Author: Tatjana Anderer

Munich-Maxburg Capi­tal Part­ners acqui­res GfS — Gesell­schaft für Sicher­heits­tech­nik mbH. The law firm Gütt Olk Feld­haus advi­sed the Munich-based invest­ment company Maxburg Capi­tal Part­ners on the acqui­si­tion of GfS — Gesell­schaft für Sicher­heits­tech­nik mbH.

GfS — Gesell­schaft für Sicher­heits­tech­nik mbH is one of the leading Euro­pean manu­fac­tu­r­ers of escape route safety systems. The owner-mana­ged family busi­ness from Hamburg has been deve­lo­ping, manu­fac­tu­ring and selling these for over 40 years. Custo­mers include retail stores, hospi­tals, nursing homes, airports and muse­ums. The parties have agreed not to disc­lose the purchase price or the amount of financing.

Gütt Olk Feld­haus is support­ing both the nego­tia­ti­ons of the share purchase agree­ment and the finan­cing on the part of Maxburg through UniCre­dit Bank AG as sole bookrunner.

Legal advi­sors Maxburg Capi­tal Part­ners: Gütt Olk Feldhaus
Munich: Dr. Heiner Feld­haus (Part­ner, Lead, M&A/Corporate), Dr. Tilmann Gütt (Part­ner, Lead, Banking/Finance), Thomas Becker (Of Coun­sel, IP/IT/Data Protec­tion and Commer­cial), Matthias Uelner, Isabelle Vran­cken (both M&A/Corporate), Chris­to­pher Ghabel (Banking/Finance).
Alten­burg Fach­an­wälte für Arbeits­recht, Munich (labor law): Andreas Ege, Dr. Char­lotte Beck

About Gütt Olk Feldhaus 
Gütt Olk Feld­haus is a leading commer­cial law firm based in Munich. The firm’s prac­tice areas are corpo­rate law, M&A, finance and liti­ga­tion with a focus on tran­sac­tions and inter­na­tio­nal aspects.

Frank­furt am Main/Munich — Allen & Overy advi­sed the British private equity firm Bridge­point Europe IV Fund (Bridge­point) and the manage­ment on the sale of Bike24 GmbH (Bike24) to a subsi­diary of The River­side Company (River­side). The closing of the tran­sac­tion is still subject to appr­oval by the rele­vant anti­trust authorities.

Bike24, based in Dres­den, is one of the leading German online retail­ers for cycling, running, swim­ming, triath­lon, fitness, outdoor and rela­ted products.

Bridge­point is a leading inter­na­tio­nal private equity firm focu­sed on invest­ments in market-leading compa­nies. The company had acqui­red Bike24 at the end of 2017 as part of a trade sale from River­side, which had first joined the Saxon-based online retailer in 2015.

Advi­sor Bridgpoint: The team of Allen & Overy
Dr. Astrid Krüger, Part­ner (Munich), Dr. Roman Kasten, Coun­sel (Frank­furt, both Corporate/M&A and Private Equity)

It also compri­sed the part­ners Dr. Alex­an­der Veith (Corporate/M&A and Private Equity, Munich), Dr. Heike Weber (Tax, Frank­furt), Peter Banks (Corpo­rate, London), Dr. Walter Uebel­hoer (Banking and Finance, Munich), Dr. Jens Matthes (IP/IT, Düssel­dorf) and Charles Yorke (Tax, London), Coun­sel Dr. Udo H. Olgem­öl­ler (Public Law, Frank­furt), the senior asso­cia­tes Heiner Meck­len­burg (Anti­trust, Hamburg), Dr. Jörg Weber (Banking and Finance, Munich) and Dr. Sebas­tian Schulz (Labor Law, Frank­furt), asso­cia­tes Robert Jochim, Bastian Schmack (both Frank­furt), Michael Haase, Elisa­beth Pich­ler, Johan­nes Graßl (all Corporate/M&A and Private Equity), Dr. Rauni Aham­mer (Banking and Finance, all Munich), Sven Bisch­off, Tobias Eggert (both Tax, Frank­furt), Catha­rina Glugla (Data Protec­tion, Düssel­dorf) and Caro­line Craw­ford (Corpo­rate, London).

Frank­furt a. Main — Halder has acqui­red a majo­rity stake in Drumag Fluid­tech­nik in Bad Säckin­gen and EPH Elek­tro­nik in Besig­heim-Ottmars­heim as part of a succes­sion plan. In addi­tion to the two German sites, the group of compa­nies has acti­vi­ties in Switz­er­land and Lithua­nia. In 2018, the total of 145 employees gene­ra­ted sales of 22 million euros.

Drumag has over 100 years of expe­ri­ence in pneu­ma­tics, hydro­pneu­ma­tics, hydrau­lics and propor­tio­nal tech­no­logy. The company deve­lops, produ­ces and opti­mi­zes, in parti­cu­lar, appli­ca­tion-speci­fic systems in the areas of driving, control­ling and moving. EPH’s range of services includes, among other things, power and control elec­tro­nics in various designs through to rotary drive units inclu­ding motors and geared motors. The strength of the two compa­nies is the deve­lo­p­ment of complex solu­ti­ons for custo­mer-speci­fic appli­ca­ti­ons that require the highest precis­ion, relia­bi­lity and func­tion­a­lity in a confi­ned space.

The Group has exten­sive deve­lo­p­ment, design, labo­ra­tory and manu­fac­tu­ring capa­bi­li­ties. This starts with hard­ware and soft­ware engi­nee­ring and extends to assem­bly and system produc­tion. The custo­mer indus­tries include mecha­ni­cal engi­nee­ring, avia­tion, and the pack­a­ging, auto­ma­tion, and medi­cal tech­no­logy indus­tries. The Group supplies around 2,000 custo­mers, ranging from major inter­na­tio­nal corpo­ra­ti­ons to medium-sized busi­nesses. For many custo­mers, the compa­nies have been stra­te­gic deve­lo­p­ment part­ners for decades.

Growth poten­tial arises from the incre­asing demand for custo­mi­zed elec­tro-mecha­ni­cal solu­ti­ons in drive tech­no­logy. The group of compa­nies is bene­fiting from the incre­asing auto­ma­tion of indus­trial produc­tion as part of the Indus­try 4.0 trend. In this way, the Group is to conti­nue its growth path with exis­ting and new custo­mers. Ulrich Zieg­ler, selling share­hol­der, said: “Halder has made it possi­ble for me to succeed as a share­hol­der. I am convin­ced that with Halder the group has the right part­ner to conti­nue the success story.” Phil­ipp Scheier (photo), Part­ner at Halder, added: “We were impres­sed by the tech­no­lo­gi­cal compe­ten­cies of the compa­nies. Halder will support the group’s further deve­lo­p­ment with full force.”

“We are deligh­ted to have Halder as an entre­pre­neu­rial part­ner who will nurture our highly moti­va­ted team and support us in our growth for the bene­fit of our custo­mers,” added Frank Kuttler, Mana­ging Direc­tor of Drumag. Stefan Schell­mann Mana­ging Direc­tor of EPH explai­ned: “With Halder as a strong finan­cial part­ner, we are expan­ding our possi­bi­li­ties. The aim is to be able to offer our custo­mers an even wider range of system solutions.”

Advi­sors to HALDER: CMS Hasche Sigle (Law: Dr. Oliver Wolfgramm)
Luther (Law/Finance: Chris­toph Schauenburg)
Deloitte (finance, tax, struc­tu­ring: Chris­tof Dreib­holz, Clemens Peter­sen), Estin (market due dili­gence: Marco Maeder, Philip Geiser)
Anthe­sis (Envi­ron­ment: Frank Schmidt)
Euro Tran­sac­tion Solu­ti­ons(Insu­rance: Jürgen Rein­schmidt) advised.

LGT Private Debt (deal team: Jona­than Smith, Felix Fink­ler) provi­ded the acqui­si­tion financing.

About HALDER
Halder has been active as an invest­ment company in the German-spea­king region since 1991 and during this time has provi­ded equity capi­tal to 40 medium-sized compa­nies for succes­sion and growth. Halder supports its port­fo­lio compa­nies in their inter­na­tio­nal expan­sion, in the further deve­lo­p­ment of their stra­tegy and busi­ness model, and in invest­ments to expand capa­city and finance acqui­si­ti­ons. The invest­ment in the group is the second invest­ment of the Halder VI fund. Halder (deal team: Phil­ipp Scheier, Jatin­der Pal Singh)

Munich, London, Paris, Tilburg, Chateau-Thierry — Silver­fleet Capi­tal, a pan-Euro­pean private equity firm, has acqui­red majo­rity stakes in BOA Puri­fied Solu­ti­ons and BOA Flexi­ble Solu­ti­ons. The seller of the shares is the German BOA Group. The two comple­men­tary busi­ness units with loca­ti­ons in Tilburg, the Nether­lands, and Chateau-Thierry, France, now operate under the umbrella of “BOA Core­Dux” and are leaders in the produc­tion of custo­mi­zed high-purity metal hoses for criti­cal indus­trial appli­ca­ti­ons. The parties have agreed not to disc­lose details of the transaction.

BOA Flexi­ble Solu­ti­ons deve­lops and manu­fac­tures flexi­ble metal hoses used prima­rily for trans­port­ing liquids and gases in envi­ron­ments with high tempe­ra­ture and vibra­tion loads, such as gas turbi­nes, avia­tion and other indus­trial appli­ca­ti­ons. BOA Puri­fied Solu­ti­ons produ­ces high purity tubing and systems for use in the High Tech and Health Tech indus­tries. BOA Core­Dux covers the entire value chain and often deve­lops products toge­ther with key customers.

The majo­rity invest­ment in BOA Core­Dux is part of Silver­fleet Capital’s stra­tegy to invest in markets with strong growth momen­tum — at BOA Core­Dux this is driven by tech­no­lo­gi­cal advance­ments driven by higher demands in purity control as well as precis­ion engi­nee­ring and precis­ion manu­fac­tu­ring in indus­tries such as semi­con­duc­tor, aero­space and life science.

Silver­fleet Capital’s invest­ment will enable BOA Core­Dux to conti­nue its solid growth trajec­tory. The product port­fo­lio and the current market presence are to be expan­ded and new markets opened up; in addi­tion, the focus is on impro­ving opera­tio­nal proces­ses and buil­ding an inter­na­tio­nal plat­form through targe­ted add-on acquisitions.

BOA Core­Dux marks Silver­fleet Capital’s tenth invest­ment from its current mid-market fund and second in the Nether­lands this year. BOA Core­Dux thus comple­ments a broad port­fo­lio that alre­ady includes compa­nies from the UK, France, Scan­di­na­via, the Bene­lux count­ries and Germany.

“BOA Core­Dux is a clear leader in a promi­sing indus­try with strong, tech­no­logy-driven growth and has mana­ged to build long-stan­ding and stable inter­na­tio­nal custo­mer rela­ti­onships. In the future, we want to further deve­lop the product port­fo­lio and open up new markets. To achieve this, we will work closely with the new Chair­man Simon Bambach, the manage­ment team and the employees,” says Jean Châtil­lon, Part­ner at Silver­fleet Capi­tal in Paris.

Jan Hennip­man, CEO at BOA Core­Dux adds: “I am deligh­ted that we have attrac­ted Silver­fleet Capi­tal as an inves­tor. Silver­fleet Capi­tal has alre­ady supported nume­rous Euro­pean compa­nies in their deve­lo­p­ment and inter­na­tio­na­liza­tion and is an ideal part­ner for our upco­ming growth phase. Both their many years of expe­ri­ence with compa­nies in the manu­fac­tu­ring indus­try and their inter­na­tio­nal network repre­sent an inva­luable advan­tage for achie­ving our growth targets.”

At Silver­fleet Capi­tal, Jean Châtil­lon and Vincent Clément from the Paris office and Erik Fuchs from the Amster­dam office were respon­si­ble for the current transaction.

Advi­sor Silver­fleet Capital:
Advancy (Commer­cial), De Brauw Blackstone West­br­oek, Ropes & Gray (both Legal), PwC (Finan­cial & Carve-Out, Tax & Debt Advi­sory) Intui­tus (IT), ERM (Envi­ron­ment) and Aon (Insu­rance). Debt finan­cing was provi­ded by Muzi­nich & Co and Rabo­bank.

About BOA CoreDux
BOA Core­Dux is part of the BOA Group, a German manu­fac­tu­rer of compon­ents for the auto­mo­tive indus­try and other indus­trial sectors. With appro­xi­m­ately 210 employees in Tilburg, the Nether­lands, and Chateau-Thierry, France, BOA Core­Dux is one of the leading produ­cers of custo­mi­zed, high-purity metal hoses for criti­cal indus­trial appli­ca­ti­ons. BOA Core­Dux consists of two comple­men­tary busi­ness units: BOA Flexi­ble Solu­ti­ons deve­lops and manu­fac­tures flexi­ble metal hoses used prima­rily for trans­port­ing liquids and gases in envi­ron­ments with high tempe­ra­ture and vibra­tion loads, such as in gas turbi­nes, avia­tion or other indus­trial appli­ca­ti­ons. BOA Puri­fied Solu­ti­ons produ­ces high purity tubing and systems for use in the high tech­no­logy and health­care indus­tries. www.coredux.com

About Silver­fleet Capital
Silver­fleet Capi­tal has been active as a private equity inves­tor in the Euro­pean mid-market for more than 30 years. The 30-strong invest­ment team works from Munich, London, Paris, Stock­holm and Amsterdam.

Nine invest­ments have alre­ady been made from the second inde­pen­dent fund closed in 2015 with a volume of 870 million euros: The Masai Clot­hing Company, a women’s fashion whole­sa­ler and retailer head­quar­te­red in Denmark; Coven­tya, a French deve­lo­per of specialty chemi­cals; Sigma Compon­ents, a UK-based manu­fac­tu­rer of precis­ion compon­ents for civil avia­tion; Life­time Trai­ning, a UK-based provi­der of trai­ning programs; Pumpen­fa­brik Wangen, a manu­fac­tu­rer of specialty pumps based in Germany; Riviera Travel, an opera­tor of escor­ted group tours and crui­ses based in the United King­dom; 7days, a German supplier of medi­cal work­wear; Prefere Resins, a leading phen­o­lic and amino resin manu­fac­tu­rer in Europe; and CARE Ferti­lity, a leading opera­tor of ferti­lity clinics in the United Kingdom.

Silver­fleet Capi­tal also main­ta­ins an invest­ment team focu­sed on smal­ler middle-market compa­nies, which has alre­ady made two successful invest­ments: STAXS Conta­mi­na­tion Control Experts, a leading supplier of clean­room supplies in the Bene­lux (closed in Janu­ary 2019), and Micro­gen Finan­cial Systems, a leading provi­der of trust and fund admi­nis­tra­tion soft­ware to the trust and corpo­rate services indus­try (pending share­hol­der appr­oval of seller Apti­tude Soft­ware Group plc).

Silver­fleet achie­ves value growth by inves­t­ing in compa­nies in its core sectors that bene­fit from speci­fic, long-term trends. Silver­fleet supports these compa­nies in their future growth stra­te­gies. As part of these stra­te­gies, invest­ments are made in orga­nic growth drivers, inter­na­tio­na­liza­tion, stra­te­gic acqui­si­ti­ons or opera­tio­nal impro­ve­ment proces­ses. Since 2004, Silver­fleet Capi­tal has inves­ted €2 billion in 31 companies.

Silver­fleet specia­li­zes in four key indus­tries: Busi­ness and Finan­cial Services, Health­care, Manu­fac­tu­ring, and Retail and Consu­mer Goods. Since 2004, the private equity inves­tor has inves­ted 31% of its assets in compa­nies head­quar­te­red in the DACH region, 34% in the UK and Ireland, 18% in Scan­di­na­via, and 17% in France and Bene­lux (includes a U.S.-headquartered invest­ment sourced in Belgium).

Silver­fleet Capi­tal has a solid invest­ment track record. Most recently, Silver­fleet sold Phase One, a leading tech­no­logy company in the field of high-end digi­tal camera systems and for image proces­sing soft­ware (invest­ment multi­ple 4.6x); Ipes, a leading provi­der of outsour­cing services for Euro­pean private equity compa­nies (invest­ment multi­ple 3.7x); CCC, one of the leading BPO services provi­ders in Europe; and Cimbria, a Danish manu­fac­tu­rer of agri­cul­tu­ral equip­ment (invest­ment multi­ple cannot be disc­lo­sed for legal reasons); Kalle, a German manu­fac­tu­rer of arti­fi­cial sausage sticks (invest­ment multi­ple 3.5x); OFFICE, a UK-based foot­wear retailer (invest­ment multi­ple 3.4x); and Aesica, a leading phar­maceu­ti­cal CDMO company (invest­ment multi­ple 3.3x).

Vancouver/Dublin/Munich — Clio, the world’s leading provi­der of a cloud-based SaaS plat­form for lawy­ers and law firms, has closed one of the largest funding rounds in the Legal­Tech sector and in Cana­dian history. The tech­no­logy and soft­ware inves­tors JMI Equity and TCV (inclu­ding Airbnb, Expe­dia, Face­book, Flix­Bus, Spotify) from Cali­for­nia, USA inves­ted US$ 250 million in a Series D round for further growth. Acton Capi­tal has been a key supporter of Clio since 2012 and has now sold its stake as part of the transaction.

As an inte­gra­ted, cloud-based SaaS plat­form, Clio hand­les the essen­tial admi­nis­tra­tive tasks for lawy­ers and law firms. As a digi­tiza­tion driver in the indus­try, Clio offers an alter­na­tive to expen­sive, outda­ted and time-consum­ing client-server solu­ti­ons for now more than 150,000 lawy­ers world­wide. This allows users to focus enti­rely on serving their clients, ther­eby incre­asing attor­ney produc­ti­vity and impro­ving access to legal advice.

Clio was foun­ded in 2008 by Jack Newton and Rian Gauvreau in Vancou­ver, BC, and has been backed to date by venture capi­tal inves­tors inclu­ding Acton Capi­tal and Besse­mer Venture Part­ners with funding tota­ling US$26 million. Clio now employs more than 400 people at loca­ti­ons in Vancou­ver, Calgary, Toronto, Los Ange­les and Dublin. Clio will invest the new capi­tal in the global expan­sion of its plat­form and thus in the imple­men­ta­tion of the foun­ders’ vision of reali­zing custo­mer orien­ta­tion in legal advice as well.

Chris­toph Braun, Mana­ging Part­ner at Acton Capi­tal: “Since our first invest­ment in 2012, Clio’s success has always been based on the clear long-term vision of its foun­ders and a client-centric product stra­tegy. Today, Clio is the leading inter­na­tio­nal Legal­Tech company in the world, enab­ling its custo­mers to spend more time on behalf of their clients. We are proud to have been able to support Clio on its way to beco­ming the market leader.”

About Clio
Clio provi­des a cloud-based soft­ware-as-a-service (SaaS) plat­form for lawy­ers and law firms world­wide. Clio hand­les key admi­nis­tra­tive and manage­ment tasks, such as client intake, CRM, billing, time track­ing and docu­men­ta­tion, to allow its now 150,000+ clients more time to serve their clients. With initia­ti­ves such as the Legal Trends Report or the Clio Cloud Confe­rence in San Diego, the company is one of the digi­tiza­tion drivers in the indus­try. Clio employs over 400 people at loca­ti­ons in Canada, the U.S. and Europe and has recei­ved nume­rous awards as an inno­va­tion leader and employer (e.g. Canada’s Best Mana­ged Compa­nies, Deloitte Fast 50 and Fast 500 company, Company of the Year, Anchor Success by the British Colum­bia Tech Asso­cia­tion). Details at clio.com.

About Acton Capital
Acton Capi­tal Part­ners is an inter­na­tio­nal growth inves­tor based in Munich. Since 1999, the team has successfully inves­ted in digi­tal pioneers in Europe and North America. The invest­ment focus is on scalable busi­ness models from the areas of Future of Work, digi­tal market­places and plat­forms, ecom­merce, FinTech and soft­ware-as-a-service. Some of the best known invest­ments include Alando, Home­Togo, Etsy, iwoca and Alpha­Sights, details on actoncapital.com.

Frank­furt a. Main — Shear­man & Ster­ling has advi­sed DBAG Fund VII, advi­sed by Deut­sche Betei­li­gungs AG (DBAG), on the acqui­si­tion of Carton­plast Group GmbH (Carton­plast), a leading Euro­pean opera­tor of a pool system for reusable plas­tic layer pads. In a manage­ment buy-out (MBO), DBAG Fund VII will acquire the majo­rity of shares in Carton­plast from finan­cial inves­tor Stir­ling Square Capi­tal Part­ners. The closing of the tran­sac­tion is still subject to the appr­oval of the anti­trust autho­ri­ties and is not expec­ted before Octo­ber 2019.

Carton­plast is the eighth invest­ment of DBAG Fund VII. The company, head­quar­te­red in Diet­zen­bach, Germany, was foun­ded in 1985. It prima­rily rents reusable and recy­clable plas­tic liners for trans­port­ing glass bott­les, cans and other glass or PET food contai­ners to the manu­fac­tu­r­ers of these containers.

Shear­man & Ster­ling regu­larly advi­ses Deut­sche Betei­li­gungs AG on tran­sac­tions, most recently in Octo­ber 2018 on the acqui­si­tion of SERO Schrö­der GmbH.

The Shear­man & Ster­ling team included Dr. Thomas König and Asso­ciate Dr. Aliresa Fatemi (both Lead, Frank­furt M&A), Part­ner Dr. Esther Jansen (Frank­furt Finance) and Asso­cia­tes Denise Tayler, Evelin Moini, Sven Opper­mann (all Frank­furt M&A), Martina Buller (Frank­furt Finance) and Dr. Astrid Ruppelt (Frank­furt Tax) as well as Tran­sac­tion Specia­list Deniz Alkanli (Frank­furt Finance).

Inhouse DBAG: Florian Döring

About Shear­man & Sterling
Shear­man & Ster­ling is an inter­na­tio­nal law firm with 23 offices in 13 count­ries and appro­xi­m­ately 850 lawy­ers. In Germany, Shear­man & Ster­ling is repre­sen­ted at the Frank­furt office. The firm is one of the inter­na­tio­nal market leaders in advi­sing on complex cross-border tran­sac­tions. World­wide, Shear­man & Ster­ling prima­rily advi­ses inter­na­tio­nal corpo­ra­ti­ons and large natio­nal compa­nies, finan­cial insti­tu­ti­ons, and large mid-sized compa­nies. For more infor­ma­tion, visit www.shearman.com.

Frank­furt am Main / Bonn — With alre­ady eight restau­rants in the Rhine and Ruhr regi­ons and soon a flag­ship loca­tion in Frank­furt am Main, the young gastro­nomy brand “The ASH” is on course for expan­sion. The Frank­furt-based invest­ment company VR Equi­typ­art­ner is support­ing the fine-casual dining concept with capi­tal in the single-digit million range as part of a mezza­nine finan­cing to enable it to imple­ment its growth plans in an even more targe­ted manner.

The ASH is a brand laun­ched in 2015 by KSH 2 System­gas­tro­no­mie GmbH, which in turn is part of the Apei­ron Group. Apei­ron also opera­tes the Bullitt and Ginyuu brands and fran­chi­ses seve­ral L’Os­te­ria stores. Foun­der and co-CEO is Kent Hahne, an indus­try great who has been invol­ved in the deve­lo­p­ment of fran­chise systems such as Segaf­redo Germany and Vapiano, among others.

The ASH restau­rants take the idea of Ameri­can Supper Clubs from the 1920s. In a mix of restau­rant and bar, they combine steaks, burgers, fish and salads with hip drinks in a spacious atmo­sphere. The ambi­ance features an open kitchen with a centrally loca­ted lava grill, a long cock­tail bar and high-top tables, and a DJ booth. The ASH alre­ady employs more than 460 people and recently increased sales by 80 percent to around EUR 14 million; reve­nues of more than EUR 20 million are targe­ted for 2019.

Chris­tian Futter­lieb, Co-Mana­ging Direc­tor of VR Equi­typ­art­ner, says: “Kent Hahne is a very successful and expe­ri­en­ced system cate­rer whose enthu­si­asm for his concept is simply infec­tious. The first The ASH restau­rants have estab­lished them­sel­ves very successfully within a very short time. We are deligh­ted to be part of this growth story and to be able to expe­ri­ence the deve­lo­p­ment of the latest offshoot up close here in Frankfurt’s new Mari­en­fo­rum.” Kent Hahne adds: “We are very plea­sed about the part­ner­ship with VR Equi­typ­art­ner. We have always percei­ved the decis­ion-making process as very profes­sio­nal and fair. We will conti­nue on the chosen path toge­ther in the coming years.”

About VR Equi­typ­art­ner GmbH
VR Equi­typ­art­ner is one of the leading equity finan­ciers in Germany, Austria and Switz­er­land. The company supports medium-sized family busi­nesses in a goal-orien­ted manner and with deca­des of expe­ri­ence in the stra­te­gic solu­tion of complex finan­cing issues. Invest­ment oppor­tu­ni­ties include growth and expan­sion finan­cing, corpo­rate succes­sion or share­hol­der chan­ges. VR Equi­typ­art­ner offers majo­rity and mino­rity invest­ments as well as mezza­nine finan­cing. As a subsi­diary of DZ BANK, the central insti­tu­tion of the coope­ra­tive banks in Germany, VR Equi­typ­art­ner consis­t­ently puts the sustaina­bi­lity of corpo­rate deve­lo­p­ment ahead of short-term exit thin­king. VR Equitypartner’s port­fo­lio curr­ently compri­ses around 100 commit­ments with an invest­ment volume of EUR 500 million. www.vrep.de.

Consul­ting firms invol­ved in the tran­sac­tion by VR Equitypartner:
Commer­cial: Clau­dia Driver, Hamburg (former GF Jim Block and Block Bräu)Finan­cial: WKGT, Düssel­dorf, with Klaus Schaldt and Dr. Anne Schül­lerTax, Legal: WKGT, Düssel­dorf, with Tors­ten Reschke and Heike Welling

Hamburg — Allen & Overy LLP has advi­sed Hambur­ger Gesell­schaft für Vermö­gens- und Betei­li­gungs­ma­nage­ment (HGV), the invest­ment holding company of the Free and Hansea­tic City of Hamburg (FHH), on the acqui­si­tion of the remai­ning shares in Wärme Hamburg GmbH from Vatten­fall. Based on the agreed mini­mum purchase price of 950 million euros, HGV paid a purchase price of 625 million euros for the remai­ning 74.9 percent of the shares.

The company opera­tes the Hamburg district heating network as well as local gene­ra­tion faci­li­ties, e.g. the Wedel and Tief­stack combi­ned heat and power plants. At the same time, the Wedel combi­ned heat and power plant had to be spun off from another company in a paral­lel project and trans­fer­red to the target company. Until now, the FHH owned 25.1 percent of the district heating company. Although the acqui­si­tion was made by exer­cis­ing a purchase option nego­tia­ted in imple­men­ta­tion of the “Our Hamburg — Our Network” refe­ren­dum, the tran­sac­tion ulti­m­ately took more than a year to complete.

The Allen & Overy team had alre­ady advi­sed HGV in 2011 on the acqui­si­tion of stra­te­gic stakes in the compa­nies that operate the supply networks in Hamburg for elec­tri­city, gas and district heating. In addi­tion, Allen & Overy assis­ted HGV in the step-by-step imple­men­ta­tion of the full buyback of Hamburg’s energy networks follo­wing the adop­tion of the refe­ren­dum. The current tran­sac­tion thus marks the conclu­sion of a series of acqui­si­ti­ons in which FHH has alre­ady taken over Strom­netz Hamburg GmbH and the corre­spon­ding service areas, inclu­ding meter­ing and support for trans­port faci­li­ties, from Vatten­fall and Gasnetz Hamburg GmbH from E.ON.

By buying back the energy infra­struc­ture, the Hamburg Senate is laying the foun­da­tion for a successful energy turn­around in Hamburg. The Hansea­tic City aims to signi­fi­cantly reduce green­house gas emis­si­ons. The tran­sac­tion is regarded as the final mile­stone in the complete remu­ni­ci­pa­liza­tion of Hamburg’s energy supply.

The Allen & Overy team included Part­ner Dr. Helge Schä­fer and Coun­sel Dr. Rüdi­ger Klüber (joint lead), Asso­cia­tes Dr. Moritz Merke­nich and Dr. Moritz Meis­ter (all Corporate/M&A, Hamburg), Part­ner Dr. Heike Weber and Senior Asso­ciate Tim Spran­ger (both Tax, Frank­furt), Part­ner Dr. Ellen Braun (Anti­trust, Hamburg) as well as Part­ner Jan-Erik Wind­thorst (Frank­furt), Coun­sel Dr. Alice Broich­mann (Munich) and Senior Asso­ciate Dr. Nico­las Gillen (all Dispute Reso­lu­tion, Frankfurt).

About Allen & Overy
Allen & Overy is an inter­na­tio­nal law firm with appro­xi­m­ately 5,500 employees, inclu­ding appro­xi­m­ately 550 part­ners, in 44 offices worldwide.

Allen & Overy is repre­sen­ted in Germany at its offices in Düssel­dorf, Frank­furt am Main, Hamburg and Munich with appro­xi­m­ately 220 lawy­ers, inclu­ding 47 part­ners. The lawy­ers advise leading natio­nal and inter­na­tio­nal compa­nies prima­rily in the areas of banking, finance and capi­tal markets law, corpo­rate law and M&A, tax law as well as other areas of busi­ness law.

Frank­furt am Main -Deut­sche Betei­li­gungs AG (DBAG) is inves­t­ing in Carton­plast Group GmbH (Carton­plast), Europe’s leading opera­tor of a pool system for reusable plas­tic layer pads used in parti­cu­lar for trans­port­ing glass contai­ners in the beverage and food indus­tries. As part of a manage­ment buy-out (MBO), DBAG Fund VII, which is advi­sed by DBAG, will acquire the majo­rity of shares in Carton­plast from the finan­cial inves­tor Stir­ling Square Capi­tal Part­ners, based in London.

DBAG will investaround 26 million euros along­side the fund; in future, it will hold around 17 percent of the shares in Carton­plast. In addi­tion, the company’s manage­ment will also remain invol­ved. The closing of the purchase agree­ment is subject to the appr­oval of the anti­trust autho­ri­ties and is not expec­ted before Octo­ber 2019. The parties have agreed not to disc­lose the purchase price.

DBAG Fund VII has been inves­t­ing in medium-sized compa­nies, prima­rily in German-spea­king count­ries, since Decem­ber 2016. Carton­plast is DBAG Fund VII’s eighth invest­ment in total and the third for which its top-up fund is also used. With the Carton­plast tran­sac­tion, appro­xi­m­ately 71 percent of the invest­ment commit­ments of the main fund and appro­xi­m­ately 59 percent of the capi­tal commit­ments of the top-up fund of DBAG Fund VII will be invested.

Carton­plast (www.cartonplast.com) was foun­ded in 1985. The company prima­rily rents reusable and recy­clable plas­tic liners for trans­port­ing glass bott­les, cans and other glass or PET contai­ners for food to the manu­fac­tu­r­ers of these contai­ners. Carton­plast has estab­lished a closed logi­stics loop within the value chain of its custo­mers, which includes not only rental but also coll­ec­tion, sort­ing and clea­ning of the layer pads. Compared to card­board layer pads, plas­tic layer pads are more hygie­nic, safer for trans­port and — due to their reusa­bi­lity — more cost-efficient.

In addi­tion to its head­quar­ters in Diet­zen­bach, Carton­plast has 16 other sites — abroad, espe­ci­ally in Western and Central Europe, Turkey, Russia, Brazil and South Africa. In 2018, the company gene­ra­ted sales of around 80 million euros; around three quar­ters of this was attri­bu­ta­ble to the plas­tic layer pad rental business.

With its close custo­mer rela­ti­onships, Carton­plast has estab­lished a leading posi­tion throug­hout Europe in a market with solid growth rates. The company is bene­fiting from an incre­asing outsour­cing trend as well as from sustaina­bi­lity efforts and the growing importance of the circu­lar economy. In the coming years, Carton­plast is to conti­nue to grow dyna­mi­cally through inter­na­tio­na­liza­tion. In addi­tion, the offer is to be expan­ded, for exam­ple, through the addi­tio­nal rental of pallets and plas­tic cover caps.

“Stable market condi­ti­ons and a strong market posi­tion make Carton­plast an attrac­tive invest­ment oppor­tu­nity for DBAG,” commen­ted Tors­ten Grede, Spokes­man of DBAG’s Manage­ment Board, on the occa­sion of the signing of the contract. “We were also convin­ced by the entre­pre­neu­rial vision of the manage­ment. We see very good condi­ti­ons for further profi­ta­ble growth.”

“In the coming years, we will conti­nue our inter­na­tio­nal expan­sion,” said Serkan Koray, CEO of Carton­plast. “With DBAG, we have a strong and expe­ri­en­ced part­ner at our side who will accom­pany us in this important deve­lo­p­ment step.”

About DBAG
Deut­sche Betei­li­gungs AG, a listed company, initia­tes closed-end private equity funds and invests along­side DBAG funds in well-posi­tio­ned medium-sized compa­nies with deve­lo­p­ment poten­tial. DBAG focu­ses on indus­trial sectors in which German SMEs are parti­cu­larly strong by inter­na­tio­nal stan­dards. With this expe­ri­ence, know-how and equity, it streng­thens the port­fo­lio compa­nies in imple­men­ting a long-term, value-enhan­cing corpo­rate stra­tegy. The entre­pre­neu­rial invest­ment approach makes DBAG a sought-after invest­ment part­ner in the German-spea­king region. The capi­tal mana­ged and advi­sed by the DBAG Group amounts to appro­xi­m­ately 1.7 billion euros.

Munich, Germany — Equis­tone Part­ners Europe (“Equis­tone”), one of Europe’s most active equity inves­tors, has acqui­red a majo­rity stake in Omni­care, a Germany-wide phar­maceu­ti­cal whole­sa­ler focu­sed on the distri­bu­tion of finis­hed dosage forms for the pati­ent-speci­fic produc­tion of cancer drugs. The seller of the shares is the current consor­tium of share­hol­ders, which reta­ins a signi­fi­cant stake. — The manage­ment team around Mana­ging Direc­tor Oliver Tamimi will conti­nue to be respon­si­ble for the company and will make a signi­fi­cant invest­ment in the course of the tran­sac­tion. The parties have agreed not to disc­lose details of the tran­sac­tion. The acqui­si­tion is still subject to appr­oval by the rele­vant anti­trust autho­ri­ties. The tran­sac­tion is expec­ted to close in the fourth quar­ter of 2019.

Omni­care was foun­ded in 2002 as a phar­maceu­ti­cal specialty whole­sa­ler for outpa­ti­ent onco­logy care in Germany. To date, the company has become the market leader for the distri­bu­tion of finis­hed onco­logy drugs requi­red by phar­macies for pati­ent-speci­fic infu­si­ons. In addi­tion to the supply of finis­hed phar­maceu­ti­cals, Omni­care has been deve­lo­ping important services for highly specia­li­zed phar­macies and medi­cal prac­ti­ces since 2012 for quality assu­rance, clean­room hygiene moni­to­ring, and the trai­ning and conti­nuing educa­tion of specia­list staff. In early 2019, these services were expan­ded to become the Omni­care Quality Initia­tive, with the goal of provi­ding safe, high-quality care to onco­logy patients.

In 2018, Omni­care also estab­lished the “German Onco­logy Network” of leading onco­logy prac­ti­ces and has been conti­nuously expan­ding it ever since. The goal of this network is the struc­tu­ral streng­thening and further deve­lo­p­ment of onco­logy prac­ti­ces for the bene­fit of pati­ents. Omni­care has syste­ma­ti­cally deve­lo­ped into a leading plat­form for outpa­ti­ent onco­logy care in Germany. In this way, the company is making a signi­fi­cant contri­bu­tion to provi­ding the best possi­ble care for cancer pati­ents close to home in Germany. Omni­care gene­ra­tes annual sales of appro­xi­m­ately 670 million euros and employs 193 people in Unter­föh­ring, Colo­gne and Calw. In 2019, Omni­care is expec­ted to achieve sales growth of around 5 percent.

Dirk Sche­kerka (photo), Senior Part­ner and Coun­try Head DACH at Equis­tone, says: “Omnicare’s busi­ness model aims to contri­bute to the secu­rity of care and the highest quality of therapy for cancer pati­ents close to home. We are plea­sed to part­ner with the company in this endea­vor.” Alexis Milko­vic, Part­ner at Equis­tone, adds: “Omni­care has a strong market posi­tion, an expe­ri­en­ced manage­ment team and excel­lent employees. These are excel­lent prere­qui­si­tes for the further deve­lo­p­ment of the company. As a new share­hol­der, we want to support Omni­care in further streng­thening and sustain­ably expan­ding its position.”

Oliver Tamimi, Mana­ging Direc­tor at Omni­care, says: “With Equis­tone, we have found a relia­ble and well-funded new part­ner for the further deve­lo­p­ment of our company. With Equistone’s support, we want to conti­nuously improve the care of cancer pati­ents in Germany close to their homes and on an outpa­ti­ent basis.”

On the Equis­tone side, Dirk Sche­kerka, Alexis Milko­vic and Julia Bruns­wi­cker are respon­si­ble for the transaction.

Advi­sor Equistone: 
P+P (Legal & Tax), Alva­rez & Marsal (Commer­cial), Deloitte (Finan­cial), Houli­han Lokey (Finan­cing), Dechert (Anti­trust), Shear­man & Ster­ling (Legal Finan­cing) and ETS (Insu­rance).

On Omnicare’s side, Henge­ler Müller (Legal and Anti­trust), BCG (Commer­cial), KPMG (Finan­cial), EY (Tax), Lincoln Inter­na­tio­nal (M&A) and Honert & Part­ner (MEP) advi­sed the manage­ment team on the transaction.

About Omni­care
Omni­care was foun­ded in 2002 as a phar­maceu­ti­cal whole­sa­ler supp­ly­ing specia­li­zed phar­macies throug­hout Germany. Since 2012, it has been working as a coope­ra­tive of cyto­sta­tics manu­fac­tu­ring phar­macies to preserve and secure the future of outpa­ti­ent onco­logy in Germany. The Omni­care Quality Initia­tive enables phar­macies to safely and effi­ci­ently provide onco­logy prac­ti­ces and their pati­ents with essen­tial medi­ca­ti­ons for survi­val. With the German Onco­logy Network, Omni­care has laun­ched a plat­form of leading onco­logy prac­ti­ces to streng­then outpa­ti­ent pati­ent care. In addi­tion, the company offers prac­tice-rele­vant trai­ning for prac­ti­ces and phar­macies and provi­des soft­ware solu­ti­ons that enable effi­ci­ent and safe chemo­the­rapy plan­ning and ordering.

About Equis­tone Part­ners Europe
Equis­tone Part­ners Europe is one of Europe’s leading equity inves­tors with a team of more than 40 invest­ment specia­lists in six offices in Germany, Switz­er­land, the Nether­lands, France and the UK. Equis­tone prima­rily invests in estab­lished medium-sized compa­nies with a good market posi­tion, above-average growth poten­tial and an enter­prise value of between EUR 50 and 500 million. Since its foun­ding, equity has been inves­ted in more than 140 tran­sac­tions, mainly mid-market buy-outs. The port­fo­lio curr­ently compri­ses over 40 compa­nies across Europe, inclu­ding around 20 active holdings in Germany, Switz­er­land and the Nether­lands. Equis­tone is curr­ently inves­t­ing from its sixth fund, which closed in March 2018 with €2.8 billion at the hard cap.

Frank­furt am Main — Deut­sche Betei­li­gungs AG (DBAG) closes the first nine months of finan­cial year 2018/2019 with conso­li­da­ted earnings of 12.6 million euros. The reason for the signi­fi­cant decline compared to the corre­spon­ding period of the previous year, when conso­li­da­ted net income amoun­ted to 27.7 million euros, is the lower result from the invest­ment busi­ness: A lower valua­tion result could not be fully compen­sa­ted by posi­tive earnings contri­bu­ti­ons from disposals.

In its 2018/2019 half-year report, DBAG had repor­ted that most port­fo­lio compa­nies had budgeted for higher reve­nues and earnings in 2019 and conside­red them­sel­ves to be on a good track. This has not chan­ged in prin­ci­ple. In the mean­time, howe­ver, there have been incre­asing signs of a slow­down in econo­mic momen­tum — partly due to the simme­ring global trade conflicts. This leads to lower than expec­ted earnings at some port­fo­lio compa­nies and thus has a nega­tive impact on the valua­tion of the port­fo­lio compa­nies and earnings from the invest­ment busi­ness. In the third quar­ter of the current fiscal year in parti­cu­lar, there was also a nega­tive earnings contri­bu­tion from the change in the debt of the port­fo­lio compa­nies. In the case of one port­fo­lio company, for exam­ple, the finan­cing of an acqui­si­tion had impac­ted its leverage ratio and subse­quently its valuation.

Howe­ver, the fact that DBAG’s port­fo­lio is diver­si­fied is paying off. “The econo­mic slow­down in various sectors contrasts with posi­tive deve­lo­p­ments at port­fo­lio compa­nies in other sectors. For exam­ple, invest­ments in the tele­com­mu­ni­ca­ti­ons sector with a focus on fast inter­net have recently deve­lo­ped very posi­tively,” states DBAG’s quar­terly state­ment published today. On balance, the opera­ting perfor­mance of the port­fo­lio compa­nies, i.e. the change in earnings and debt, contri­bu­ted 6.2 million euros to earnings in the first nine months, compared with 13.3 million euros in the corre­spon­ding prior-year period.

The dispo­sals of the share­hol­dings in Infiana and Novo­press, which were agreed after the report­ing date, made a posi­tive contri­bu­tion of 13.7 million euros to the conso­li­da­ted result. In both cases, the proceeds from the sale excee­ded the carry­ing amount of the invest­ments as of March 31, 2019. The corre­spon­ding value contri­bu­ti­ons were included in the valua­tion of the two invest­ments as of June 30, 2019. “The recently announ­ced dispo­sals once again under­line the success of our invest­ment acti­vi­ties,” commen­ted Susanne Zeid­ler, CFO of DBAG, in connec­tion with the publi­ca­tion of the quar­terly finan­cial state­ments. And he conti­nues: “In both cases, we have multi­plied the capi­tal inves­ted. Our success is ther­e­fore not reflec­ted in the valua­tion result of a single quar­ter, but is only deter­mi­ned after seve­ral years, when we sell an invest­ment again.”

At the begin­ning of the current finan­cial year, the partly massive decline in the earnings multi­ples of listed peer compa­nies, which DBAG uses to value its port­fo­lio compa­nies, had a strong impact on conso­li­da­ted earnings. Follo­wing a signi­fi­cant reco­very in valua­tion multi­ples in the second and third quar­ters, this capi­tal market effect was again almost neutral as of June 30, 2019.

Earnings before taxes in the Private Equity Invest­ments segment reached 11.0 million euros after the first nine months of the finan­cial year, down 12.5 million euros on the segment result for the same period of the previous year. This was due to signi­fi­cantly lower earnings from the invest­ment busi­ness. The fund consul­ting segment perfor­med worse than plan­ned, with earnings before taxes of 1.6 million euros, compared with 4.2 million euros in the corre­spon­ding prior-year period. As expec­ted, income from manage­ment and advi­sory services for DBAG Fund VI, DBAG Fund V and DBAG ECF decli­ned. Howe­ver, there were also unplan­ned expen­ses, higher expen­ses for uncom­ple­ted tran­sac­tions and higher person­nel expen­ses due to varia­ble compen­sa­tion for DBAG employees follo­wing successful dispo­sals and new invest­ments. Conso­li­da­ted net income of 12.6 million euros resul­ted in a return on equity of 3.1 percent in the first nine months.

In view of incre­asing macroe­co­no­mic uncer­tain­ties, DBAG redu­ced its fore­cast for the current fiscal year on July 10, 2019. Assum­ing stable valua­tion condi­ti­ons on the capi­tal market, it expects conso­li­da­ted earnings for the 2018/2019 finan­cial year to be at least positive.

DBAG contin­ued to invest along­side DBAG Fund VII in the third quar­ter of 2018/2019. The MBO of IT services company Cloudf­light was the fund’s seventh invest­ment. With the fulfill­ment of the legal requi­re­ments, the invest­ment in the radio­logy group blikk was also comple­ted in the third quar­ter. This means that around 65 percent of the invest­ment commit­ments of DBAG Fund VII, which has been inves­t­ing in medium-sized compa­nies since Decem­ber 2016, are commit­ted. “That is why we remain confi­dent about the future,” affirmed CFO Susanne Zeid­ler. “With these invest­ments, we have laid the foun­da­tion for future success.”

About DBAG
Deut­sche Betei­li­gungs AG, a listed company, initia­tes closed-end private equity funds and invests along­side DBAG funds in well-posi­tio­ned medium-sized compa­nies with deve­lo­p­ment poten­tial. DBAG focu­ses on indus­trial sectors in which German SMEs are parti­cu­larly strong by inter­na­tio­nal stan­dards. With this expe­ri­ence, know-how and equity, it streng­thens the port­fo­lio compa­nies in imple­men­ting a long-term, value-enhan­cing corpo­rate stra­tegy. The entre­pre­neu­rial invest­ment approach makes DBAG a sought-after invest­ment part­ner in the German-spea­king region. The capi­tal mana­ged and advi­sed by the DBAG Group amounts to appro­xi­m­ately 1.7 billion euros.

Frank­furt a. Main — The IK Invest­ment Part­ners advi­sed fund comple­tes acqui­si­tion of LAP GmbH Laser Appli­ca­ti­ons from thePri­vate Equity company Capi­ton AG. LAP, based in Lüne­burg, Germany, is a leading supplier of laser posi­tio­ning systems as well as soft­ware and hard­ware for quality assu­rance in radia­tion therapy. — Inter­na­tio­nal law firm Clif­ford Chance has advi­sed a consor­tium of banks on the finan­cing of the acqui­si­tion of LAP GmbH Laser Appli­ca­ti­ons by funds advi­sed by IK Invest­ment Partners.

The banking syndi­cate finan­cing the acqui­si­tion includes Commerz­bank AG, Deut­sche Apothe­ker- und Ärzte­bank eG, Hermes Direct Lending, Idin­vest Part­ners S.A., Raiff­ei­sen Bank Inter­na­tio­nal AG, Siemens Bank GmbH as well as SEB AB Frank­furt Branch and COMMERZBANK Finance & Covered Bond S.A. as agent and secu­rity agent.

About IK Invest­ment Partners
IK Invest­ment Part­ners is a Euro­pean private equity advi­sory group with Nordic roots, opera­ting across Nort­hern Conti­nen­tal Europe. Focu­sed on inves­t­ing in compa­nies with strong under­ly­ing poten­tial, we are proud to support the IK Funds as they part­ner with manage­ment teams and inves­tors to grow busi­nesses, improve perfor­mance and create sustainable value for all our stakeholders.

Deeply commit­ted to foste­ring growth, we apply an active approach to our invest­ments and aim to create robust, well posi­tio­ned compa­nies with excel­lent long-term pros­pects. Foun­ded in 1989, we have helped over 125 compa­nies expand and deve­lop sustain­ably. We strive constantly to make a diffe­rence to our port­fo­lio compa­nies, our inves­tors and to society.

About Clif­ford Chance
The inter­na­tio­nal Clif­ford Chance team was led by part­ner Stef­fen Schell­schmidt (Banking & Capi­tal Markets, Frankfurt).
Clif­ford Chance, one of the world’s leading law firms, is present for its clients with around 3,400 legal advi­sors in all major busi­ness centers around the world. In Germany, Clif­ford Chance is repre­sen­ted by around 300 lawy­ers, audi­tors, tax advi­sors and soli­ci­tors in Düssel­dorf, Frank­furt am Main and Munich.