Mayfair Vermögensverwaltung
Mayfair Vermögensverwaltung is a German family office and investment holding vehicle associated with the families of Günter Herz and Daniela Herz.
Last updated August 31, 2026
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Overview
Mayfair Vermögensverwaltung is a German family office and private investment holding vehicle established by Günter Herz and Daniela Herz after their departure from the Tchibo Group. The firm invests on behalf of the two families across long-term corporate holdings, shorter-term financial assets such as equities and bonds, and real estate. Its long-term corporate investment activities are conducted through Maryland GmbH. The firm's background is closely connected with the history of the Herz family's ownership of Tchibo. Günter Herz assumed leadership of the coffee and consumer-goods group from his father in 1965. Under his leadership, Tchibo expanded well beyond roasted coffee. Its retail model combined coffee sales with frequently changing non-food assortments, while a concession-based depot system broadened distribution through thousands of points of sale in Germany, Austria and Switzerland. The group also acquired Eduscho in 1997, integrating its logistics and retail operations and adding the brand to Tchibo's coffee portfolio. The family also built substantial positions in other major European consumer businesses. Tchibo acquired a significant stake in Beiersdorf in 1977, giving the family exposure to brands including Nivea, Tesa and Hansaplast. In 1980, the group invested in Reemtsma and subsequently increased its ownership to a controlling position. These holdings were associated with the growth and internationalization of important consumer brands, although the Herz family's direct relationship with Tchibo eventually changed after a dispute over the group's supervisory-board composition. Günter Herz stepped down as chief executive in 2002. Approximately a year later, he and Daniela Herz sold their Tchibo interests to family members and created Mayfair as an independent investment platform. Mayfair's publicly documented investment history has included two especially prominent transactions. In 2005, it acquired a substantial holding in sporting-goods company Puma AG. After Puma announced a new strategic phase involving the recovery of licensed-country rights and expansion of its own retail network, Mayfair increased its stake from approximately 17 percent to 27 percent. When luxury-goods group PPR launched a public offer for Puma in 2007, Mayfair sold its holding at a reported price of €330 per share. Mayfair's second major investment was Germanischer Lloyd AG, a German certification and technical-services group. In 2006, the family office acquired the company in a transaction reported at roughly €575 million and supported management in resisting a hostile approach from Bureau Veritas. Under Mayfair ownership, Germanischer Lloyd expanded beyond its traditional maritime classification activities into oil and gas and renewable energy, partly through acquisitions. The company remained solely owned by Mayfair until its 2013 combination with Det Norske Veritas, creating DNV GL. Mayfair retained a minority interest in the combined group and sold its remaining stake to the Det Norske Veritas Foundation in December 2017. The firm's investment approach is associated with concentrated, long-term ownership rather than a broad retail asset-management product range. Press descriptions have indicated that individual transactions may range from approximately €100 million to several billion euros, with a preference for consumer goods, retail and service businesses. Public information about its current portfolio, assets under management, personnel and operating structure is limited, so the historical transactions described above provide the clearest view of its investment style.
History
Mayfair Vermögensverwaltung emerged from the Herz family's long association with Tchibo, one of Germany's best-known coffee and retail groups. Günter Herz took over management of Tchibo from his father in 1965. During his tenure, the business developed from a coffee company into a diversified consumer and retail enterprise. Its operating model combined roasted coffee with rotating non-food merchandise, first through its own stores and later through a large concession and depot network across Germany, Austria and Switzerland. The company also expanded its coffee portfolio through the 1997 acquisition of Eduscho, integrating the acquired business's logistics and retail infrastructure. The family's investment activities extended beyond Tchibo. In 1977, Tchibo acquired a 25 percent interest in Beiersdorf, whose portfolio included Nivea, Tesa and Hansaplast. In 1980, the group purchased a stake in Reemtsma and gradually increased that holding to 76 percent. The Reemtsma investment was later sold to Imperial Tobacco. These transactions established the Herz family as a significant owner of major European consumer businesses and helped shape the investment perspective later associated with Mayfair: substantial positions, long holding periods and active involvement in companies with recognizable brands or scalable service operations. Günter Herz left the Tchibo chief executive role in 2002 after a change in the composition of the group's supervisory board. Around one year later, Günter and Daniela Herz sold their interests in Tchibo to their siblings and established Mayfair as a separate family holding and investment office. The new organization was designed to manage family wealth outside the former operating group. Its activities covered long-term company investments, liquid financial assets and property. Maryland GmbH was used for the long-term investment segment. The first prominent investment publicly associated with Mayfair was Puma AG. The family office acquired approximately 17 percent of Puma in May 2005. After Puma chief executive Jochen Zeitz announced a strategic program that included regaining licensed-country operations and building a larger direct retail presence, Mayfair increased its holding to roughly 27 percent. In 2007, luxury-goods group PPR made a public offer for Puma. Mayfair accepted the opportunity to dispose of its position, reportedly selling at €330 per share. Mayfair's next major transaction involved Germanischer Lloyd AG, a German certification and technical-services company with historic strength in maritime classification. In 2006, Mayfair acquired the business in a transaction reported at approximately €575 million. Günter Herz supported the management team as it sought to prevent a hostile acquisition by Bureau Veritas. During the Mayfair ownership period, Germanischer Lloyd broadened its business beyond shipping into oil and gas and renewable energy, using acquisitions to extend its technical and certification capabilities. In September 2013, Germanischer Lloyd merged with Det Norske Veritas, creating DNV GL. The transaction changed Mayfair from the sole owner of Germanischer Lloyd into a minority shareholder of the combined group. The Det Norske Veritas Foundation held the majority, while Mayfair retained approximately 36.5 percent until its exit. In December 2017, Mayfair sold the remaining interest back to the foundation. Publicly available information does not provide a complete account of Mayfair's current portfolio, leadership team, assets under management or detailed legal structure. The available record nevertheless presents the organization as a privately controlled family office that favors sizeable, concentrated investments in consumer, retail and service businesses, while maintaining exposure to public markets and real estate.
- 2017
Mayfair sells DNV GL interest
[1]Mayfair disposes of its remaining stake in DNV GL by selling it to the Det Norske Veritas Foundation.
- 2013
Germanischer Lloyd becomes part of DNV GL
[1]Germanischer Lloyd merges with Det Norske Veritas. Mayfair retains a minority interest in the resulting DNV GL group.
- 2007
Exit from Puma
[1]Mayfair sells its Puma stake after PPR launches a public offer for the company.
- 2006
Germanischer Lloyd acquisition
[1]Mayfair acquires Germanischer Lloyd and becomes its sole shareholder.
- 2005
Initial Puma investment
[1]Mayfair acquires an approximately 17 percent stake in Puma AG.
- 2003
Mayfair is established
[1]Günter and Daniela Herz separate their holdings from Tchibo and establish Mayfair as a family investment platform.
- 2002
Günter Herz leaves Tchibo chief executive role
[1]Günter Herz steps down as Tchibo chief executive after a change in the composition of the group's supervisory board.
- 1997
Eduscho joins the Tchibo group
[1]Tchibo acquires key coffee competitor Eduscho and integrates its logistics and retail operations.
- 1980
Investment in Reemtsma
[1]Tchibo acquires a stake in Reemtsma and later increases it to a controlling position.
- 1977
Tchibo acquires a stake in Beiersdorf
[1]Tchibo purchases a 25 percent interest in Beiersdorf, providing the Herz family with exposure to major personal-care and consumer brands.
Products and positioning
A privately controlled German family office focused on concentrated, long-term investments in established companies, complemented by financial assets and real estate.
Private equity and strategic holdings
Long-term corporate investments
Mayfair's core investment activity consists of taking substantial, long-term positions in operating companies. Public descriptions emphasize consumer goods, retail and service businesses, with transaction sizes ranging from approximately €100 million to several billion euros. The firm has historically acted as a committed owner rather than as a diversified retail fund manager, including through its ownership of Germanischer Lloyd.
Stocks and bonds
Liquid financial assets
The family office also allocates capital to shorter-term or more liquid assets, including publicly traded equities and bonds. Specific mandates, portfolio companies and investment returns have not been publicly detailed in the available reference material.
Property investment
Real estate
Real estate forms another part of Mayfair's broad family-office investment scope. Public information identifies property as an investment category but does not provide a complete list of assets, geographic allocation or operating subsidiaries.
Brand decisions
2017
Exit DNV GLM&ABackground
Mayfair continued to hold a minority interest in DNV GL after the 2013 merger.
Action taken
Mayfair sold its remaining interest to the Det Norske Veritas Foundation.
Aftermath
The sale ended Mayfair's publicly documented ownership position in DNV GL.
2013
Merge Germanischer Lloyd with Det Norske VeritasM&ABackground
Germanischer Lloyd had expanded its technical-services scope under Mayfair ownership, while Det Norske Veritas was the foundation-backed industry counterpart.
Action taken
Germanischer Lloyd merged with Det Norske Veritas to create DNV GL.
Aftermath
Mayfair became a minority shareholder, retaining approximately 36.5 percent of DNV GL until it exited in 2017.
2006
Acquire Germanischer LloydM&ABackground
Germanischer Lloyd faced a hostile approach from rival certification company Bureau Veritas.
Action taken
Mayfair acquired Germanischer Lloyd and supported the management team's effort to remain independent from the hostile bidder.
Aftermath
Germanischer Lloyd expanded into oil and gas and renewable energy before merging with Det Norske Veritas in 2013.
Reported acquisition value. €575 million (2006 transaction)
- Bureau Veritas — Bureau Veritas was reported to have pursued a hostile bid for Germanischer Lloyd, which Mayfair and the target's management resisted.
2005
Increase Puma ownershipStrategyBackground
Mayfair initially acquired an approximately 17 percent stake in Puma. Puma management announced a strategic phase involving the recovery of licensed-country rights and expansion of the company's direct retail network.
Action taken
Mayfair increased its holding to approximately 27 percent.
Aftermath
The holding was later sold in 2007 after PPR made a public offer for Puma.
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