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M&A YEAR-BOOK 2019International and interdisciplinary transaction consulting
3
Contents
Preface
Our mandate structure 6
M&A deals by sector 7
M&A deals by business unit 8
International presence 10
National M&A references – extract 14
International M&A references – extract 16
M&A consulting is interdisciplinary teamwork 18
Profile of Rödl & Partner 19
Contact persons 21
Legal notice, list of references & imprint 30
Publisher and authors 31
54
Preface
MICHAEL WIEHLBJÖRN STÜBIGER
Dear Business Partner,
In the 2019 business year, 313 transactions were successfully completed with the support of Rödl & Partner. This was yet another marked increase compared with the previous year and is a sign of the continued active interest in company transactions both at home and abroad. It also reflects how strongly family-run companies are represented in this field. This year too, our special thanks therefore go to our clients who entrusted us with accomplishing the most manifold tasks.
The 2020 business year has been shaped by the global corona pandemic and the economic conse-quences are enormous. It is becoming apparent that this will have an effect on the M&A market too. Nevertheless, we expect a significant number of company transactions. The reasons for this are the following, amongst others:
- Not every company and not every sector has been affected by the crisis in the same way and therefore been left hamstrung.
- Strategic investors as well as private equity will seek out and make use of their opportuni-ties. Times of crisis have always been good times for investment too.
- As opposed to 2008, the corona crisis is not a financial crisis. As a result, companies have considerable capital at their disposal to finance acquisitions.
- It can be assumed that companies are getting or have already got into trouble and that the number of M&A transactions for distressed companies will increase.
- The market situation is attracting both national and international buyers who sniff a chance to acquire companies cheap.
We are amongst the leading M&A consultants and, with our international presence and scope and our interdisciplinary range of services, we are a strong reliable partner for German SMEs in this challen-ging environment.
Yours,
BREAKDOWN OF THE TRANSACTIONS ACC. TO SECTOR OF TARGET COMPANY
Industry 2019 30 %
2018 31 %
Services 24 %
31 %
Energy 11 %
7 %
Healthcare 10 %
Consumer Goods 9 %
6 %
TMT 8 %
10 %
Food 5 %
9 %
Raw Materials 3 %
1 %
SUB-SECTORS OF THE 3 MOST IMPORTANT AREAS
6
BREAKDOWN BUY-/SELL SIDE
BREAKDOWN ACCORDING TO TRANSACTION VOLUME AND NUMBER
Our mandate structure
Rödl & Partner is one of the leading M&A consultancies in the small and mid-cap sector in Germany.
■ TV up to EUR 10 Mio. ■ TV up to EUR 50 Mio. ■ TV over EUR 50 Mio.
Number of transactions
2016 2017 2018 2019
61 % 63 % 65 % 63 %
33 % 29 % 29 % 30 %
6 % 8 % 6 % 7 %
M&A Deals by sector
7
SERVICES 40% 17% 16% 12% 3 % 3 % 2 % 2 % 5%
Corpo
rate
Serv
ices
Renew
able
Ener
gyIn
dustr
ial S
er-
vices Fina
ncial
Ser
vices
Logis
tics
Ener
gy
Other
s
Distrib
ution
Engin
eerin
g
Educ
ation
Pers
onne
l
Other
s
INDUSTRY31% 14% 14% 10 % 8 % 8 % 5 % 1 0 %
Mec
hani
cal
Engi
neer
ing
Auto
mot
ive
Const
ruct
ion
Chem
istry
Pack
agin
g
Met
al
Test
ing
and
Mea
sunr
ing
Tech
nolo
gy
Oth
ers
ENERGY84 % 8% 8 %
138
176
282313
■ buy side ■ sell side
■ buy side ■ sell side
2016 2017 2018 2019
78% 76% 82% 74%
22% 24% 18% 26%
Up to EUR 50 Mio
Up to EUR 100 Mio
Over EUR 100 Mio
BREAKDOWN BUY-/SELL SIDE ACCOR-DING TO TRANSACTION VOLUME 2019
20% 60% 50%
80% 40% 50%
Rödl & Partner has interdisciplinary transaction expertise in a variety of industrial sectors. The focus of our consulting services is not so much on the sectors themselves but rather on the cha-racteristics of our clients – family-owned companies with international operations.
98
BREAKDOWN OF SERVICES USE OF RÖDL & PARTNER SERVICES
M&A Deals by business unit
Rödl & Partner is not just a group of co-existing lawyers, tax consultants, management consul-tants and auditors. In the course of transaction consulting it quickly becomes clear how we work – across all service lines and closely integrated. Our interdisciplinary project teams achieve an above average rate of success.
FINANCIAL SERVICES
DD Valuation Business PPA Modelling
125
5443
M&A/CF SERVICES
M&A Project Corporate Finance Management
57
24
LEGAL SERVICES
DD SPA Structuring
110115
97
TAX SERVICES
DD SPA Structuring
121
7166
Clients value the multidisciplinary approach of Rödl & Partner.
37+29+25+9+AM&A/CF Services
M&A/CF Services
Financial Services
Financial Services
Tax ServicesTax Services
Legal Services
Legal Services
37 %
9 %
29 %
25 %
2019
70 %of our clients enlisted the services
of at least 2 of our divisions
30 % of our clients enlisted
the services of 3 or all 4 divisions
BREAKDOWN OF THE CONSULTING OBJECT (MULTIPLE POSITIONS POSSIBLE)
1110
BREAKDOWN ACCORDING TO COUNTRY OF CLIENT
BORDERLESS M&A ACTIVITIES
International presence
Internationality is one of the decisive drivers of M&A activities.
2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019
German Buyer, German Target
German Buyer, Foreign Target
Foreign Buyer, German Target
Foreign Buyer, Foreign Target
34 %
24 % 29 %
17 %
27 % 28 %
8 %
13 % 15 %
41 %
36 %
28 %
0+4910+8+7+5+19+K0+5140 % other countries
20 % Italy
15 % Czech Republic
11 % Switzerland
14 % Poland
51 %Germany
49 %Abroad
1312
International presence
With our transaction expertise, the whole world is our home.
37 % Germany
10 % Czech Republic
9 % Poland
8 % Italy
6 % USA
4 % India
3 % France
3 % Schwitzerland
2 % Austria
2 % Slovakia
2 % United Kingdom
2 % Netherlands
2 % Spain
1 % Romania
1 % Danmark
1 % Canada
1 % China
1 % Hungary
1 % Israel
1 % Norway
1 % Russia
1 % Belarus
1 % Belgium
BREAKDOWN ACCORDING TO COUNTRY OF CLIENT
1514
National M&A references - extract
1716
International M&A references - extract
1918
TRANSACTION CONSULTING IS INTERDISCIPLINARY TEAMWORK ONE-STOP-SHOP
M&A consulting is interdisciplinary teamwork Profile of Rödl & Partner
The project team to assist a client with a company acquisition, for example, will consist of lawyers, tax consultants, auditors and the M&A consultant.
The complete process is coordinated by a project manager who ensures a smooth flow of information between all of the specialists involved. He ensures that the project is carried out without upheavals within a tight time frame according to the defined high quality criteria and is the main contact person for the client.
Rödl & Partner also offers other services before or after the transaction process which are decisive for your success. This essentially involves strategic consulting prior to a transaction and post-merger consulting in many areas after the transaction has taken place.
The focus of post-merger consulting is the standardisation and improvement of internal com-pany processes ranging from financing through to production and the IT structure.
LEGAL CONSULTING- Legal structuring- Legal due diligence- Preparation of NDA, LoI, MoU- Support for the bidding procedure- Preparation/negotiation of SPA
and other contractual agreements- Legal structuring of financing and securities- Anti-trust law
MERGERS & ACQUISITIONS- Development of a transaction strategy- Analysis: company and market- Information memorandum- Purchaser/vendor: research, making contact, management- Preparation of a purchase offer /
assessment of received purchase offers- Establishment and support Due Diligence/Data Room- Management of price and SPA negotiations
AUDITING- Financial due diligence/fact book- Calculation of normal earnings- Identification of value drivers- Balance sheet analysis- Plausibility analysis of business plans- SPA – commercial guarantees- Differences between HGB and IFRS- Closing accounts- Company valuation
TAX CONSULTING- Tax due diligence- Analysis of the tax situation of the target- Transaction structure designed
to mitigate tax- Tax provisions in the SPA- Post-acquisition structuring
Rödl & Partner was founded as a one-man firm in Nuremberg in 1977. In order to achieve our goal of supporting our internationally operating clients, we established our first branch offices abroad, beginning with those in Central and Eastern Europe (from 1989 on). We penetrated the Asian market (1994) and then added important further locations in Western and Northern Europe (from 1998), in the USA (from 2000), in South America (from 2005) and Africa (from 2008).
As lawyers, tax advisers, management consultants, IT consultants and auditors, we are represented in 109 locations in 49 countries. Our clients place their trust in our 5,120 col-leagues worldwide.
49Countries
5,120Employees
€490mTurnover
109Own offices
Mergers & Acquisitions
LegalConsulting
AuditingTax
Consulting
2120
Unique Combination
Your contact personsProfile of Rödl & Partner
Rödl & Partner is not an informal network of lawyers, tax consultants, management consul-tants and auditors. We work together, closely interlinked across all service lines. We are market oriented and customer-driven. Appropriate experts are assigned to each project team to ensure success and realisation of the client‘s goals. Our interdisciplinary approach in itself is not unique. The same can also be said for our internationality or our particularly strong presence in German family-owned companies. In fact it is the combination which makes us special. We are a firm dedicated to giving extensive, global advice to German companies, which is indeed unique.
Rödl & Partner offers worldwide assistance for companies, private equity investors and entrepreneurs with transactions in Germany and other countries for the acquisition and disposal of companies and investments, with joint ventures and strategic alliances, with financing and initial public offerings, with the acquisition or valuation of real estate assets and with restructuring and reorganisation.
For this purpose, since the founding of the firm Rödl & Partner has concentrated on the inter-disciplinary and cross-border expertise of its transaction teams worldwide. Our strengths lie in the high level of expertise we can draw on in the analysis of legal, financial or tax oppor-tunities and risks, in the organisation of the transaction structure, the international contract design, the development of creative purchase price formulation and with the implementation and monitoring of integration targets.
Caring
Success driven
Team spirit
International
Guiding
Entrepreneurial
German
2322
Your contact persons
Germany
Prof. Dr. Christian Rödl, LL.M.Lawyer, Certified Tax AdvisorConsultant for International Tax LawManaging Partner +49 911 9193 1000christian.roedl@roedl.com
CORPORATE FINANCE/BUSINESS CONSULTING
Björn StübigerPartner+49 89 9287 80 515bjoern.stuebiger@roedl.com
Henning KürbisAssociate Partner+49 6196 761 14 717henning.kuerbis@roedl.com
LEGAL ADVICE
Michael WiehlLawyer, Specialist Lawyerfor Tax LawPartner+49 911 9193 1300michael.wiehl@roedl.com
Thomas FräbelLawyerPartner+49 89 9287 80 314thomas.fraebel@roedl.com
Horst GrätzLawyerPartner+49 911 9193 1610horst.graetz@roedl.com
Dr. Dirk HalmLawyerPartner+49 221 9499 09 300dirk.halm@roedl.com
Harald Reitze, LL.M.LawyerPartner+49 911 9193 1325harald.reitze@roedl.com
Dr. Oliver SchmittD.E.A. (Rennes I)Lawyer Partner+49 89 9287 80 311oliver.schmitt@roedl.com
Germany
TAX ADVICE
Dr. Isabel BauernschmittCertified Tax AdvisorPartner+49 911 9193 1040isabel.bauernschmitt@roedl.com
Prof. Dr. Florian Haase, M.I.TaxLawyer, Specialist Lawyerfor Tax LawPartner+49 40 2292 97 520florian.haase@roedl.com
Florian KaiserCertified Tax AdvisorPartner+49 911 9193 1055florian.kaiser@roedl.com
Dr. Alexander KutschLawyer, Certified Tax AdvisorPartner+49 711 7819 14 465alexander.kutsch@roedl.com
Dr. Dagmar Möller-GosogeCertified Tax AdvisorPartner+49 89 9287 80 551dagmar.moeller-gosoge@roedl.com
Dr. Hans WeggenmannCertified Tax AdvisorManaging Partner+49 911 9193 1050hans.weggenmann@roedl.com
AUDIT/CORPORATE CONSULTING
Christian HellbardtCertified AccountantCertified Tax AdvisorPartner+49 911 9193 33 44christian.hellbardt@roedl.com
Christoph HirtCFAAssociate Partner+49 711 7819 14 477christoph.hirt@roedl.com
Peter LängleCertified AccountantCertified Tax AdvisorPartner+49 89 9287 80 200peter.laengle@roedl.com
Cyril PrengelEMBA (M&A), CVAPartner+49 911 9193 3350cyril.prengel@roedl.com
Jochen ReisPartner+49 6196 7611 4775jochen.reis@roedl.com
2524
Your contact persons
International
BALTIC AREA AND BELARUS
Tobias KohlerLawyerPartner+370 5 212 35 90tobias.kohler@roedl.com
Jens-Christian PastilleLawyerPartner+371 67 3381 25jens.pastille@roedl.com
BRAZIL
Philipp Klose-MoreroCertified AccountantPartner+55 11 5094 6063philipp.klose-morero@roedl.com
Michael LöbLawyer+55 11 5094 6067michael.loeb@roedl.com
CHINA INCL. HONGKONG
Jiawei Victor Wang LL.M. (Heidelberg)LawyerPartner+49 711 7819 14 432jiawei.wang@roedl.com
Dr. Thilo KettererCertified AccountantPartner+49 911 9193 3062thilo.ketterer@roedl.com
Sebastian WiendieckLawyerPartner+86 21 6163 5329sebastian.wiendieck@roedl.com
CZECH REPUBLIC
JUDr. Petr Novotný, Ph.D.LawyerPartner+420 (2 36) 16 3-77 0petr.novotny@roedl.com
Hans-Ulrich TheobaldLawyerPartner+420 236 1637 30hans-ulrich.theobald@roedl.com
FINLAND
Timo HuhtalaLawyerPartner+358 0 969 62 2251timo.huhtala@roedl.com
Jens-Christian PastilleLawyerPartner+371 67 3381 25jens.pastille@roedl.com
International
FRANCE
Nicola LohreyLawyerManaging Partner+33 1 5692 3125nicola.lohrey@roedl-avocats.com
GEORGIA
Klaus-Peter KesslerLawyerPartner+49 911 9193 3058klaus.kessler@roedl.com
HUNGARY
Dr. Roland Felkai Tax ConsultantPartner+36 1 8149 800roland.felkai@roedl.com
Dr. Sándor SárközyLawyerPartner+36 1 8149 880sandor.sarkozy@roedl.com
INDIA
Rahul OzaPartner+91 2206 25 7100rahul.oza@roedl.com
Martin WörleinLawyerPartner+49 911 9193 3010martin.woerlein@roedl.com
INDONESIA
Markus SchlüterLawyerAssociate Partner+49 221 9499 093 42 markus.schlueter@roedl.com
2726
Your contact persons
International
POLAND
Dr. Monika BehrensLawyerAssociate Partner+48 22 2440 026monika.behrens@roedl.com
ROMANIA
Bogdan FratilaLawyerPartner+40 21 3102 162bogdan.fratila@roedl.com
RUSSIAN FEDERATION
Dr. Andreas Knaul LL.M., D.I.A.P. (E.N.A.) Lawyer Partner +7 495 933 5120andreas.knaul@roedl.com
Marina YankovskayaLawyerPartner+7 495 933 5120marina.yankovskaya@roedl.com
SLOVAKIA
JUDr. Maroš TóthLawyerPartner+421 2 5720 0444maros.toth@roedl.com
SPAIN
Georg AbeggLawyerPartner+34 91 5359 977georg.abegg@roedl.com
Christoph HimmelskampLawyerPartner+34 93 2389 370christoph.himmelskamp@roedl.com
International
ITALY
Stefan BrandesLawyerPartner+39 0263 28 841stefan.brandes@roedl.it
Alessandro BorelliLawyerPartner+39 0263 28 841alessandro.borelli@roedl.it
Silvio Rizzini BisinelliLawyerPartner+39 069 6701 270silvio.rizzini@roedl.it
Giovanni FonteCertified Accountant Certified Tax AdvisorPartner+39 0498 0469 11giovanni.fonte@roedl.it
Thomas GiulianiCertified Accountant Certified Tax AdvisorPartner+39 0471 1943 200thomas.giuliani@roedl.it
Dr. Roberto PeraLawyerPartner+39 06 9670 1270roberto.pera@roedl.it
Birgit RauschendorferCertified AccountantCertified Tax Advisor Partner+39 0263 28 841birgit.rauschendorfer@roedl.it
KAZAKHSTAN
Michael QuiringLawyerPartner+7 727 3560 655michael.quiring@roedl.com
MEXICO
Dr. Dirk Oetterich, LL.M.Lawyer+52 222 4310 027dirk.oetterich@roedl.com
2928
Your contact persons
International
SWEDEN
Lars-Göran Larsson Certified Accountant+46 40 6607 358lars-goran.larsson@roedl.com
Jens-Christian PastilleLawyerPartner+371 67 3381 25jens.pastille@roedl.com
SWITZERLAND
Jörg WiederkehrCertified Trustee (FA)Partner+41 44 7495 547joerg.wiederkehr@roedl.com
Sebastian RepetzCertified AccountantAssociate Partner+41 44 7495 545sebastian.repetz@roedl.com
SOUTH AFRICA
Dieter SommerCertified Accountant (SA)Partner+27 11 4793 000dieter.sommer@roedl.com
THAILAND
Markus SchlüterLawyerAssociate Partner+49 221 9499 093 42 markus.schlueter@roedl.com
TURKEY
Prof. Dr. Metin SagmanliAuditor Tax ConsultantPartner+90 212 3101 400 metin.sagmanli@roedl.com
International
UKRAINE
Klaus-Peter KesslerLawyerPartner+49 911 9193 3058klaus.kessler@roedl.com
UNITED KINGDOM
Jan Eberhardt LawyerPartner+44 0 1212 2789 50jan.eberhardt@roedl.com
USA
Frank BreitenfeldtCertified Accountant, Certified Tax Advisor, CPAPartner+1 404 5863 587frank.breitenfeldt@roedlUSA.com
S.A. de KockCPAPartner+1 404 5252 600 sa.dekock@roedlUSA.com
VIETNAM
Stefan EwersLawyerPartner+84 8 3824 4225stefan.ewers@roedl.com
3130
Legal notice, list of references and imprint Publisher and authors
LEGAL NOTICE
Rödl & PartnerDenninger Straße 84D-81925 Munich Tel.: +49 (89) 92 87 80 525Fax.: +49 (89) 92 87 80 555E-Mail: info@roedl.deInternet: www.roedl.de
Björn Stübiger and Michael Wiehlon behalf of the Rödl & Partner practice group M&A International Reproduction of this document with its references is permitted.
The information contained in this brochure is provided for the purpose of general information and is not related to a special situation of an individual person or a legal person. The infor-mation does not constitute business advice, legal advice or advice relating to tax matters. In specific individual cases the presented contents cannot replace the individual consultation by a qualified expert. In particular, the information offered does not constitute a binding offer by Rödl & Partner. Although Rödl & Partner has taken the greatest of care in the selection of the offered information, Rödl & Partner is not liable for its correctness, up to dateness or completeness.
Nobody should act on the basis of this information without appropriate professional advice or a thorough analysis of the situation concerned. Rödl & Partner accepts no liability for any decisions taken which are based on the said information. Therefore Rödl & Partner always recommends you make an appointment with an expert you trust to seek personal advice.
All of the pictured diagrams/representations in this study are exclusively used by the Rödl & Partner.
Publisher: Rödl & Partner
Project management & content: Björn Stübiger Partner, Corporate Finance, M&A Contact address for copies: Rödl & Partner Regina Völker Denninger Str. 84 81925 Munich Germany
Tel.: +49 (89) 92 87 80 525 E-Mail: regina.voelker@roedl.com
Internet: www.roedl.de
LIST OF REFERENCES
IMPRINT
PUBLISHER
AUTHORS
Rödl Consulting AGDenninger Str. 8481925 MünchenGermany
www.roedl.de
© Rödl & Partner
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