization. Operational improvement will be achieved through a joint effort between BPM management and the Vidia team.

“Vidia’s approach convinced me immediately,” says Stephanie Kötter-Gribbe, CEO and former shareholder of BPM. “Vidia is committed to actively growing BPM as an operationally engaged partner. With their hands-on mentality and focus on measurable impact, I’m convinced we can achieve our scale up and climate impact objectives. Already during the due diligence phase, we defined a capacity expansion roadmap for our site – now it’s time for implementation.”



Discover how Vidia’s investment in Best Plastic Management GmbH (BPM) is set to scale plastic recycling capacity, addressing the urgent need for CO2 reduction across the plastics value chain.


Discover the Hidden Champions of Decarbonization: Mid-cap companies hold the key to industrial decarbonization. Uncover their potential in the race to net-zero and explore the transformative climate solutions reshaping industries


In this case study, we highlight our investment strategy, using BPM as an example to demonstrate how we formulate operational hypotheses, identify impact themes, and assess target companies for collinearity of impact and financial return.