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M&A Mergers & Acquisitions
M&A services often cover the holistic, strategic planning of corporate sales and purchases as well as their tactical and operative implementation.
MBI (Management buy-in)
External management takes over shares in a company or parts of a company. This often takes place together with private equity companies.
MBO (Management buy-out)
Incumbent, non-participating management buys into a company as shareholders with the aid of private equity companies or through loan financing. Either through a capital increase and/or through the purchase of shares from the senior shareholders.
Corporate financing that is part equity and part debt (from the Italian expression for “in-between storey”). This form of financing usually comprises lower-priority debt (fixed interest) and equity capital (shares or subscription rights for shares). In Germany the following instruments are used: Seller’s notes, participation rights, silent holdings, profit participation loan, shareholders’ notes and other subordinated debt.
Valuation methods which are geared to the total value of the company and equity capital. This includes P/E (price/earnings), EBIT, EBITDA, EBITDAR (R stands for rent) and sales multiples. These are generally determined for similar companies (peer group of comparable companies and/or transactions) so as to arrive at an estimated valuation on the basis of ratios. Likewise such a multiples valuation is conducted for comparable transactions.
Describes the possibility to sell a company – that had been bought at a certain (EBITDA) multiplier – upon exit at a higher multiplier. This can, among other things, be due to economic effects, the impact of additional absolute size of EBITDA (scale arbitrage) or higher debt multipliers.