Das amerikanische Unternehmen ResMed hat eine Mehrheitsbeteiligung an MEDIFOX DAN erworben.
Blättchen & Partner berät das Management der Sanoptis Gruppe beim Verkauf an Groupe Bruxelles Lambert
Die Investment-Holding Groupe Bruxelles Lambert (GBL) hat eine Mehrheitsbeteiligung an der Sanoptis Gruppe, einem führenden
Zertifikatslehrgang M&A 2022 an der Westfälischen Wilhelms-Universität Münster in Kooperation mit der JurGrad gGmbH
Unter den Dozenten, Prof. Dr. Alexander Götz, Senior Partner bei Blättchen & Partner | Vom 28. Juni
Weltweite Neuemissionstätigkeit boomt. Das mit Abstand stärkste Wachstum bei Neuemissionen fand in Europa statt. Technologiewerte
Blättchen & Partner gratuliert Atheneum zur abgeschlossenen Finanzierungsrunde in Höhe von 150 Mio. US-Dollar
Blättchen & Partner hat das Gründerteam sehr gerne im Rahmen der Transaktion unterstützt. Atheneum, gegründet
16. September – 25. November 2021 | Nach dem großen Erfolg der letzten Jahre bietet
Blättchen & Partner hat das Management der Laborkette Amedes beim Verkauf an den Pensionsfonds Omers Infrastructure, Goldman Sachs Asset Management und AXA IM Alts beraten
München, 05. August 2021 – Blättchen & Partner hat das Management der Laborkette Amedes beim
Fulminates 1. Halbjahr bei Neuemissionen weltweit und in Deutschland. Unsere Studie präsentiert Ihnen in einer
München, 24. März 2021 – Blättchen & Partner hat das Management der Rodenstock Gruppe beim
München, 10. März 2021 – Verkäufer ist die Private Equity Gesellschaft Equistone, die die Unternehmensgruppe
Blättchen & Partner berät das Management der GBA Gruppe beim Erwerb einer Mehrheitsbeteiligung durch Investor Ardian
München, 01. März 2021 – Die Private Equity-Beteiligungsgesellschaft Ardian hat eine Mehrheitsbeteiligung an der GBA
CORPORATE FINANCE Nr. 01–02 29.01.2021 von Dr. Konrad Bösl Die Rahmenbedingungen für Börsengänge waren aufgrund
Daten – Fakten – Trends, Studie zu den Neuemissionen 2020 von Dr. Konrad Bösl und
Blättchen & Partner berät das Management bezüglich eines Managementbeteiligungsprogramms (MPP) beim Verkauf von Flender an Carlyle
München, 15. Januar 2021 – Blättchen & Partner berät das Management bzgl. MPP beim Verkauf
Blättchen & Partner berät das Management der STARK Group bei deren Verkauf an CVC Capital Partners Fund VII
München, 11. Januar 2021 – Die führende Private Equity- und Investmentberatungsgesellschaft CVC Capital Partners Fund
Blättchen & Partner berät das Management bezüglich eines Management Beteiligungsprogramms (MPP) beim Verkauf von Apleona an PAI Partners
München, 07. Dezember 2020 – Die französische Investmentgesellschaft PAI Partners kauft den Gebäudedienstleister Apleona aus
18. Zertifikatslehrgang M&A 2021 an der Westfälischen Wilhelms-Universität Münster in Kooperation mit der JurGrad gGmbH
Unter den Dozenten, Prof. Dr. Alexander Götz, Senior Partner bei Blättchen & Partner | Vom
eMUPET 2020 – Munich Private Equity Training als Onlinewoche. Die Teilnahme ist nach online Registrierung in
17. September – 03. Dezember 2020 in Frankfurt am Main | Nach dem großen Erfolg
Blättchen & Partner berät das Management der MCL Computer & Zubehör beim Verkauf an One Equity Partners
München, 26. März 2020 – Die amerikanische Private-Equity-Beteiligungsgesellschaft One Equity Partners hat den Enterprise IT
Digitale Transformation / Künstliche Intelligenz Nur wenige Unternehmen nutzen Zukunftstechnologien Zu diesem Ergebnis kommt die Studie
Börsengang ohne Platzierungsrisiko Direktplatzierung mit zeitlich nachgelagerter Kapitalerhöhung Wann ist ein Börsengang erfolgreich? Einfach gesprochen
Eine Übersicht unserer aktuellen Transaktionen find Sie hier
International private equity investor Bridgepoint acquires a majority stake in PharmaZell from DPE Deutsche Private Equity and Maxburg Capital Partners.
The Rosenberger Hochfrequenztechnik GmbH & Co. KG has acquired the majority interest in Aifotec AG from GUB Investment Trust GmbH & Co. KGaA. With the majority acquisition Rosenberger wants to further expand its competence in photonics and microassembly. Together, the successful growth of Aifotec in photonics is to be continued and new innovative business areas are to be opened up.
Current study at the end of the new issue year 2019 by Dr. Konrad Bösl, Konstantin Dudeck and Christian Oßwald.
Good to know — Recommended Publications — Topics: Blockchain — Artificial Intelligence (AI) — Intelligent Automation
Blättchen & Partner presents its annual review of new issues in 2019.
The performance of IPOs in 2019 is poor overall. Only Frequentis AG is in the black with a price increase of just over 1% compared to the issue price. The worst performance is shown by the share price development of the Global Fashion Group. The share price has more than halved compared to the issue price. The share price development since the start of quotation suggests that the decline will continue. Disappointing is the share price development of TeamViewer AG, the last new issue so far. Since the start of trading on September 25, the share price has fallen by more than 13% in the first nine trading days compared to the issue price, despite massive support purchases by the consortium-leading banks. The decline in the share price would probably have been even greater if the lead banks had not already bought back around 1.5 million shares on the market. With an issue volume without greenshoe of just under € 1.97 billion, this means a loss of assets of around € 250 million for investors. An improvement of the share price development also does not seem to be in sight for TeamViewer for the time being, as the share was considered fundamentally overvalued at the time of the IPO with an EBITDA multiple 2019 of approx. 28x in relation to the average value of the bookbuilding range. The fact that the new issue was purely a placement of the private equity investor Permira also has a negative impact.
The textile discounter employs more than 8,200 people (including 6,400 in Germany) and generated sales of almost 700 million euros in 2018 with an EBITDA of 45.1 million euros. The company, based in Bindlach near Bayreuth, is managed by Dr. Ulrich Hanfeld (CEO), Rüdiger Hartmann (CFO), Alexander Schmökel (CPO, Purchasing) and Christian Welles (CSO, Sales).) Since May 2019, the NKD Group is 100 owned by TDR Capital.
Three questions to Roland Fesenmayr — Managing Director Oxid eSales AG — on digitalization
Specialist contribution on the topic “Executive Compensation according to ARUG II and DCGK” by Prof. Dr. Alexander Götz.
With the exception of Frequentis, whose price is now 2% above the issue price and has thus increased by around 3% in the last two weeks, the other two new issues in 2019 show a negative trend compared to the issue price. The most prominent new issue of the year Traton remains weak up to date. In the last two weeks, the price has fallen by another 3%. Compared to the development of the market as a whole, the value is now down 6%. The Global Fashion Group’s stock has lost another 15% in value in the past 14 days, with volatility rising by 28% to 78%. The picture of new issues in 2019 could be significantly improved by the IPO of Teamviewer, which is likely to take place soon. Investor interest in this high-yield technology value is reportedly significant. The issue volume is expected to significantly exceed the billion mark.
Every 14 days, we will inform you free of charge about the development of new issues for the current year, supplemented by equity analyses on selected topics. Today’s edition is about the development of share prices in electromobility. The weakness of electromobility in Germany is reflected in the development of share prices. The share prices of all electromobility values are below the issue price.
Over the past 30 years, Blättchen & Partner has successfully advised around 100 companies from all sectors in the preparation and support of their IPO. We constantly and closely monitor and analyse current trends on the stock exchange. Every 14 days, we provide an overview of the development of new issues for the current year, supplemented by equity analyses on selected topics, sectors and trends.
Management Participation Programs — Current market conditions require new structuring methods
The current prevailing seller market combined with high purchase prices and the new tax jurisdiction of the financial courts have an impact on the structuring of management participation programs (PPPs).
Blättchen & Partner advises Schleich management on the sale of the Schleich Group to Partners Group
Munich, 10 July 2019 — The Swiss investment company Partners Group acquires a majority stake in the German toy manufacturer Schleich from the French investment company Ardian. Blättchen & Partner advised Schleich management as part of the transaction. The traditional German toy store, based in Schwäbisch Gmünd in Baden-Württemberg, sells more than 600 characters in more than 50 countries at around 40,000 points of sale. Schleich achieved a worldwide gross turnover of almost EUR 185 million in 2018. Ardian acquired the Schleich stake from the investment company HgCapital in May 2014. Blättchen & Partner advised Schleich management as part of the transaction with Prof. Dr. Alexander Götz.
The business model of Rocket Internet is to found internet-based start-ups or to participate in such ventures, to support them in many ways and to take them public after a few years. Rocket Internet has earned a lot of money from this in the past years and investors have lost a lot. Three issuers of the last three years brought the investors a loss of assets of more than 1.4 billion €. The shareholders of Rocket Internet are not doing any better — the share price has fallen by about 43% compared to the issue price. The prospects for Rocket Internet are poor: the quality of the current portfolio means that no further IPOs can be expected, at least in Germany, in the medium term. Perhaps the real reason for the plan games to withdraw from the stock market.
An overview of transactions in Quarter 1 / 2019 can be found here.
… Dr.-Ing. Gunther Vollrath CEO / Vorstandsvorsitzender Aifotec AG
Dear business partners and friends of Blättchen & Partner,
Motives for an IPO — One of the primary problems of German SMEs is insufficient equity capitalization. Although an IPO (also known as going public) is an excellent way of raising equity capital, SMEs are reluctant to take advantage of it. In addition to the lack of information about an IPO, another reason is the predominance of family-owned or owner-managed companies among SMEs. Such companies find it difficult to include a large number of new shareholders in the previous (rather closed) circle of owners, to publish information on business development on a regular basis and to give external accountability.
Pioneer of the energy revolution — Digital Energy Solutions develops solutions for the integration of the electricity, heat and mobility sectors
As a joint venture of the BMW Group and the Viessmann Group, Digital Energy Solutions has been supporting companies and partners since 2016 in realising the individual optimum of sustainability, security of supply and economy in the sectors of electricity, heating and mobility. One example of this is individual complete solutions comprising charging infrastructure and solutions for managing electric vehicle fleets for companies and their employees, as well as integration into the overall energy system of companies.
Munich, March 20, 2019 — British financial investor OpCapita LLP (“OpCapita”) has sold the textile discounter NKD to investment funds of British TDR Capital LLP (“TDR Capital”). Blättchen & Partner advised the NKD management in the transaction. The NKD Group, based in Bindlach near Bayreuth, is one of the leading value retailers and local suppliers to the textile retail sector in Central Europe. The textile discounter NKD with almost 1,800 stores offers a wide range of seasonal fashion, home textiles and home accessories. NKD employs around 8,000 people and achieved a turnover of around EUR 700 million in 2018. OpCapita is a London-based private equity company specialising in the retail, consumer and leisure sectors. The company invests in underperforming companies that require operational support to improve profitability and create long-term sustainable value.
Munich, 04 March 2019 – Sivantos and Widex successfully complete the merger. The new company operates under the name WS Audiology. Blättchen & Partner advised management in the context of the merger, in particular with regard to the management participation programme. EQT Fund as the own tower of Sivantos Pte. Ltd. (“Sivantos”), and the T‑pholm and Westermann families, which own Widex A/S (“Widex”), today announced that the merger between Sivantos and Widex has been successfully concluded. WS Audiology is one of the three leading hearing aid manufacturers worldwide with combined sales of 1.7 billion euros, more than 10,000 employees and a comprehensive distribution platform in more than 125 markets. Blättchen & Partner advised management on the management participation program in the context of the merger with Prof. Dr. Alexander Götz.
Munich, February 27, 2019 — Funds advised by Equistone Partners Europe Limited (“Equistone”) have acquired RENA Technologies GmbH (“RENA”). Blättchen & Partner advised the Rena management on the transaction. RENA is a plant manufacturer in the field of wet chemical surface treatment based in Gütenbach in the Black Forest. Technically high-quality production machines are used in medical technology, semiconductor and solar cell production and glass processing. RENA employs around 800 people worldwide and most recently achieved an annual production output of around EUR 120 million. Equistone is a European equity investor with six offices in Germany, Switzerland, France and the UK. The financial investor specialises in established medium-sized companies with a good market position. Equistone intends to continue RENA’s growth course, among other things by introducing new intelligent solutions and entering new markets. Blättchen & Partner advised the RENA management in the transaction with Prof. Dr. Alexander Götz.
An overview of the transactions in 2018 can be found here.
1 IBU-tec advanced materials AG was the first new issue in the Scale trading segment on the Frankfurt Stock Exchange. What advice would you give to companies considering going public — in preparation for and after the IPO?
THEVA is successfully working on the production readiness of high temperature superconductors (HTS)
The aim of financial investors is to acquire established companies with strong cash flows, develop them further and sell them at a profit. For this purpose, financial investors need a qualified and highly motivated management.
Expert for investments in environmental technologies, especially water technology Bruno Steis at Blättchen & Partner
Blättchen & Partner welcomes Bruno Steis.
Munich, January 8, 2019 — Blättchen & Partner advised the Wittur management on the successful entry of the Canadian investor The Public Pension Investment Board. The Canadian pension fund The Public Sector Pension Investment Board (“PSP Investments”) has acquired a 32% stake in the elevator parts manufacturer Wittur. Blättchen & Partner advised the Wittur management in the transaction. Wittur is an independent elevator component manufacturer. Its product range includes a wide range of components for the manufacture and procurement of new elevators and for the modernization of existing elevators. The Group currently employs around 4,600 people and operates in more than 50 countries. Wittur is majority-owned by various funds managed by Bain Capital Private Equity. PSP Investments is one of Canada’s largest pension funds with net assets of approximately EUR 103 billion (as at 30 September 2018). It manages a diversified global portfolio across 75 industries and more than 100 countries. PSP Investments intends to consistently pursue its international expansion strategy with the proven Wittur management. Blättchen & Partner advised the Wittur management on the transaction with Prof. Alexander Götz.
Blättchen & Partner advises Alltub Management on the successful sale to the private equity firm One Equity Partners LLC
Munich, November 30, 2018 — Blättchen & Partner advised Alltub Management on the successful sale to the private equity company One Equity Partners LLC.
Blättchen & Partner advises the management of ADA International on the sale to Moonlake Capital
Munich, October 9, 2018 — Blättchen & Partner advised the ADA management on the successful sale to the financial investor Moonlake Capital. The French investment company Ardian has sold ADA Cosmetics Holding GmbH (“ADA International”) to Moonlake Capital from Austria. Blättchen & Partner advised the ADA management on the transaction. ADA International is a leading manufacturer and supplier of high-quality hotel cosmetic products and innovative dispenser systems based in Kehl, Germany. With around 700 employees, the company supplies 3 to 5‑star hotels in more than 50 countries. Moonlake Capital is a newly founded investment company based in Austria with an associated office in the UK. Moonlake Capital invests exclusively its own capital and enters into long-term partnerships with its portfolio companies. Moonlake Capital aims to support ADA International in its further growth. Blättchen & Partner advised the ADA management in the transaction with Prof. Dr. Alexander Götz.
CONSULTING.de interviews Prof. Dr. Alexander Götz — IPOs, corporate financing and private equity management participation programs, these are the major topics of the consulting firm Blättchen & Partner based in Munich.
Munich, August 29, 2018 — Blättchen & Partner advised the shareholders of bluepool GmbH on the successful sale of all shares and assets of 1 KMPS GbR to ET Global Exhibit Group.
Munich, July 10, 2018 — Blättchen & Partner advised the SUSE management on the successful sale to the financial investor EQT.
Munich, July 9, 2018 — While IPO activity is weakening internationally, with a 19% decline in the number of new issues compared to the first half of 2017, Germany is doing its best IPO first half since 2000.
Munich, March 9, 2018 — H2 Equity Partners (“H2”) has sold Halex Holding GmbH and its subsidiaries (“Halex”) to Bencis Capital Partners (“Bencis”).
Munich, January 15, 2018 — Blättchen & Partner advises on sale of Hora-Werk GmbH
Munich, November 10th, 2017 — Blättchen & Partner advises the management of Stark Group on
Blättchen & Partner advises Haniel on the acquisition of ROVEMA on management participation
Munich, November 3, 2017 — The corporate finance specialist Blättchen & Partner advised Franz Haniel & Cie. GmbH on the successful acquisition of ROVEMA.
Munich, 30 March 2017 – The corporate finance specialist Blättchen & Partner advised IBU-tec advanced materials AG on its successful IPO on the Frankfurt Stock Exchange. IBU-tec is the first new issue in the new Scale trading segment.
March 24, 2017 Finance-Magazine — Are executive boards of stock exchange listed companies overpaid?
Munich, 20 December 2016. Blättchen & Partner has supported the management team of BSN medical (“BSN”) in the sale by EQT VI Limited to Svenska Cellulosa Aktiebolaget (“SCA”). The transaction values BSN at EUR 2.74 billion.
Munich, 8 December 2016. Blättchen & Partner advised the management of the building materials group Xella on the sale of the investment company PAI Partners and Goldman Sachs to the US investor Lone Star.
Blättchen & Partner advises the management of Schustermann & Borenstein on the sale to Permira Funds
Munich, 27 October 2016. Blättchen & Partner advised the management of the premium fashion retailer Schustermann & Borenstein (S&B) on the sale by the owners of private equity investor Ardian to Permira Funds. The financial investor Permira thus acquires a majority stake in Schustermann & Borenstein. The founding families Schustermann and Borenstein remain invested.
Blättchen & Partner advises the management of United Initiators on the sale to Equistone Partners Europe
Munich, 18.08.2016. Equistone Partners Europe (“Equistone”), one of Europe’s leading equity investors, has a majority stake in United Initiators (“UI”) together with management.
Dr. Konrad Bösl, co-editor and co-author of the new publication Debt Financing for Small and Medium-Sized Enterprises — Alternatives to Bank Credit, published by C.H.Beck.
Munich | Stuttgart, January 2014. Dr. Konrad Bösl, CEO of Blättchen & Partner, is co-editor and co-author of the new publication “Foreign Financing for Medium-Sized Enterprises — Alternatives to Bank Credit”. The handbook has been published by the renowned publishing house C.H.Beck and follows on from the successful publication “Mezzanine Financing”. On more than 300 pages, almost 20 authors bring practical and creative solutions for financing small and medium-sized enterprises to the fore.
Dr. Konrad Bösl, co-editor and co-author of the new publication Mittelstandsanleihen — A guide to practice, published by Springer Verlag
Blättchen & Partner publishes SME bond book