Our special expertise, accumulated in the course of more than 100 transactions – with an emphasis on the DACH region, yet also in other European countries, in the Middle East and in Asia – is advising in and managing through all phases of a transaction.
We have profound experience in key tasks in the course of a transaction as well as throughout the holding period that we differentiate by our units Strategy & Value Creation Advisory and Mergers & Acquisitions Advisory:
Strategy & Value Creation Advisory
We support our clients in the preparation and execution of the sale or purchase of a company and advise them on other capital measures on the equity or debt side.
- Preparation of and participation in Management Presentation
- Clear-cut feedback regarding situation, attractiveness, chances & risks, team and process
- Focus on specific competitive differentiation of our clients
- Focused and prioritized structuring of the commercial due diligence, usually in a two-phase approach (red flag, full scope)
Commercial Due Diligence
- "Decision support instead of travelogue"
- Number and data-driven, analytical, focused
- Prioritized, interpretative und action-oriented
- Aligned with our clients’ schedule
- 10 to 30 working days until completion of full report
- Bankable Report as a result
- Incl. structured Q&A sessions and release/reliance letters
Value Creation Planning
- Explicit focus on value creation opportunities during holding period
- Evaluation of target’s strategy, business plan and underlying measures
- Value creation ‘beyond business plan’
- Implications for strategy, business plan and valuation
- Reliable assessment of implementation prerequisites, definition of roadmap
- Strong focus on competitive differentiation ("angle")
- Incorporation of commercial due diligence results and value creation planning
- Active participation in negotiations, if requested
Post-Closing / Integration
We support the critical post-closing phase with 100-day or post-merger-integration programs.
- Establishing governance and reporting structures
- Operational and cultural assimilation or integration
- Assertion of business model, incentives, instruments etc. of private equity or venture capital investors
- E.g. „good cop - bad cop“ principle
- Definition of a 100-day plan
- Discussion and prioritization of value creation plan and measures
- Initiation and supervision (optional) of value creation measures
- Close guidance by central project management office (PMO) on premise
- Comprehensive coaching of management team
- Complete integration planning and realization
- Strategy and operations: Integration strategy, mission, synergy definition (topline/bottom line)
- Organization and staff: organizational and operational structure, management team
- Financials: Integrated business plan, synergy management und tracking
- Close guidance by central project management office PMO on premise
We initiate and support operational improvement projects in portfolio companies across all phases of a holding period, thus securing a sustained value creation.
- Initiation, conceptualization and implementation of operational value creation projects
- Top-line and bottom-line optimization
- Working capital optimization
- Identification and realization of organic growth opportunities
- Product portfolio extension, innovation management, R&D optimization etc.
- Pricing optimization (product pricing, service pricing; price structure, etc.)
- Sales activation or optimization, sales channel mix and conflict resolution, online/offline
- Internationalization, adjacent markets etc.
Cost optimization, consolidation & restructuring
- Comprehensive cost analysis, identification of saving potentials and business planning
- Strong focus on reaching break-even or defined target profitability
- Prioritization and realization of all defined measures (or supervision of the latter)
- Incl. management of all related activities/areas (esp. labor law, tax and audit)
- As standalone service or in a team-up with restructuring consultants
Implementation of buy & build strategies
- Preparation of a buy & build strategy
- Framework, search fields and acquisition criteria
- Implementation support
- Long listing, approach and execution
- Team augmentation („work bench“) instead of „strategy consulting“ as role model
We help prepare a portfolio company or an entire portfolio for an exit and lead or support the transaction through to a successful closing.
Optimization of salability and proceeds
- Analysis of existing strategy, budget and mid-term plan (if existent)
- If necessary, redesign of strategy and prioritization planning with explicit focus on value creation
- Optimization of business plan for a period of three to five years after actual exit
- Based on different valuation scenarios
- Development and detailing of effective measures for revenue and profit increases
- Incl. first implementation/quick wins (“evidence“)
Coaching of management during exit process
- Support and coaching of management during entire process
- Esp. in squeeze between shareholders, M&A advisors, due diligence partners and potential buyers
- Participation in management presentation or negotiation rounds, if requested
Commercial Vendor Due Diligence
- Decision support for potential buyers instead of a “travelogue“
- Numbers and data driven, analytic, focused
- Prioritized, interpretative and with clear “so what?“
- Explicit focus on value creation opportunities during next holding period
- Degree of certainty of strategy and measures of the target’s business plan
- Value creation opportunities “beyond business plan”
To assure a successful process completion, we gladly offer to either partner with an investment bank or M&A consulting firm or lead the transaction in our M&A Advisory unit until an effective closing.
Deal Origination (buy-side)
We support our clients in the identification and realization of attractive deal opportunities.
- Industry and target screenings
- Discussion and definition of the search profile of our client
- Explicit definition of purchasing criteria
- Structured analysis and documentation of target sectors
- Honest long- and short-listing based on meaningful profiles of potential targets
- Identification and approach of targets
- Personal, direct and absolutely confidential, based on our comprehensive industry network
- Buyer-optimized and with a clear and meaningful "pitch“
- Negotiation support
- As well as coordination of the entire buyside process if requested
- Implementation of buy & build strategies
- As outsourced M&A departments of our clients or their portfolio companies
Process Preparation (sell-side)
We execute entire sell-side processes on behalf of our clients – beginning with a thorough process preparation.
- Validation and, if required, redesign of strategy and business plan
- Special focus on the support of revenue and profit growth by means of clearly defined initiatives and measures
- High ambition level based on realistic assumptions
- Preparation of a convincing Information Memorandum
- Conceptually strong
- Analytic and backed by a consistent set of numbers
- Thorough preparation of the company and its management for the due diligence and, ultimately, the transaction
- From a content and financial viewpoint as well as personally
Identification and Approach (sell-side)
Approaching the right potential buyers is one of the key success factors of our sell-side mandates.
- Definition of clear-cut criteria for the pre-selection of potential buyers
- Hard facts such as industry focus, situation and investment size
- But also with a clear view of cultural fit, operating model, likelihood of success
- Identification and approach of buyers
- Typically following some pre-marketing based on our personal network
- Key goal is the initiation of a structured, competitive bidding process
- Reasonable balance between number of bidders and the complexity that comes with it
Due Diligence and offers (sell-side)
As a core element of our sell-side mandates, we manage complex diligence processes up to the final selection of a buyer.
- Management of complex due diligence processes on behalf of the seller
- Preparation of all relevant data for the virtual data room
- Preparation of and intensive coaching for Management Presentations, Q&A, Site Visits etc.
- Thorough analysis and ranking of offers
- Along full set of criteria
- Amendment / top-up where necessary or reasonable
- Final selection for SPA negotiations with a clear view on the hard criteria as much as on the soft factors
We provide comprehensive assistance to our clients during SPA negotiations until a secured completion.
- Prudent and provident contract negotiations
- Focus on a value-optimized, secured signing/closing
- Intensive support of and guidance for seller and management
Entirely depending on the specific situation and the requirements of our clients, our formal role can be one of an experienced advisor or interim manager. In certain cases, we will also assume the role of a member of the supervisory or advisory board.