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Germany only had 28 companies in the Fortune 500 in 2020 compared with China's 134, America's 130, Japan's 62 and France's 40. But it has more than a thousand companies that rank in the top three in their respective markets. Poeschl Tabak GmbH has 50% of the world market in snuff, for example; Flexi has 70% of the market for retractable dog leads. All told, the Mittelstand accounts for the overwhelming majority of businesses in Germany, and some 60% of all jobs.

These companies are 'hidden' in three senses: They dominate tiny global niches, they prefer to keep themselves to themselves and they are usually located in small towns. Visit a random small town in Germany and you will probably find a global leader in one market niche or another hidden in a sidestreet or suburb

https://archive.md/6WV70

Germany should be the next stop on Buffett & Abel's world tour.
The Mittlestand companies should fit in well with Berkshire culture. Buffett loves founder led and family companies.

We have one: "Detlev Louis", Europe's leading motorcycle equipment company.

A typical Warren Buffett company: After having been in the family for decades the founder died, the widow looked for a roof which would ensure a long future for their "child", contacted Warren, and he bought it.

Typical Warren: This highly successful company continues under the roof of Berkshire to operate as before! As me and all my motorbike friends are buying everything from helmets to brake pads and chains at "Detlev Louis" I regularly visit it. Even now, 7 years later, everything is still the same --- so much so that I bet nearly none of their customers has any idea that it changed ownership.

They are already looking actively and have apparently an advisor, at least this is what this 2016 article (in German, use Google translation) is saying:

https://www.businessinsider.de/wirtschaft/gemeinsa...

I also remember that at the time of the ISCAR acquisition the selling family was trying to open some doors in Germany for BRK. ISCAR even bought a small stake in a tiny tool distributor, Kromi Logistik, which only caused a lot of hype, but after some years they sold it again. Probably it is not easy to conquer German Mittelstand owners.

And some have even tried to screw BRK:

https://www.reuters.com/article/us-berkshire-buffe...

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