For management and investors
Management buy-out and buy-in
We structure MBO and MBI transactions, bring the stakeholders together and secure both the financing and the right investor partner.
Enterprise value
5–200 Mio. Euro
EBITDA
0,5–25 Mio. Euro
Offices
Zug, München, Wien
Starting point
Typical situations
Three constellations owners usually come to us with.
Management intending to take over
Managers who want to take over the company they have worked in for years and need a workable structure for it.
External managers
Experienced managers with a clear sector thesis who are looking for a company and need to finance the entry.
Investors
Private equity firms and family offices looking to back management-led ownership solutions.
Scope
What we do
Four steps that build on each other. You take the decisions, we do the work.
- 01
Structure and stakeholders
Who takes which share, who finances, who carries the liability? The structure has to work for seller, management and lenders at the same time.
- 02
Financing
Management equity, private equity, bank debt and a vendor loan are combined into a package the balance sheet can carry.
- 03
Valuation and due diligence
A management buy-out has the advantage of inside knowledge and the disadvantage of familiarity. We therefore examine it as carefully as we would for an external buyer.
- 04
Documentation through to closing
Purchase agreement, shareholders' agreement, management participation and financing contracts have to fit together. We hold the threads.
The hardest negotiation is the one with your own boss
In a management buy-out the person on the other side of the table is someone you will work with again on Monday. That is exactly why it needs a third party to justify the valuation and lead the negotiation, so that the relationship survives the process.
On the financing side it comes down to the combination: how much equity can management realistically raise, what share does an investor carry, and how much vendor loan is the owner prepared to defer? Those three figures determine whether the transaction is feasible at all.
The four phases of a process are set out in the process overview, completed transactions under mandates.
Questions
Frequently asked
Enough for the incentives to work, and little enough to remain bearable privately. The order of magnitude depends on the purchase price and the financing structure.
Only when you want them to. Confidentiality is particularly delicate in this constellation and is agreed from the outset.
In a buy-in the management comes from outside. That raises the requirements on due diligence and on the handover period after closing.
Contact
Let us get to know each other
A first conversation, in person or remote, with no obligation. We will tell you plainly whether and how we can help.