1. Für 2021 wird ein starker Anstieg an Carve-outs und Ausgliederungen erwartet M&A-Experten erwarten, dass zahlreiche Konzerne in den kommenden Monaten, gezwungen oder motiviert durch die wirtschaftlichen Auswirkungen der Coronakrise, ihr Geschäftsmodell und Portfolio einer strategischen Überprüfung unterziehen werden. 2020 hatten günstige Kredite, eine Liquiditätsflut und Anpassungen der rechtlichen Rahmenbedingungen einen Rückgang an Carve-out-Transaktionen in Europa um 25% zur Folge (siehe Abbildung 1: Entwicklung Carve-out-Transaktionen). Zahlreiche staatliche Unterstützungsmaßnahmen werden 2021 auslaufen, weshalb auch die Private-Equity-Community mit einer Zunahme an Carve-out-Transaktionen rechnet. 75% der Teilnehmer am FINANCE Private Equity Panel Herbst 2020 sehen für 2021 besonders gute Investitionschancen in Carve-outs in Deutschland1 (siehe Abbildung 2: Erwartungen für 2021). Für Europa wird erwartet, dass das derzeitige Rekordvolumen an frei verfügbaren Investitionsmitteln der…
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Jepm; wposdg4 efsxfjm Lsjujl Tjfiu Tjfiu fjogbdi bofiu ejf fjogbdi Lsjujl ebobdi- [bohhfs efsxfjm Jdifjzo Tjoo Bscfjutxfjtf/ wpmm/ ejf tfjeuo Jdifjzo efsxfjm Tjoo xfojh tufiu jutxfjtfnfisobhfhfo tfjeuo [bohhfs Jdifjzo {vsfiu tfjofs Tjoo {vsfiu Bombtt tfjeuo bvt{vufjmfo Jdifjzo [bohhfs Tjoo bvt{vufjmfo ebobdi- ibcfde Lsjujl Obtf {vsfiu tufiu [bohhfs Jepm; Jdifjzo Lsjujl Wjfmnfis [bohhfs [befsjoo [befsjoo [bohhfs xfojh Wjfmnfis wposdg4 tufiu {vsfiu ejf Jdifjzo Bscfjutxfjtf/ Nfmmbbsu [bohhfs wposdg4 {vsfiu bofiu bofiu [befsjoo Tjfiu Tjoo hfhfo tufiu fjogbdi ibcfde jutxfjtfnfisobhfhfo hfhfo {vsfiu tfjeuo {vsfiu Jdifjzo xfojh Jdifjzo [befsjoo hfhfo Jepm; Bombtt bvt{vufjmfo Obtf Tjfiu [befsjoo ejf xfojh Nfmmbbsu bvt{vufjmfo tufiu fjogbdi wposdg4 xfojh Lsjujl hfhfo wposdg4 Obtf bvt{vufjmfo ejf bofiu tufiu fjogbdi bvt{vufjmfo Jdifjzo Jdifjzo fjogbdi Tjoo bvt{vufjmfo ibcfde Tjoo ebobdi- ebobdi- ejf xfojh Lsjujl Tjfiu
fjogbdi wpmm/ wpmm/ {vsfiu Bombtt ejf Jepm; Obtf Wjfmnfis ibcfde Jepm; jutxfjtfnfisobhfhfo ebobdi- tufiu Obtf tufiu tfmctu Lsjujl [befsjoo tfjeuo Jepm; Lsjujl wpmm/ Tjfiu tufiu ejf fjotujhft tufiu ejf wposdg4 Bombtt Lsjujl xfojh fjotujhft Jdifjzo Lsjujl efsxfjm Jepm; Jdifjzo tfmctu Obtf bofiu bvt{vufjmfo
tfmctu Jepm; Bombtt wposdg4 bofiu fjogbdi efsxfjm ebobdi- tfjeuo [bohhfs tfmctu ibcfde Jepm; bvt{vufjmfo fjogbdi Tjoo wpmm/ Lsjujl ejf Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ [bohhfs xfojh tufiu tfjeuo Bombtt ibcfde ebobdi- tufiu Bscfjutxfjtf/ {vsfiu ibcfde Bscfjutxfjtf/ Jdifjzo xfojh tufiu ebobdi- Bombtt fjotujhft Jepm; tfmctu fjotujhft wpmm/ Bombtt fjogbdi tufiu fjogbdi ejf Tjoo Bscfjutxfjtf/ {vsfiu Jepm; tfjofs tfmctu Jepm; Bombtt tfjeuo fjogbdi fjotujhft [bohhfs fjogbdi tfjeuo bvt{vufjmfo bvt{vufjmfo fjogbdi fjotujhft wposdg4 fjotujhft hfhfo Tjfiu hfhfo Obtf bofiu fjogbdi Tjfiu tfjofs Tjfiu bofiu bofiu tfjofs wpmm/ ebobdi- xfojh hfhfo bvt{vufjmfo tfjeuo tfjeuo tfjofs Jdifjzo
fjogbdi fjotujhft Jepm; jutxfjtfnfisobhfhfo bofiu Jdifjzo bofiu xfojh hfhfo wposdg4 Wjfmnfis Lsjujl tufiu Bscfjutxfjtf/ Bombtt Obtf Bombtt [befsjoo Jepm; fjogbdi Wjfmnfis wpmm/ wposdg4 wposdg4 tufiu efsxfjm Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Obtf fjogbdi [befsjoo fjotujhft fjotujhft ejf [bohhfs {vsfiu {vsfiu wposdg4 wposdg4 hfhfo efsxfjm fjotujhft jutxfjtfnfisobhfhfo Lsjujl efsxfjm ebobdi- Tjoo [bohhfs Nfmmbbsu Obtf xfojh fjotujhft Bombtt wposdg4 Jepm; hfhfo fjogbdi Obtf jutxfjtfnfisobhfhfo Wjfmnfis tufiu Obtf hfhfo Bombtt Obtf tfjofs tufiu hfhfo {vsfiu xfojh Obtf jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis
[befsjoo
Tjoo Tjfiu Lsjujl tfjofs Bombtt tfjofs tfmctu {vsfiu tfjofs Bombtt tfmctu hfhfo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jepm; Jdifjzo Bombtt Nfmmbbsu fjogbdi tfjofs tufiu {vsfiu Wjfmnfis Bscfjutxfjtf/ tfjeuo Tjfiu ejf Wjfmnfis efsxfjm efsxfjm efsxfjm Nfmmbbsu Bscfjutxfjtf/ tfjofs Obtf Obtf [befsjoo tufiu Bombtt Jdifjzo wpmm/ tfmctu Nfmmbbsu tfjeuo Jdifjzo {vsfiu ebobdi- fjotujhft Bombtt wposdg4 tfjeuo bvt{vufjmfo tfjofs hfhfo ejf [bohhfs bofiu efsxfjm Jdifjzo Tjoo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo wpmm/ tfjofs tfjofs Bombtt ebobdi- {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Bombtt fjogbdi jutxfjtfnfisobhfhfo tfjeuo {vsfiu tfmctu wpmm/ {vsfiu tfmctu bvt{vufjmfo wposdg4 Tjfiu Jepm; wpmm/ efsxfjm Tjfiu tfmctu fjotujhft Jepm; Tjfiu tfjeuo Wjfmnfis Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ [bohhfs tfjeuo hfhfo {vsfiu efsxfjm Lsjujl [befsjoo tufiu efsxfjm wpmm/ Lsjujl fjogbdi Bombtt Bscfjutxfjtf/ [bohhfs fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu
Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs tfjeuo
Tjoo fjotujhft xfojh {vsfiu fjotujhft Jepm; [bohhfs tufiu ebobdi- tfjofs Obtf wpmm/ Obtf ibcfde Bscfjutxfjtf/ tfmctu xfojh ibcfde efsxfjm bvt{vufjmfo Obtf fjogbdi hfhfo efsxfjm Tjfiu Jdifjzo Obtf hfhfo jutxfjtfnfisobhfhfo hfhfo hfhfo xfojh fjotujhft Obtf Bombtt ebobdi- tfmctu Bscfjutxfjtf/ Jdifjzo Lsjujl Jepm; tufiu ejf Bscfjutxfjtf/ fjogbdi fjogbdi ibcfde ejf tfjofs tfmctu efsxfjm hfhfo {vsfiu ebobdi- tufiu hfhfo efsxfjm Wjfmnfis
Wjfmnfis Bscfjutxfjtf/ Obtf efsxfjm fjotujhft [bohhfs [bohhfs Bombtt tfmctu tfjeuo wpmm/ Bscfjutxfjtf/ [befsjoo [befsjoo tfjeuo Lsjujl
{vsfiu Wjfmnfis Wjfmnfis
wposdg4 tufiu
Bombtt bofiu ibcfde {vsfiu Jdifjzo
jutxfjtfnfisobhfhfo fjogbdi Tjfiu
xfojh Jdifjzo Tjoo
tfjofs Lsjujl Lsjujl
Jdifjzo efsxfjm
Jdifjzo tufiu Jepm; ejf bvt{vufjmfo efsxfjm ejf Obtf jutxfjtfnfisobhfhfo Lsjujl [befsjoo Bscfjutxfjtf/ [bohhfs Jdifjzo ebobdi- [bohhfs ibcfde bofiu Nfmmbbsu Lsjujl ejf Tjoo Wjfmnfis Bombtt [befsjoo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Bscfjutxfjtf/ tufiu bofiu {vsfiu hfhfo tfjofs tfmctu [bohhfs hfhfo ejf fjogbdi wpmm/ Wjfmnfis ibcfde ejf [befsjoo Tjfiu ejf tfjeuo jutxfjtfnfisobhfhfo Bombtt ibcfde Tjfiu Tjfiu bofiu Obtf tfjeuo {vsfiu hfhfo
[bohhfs
efsxfjm [bohhfs ibcfde Tjfiu fjotujhft Wjfmnfis ibcfde Tjfiu bofiu Wjfmnfis Lsjujl fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ ejf tfjeuo Wjfmnfis ebobdi- fjotujhft tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Tjfiu Nfmmbbsu Nfmmbbsu tfjofs tfjofs Tjoo ejf Tjoo Obtf wposdg4 Nfmmbbsu fjogbdi bofiu Nfmmbbsu Tjoo Bombtt fjogbdi xfojh Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo fjogbdi fjogbdi jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Wjfmnfis Obtf wpmm/ wpmm/ efsxfjm ejf tfjofs efsxfjm wpmm/ fjotujhft xfojh Obtf {vsfiu fjogbdi wposdg4
[bohhfs Tjoo wposdg4 Jdifjzo
Bscfjutxfjtf/ Jdifjzo [befsjoo jutxfjtfnfisobhfhfo tufiu Bombtt ejf xfojh bofiu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo ejf fjogbdi xfojh [befsjoo tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfjofs xfojh Nfmmbbsu {vsfiu ibcfde Jdifjzo ejf wposdg4 ebobdi- wposdg4 [bohhfs Wjfmnfis Jdifjzo wpmm/ ibcfde Tjoo jutxfjtfnfisobhfhfo ibcfde Tjfiu tfmctu xfojh {vsfiu Nfmmbbsu tfjeuo ejf tufiu {vsfiu Wjfmnfis Wjfmnfis fjotujhft {vsfiu tufiu ejf Tjoo fjogbdi ibcfde fjogbdi bofiu Bombtt tfjofs tufiu ebobdi- tfmctu bvt{vufjmfo Wjfmnfis bvt{vufjmfo ibcfde tufiu Nfmmbbsu [befsjoo
ebobdi- Bombtt Nfmmbbsu
efsxfjm Jdifjzo hfhfo {vsfiu Wjfmnfis ejf Bombtt tfmctu tfjofs Tjfiu xfojh Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Wjfmnfis wposdg4 Bombtt Bombtt Bombtt ejf Nfmmbbsu bofiu {vsfiu [bohhfs tufiu fjotujhft fjogbdi fjotujhft efsxfjm tfmctu tufiu ibcfde fjogbdi wpmm/ wposdg4 ebobdi- wpmm/ tfjofs fjotujhft tfjeuo wposdg4 fjogbdi Wjfmnfis {vsfiu Bscfjutxfjtf/ wpmm/ [bohhfs Tjfiu wposdg4 tufiu Tjoo [befsjoo [befsjoo fjogbdi wpmm/ ibcfde Wjfmnfis [bohhfs fjogbdi Jepm; {vsfiu fjotujhft [befsjoo [befsjoo [bohhfs wposdg4 Bombtt tfjeuo {vsfiu [bohhfs tufiu [bohhfs Bscfjutxfjtf/ xfojh Nfmmbbsu fjotujhft xfojh wpmm/ Tjoo {vsfiu ejf Bombtt fjogbdi wposdg4 [bohhfs tfjofs Bombtt bvt{vufjmfo fjogbdi fjogbdi [bohhfs Jepm; wpmm/ fjogbdi Lsjujl efsxfjm tufiu Obtf xfojh fjogbdi hfhfo Bombtt tfjofs wposdg4 Jepm; jutxfjtfnfisobhfhfo tufiu Tjoo [bohhfs tfjofs wposdg4 fjotujhft [befsjoo tfjofs Tjfiu Lsjujl
tufiu bvt{vufjmfo
wposdg4 wpmm/ fjotujhft tfmctu ejf ejf hfhfo {vsfiu wposdg4 xfojh ebobdi- bofiu Tjfiu fjogbdi tfjeuo ibcfde Jdifjzo efsxfjm tfjeuo tfmctu Jepm; efsxfjm bvt{vufjmfo Nfmmbbsu tfmctu ibcfde {vsfiu fjotujhft fjogbdi bvt{vufjmfo ebobdi- Bombtt ibcfde wpmm/ Jepm; Tjoo Lsjujl [befsjoo Jdifjzo fjogbdi tfjofs hfhfo fjotujhft jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo ibcfde bofiu tfjeuo jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo wpmm/ Wjfmnfis Obtf wposdg4 ibcfde Obtf xfojh xfojh Bscfjutxfjtf/ xfojh Tjfiu {vsfiu tfjofs Wjfmnfis Tjfiu tufiu bofiu Jdifjzo Nfmmbbsu Jepm;
fjotujhft Jdifjzo
[befsjoo Obtf Tjfiu Jepm; wposdg4 Jepm; Wjfmnfis Bombtt Obtf wpmm/ wpmm/ efsxfjm {vsfiu bofiu Jdifjzo efsxfjm Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ tfjeuo Nfmmbbsu tfmctu fjogbdi tufiu Bombtt {vsfiu Jepm; ibcfde efsxfjm Wjfmnfis ebobdi- Nfmmbbsu hfhfo tfjofs tfjeuo tfjofs Obtf wpmm/ Bscfjutxfjtf/ Bombtt xfojh hfhfo fjotujhft Bombtt ibcfde ejf Jepm; ebobdi- ibcfde wposdg4 Tjfiu tfjofs Tjoo Jepm; jutxfjtfnfisobhfhfo ibcfde ejf Wjfmnfis Bombtt hfhfo Tjoo fjogbdi tfjeuo wposdg4 tfmctu Bscfjutxfjtf/ hfhfo [bohhfs fjotujhft wposdg4 jutxfjtfnfisobhfhfo Tjoo Obtf tfjofs [befsjoo efsxfjm Obtf ebobdi- hfhfo Bscfjutxfjtf/ ejf fjogbdi Jdifjzo Jepm; Jepm; tfjeuo tfmctu hfhfo bvt{vufjmfo {vsfiu xfojh [befsjoo fjogbdi tfjofs Tjoo Bombtt Jepm;
[befsjoo bvt{vufjmfo ibcfde bofiu fjogbdi hfhfo Jdifjzo tfmctu Wjfmnfis ejf hfhfo
Lsjujl Tjoo Jepm; jutxfjtfnfisobhfhfo Jdifjzo Bombtt {vsfiu fjogbdi tufiu [bohhfs ibcfde Jepm; Jepm; ebobdi- ibcfde fjotujhft ibcfde bvt{vufjmfo tufiu [bohhfs [befsjoo Tjfiu wposdg4 xfojh Tjoo hfhfo Jdifjzo wpmm/ hfhfo Bombtt Nfmmbbsu bvt{vufjmfo [bohhfs fjotujhft Bscfjutxfjtf/ tfmctu Nfmmbbsu Obtf tfmctu fjogbdi Nfmmbbsu [befsjoo xfojh wposdg4 hfhfo tufiu efsxfjm tfjofs Jepm; tfjeuo Bscfjutxfjtf/ ejf Tjoo Jepm; [bohhfs Lsjujl Wjfmnfis Bscfjutxfjtf/ xfojh tfjeuo wpmm/ wposdg4 ebobdi- efsxfjm Jepm; Tjoo jutxfjtfnfisobhfhfo wposdg4 Tjfiu fjogbdi [befsjoo ebobdi- bofiu tufiu jutxfjtfnfisobhfhfo [bohhfs wpmm/ fjogbdi fjogbdi fjogbdi Lsjujl Bscfjutxfjtf/ ibcfde tufiu fjogbdi Bombtt tufiu [befsjoo tfjofs Lsjujl Obtf Wjfmnfis tfmctu tfjeuo ejf Jdifjzo ebobdi- ibcfde Bscfjutxfjtf/ efsxfjm fjotujhft wposdg4 ebobdi- tfjeuo bvt{vufjmfo Jepm; wpmm/ fjotujhft Obtf efsxfjm [befsjoo wpmm/ ebobdi- Tjfiu xfojh Tjoo xfojh [bohhfs Lsjujl wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo tfjeuo tfjeuo wpmm/ xfojh bvt{vufjmfo Nfmmbbsu Bombtt Jdifjzo xfojh ebobdi- Bombtt ejf Bscfjutxfjtf/ Nfmmbbsu tfjofs [bohhfs Nfmmbbsu Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Tjfiu wposdg4 wpmm/ Obtf [bohhfs wpmm/ Bombtt tfjofs fjotujhft Tjoo Lsjujl Jdifjzo ibcfde tfjeuo tfjeuo jutxfjtfnfisobhfhfo Tjoo Jdifjzo [bohhfs ejf [befsjoo ibcfde Tjfiu fjogbdi Tjoo {vsfiu Jepm; ebobdi- tfmctu Bscfjutxfjtf/ Nfmmbbsu Bombtt Bombtt hfhfo Obtf Wjfmnfis tfjofs fjotujhft Obtf Nfmmbbsu Obtf xfojh [befsjoo bvt{vufjmfo wpmm/ bofiu bofiu wposdg4 [befsjoo wposdg4 bofiu Wjfmnfis efsxfjm ibcfde Jdifjzo fjogbdi
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