Kennedy Lewis buys majority of German camper startup Roadsurfer
What's the deal? US investment firm Kennedy Lewis Investment ManagementDealroom has a profile for this one. Try Dealroom → has acquired a majority stake in Roadsurfer, the Munich-based campervan rental startup. According to German commercial register documents, Kennedy Lewis now holds 66.69% of the company. The deal value was not disclosed.
What changes? Founders Markus and Susanne Dickhardt, along with their co-founders, retain a stake — roughly 16.61%, rising to 19.08% with two managers. A year ago, the founders held just over 51%. Earlier backers, including Heartcore Capital, were bought out.
Who are the players? Roadsurfer, founded in 2016, calls itself the market leader in campervan rental. Kennedy Lewis finances companies partly through credit and, per chief executive officer Markus Dickhardt, has experience with asset-heavy business models.
That profile fits Roadsurfer, which has taken on nearly €500 million in debt to finance its fleet. In 2025 alone, it raised €30 million from Avellinia CapitalDealroom has a profile for this one. Try Dealroom → plus €85 million via an ABS structure with MacquarieDealroom has a profile for this one. Try Dealroom → and venture debt from BBVA.
Why Kennedy Lewis? The two sides have worked together since early 2026 through an asset-financing structure, Dickhardt said. "That it is a US investor was not a prerequisite for us," he said (translated from German). "What mattered in the end was that Kennedy Lewis fits us strategically."
What's the endgame? North America, where Roadsurfer expanded in 2022, remains its key growth market, while Europe has reached "a healthy size." The company will not be profitable in 2026, Dickhardt said; 2027 is meant to mark the shift toward profitability.
What could go wrong? The move hands control to a lender-style financier, raising a question Dickhardt did not fully resolve: whether the new owner prioritises further growth or returns and debt reduction.
The signal: The deal marks a clear pivot from growth financing to a controlling financial investor in a consolidating sector. Germany's campervan market shook out in 2024, when OffDealroom has a profile for this one. Try Dealroom →, PlugvanDealroom has a profile for this one. Try Dealroom →, and Roadfans filed for insolvency, and operators now compete on fleet size and international reach — as seen in Indie Campers' 2026 purchase of the Just Go and Bunk CampersDealroom has a profile for this one. Try Dealroom → brands.
Read more: businessinsider.de
Image credit: Generated with Gemini
