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A different solution was pursued by German machine-tool maker Emag. Hessbruggen sold nearly half his firm to Britain's 3i, which helped him finance the technologies needed to get a series of new production lines onto the market. Now the company is the world leader in its niche of making space-saving vertical assembly lines for manufacturers of complex gadgets and automobile components. "Without 3i, we'd be a regional player at most," Hessbruggen says. "If you're looking for a solid financial partner, private-equity investors are the best alternative." But they're not for everyone. "People who choose to work with us don't just want a means to finance their companies," says Plantaganet's Zappettini. "They want a partner who will be a part of that company." At least until they part ways again.
--By Steve Zwick/Cologne