Mergermarket Private Equity and M&A Forum Germany
Our flagship event for key players in the German private equity and M&A market
Marriott Hotel, Frankfurt, 60486
Agenda
08.30
- 09.00
CEST
Registration & breakfast
09.00
- 09.10
CEST
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09.10
- 09.40
CEST
Keynote interview: Private equity leader
Join us for an insightful keynote interview as a private equity leader shares their perspectives on the current M&A landscape and future direction of private equity activity in Germany.
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09.40
- 10.25
CEST
Opening panel: Private equity dynamics in DACH
Germany, a key player in the European M&A landscape, boasts a robust economy and a significant presence in cross-border transactions, particularly in the technology, healthcare, automotive, and industrials sectors. DACH private equity professionals are gearing up for a surge in activity, fuelled by a backlog of deals from 2023 and the anticipation of fresh opportunities in 2024. Join this exclusive session where industry leaders will dissect the intricacies of the DACH M&A landscape, focusing on the unique considerations and strategies employed by both private equity sponsors and corporates in cross-border transactions.
- How are private equity firms approaching deal origination? What is the role of strategic partnerships and networks in deal sourcing?
- In the context of cross-border M&A, how do private equity sponsors structure deals to strike the right balance between risk and reward for optimal outcomes?
- What are the distinctive approaches utilised by private equity professionals in navigating the German M&A arena, from deal inception to post-merger integration?
- What exit opportunities exist for in cross-border transactions? How do private equity professionals position themselves for successful exits?
- Will 2024 see more mega-deals in Germany compared to 2023? What factors might contribute to a potential increase in large-scale transactions?
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10.25
- 10.35
CEST
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10.35
- 11.15
CEST
Panel: Navigating the future - DACH private equity fundraising & deployment
2023 saw a substantial increase in German private equity fundraising compared to previous years, with €4.88bn raised by buyout funds in the first nine months of 2023, according to Mergermarket data. Whilst there was an uptick the amount fundraised, the number of funds holding closes decreased from 16 to seven according to Mergermarket. This was against a backdrop of global structural changes and unique fund dynamics. Experts predict the 2024 German private equity market to be characterised by a dynamic interplay of higher interest rates, market uncertainties, and a tech-focused growth trajectory. Companies seeking equity financing in response to cash flow challenges create unique opportunities, while market corrections set the stage for nuanced valuation trends. As geopolitical and economic considerations shape the landscape, the DACH private equity outlook underscores the importance of strategic adaptability and a keen eye on tech opportunities for sustainable growth. This panel discussion will provide valuable perspectives for investors, shedding light on the factors influencing DACH private equity and what lies ahead in 2024.
- Despite geopolitical concerns, inflationary pressures and high interest rates, do panellists expect private equity activity to increase?
- How is competition for investments impacting activity? In the face of higher competition, how are funds using buy-and-build strategies to drive growth?
- What role do mega-funds play in the German landscape? How has their absence in recent years reflected a shift in private equity in Germany?
- What strong opportunities are there within the tech sector in DACH? Which companies demonstrate recurring revenue streams, such as those in cloud computing and software, and what is their potential for growth?
- What is the current valuation landscape in Germany? What are the exit opportunities for funds?
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11.15
- 11.40
CEST
Networking coffee
11.40
- 12.25
CEST
Panel: Innovations in financing structures – German private credit outlook
The private credit and financing market in Germany is poised for innovation and transformation in 2024, with a notable resurgence in private debt witnessed in the third quarter of 2023 (a 71% increase in deal count during 2Q23 compared to 3Q23 according to Debtwire), indicating a robust and adaptable financial landscape. Sustainability considerations, underscored by the integration of ESG principles into deals, are expected to gain prominence, reflecting a growing commitment to responsible financing practices. As the German private credit market navigates economic shifts, regulatory developments, and global trends, the outlook for 2024 presents a landscape marked by resilience, adaptability, and a commitment to shaping the future of financing in innovative ways. This panel will discuss:
- What has caused the resurgence in private credit witnessed in 2023? How do these levels compare to 2022 and 2021?
- Is sustainability becoming a key driver of investment decisions in financing practices?
- How are economic shifts in the German economy influencing the private credit market and financing structures?
- We’ve witnessed consolidation in the private credit manager space with DBAG’s acquisition of ELF Capital, will we see more consolidation in 2024?
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12.25
- 13.10
CEST
Panel: Private equity perspectives on the Mittelstand – Opportunities and challenges
The Mittelstand has been the backbone of the German economy and continues to be a focal point for private equity interest. As this dynamic sector undergoes transformation, understanding the intricacies of dealmaking in the Mittelstand has become paramount. Experts have cited the resilience and innovation in the space as unparalleled as the sector continues to attract global interest. Consolidation is also expected in the Mittelstand in sectors such as tech, healthcare, and life sciences. Upcoming situations include the potential sale of family-owned biologics CDMO IDT Biologika. Panellists will discuss:
- How have trends in dealmaking in the Mittelstand evolved in recent years? What are the emerging patterns and strategies employed by private equity professionals in navigating Mittelstand transactions?
- How does familial structure impact deal dynamics, and what considerations should be made when dealing with these entities?
- What role does transactional risk insurance play in Mittelstand dealmaking? Are there specific types of transactions or scenarios where this insurance is particularly beneficial?
- How can private equity professionals collaborate with Mittelstand companies to foster mutually beneficial partnerships? Are there specific sectors where collaboration is particularly promising?
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13.10
- 14.10
CEST
Lunch
14.10
- 14.55
CEST
Panel: The rise of family offices in Germany
Recent statistics show a notable increase in fundraising, strategic deployment, and successful exits within the family office sector. Family offices globally have started to move funds allocated to real estate towards start-ups, with the top ten family offices and family-backed investment companies investing in start-ups dominated by US and German players, including Germany’s Samwers’ Global Founders Capital and Picus Capital. Panellists will debate:
- How are family offices strategically deploying capital? Are there distinctive investment strategies or preferences emerging?
- Can you highlight specific successful strategies employed by family offices for profitable exits?
- To what extent are family offices collaborating with traditional private equity firms in deal sourcing and execution?
- Are there anticipated shifts of developments that may further shape the trajectory of family office engagement?
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14.55
- 15.30
CEST
Fireside chat: German ECM outlook – Where are the exit opportunities for private equity funds?
The European IPO market was subdued in 2023, but several European companies are expected to launch rights issues in 2024 after a slowdown in cash call activity in 2023. In Germany, only three companies listed in 2023 – Ionos, Thyssenkrupp Nucera, and Schott Pharma. The total issuance volume significantly decreased to €1.9bn, marking the second-lowest value in the past ten years. Hope is directed towards 2024 with perfume chain Douglas and long-distance bus operator Flix prepared for IPOs. Techem and Stada might transition to the stock market from private equity ownership. DKV Mobility and Personio are also said to be considering their positions.
- What are the reasons for such low ECM activity in Germany recently? Are IPOs still an attractive exit option for private equity funds?
- How are industry-specific dynamics affecting IPO activity in the DACH region? What other exit opportunities remain attractive?
- How are alternative funding methods, such as SPACs and direct listings, impacting the traditional IPO landscape?
- Are private equity funds considering dual-track processes when they are considering exits?
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15.30
- 16.00
CEST
Networking coffee
16.00
- 16.45
CEST
Panel: Distress and insolvencies – Navigating challenges in Germany
Insolvencies in Germany are set to rise as German businesses are hit by a triple-whammy of high energy costs, inflation, and the end of post pandemic aid. Panellists will discuss:
- What are the key challenges that German companies are facing that are leading to insolvencies and why is the rest of Europe fairing differently?
- How is the intersection of higher funding costs, collapsing demand, and inflation leading to insolvencies in the German real estate sector in particular?
- Which strategies can businesses employ in restructurings?
- What is the outlook for German insolvencies for the rest of 2024 and beyond?
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16.45
- 17.15
CEST
Panel: Unlocking investment insights – LPs' perspectives on the German landscape
German private equity funds raised €4.88bn in the first nine months of 2023, showcasing an uplift of from last year’s annual total according to Mergermarket. However, in contrast to wider European trends, German funds tend to be on the smaller end of the scale, between the €250-€500m mark. As well as this, the number of funds holding closes in 2023 decreased from 16 to just seven. This panel will delve into the crucial perspectives of Limited Partners shaping the investment landscape. As LPs continue to play a pivotal role in driving private equity strategies and allocations, this session will provide an opportunity to gain deeper insights into their perspectives, preferences, and expectations within the German market. Discussion points will include:
- How are LPs strategically allocating their capital in the German market? What factors influence their decision-making process and portfolio diversification strategies?
- How do LPs balance risk and return in the context of the German landscape? What is the appeal of smaller funds in Germany?
- To what extent are ESG considerations in LPs’ investment strategies in Germany?
- What is the outlook for co-investments with GPs in Germany?
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17.15
- 18.15
CEST
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Michael joined Triton, a leading European mid-market sector-specialist investor, in 2016. Triton focuses on businesses that provide important goods and services in the Industrial Tech, Business Services, and Healthcare sectors. Prior to joining the firm, he held various senior management positions at Hilti Corporation. Among others, he served as VP Sales in Germany, Senior Vice President Marketing & Key Accounts for Region North America and most recently, Michael was a member of the Group Executive Management Team with global responsibility for the Energy & Industry division. Earlier in his career, he worked at McKinsey & Company as an Engagement Manager in the German and South-East-Asia offices. Michael holds a degree in social and economic sciences from Johannes Kepler University, Linz and an MBA from the Goizueta Business School at Emory University, Atlanta.
With a multi-jurisdictional background in law, Andrejs displayed a keen and early interest for corporate investigations. Having worked in high-profile Southern European investigations for many years, he is now spearheading efforts to expand 36Brains' presence in Germany and Central Europe.
Holger Kleingarn, Managing Director and Head of Germany at H.I.G. Capital, is a German national who has been working in the Private Equity Industry since fifteen years. Throughout his private equity career, Holger has emphasized on mid-cap buyouts, growth investments and turnarounds across Europe with a focus on the German-speaking countries. Prior to joining H.I.G. Capital, he was a Partner and Member of the Management Committee at London-based Palamon Capital Partners, a private equity group focusing on mid-sized companies across Europe. Previously Holger has lead the management-buy-out of a Mittelstand software company as CEO. He started his career in strategic management consulting with Bain & Company and Roland Berger, latterly as Partner and member of its financial services management team. Holger holds a doctoral degree in business administration and graduated from the University of Hamburg.
Roumyana Schnettler brings over 15 years private equity experience. She worked previously at 3i in Germany and UK and Arle Capital Partners in UK, always with focus on the German PE market. She started her career at Deloitte Transaction Services in Dusseldorf, Germany. Roumyana Schnettler holds a MBA from Purdue University, Krannert Graduate School of Management, USA, and Bachelor’s Degree in International Business from the Fachhochschule Reutlingen, School of International Business, Reutlingen, Germany.
Dominik joined Verdane in May 2023 and is responsible for Verdane’s presence and activities in the DACH region across all investment strategies.
Prior to Verdane, Dominik was a partner at EMH Partners, where he carried out numerous investments in software, healthcare, and B2B service companies. Before joining EMH, he was a Director at Chequers Capital where he led many transactions in the German mid-market segment. Dominik started his career at Barclays Capital in Leveraged Finance and Financial Sponsor Coverage.
He holds a B.A. in European Business from Dublin City University and a diploma in Business Administration from ESB Reutlingen.
Johannes joined Adagia Partners at beginning of 2021 as Partner and Head of DACH. He has 13 years of experience in private equity with a focus on investments in the German Mittelstand. His industry expertise covers Healthcare, Business Services, Tech industries.
Before joining Adagia Partners, he has worked for Ambienta and Capiton AG in Germany. He started his carrier in the Droege Group, a German turnaround investor and advisory holding company where he developed transformative expertise in various roles.
Overall, he was involved in five principal and several add-on investments in various countries and regions including Germany, Switzerland, Austria, Benelux and CEE regions.
Johannes sits on the board of Schwind Eye-Tech-Solutions.
He holds a BSC in International Business from Maastricht University and a MSC in Finance & Investments from RSM Erasmus University.
Christian is the Founder and Managing Partner of ELF Capital Group. He is actively involved in the sourcing and underwriting of new deals and chairman of ELF’s investment committee. Prior to founding ELF, Christian was a Partner at ESO Capital. Christian also has been a Managing Director and Head of Restructuring and Capital Structure Advisory at Lazard. He carries over 25 years of investment experience in debt and equity instruments having been in senior positions with Anchorage Capital, Cerberus Capital Management and Doughty Hanson in both London and Frankfurt.
Delano Furtado is a senior member and Partner of the Corporate practice group at Trilegal. Delano heads the firm’s Mumbai offices and served as a member of the first nominated Board of Trilegal until March, 2024. His primary practice areas are mergers and acquisitions, joint ventures, private equity, venture capital and corporate restructuring transactions. Delano has over 22 years of corporate law experience having advised and represented several multinational corporations and sovereign funds on their India entry and exit strategies, acquisitions and joint venture transactions. He specialises in strategic M&A and has broad experience in complex, cross-border M&A and PE deals. He works with clients across sectors, with a special focus on Energy and Infrastructure, Automotive (EV and Mobility solutions), Manufacturing, FMCG, Hospitality and Retail, InformationTechnology Enabled Services, Healthcare, etc. Delano works with clients from across Europe, the Middle East/GCC and the United States and has been part of the firm’s efforts in building its Indo-German client practice over the years. Delano is also part of the Defence practice in the firm and represents some of the largest U.S. and French Defence manufacturers in advising them on regulatory and transactional aspects in India.
Robert heads WTW’s M&A team in DACH, which includes the insurance due diligence as well as M&A insurance broking practice. He has been in the insurance industry for more than 24 years, of which around 20 years in the M&A advisory space, focusing on private equity and corporate M&A transactions in all industries, including infrastructure and renewable energy. The remainder of years in the industry, Robert has gained experience in managing and servicing international insurance programmes of some major global corporations. Prior to joining WTW in 2019, Robert lead the M&A advisory teams at two global insurance brokers in the DACH region.
Irina is an SPA & Dispute advisory partner at Deloitte, focusing on accounting advice in SPA (Share Purchase Agreement) negotiations, quantum expertise in Post M&A disputes and expert witness work in International Arbitrations. Irina has been working for more than 25 years in a Big4 consulting environment (Audit, Deals and Forensic) and her experience covers many aspects of accounting and financial matters, including post M&A disputes, loss of profits claims, construction claims, contractual disputes and shareholders disputes.
Irina is an internationally qualified professional accountant (US GAAP and IFRS accounting standards) and holds an executive MBA from Columbia Business School.
Uwe Kolb joined Bridgepoint in 2006 and was the partner responsible for the German speaking region and member of the Bridgepoint Group Operating Committee and Investment Committee. He then took over the role as Chairman and Advisory Partner. He has previously worked as a Partner at Permira. Prior to Permira, Uwe was the Managing Partner of PwC‘s transaction services team in Germany and was the Managing Partner of the PwC EMEA Mid Market Practice. Uwe now shares his longstanding experience as an investor, Non-Executive and Senior Advisor at owner/board room level for family offices and Mittelstand companies.
Marc Brugger, Chief Executive Officer and Chief Financial Officer of HQ Capital, has been working in finance for 25 years. Marc, who joined HQ Capital beginning of 2023, is responsible for the global strategy of the business, its fundraising activities and the management of the organization as a whole.
In addition, Marc is a Partner and Managing Director at LFPI Group (since 2007), where – prior to joining HQ Capital - he was in charge of the indirect Private Equity business of LFPI Group, based in Geneva and New York.
Marc is a member of LFPI Group’s Global Risk and Investment Committees for all Private Equity and Private Debt investment activities and in charge of the investor relations in the DACH region for LFPI.
Marc holds a Bachelor degree in Banking from Baden-Wuerttemberg Cooperative State University Villingen-Schwenningen.
Rajaa is a PE investor and financial entrepreneur with 25 years of experience across private markets globally. She worked as a GP in different funds focused on the mid markets and as an LP with family offices in UK and across Europe. She is the founder and CEO of Calista Direct Investors, an independent investment platform dedicated to partnering with Single Family Offices, as their “outsourced dealteam” across the board (www.calistadirectinvestors.eu).
Rajaa sits on several PE-related family-owned boards in Luxembourg where she moved in 2016, after 15 years in London. She was awarded “Inspirational Woman in Finance” in 2020 and led the Luxembourg Private Equity Association (LPEA), between 2018 and 2020. There, she launched the PE4W platform to promote Women in PE and the LPEA Insights conference series. Rajaa also supports young artists and musicians and participates in local charity projects.
Rajaa was born and raised in Morocco, studied in France and spent most of her career in the UK. She speaks 6 languages and is a graduate of HEC Paris (Grande Ecole) and INSEAD (MBA). Rajaa holds three nationalities: Moroccan, Luxembourgish and British.
Catherine Ford is a consultant editor for the events division at Mergermarket. She is a consultant editor to event programmes, and engaged in the development of timely editorial content for global corporate finance, M&A and capital markets related conferences and events. She routinely moderates discussion panels at conferences across the region. She has worked for Mergermarket since early 2002, holding a number of senior editorial roles in the company’s European, US and Asia-Pacific head offices.
Dr Knut Sauer, LL.M. (University of Chicago), a German Rechtsanwalt and admitted as attorney at law in the State of New York, is a partner in our German corporate department and heads our German Equity Capital Markets practice. He has extensive experience in a broad range of capital markets and corporate transactions of listed companies, in particular IPOs, capital increases and rights offerings, block trades and private placements, convertible and exchangeable bonds, bonds with warranties, high yield and investment grade bonds as well as takeover offers and other public M&A transactions. His practice also includes capital markets-related regulatory advice and corporate governance matters.
Johannes is an Investment Advisory Professional at Triton with focus on the industrial technology and automation sector. Johannes joined Triton from KPMG AG in Frankfurt, where he worked as consultant in Transaction Advisory Services. Previously, Johannes worked at KPMG AG in the audit department and in Finance at Voith GmbH. He is a CFA Charterholder and has a Bachelor of Arts in Business Studies.
Marko Maschek combines engineering education with entrepreneurial acumen. He grew up near Stuttgart and was an employee in the family-owned company during his school days.
After his military service he worked in consulting and software development patenting several developments in automotive applications.
Marko has been a VC- / PE- investor in Germany and the US since 1997 and co-founded Pinova and Marondo. He has been responsible for nearly 30 technology companies where some achieved a successful IPO.
Marko earned a degree in electrical engineering from KIT, an advanced degree in computer sciences from INSA (Lyon) and an MBA from Cambridge.
Catherine Ford is a consultant editor for the events division at Mergermarket. She is a consultant editor to event programmes, and engaged in the development of timely editorial content for global corporate finance, M&A and capital markets related conferences and events. She routinely moderates discussion panels at conferences across the region. She has worked for Mergermarket since early 2002, holding a number of senior editorial roles in the company’s European, US and Asia-Pacific head offices.
Johannes von Neumann-Cosel is an Investment Director Private Debt of Patrimonium. He is responsible for the sourcing and underwriting of new special situation investments in Germany, Austria, Switzerland and neighbouring countries and for the underlying investment process. Prior to joining the team in 2022, he filled several roles in Corporate Finance and Restructuring with FalkenSteg, Thomas Cook and Roland Berger. He graduated in international management from the ESCP-EAP.
Mr. Grobenski is Director and a member of the sourcing team, with a focus on deal origination, as well as bank and fund relationship management in Europe. Prior to joining Strategic Value Partners, Mr. Grobenski was Head of the EMEA loan sales & distressed debt sourcing team at Goldman Sachs International. He started his career at Dresner Kleinwort Wasserstein, the investment banking division of Dresdner Bank AG. Mr. Grobenski holds a BA in Business Administration from Baden-württemberg Cooperative State
University and a BA in Business Administration from The Open University.
Vahit Alili is a Senior Investment Director at the Private Equity team of Schroders Capital, the private markets investment division of Schroders Group. Vahit Alili joined Schroders Capital in 2019 and leads the firm’s European buyout and growth investments in the Healthcare industry. He joined Schroders Capital after 10+ years in European Healthcare Investment Banking where he advised private equity funds on M&A and capital markets projects, most recently with Lazard and Deutsche Bank. Since joining, Vahit has worked on a range of successful investment projects including direct growth investments, buyout co-investments as well as secondary and fund investments. His expertise covers in particular care services, pharma services, diagnostics, medical devices and digital platforms.
Britta Lindhorst is Managing Director, Head of European Investments and Global Head of ESG/Impact at HQ Capital in Bad Homburg. She has been with HQ Capital (originally founded by the Harald Quand family) since 2012 and has worked in finance for over 35 years.