06
May
Carve-outs – Unlocking value through strategic separation
Pressure on German companies is high - shareholders are demanding they focus on core competencies and shed non-core asset, they have to fund growth initiatives and refinancing existing debt. With Germany is still home to many conglomerate structures, it is no surprise that expectations mount for further carve-out processes. The automotive and the wider industrials spaces are prime locations for activity with a few processes under way, but M&A activity could take place in other sectors too. The panel will cover:
Is it only industry-specific factors driving carve-out processes or are wider themes at play?
How do management teams approach portfolio reviews and assessment frameworks when evaluating potential carve-outs?
What role do synergy assessments and standalone viability analyses play in these decisions?
What unique advantages do different buyers bring to carve-out transactions?
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SpeakersPhilipp Fischer Reporter Mergermarket
Florian Muth Partner Aurelius Investment Advisory
Eike Houben Senior Manager M&A, PMI and Carve-Out BASF
Philipp Sterkel Managing Partner Hypax
Patrick Pilz Partner Lafayette Mittelstand Capital
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Philipp Fischer is based in Munich. He covers M&A, Private Equity and Equity Capital Markets in the DACH region. Before joining Mergermarket, he covered asset management and fund management for Citwire Deutschland.
Florian is a Partner of AURELIUS Investment Advisory.
Before joining AURELIUS in 2007, he spent five years in the media industry at Axel Springer and Bertelsmann.
Florian studied physics at TU Berlin and Freie Universität Berlin and holds a Master of Business Administration (MBA) from Harvard Business School. His transaction focus is Europe.
Philipp Sterkel is a Managing Partner at Hypax, a Berlin and London based investment firm specialised in corporate carve-outs in the lower mid-market.
Prior to Hypax, he was an Investment Director at CMP Capital Management-Partners in Berlin, and a Principal at Aurelius in Munich.
Mr. Sterkel started his career in M&A at J.P. Morgan in London.
He has studied at University of Mannheim and ESCP Business School.
Patrick brings 25+ years of expertise in private equity, turnarounds, and investment banking, with a proven track record in carve-outs and special situations. He has significantly improved SME profitability and employment at numerous companies across diverse sectors. At Lafayette, he led multiple acquisitions, served in interim leadership roles at several portfolio companies, and drove successful turnarounds through strategic and operational improvements. Prior to Lafayette, he managed investments at Electra Partners' EQMC, headed M&A and treasury at Kabel Deutschland, and advised on several transactions at J.P. Morgan and Wasserstein Perella. He holds a Master's degree in Economics and is a former Konrad-Adenauer-Foundation scholar.