LIFE SCIENCES, HEALTH AND PRIVATE EQUITY

During this breakout session, moderator Sharon Lamb, Partner at McDermott, was joined by Georg Ganghofer, Head of Investments at Brockhaus Capital; Christoph Brandenberger, Managing Director at Brown Gibbons Lang; Tiemo Grimm, Principal at Nordic Capital; André Seidel, Senior Investment Manager at Nord Holding, and Dr. Ulrich Wandschneider, Operating Partner & Senior Advisor at Trilantic Europe.

The first of the three key themes the panel discussed was the status of the life sciences and healthcare industries and opportunities for private equity firms on both sides of the Atlantic.

After the financial crisis in the late 2000s, US private equity firms focused on healthcare and life science have experienced strong growth.

Globally, private equity deals in healthcare in 2018 and 2019 have tracked at record levels. This was particularly true in the US where, in 2018, reported healthcare transactions increased to $63.8 billion (being approximately 60% of overall globally reported healthcare deals of $101 billion.)

These increased levels of investment come at times of increased political and socio-economic uncertainty, perhaps indicating that health services are considered a safe haven for investors, given the long term increased global health needs of patients.

The panel concurred that the decade of growth was mainly due to a long and strong wave of consolidation of the market, especially in healthcare services and pharma and life sciences. However, despite this activity, the European market still appears to be at the beginning of the investment wave and is ripe for consolidation due to fragmentation and differences in health systems across Europe. The key investment areas and activity have, so far, been in life sciences transactions, investment in healthcare providers and related activities.

The second theme the panel discussed was the value of private equity and the question of whether private equity is an appropriate investing vehicle in the healthcare sector. The panel noted that there can be reservations about private equity involvement in healthcare but considered that private equity brings strong value to healthcare and observed that negative views may be driven by a combination of misconceptions and poor communication about the value, investment and capital brought by private equity. Negative views may also be affected by perceptions that private equity investments are short term and solely profit driven. It was noted however that private equity brings much needed capital and investment, the investment horizon is typically longer than expected and there is clear alignment in successful investments between high quality healthcare and investor needs. In addition, activity and data show that under private control businesses may often develop more quickly and be better at innovation adoption than under public control.

Towards the end of the discussion, the participants of the panel looked at future “hot” investment areas and the topics that were likely to be considered current in 2025. The panel agreed that healthcare would continue to be an area of increased investment and that future growth areas would include digital health, data technologies, pharma and outsourced pharma services as well those industries focused on targeting healthcare likely to be affected by demographic change, including ageing and mental health.

Chaired by
Sharon Lamb,
McDermott Will & Emery

From left to right: Sharon Lamb, McDermott Will & Emery; Georg Ganghofer, Brockhaus Capital; Christoph Brandenberger, Brown Gibbons Lang; Tiemo Grimm, Nordic Capital; André Seidel, Nord Holding; Dr. Ulrich Wandschneider, Trilantic Europe
TRANSACTION FINANCING
Ralph Betz, Managing Director at EQT Partners; Benjamin Blumenschein, Senior Director at Crescent Capital; Paul H. F. Kim, Managing Partner at Herter & Co.; Michael-Franz Müller, Head of Leveraged Finance Germany at NIBC Bank; Oliver Wolter, Head of Leveraged Finance DACH and Managing Director at SMBC Frankfurt Branch and panel head Dr. Oliver K. Hahnelt, Partner at McDermott Will & Emery discussed transaction financing. The panel gave insight into the latest trends on the corporate finance market in Germany, particularly in the continuing rise of market shares of private debt funds in the MidCap leverage finance sector. In terms of leveraged finance, panel head Dr. Hahnelt stated that it has been quite an active year so far, though not as active as 2018, when the market share of p...
KEYNOTE: CHALLENGES FOR THE AUTOMOTIVE INDUSTRY— STATUS AND OUTLOOK
Jens Haas, managing director and automotive expert at AlixPartners, spoke about the ongoing and anticipated future challenges for the automotive industry regarding current struggles and serious changes. Mr. Haas based his keynote speech on the challenging year of 2019 for the automotive industry, as global volumes have gone down by 5% since 2018. However, he explained that despite challenging markets in 2019, a slow recovery was still possible from 2020 onwards, which is strongly dependent on China. Mr. Haas explained that China’s automotive capacity utilization is trending down below healthy levels (70%) since 2016, with significant overcapacity. Due to current regulations, original equipment manufacturers will struggle to make the 2021-set CO2 targets and a disruptive pace is required to...
M&A IN THE SOFTWARE INDUSTRY – TRENDS AND SUCCESS FACTORS
The panellists Matthias Allgaier, Managing Director of Summit Partners; Dr. Tobias Koppmann, partner at McDermott Will & Emery; Shawn McMorran, Managing Director of Marlin Equity Partners; Dr. Sven Oleownik, Partner and Head of Germany by Gimv Germany; Christian A. Resch, Managing Director of Goldman Sachs, Private Capital Investing; as well as Morten Weicher, Partner and Co-Founder of GRO Capital; and panel head Ralf Philipp Hofmann, Managing Partner and Member of the Global Executive Committee of Drake Star Partners, discussed the current trends of M&A in the software industry. The market boom of the software industry recorded in 2017 is continued in 2018. High-level transactions have repeatedly occurred during the last five consecutive quarters, such as the recent sale of Market...
CROSS-BORDER REAL ESTATE
Tobias Huzarski (KKR Kohlberg Kravis Roberts), Frank Müller (Corpus Sireo), David Poremba (Eastdil Secured) and Dr Jens Ortmanns (McDermott) hosted MuMAC’s first real estate panel and discussed current trends in the European real estate private equity market. As panel head, Dr Ortmanns started the discussion by high­lighting the diversity of real estate as an asset class and the broad range of market participants in Europe, including pri­vate equity funds, hedge funds, pension funds, insurers, and other national and international institutional investors (re­cently including many Asian buyers), as well as family offic­es, developers and high-net-worth individuals. Mr Huzarski initiated a lively discussion about the role real estate plays for private equity funds as part of their overall inv...
PRIVATE EQUITY AND PUBLIC MARKETS: HOW DO THEY GO TOGETHER?
The four panelists in this discussion: Nadja Picard, Partner at PwC Germany; Christoph Großekämpfer, Managing Director at Mutares; Christian Kolodinski, Director at Rothschild Advisors; together with panel head Simon Weiss, Partner at McDermott Will & Emery, discussed how private equity and public markets go together. First, the panel focused on the recent developments in the IPO market in 2019. They asserted that the number of IPOs decreased by about 40–45% compared to 2018 at the same time. The reasons for this trend can be found in relatively weak expectations for economic growth in Europe. Uncertainty of Brexit and trade wars, especially between the United States and China, generated this reserved mood. The big evidence fo...
INTERVIEW ON PITFALLS AND CHALLENGES OF TAX GUARANTEES IN M&A TRANSACTIONS
Prof. Dr. Wilhelm Haarmann, Partner at McDermott Will & Emery, and Dr. Nils Wighardt, Associate at McDermott Will & Emery, discussed risks and challenges of tax guarantees in M&A transactions and talked about ways to prevent trouble related to tax law in these transactions. To start the interview, Mr. Haarmann gave a short insight on his first nine months at McDermott Will & Emery and spoke about the IBA conference in Seoul in which he participated in a panel about tax war the day before the MuMAC. The first question of the interview aimed on the definition of taxes in an M&A deal, and the problem that a specific tax doesn’t fall under this definition. As buyer and seller have different interests in a deal, there can be also different ways to interpret what a tax is and...
CASE STUDY – DUAL TRACK IPO/TRADE SALE: MYTH AND REALITY
Olivier Garnier, founder and managing partner of Bryan, Garnier & Co., and Khaled Bahi, Chief Financial Officer of Symetis, presented the acquisition of Symetis, the third largest player in the European market for transcatheter aortic valve implantation (TAVI), by Boston Scientific. Since its introduction in 2002 as a new ground-breaking procedure, TAVI has grown to become a $2.3 billion market with the expectation that it will increase to approximately $4 billion by 2020. Given the only alternative to treating Severe Aortic Stenosis (which affects 2 percent of the world population over the age of 65) is long and highly invasive open-heart surgery with general anaesthesia, it is not difficult to see why a procedure that requires only local anaesthesia and can be completed in 45 minutes...
KEYNOTE: THE EUROPEAN M&A MARKET: IMPACT OF GLOBAL AND SECTORIAL DYNAMICS
On September 25, 2018, Patrick Frowein, Member of the Management Committee Germany of Deutsche Bank, led the MuMAC audience through the recent developments in the European M&A market, concentrating on the impact of global and sectorial dynamics. Currently global equities are at a new high. While US equities have continued to have an outstanding performance in 2018, European equities have recovered from a slight decline in the first quarter of 2018 and are expected to further increase during the rest of the year. Equally, a new record year of M&A is coming up. The volatility of the market has decreased after recent spikes, leaving the VIX index at about 12 in September 2018, a considerable decline from the high of more than 30 in February 2018, although at an higher level than in 20...
CROSS-BORDER M&A ASIA AND EUROPE
This session addressed the growing M&A activities of Asian investors in Europe, with a focus on Germany. Wei Wang (PwC Germany) led the panel, which included Dr Mei Wu (Joyson Holdings Europe GmbH), Jacob Hoyeon Won (Locus Capital Partner, the ally of Global M&A Partners), Dr Qing Ding (Shentou Capital) and David Dai (MWE China Law Offices). All panellists agreed that the current trend of Asian investors conducting transactions in Europe will be long-term. This is particularly true of Chinese investors, which have been con­sistently reaching new heights in terms of deal intensity and volume during the years following the last global economic crisis. The panellists also shared the view that, contrary to the overwhelming public consensus in Europe, the governments of both Korea and C...
FAMILY DIRECT INVESTING
The panel brought together representatives of family offices and family-backed investment vehicles from the United States and Europe; the discussion focused primarily on the challenges of cross-border direct investing. Each of the panellists noted the dramatic increase over the past few years of direct investing transactions, as well as the increased participation of family offices and family-backed investment vehicles in auctions and other competitive processes. The consensus was that this trend will continue and, in all likelihood, accelerate in the coming years. The panel was asked the following question: When you look at a cross-border investment opportunity, what strategies do you employ that might be different than in a domestic deal, for instance, around due diligence, local partner...
AMBASSADOR WOLFGANG ISCHINGER: THE DECLINE OF THE INTERNATIONAL ORDER
Ambassador Wolfgang Ischinger, chair of the Munich Security Conference, led the MuMAC audience through the recent changes that have shaken the international. Ambassador Ischinger believes that the current international climate is the most dangerous it has been since the end of the Cold War. Central to this change are the “Five Losses” to the international order: the losses of prediction, truth, Western self-confidence and trust in institutions, regional and global decision- making capability, and the state monopoly of power. From the complete surprise with which the international community was caught by events, such as the Crimean Crisis to the growing emergence of nationalistic tendencies around the world, and increasingly aggressive rogue states, Ambassador Ischinger highlighted how norm...
CARVE-OUT AND CROSS-BORDER M&A

Felix Frohn-Bernau, Chief Executive Officer of Palero Capital; Heather Morawski, Director and Senior Legal Counsel – Mergers & Acquisitions, Corporate Governance, Robert Bosch; Brendan O’Connor, Assistant General Counsel – Mergers & Acquisitions, Assistant Secretary of Honeywell International; Mario Sabljo, Principal, Paragon Partners; and Eberhard von Strenge, Member of the Executive Board of Nord Holding, together with panel head Friederich von Hurter, Partner Delivering Deal Value of PwC discussed Carve-Out and Cross-Border M&A.

KEYNOTE: STRETCHED TO THE MAX — HOW CURRENT PRICE LEVELS INFLUENCE INTEGRATION RIGOR
Dr. Jens Kengelbach, Senior Partner and Managing Director of BCG Munich, Global Head of M&A and leader of the BCG Transaction Center, discussed how current price levels influence Integration Rigor. The first 6 months of 2018 have shown a record deal activity. The M&A deal value has increased by 44 percent. Dr. Jens Kengelbach names four key drivers for this M&A activity: The conclusion of 22 mega deals in the first half of 2018, the US tax reform pumping up corporate cash offers, activist shareholders focusing on M&A and finally, private equity dry-powder continuing to strike records. At the same time, deals have gotten more expensive. In 2017, earnings before interest, tax, depreciation and amortization (EBITDA) multiples have reached the absolute record high....
M&A AND PRIVATE EQUITY MARKET 2018
Dr. Florian von Alten, Managing Partner of Oaklins Germany, Dr. Michael Drill, CEO and Managing Director of Lincoln International, Dr. Ralf Schremper, Partner of Oakley Capital, Michael Siefke, Managing Director of Bain Capital together with panel head Dr. Nikolaus von Jacobs, partner at McDermott Will & Emery, discussed the M&A and Private Equity Market in 2018. The panel dove right into the current private equity market of 2018, mainly addressing the effects of the current trade tensions and the ways in which they are influencing the M&A market. Immediately it became clear that during trade conflicts legal advisory takes on a central role. The panellists observed a negative influence of the current trade conflicts—especially the tensions between the United States and China—on...
LIFE SCIENCES, HEALTH AND PRIVATE EQUITY
Dr. Stephan Rau and Kristian Werling, both from McDermott Will & Emery, moderated a thrilling panel on Health Care and Life Sciences M&A on both sides of the Atlantic. Hervé Ronin (Bryan Garnier & Co), Dr. Charles Niehaus (Alliance Medical), Benjamin Seifert (AUCTUS Capital Partners AG) and Dr. Oliver Schulte-Ladbeck (PwC) contemplated listing at the European state exchange, the competition of strategies and financials and the run for chief data officers (CDOs), chief marketing officers (CMOs) and other pharma services providers....
EVERGREEN/INDUSTRY HOLDING INVESTMENT
The panel featured Philipp Haindl, Founding Partner at Serafin Group; Torsten Krumm, Chairman of the Investment Committee and Managing Partner at HQ Equita; Thomas Racky, Co-Founder and Managing Director at Strategic Family Office Advisors; and Richard G. Ramsauer, Co-Founder and Managing Partner at VTC Industriebeteiligungen. Dr. Carsten Böhm, Partner at McDermott Will & Emery, headed the expert group. In contrast to previous panels, which discussed the investment side of evergreens and industry holdings, this year’s discussion focused on looking behind the scenes, i.e., how do they incentivize their partners, managers and employees? Immediately it became clear that very different models exist, all of which bear the risk of being over-incentive and over-ambitious as well as in-flexibl...
VALUE PRESERVATION AND TRANSACTION TOOLS IN CRITICAL TIMES
Michael Gaul, Head of Germany and Managing Director at Acquinex; Dr. Sven Oleownik, Partner and Head of Germany at GIMV Germany; Markus Schiller, Head of DACH and CEE at Datasite Germany GmbH; Fabian Wasmus, Partner at Vitruvian; and panel head Tobias Blaser, Partner at PwC Deutschland, discussed value preservation and transaction tools in critical times. First, the panel focused on portfolio management. It emerged from the discussion that, on the one hand, investors are more cautious due to the COVID-19- related uncertainty in the market; on the other hand, they keep an eye out for new investment opportunities arising from the crisis. It became clear that many actors are facing the prevailing uncertainty in the market by strengthening their market position, incorporating add-on business m...
TMT AND PRIVATE EQUITY
Olya Klüppel (ESO Capital Group), Mathias Wahrenberger (Burda Digital), Gunther Thies (STP Informationstechnol­ogie) and Christopher Brackmann (Bridgepoint), together with moderator David Evans (Alvarez & Marsal), discussed current trends affecting transactions in the technology, media and telecommunications (TMT) sector. The panel began with a discussion of the practical challenges and opportunities for software businesses moving from tradi­tional licence models to software as a service. The increased proportion of recurring revenues makes businesses that have successfully started this transition attractive to private equity investors and other finance providers, which in turn drives increasing valuation multiples in this space. The panellists agreed that a private equity investor cou...
M&A AND PRIVATE EQUITY MARKET 2020
Fritjof Franz, Partner at capiton AG; Carsten Hagenbucher, Partner at Charterhouse Capital Partners; Dr. Philipp Heer, Partner at HWF Partners; Richard G. Ramsauer, Managing Partner at VTC Industriebeteiligungen; and Andre Waßmann, Member of the Executive Board and Head of M&A at Helbling Business Advisors, together with panel head Dr. Nikolaus von Jacobs, Partner at McDermott Will & Emery, discussed the mergers and acquisitions (M&A) and private equity market in 2020, especially under the influence of the COVID-19 pandemic.After a short introduction of each member of this panel, Dr. von Jacobs started by asking the panelists about how they had experienced the first period of the lockdown and the following months.The panelists agreed that during the lockdown period transactions...
CASE STUDY: AUTOMOTIVE SUPPLIER—KEY FACTORS FOR A SUCCESSFULL RESTRUCTURING
In the final session of MuMAC 2019, we provided the audience with a snapshot of the typical issues facing automotive suppliers when undergoing restructuring as well as approaches for dealing with them. We worked through the classic starting points in the automotive supply industry and the main factors for a successful outcome. Typical Starting Points With automotive suppliers undergoing restructuring situations in the German market, a consistent pattern of complex interactions is common. First, smaller and mid-sized suppliers, at least, are focused on the automotive industry only. Consequently, the customer base is mainly comprised of automobile manufacturers and other automotive suppliers—only in rare cases you can also find other business areas which may allow for a wider approach to res...
CROSS-BORDER M&A FROM AND INTO ASIA
Tian Cai, Senior Investment Director of the Fosun Group; Inna Gehrt, Partner at Mandarin Capital Partners; Andreas Holtschneider, Partner at Cathay Capital; and Sung Yoon Woo, Chief Executive Officer and Co-Founder of Credian Partners; together with panel head Paul Kim, partner at McDermott Will & Emery discussed recent developments in Cross Border M&A from and into Asia. The panellists outlined their analysis of the current situation regarding four key questions. First they evaluated the emergence of new attractive sectors for cross-border investment from and into Asia. Then, they discussed the influence of the new regulatory measures adopted by the United States and Germany, as well as their effect on the consideration of Asian investors. After, the panellists turned to some of t...
CRISES AND PRE-CRISIS MANAGEMENT

Together with the panel lead, Dr. Rainer Bizenberger from AlixPartners in Munich, seven panelists discussed current issues on Crisis and Pre-Crisis Management.

The panelists in this discussion who participated were Dr. Uwe Goetker, Partner at McDermott Will & Emery in Düsseldorf; Jan Groß, responsible for restructuring at UniCredit Bank; Andreas Jaufer of Robus Capital Management; Daniel Jürgenschellert of Helbing Business Advisors in Düsseldorf; Alexander Reus, Partner at anchor Rechtsanwälte and active in insolvency advice; and Samuel E. Dewey, Counsel at McDermott Will & Emery in Washington.

KEYNOTE: THE WORLD IN DISORDER— END OF THE GROWTH CYCLE?
With her keynote speech, Dr. Daniela Schwarzer, director of the German Council on Foreign Relations, gave the audience an overview on the current geopolitical development in Europe and the world, and its impact on the economy. Following is a summary of the keypoints. To make sure that a dialogue between companies and policy makers is actually happening, institutions like the German Council on Foreign Relations are needed to react to the fast-developing world. This dialogue is important, as we live in a world that gets more and more risky and insecure. Business is already adjusting to these geopolitical and geo-economics challenges and changes; politics has to do so, as well. But, currently, German and European politics are struggling&n...
CROSS-BORDER M&A FROM AND INTO ASIA

Jin Chen, CEO at SINO-CEEF EUROPE; Yao Sun, Investor Relations Manager at Haier Smart Europe, Mei Wu, Managing Director at Joyson Europe and Hui Zhang, Managing Director at Nio; together with panel head Ding Han, Foreign Counsel at McDermott Will & Emery discussed recent developments in Cross Border M&A from and into Asia.

AUTOMATED INTELLIGENCE, MOBILITY AND PRIVATE EQUITY
Under the guidance of Jens Haas, Managing Director at Alix Partners, the panellists Dr. Carl Friedrich Eckhardt, Head of CoC Urban Mobility at BMW; Nicolas D. Gutbrod, Director of Helbing Business Advisors; Nikolaus Waser, Vice President and Head of Watson IoT Global HQ & Center Munich of IBM Watson; as well as Fabian Wasmus, Managing Director at Vitruvian Partners discussed the future and evolution of the Mobility Market and its effects on the private equity sector. The panellists started out by asserting the dramatic pace of developments in the mobility market. Next to the tremendous velocity of technological advancements, consumer needs change and diversify more quickly than ever. The panellists agreed that next to important hardware components, such as hybrid and electric motorizat...
KEYNOTE: TRANSATLANTIC RELATIONS AT A TIME OF INCREASED TRADE TENSIONS

After last year’s Keynote from Ambassador Wolfgang Ischinger on the decline of the international order, this year the Consul General of Munich, Meghan Gregonis, spoke about recent developments and future hopes in the transatlantic relations at a time of increased trade tensions.

POST M&A DISPUTE RESOLUTION
Natalie Graham, Head of GBC Claims Advocacy – Financial, Professional & Specialty, Aon Risk Solutions; Dr. Michael Hammes, Director of PwC, Kai Schumacher, Managing Director of Alix Partners; and Prof. Dr. Holger Peres, partner at Beiten Burkhardt, together with panel head Christian von Sydow, partner at McDermott Will & Emery discussed the post M&A dispute resolution. To begin, the panel noticed a trend towards more and more post M&A disputes. The panel identified several reasons for this development. The increasing values of the transactions render the perspective of post M&A disputes more and more interesting, all the more so because the sophistication of the buyers augments similarly. The panellists observed that after nearly every M&A transaction buyers could—i...
M&A AND PRIVATE EQUITY MARKET 2019
The six panelists in this discussion, Dr. Florian von Alten, Managing Partner at Oaklins Germany; Carsten Hagenbucher, Managing Director at Charterhouse Capital Partners; Dr. Sven Oleownik, Partner and Head of Germany at GIMV Germany; Norman Rafael, Chief Corporate Development & Investor Relations Officer of Armacell International; Dominik Schwarz, Director at EMH; together with panel head Dr. Nikolaus von Jacobs, Partner at McDermott Will & Emery, discussed the development of the M&A and the Private Equity Market in 2019. The transaction numbers in the first half-year compared to the numbers last year are showing that the activity has decreased by close to 40% in the European Market. Especially transactions with Germa...
END-TO-END M&A PROCESS DESIGN FOR THE 21ST CENTURY: THE CHALLENGES AND LEVERS OF DIGITALIZATION AND BUSINESS MODEL INNOVATION
In his keynote, Prof. Dr. Thorsten Feix, Professor for M&A, Corporate Finance and Strategy in Augsburg, Munich, Harvard and Geneva, focused on End-to-End M&A Process Design for the 21st century and the challenges and levers of digitalization and business model innovation. Prof. Feix identified that new business designs and players, especially platform builders, on the market are unified by the fact that they all do not actually own the assets their business model is based upon, be it mobility, digital business designs, the accommodation industry, retail, communication providers or even the Fintech sector. This development of the M&A market requires concentrating on its true driver: Innovation. When comparing M&A volumes...
INVESTMENT FROM THE GULF REGION INTO EUROPE AND THE UNITED STATES
Raed Fakhri, vice president of investments at Bahrain Mumtalakat Holding Company (Mumtalakat), presented the company’s investment strategy and showcased some of its re­cent international investments. Mumtalakat, the investment arm of the Kingdom of Bahrain, is focused on growing and diversifying its portfolio through commercially sound and sustainable investments across multiple industries and geog­raphies. Its key sectors of focus are logistics, technology, me­dia and telecommunications; real estate and tourism; health care; consumer; industrials and manufacturing; and financial and general services. In the past two years, Mumtalakat completed nine interna­tional investments, including the acquisition of a stake in PRO Unlimited, a leading provider of software and services in the United S...
CROSS-BORDER M&A FROM THE UNITED STATES AND WITHIN EUROPE
The five panellists in this discussion: Janet Barbookles, President of the Nova Ventures Group; William F. Detwiler, Managing Director of Fenbrook Management; Norman Rafael, Chief of Corporate Development and Investor Relations Officer of Armacell International; Rainer Röhrig, Chief Financial Officer of KPM Analytics; and Christian T. Staby, Head of Corporate Development/ M&A of Knorr-Bremse; together with panel head Melville D. Mummert, Managing Director and Head of European Investment Banking of Raymond James Financial discussed Cross-Border M&A from the United States and within Europe. The panel first focused on the influence of technological progress, notably digitalization, on M&A transactions. The panellists concluded that data can help business users assess risk and deve...
LIFE SCIENCES, HEALTH AND PRIVATE EQUITY: LICENSING AND STRUCTURED M&A TRANSACTIONS
Christoph Brandenberger (Healthios Capital Markets), Dr Irina Staatz-Granzer (Staatz BD & Strategy), Dr Sven Oleownik (Gimv Germany), Dr Erich Tauber (Themis Bioscience), Charlie Troup (Duke Street) and Kristian A. Werling (McDermott) discussed licensing and structured M&A transactions. Emmanuelle Trombe (McDermott) mod­erated the panel, which focused in particular on the conver­gence of M&A and licensing, structured transactions in pri­vately held companies versus public M&A, and litigation risks related to due diligence obligations. In discussing the convergence of collaboration/licensing and M&A, the panel pointed out that an increasing number of collaborations between start-ups and industrials include an equity component. Alternatively, such collaborations, with or ...
DEBT FINANCING: FUND OR BANK?

Olya Klüppel (Global Growth Capital), Jurij Puth (GSO), Jürgen Breuer (Pemperton Asset Management), Stuart Hewer (SEB), Dr Nicolaus Loos (IKB Deutsche Industriebank AG) and Didier Beltai-Menth (Bayerische Landesbank), discussed the current German debt finance environment and the competition between banks and (alternative investment/debt) funds as provider of financial accommodation. McDermott’s, Dr. Oliver K. Hahnelt moderated the panel discussion.

FINANCE
The panel featured Didier Beltai-Menth, Acquisition & Leveraged Finance of BayernLB; Adrian Cremer, Director of the Leveraged Finance Group of Société Générale; Paul H. F. Kim, Managing Partner in Financial Sponsor Debt Advisory of Herter & Co.; Dr. Nicolaus Loos, Co-founder, CEO and CIO of Deutsche Credit Capital Partners; Jurij Puth, Managing Director of GSO Capital Partners and Dr. Oliver Hahnelt, partner at McDermott Will & Emery. The panel gave an overview of the German LBO market, including finance surrounding the M&A transactions, the increased market shares of debt funds and the unique debt fund auctions. A main discussion point was the driving factors for debt funds. Most of the German is already covered in debt funds since last year. Whilst those debt funds wish t...
CROSS-BORDER M&A FROM THE UNITED STATES AND WITHIN EUROPE
This panel featured the insights of Melville Mummert (Raymond James), Dr. Carsten Böhm (McDermott Will & Emery), Daniel Cole (Marlin Equity Partners Limited), Robert Goldstein (McDermott Will & Emery), Andreas Bösenberg (Sun European Partners) and Chris McIntire (KPM Analytics).The panel highlighted disruptive factors, such as the US administration, but ended with a fairly optimistic outlook for 2018....
AUTOMOTIVE, DIGITAL TRANSFORMATION AND PRIVATE EQUITY
Florian Kähler (ECM Equity Capital Management), Dirk Liedtke (Raymond James), Martin Schwarzer (PwC), Alexan­der Sixt (Sixt), and Fabian Wasmus and Thomas von Werner (Penta Investments) discussed the impact of digitalisation on the automotive sector. Dr Joachim Koch (IMAP M&A Con­sultants) moderated the panel. The automotive industry is changing like never before as a result of digitalisation. In an environment where volume growth will decrease in the next decade, digital leadership in the automotive industry is expected to translate into growth. The panel first discussed the impact of digitalisation on small and medium-sized automotive suppliers. By implementing a homogenous and connected IT system within a company and between companies along the value chain (industry 4.0), companies ...
DIGITALIZATION IN EUROPE – THE CHALLENGE IN BETWEEN THE US AND CHINA
Todd Albright, Chief Revenue Officer of Merrill Corpo­ration; Fabian Wasmus, Partner at Vitruvian Partners; Carsten Burger, Managing Director of DC Advisory; together with panel head Frank Steinherr, Partner at McDermott Will & Emery discussed digitalization and artificial intelligence as a driver of M&A. The panel began by noting that there is more computing power in the smartphones that are used today than in the computers used by NASA during the Apollo 11 lunar mission that put the first man on the moon just 50 years ago. As technology advances, so too does the rate of our technological advancements. Digitalization – that is the system of converting text, pictures, sound and other analog information into a digital machine readable form capable of being processed by computers - h...
CROSS-BORDER M&A USA AND EUROPE
This panel featured the insights of Melville Mummert (Raymond James), Torsten Krumm (HQ Equita GmbH), Dr Jan-Mathias Kuhr (Kion Group AG), Samuel Wales (McDermott), Patrick Schaich (Riverside Europe Partners GmbH) and Dr Burkhard Weber (Lincoln International LLC). Mr Mummert opened the discussion with questions revolving around the major themes of the 2016 conference, including digitisation, globalisation and disruption: What role will Brexit play in cross-border M&A? What are the implications of digitisation/digital trends for M&A processes? How will disruptive macroeconomic, geopolitical, capital markets and banking trends affect cross-border M&A? Are Europe and the United States currently buyers’ or sellers’ markets? What were the valuation trends of 2016? Each organisatio...
LIFE SCIENCES, HEALTH AND PRIVATE EQUITY
This panel featured Dr. Hubert Birner, Managing Partner of TVM; Dr. Michelle Dipp, Managing Director of General Atlantic; Jan-Daniel Neumann, Managing Director of Bregal Unternehmenskapital; Daniel Nieper, Global Head Strategy and Mergers & Acquisitions of Siegfried AG; Dr. Michael Ruoff, Partner of Think.Health Ventures; Dominik Schwarz, Director of EMH Partners and Kristian A. Werling, partner at McDermott Will & Emery. Moderating the panel was Dr. Stephan Rau, partner at McDermott Will & Emery. Drawing on the panellists different experiences, the discussion focused on how digitalization—driven by the personalization of data—will undoubtedly disrupt life sciences as it revolutionizes investment decisions within this field. Investing in digitalization has and will make the ent...
KEYNOTE: CORONOMICS — IMPACT ON THE TRANSACTIONAL LANDSCAPE
Author, macroeconomist and strategy consultant Dr. Daniel Stelter presented this year’s keynote speech to commence MuMAC 2020. He delivered a comprehensive overview on the status of our economy as affected by the current pandemic, as well as trends prevailing before the pandemic and those most effected by the resulting economic crisis.Dr. Stelter insists that before COVID-19 a long-standing financial crisis was not even close to being over and that even in Germany there had been only the impression of having overcome it; all of that in spite of “having the lowest interest rates in 5,000 years.” He believes that the cheap money, especially amid the economic crisis, will eventually lead to serious problems. He continues to expand his estimation and evaluation concerning the status of our cur...
DIGITAL PLATFORM BUSINESS MODEL
Dr. Christian Figge, Vice President, General Atlantic, Jennifer Kelly, Chief Executive Officer, Founder, Minxli, Dr. Sven Oleownik, Partner, Head of Germany, Gimv Germany, Christoph Weigler, General Manager Germany, Uber Germany and Dr. Thomas von Werner, Managing Director, EMH Partners, discussed the impact of digitalisation on the way they do business. Dr. Michael Cziesla, Partner Private Equity / M&A, McDermott Will & Emery, moderated the panel. The panel mainly covered the following three areas: How Big Data and Artificial Intelligence Changes the Way We Do Business Regulatory Challenges for Digital Platforms M&A in a Digital World – Threats and Opportunities The industry as a whole is changing massively as a result of digitalisation. The panel started by discussing the i...
OPPORTUNITIES IN A DISTRESSED ENVIRONMENT UNDER COVID-19
Jan-Daniel Neumann, Managing Director at Bregal Unternehmerkapital; Dr.-Ing. Axel Geuer, Managing Partner at AEQUITA; Timo Klees, Partner at PwC; and Arndt Geiwitz, Certified Public Accountant, Certified Tax Advisor and Managing Partner at SGP Schneider Geiwitz & Partner, together with moderator Dr. Philip Bacher, Senior Director and Member of the Management Board Germany at AlixPartners, discussed the opportunities in a distressed environment under COVID-19. The panelists started off by each giving their take on how the current status of the economy changes their respective professional practice and the prevailing state of mergers and acquisitions (M&A) businesses, especially focusing on an investor’s perspective. Even though the panelists all agreed there was an overall sense of ...
W&I INSURANCE AND COMPLIANCE IN M&A TRANSACTIONS
Michael Gaul, Managing Director at Acquinex Germany, Felix Rettenmaier, Partner at Rettenmaier & Adick, Jacob Kuipers, Associate at McDermott Will & Emery, Dr. Barbara Roth, Chief Compliance Officer at UniCredit Bank AG, Simon Tesselment, Chief Broking Officer EMEA at AON, together with panel head Dr. Nadine Hartung, Counsel at McDermott Will & Emery, discussed issues around compliance in M&A transactions and the respective questions arising for obtaining W&I coverage. The panel started by discussing recent trends across M&A transactions, including the filing of criminal complaints if compliance issues surface in the wake of a transaction. Mr. Rettenmaier stated his belief that the initiative for a more rigorous corporate criminal law will be implemented in some for...
POST-TRANSACTION VALUE CREATION
The panel discussion consisted of Sascha Günther from Oakley, Philipp Marquardt from AlixPartners, Arne Otto from Siemens Portfolio Companies, Dr. Karl Popp from SAP, and moderator Jens Weber from PwC. The discussion kicked off with the question of how the panelists are working with 100-day plans in the post-sale transition period. Interestingly, all the panelists shared the same opinion, more or less, despite their diverse professional backgrounds. From the panel’s perspective, it is important to create and have a 100-day plan when it comes to a transaction since it would provide great support for the structure and procedure of the post-transaction integration. However, it should be used as a guideline instead of hard rule, as in most cases three months are just not enough to achieve a su...
CASE STUDY: TAKE OVER OF FRIWO AG

Richard G. Ramsauer, Managing Partner at VTC Industriebeteiligungen and Rolf Schwirz, Chief Ex-ecutive Officer at FRIWO AG presented the fascinating takeover of FRIWO AG by VTC and gave insights into the future strategy of the company. 

In the summer of 2008, VTC acquired FRIWO AG, a company working in the field of chargers and power supply. Seventy-six percent of FRIWO’s public shares were owned by the private holding company of Stefan Quandt, while the rest of the shares were in the hands of other free shareholders. 

STRATEGIC BUSINESS DEVELOPMENT: FINDING THE RIGHT TARGET

This panel featured Paul DellaNeve, Vice President, Moog Inc., Ulrich Nicolaus Kranz, Member of the Board and Chief Strategy Officer, Kiekert AG, Norman Rafael, Vice President, Corporate Development and Corporate Communications, Armacell International, S.A. Moderating the panel was McDermott Corporate Partner, Tom Conaghan, from the Firms Washington, DC office.

EVERGREEN AND M&A
Marco Brockhaus, CEO of Brockhaus Capital Manage­ment AG; Dr. Tobias Sitte, Managing Partner of Alphaville Capital; Philipp Haindl, Managing Director of Serafin Group; Richard G. Ramsauer, Managing Partner of VTC Industriebeteiligungen; Alexander Schemann, Managing Directors of Amira Holding; and Dr. Hans Wehrmann, Chairman of the Board of Certina Group; together with panel head Dr. Carsten Böhm, partner of McDermott Will & Emery discussed Evergreen and M&A. The players in the M&A niche market of Evergreens are typically family offices or groups of family offices, the latter being able to realize bigger deal sizes up to a couple of hundred million Euros in equity. Unlike to private equity funds, Evergreen investors have more of a long-term perspective and typically only buy maj...
M&A AND PRIVATE EQUITY MARKET 2017
Dr. Florian von Alten, Managing Partner of Oaklins Germany, Dr. Michael Drill, CEO and Managing Director of Lincoln International AG, Carsten Hagenbucher, Managing Director for corporate investment in Europe of Investcorp, Philipp von Mitzlaff, Business Development Director of Paragon Partners GmbH and Brendan P. O’Connor, Assistant General Counsel for Mergers & Acquisitions and Assistant Secretary of Honeywell International Inc., together with panel head Dr. Nikolaus von Jacobs of McDermott Will & Emery discussed the M&A and Private Equity market in 2017. The panel dove into the current market, highlighting the positive atmosphere as an increasing number of investors chase the limited number of deals available. This competition among investors has continued to drive up prices,...
DISTRESSED M&A

Dr. Henrik Fastrich, Managing and Founding Partner of Orlando Management AG, Frank Gunther, Founder and Managing Director of One Square Advisors, Dr. Max Mayer-Eming, Managing Director of Macquarie Capital (Europe) Limited, and Martin Schwarzer, Partner and Co-head of the German Mergers & Acquisition group of PwC AG discussed the current restructuring and distressed M&A situation in the German market together with moderator Dr. Matthias Kampshoff of McDermott Will & Emery.

CROSS-BORDER M&A FROM AND TO THE UNITED STATES AND WITHIN EUROPE

William F. Detwiler, General Partner at Fernbrook Capital Management; Dr. Michael Drill, CEO and Managing Director at Lincoln International; Tom Sauermilch, Partner at McDermott Will & Emery; and Heather M. Schroder, Director, Senior Legal Counsel Mergers & Acquisitions, Corporate Governance at Robert Bosch together with panel head Sarah Antor, Managing Director and COO Investment Banking Europe at Raymond James, discussed Cross-Border M&A from and to the United States and within Europe.

KEYNOTE: DIGITIZATION IN EUROPE – THE CHALLENGE IN BETWEEN THE US AND CHINA

Stefan Winners, Member of the Executive Board at Hubert Burda Media, spoke about digitization in Europe in light of the evolution of Hubert Burda Media from a classic printing media to a digitized and digitally active brand.

As starting point, Mr. Winners laid out the actual state of the digital media sector. According to statistics, the daily media and tech consumption per person has nearly reached its peak (12:28 hr per day in 2017) in the United States and will only rise by another 18 minutes until 2021.

DISTRESSED M&A AND PE

The panel, moderated by Marco Goetz, Senior Director, Alix Partners, was composed of subject matter thought leaders Donatus Albrecht, Chief Investment Officer, Aurelius; Dr. Uwe Goetker, partner at McDermott Will & Emery; Jan Erik Gross, UniCredit; Dr. Max Mayer- Eming Managing Director, Macquarie Capital and Dr. Dennis Schulze, CFO, HC Starck. Given the diversity of the speakers’ backgrounds, each panellist brought unique insights on the most current developments regarding the German and European distressed M&A market.

M&A AND PRIVATE EQUITY MARKET 2016
This session featured Dr Michael Drill (Lincoln Internation­al AG), Dr Andreas Fendel (Quadriga Capital Beteiligungs­beratung), Philipp Haindl (Serafin Group), Jan Mayerhöfer (Mayerhöfer & Co Corporate Finance Beratung), Tristan Nagler (Aurelius Investments) and Steve Roberts (PwC Germany), and was moderated by Dr Nikolaus von Jacobs (McDermott). Diving into an evaluation of the current market, the panel found that the overall mood is good despite large amounts of money continuing to chase a limited number of opportu­nities, leading to a very active, if not crowded, market place. More strategic players are active in the market than in recent years, including many from the United States and Asia, and China in particular. A multitude of new market players, in­cluding newly established fi...
M&A IN THE FINTECH INDUSTRY

Thomas Hürlimann, Board of Directors at Hiscox; Roman Rittweger, CIO and Founder of ottonova Holding; Dr. Gerrit Seidel, Managing Director at yabeo; Nikolaus von Taysen, Founder of Payworks & Circula and Pay.On, as well as Kilian Thalhammer, Advisor, Investor, FinTech Expert at Wirecard discussed the current status and developments of M&A in the FinTech Industry with Julian Ostertag from Drake Star Partners leading as the moderator of the panel. Together, they discussed the impact of digitalization on the FinTech industry as well as the reasons and fundamental issues that make a FinTech successful and attractive for investors. The discussion then moved to an exchange of opinions about the current state of fundraising and the ongoing M&A activity within the industry.

J.P. MORGAN KEYNOTE: CROSS-BORDER M&A IN THE SHADOW OF BREXIT
Callum Mitchell-Thomson, head of investment banking for Germany, Austria and Switzerland for J.P. Morgan, led the MuMAC audience through the expected consequenc­es of Britain’s exit from the European Union (Brexit). Mr Mitchell-Thomson pointed out that whilst the immediate reactions to the vote were quite dramatic, within a week they had quieted substantially. Similarly, at first it appeared that the outlook for economic growth in 2017 for the Europe­an Union, the United States and, in particular, the United Kingdom itself would be worsened materially. Within three months of the referendum, however, the equity capital mar­kets had recovered. On average, cross-border M&A makes up 30 per cent of the overall M&A market. Within Europe, the United Kingdom historically has represented 30...
FUND FORMATION
1. The magic question: Is there an ideal investment funds structure for certain asset classes or investor types? With a view to market fund units to institutional investors, overseas funds usually have flexibility to adapt to individual investor requests, e.g., by setting up feeder fund structures. That flexibility allows tailoring to individual European fund investors requests. Further, overseas fund structures often do not have leverage restrictions and depositary bank requirements do not apply. As an important restriction, it is to be taken into account: Raising money in the EU is since 2013 a fully regulated activity subject to approval by the domestic investment fund supervisory authority. The resulting requirement is that raising money without having European AIFM-licence needs to be...
OPENING STATEMENT: PUTTING THE TRANSATLANTIC ECONOMY ON A FREE AND FAIR FOOTING019
The honor of opening the ninth Munich Cross-Border M&A and Private Equity Investment Conference was given to Meghan Gregonis, General Consul of the United States in Munich. The topic of the opening statement—putting the transatlantic economy on a free and fair footing—aptly complemented the focus of the conference: “10 Years of Growth – What Comes Next?”, as trade tensions these days seem to have an enormous impact on the markets. Consul General Gregonis’ remarks focused on the state of the trade relationship between the United States and the European Union, a partnership with a rich history of more than 70 years. After World War II, the institution of a free trade system not only lifted millions out of poverty and increased economic&nb...
ACTIVIST SHAREHOLDERS: EXPERIENCES IN THE UNITED STATES AND EUROPE

Bilal Sayyed, McDermott Will & Emery, moderated a thrilling panel of acitivist shareholders from three juristdictions: Roy Katzovic of Saddle Point Group, United States, Till Hufnagel, Petrus Advisers, London and Dr Olaf Marx of MCGM, Munich. They were joined by A&M Managing Director Germany, Thomas Kolaya. Mr Kolaya advises companys how to avoid to become a target of activist shareholders. The panel was a fabulous finale of the conference.

CASE STUDY: POWERTRAIN – A TRUE STORY OF GROWTH BY MEANS OF EUROPE-CHINA CROSS-BORDER M&A
Dr. Sven Oleownik, Partner and Head of Germany at Gimv Germany, discussed Gimv’s investment in Punch Powertrain, a Chinese-markets-oriented independent supplier of innovative, clean, powertrain technology. Dr. Oleownik showcased Gimv’s investment and exit process, as well as the strategic development all standing under the firm’s enquiry to get into the right market in China. Gimv, a European pioneer in Private Equity and Venture Capital, has a proven future-oriented strategy with a diversified portfolio of about 50 companies. Its key platforms of focus being smart industries, connected consumers, health care and sustainable cities. Building upon this strategy Gimv invested in the €35m EV (€15m equity and €20m debt) and negative E...