Neu­emis­sio­nen 2020

Daten – Fak­ten – Trends, Stu­die zu den Neu­emis­sio­nen 2020 von Dr. Kon­rad Bösl und

Bör­sen­gang ohne Plat­zie­rungs­ri­si­ko

Bör­sen­gang ohne Plat­zie­rungs­ri­si­ko Direkt­plat­zie­rung mit zeit­lich nach­ge­la­ger­ter Kapi­tal­erhö­hung Wann ist ein Bör­sen­gang erfolg­reich? Ein­fach gespro­chen

Rosen­ber­ger Hoch­fre­quenz­tech­nik acqui­res majo­ri­ty sta­ke in Aifo­tec AG

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.

Recom­men­ded Publi­ca­ti­ons

Good to know — Recom­men­ded Publi­ca­ti­ons — Topics: Block­chain — Arti­fi­cial Intel­li­gence (AI) — Intel­li­gent Auto­ma­ti­on

Ana­ly­sis of IPOs 2019 and Soft­ware Stocks. Eva­lua­ti­on as of 09/10/2019

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.

NKD Group: Value for suc­cess as a con­cept of suc­cess

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.

Ana­ly­sis of IPOs 2019 and e‑commerce stocks. Eva­lua­ti­on as of 05/09/2019

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.

Ana­ly­sis of IPOs 2019 and elec­tro­mo­bi­li­ty stocks. Eva­lua­ti­on as of 21/08/2019

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.

Ana­ly­sis of IPOs 2018 and 2019. Eva­lua­ti­on as of 07/08/2019

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.

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.

Stu­dy: Rocket Inter­net — IPOs at the expen­se of inves­tors

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.

IPO — Why?

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.

Blätt­chen & Part­ner advi­ses NKD manage­ment on sale to TDR Capi­tal

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.

Blätt­chen & Part­ner advi­ses manage­ment in the suc­cess­ful mer­ger of Siv­an­tos and Widex

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.

Blätt­chen & Part­ner advi­ses the manage­ment of the RENA Group on the sale to Equi­stone

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.

The Mana­ger in Pri­va­te Equi­ty Tran­sac­tions

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.

Blätt­chen & Part­ner advi­ses Wittur’s manage­ment on the ent­ry of a new inves­tor from Cana­da

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 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.

Inqui­red: Blätt­chen & Part­ner GmbH 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.

Blätt­chen & Part­ner advi­ses BSN manage­ment on sale to SCA

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.

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.

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.