阿斯特丽德·普兰格·德奥利维拉（Astrid Prange de Oliveira）2026年10月20日报道：越来越多的美国资本正涌入德国的传统工业企业和家族企业。随着许多企业主难以找到接班人，越来越多的公司正成为被收购的目标。
Astrid Prange de Oliveira October 20, 2026 Increasing amounts of US capital are flowing into Germany's traditional industrial firms and family-owned businesses. As many business owners struggle to find successors, more companies are becoming acquisition targets.
德国传统的家族企业和中小企业对美国公司和投资者的吸引力日益增强。历史悠久的德国企业勃肯鞋（Birkenstock）、威能（Viessmann）、林德（Linde）和依必岸（ebm-papst）有什么共同点？它们都已经落入美国人手中。
Traditional German family-owned businesses and SMEs have become increasingly attractive to US companies and investors What do the long-established German companies Birkenstock, Viessmann, Linde and ebm-papst have in common? All have fallen into American hands. Last year, US investors were involved in 76 acquisitions and investments in German industrial and manufacturing companies, according to an analysis by financial data provider PitchBook.
金融数据提供商PitchBook的一项分析显示，去年，美国投资者参与了76起针对德国工业和制造企业的收购与投资。2025年的交易额约为295亿美元（合263亿欧元），几乎是2022年总额的两倍。截至2026年8月19日，这一数字已达到239亿美元。没有接班人，只有投资者取而代之“从我们在市场上看到的情况来看，美国投资者对德国公司的兴趣绝对仍然存在，”为寻求在德国投资的公司提供咨询的“诚信资本投资”（Veracity Capital Investments）公司的萨马尔-艾哈迈德·阿尔布雷希特-马哈茂德（Samar-Ahmad Albrecht-Mahmood）表示。
The transactions were valued at about $29.5 billion (€26.3 billion) in 2025, nearly double the 2022 total. As of August 19, 2026, the figure stood at $23.9 billion. No successor, but an investor instead "From what we are seeing in the market, the interest from US investors in German companies is definitely still there," said Samar-Ahmad Albrecht-Mahmood of Veracity Capital Investments, which advises companies looking to invest in Germany. German companies, particularly those in the industrial and manufacturing sector, remain attractive, "because many of them are highly specialized, have strong customer relationships and very good technical know-how," he told DW.
他告诉德国之声，德国企业，尤其是工业和制造业领域的企业，依然极具吸引力，“因为其中许多企业高度专业化，拥有强大的客户关系和非常好的技术专知”。“在许多情况下，这些企业在几十年里已经在其细分市场中建立起了强大的地位。”
"In many cases, these are businesses that have built up a strong position in their niche over decades." At the same time, many German business owners are reaching an age where they are thinking about selling their business, Albrecht-Mahmood underscored, pointing out that "there is often no successor within the family."
阿尔布雷希特-马哈茂德强调，与此同时，许多德国企业主正步入考虑出售企业的年龄，他指出“家族内部往往没有接班人”。他说：“这把一些几年前可能不会挂牌出售的公司推向了市场。”
"This brings companies onto the market that might not have been available for sale a few years ago," he said. Notable takeovers this year include ebm-papst, the Mulfingen-based manufacturer of electric motors and fans, which was bought by US company Madison Air for $5.4 billion in August.
今年值得注意的收购包括总部位于穆尔芬根的电动机和风扇制造商依必岸，该公司于8月被美国公司麦迪逊航空（Madison Air）以54亿美元收购。
In June, the long-established Augsburg-based company Everllence, formerly MAN Energy Solutions, was sold to Bain Capital, with the US investment firm acquiring a 51% stake in the company.
6月，历史悠久的奥格斯堡公司埃弗伦斯（Everllence，前身为曼恩能源方案公司，即MAN Energy Solutions）被贝恩资本（Bain Capital）收购，这家美国投资公司获得了该公司51%的股权。收购减少，但投资增加根据专注于中小企业（中型和家族企业）的德国商业信息网络“德国经济”（Die Deutsche Wirtschaft，简称DDW）的数据，没有任何其他国家拥有的德国企业比美国更多。
Fewer acquisitions, but more investments According to Die Deutsche Wirtschaft (DDW), a German business information network focused on the Mittelstand (medium-sized and family-owned companies), no country owns more German firms than the United States. Of the total 7,861 companies identified in the database "German Companies Under Foreign Ownership," 1,750 are currently held by US investors.
在数据库《外国所有权下的德国公司》收录的总共7861家公司中，目前有1750家由美国投资者持有。年轻的初创企业——德国下一代科技领军者？
Young startups — Germany's next tech champions? To view this video , and PricewaterhouseCoopers (PwC), one of the world's leading auditing and consultancy organizations, also underscored the growing US investor interest in acquiring German companies.
要观看此视频，全球领先的审计与咨询机构之一普华永道（PwC）也强调了美国投资者对收购德国公司的兴趣日益浓厚。
In a report, titled Destination Germany, PwC said that while the number of acquisitions and equity investments has not increased, the financial volume of the deals has jumped.
普华永道在一份题为《目的地德国》（Destination Germany）的报告中表示，尽管收购和股权投资的数量并未增加，但交易的财务规模却大幅跃升。
The report highlighted, in particular, the acquisition of BASF Coatings by the US investment firm Carlyle, in partnership with the Qatar Investment Authority (QIA), for around €7.7 billion.
报告特别强调了美国投资公司凯雷（Carlyle）与卡塔尔投资局（QIA）合作，以约77亿欧元收购巴斯夫涂料（BASF Coatings）的交易。
The deal was struck on October 26, 2025, and closed on June 30 of this year.
该笔交易于2025年10月26日达成，并于今年6月30日完成交割。等待改革美国驻德国商会最近的一项调查显示，约62%在德活跃的美国公司预计未来三到四年商业环境将会改善。
Waiting for reforms According to a recent survey by the American Chamber of Commerce in Germany, about 62% of the US companies active in the country are expecting business conditions to improve over the next three to four years. Meanwhile, some 52% of them are planning to expand their operations in Germany, up from 49% in 2024.
与此同时，约有52%的公司计划扩大其在德国的业务，高于2024年的49%。德国的发明家都去哪儿了？
Where are all of Germany's inventors? At first glance, however, the increase in US acquisitions and equity investments does not seem to align with the decline in US investment flows to Germany last year.
然而乍一看，美国收购和股权投资的增加似乎与去年美国对德投资流向的下降并不吻合。
According to the Bundesbank, significantly less investment capital flowed from the US to Germany in 2025 than in the previous year.
根据德国央行的数据，2025年从美国流入德国的投资资本明显少于前一年。
While foreign direct investment in Germany has risen overall — from €57.4 billion in 2024 to a total of €86.1 billion last year — investment from the US amounted to only €11.8 billion, nearly 44% less than in 2024.
尽管德国的外商直接投资总体有所上升——从2024年的574亿欧元增至去年总计861亿欧元——但来自美国的投资仅为118亿欧元，比2024年减少了近44%。相比之下，来自英国的投资上升至约260亿欧元。
In contrast, investment from the United Kingdom rose to around €26 billion. "I would say the trend is continuing, although perhaps not simply in terms of higher deal numbers every year," Albrecht-Mahmood said.
“我想说的是这一趋势仍在继续，尽管可能并不表现为每年交易数量的简单增加，”阿尔布雷希特-马哈茂德表示。“外界对优质德国工业企业，尤其是实力强劲的中小企业的整体兴趣依然很高。”
"The general interest in good German industrial companies, especially strong Mittelstand businesses, remains high." Relatively low valuations also play a role, the expert argued.
这位专家认为，相对较低的估值也起到了一定作用。“与美国相比，我们仍然看到德国企业的估值更为温和的情况，特别是在中小企业领域。这使得收购对国际买家相当有吸引力。”
"Compared to the US, we still see situations where German companies are valued more moderately, particularly in the SME segment. This can make acquisitions quite attractive for international buyers."