CASE STUDY | Transaction advisory
AFINUM
Afinum Management GmbH (“ Afinum ”) is one of the leading medium-sized investment companies in the German-speaking market .
www . afinum . de
SITUATION
In mid-2021 , Afinum agreed to divest the Garz & Fricke Holding GmbH (“ Garz & Fricke Group ”) to SECO S . p . A . (“ SECO ”), an Italy-based embedded computing player . Afinum and the Garz & Fricke Group required external support to depict a potential equity story ( standalone growth options and synergy potential with SECO ), as a basis for the negotiation process .
goetzpartners was mandated by Afinum and the minority shareholders of the Garz & Fricke Group as M & A and commercial advisor . The two teams of goetzpartners Corporate Finance and Management Consulting worked closely together to develop an optimized equity story and business plan and to identify and quantify the synergy potential .
SOLUTION goetzpartners conducted a commercial vendor due diligence highlighting key aspects of the business model and a detailed modelling of the addressable market . In addition to a business plan assessment , a key element of the commercial due diligence work was the identification and quantification of the synergy potential – initially conducted as a pure outside-in process without access to internal data on the potential strategic and listed acquirer . Subsequently , the results of the synergy model were discussed with the buy-side . That significantly contributed to SECO ' s strategic view of the acquisition and the negotiation process . Highly valuable input for the future strategic positioning of the combined entity was also provided by the derivation and depiction of tangible value creation levers beyond the business plan .
Thanks to the holistic approach , goetzpartners managed to highlight the excellent strategic fit between the two companies in a very short time and illustrated the resulting potential for value creation in detail with a thorough scenario-based synergy assessment . A highly handson transaction management was instrumental in delivering the entire transaction within a tight time frame .
RESULT
· Realization of a commercial vendor due diligence and a business plan in a very short time .
· Achievement of an outstanding result and an attractive purchase price .
· A highly tailored process with results delivered in a time frame of two months