Case Studies

Logo Buurtzorg

Case Description:
DEMECAN, founded in 2017 by Dr. Adrian Fischer, Dr. Cornelius Maurer and Dr. Constantin von der Groeben, is the only German producer of medical cannabis, that covers all production steps - from cultivation, processing and storage to nationwide delivery to pharmacies.
Accompanied by Zerbach & Company Corporate Finance GmbH, the family office PHK Enterprise has acquired a minority stake in DEMECAN and supported the company with seven-digit growth capital.
PHK Enterprise became part of the existing circle of investors, which includes the DEMECAN founders, the investor network Btov Partners and the family office of Bernhard Schadeberg, the owner of the Krombacher brewery.

Services:
Buy-side M&A advisory | Growth Capital

Company:
DEMECAN Holding GmbH (Berlin)

Closing:
May 2020

Industry:
Healthcare

Website:
www.demecan.com

Demecan
Logo Buurtzorg

Case Description:
Buurtzorg is a pioneering healthcare organization established in 2006 with a nurse-led model of holistic care that revolutionized community care in the Netherlands. Client satisfaction rates are the highest of any health care organization. Buurtzorg scaled very quickly across the Netherlands from 1 to 850 teams, in just 10 years. To accelerate the expansion of its minority subsidiary in Germany, the company intends to accelerate its organic and inorganic growth in the coming years in order to become the leading outpatient care service in Germany, following the revolutionary Dutch model. In this context Zerbach & Company raised equity capital from a German family office which became a permanently committed shareholder to support the future of Buurtzorg Germany.

Services:
Capital raise | Sell-side M&A advisory

Client:
Buurtzorg Deutschland Nachbarschaftspflege gGmbH

Closing:
February 2020

Industry:
Healthcare

Investor:
German Family Office (confidential)

Website:
www.buurtzorg-deutschland.de

Buurtzorg Deutschland Nachbarschaftspflege gGmbH
Logo MBE

Case Description:
MBE, founded in 1979, is a manufacturer and wholesaler of fastening elements (both permanent and detachable) for (rear ventilated) facades including necessary tools and accessories.
Z&C's mandate was to sell 100% of the shares to a long term oriented buyer in order to regulate the company’s succession and to secure jobs at the Menden site.
Due to a swift and effective project management and the structured as well as competitive bidding process by Z&C the transaction has been completed within less than 5 month including a comprehensive preparation.

Befestiger

Services:
Sell-side M&A Advisory

Client:
MBE Moderne Befestigungselemente GmbH (Menden)

Closing:
February 2020

Industry:
Construction

Buyer:
SFS Group AG (Switzerland), listed on the SIX Swiss Exchange in Zurich

Website:
www.mbe-gmbh.de

MBE Befestiger Gebäudefassaden
Logo Germania Eurania

Case Description:
Buurtzorg is a pioneering healthcare organization established in 2006 with a nurse-led model of holistic care that revolutionized community care in the Netherlands. Client satisfaction rates are the highest of any health care organization. Buurtzorg scaled very quickly across the Netherlands from 1 to 850 teams, in just 10 years. To accelerate the expansion of its minority subsidiary in Germany, the company intends to accelerate its organic and inorganic growth in the coming years in order to become the leading outpatient care service in Germany, following the revolutionary Dutch model. In this context Zerbach & Company raised equity capital from a German family office which became a permanently committed shareholder to support the future of Buurtzorg Germany.

Services:
Sell-side M&A Advisory

Client:
Germania Inkasso-Dienst GmbH & Co. KG (Deggendorf)
Eurania AG (Deggendorf)

Closing:
May 2019

Industry:
Financial Services (B2B Debt Collection)

Buyer:
AEM Unternehmerkapital GmbH, Munich

Website:
www.germania-inkasso.de

Germania Inkasso-Dienst GmbH & Co. KG
Logo BID

Case Description:
Founded in 1985 as a debt collection agency and credit agency, BID Group is today one of the largest providers of receivables management and debt collection services in Germany.
Z&C was exclusively mandated to advise the sale of BID Group as part of a succession plan to a long-term oriented investor.
With Obermark Group, an investor was selected who will continue to support and secure the successful development of the BID Group in the future permanently and with no exit strategy.

Services:
Sell-side M&A Advisory

Client:
BID Group, including BID Bayerischer Inkasso Dienst GmbH, ProCash Collections GmbH, Profaktura Auslandsinkasso GmbH and Bürgel Coburg Heinz Bittermann e.K. (Coburg)

Closing:
May 2018

Industry:
Financial Services (Debt Collection, Debt Purchase)

Buyer:
Obermark Value S.a.r.l. (Luxemburg)

Website:
www.bid-coburg.de

BID
Logo DuoTherm

Case Description:
DuoTherm Rolladen GmbH develops, manufactures and markets customised roller shutter systems, external venetian blinds and window facade awnings.
In order to ensure a long-term and sustainable succession Z&C was engaged to advise on the sale of up to 100% of the shares to a suitable investor.
Due to a swift and effective project management by Z&C the transaction has been closed within 5 month including a comprehensive preparation.

Rolladen

Services:
Sell-side M&A Advisory

Client:
Duotherm Rolladen GmbH (Nettersheim)

Closing:
January 2017

Industry:
Construction

Buyer:
BPE Unternehmensbeteiligungen GmbH (Hamburg)

Website:
www.duotherm-rolladen.de

DuoTherm
Logo Leipold + Döhle

Case Description:
Leipold + Döhle GmbH is an importer and distributor of personal protective equipment (PPE) products based in Eschwege. The company sells its products mainly to hardware stores and technical retailers.
In order to ensure a long-term and sustainable succession Z&C was engaged to advise on the sale of up to 100% of the shares with the intention to ensure the succession to a suitable long-term orientated investor.

Services:
Sell-side M&A Advisory

Client:
Leipold + Döhle GmbH (Eschwege)

Closing:
January 2018

Industry:
Personal Protective Equipment (PPE)

Buyer:
ASUP GmbH, a portfolio company of Maxburg Capital Partners (Munich)

Website:
www.leipold-doehle.com

Leipold + Döhle Arbeitsschutzprodukte
Logo Frischleder

Case Description:
The Cologne-based insurance broker Frischleder is a leading specialist in the brokerage of insurance solutions for the real estate industry. In this context, the company arranges optimal insurance cover for investors from the purchase of the land, through project development, to the coverage of the completed property.
As part of the regulation of the company succession, the shareholders of Frischleder mandated Z&C as exclusive corporate finance advisor to search for suitable investors in order to secure jobs at the Cologne location in the long term.
Within a competitive transaction process, MRH Trowe, an international insurance company, has been selected by the shareholders.

Services:
Sell-side M&A Advisory

Client:
Frischleder Versicherungsmakler GmbH (Cologne)

Closing:
December 2017

Industry:
Financial Services (Insurance)

Buyer:
MRH Trowe Gruppe (Frankfurt a.M.)

Website:
www.mrh-trowe.com

Frischleder
Logo Schmetz

Case Description:
Schmetz, founded in 1851 produces and distributes domestic sewing needles with nearly 700 employees. The company, which is one of the two world market leaders in industrial sewing and tufting needles, has production sites in Germany, Suisse and India as well as global sales offices.
Zerbach & Company was consulted for the sale of a majority stake to an long-term orientated financial investor with the intention to ensure the succession in parallel to secure further growth of Schmetz.
In conclusion, the shareholders decided to collaborate with Groz-Beckert, a strategic investor. Groz-Beckert is the world’s leading provider of industrial machine needles, precision parts and fine tools for textiles and employs more than 7,800 people.

Services:
Sell-side M&A Advisory

Client:
Schmetz Capital Management GmbH, Family Office der Familie Schmetz (Herzogenrath)

Closing:
January 2017

Industry:
Industrials & Textiles

Buyer:
Groz-Beckert KG (Albstadt)

Website:
www.schmetz.com

Schmetz
Logo Bahama

Case Description:
Founded in 1950 today Bahama designs and manufactures a great variety of high-quality large-size parasols and sun sails. The Products are used in the hotel industry (such as the Burj al Arab in Dubai), gastronomy, communal gardening, landscaping and on cruise ships as well as cruise yachts.
The assignment was the sale of up to 100% of the shares to ensure a sustainable succession in parallel with the protection of the company’s growth and the preservation of nearly 100 jobs. At the same time, the existing shareholder structure which consists of several families was reorganised to solve present conflicts.
With Volker Schröder, former CFO of Kienbaum Group, Z&C managed to find an internationally experienced MBI candidate, that further expands the Company as new owner in the long-term.

Schirme

Services:
Management Buy-in

Client:
Bahama GmbH (Reichshof)

Closing:
August 2016

Industry:
Textile Constructions

Buyer:
Volker Schröder (Private Investor)

Website:
https://bahama.de

Bahama
Logo Emsländer Baustoffwerke

Case Description:
Emsländer Baustoffwerke, founded in 1899, produces and sells premium construction products according to state-of-the-art technological specifications.
Rationale for the transaction was to develop an acquisition strategy for the owner family to diversify the family wealth allocation and to acquire businesses operating in others than their current industry segments.
In the course of the execution of this strategy, Z&C advised on the acquisition of 100% of the shares in Fischer Fertigungstechnik GmbH & Co. KG, Gütersloh.

Services:
Buy-side M&A Advisory

Buyer:
Emsländer Baustoffwerke GmbH & Co. KG (Haren / Ems)

Closing:
June 2014

Industry:
Metal Forming

Target Company:
Fischer Fertigungstechnik GmbH & Co. KG (Gütersloh)

Website:
https://fischer-fertigungstechnik.de

Emsländer Baustoffwerke
Logo Schleich

Case Description:
Founded in 1935 by Friedrich Schleich in Schwäbisch Gmünd, Schleich is now one of the largest toy manufacturers in Germany and the leading international supplier of realistic animal figures.
The company now offers six different theme worlds with more than 600 designed and high-quality individual figures. Production takes place both at the company's headquarters in Schwäbisch Gmünd and in other production facilities abroad.
After Leander Zerbach had already advised the owner family on the sale of Schleich to HgCapital in 2006, Z&C was mandated to advise the former Schleich CEO and minority shareholder in the secondary buy-out by Ardian.

Services:
Sell-side M&A Advisory

Client:
Schleich GmbH (Schwäbisch-Gmünd)

Closing:
May 2014

Industry:
Consumer Products (Toys)

Buyer:
Ardian SAS (Paris)

Website:
https://www.schleich-s.com/de/

Schleich
Logo Thiendorfer Fräsdienst

Case Description:
Thiendorfer Fräsdienst GmbH & Co. KG is specialised in the reconstruction of asphalt surfaces, the company uses state-of-the-art milling technology to rework surfaces and builds complete road pavements to the latest standards in road engineering.
The assignment was the sale of up to 100% of the shares in Thiendorfer Fräsdienst GmbH & Co. KG and P+S Pflaster- und Straßenbau GmbH, to ensure a long-term perspective regarding the company succession and for about 100 employees.
The buyer was a subsidiary of L. Possehl & Co. mbH, the Management Holding of the Possehl Foundation securing a long-term perspective for the company.

Services:
Sell-side M&A Advisory

Client:
Thiendorfer Fräsdienst GmbH & Co. KG (Thiendorf)

Closing:
October 2015

Industry:
Construction (Road milling)

Buyer:
Possehl Spezialbau GmbH (Lübeck)

Website:
https://www.thiendorfer.de

Thiendorfer Fräsdienst
Logo Tonies

Case Description:
Boxine GmbH, founded in 2014, produces the Toniebox, an audio system for children. The Toniebox is a cloth-covered cube with an integrated speaker for small children to play audio books and music, which has become a great success in Germany. The box works by means of a figure that has to be placed on top of the box in order to play the corresponding audio play.
In 2015 Z&C assisted the Kraut family office in the acquisition of a 25+% stake in Boxine GmbH. Until the launch of the Tonies and in the following years 2016-2018, Z&C provided various corporate finance services and supported the development of the internal organisational structures of the rapidly growing start-up. In 2019, Z&C then advised the Kraut family office as a minority shareholder in the sale process to a consortium of investors from Armira (lead investor), as well as the family offices of the founders of Hexal and Zalando, among others.

Services:
Buy-side M&A Advisory (minority) | Corporate Finance Advisory | Sell-side M&A Advisory (minority)

Tonies

Client:
Boxine GmbH (Düsseldorf)

Closing | Period:
March 2015 (Buy-side) | 2016 – 2018 (Corporate Finance Advisory) | September 2019 (Sell-side)

Industry:
Consumer Products (Toys) / Digital Audio

Buyer:
Paul Kraut Family Office (Buy-side) | Armira Beteiligungen GmbH & Co. KG (Sell-side)

Website:
https://tonies.de

Tonies
Logo Fernholz

Case Description:
The W.u.H. Fernholz GmbH & Co. KG has been producing plastic packaging and films for the dairy and food industry since 1963. In addition to the main plant in Meinerzhagen, there has been a second plant in Schkopau near Halle an der Saale since 2009. In Meinerzhagen, packaging is manufactured using thermoforming and injection moulding processes, as well as films made of PS (polystyrene), PP (polypropylene) and PET (polyethylene terephthalate). The Schkopau plant specialises in the production of PP and PS film, especially for the dairy industry. With around 220 employees, Fernholz processes 2,000 tons of plastic granulate every month, which corresponds to approximately 2.5 billion packaging units per year.
Z&C's assignment was to support and implement a family-internal shareholder restructuring in the context of an owner buy-out.

Verpackungen

Services:
Owners Buy-out

Client:
W. u. H. Fernholz GmbH & Co. KG (Meinerzhagen)

Closing:
March 2016

Industry:
Packaging

Buyer:
Uwe Fernholz

Website:
https://www.fernholz-verpackungen.de

Fernholz
Logo ringo

Case Description*:
Schwering has been producing interior doors and frames since 1904, which are marketed under the brand ringo® in Germany and abroad. The products are sold exclusively through selected specialist dealers and processors. In the course of the 2008/2009 financial crisis, the company was in acute liquidity crisis and threatened by insolvency. The assignment was to find a strategic partner for the company within a very short time to secure the future of the company as well as the jobs at Reken in North Rhine-Westphalia in the long term. In less than 3 months the sale to the Herholz Group based in Ahaus was successfully completed. The continued existence of the company, brand and all jobs was secured.

Services:
Distressed M&A (Sell-side)

Client:
Schwering Türenwerk GmbH (Reken)

Closing:
June 2009

Industry:
Packaging

Investor:
Herholz Group (Ahaus)

Website:
www.ringo.de

* Personal Reference of the Managing Directors

ringo