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Clairfield International Germany
Annual review 2016
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Clairfield International – 2016 at a glance
114 closed deals
Average trailing EBITDA
multiple: 10.4
Ranked 15th in the European
league table
EUR 2.8bn in deal value
Ranked 10th for
tech deals worldwide
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Clairfield International maintains position in the Top 15 of the Thomson Reuters league table
European small cap ranking 2016 European mid cap ranking 2016
Rank Advisor Number of deals
1 KPMG 274
2 PricewaterhouseCoopers 232
3 BDO 200
4 Rothschild & Co 179
5 Ernst & Young LLP 160
6 Deloitte 149
7 IMAP 106
8 Oaklins (FKA M&A Intl Inc) 105
9 RSM Corporate Fin LLP 88
10 Lazard 86
11 Clairfield International 85
12 Baker Tilly International 84
13 KBS Corporate Sales Ltd 77
14 Grant Thornton 75
15 Clearwater International 70
16 BNP Paribas SA 66
17 Lincoln International 62
18 Globalscope 56
19 DC Advisory 53
20 Global M&A 49
Rank Advisor Number of deals
1 KPMG 321
2 Rothschild & Co 264
3 PricewaterhouseCoopers 264
4 BDO 206
5 Ernst & Young LLP 187
6 Deloitte 164
7 Lazard 123
8 IMAP 109
9 Oaklins (FKA M&A Intl Inc) 106
10 BNP Paribas SA 98
11 RSM Corporate Fin LLP 89
12 Clairfield International 87
13 JP Morgan 86
14 Baker Tilly International 85
15 Grant Thornton 80
16 KBS Corporate Sales Ltd 77
17 Clearwater International 74
18 Lincoln International 68
19 DC Advisory 62
20 UBS 61
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Clairfield International – wide range of industry experience and services for small and medium sized enterprises
Industry split of Clairfield International transactions in 2016 Type of transactions of Clairfield International in 2016
In 2016, the industrial sector was highly demanded. Clairfield advised in 30deals equaling 26% of all transactions
– The averaged EBITDA multiple for the industrial sector was 10.8
The business and financial services sector accounted for 23% of all ClairfieldInternational deals and followed in third by the TMT sector with 20%
– The averaged EBITDA multiple for the TMT sector was 15.7
The Healthcare, consumer goods and energy sector complete ClairfieldInternational’s industry experience
Because of our worldwide presence with 35 offices, working in closecooperation, we managed to close more than 21% of all deals in cross-border transactions
Clairfield International offers a wide service portfolio including sell-sideadvisory, acquisition consulting, financing and merger advisory
More than half (59%) of all transactions were sell-side mandates, but thehigh degree of acquisitions (25%) is remarkable. Clairfield International hasa lot of practical skills in the design, initiation and execution of acquisitionopportunities in both domestic and international markets. ClairfieldInternational is specialized in understanding the customer’s business modeland their target market
Capital raising and financing plays a crucial role for start ups and evenestablished companies. In 2016, 9 transactions of this type weresuccessfully closed
Industrials; 26%
Business & financial
services; 23%
Technology, media &
telecom; 20%
Healthcare; 17%
Consumer goods; 13%
Natural resources, cleantech & energy; 1%
Sale; 59%Acquisition; 25%
Capital raising, private placement
& financing; 8%
Other; 6%
Merger; 2%
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Germany becomes increasingly popular with international investors
Germany as an attractive investment location Chinese investments have grown enormously since 2011
In 2016, more than half of all acquirers of German companies were fromabroad
Especially US investors were very active in the German market. Nearly everyfifth cross-border transaction was closed by a company from the US
– One reason might be the strong US-Dollar versus the Euro, makinginvestments more attractive from a financial point of view
France (12%), the UK (9%) and Switzerland (8%) are following next,emphasising the important role of Western Europe as an investor
It is remarkable, that since 2011 China increased its M&A activity drastically
– In the last five years, Chinese companies invested EUR 14.8bn in theacquisition of German companies
– By now, Chinese investors are ranked fifth of all investors abroad
Schneider Druckluft, a premium specialist forcompressed air systems, was sold to AtlasCopco, a world-leading provider of sustainableproductivity solutions
Besides Atlas Copco, an offer was made by aChinese investor too, but Schneider Druckluftcame to the decision, that Atlas Copco wouldbe the best investor due to higher transactionsecurity
In this transaction, Clairfield Internationalshowed it’s strengths in the well-plannedexecution of cross-border transactions
Clairfield International Germany: Deal of the year 2016USA leads the top 10 international buyers of German companies
2000-2005 2006-2010 2011-2016
German acquisitions in China(in EUR bn)
1.2 3.0 1.1
Chinese acquisitions in Germany (in EUR bn)
0.1 0.2 14.8
0% 5% 10% 15% 20%
Italy
Austria
Japan
Sweden
Netherlands
China
Switzerland
United Kingdom
France
USA
was sold to
Advisor to the seller
Compressor technology
Germany / Sweden
Sources: Clairfield International research, Handelsblatt, Mergermarket
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Transactions in the DACH region in 2016 (1/2)
Germany / Sweden
Advisor to the seller
Compressor technology
was sold to
Germany
Advisor to the seller
IT Reseller and Service
was sold to
Germany
Advisor to the buyer
Industrial services
acquired 100% of
Germany / China
Advisor to the seller
Automotive
was sold to
Germany
Advisor to the seller
Digital media services
sold a majority stake to
Germany / Poland
Advisor to the seller
E-commerce, spare car parts
was sold to
Germany
Advisor to the buyer
Healthcare
acquired
Austria / Switzerland
Advisor to the seller
Digital marketing agency
sold a 35% stake to
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Transactions in the DACH region in 2016 (2/2)
Austria / Germany
Advisor to the seller
Real estate portal
was sold to
Austria / Germany
Advisor to the seller
Price-comparison website
sold a minority share to was sold to
Specialty footwear
Advisor to the seller
Switzerland / Italy
was sold to
Energy-management systems
Advisor to the seller
Germany / Denmark
a consortium of German investors
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Clairfield International is well prepared for cross-border transactions thanks to 35 offices in 23 countries
480+ Professionals across 35 country offices
114 M&A transactions closed in 2016 (small and medium cap)
EUR 2.8bn Cumulative value of transactions closed in 2016
Clairfield worldwide
Worldwide small cap ranking 2016
AustriaVienna
BelgiumAntwerpBrussels
DenmarkCopenhagen
FinlandHelsinki
France LyonParisMarseilleNantes
GermanyStuttgartFrankfurtDüsseldorf
HungaryBudapest
ItalyMilan
IsraelTel Aviv
NetherlandsAmsterdam
NorwayOslo
PolandWarsaw
RussiaMoscow
SwedenStockholm
SwitzerlandGeneva
SpainBarcelona MadridValencia
UK Birmingham London
Brasil CuribatiSao Paulo
ChileSantiago de Chile
MexicoMexico City
USA MiamiNew YorkWashington D.C.
AustraliaBrisbane
ChinaBeijing
Americas Asia-PacificEurope
Rank Advisor Number of deals
1 KPMG 357
2 PricewaterhouseCoopers 335
3 BDO 231
4 Ernst & Young LLP 212
5 Rothschild & Co 208
6 Deloitte 191
7 Houlihan Lokey 166
8 Mizuho Financial Group 158
9 IMAP 139
10 Oaklins (FKA M&A Intl Inc) 138
11 Lazard 129
12 Sumitomo Mitsui Finl Grp Inc 104
13 Clairfield International 102
13 Lincoln International 102
15 Baker Tilly International 100
16 JP Morgan 95
17 Goldman Sachs & Co 91
18 Jefferies LLC 88
18 RSM Corporate Fin LLP 88
20 Moelis & Co 80
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Traction in all relevant European markets with strong M&A team in Germany
26 offices With 26 offices strong presence in Europe
17 countries Active in all relevant European markets
#14 Top 15 in Europe
Clairfield in Europe
Frankfurt
Düsseldorf
Stuttgart
Strong presence all over Germany, covering all major industries supported by:
approx. 20 junior and senior professionals across three offices
more than 25 senior industrial experts
Clairfield in Germany
Senior partners Years in M&A Industry focus
Dirk Freiland 20 TMT, automotive & machinery, services
Jack Helm 30 health care, industry, automatization
Darius Kianzad 20 clean tech, health care, resources
Dr. Hanns-Alexander Klemm 30 industry, healthcare, retail
Martin Lemmer 13 food and beverage, business services
Dirk Middelhoff 10 TMT , high-tech
Andreas Piechotta 16 industry, medical technology
Dr. Albert Schander 22 consumer goods, industry, logistic,retail
German small cap ranking 2016
Rank Advisor Number of deals
1 Ernst & Young LLP 53
2 KPMG 35
3 Lincoln International 29
4 Concentro Management AG 28
4 Rothschild & Co 28
6 Globalscope 27
7 PricewaterhouseCoopers 24
8 Baker Tilly International 20
9 Deloitte 19
10 IMAP 17
11 BDO 15
12 ACXIT Capital Partners 14
12 Clearwater International 14
14 Global M&A 13
14 Altium Capital Limited 13
14 IEG-Investment Banking 13
17 Clairfield International 12
18 Raymond James Financial Inc 11
19 Oaklins (FKA M&A Intl Inc) 11
20 Commerzbank AG 10
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Our services Our focus
Our philosophy
Assisting clients in mid-sized, cross-border transactions
Mergers & Acquisitions
Design, initiation and execution of international and domesticacquisition opportunities
Strategic partnerships and alliances
Strategic alternative reviews
Search for strategic and financial investors
Disposals/ Divestitures
Feasibility analysis
Divestitures, spin-offs and carve outs
Valuations and fairness opinions
Capital solutions Financial sponsor transactions (MBO and LBO)
Debt advisory: advisory in acquisition finance, debt financing,recaps
Equity advisory: independent advisory in IPOs, rights issuesand placings
Strategic investor relations advisory
Advisory Strategic advisory services, such as valuations and fairnessopinions, market entry feasibility
Advisory on strategic alliances, mergers, licensing and jointventures
Market studies
Monitoring trustee
Restructuring advisory
Restructuring and recovery
Special situations
Sector expertise The longstanding experiences of our partners in diverseindustries in combination with outstandingly connected industryexperts are enabling our clients to open up new strategicpossibilities
Confidentiality Trust and integrity are essential values for our advisory services.Information are treated with highest discretion
Seniority of the team
Senior involvement throughout all phases of a transaction is thesingle most important hallmark of our execution style andcommitment to quality and prudent advice
Independence We own our business and act as entrepreneurs free of conflictsusually found in large multi-product firms
Mid-Market Clairfield is one of the leading global M&A firms typicallyexecuting mid-sized transactions up to an enterprise value of500 m€
Cross-border With partner offices in 50% of all OECD countries, ClairfieldInternational covers 75% of Germany’s most significant tradepartners
Long-term relationships
Our advice is embedded in long term relationships withcorporates, family offices and private equity investors
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Strong sector expertise and understanding client industries
Sect
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nta
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Clie
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Industrials
Automotive Building Materials Wood Processing Test & Measuring Machinery Chemicals Aerospace
Consumer Goods, Food & Retail
Consumer Goods Retail Real Estate Furniture Food & Beverage Food Services Agribusiness
Business Services
Business Services Distribution Logistics Industrial Services Education Staffing Engineering
Natural Resources, Cleantech & Energy
Metals & Mining Oil & Gas Renewable Energy Power Coal & Fuels Oilfield Services Nuclear
Technology, Media & Telecoms
Digital & Traditional Media
IT Services IT Consulting Hardware,
Software & Equipment
Healthcare & Life Sciences
Medical Devices Medical Supplies Pharma & Biotech Animal Health Lab Services &
Equipment Hospitals & Clinics
Financial Services e finance Debt Collection Asset Mgmt. Family offices Insurance Private Equity
Financial Institutions & Private Equity
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Senior partners in Germany (1/3)
Walter J. HelmWalter Jackson “Jack” Helm has been advising in cross-border corporate finance and mergers and acquisitions for over thirty years. Educated in both the US and
Germany, Mr. Helm was trained at Citibank and Lehman Brothers, New York and relocated to Frankfurt in 1988 to open Lehman Brothers’ new German corporate
finance practice. His affinity for life sciences has resulted in significant repeat transactions primarily in the chemicals and healthcare sector and diversified industrial
segments, and in 1996 he became Managing Director and Country Head of the merger and acquisitions specialty group Wasserstein Perella. Upon the acquisition of
Wasserstein Perella by the Dresdner Bank in 2001, Mr. Helm returned to his native Virginia to pursue venture capital opportunities and returned to the German
advisory business in 2011. Mr. Helm has a bachelor’s degree from the University of Virginia and a Master in International Business from Georgetown University.
E-mail: helm@de.clairfield.com
Dirk F. FreilandDirk Freiland has twenty years of experience in M&A and corporate finance. Prior to joining Clairfield he was co-founder of a medium sized M&A company in
Southern Germany. Before, he worked as senior manager at Accenture (formerly Andersen Consulting) in Strategy and Change Management where he was in his last
function responsible for building up the M&A team and activities for Germany, Austria and Switzerland. Further milestones in his career were a small service
company he built up from 20 up to 120 people within 14 months and Alcatal (Paris) where he worked in research and development. Dirk Freiland studied Mechanical
Engineering, Electronics and Computer Science of the University of Applied Sciences of Esslingen/Stuttgart and Paris.
E-mail: freiland@de.clairfield.com
Darius O. KianzadDarius Kianzad began his career in 1991 at the Treuhandanstalt in Halle and Berlin. Between 1993 and 2005, Mr. Kianzad held leading positions in renowned audit
firms and investment banks such as PricewaterhouseCoopers in Frankfurt and was Senior Vice President M&A at Sal. Oppenheim where he was in charge of M&A
transactions in the energy and automotive sectors and also became co-leader of the Industrials segment. Between 2006 and 2010, Mr. Kianzad was a member of the
Management board at ista Group, a leading international energy services company, in charge of Corporate Development/M&A and Regional Head of „Emerging
Markets“. Darius Oliver Kianzad graduated with a master´s degree in Economics (University of Heidelberg) and has completed a General Management program at
the University of St. Gallen and the Advanced Management program at INSEAD.
E-mail: kianzad@de.clairfield.com
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Senior partners in Germany (2/3)
Dr. Hanns Alexander KlemmAlexander Klemm was born in South Africa, raised in Germany and the UK and studied in the UK, USA and Germany. He has over 30 years investment and wholesale
banking transaction experience in M&A and equity capital markets. He worked in Frankfurt, London and New York at Deutsche Bank/Morgan Grenfell, Lehman
Brothers, UBS Warburg, JPMorgan Cazenove, and Hauck. He has also held various senior management positions in banking. As head of investment banking at
JPMorgan Cazenove in Germany/Austria/Switzerland, he established the Frankfurt office and built Cazenove’s successful midmarket advisory and capital markets
business. Following leadership of the MBO of this business and subsequent contribution to Hauck & Aufhäuser, the German private bank, he was partner and CEO of
the corporates and markets division of the bank. Dr. Klemm holds a BSc. Hons. in economics and politics from the University of Bristol, an MBA from Columbia
Business School and a Ph.D. in finance from Freie Universität Berlin.
E-mail: klemm@de.clairfield.com
Dirk MiddelhoffDirk Middelhoff holds a degree in Business Law (LL.B) with a focus on corporate finance and more than 10 years experience in corporate finance, business
development and strategy. Until 2008, Dirk Middelhoff worked for the listed EMC Corporation, headquartered in Boston, one of the 25 largest IT companies in the
Fortune 500. There he led national and international projects such as, Vodafone, Deutsche Bank, Metro etc.. At last head of strategic alliances and mergers &
acquisitions. After 2008 Dirk Middelhoff worked as Director for a medium-sized M&A consultancy firm with focus on technology companies. Mandates of German
and international companies from technology sectors among others, software, consulting, photonic on the buy or sell side as well as start-ups in the fields of
software, internet and media with focus of founding and financing. Numerous publications on topics of accounting, valuation and financing. Dirk Middelhoff is
member of various advisory and supervisory boards in technology companies.
E-mail: middelhoff@de.clairfield.com
Martin LemmerMartin Lemmer has extensive experience in strategy consulting and in advising corporates and private equity investors in corporate finance matters. Prior to
Clairfield International, Martin Lemmer worked for the London based consulting firm L.E.K. Consulting and M&A boutique First Capital Partners. Martin Lemmer has
advised a large number of projects both on the buy- and sell-side serving strategic buyers and private equity players. Amongst others, Martin’s business focus lies in
the retail, food and beverage, business services and healthcare industries. He graduated in business administration from the University of St. Gallen (Switzerland)
and the Richard Ivey School of Business at University of Western Ontario in London (Canada).
E-mail: lemmer@de.clairfield.com
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Senior partners in Germany (3/3)
Dr. Albert SchanderPrior to founding M&A advisory firm SynCap in 2000 and contributing it subsequently to Clairfield, Albert worked as Executive Director/ Co-Head Corporate Finance
for finance specialist group VMR where he was responsible for international fund raising projects and M&A. He held positions in his prior career at Deutsche Bank
(BAI), Milan, KPMG/ Milan and Lehman Brothers/ Frankfurt, where he, among other responsibilities, advised on international and domestic M&A transactions. He
studied Law and Economics at the Universities of Passau, Pavia/ Italy and Munich. He is qualified as an attorney-at-law in Germany and earned his Law degree from
Ludwig-Maximilian-University of Munich and his PhD from Friedrich-Schiller-University of Jena.
E-mail: schander@de.clairfield.com
Andreas PiechottaAndreas Piechotta has been involved in international equity- and transaction business for almost 16 years. As a partner of a well-known international M&A advisory
firm he has been responsible for business development in Eastern Europe and has managed to execute a variety of cross border transactions, e. g. in Poland,
Hungary and Slovenia. Andreas Piechotta began his career 1994 at Pfeifer & Langen, a known family-owned German sugar producer. At Pfeifer & Langen he
supported various privatization processes in the Polish sugar industry. From 1997 to 2004 Mr. Piechotta was engaged in the Private Equity activities of DEWB AG, a
subsidiary of JENOPTIK Group. Born in Poland, Andreas Piechotta studied Law at the University Bayreuth/Germany being a qualified lawyer, with a particular focus
on commercial law.
E-mail: piechotta@de.clairfield.com
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Senior partners in Austria
Berend YntemaBerend Yntema is a corporate finance specialist and has over 20 years of experience in M&A, strategic and cross-border acquisitions, capital raisings, and
restructurings with a focus on Western and Eastern Europe. He has held various senior management and managing director positions in corporate finance and M&A
advisory firms. He worked as a director at Investment Fund Sector Capital in Moscow and later as director for Poland at the European Privatization & Investment
Corporation (EPIC). As one of the founders of COM Partners, he specialized in midmarket M&A advisory in the dynamic tech sector. Following a strategic merger, he
worked as managing director at Corporate Finance Partners in Vienna, before joining Clairfield International as partner in Vienna. Berend was born in the
Netherlands and holds a degree in economics with a focus on finance from the University of Groningen.
E-mail: byntema@at.clairfield.com
Kai-Peter BurgerKai-Peter Burger has been advising on cross-border corporate finance and mergers & acquisitions for over twenty years. Kai was trained at PwC in business
valuations and the European Privatization & Investment Corporation (EPIC) in M&A advisory services for the energy sector. As one of the founding partners of COM
Partners in Vienna, he followed his affinity for the tech sector and advised on midmarket transactions primarily in the internet & media and software & IT sectors in
Eastern and Central Europe. After joining Corporate Finance Partners, he worked as managing director in Austria. In 2016 Kai joined Clairfield International as a
partner in Vienna. Kai studied at Vienna University of Economics and Business and at HEC Paris with a focus on corporate finance.
E-mail: kburger@at.clairfield.com
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Office StuttgartMörikestraße 11D-70178 StuttgartTel.: +49 (711) 620079-0 Fax: +49 (711) 620079-29 stuttgart@de.clairfield.com
Office Frankfurt Mainzer Landstr. 33aD-60329 Frankfurt am MainTel.: +49 (69) 707969-60 Fax: +49 (69) 707969-99 frankfurt@de.clairfield.com
Office Düsseldorf Roßstr. 92D-40476 DüsseldorfTel.: +49 (211) 917 396-81Fax: +49 (211) 917 396-83duesseldorf@de.clairfield.com
InternationalOffices
Europe
Clairfield BelgiumAntwerpBrussels
Clairfield DenmarkCopenhagen
Clairfield FinlandHelsinki
Clairfield France LyonParisMarseilleNantes
Clairfield ItalyMilan
Clairfield IsraelTel Aviv
Clairfield NetherlandsAmsterdam
Clairfield NorwayOslo
Clairfield PolandWarsaw
Clairfield SwedenStockholm
Clairfield SwitzerlandGeneva
Clairfield SpainBarcelona MadridValencia
Clairfield UK Birmingham London
Asia and AustraliaAmericas
Clairfield Brasil CuribatiSao Paulo
Clairfield ChileSantiago de Chile
Clairfield MexicoMexico City
Clairfield USA MiamiNew YorkWashington D.C.
Clairfield AustraliaBrisbane
Clairfield ChinaBeijing
DACH OfficesDirk FreilandPartner
Office Stuttgart
Email: freiland@de.clairfield.com
Phone: +49 (711) 620079-0
Fax: +49 (711) 620079-29
Contact
Office Vienna Herrengasse 6-8 7/1AT-1010 ViennaTel.: +43 (1) 535 2937-0Fax: +43 (1) 535 2937-10vienna@at.clairfield.com