m&a year- book 2019 · rödl & partner has interdisciplinary transaction expertise in a...

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