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