chinese investors - smb : consultants : gmbh

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chinese investors - smb : consultants : gmbh
Chinese Acquisitions in Germany offer New Business Opportunities
- An international M&A Research Project of SMB Consultants on the occasion of
MORISON Meeting in Beijing
Karl-Heinz Wolf
© SMB Consultants 2014
September 2014
SMB Consultants
Neuer Zollhof 3
D-40221 Duesseldorf
Tel. +49 211 22 059 480
www.SMBConsultants.de
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AGENDA
• SMB CONSULTANTS EXPERTISE AND SCOPE OF RESEARCH
• INSIGHTS
• GERMAN TARGET COMPANIES BY INDUSTRY
• CHINESE INVESTORS BY NAME
• NUMBER OF PATENTS OF ACQUIRED COMPANIES
© SMB Consultants 2014
• REQUEST OF THE FULL STUDY (SAMPLE EXTRACT)
• CONTACT DETAILS
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SMB CONSULTANTS EXPERTISE AND SCOPE OF RESEARCH
SMB Consultants Partners have been active as M&A Advisors for over 20 years. Together with
its previous management experience in major international companies, e.g. Deutsche Bank AG,
Munich RE, Daimler AG, Siemens AG, Family businesses, etc., the partners enjoy is a strong and
trustworthy network in the German business community.
SMB´s Clients are regularly family businesses, which are active in either Automotive/High Tech
or IT/Media industry sectors. (for references please see website)
The study of the SMB Consultants analyzed acquisitions of German enterprises by Chinese
investors between 2005 and the beginning of 2014.
© SMB Consultants 2014
Besides a detailed list of the individual transactions, data concerning industries, company size,
geographic focus as well as involved legal and financial advisors was also evaluated.
The full study provides to German Technology Companies, Private Equity-Holdings and Advisors
in Auditing, Tax, Corporate Finance/M&A an actual and comprehensive overview of China's
most recent transaction activity and at the same time illustrates interesting characteristics of
German target companies that are apparently important for Chinese investors.
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INSIGHTS
Between 2005 and 2014 more than 80 transactions in Germany by Chinese investors were registered.
Investor´s search focus was as expected in sectors where Technology and Engineering Know how is key.
Looking at the locations the German target companies are found headquartered in BadenWuerttemberg, Bavaria (both South) and North Rhine-Westphalia (West). Most Chinese investors are
headquartered in Beijing, the province Zhejiang (South East) or in Hong Kong.
Both, SME’s as well as MNE’s, were targets of Chinese investors. One interesting finding of the study was
that also smaller German companies were targeted by large Chinese enterprises.
By 2010, Chinese acquisitions of German firms were rather rare. Shortly after the number of transactions
increased significantly. In 2013 Chinese acquisitions activities reached its climax.
© SMB Consultants 2014
From 2011 on the Chinese transaction volume exceeded the one billion Euro mark significantly every
year. Thus the years from 2011 to 2013 contribute the major part to the total investment volume of the
investigation period.
The expected further increase of M&A activities in China will provide attractive opportunities for
respective advisory services. SMB Consultants would appreciate to discuss with MORISON International
possible mutual and fruitful cooperation approaches in this context.
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GERMAN TARGET COMPANIES BY INDUSTRY (I/III)
Automotive
Electronics
Albert Ziegler GmbH & Co. KG.
AWECO Applience Systems GmbH & Co. KG
Artega Automobil GmbH & Co. KG.
ELAC Electroacustic GmbH
Carlsson Autotechnik GmbH
Medion AG
GIW Gesellschaft für innovative Werkzeugsysteme mbH
Rinde Regeltechnik GmbH
Helbako GmbH
Rohde & Schwarz Professional Mobile Radio GmbH
Solutions Bruchsal GmbH & CO. KG
Siemens Electronics Assembly Systems Management GmbH KG
Kiekert AG
Vivanco Gruppe AG
KION Group AG
(Renewable) Energy
KSM Castings GmbH
Linde Hydraulics
Preh GmbH
SaarGummi GmbH
Sellner Holding GMBH
ThyssenKrupp Tailored Blanks GmbH
© SMB Consultants 2014
Viseon Bus GmbH
ZF Friedrichshafen AG (Rubber & Plastic Business Unit)
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
Asola Solarpower GmbH
BOREAS Energie GmbH (solar farm project)
Conergy SolarModule GmbH & Co. KG
Roth & Rau CTF Solar GmbH
Solibro GmbH
Sunways AG
Vensys Energy AG
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GERMAN TARGET COMPANIES BY INDUSTRY (II/III)
Engineering
A. Monforts Textilmaschinen GmbH & Co. KG
m-tec mathis technik gmbh
aba z&b Schleifmaschinen GmbH
OPS Ingersoll Funkenerosion GmbH
Drossbach GmbH & Co. KG
PFAFF Industriesysteme und Maschinen AG
Duerkopp Adler AG
Putzmeister Holding GmbH
EMAG Holding GmbH
Schwing GmbH
F. Zimmermann GmbH
SGL Rotec GmbH & Co. KG
FbZ Formenbau Zuttlingen GmbH
TLT-Turbo GmbH
FLEX-Elektrowerkzeuge GmbH
TopCut GmbH + Assyst/Bullmer Spritzmaschinen GmbH
Grosse Webereimaschinen GmbH
Werkzeugmaschinenfabrik Adolf Waldrich Coburg GmbH & Co.KG
Intermix GmbH
Wilbert Turmkrane GmbH
Kelch GmbH & Co. KG
Wohlenberg Werkzeugmaschinen GmbH
KHD Humboldt Wedag International
WUMAG TEXROLL GmbH & Co. KG
KSL Keilmann Sondermaschinenbau GmbH; KSE GmbH; KSA Verw GmbH
Zhafir Plastics Machinery GmbH (Vorher: IVB GmbH
Industrievertretungen)
KSL-Kuttler Automation Systems GmbH
© SMB Consultants 2014
Ziemann GmbH
KUENKEL-WAGNER Prozesstechnologie GmbH
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
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GERMAN TARGET COMPANIES BY INDUSTRY (III/III)
Metal processing
Transport/Logistics
FORMAT Tresorbau GmbH & Co. KG
FPM Flughafen Parchim
Grohe AG
Transmode Overseas Transportges. mbH
HPTec GmbH
UES Unit Equipment Services AG
Kugel- und Rollenlagerwerk Leipzig GmbH
Others
MWH Metallwerk Helmstadt GmbH
CYBEX GmbH
DyStar Textilfarben GmbH
Textile
Leuchtturm Beteiligungs und Holding Germany AG
Pickenpack-Hussman & Hahn Seafood GmbH
Liegelind GmbH & Co. KG
Reise-TV GmbH & Co. KG
Miles Fashion GmbH
Saunalux GmbH Products & Co. KG
Peine GmbH
Golden Tulip Hotel (Frankfurt)
Hazemag & Epr GmbH
© SMB Consultants 2014
Penta Hotels Germany GmbH
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
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© SMB Consultants 2014
CHINESE INVESTORS (A – H)
Anhui Saunaking Co., Ltd
ASM Pacific Technology Limited
Astronergy
Beijing First Machine Tool
CATIC Beijing Company Limited
Chervon Holdings Limited
China International Marine Containers (Group)
Ltd. (CIMC)
China Minmetals Corporation
China Triumph International Engineering
Corporation (CTIEC)
China Youngman Automobile Group Co., Ltd.
Chongqing Light Industry & Textile Holdings
(Group) Co., Ltd.
Chou Patrick Hsiao-Po (Private Investor)
CITIC Capital Partners
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
Dalian Machine Tool Group
Dalian Sunlight Machinery Co., Ltd
Dutech Holdings Ltd.
Fong's Industries Company Limited
Global Legend Holdings Co. Ltd.
Goldwind Science & Technology Co., Ltd.
Goodbaby International Holdings Limited
Grand View Development (HK) Ltd.
Guangdong Greatoo Molds
Haitian International Holding Ltd.
Hanergy Holdings Group Company Ltd.
Hangzhou Machine Tool Group Co Ltd
Harbin Measuring Tool & Cutting Tool Group
Co., Ltd.
Hebei Lingyun Industrial Group Co.,Ltd.
Hytera Communications Corporation Limited
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© SMB Consultants 2014
CHINESE INVESTORS (J – S)
Jiangsu Jinsheng Industry Stock Co., Ltd
Jianshe Cai; Jilin Cai (Private Investoren)
Joyson Holding Co Ltd
Kerry Logistics (Hong Kong) Limited
Kiri Industries Limited
Kunshan Aertejia Automobile Technology Co. Ltd.
LDK Solar Co. Ltd
Leeport Holdings
Lenovo Group Limited
Li & Fung Limited
Liaoyuan Joyson Electronic Corp.
LinkGlobal Logistics Co., Ltd.
Nanyang Guoyu Seal Development Co. Ltd.
New Century Tourism Group Co., Ltd.
New World China Land Limited
Ningbo Huaxiang Automotive Systems Co., Ltd.
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
Ningbo Huaxiang Electronic Co Ltd
Pacific Andes International Holdings Limited;
Klonasta Holdings Ltd
Pacific Andes International Holdings Ltd
Power Construction Corporation of China
Qingdao Hisun Garment Group Co., Ltd.
Sany Heavy Industry Co Ltd
SGSB Group Co., Ltd.
Shandong Jining Ruyi Woolen Textile Co., Ltd
Shanggong Group Co., LTD.
Shanghai Electric Corperation (SEC)
Simplex Capital Asia Limited
Sinoma International Engineering Co Ltd
SUNOWE Photovoltaic
Sunshine Circuits Co., Ltd.
Suntech Power Holdings Co Ltd
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CHINESE INVESTORS (T – Z)
© SMB Consultants 2014
Television Voyages Ltd.
Tianjin Motor Dies Co. Ltd
TUSAI Holding Ltd
Wafangdian Bearing Group Corp
Weichai Power Co Ltd
WLC Corportaion Ltd
Wuhan Iron and Steel Company Ltd.
XCMG Construction Machinery Co Ltd
Xupu Electronics Technology GmbH (Ship Group)
Yotrio Group Co., Ltd.
Source: Bertelsmann Stiftung (2013); MergerMarket; SMB Consultants Research
This list is not exhaustive
Zhejiang Fudi Machine Co. Ltd.
Zhejiang Longsheng Group Co.,Ltd
Zhejiang New Jack Sewing Machine Company
Co., Ltd.
Zhejiang Sanhua Co., Ltd.
Zhongsheng Group Holdings Limited
Zhuzhou Times New Material Tech Co Ltd
Zoje Sewing Machine Co., Ltd.
Zoomlion Heavy Industry Science & Technology
Development Co Ltd
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NUMBER OF PATENTS (IN 2014) OF ACQUIRED COMPANIES
(just short list!)
C:
350
300
250
200
150
100
50
0
© SMB Consultants 2014
Preh GmbH
Putzmeister
Holding GmbH
Source: European Patent Register
This list is not exhaustive
KHD Humboldt
Wedag
International
Duerkopp Adler
AG
Schwing GmbH
EMAG Holding
GmbH
Kiekert AG
Medion AG
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REQUEST FOR THE FULL STUDY
For a full study with information including company size, number of acquired patents,
geographic focus, detailed transaction list, involved legal and financial advisors, etc.,
please contact us to order a full version of our study. (please see sample extract below)
Jahr
Date
Target Company
Target
FinancialAdvisor
2014 21.02.2014 Wilbert
KPMG
Turmkrane GmbH
Target LegalAdvisor
LEONHARDT
Rechtsanwalte
2014 28.01.2014 Peine GmbH
2014 28.01.2014 CYBEX GmbH
2013 26.12.2013 m-tec mathis
technik gmbh
Bidder Company
Nanyang Guoyu
Seal Development
Co. Ltd.
Bidder
FinancialAdvisor
Bidder LegalAdvisor Seller Company Seller FinancialAdvisor Seller LegalAdvisor
Noerr LLP
Shandong Jining
Ruyi Woolen
Textile Co., Ltd
Eversheds LLP
Astraia Holding
AG
Goodbaby
International
Holdings Limited
Gleiss Lutz, Sidley
Austin LLP
Zoomlion Heavy
Industry Science &
Technology
Development Co
Ltd
Fangda Partners
Deal Value
EUR(m)
Deal Dom.
Industry
Industry//2
Not Available Industrial products Maschinenbau
and services
Not Available Consumer: Other
70,71 Consumer: Other
Target employees
129
Target sales
Traget Insolvency
Mail-adress
Internet-adress
30 Ja
Lohrgraben 2
55444
Waldlaubersheim
http://www.wilbert
.de/
Stake (in %)
Adress Bidder
100% Shanghai
State
Rheinland-Pfalz
Textil
96
25 Nein
Rheinstr. 49
26382
Wilhelmshaven
http://www.peineg k.A.
mbh.com/
Shandong
Niedersachsen
Sonstige
88
16 Nein
Riedinger Str. 18
95448 Bayreuth
http://cybexonline.com
Jiangsu
Bayern
150
35 Nein
Otto-Hahn-Straße 6 http://www.m79395 Neuenburg tec.com/de/
Not Available Industrial products Maschinenbau
and services
k.A.
100% Hunan
Baden-Würtemberg
Deal Type
Deal Description
Acquisition,
Cross border,
Insolvency,
Private
Nanyang Guoyu Seal Development Co. Ltd., the China based company engaged in manufacturing sealing products as
well as sealing materials, has agreed to acquire Wilbert Turmkrane GmbH, the Germany based tower crane
manufacturer, for an undisclosed consideration.
Wilbert Turmkrane employs 129 people. Wilbert Turmkrane had filed for insolvency in 25 January 2013. Wilbert
Crane Service in Stromberg and Wilbert GmbH in Warmsroth are not affected by the insolvency proceedings. Also,
Wilbert Sarens Vermietung (WSV), joint venture between Wilbert and Sarens is unaffected by the Wilbert
Turmkrane insolvency.
Acquisition, Shandong Jining Ruyi Woolen Textile Co., Ltd., the listed China based textile manufacturer, has agreed to acquire a
Cross border, majority stake in Peine GmbH, the Germany based retailer of apparel, from Astraia Holding AG, the Germany based
Private
holding company of Jan Leuze the CEO of Peine GmbH, for an undisclosed amount.
Peine has 96 employees and an export ratio of 50%.
Jan Leuze acquired Peine in an MBO in February 2013.
Source Links:
Peine GmbH press release, 28 January 2014 (German)
Acquisition, Goodbaby International Holdings Limited (GIH), the listed China based company engaged in the research and
Cross border, development, design, manufacture, marketing, and sale of durable juvenile, has agreed to acquire Columbus
Private
Holding GmbH (CHG), a Germany based company engaged in the design and sale of juvenile products such as car
seats, baby carriers and strollers, for a total consideration of EUR 70.71m.
GIH will pay EUR 38.513m in cash and EUR 32.19m in GIH common stock. The acquisition is being financed through
bank borrowing and of 100m new shares to vendors at price of HKD 3.12 per share which represents EUR 32.198m.
The transaction would allow the GIH to establish a direct distribution network in continental Europe and expand the
its product portfolio and include premium child safety car seats. Post transaction, Mr. Matthias Steinacker, Mr.
Mankil Cho, Mr. Martin Pos and Mr. Stefan Huber will hold 0.46%, 0.53% 4.62% and 0.04% stakes respectively in
GIH.
The transaction is subject to the listing of Goodbaby International Holdings Limited shares. In 2012, CHG reported
earnings of HKD 44.49m.
Source Link:
Goodbaby International Holdings Limited stock exchange announcement, 28 January 2014
Acquisition, Zoomlion Heavy Industry Science & Technology Development Co Ltd, the listed China based company engaged in
Cross border, development, production, distribution and leasing of heavy industrial equipment, has acquired m-tec mathis
Private
technik gmbh, the Germany based developer and producer of solutions for the manufacture, logistics, and
processing of modern materials, for an undisclosed consideration.
Post acquisition, Zoomlion will also become the world’s No. 1 dry-mixed mortar equipment brand through the highlevel engrafting of the m-tec technology. Zoomlion has chosen to acquire m-tec and enter the field of dry-mixed
mortar equipment based on its prediction and judgment of the industrial transformation and upgrading direction
and the market development trend.
Source Link:
Zoomlion Heavy Industry Science&Technology Co., Ltd. press release, 26 December 2013
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CONTACT DETAILS
SMB Consultants is a privately owned M&A-Advisory Firm. Our clients are operating in
diverse industries, e.g. Automotive/High Tech, IT/Media and Financial Services.
© SMB Consultants 2014
Frank N. Stolpmann, Managing Partner
Markus Schmidt, Partner
SMB Consultants . Neuer Zollhof 3 . 40225 Duesseldorf (MedienHafen)
T +49 211 22059480 Email: [email protected]
www.smbconsultants.de
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