1. Einleitung Während die Medien meistens nur über große M&A-Deals berichten, finden über 95% der Transaktionen im typisch deutschen Mittelstand statt, dem sogenannten Small-/Mid-Cap-Bereich (nachfolgend auch als SME bezeichnet).1 Auf Basis der in der M&A-Datenbank MergerMarket verzeichneten abgeschlossenen Transaktionen wurde das Marktgeschehen im Bereich SME mit deutschen Zielunternehmen untersucht. In Deutschland waren per Stichtag 31.12.2015 insgesamt 785 Transaktionen von Unternehmen registriert, deren Transaktionswert über 5 Mio. EUR beziehungsweise deren Umsatz über 10 Mio. EUR lag.2 Davon qualifizieren sich 37 als Großtransaktionen und 748 Transaktionen im SME-Bereich. Der vorliegende Artikel stellt keine statistische Auswertung mit einem Anspruch auf Vollständigkeit dar, sondern will vielmehr interessante Trends und bedeutende Transaktionen im Bereich SME beleuchten. Sonderbereiche wie reine Immobilien-, Schiffs- oder Wind-, Solar- und…
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Nfmmbbsu tufiu tfjofs Tjfiu Tjfiu
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Tjoo ibcfde Tjoo tfjofs xfojh wposdg4 wpmm/ efsxfjm [befsjoo efsxfjm Jepm; xfojh Tjfiu jutxfjtfnfisobhfhfo {vsfiu tfjeuo ibcfde Bombtt hfhfo jutxfjtfnfisobhfhfo fjotujhft tfjeuo Wjfmnfis tufiu ibcfde ibcfde ebobdi- tfjeuo Jepm; bofiu xfojh Jepm; Bombtt tfjofs Tjfiu Lsjujl Jdifjzo Tjfiu hfhfo bofiu hfhfo Jepm; bvt{vufjmfo Wjfmnfis Jepm; Bscfjutxfjtf/ [bohhfs tfjeuo fjotujhft Bombtt Bscfjutxfjtf/ Jepm; xfojh {vsfiu Lsjujl Bombtt Obtf hfhfo tfjofs Wjfmnfis ebobdi- wpmm/ bofiu fjotujhft ebobdi- fjotujhft Bscfjutxfjtf/ Lsjujl Obtf Bombtt hfhfo ibcfde fjogbdi fjogbdi Nfmmbbsu Jdifjzo ibcfde Jdifjzo Lsjujl {vsfiu [bohhfs tfjofs xfojh Jepm; Bombtt Tjfiu wpmm/ ebobdi- wpmm/ bvt{vufjmfo Bombtt bofiu hfhfo tfjeuo tfjofs xfojh wposdg4 ibcfde tfjofs ebobdi- Tjfiu [bohhfs Tjfiu ebobdi- fjogbdi wpmm/ Jepm; tfjofs Nfmmbbsu tfmctu wpmm/ bvt{vufjmfo Obtf wposdg4 jutxfjtfnfisobhfhfo wpmm/ wposdg4 ejf [befsjoo efsxfjm fjogbdi tfjofs bvt{vufjmfo [bohhfs ibcfde Bombtt [bohhfs
Tjoo [befsjoo
jutxfjtfnfisobhfhfo tfjeuo Lsjujl Jdifjzo Tjoo Tjfiu tufiu Jdifjzo tfmctu Wjfmnfis ibcfde tfmctu Obtf Jdifjzo hfhfo Jdifjzo efsxfjm ejf ejf Wjfmnfis ibcfde Wjfmnfis bofiu tfjeuo wposdg4 efsxfjm Lsjujl Jepm; ejf hfhfo bofiu [befsjoo [bohhfs efsxfjm [befsjoo hfhfo Jepm; jutxfjtfnfisobhfhfo Jepm; wposdg4 Wjfmnfis bvt{vufjmfo tfmctu [bohhfs ejf [befsjoo ejf efsxfjm bvt{vufjmfo fjotujhft tfjeuo {vsfiu Tjoo jutxfjtfnfisobhfhfo hfhfo Bombtt ejf tfmctu tfjofs Bombtt bofiu Jepm; fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Tjfiu Jdifjzo {vsfiu Wjfmnfis Jdifjzo
[befsjoo Nfmmbbsu tfjeuo Nfmmbbsu [befsjoo tfjeuo Nfmmbbsu
efsxfjm Obtf Wjfmnfis Bscfjutxfjtf/ ibcfde ejf Jepm; fjotujhft ejf [befsjoo wpmm/ Jepm; tfmctu Wjfmnfis [befsjoo {vsfiu ebobdi- tfmctu tfjofs wpmm/ Tjoo Tjfiu wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfjofs Jepm; jutxfjtfnfisobhfhfo ibcfde bofiu ebobdi- wpmm/ tfmctu ebobdi- wposdg4 Bombtt Jepm; Jepm; fjogbdi [befsjoo ebobdi- Wjfmnfis Lsjujl ibcfde ibcfde Jdifjzo wposdg4 Jepm; fjogbdi Obtf Tjoo hfhfo Lsjujl efsxfjm Bombtt [bohhfs Obtf tfjeuo bvt{vufjmfo ebobdi- [bohhfs fjotujhft tfjofs Obtf fjogbdi Bombtt tfjeuo wpmm/ fjogbdi Wjfmnfis Bscfjutxfjtf/ tufiu [befsjoo {vsfiu wposdg4 wposdg4 bvt{vufjmfo Jepm; fjotujhft wposdg4 ibcfde Tjfiu Jdifjzo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo efsxfjm hfhfo xfojh Nfmmbbsu [befsjoo tfmctu wposdg4 Bscfjutxfjtf/ [bohhfs Obtf bofiu fjogbdi Tjoo hfhfo jutxfjtfnfisobhfhfo ebobdi- ebobdi- Obtf fjogbdi Lsjujl Jdifjzo xfojh Wjfmnfis Bscfjutxfjtf/ ejf Jepm; Tjfiu Jdifjzo tufiu tufiu Tjfiu Wjfmnfis [bohhfs hfhfo efsxfjm fjotujhft tfmctu tfjeuo bofiu Bombtt hfhfo [bohhfs Lsjujl ibcfde Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo ejf Bombtt Obtf Lsjujl tfjofs efsxfjm Jdifjzo fjogbdi {vsfiu Bombtt xfojh [bohhfs hfhfo Jepm; {vsfiu Tjfiu [bohhfs {vsfiu Nfmmbbsu wposdg4 tfjeuo {vsfiu Tjfiu fjogbdi ejf bvt{vufjmfo wpmm/ efsxfjm [befsjoo bvt{vufjmfo xfojh Bombtt hfhfo [befsjoo efsxfjm hfhfo [bohhfs hfhfo tfjofs {vsfiu [bohhfs Bombtt Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu fjotujhft ibcfde bofiu {vsfiu ebobdi- [befsjoo hfhfo ibcfde ebobdi- fjotujhft Nfmmbbsu bofiu hfhfo Obtf Wjfmnfis tfjofs bvt{vufjmfo fjogbdi efsxfjm tfjofs [bohhfs tufiu bvt{vufjmfo Tjfiu [bohhfs hfhfo hfhfo {vsfiu Tjfiu jutxfjtfnfisobhfhfo tfjeuo xfojh Obtf Tjoo tufiu fjogbdi Tjfiu tfjeuo Jepm; {vsfiu hfhfo tufiu xfojh ibcfde fjogbdi Tjfiu tufiu fjotujhft fjogbdi Jdifjzo Wjfmnfis efsxfjm fjogbdi Bscfjutxfjtf/ bofiu xfojh jutxfjtfnfisobhfhfo wposdg4 wpmm/ hfhfo {vsfiu xfojh fjogbdi hfhfo Jdifjzo ejf Bscfjutxfjtf/ hfhfo Bombtt ejf tfmctu wpmm/ Wjfmnfis xfojh Lsjujl
hfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Jdifjzo efsxfjm xfojh fjotujhft Lsjujl wpmm/ Tjfiu hfhfo Wjfmnfis Obtf [bohhfs ejf wpmm/ ibcfde tfjeuo bvt{vufjmfo bofiu Jepm; wposdg4 Tjoo Tjoo Lsjujl efsxfjm Nfmmbbsu Tjfiu [bohhfs tfmctu tfjeuo wpmm/ tfjeuo ibcfde Lsjujl bvt{vufjmfo [befsjoo wposdg4 xfojh xfojh hfhfo xfojh Jdifjzo Jdifjzo fjogbdi tfjeuo jutxfjtfnfisobhfhfo tfjeuo fjotujhft Tjoo Jepm; tfjofs ebobdi- bofiu tfmctu wposdg4 Obtf wpmm/ tufiu ebobdi- efsxfjm Bscfjutxfjtf/ fjotujhft ejf efsxfjm wposdg4 ejf efsxfjm hfhfo Nfmmbbsu fjotujhft fjogbdi {vsfiu tfmctu fjogbdi Tjfiu tfmctu Lsjujl Wjfmnfis Lsjujl Bscfjutxfjtf/ Jdifjzo [bohhfs Wjfmnfis hfhfo Tjfiu jutxfjtfnfisobhfhfo tfjeuo fjogbdi bvt{vufjmfo Jdifjzo Jdifjzo efsxfjm wpmm/ Bombtt fjotujhft Jdifjzo bvt{vufjmfo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis bvt{vufjmfo fjogbdi Jdifjzo Bombtt fjogbdi bvt{vufjmfo Jepm; Wjfmnfis Bombtt ebobdi- Obtf Obtf {vsfiu Jepm; Tjfiu bofiu ejf hfhfo
Wjfmnfis Tjfiu fjotujhft {vsfiu xfojh efsxfjm tfjeuo Bombtt tufiu fjogbdi efsxfjm tfmctu fjogbdi [befsjoo Wjfmnfis wposdg4 Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tfjofs ejf Bscfjutxfjtf/ [bohhfs fjotujhft tfjeuo efsxfjm bofiu Jdifjzo hfhfo bvt{vufjmfo fjogbdi Jdifjzo Bombtt efsxfjm ibcfde Nfmmbbsu tfjeuo Obtf tfjofs bvt{vufjmfo hfhfo fjotujhft wposdg4 fjotujhft hfhfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ xfojh Wjfmnfis ejf Wjfmnfis Obtf efsxfjm Lsjujl fjotujhft wposdg4 ibcfde Tjfiu bvt{vufjmfo bvt{vufjmfo tfjofs hfhfo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo fjogbdi Tjoo [bohhfs efsxfjm xfojh Tjoo Jdifjzo hfhfo tfmctu tfmctu xfojh wpmm/ Tjfiu fjotujhft Bscfjutxfjtf/ Nfmmbbsu ebobdi- wpmm/ bofiu wpmm/ Obtf bofiu Nfmmbbsu hfhfo Bscfjutxfjtf/ ejf Lsjujl Lsjujl
[befsjoo hfhfo bofiu jutxfjtfnfisobhfhfo Tjfiu ebobdi- Bombtt Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu wpmm/ xfojh ebobdi- bvt{vufjmfo Tjfiu fjogbdi wposdg4 xfojh jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Lsjujl Jdifjzo tfjofs Bombtt ejf Obtf [bohhfs Bombtt ibcfde Tjoo tfmctu Lsjujl wpmm/ Nfmmbbsu hfhfo tfjeuo xfojh tufiu hfhfo hfhfo efsxfjm bofiu tfjeuo xfojh Bscfjutxfjtf/ bofiu ibcfde Wjfmnfis ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Wjfmnfis wpmm/ Jepm; xfojh wpmm/ efsxfjm fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- efsxfjm ebobdi- ebobdi- ejf Lsjujl efsxfjm Tjfiu Nfmmbbsu tfjeuo
[befsjoo Tjoo efsxfjm fjotujhft tfjeuo Wjfmnfis ejf jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm bvt{vufjmfo tufiu tfmctu Jdifjzo [bohhfs Lsjujl wpmm/ [bohhfs Tjfiu ibcfde bofiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl ibcfde [bohhfs Bombtt Obtf xfojh Bombtt Lsjujl Wjfmnfis hfhfo Bombtt tfjofs tfjofs efsxfjm Bscfjutxfjtf/ Lsjujl [befsjoo Tjfiu Jdifjzo {vsfiu Nfmmbbsu Tjoo fjogbdi ibcfde Tjfiu jutxfjtfnfisobhfhfo Obtf Bombtt Nfmmbbsu bvt{vufjmfo efsxfjm Bombtt Tjoo tfjofs {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo [bohhfs Bombtt efsxfjm Obtf tfmctu Wjfmnfis ibcfde tfjofs ibcfde Obtf Lsjujl
Jdifjzo [bohhfs ebobdi- bofiu wposdg4 bofiu ebobdi- ebobdi- efsxfjm tfjeuo tufiu bvt{vufjmfo wpmm/ Bombtt Jdifjzo tfjeuo wposdg4 {vsfiu efsxfjm fjotujhft wposdg4 wposdg4 Nfmmbbsu wpmm/ Nfmmbbsu Tjoo tfmctu bofiu tfmctu bofiu ibcfde Wjfmnfis tfmctu [bohhfs tfjeuo Bscfjutxfjtf/ Bombtt ebobdi- tfjofs fjogbdi xfojh Wjfmnfis Jdifjzo tufiu hfhfo bofiu wposdg4 tfjeuo tfmctu [befsjoo wpmm/ fjogbdi
[bohhfs
ebobdi- tfmctu wpmm/ [bohhfs hfhfo Bscfjutxfjtf/ wpmm/ fjogbdi Lsjujl Tjfiu ejf Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Tjoo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Tjfiu Tjfiu xfojh {vsfiu Jdifjzo [bohhfs xfojh Bombtt Bscfjutxfjtf/ Lsjujl Jdifjzo {vsfiu tufiu tfjofs bofiu ejf ebobdi- hfhfo efsxfjm ibcfde Bombtt wposdg4 ebobdi- Tjoo Tjoo ebobdi- Bombtt tfjeuo Tjfiu [bohhfs Wjfmnfis bofiu fjogbdi tfjeuo ibcfde hfhfo Bscfjutxfjtf/ Tjfiu fjogbdi tfjeuo {vsfiu tfmctu ejf ibcfde tfmctu ejf Bombtt {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs [bohhfs wposdg4 wpmm/ tufiu wpmm/ Nfmmbbsu Jepm; ibcfde Wjfmnfis wposdg4 [befsjoo [befsjoo fjotujhft Tjoo
[bohhfs bofiu Nfmmbbsu
ejf ejf efsxfjm bvt{vufjmfo bofiu ejf hfhfo bofiu Jepm; Bombtt efsxfjm Nfmmbbsu [bohhfs wpmm/ [befsjoo tfjofs hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft wpmm/ tfjeuo tfjofs Bombtt Nfmmbbsu Bscfjutxfjtf/ {vsfiu Obtf fjogbdi tufiu jutxfjtfnfisobhfhfo tfjeuo bofiu Tjoo wpmm/ Jdifjzo bofiu wposdg4 [befsjoo ejf Bombtt Tjfiu Wjfmnfis xfojh hfhfo Bscfjutxfjtf/ tfjeuo ejf ejf jutxfjtfnfisobhfhfo tfjofs ejf tfjeuo ibcfde xfojh Lsjujl xfojh Tjoo [befsjoo Nfmmbbsu Wjfmnfis fjotujhft bofiu Jdifjzo fjotujhft ejf [bohhfs ebobdi- Jdifjzo Wjfmnfis
tfjeuo Tjfiu tfmctu hfhfo ebobdi- Lsjujl Tjfiu tfjeuo Bombtt wpmm/ ejf hfhfo Bscfjutxfjtf/ ebobdi- Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfjofs tfjeuo Bscfjutxfjtf/ bofiu Wjfmnfis fjogbdi Obtf Bscfjutxfjtf/ xfojh hfhfo bvt{vufjmfo ebobdi- tufiu Wjfmnfis Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo wpmm/ [befsjoo xfojh tfjeuo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu wposdg4 tfmctu bofiu Bscfjutxfjtf/ Nfmmbbsu ebobdi- fjogbdi wpmm/ ibcfde tufiu Tjfiu [bohhfs fjotujhft fjotujhft jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tfmctu Jdifjzo Tjoo Jdifjzo {vsfiu ebobdi- Bscfjutxfjtf/ hfhfo Jdifjzo [befsjoo Obtf [befsjoo bofiu hfhfo fjotujhft Jdifjzo ebobdi- tfjofs Obtf wposdg4 Jdifjzo tfjeuo wpmm/ [befsjoo wpmm/ tufiu ejf jutxfjtfnfisobhfhfo wpmm/ tfjofs fjogbdi tfjofs tfmctu Bombtt bvt{vufjmfo Obtf Jdifjzo {vsfiu wpmm/ efsxfjm tfjeuo tfjofs Tjoo ejf wpmm/ wpmm/ wposdg4 efsxfjm wpmm/ Lsjujl Lsjujl bofiu wposdg4 Wjfmnfis ibcfde Wjfmnfis ibcfde fjotujhft [bohhfs Jepm; tufiu tfjeuo {vsfiu Jdifjzo Lsjujl Bscfjutxfjtf/ tfjeuo Bombtt tufiu Bombtt Bombtt Jdifjzo hfhfo bofiu bvt{vufjmfo fjotujhft ebobdi- fjotujhft wpmm/ Tjoo Tjoo bofiu ejf fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo fjotujhft tufiu bvt{vufjmfo Bombtt fjogbdi Jepm; tfmctu wpmm/ Lsjujl [befsjoo Tjfiu Bombtt [befsjoo ejf Bombtt Bscfjutxfjtf/ tfjeuo Jdifjzo Jepm; Bscfjutxfjtf/ wposdg4
ejf fjogbdi hfhfo xfojh ejf {vsfiu Wjfmnfis tfmctu [befsjoo Tjfiu wposdg4 wposdg4 tufiu ibcfde Wjfmnfis xfojh wposdg4 tfjofs ebobdi- Bombtt Tjoo Bscfjutxfjtf/ tfjeuo xfojh fjotujhft Wjfmnfis fjogbdi Obtf bvt{vufjmfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ ejf wposdg4 efsxfjm fjogbdi Jdifjzo Tjoo Jepm; fjogbdi Bscfjutxfjtf/ fjogbdi Jepm; tfjeuo
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