Deutsche Mittelstandsfinanz, Frankfurt, advised on the 100% sale of TOPAS electronic AG, Hanover, to the publicly traded Japanese company RYODEN Corp.
Frankfurt/Hanover/Tokyo July 3, 2026
Deutsche Mittelstandsfinanz GmbH, Frankfurt (www.dmfin.com), a leading M&A boutique specializing in corporate transactions and succession planning, advised the shareholders of TOPAS electronic AG, Hanover, on entering into a partnership with the publicly traded Japanese company RYODEN Corp.
TOPAS was founded in 1978 and distributes semiconductors for sectors including industrial equipment, telecommunications, healthcare, and measurement and control technology, while also offering services in the field of unified communications. The company has been operating as a stock corporation since 2018. TOPAS is a rapidly growing company based in Hanover that serves customers throughout the DACH region and beyond. The sale to RYODEN not only secures the company’s succession but also sustainably strengthens its product portfolio.
Founded in 1947, RYODEN Corp. is listed on the Prime Market of the Tokyo Stock Exchange. Mitsubishi Electric Corp. is its anchor shareholder, holding a 35.88% stake. With nearly 1,600 employees, RYODEN generates revenue of more than USD 1.4 billion, primarily from products for factory automation systems, building cooling systems, information and communication technology, as well as electronic products, and is among the global market leaders in these sectors.
Through the acquisition of 100% of the outstanding shares of TOPAS, RYODEN is expanding its business opportunities in the European market by combining TOPAS’s customer base and its sales and technical support with RYODEN’s procurement capabilities, solution development expertise, and portfolio of private-label products in Japan, Asia and the U.S.
Ulf Zell, CEO of TOPAS electronic AG and Katsuyuki Tomizawa, President of RYODEN Corporation at the closing of the transaction
“In Deutsche Mittelstandsfinanz, we have chosen an extremely professional partner who managed and successfully completed the transaction process with expertise, extensive experience, and the necessary tact. An optimal outcome was achieved for TOPAS electronic AG and its shareholders in the interest of the company’s sustainable future,” says Ulf Zell, CEO, also on behalf of his fellow board members, adding: “With RYODEN as a shareholder, TOPAS can sustainably accelerate and secure its strong growth and increasingly gain a foothold in other European countries.”
TOPAS electronic AG is already the seventh M&A transaction / corporate succession in the technology sector that Deutsche Mittelstandsfinanz has successfully executed in recent years. “This underscores our specialized transaction expertise with companies in the technology sector. We are very pleased that RYODEN, a Japanese company identified through our global network, emerged as the most suitable acquirer to strengthen TOPAS’s strategic positioning and support its continued growth path as part of the structured and competitive transaction process we conducted globally. The transaction also demonstrates the specialized expertise of Deutsche Mittelstandsfinanz in cross-cultural M&A transactions,” explain the two managing partners of Deutsche Mittelstandsfinanz, Dr. Patrick Schmidl and Michael Dirkes.
About DMF Group
DMF Group, is a leading consulting firm specializing in corporate transactions in the SME sector. The focal points of DMF Group / Deutsche Mittelstandsfinanz include the provision of advice on mergers & acquisitions and corporate succession. Deutsche Mittelstandsfinanz is the German partner of Corporate Finance Associates, an M&A consultancy boasting nearly 40 offices worldwide.
About Corporate Finance Associates
Corporate Finance Associates Worldwide (CFAW) is an independent international investment banking firm serving middle-market businesses. For over 65 years, CFAW has been advocating on behalf of business owners who are restructuring a company, either through divestiture, merger, acquisition or recapitalization. CFAW has 36 offices around the world. One of the sector practices of CFAW is dedicated to the animal health industry.
For more information, visit: www.cfaw.com
Contact
DMF Group
Deutsche Mittelstandsfinanz GmbH
Eysseneckstr. 4
60322 Frankfurt
Germany
Dr. Patrick Schmidl, Managing Partner
Michael Dirkes, Managing Partner
Phone: +49 69 9542-1264
patrick.schmidl@dmfin.com
michael.dirkes@dmfin.com