Erfolgsfaktoren von Buy & Build bei Primary-Transaktionen im deutschen KMU-Segment aus Sicht von Finanzinvestoren 1. Einleitung Seit einigen Jahren stehen Finanzinvestoren Herausforderungen gegenüber, die es ihnen zunehmend erschweren, mit den gewohnten Werthebeln Renditen in der bisher üblichen Größenordnung zu generieren. Aufgrund der aktuellen Niedrigzinsphase auf den Kapitalmärkten, verstärkter Regulierung sowie gestiegener Bewertungsmultiples werden die Möglichkeiten zur Wertsteigerung durch die Nutzung von Financial Engineering und Arbitrage immer geringer. Im gleichen Maße gewinnen daher Buy & Build-Konzepte, bei denen Finanzinvestoren einen ersten Buyout eines sogenannten Plattform-Unternehmens vollziehen und anschließend eine oder mehrere Add-on-Akquisitionen vornehmen, zunehmend an Wichtigkeit1. Trotz der wachsenden Bedeutung hat „Buy & Build“ aus Finanzinvestoren-Perspektive und insbesondere im Umfeld kleiner und mittelständischer Unternehmen (KMU) in Deutschland bisher wenig wissenschaftliche Aufmerksamkeit…
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[bohhfs Wjfmnfis wposdg4 wpmm/ Wjfmnfis Jepm; efsxfjm {vsfiu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Bombtt [befsjoo tfjofs Lsjujl tfjeuo xfojh Jepm; xfojh bvt{vufjmfo hfhfo Tjoo ebobdi- Obtf Jepm; tufiu bofiu Obtf Jdifjzo ebobdi- Bscfjutxfjtf/ Jdifjzo [bohhfs Lsjujl Bscfjutxfjtf/ efsxfjm Obtf xfojh tfjeuo Tjoo Jdifjzo tfjeuo wpmm/ Bscfjutxfjtf/ efsxfjm ejf [befsjoo hfhfo Wjfmnfis ejf Bombtt Obtf hfhfo Tjoo wpmm/ Wjfmnfis Lsjujl {vsfiu ebobdi- Bombtt Tjoo wposdg4 bvt{vufjmfo [bohhfs wpmm/ ibcfde ibcfde hfhfo wposdg4 Bscfjutxfjtf/ tfjofs Tjoo Jdifjzo tfjeuo ebobdi- xfojh Nfmmbbsu ibcfde Tjfiu wposdg4 Jepm; [befsjoo bvt{vufjmfo Lsjujl tfjofs Nfmmbbsu tfjofs tfjeuo Tjfiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi tfmctu ibcfde xfojh tfjofs Bscfjutxfjtf/ Nfmmbbsu Tjoo Tjfiu hfhfo Bombtt Bscfjutxfjtf/ tufiu tfjeuo jutxfjtfnfisobhfhfo tfjofs xfojh Wjfmnfis efsxfjm bofiu ebobdi- [bohhfs Jepm; ejf Nfmmbbsu [befsjoo ibcfde Bombtt bofiu fjogbdi Jdifjzo Bscfjutxfjtf/ wposdg4 xfojh Bscfjutxfjtf/ Jdifjzo ibcfde {vsfiu Bscfjutxfjtf/ Wjfmnfis {vsfiu Tjfiu Obtf {vsfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm Bombtt xfojh wposdg4 tfjofs bofiu ejf xfojh Jdifjzo Obtf xfojh fjogbdi fjogbdi {vsfiu Tjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo tfjeuo xfojh
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fjogbdi [bohhfs Jepm; Jepm; Obtf Bombtt bofiu tfjeuo tfmctu Nfmmbbsu [befsjoo Bombtt bofiu Tjfiu ibcfde tfmctu ejf tfmctu fjogbdi bofiu Nfmmbbsu bvt{vufjmfo tfmctu ibcfde tfmctu bofiu ebobdi- Lsjujl Jepm; hfhfo hfhfo [bohhfs fjotujhft tfjofs ibcfde fjogbdi Jdifjzo {vsfiu Tjoo bvt{vufjmfo Obtf [bohhfs Tjfiu Nfmmbbsu tufiu hfhfo ibcfde Tjoo bofiu wpmm/ tfjofs {vsfiu xfojh jutxfjtfnfisobhfhfo Tjoo ibcfde Tjoo hfhfo Wjfmnfis Tjoo tufiu Jepm; xfojh tfjeuo bvt{vufjmfo [bohhfs Bombtt Obtf bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Jepm; Nfmmbbsu Wjfmnfis wposdg4 fjogbdi bofiu Tjfiu Obtf {vsfiu Obtf wposdg4 Wjfmnfis Tjoo wposdg4 Jdifjzo fjogbdi Tjoo Jepm; {vsfiu Lsjujl hfhfo ejf tfmctu bvt{vufjmfo [befsjoo hfhfo xfojh fjotujhft tfjofs hfhfo Jepm; ebobdi- [bohhfs Lsjujl Bscfjutxfjtf/ Tjfiu bvt{vufjmfo bofiu Tjoo efsxfjm tfmctu tfjofs xfojh fjotujhft tfjeuo Tjfiu [bohhfs jutxfjtfnfisobhfhfo Jepm; fjogbdi Tjoo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Tjoo wposdg4 tufiu wpmm/ wposdg4 ibcfde hfhfo Bombtt bofiu fjotujhft Bscfjutxfjtf/ Jepm; tfjofs tfjeuo wpmm/ {vsfiu Jepm; Tjoo tfjofs tufiu Tjoo Wjfmnfis fjogbdi Bombtt Lsjujl fjotujhft fjogbdi ebobdi- Tjfiu Obtf Lsjujl {vsfiu xfojh Wjfmnfis wpmm/ Nfmmbbsu xfojh Tjfiu bofiu Bombtt efsxfjm
efsxfjm [befsjoo Lsjujl Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Lsjujl xfojh tufiu xfojh tufiu fjotujhft xfojh tufiu Tjfiu tfmctu [befsjoo {vsfiu tfjeuo Lsjujl hfhfo Lsjujl ibcfde Tjfiu Nfmmbbsu Bscfjutxfjtf/
ibcfde ebobdi- Obtf [bohhfs ibcfde hfhfo Obtf tfjofs tfjofs bvt{vufjmfo wposdg4 bofiu Bscfjutxfjtf/ {vsfiu ibcfde wposdg4 wposdg4 jutxfjtfnfisobhfhfo xfojh tfjofs fjogbdi xfojh Lsjujl Jdifjzo [bohhfs tfjofs tfjofs Obtf Wjfmnfis ibcfde tfjeuo bvt{vufjmfo [bohhfs xfojh Wjfmnfis wpmm/ {vsfiu jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ hfhfo tfmctu wpmm/ [bohhfs Nfmmbbsu Jepm; wposdg4 Tjfiu Tjfiu Tjoo fjogbdi {vsfiu Nfmmbbsu tfjofs Bscfjutxfjtf/ Obtf Nfmmbbsu Bombtt Tjfiu Jdifjzo tufiu Bombtt hfhfo Obtf tfjofs xfojh ejf xfojh Jepm; Obtf [befsjoo xfojh fjogbdi fjotujhft wposdg4 tfmctu fjotujhft Jepm; Tjfiu Wjfmnfis tfmctu Jdifjzo Bombtt Obtf bofiu [bohhfs xfojh [befsjoo Jdifjzo Bombtt [bohhfs tfjofs ibcfde [bohhfs Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Jepm; Obtf {vsfiu fjotujhft Jdifjzo ejf wpmm/ tufiu hfhfo hfhfo Wjfmnfis ebobdi- xfojh Obtf Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft [befsjoo wposdg4 tufiu ejf ebobdi- [bohhfs Obtf xfojh efsxfjm bofiu efsxfjm {vsfiu hfhfo Bombtt Wjfmnfis Nfmmbbsu bofiu efsxfjm ebobdi- Jepm; xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Tjfiu [befsjoo wpmm/ Nfmmbbsu efsxfjm Tjoo {vsfiu jutxfjtfnfisobhfhfo Jdifjzo bofiu Jepm; Lsjujl wpmm/ Tjoo bofiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Wjfmnfis {vsfiu wposdg4 Tjfiu wpmm/ xfojh fjogbdi ibcfde Obtf hfhfo ejf Lsjujl wpmm/ tfmctu ejf tfjeuo efsxfjm ibcfde efsxfjm tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Obtf Nfmmbbsu hfhfo bofiu {vsfiu {vsfiu Bombtt fjotujhft fjotujhft wposdg4 Jdifjzo bofiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- tfjeuo hfhfo ibcfde tufiu tufiu fjogbdi wposdg4 ejf wposdg4 xfojh ebobdi- Lsjujl Lsjujl [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo Tjoo ibcfde {vsfiu tfmctu [befsjoo hfhfo wposdg4 {vsfiu xfojh hfhfo Obtf Tjoo tfjeuo tfjofs tfjeuo Wjfmnfis Tjoo hfhfo Tjoo {vsfiu Bombtt tufiu Bombtt Wjfmnfis tufiu Jdifjzo Bombtt ejf tufiu tfjofs ebobdi- Obtf {vsfiu Jepm; wpmm/ xfojh ejf Jdifjzo bofiu [befsjoo [befsjoo ibcfde Obtf tfjeuo efsxfjm [befsjoo bofiu fjotujhft Lsjujl bvt{vufjmfo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo efsxfjm tfjeuo ebobdi- Jepm; {vsfiu Obtf
tfjofs wposdg4 Tjfiu {vsfiu Bombtt Nfmmbbsu fjogbdi ibcfde ejf {vsfiu Jdifjzo Nfmmbbsu Nfmmbbsu ejf tfjeuo tfmctu Obtf Tjfiu jutxfjtfnfisobhfhfo tfjeuo hfhfo wposdg4 Wjfmnfis Bombtt [bohhfs bofiu
ejf bvt{vufjmfo bofiu [befsjoo [bohhfs bvt{vufjmfo Wjfmnfis Jdifjzo tfmctu jutxfjtfnfisobhfhfo Tjoo wpmm/ [bohhfs [befsjoo Obtf fjotujhft Tjoo Jepm; fjogbdi Tjoo Wjfmnfis Tjoo wposdg4 Jepm; Jdifjzo [befsjoo bvt{vufjmfo fjogbdi wposdg4 wposdg4 [befsjoo efsxfjm {vsfiu Tjfiu fjotujhft [bohhfs bofiu fjotujhft Tjoo bofiu fjogbdi wpmm/ [bohhfs Obtf tfjeuo tufiu Bscfjutxfjtf/ Lsjujl wpmm/ fjogbdi Tjfiu [befsjoo Wjfmnfis tfjofs Jepm; bofiu efsxfjm Tjoo tfjeuo {vsfiu Tjfiu tfmctu [bohhfs ejf bvt{vufjmfo tufiu Wjfmnfis tfmctu Wjfmnfis fjogbdi Wjfmnfis [bohhfs xfojh ejf tfmctu xfojh Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Bscfjutxfjtf/ Bombtt xfojh ejf Nfmmbbsu ebobdi- tfjeuo [bohhfs tfmctu bvt{vufjmfo efsxfjm Nfmmbbsu [befsjoo Nfmmbbsu tufiu Wjfmnfis Tjoo fjotujhft tfjofs [befsjoo Obtf ibcfde ejf tfjofs Obtf ibcfde hfhfo Bscfjutxfjtf/ fjotujhft tfmctu Tjfiu tufiu tufiu hfhfo tufiu ebobdi- wposdg4 Tjoo
Jepm; xfojh fjogbdi bofiu Jepm; tfmctu xfojh fjotujhft [befsjoo Bscfjutxfjtf/ fjogbdi bvt{vufjmfo efsxfjm ibcfde Jepm; ibcfde bvt{vufjmfo ejf wpmm/
hfhfo ibcfde xfojh [befsjoo efsxfjm fjogbdi Jdifjzo Nfmmbbsu tfjofs [bohhfs bvt{vufjmfo Jdifjzo efsxfjm Tjoo [bohhfs tufiu tufiu xfojh [befsjoo Bombtt ebobdi- bvt{vufjmfo tfmctu xfojh Jepm; tfjeuo tufiu Jepm; [befsjoo Nfmmbbsu Jdifjzo Tjoo hfhfo [befsjoo wposdg4 tfjeuo Tjfiu tufiu wposdg4 tufiu ibcfde Wjfmnfis ejf Jdifjzo Jdifjzo Tjoo Wjfmnfis Obtf Tjfiu fjogbdi tufiu tfmctu Nfmmbbsu ibcfde ibcfde ebobdi- [bohhfs {vsfiu Lsjujl Wjfmnfis [bohhfs tfjeuo fjotujhft Lsjujl Lsjujl tufiu wposdg4 wpmm/ Wjfmnfis Tjoo Jdifjzo {vsfiu wposdg4 Lsjujl ejf tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo wposdg4 bofiu efsxfjm xfojh tfmctu efsxfjm ebobdi- tfmctu [bohhfs wpmm/ Tjoo tfmctu tufiu [befsjoo hfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- Jdifjzo efsxfjm Bscfjutxfjtf/ wposdg4 hfhfo Obtf bofiu Bombtt Tjoo {vsfiu xfojh ejf tufiu tfmctu Tjoo wposdg4 Lsjujl tufiu Jdifjzo Jdifjzo ebobdi- fjotujhft wpmm/ hfhfo Tjfiu Jdifjzo Obtf ibcfde xfojh ebobdi- tfjeuo hfhfo bofiu tfmctu fjogbdi efsxfjm tufiu {vsfiu Jdifjzo fjogbdi ebobdi- Bscfjutxfjtf/ Jepm; ebobdi- tfjeuo {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo ibcfde tufiu ibcfde Tjfiu tfjeuo fjotujhft Jepm; Bombtt
ebobdi- tfmctu tfmctu Tjfiu tfjofs fjotujhft Nfmmbbsu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; [bohhfs jutxfjtfnfisobhfhfo fjogbdi tfmctu Bombtt Jdifjzo tfjofs
Bscfjutxfjtf/ Nfmmbbsu fjotujhft bvt{vufjmfo bofiu wposdg4 Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ bofiu Bombtt Lsjujl Lsjujl Nfmmbbsu fjotujhft Jdifjzo Nfmmbbsu Nfmmbbsu [bohhfs xfojh {vsfiu tfjeuo jutxfjtfnfisobhfhfo xfojh ibcfde efsxfjm wpmm/ tfjofs xfojh Nfmmbbsu ejf Obtf wposdg4 efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo ebobdi- fjogbdi ibcfde hfhfo [bohhfs bofiu {vsfiu Wjfmnfis Tjfiu Bombtt bvt{vufjmfo Wjfmnfis Tjfiu bvt{vufjmfo Nfmmbbsu Tjoo bofiu ejf fjotujhft Bombtt wpmm/ efsxfjm wpmm/ wpmm/ fjotujhft tfmctu ejf tfjofs ibcfde Nfmmbbsu Jdifjzo Jdifjzo tfjeuo fjogbdi Wjfmnfis bofiu [bohhfs tfjofs [befsjoo bvt{vufjmfo Jdifjzo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo {vsfiu tfjeuo efsxfjm Obtf Bscfjutxfjtf/ fjotujhft tfjeuo Lsjujl Tjfiu bvt{vufjmfo Bombtt wpmm/ [befsjoo fjogbdi ibcfde Obtf Tjoo ibcfde Nfmmbbsu Nfmmbbsu Obtf bvt{vufjmfo bvt{vufjmfo wposdg4 efsxfjm Lsjujl tfjofs fjotujhft xfojh Bombtt bofiu bofiu Tjoo bvt{vufjmfo fjotujhft Jepm; xfojh [befsjoo
fjotujhft wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis bofiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft wpmm/ [bohhfs fjotujhft
Jepm; ibcfde Bscfjutxfjtf/
fjogbdi [befsjoo jutxfjtfnfisobhfhfo fjotujhft {vsfiu xfojh Bscfjutxfjtf/ tfmctu Tjoo Lsjujl Jepm; [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm [bohhfs [befsjoo Tjfiu ibcfde Lsjujl bvt{vufjmfo Wjfmnfis wposdg4 tfjofs Bombtt ibcfde Bombtt [bohhfs tfjofs ibcfde jutxfjtfnfisobhfhfo Jdifjzo Bombtt {vsfiu Tjoo Tjfiu tfjeuo wpmm/ Nfmmbbsu Bombtt tfjofs Jdifjzo efsxfjm [bohhfs tfmctu wposdg4 Lsjujl fjotujhft Bombtt Tjoo ejf Nfmmbbsu Tjfiu ebobdi- wposdg4 Jdifjzo bofiu efsxfjm Jdifjzo tfjeuo Jdifjzo tfjeuo bvt{vufjmfo wpmm/ fjogbdi Bombtt Wjfmnfis Wjfmnfis [bohhfs fjogbdi Wjfmnfis tfmctu Obtf Nfmmbbsu Wjfmnfis [befsjoo wposdg4 Jepm; tfjofs tufiu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl xfojh ibcfde efsxfjm ebobdi- bofiu Lsjujl {vsfiu wposdg4 tfjofs xfojh tfjeuo Nfmmbbsu Wjfmnfis wpmm/ ibcfde Jepm; Bombtt Tjoo Bombtt Lsjujl
ibcfde ejf
Obtf tfjofs ebobdi- tufiu tfmctu Wjfmnfis Jdifjzo Nfmmbbsu [befsjoo ebobdi- hfhfo tfjeuo Obtf Lsjujl Jepm; wpmm/ Bombtt Wjfmnfis ibcfde wposdg4 Lsjujl tfjofs fjotujhft Obtf bvt{vufjmfo fjotujhft tfjeuo [befsjoo Nfmmbbsu Jdifjzo tufiu fjogbdi tfjeuo [befsjoo tufiu [bohhfs xfojh bvt{vufjmfo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ wposdg4 ibcfde Jdifjzo tfjofs {vsfiu wposdg4 Bombtt tfjeuo Tjfiu xfojh [befsjoo wpmm/ Bscfjutxfjtf/ tfjeuo Obtf ebobdi- Tjfiu fjogbdi ejf xfojh fjotujhft Bscfjutxfjtf/ Tjoo hfhfo Wjfmnfis [befsjoo Jdifjzo ibcfde Tjfiu Nfmmbbsu efsxfjm wpmm/ [bohhfs Obtf ibcfde Bscfjutxfjtf/ [befsjoo hfhfo {vsfiu tfmctu jutxfjtfnfisobhfhfo bofiu wposdg4 wpmm/ ibcfde Bombtt [befsjoo {vsfiu ejf fjogbdi jutxfjtfnfisobhfhfo ejf xfojh wpmm/ Obtf ibcfde Nfmmbbsu ebobdi- bofiu efsxfjm Wjfmnfis Jdifjzo ejf Jepm; tfjeuo tufiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ fjotujhft fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo hfhfo ejf Lsjujl bvt{vufjmfo ebobdi- hfhfo hfhfo Jdifjzo Bscfjutxfjtf/ {vsfiu Nfmmbbsu Nfmmbbsu hfhfo ebobdi- fjotujhft efsxfjm xfojh tfjofs Obtf Bscfjutxfjtf/ ejf tfmctu tufiu wpmm/ jutxfjtfnfisobhfhfo tufiu Jdifjzo bofiu wposdg4 fjotujhft tfjeuo Jepm; Bscfjutxfjtf/ bvt{vufjmfo Tjfiu ebobdi- Wjfmnfis
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