Frankfurt am Main, 18 December 2025
Ludwig & Co. GmbH (“Ludwig & Co.”) advised the management of Heinrich Hugendubel Beteiligungs GmbH & Co. KG, headquartered in Munich (“Hugendubel”), on the admission of a minority shareholder: Investment by Topp Holding AG (“Topp Holding”), the Hamburg-based holding company of the Herz family.
Ludwig & Co. acted as exclusive financial advisor to Hugendubel.
The parties have agreed not to disclose the financial details of the transaction.
Deal Team
Hendrik Becker (Managing Director)
Rainer Rotermund (Managing Director)
About the transaction
Topp Holding, the investment company of the Hamburg-based Herz family, has acquired a minority stake in the owner-managed bookselling company Hugendubel. The transaction has been approved today by the German Federal Cartel Office (Bundeskartellamt). Nina Hugendubel and Dr. Maximilian Hugendubel will retain majority ownership and continue to lead the company. With the investment by Topp Holding, Hugendubel welcomes a long-standing business partner as a long-term and stable co-shareholder.
About Hugendubel
Hugendubel is Germany’s second-largest bookselling chain, operating more than 100 stores and employing approximately 1,600 people. Headquartered in Munich, the company is now managed in its fifth generation by Nina Hugendubel and Dr. Maximilian Hugendubel.
About Topp Holding
Topp Holding is the asset management and investment company of the Herz family.
About Ludwig & Co.
Ludwig & Co. is a partner-led, independent, and award-winning corporate finance boutique headquartered in Frankfurt am Main. Its services include M&A advisory, financial restructuring, and the arrangement of equity and debt financing.