{"id":42343,"date":"2018-07-31T13:17:28","date_gmt":"2018-07-31T11:17:28","guid":{"rendered":"https:\/\/newserver.fyb.de\/dbag-value-enhancement-potential-also-in-secondary-buy-outs\/"},"modified":"2018-07-31T13:17:28","modified_gmt":"2018-07-31T11:17:28","slug":"dbag-value-enhancement-potential-also-in-secondary-buy-outs","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/dbag-value-enhancement-potential-also-in-secondary-buy-outs\/","title":{"rendered":"DBAG: Value enhancement potential also in secondary buy-outs"},"content":{"rendered":"

Frank\u00adfurt am Main \u2014 The current indus\u00adtry survey conduc\u00adted by Deut\u00adsche Betei\u00adli\u00adgungs AG (DBAG)<\/strong> on the subject of secon\u00addary buyouts produ\u00adced the follo\u00adwing result: a) Secon\u00addary buyouts are attrac\u00adtive despite lower expec\u00adted returns, b) there is a strong focus on buy-and-build stra\u00adte\u00adgies and internationalization.<\/p>\n

The deve\u00adlo\u00adp\u00adment of new custo\u00admer groups and busi\u00adness areas as well as the inter\u00adna\u00adtio\u00adna\u00adliza\u00adtion of the busi\u00adness are the most promi\u00adsing value levers for private equity compa\u00adnies when they acquire a medium-sized company as a second finan\u00adcial inves\u00adtor. Howe\u00adver, even in times of stron\u00adgly deve\u00adlo\u00adped know\u00adledge of various value enhance\u00adment stra\u00adte\u00adgies, the return poten\u00adtial of so-called secon\u00addary and tertiary buy-outs is lower than when a finan\u00adcial inves\u00adtor invests in a company for the first time. This is shown by the 6th Midmar\u00adket Private Equity Moni\u00adtor<\/strong>, for which FINANCE maga\u00adzine<\/em> surveys invest\u00adment mana\u00adgers of around 50 private equity houses opera\u00adting in Germany every six months on behalf of Deut\u00adsche Betei\u00adli\u00adgungs AG (DBAG) on trends in the German midmar\u00adket<\/strong> segment.<\/p>\n

Nearly four out of five experts (79 percent) said in the latest survey that secon\u00addary and tertiary buyouts in the midmar\u00adket promise lower returns than prima\u00adries \u2014 compa\u00adnies that have not previously been owned by another private equity firm. Nevert\u00adhel\u00adess, such tran\u00adsac\u00adtions are expe\u00adri\u00aden\u00adcing an upswing: last year, in more than half of the buyouts in the German SME sector (19 out of 35 tran\u00adsac\u00adtions), finan\u00adcial inves\u00adtors were active on both sides, i.e. as sellers and as buyers; this is a new record.<\/p>\n

In view of the fact that more and more capi\u00adtal from insti\u00adtu\u00adtio\u00adnal inves\u00adtors is looking for invest\u00adment oppor\u00adtu\u00adni\u00adties, thus incre\u00adasing compe\u00adti\u00adtion for invest\u00adment oppor\u00adtu\u00adni\u00adties, the high propor\u00adtion of secon\u00adda\u00adries is hardly surpri\u00adsing. \u201cSuch tran\u00adsac\u00adtions have long been estab\u00adlished and are also accepted by the inves\u00adtors in our funds,\u201d says Tors\u00adten Grede (photo), Spokes\u00adman of the Board of Manage\u00adment of Deut\u00adsche Betei\u00adli\u00adgungs AG<\/strong>; \u201cthey are a sign of the incre\u00adasing matu\u00adrity of the German private equity market and defi\u00adni\u00adtely offer advan\u00adta\u00adges,\u201d Grede conti\u00adnues. \u201cTran\u00adsac\u00adtions between finan\u00adcial inves\u00adtors are often easier to struc\u00adture because both part\u00adners know the market prac\u00adti\u00adces. Manage\u00adment has alre\u00adady proven its entre\u00adpre\u00adneu\u00adrial exper\u00adtise and has gained expe\u00adri\u00adence with corpo\u00adrate gover\u00adnance, which a private equity part\u00adner brings to the table.\u201d<\/p>\n

85 percent of those now surveyed said that prior to a Secon\u00addary, opera\u00adtio\u00adnal control had alre\u00adady been impro\u00adved in the company through KPI-based report\u00ading. 64 percent observe that working capi\u00adtal has been redu\u00adced. Costs in procu\u00adre\u00adment are also alre\u00adady being redu\u00adced in the Primary, accor\u00adding to the majority.<\/p>\n

Nevert\u00adhel\u00adess, there remain suffi\u00adci\u00adent start\u00ading points for the second or even the third finan\u00adcial inves\u00adtor to deve\u00adlop the compa\u00adnies further. Stra\u00adte\u00adgies that used to be common, such as finan\u00adcial engi\u00adnee\u00adring or split\u00adting up compa\u00adnies, have long since ceased to play a decisive role anyway. \u201cAn incre\u00adasing number of private equity firms have a stron\u00adger focus on more complex value crea\u00adtion stra\u00adte\u00adgies,\u201d said DBAG board spokes\u00adman Grede.<\/p>\n

Three quar\u00adters see the grea\u00adtest poten\u00adtial for value enhance\u00adment in SME follow-up invest\u00adments in expan\u00adsion into new custo\u00admer groups and busi\u00adness areas. 67 percent also cite the inter\u00adna\u00adtio\u00adna\u00adliza\u00adtion of the busi\u00adness as a value lever that is parti\u00adcu\u00adlarly well suited to secon\u00adda\u00adries. In addi\u00adtion, 48 percent said they often still needed to inte\u00adgrate add-on acqui\u00adsi\u00adti\u00adons made under the aegis of the first private equity partner.<\/p>\n

A look at the recur\u00adring ques\u00adti\u00adons shows that the vast majo\u00adrity of houses in middle-market private equity also gene\u00adrally rely on buy-and-build stra\u00adte\u00adgies. At 79 percent, this conti\u00adnues to be by far the most highly rated value enhance\u00adment method \u2014 regard\u00adless of whether it is an initial or follow-on invest\u00adment. Private equity inves\u00adtors bene\u00adfit from the fact that there are still many highly frag\u00admen\u00adted markets, espe\u00adci\u00adally in the midmar\u00adket, in which strong market leaders with high profi\u00adta\u00adbi\u00adlity can be estab\u00adlished through acqui\u00adsi\u00adti\u00adons in a rela\u00adtively short time. When acqui\u00adsi\u00adti\u00adons of smal\u00adler compa\u00adnies are made at lower valua\u00adtions, the price of the entire tran\u00adsac\u00adtion can be redu\u00adced in this way: \u201cThis is also a response to the price deve\u00adlo\u00adp\u00adment we have seen in recent years,\u201d comm\u00adents CEO Grede, \u201cand is repre\u00adsen\u00adta\u00adtive of the private equity indus\u00adtry\u2019s ability to adapt to chan\u00adging market conditions.\u201d<\/p>\n

The longi\u00adtu\u00addi\u00adnal data of the survey also show that, irre\u00adspec\u00adtive of the tran\u00adsac\u00adtion type, inter\u00adna\u00adtio\u00adna\u00adliza\u00adtion (curr\u00adently by 52 percent of respond\u00adents) and the stra\u00adte\u00adgic expan\u00adsion of addi\u00adtio\u00adnal busi\u00adnesses and services (46 percent) conti\u00adnue to be conside\u00adred attrac\u00adtive, even among compa\u00adnies that have alre\u00adady been in the hands of an invest\u00adment company.<\/p>\n

Nevert\u00adhel\u00adess, prima\u00adries conti\u00adnue to offer the most start\u00ading points for initia\u00adting stra\u00adte\u00adgic further deve\u00adlo\u00adp\u00adment and reali\u00adzing value enhance\u00adment poten\u00adtial.<\/strong> \u201cThose who can close as many such tran\u00adsac\u00adtions as possi\u00adble will have an advan\u00adtage over their compe\u00adti\u00adtors,\u201d says board spokes\u00adman Grede. DBAG has struc\u00adtu\u00adred five buyouts in the past twelve months. Four of them were Prima-ries, in which the respec\u00adtive company foun\u00adders were the sale\u00ads\u00adpeo\u00adple. The fifth new invest\u00adment concer\u00adned a company that had previously been in the hands of other finan\u00adcial investors.<\/p>\n

About Deut\u00adsche Betei\u00adli\u00adgungs AG<\/strong>
\nDeut\u00adsche Betei\u00adli\u00adgungs AG, a listed company, initia\u00adtes closed-end private equity funds and invests along\u00adside DBAG funds in well-posi\u00adtio\u00adned medium-sized compa\u00adnies with deve\u00adlo\u00adp\u00adment poten\u00adtial. DBAG focu\u00adses on indus\u00adtrial sectors in which German SMEs are parti\u00adcu\u00adlarly strong by inter\u00adna\u00adtio\u00adnal stan\u00addards. With this expe\u00adri\u00adence, know-how and equity, it streng\u00adthens the port\u00adfo\u00adlio compa\u00adnies in imple\u00admen\u00adting a long-term, value-enhan\u00adcing corpo\u00adrate stra\u00adtegy. The entre\u00adpre\u00adneu\u00adrial invest\u00adment approach makes DBAG a sought-after invest\u00adment part\u00adner in the German-spea\u00adking region. The capi\u00adtal mana\u00adged and advi\u00adsed by the DBAG Group amounts to appro\u00adxi\u00adm\u00adately 1.8 billion euros.<\/p>\n","protected":false},"excerpt":{"rendered":"

Frank\u00adfurt am Main \u2014 The current indus\u00adtry survey conduc\u00adted by Deut\u00adsche Betei\u00adli\u00adgungs AG (DBAG) on the subject of secon\u00addary buyouts produ\u00adced the follo\u00adwing result: a) Secon\u00addary buyouts are attrac\u00adtive despite lower expec\u00adted returns, b) there is a strong focus on buy-and-build stra\u00adte\u00adgies and inter\u00adna\u00adtio\u00adna\u00adliza\u00adtion. The deve\u00adlo\u00adp\u00adment of new custo\u00admer groups and busi\u00adness areas as well [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":42348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366,1388],"tags":[],"class_list":["post-42343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","category-shortcuts-en"],"yoast_head":"\nDBAG: Value enhancement potential also in secondary buy-outs - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/dbag-value-enhancement-potential-also-in-secondary-buy-outs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DBAG: Value enhancement potential also in secondary buy-outs - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Frank\u00adfurt am Main \u2014 The current indus\u00adtry survey conduc\u00adted by Deut\u00adsche Betei\u00adli\u00adgungs AG (DBAG) on the subject of secon\u00addary buyouts produ\u00adced the follo\u00adwing result: a) Secon\u00addary buyouts are attrac\u00adtive despite lower expec\u00adted returns, b) there is a strong focus on buy-and-build stra\u00adte\u00adgies and internationalization. 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