Montagu Acquires Majority Stake in DQS, Global Certification Leader

Montagu, a leading mid-market private equity firm, has agreed to acquire a majority stake in DQS GmbH, a prominent global provider of certification and business assurance services. The transaction involves a consortium of shareholders, including UL Solutions, DGQ e.V., DIN e.V. (DIN), VDMA e.V., Spectaris e.V., HDB e.V., and ZVEI e.V., with DIN retaining a significant minority stake and continuing as a strategic partner.

Founded in 1985 by DGQ, DIN, and several German industry associations, DQS was Germany’s first and the world’s third management system certification body. Over nearly four decades, the company has expanded its footprint to serve more than 20,000 clients across over 60 countries. The deal was announced on April 29, 2026. DQS delivers critical certification services that help organizations comply with regulatory requirements, enhance stakeholder trust, and improve operational performance across diverse sectors.

The global certification and business assurance market, valued in the multi-billion-dollar range, remains fragmented but resilient. It is expected to grow steadily, driven by increasing regulatory complexity, rising quality and environmental, social, and governance (ESG) standards, and growing demand for digital trust certifications. DQS is well positioned to capitalize on these trends, particularly in emerging areas such as artificial intelligence (AI) governance, digital trust, and medical device certification.

Montagu has maintained a relationship with DQS for over a decade, building strong ties with the company’s shareholders and management. The private equity firm plans to leverage its sector expertise and capital resources to support DQS’s global expansion and accelerate development of its digital trust, ESG, and medical device certification offerings. Montagu’s investment aligns with its strategy to partner with resilient, market-leading businesses operating at the intersection of regulation, accreditation, and risk management.

Tobias Weltin, Partner at Montagu, commented, “DQS has built a reputation for excellence as a trusted certification and business assurance partner to more than 20,000 clients globally. We are committed to supporting CEO Ingo M. Rübenach and his team as they scale the company’s technology-enabled platform, roll out AI tools, and deepen capabilities in digital trust, medical devices, and ESG, while preserving DQS’s independence and compliance.”

Ingo M. Rübenach, CEO of DQS, added, “With Montagu, we are taking the next step in DQS’s development. Their understanding of regulated markets and growth experience will help us invest in digitalization, expand internationally, and enhance our service portfolio in digital trust, ESG, and medical devices. Our focus remains on delivering independent, high-quality certification services worldwide.”

Daniel Schmidt, CFO of DIN, said, “DIN, a founding shareholder of DQS, welcomes Montagu as a long-term partner. Retaining a minority stake, DIN will continue supporting DQS’s international growth and the advancement of technology-enabled certification services that strengthen trust in standards and conformity.”

UL Solutions, a previous shareholder, views the transaction as an opportunity to focus on its core segments while ensuring DQS is well positioned for accelerated growth under Montagu’s stewardship.

DQS employs approximately 3,000 auditors who deliver over 130,000 audit days annually across more than 80 countries. The company offers certifications across 200+ standards, covering areas such as cybersecurity, AI governance, ESG compliance, supply chain management, medical device safety, and future mobility. By integrating advanced auditing methodologies, predictive analytics, and real-time insights, DQS helps clients future-proof operations and demonstrate commitment to responsible business practices.

Montagu, with €15 billion in assets under management, specializes in carve-out and first-time buyout investments across sectors including healthcare, financial services, critical data, digital infrastructure, and education. ESG considerations are integral to its investment approach.

The acquisition strengthens DQS’s position as a global leader in certification and business assurance, particularly in fast-growing segments like AI and digital trust. The partnership aims to drive operational efficiencies, expand product offerings, and accelerate geographic reach across North America, Europe, Asia-Pacific, and emerging markets.

Looking ahead, Montagu and DQS plan to focus on integrating digital platforms, enhancing service delivery, and navigating regulatory complexities across jurisdictions. The collaboration is expected to intensify competition in the certification market, prompting innovation and consolidation among peers.

As DQS embarks on this new chapter, the combined expertise of Montagu and DIN is poised to support sustainable growth and reinforce DQS’s role as a trusted partner for global organizations navigating evolving regulatory landscapes.