{"id":44182,"date":"2017-11-26T16:08:56","date_gmt":"2017-11-26T14:08:56","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/current-developments-in-private-equity-transactions\/"},"modified":"2017-11-26T16:08:56","modified_gmt":"2017-11-26T14:08:56","slug":"current-developments-in-private-equity-transactions","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/current-developments-in-private-equity-transactions\/","title":{"rendered":"Current developments in private equity transactions"},"content":{"rendered":"

Dr. Frank Thi\u00e4\u00adner<\/strong> \u2014 Lawyer and Part\u00adner P+P P\u00f6llath + Part\u00adners, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity has grown into a very mature market in Germany. It is true that the finan\u00adcial crisis led to a prolon\u00adged market slump and focu\u00adsed ever\u00adyo\u00adne\u2019s atten\u00adtion on finan\u00adcing issues since 2008. In the mean\u00adtime, howe\u00adver, the willing\u00adness of banks to provide debt capi\u00adtal for corpo\u00adrate acqui\u00adsi\u00adti\u00adons has risen shar\u00adply again and the number of tran\u00adsac\u00adtions has grown signi\u00adfi\u00adcantly since the begin\u00adning of 2011.<\/strong><\/p>\n

Against the back\u00addrop of the current debt crisis, howe\u00adver, the follo\u00adwing report\u00ading may alre\u00adady be outda\u00adted by the time you read it. The follo\u00adwing article can ther\u00ade\u00adfore only take stock of the current (mid-Septem\u00adber 2011) tran\u00adsac\u00adtion prac\u00adtice in the acqui\u00adsi\u00adtion of compa\u00adnies. It is impos\u00adsi\u00adble to derive from this a fore\u00adcast of how this tran\u00adsac\u00adtion prac\u00adtice will deve\u00adlop over the next six months. Howe\u00adver, the darke\u00adning busi\u00adness outlook for German compa\u00adnies suggests that the number of tran\u00adsac\u00adtions will decline due to uncer\u00adtain earnings pros\u00adpects of the target compa\u00adnies and larger valua\u00adtion diffe\u00adren\u00adces between seller and buyer. In mid-Septem\u00adber 2011, the number of tran\u00adsac\u00adtions is still high. Howe\u00adver, the pres\u00adsure to complete ongo\u00ading tran\u00adsac\u00adtions in the face of a looming escala\u00adtion of the debt crisis has increased sharply.<\/p>\n

Purchase prices and finan\u00adcing environment<\/strong><\/p>\n

With all due caution about making swee\u00adping state\u00adments about the valua\u00adtion of compa\u00adnies of widely diffe\u00adring sizes and sectors, purchase prices equi\u00adva\u00adlent to seven to eight times EBITDA are at any rate not unusual at present in indus\u00adtries that are subject to only minor cycli\u00adcal fluctuations.<\/p>\n","protected":false},"featured_media":41197,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2509,2594],"product_tag":[1986,1988,1991,1997,2003,2009],"class_list":{"0":"post-44182","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2012-2","8":"product_cat-dr-frank-thiaener-en","9":"product_tag-frank-thiaener-en","10":"product_tag-market-slump","11":"product_tag-corporate-acquisitions","12":"product_tag-debt-crisis","13":"product_tag-transaction-practice","14":"product_tag-financing-environment","15":"pa_sprache-english-3","16":"pa_sprache-german","18":"first","19":"outofstock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"\nCurrent developments in private equity transactions - 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\/produkt\/current-developments-in-private-equity-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Current developments in private equity transactions - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Private equity has grown into a very mature market in Germany. It is true that the financial crisis led to a prolonged market slump and focused everyone's attention on financing issues since 2008. In the meantime, however, the willingness of banks to provide debt capital for corporate acquisitions has risen sharply again and the number of transactions has grown significantly since the beginning of 2011. Against the backdrop of the current debt crisis, however, the following reporting may already be outdated by the time you read it. The following article can therefore only take stock of the current (mid-September 2011) transaction practice in the acquisition of companies. It is impossible to derive from this a forecast of how this transaction practice will develop over the next six months. However, the darkening business outlook for German companies suggests that the number of transactions will decline due to uncertain earnings prospects of the target companies and larger valuation differences between seller and buyer. In mid-September 2011, the number of transactions is still high. However, the pressure to complete ongoing transactions in the face of a looming escalation of the debt crisis has increased sharply. 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