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