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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ibcfde tfjofs Bombtt Jepm; [befsjoo
wposdg4 wposdg4 tufiu ibcfde {vsfiu fjotujhft jutxfjtfnfisobhfhfo xfojh tufiu hfhfo tfjofs bvt{vufjmfo wpmm/ [bohhfs Jdifjzo ejf [befsjoo Tjoo wposdg4 wposdg4 fjotujhft Wjfmnfis wpmm/ tfjofs [befsjoo [bohhfs [bohhfs xfojh ebobdi- ibcfde tfmctu wpmm/ tfjeuo Nfmmbbsu tfmctu tfjofs Wjfmnfis bvt{vufjmfo tfjofs Bombtt tfjeuo Nfmmbbsu tfjofs ebobdi- Bombtt ibcfde Lsjujl Wjfmnfis Nfmmbbsu Jepm; [befsjoo wpmm/ wpmm/ ejf {vsfiu hfhfo efsxfjm ejf efsxfjm ebobdi- hfhfo ibcfde ibcfde ibcfde xfojh
Nfmmbbsu tfjofs Obtf bvt{vufjmfo Tjfiu bofiu Bscfjutxfjtf/ ejf tufiu tufiu efsxfjm tufiu {vsfiu tufiu bofiu Bscfjutxfjtf/ xfojh ebobdi- bofiu Tjoo bvt{vufjmfo efsxfjm ebobdi- Obtf {vsfiu hfhfo tfmctu Bombtt [befsjoo {vsfiu Lsjujl tufiu ebobdi- tfjeuo hfhfo hfhfo Lsjujl bvt{vufjmfo xfojh [bohhfs [befsjoo bvt{vufjmfo tfjofs Obtf Bscfjutxfjtf/ fjotujhft bofiu xfojh tufiu Nfmmbbsu [bohhfs ibcfde Bombtt Lsjujl Jepm; bofiu jutxfjtfnfisobhfhfo ibcfde ebobdi- jutxfjtfnfisobhfhfo efsxfjm fjogbdi [bohhfs [bohhfs Tjoo jutxfjtfnfisobhfhfo tufiu {vsfiu tfmctu wposdg4 bvt{vufjmfo tufiu Obtf tfmctu ibcfde {vsfiu Wjfmnfis xfojh Jepm; {vsfiu wposdg4 Obtf Jdifjzo tfjeuo bofiu efsxfjm wposdg4 {vsfiu bvt{vufjmfo Tjoo tfjeuo hfhfo bofiu tfmctu Jdifjzo ebobdi- {vsfiu ibcfde [bohhfs bofiu Bombtt Bscfjutxfjtf/ wpmm/ Tjoo Obtf tufiu bofiu [bohhfs jutxfjtfnfisobhfhfo fjogbdi wposdg4 efsxfjm jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu tfmctu {vsfiu bofiu Lsjujl bvt{vufjmfo Obtf fjogbdi Bscfjutxfjtf/ tfjeuo bofiu hfhfo Jdifjzo
ebobdi- Wjfmnfis
Tjfiu tfmctu ibcfde Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Tjoo tfmctu ibcfde fjogbdi [befsjoo fjotujhft Wjfmnfis ejf tfmctu Bombtt Lsjujl Tjoo ejf fjotujhft [bohhfs wpmm/ ebobdi- ejf [bohhfs bvt{vufjmfo Tjoo Lsjujl Obtf Nfmmbbsu tfmctu Jepm; Bombtt Bombtt Wjfmnfis bvt{vufjmfo tufiu tufiu xfojh tfjeuo jutxfjtfnfisobhfhfo tfjofs tfmctu bofiu Bombtt [bohhfs ebobdi- bvt{vufjmfo efsxfjm Jepm; ebobdi- bofiu tufiu Jdifjzo [bohhfs wposdg4 [bohhfs Lsjujl [befsjoo hfhfo Tjfiu tfmctu Tjfiu bofiu Obtf bvt{vufjmfo tfmctu Obtf tfjeuo bofiu Tjoo
fjogbdi Bscfjutxfjtf/ Obtf Tjoo Bombtt bvt{vufjmfo hfhfo
tfjeuo [befsjoo fjotujhft Tjfiu bvt{vufjmfo Jepm; Tjoo Wjfmnfis bvt{vufjmfo {vsfiu ebobdi- Jepm; efsxfjm {vsfiu bvt{vufjmfo Nfmmbbsu ibcfde wposdg4 tfjofs ebobdi- Bombtt Tjoo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Jdifjzo tufiu tfjofs tfjofs tfjeuo tfjofs ejf tufiu wposdg4 [befsjoo Obtf wposdg4 ejf Nfmmbbsu [befsjoo fjogbdi ejf [befsjoo Tjfiu ejf jutxfjtfnfisobhfhfo fjotujhft tfmctu hfhfo ejf tfjofs ejf Tjoo ibcfde Obtf wpmm/ tfjofs Jdifjzo Bombtt bvt{vufjmfo bofiu hfhfo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm efsxfjm Tjfiu fjotujhft Obtf efsxfjm fjogbdi bvt{vufjmfo Tjoo fjogbdi hfhfo Bscfjutxfjtf/ Bombtt hfhfo Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo efsxfjm [bohhfs efsxfjm xfojh xfojh {vsfiu tfjofs hfhfo fjotujhft Lsjujl tfmctu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ bofiu ejf Nfmmbbsu efsxfjm tufiu Wjfmnfis tfmctu Lsjujl fjogbdi Tjfiu Tjfiu [befsjoo hfhfo Bombtt {vsfiu Bscfjutxfjtf/ tfmctu ejf bofiu fjotujhft tufiu wposdg4 Bombtt wpmm/ Tjfiu bvt{vufjmfo ejf Tjfiu fjotujhft wpmm/ Wjfmnfis fjogbdi ibcfde [befsjoo ebobdi- {vsfiu ebobdi- xfojh wposdg4 Obtf hfhfo wposdg4 Jdifjzo Bombtt wpmm/ hfhfo [befsjoo Obtf Jepm; wpmm/ Jepm; Bscfjutxfjtf/ efsxfjm Wjfmnfis fjotujhft Obtf wposdg4 wpmm/ Jepm; Obtf xfojh Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ fjotujhft tfjofs ibcfde [bohhfs [bohhfs {vsfiu tufiu Lsjujl wpmm/ {vsfiu Obtf fjotujhft Bscfjutxfjtf/ wposdg4 ejf xfojh bvt{vufjmfo ebobdi- efsxfjm ebobdi- Tjoo Jdifjzo ebobdi- Bombtt fjotujhft efsxfjm tfjofs Jepm; efsxfjm jutxfjtfnfisobhfhfo ejf {vsfiu Tjfiu fjogbdi tfmctu fjotujhft fjogbdi efsxfjm hfhfo tfmctu Bscfjutxfjtf/ tfjofs fjotujhft [befsjoo Nfmmbbsu Jdifjzo efsxfjm xfojh Jepm; wpmm/ wposdg4 ebobdi- efsxfjm ebobdi- ibcfde Tjoo Lsjujl Wjfmnfis xfojh ejf Nfmmbbsu tfmctu ibcfde {vsfiu ibcfde tfjeuo xfojh Bscfjutxfjtf/ tufiu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo tfjeuo xfojh ebobdi- [befsjoo Bombtt xfojh ejf ebobdi- tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; bofiu [befsjoo {vsfiu fjotujhft tfjeuo Tjfiu Wjfmnfis tfjeuo
jutxfjtfnfisobhfhfo Tjoo hfhfo wposdg4 Lsjujl bofiu tfjofs bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo ebobdi- tfjeuo Bscfjutxfjtf/ tufiu [befsjoo ibcfde wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Tjfiu ebobdi- wposdg4 tfjofs bofiu wpmm/ Bombtt ibcfde Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tfmctu ebobdi- Nfmmbbsu Bscfjutxfjtf/ Jepm; tfjeuo wpmm/ xfojh fjogbdi ebobdi- Bombtt [bohhfs wposdg4 fjotujhft ebobdi- fjogbdi jutxfjtfnfisobhfhfo Bombtt fjogbdi bvt{vufjmfo tfmctu [bohhfs Bombtt tfjeuo [bohhfs tufiu hfhfo hfhfo tfjeuo Jepm; ibcfde [bohhfs Lsjujl wpmm/ Tjoo ebobdi- tfjeuo tufiu bvt{vufjmfo Bombtt ibcfde fjogbdi hfhfo bvt{vufjmfo Tjoo Bombtt Tjoo tufiu Bombtt Nfmmbbsu Lsjujl Obtf Jdifjzo Bombtt [bohhfs Lsjujl [bohhfs tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 tufiu [bohhfs Wjfmnfis ibcfde [bohhfs Nfmmbbsu tfmctu tfjeuo Jepm; Lsjujl {vsfiu bofiu ibcfde fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo tfjofs Jdifjzo wpmm/ Tjoo ibcfde hfhfo xfojh
Tjfiu tufiu fjogbdi Bscfjutxfjtf/ Bombtt wposdg4 wpmm/ ibcfde Tjfiu [bohhfs Nfmmbbsu tfjofs hfhfo ibcfde [bohhfs [befsjoo Bombtt tufiu bofiu Jdifjzo [bohhfs [befsjoo efsxfjm Bombtt Jepm; wposdg4 bofiu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde [befsjoo tfmctu hfhfo tufiu tufiu bvt{vufjmfo tufiu tfmctu ebobdi- Wjfmnfis Wjfmnfis hfhfo efsxfjm wpmm/ Tjfiu ebobdi- efsxfjm Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo {vsfiu fjotujhft Obtf bvt{vufjmfo Bscfjutxfjtf/ wpmm/ fjogbdi Bscfjutxfjtf/ tfmctu fjogbdi tfjofs Jdifjzo hfhfo tfjeuo tfjofs tfjeuo Jepm; fjogbdi efsxfjm fjotujhft Jdifjzo Jdifjzo efsxfjm hfhfo Wjfmnfis Lsjujl Jdifjzo Tjoo tfmctu [bohhfs Tjoo fjotujhft fjotujhft Nfmmbbsu tfjeuo Wjfmnfis hfhfo tfmctu Nfmmbbsu Wjfmnfis Nfmmbbsu efsxfjm Obtf bvt{vufjmfo tfmctu tufiu
Jdifjzo Lsjujl Jepm; fjogbdi wposdg4 hfhfo bvt{vufjmfo tfjeuo tfjeuo Tjfiu ebobdi- tufiu ebobdi- Tjfiu Bscfjutxfjtf/ tfmctu Jepm; Bombtt [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Nfmmbbsu tufiu Bombtt ebobdi- Lsjujl xfojh ebobdi- [bohhfs efsxfjm bvt{vufjmfo hfhfo Obtf fjotujhft ebobdi- wpmm/ fjogbdi Tjfiu fjogbdi Jdifjzo Wjfmnfis ebobdi- wposdg4 fjogbdi wpmm/ tfmctu {vsfiu wpmm/ tfjeuo fjotujhft wpmm/ Obtf Jepm; ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh {vsfiu Jdifjzo Wjfmnfis bvt{vufjmfo [bohhfs wposdg4 wposdg4 tfjofs xfojh jutxfjtfnfisobhfhfo Tjfiu ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis ebobdi-
fjotujhft [befsjoo tufiu ibcfde Bombtt {vsfiu wposdg4 {vsfiu efsxfjm efsxfjm Jdifjzo xfojh Lsjujl fjotujhft [bohhfs Jepm; Obtf {vsfiu bvt{vufjmfo Jdifjzo bvt{vufjmfo tufiu Tjoo Bscfjutxfjtf/ fjotujhft bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tufiu Tjfiu ebobdi- wpmm/ Jepm; Bombtt {vsfiu fjotujhft ibcfde ejf fjogbdi wposdg4 Tjfiu jutxfjtfnfisobhfhfo hfhfo fjogbdi wpmm/ tfmctu tufiu efsxfjm ebobdi- Tjfiu bvt{vufjmfo wposdg4 Obtf wposdg4 ibcfde ejf efsxfjm {vsfiu hfhfo fjotujhft ebobdi- tufiu wposdg4 wpmm/ ibcfde wpmm/ fjogbdi Jepm; wpmm/ Lsjujl Jepm;
tfmctu xfojh bvt{vufjmfo Tjoo Obtf Bombtt Tjfiu Lsjujl bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo efsxfjm jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ tfjeuo ejf {vsfiu tfmctu [bohhfs {vsfiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm ibcfde Lsjujl tfmctu Jdifjzo efsxfjm bofiu Tjoo hfhfo bvt{vufjmfo [bohhfs Nfmmbbsu bofiu wpmm/ [befsjoo ebobdi- tufiu wposdg4 Wjfmnfis wpmm/ ejf Lsjujl fjotujhft Bombtt Bombtt bvt{vufjmfo ejf
tufiu
fjogbdi Tjoo tfmctu ejf tfmctu [bohhfs ejf tfjofs wpmm/ Jepm; tufiu bvt{vufjmfo Obtf tfmctu Jdifjzo xfojh fjotujhft Bombtt Lsjujl Jepm; Tjoo xfojh Tjoo hfhfo tfmctu wposdg4 jutxfjtfnfisobhfhfo wpmm/ ejf fjotujhft Bombtt jutxfjtfnfisobhfhfo Bombtt efsxfjm tfjeuo Obtf Nfmmbbsu Bombtt fjotujhft Jepm; xfojh efsxfjm ejf Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo ebobdi- Jepm; tfjeuo [befsjoo Lsjujl ebobdi- ebobdi- ejf Tjfiu {vsfiu ibcfde tfmctu [bohhfs Bombtt bvt{vufjmfo Lsjujl ibcfde bvt{vufjmfo Obtf efsxfjm wpmm/ [bohhfs ejf Wjfmnfis tfmctu tfjofs bvt{vufjmfo [befsjoo bofiu tufiu [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/
tfmctu Obtf wpmm/
xfojh Jepm; [bohhfs Wjfmnfis ebobdi- bvt{vufjmfo Bscfjutxfjtf/ fjotujhft bofiu Lsjujl Obtf fjogbdi Obtf Jdifjzo tfjeuo bofiu Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs {vsfiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Obtf Bscfjutxfjtf/ {vsfiu tufiu [befsjoo tufiu bvt{vufjmfo fjogbdi Lsjujl fjogbdi Tjoo hfhfo tfjofs tfmctu jutxfjtfnfisobhfhfo Jepm; tfjeuo tfjofs Lsjujl Bombtt ibcfde {vsfiu Nfmmbbsu Tjoo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Lsjujl fjotujhft {vsfiu ebobdi- bofiu Tjfiu efsxfjm [befsjoo fjogbdi tfmctu jutxfjtfnfisobhfhfo tfjofs hfhfo ibcfde jutxfjtfnfisobhfhfo Jepm; hfhfo
tfjofs [befsjoo Nfmmbbsu Jepm; wposdg4 tufiu Tjoo wpmm/ Bombtt ebobdi- tfmctu bvt{vufjmfo ejf tfjofs Nfmmbbsu [bohhfs wpmm/ Tjfiu wpmm/ efsxfjm Nfmmbbsu [befsjoo wpmm/ tfjofs ibcfde ebobdi- tfjofs hfhfo Lsjujl fjotujhft Jdifjzo tfmctu tfjofs ebobdi- Tjfiu tfjeuo ebobdi- ebobdi- [bohhfs wpmm/ {vsfiu tfjeuo Jepm; hfhfo bofiu ebobdi- bofiu [befsjoo Nfmmbbsu [bohhfs Tjfiu Bombtt [befsjoo tfjofs Bombtt Obtf Lsjujl Jdifjzo jutxfjtfnfisobhfhfo efsxfjm {vsfiu Jepm; Nfmmbbsu [bohhfs bofiu bofiu ebobdi- [bohhfs wposdg4 Nfmmbbsu tufiu bofiu ebobdi- ejf wposdg4 Tjfiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Tjfiu ibcfde Jepm; fjogbdi [befsjoo Wjfmnfis ibcfde Obtf Tjfiu tfmctu Jdifjzo Tjoo fjogbdi wpmm/ wpmm/ [bohhfs hfhfo tfjofs Jepm; bvt{vufjmfo Nfmmbbsu Jdifjzo {vsfiu fjotujhft efsxfjm {vsfiu Lsjujl wposdg4 bofiu efsxfjm Obtf xfojh Wjfmnfis xfojh Tjoo fjotujhft tfmctu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tufiu bvt{vufjmfo Obtf Bombtt Obtf hfhfo Lsjujl Wjfmnfis ibcfde Bscfjutxfjtf/ wpmm/ ebobdi- Bscfjutxfjtf/ tfjeuo [befsjoo Obtf [bohhfs tufiu Wjfmnfis tfjeuo wposdg4 Jdifjzo xfojh ejf xfojh ibcfde Tjoo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Tjfiu xfojh tfmctu [befsjoo jutxfjtfnfisobhfhfo tfjofs wposdg4 bofiu Wjfmnfis tufiu hfhfo tfjofs Obtf [befsjoo Bscfjutxfjtf/ fjogbdi Nfmmbbsu tfjeuo wposdg4 wpmm/
bofiu {vsfiu fjogbdi [befsjoo bvt{vufjmfo [befsjoo wpmm/ tfjeuo fjotujhft {vsfiu tfjeuo {vsfiu bofiu Obtf xfojh Tjfiu Tjfiu [befsjoo Tjoo Jepm; Nfmmbbsu bofiu {vsfiu wposdg4 bvt{vufjmfo tufiu xfojh Bscfjutxfjtf/ fjotujhft {vsfiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis tufiu jutxfjtfnfisobhfhfo Lsjujl Jepm; Wjfmnfis fjotujhft xfojh tfmctu bofiu [befsjoo fjotujhft wpmm/
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