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ATON GmbH

ATON GmbH is a Munich-based, family-owned investment holding company founded in 2001 by Dr. Lutz Helmig, investing in technology-leading companies across engineering, mining, med tech, and aviation.

Last updated September 27, 2026

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Overview

ATON GmbH is a German private investment holding company headquartered in Munich. It was founded in 2001 by Dr. Lutz Helmig, the former majority owner and founder of the Helios hospital group. The company manages the Helmig family's assets and operates as an evergreen family fund, investing its own family capital in technology-leading companies with a long-term portfolio strategy and investment horizons of more than ten years. ATON prefers asset-light and capital-light B2B business models and combines the dynamism of a private investor with the stability and long-term orientation of a family business. The company's investment portfolio is broadly diversified and resilient, including market-leading companies in its core sectors, complemented by smaller companies and selected start-up investments. ATON's core sectors are Engineering, Mining, Med Tech, and Aviation. In these sectors, ATON also pursues an active buy-and-build strategy to strengthen the geographic presence and market position of its portfolio companies. As of December 31, 2020, the ATON Group employed approximately 14,600 people worldwide. Revenue figures for majority holdings have varied: approximately €1.6 billion in 2009, €2.3 billion in 2011, €2.1 billion in 2015, €2.15 billion in 2017, €2.0 billion in 2019, and €1.5 billion in 2020. ATON is wholly owned by the Helmig family: 60% by Lutz Helmig, 10% by his wife Dagmar Helmig, and 15% each by his daughters Alexandra and Charlotte Helmig. The company is not listed on any stock exchange and operates independently of short-term fund cycles and quarterly targets. Its guiding principle, the "ATON Principle," emphasizes entrepreneurial freedom, partnership on equal footing, capital combined with operational excellence, stability through independence, and responsibility for generations. Notable portfolio companies include EDAG Engineering Group AG (70.66%), Redpath Mining (100%), Murray & Roberts Holdings Limited (43.8%), Ziehm Imaging GmbH (100%), OrthoScan (100%), DC Aviation GmbH (100%), and ecoCOAT GmbH (45.6%). Former holdings include Augsburg Airways, dba, Haema, Cirrus Airlines, Schmidt-Seeger, Lumera Laser, and FFT Produktionssysteme. ATON continues to invest in technology-leading companies and supports their growth with capital, strategic expertise, and entrepreneurial support.

History

ATON GmbH was founded in 2001 by Dr. Lutz Helmig in Fulda, Germany. Lutz Helmig was the founder and former majority owner of the Helios hospital group. The name ATON is derived from the ancient Egyptian sun god Aten, creating a thematic link to Helios, the Greek sun god, which was the name of Helmig's hospital group. The company was established as a holding company to manage the Helmig family's assets. In its early years, ATON built a diversified portfolio. By the late 2000s, it held stakes in various companies. In 2006, ATON held a 25.1% stake in dba, which was sold to Air Berlin in August 2006. In December 2006, ATON acquired a 97.3% stake in Schmidt-Seeger GmbH, which was later sold to Bühler AG on August 20, 2010. In 2007, the software house GSD Berlin was sold to Siemens Medical Solutions. In 2008, Cirrus Airlines and associated companies were sold to Aviation Investment. In 2009, the 25.32% stake in Ludwig Beck AG was sold on May 5. In 2010, Schmidt-Seeger was sold. In 2012, Lumera Laser GmbH was sold to Coherent Inc. on December 20. In 2013, Augsburg Airways was liquidated. In 2018, Haema was sold to Grifols S.A. on March 19. In May 2019, FFT Produktionssysteme GmbH & Co. KG was sold to Fosun. Over the years, ATON's portfolio evolved into four core sectors: Engineering, Mining, Med Tech, and Aviation. The company employed approximately 14,600 people across its group as of December 31, 2020. Revenue from majority holdings fluctuated, reaching €2.3 billion in 2011 and €1.5 billion in 2020. ATON operates as an evergreen family fund, investing its own family capital with a long-term horizon of more than ten years. It prefers asset-light and capital-light B2B business models and does not interfere in the day-to-day operations of its portfolio companies. Instead, it provides capital, strategic expertise, and entrepreneurial support. The company is wholly owned by the Helmig family and is headquartered in Munich.

  • 2020

    ATON Group employed approximately 14,600 people worldwide as of December 31.

  • 2019

    Sold FFT Produktionssysteme GmbH & Co. KG to Fosun in May.

  • 2018

    Sold Haema to Grifols S.A. on March 19.

  • 2013

    Augsburg Airways liquidated.

  • 2012

    Sold Lumera Laser GmbH to Coherent Inc. on December 20.

  • 2010

    Sold Schmidt-Seeger GmbH to Bühler AG on August 20.

  • 2009

    Sold 25.32% stake in Ludwig Beck AG on May 5.

  • 2008

    Sold Cirrus Airlines and associated companies to Aviation Investment in December.

  • 2007

    Sold software house GSD Berlin to Siemens Medical Solutions on March 1.

  • 2006

    Sold 25.1% stake in dba to Air Berlin in August.

Products and positioning

Evergreen family fund investing in technology-leading B2B companies with a long-term horizon.

Product categories. clothing · sportswear

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