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Doing deals in 2013
An insight into current industrial products
deal environment
Introduction
Dear reader,
Despite the fast catch-up from the economic downturn in 2009 across the industrial products (IP) sector, the past years have
been very challenging for the German transaction activities within this sector. In order to understand the key drivers of the
current deals market we conducted the following Point of View to assess the current economic climate and outlook for 2013 and
to reflect on the deals environment and its characteristics.
For the upcoming years, we see a stable economic development for the German market, supported by the continuously stable
demand from non-EU markets e.g. the US and China. The positive forecast for the economic growth of BRIC countries
strengthens this expectation.
As the IP sector provides sufficient profitability, shows enough room for consolidation and still provides a high level of
innovation we predict an ongoing stable level of transactions. However, the average deal values within the IP sector are slightly
decreasing.
The Deals in the German IP sector are primarily driven by corporates. These, in particular have increased their cash position
during the last years which eases access to liquidity for further acquisition activities.
We assume an increasing number of Private Equity deals in the next two years due to portfolio companies reaching the upper
limit of its holding duration as well as enough liquidity for leveraged buy-outs being available in the market.
Furthermore the increasing level of cross-border deals on German IP deals shows the importance and attractiveness of German
targets.
Based on our analysis and the above mentioned topics we believe that the German industrial production market is a highly
attractive investment area and remains attractive for the next years.
We wish you an interesting reading and looking
forward to meet you in upcoming deals.
Kind regards,
Christian Knechtel
“Despite economic uncertainties we expect significant deal
activity within 2013 and 2014”
Christian Knechtel, Deals Leader Industrial Products, PwC Germany
PwC 3
Key take-aways
1
2
3
4
Stable development
of German economy
in 2013
IP sector is
highly attractive
for deals
Deals in IP sector
are mainly driven
by corporates
Increasing
importance of
cross-border deals
in German IP
GDP YoY growth 2012/13
# Patents/1 million labour
force 2009
Deals in German IP 2012
Foreign Investments 2012
0,6%
- 0.2%
EU
54
18
GER
• Stable market conditions
in Europe and Germany
• Positive outlook for the
market segment industrial
products (IP)
• Major driver is still the
solid export to the fast
growing economies
EU
GER
• German IP sector highly
attractive due to various
consolidation
opportunities, its high
level of innovation and
profitability
• Most attractive sectors are
manufacturing of
machinery and fabricated
metal products
PE
24%
Corporate
76%
• Overall cash position puts
German corporates in the
position to drive deals in
the coming years
• Positive outlook for
Private Equity driven LBO
market in 2013 due to the
need for exits and positive
liquidity outlook
Germany Other
46% Countries
54%
• Increasing share of the
FDI stream from North
America and BRIC
countries (especially
China)
• US with continuous
importance, China with
strong appetite to invest in
the German IP sector
PwC 5
Table of Contents
Section
Overview
Page
1.
Stable development of German economy in 2013
2.
IP sector is highly attractive for deals
19
3.
Deals in IP sector are mainly driven by corporates
29
4.
Increasing importance of cross-border deals in German IP
41
1.
About the authors
49
2.
Contact persons
53
9
Appendices
PwC 7
Stable development of German economy in 2013
PwC 9
The economic development in Germany remains stable
YoY GDP growth
2010 - 2013
4.0%
Germany
Eurozone
3.1%
120
140
115
130
120
110
2.0%
1.4%
-0.4%
2010 Act
110
105
0.9%
2011 Act
2012 Act
Business climate
International
regions 2010 - 2012
Business climate
Germany 2011 - 2012
100
90
100
0.6%
-0.2%
80
95
70
90
2013 FC
World
Europe
Germany
Source: IMF, 01/2013
Source: ifo-Institute, 03/2013
Source: CesIFO 12/2012
• GDP growth in Germany expected
for 2013 slightly below 2012 level
(~ 0.6% growth p.a.)
• Hints of a trend reversal at year
end 2012 after six declining months
• Similar development of the
business climate in other
regions
• German economy expected to
perform above European average
• Europe trend in 2013 improving
but still negative
• “Business with positive outlook
for 2013 with increasing
growth impulses mainly from
China”
CSO, manufacturer of hydraulics
equipment
China
• World and European economies
much more volatile than
Germany and China
• Since Q3 2012 stabilisation of the
Chinese business climate
PwC 11
Soft landing of IP industry in 2012 due to stable demand from non-EU
markets
Order index within German manufacturing
sector 2008 - 2012
German export ratio for selected sectors
Status 2011
100%
150
140
130
thereof
57%
thereof
19%
Total
120
Export outside
the Eurozone
110
100
Export to
Eurozone
90
80
Domestic
consumption
70
2008
2009
2010
2011
2012
59%
55%
52%
thereof
7%
33%
Share of
total export
Goods for
domestic
consumption
Export
41%
45%
48%
Total
Manufacturing
Industrial
products
67%
Mechanical
engineering
Note: Index value 2005 = 100
Source: Statistisches Bundesamt, 01/2013
Source: Statistisches Bundesamt and Statista, 11/2012
• Rising and resilient demand from non-EU markets
cushions the slump of European economies
• Well balanced export and domestic share (45% to 55%)
within German manufacturing industry
• “The German industry held its production level in
Q3 2012 on the same level as in the previous year.
(…) Once again the driving forces behind this were
the traditionally strong mechanical engineering
and automotive industries, which benefit from a
high demand from non-EU markets.“
• Manufacturing sector is responsible for almost 60% of
the total German export (mostly due to industrial products
and automotive exports)
• Especially within the mechanical engineering sector the
export ratio (67%) is far above German average (41%)
Source: DIW Wochenbericht, 28.11.2012
PwC 13
BRIC’s ongoing economic growth as major driving force for German GDP
development
4) UK
66
5) China
65
…
12) Russia
20) Brazil
21) India
35
11
Electrical equipment
Chemicals
Others
63
BRIC:
11.4% of
total
export
11
27%
33%
30
18
8%
9%
23%
12%
15%
3%
China
Russia
10%
3%
6%
2010
69
In € bn
3) Netherlands
Share of global GDP 2012
Automobiles and parts
122
72
In €bn
2) US
Machinery and equipment
x7
101
GDP growth across BRIC
2010 - 2013
8%
6%
2011
2012
2013
1) France
German export to BRIC
1996 - 2011
Shares
Trading partners of
Germany – Status 2011
4%
2%
0%
Brazil
India
‘96 ‘01 ‘06 ‘11
Source: Statistisches Bundesamt
Source: Statistisches Bundesamt
Source: IMF World Economic Outlook Jan 2013
• US and China are Germany’s most
important trading partners outside
Europe
• “The next decade will power the
BRIC economies to be bigger
than the US and determine most
Western multi-nationals’ global
success or failure.”
• China is the driving force of
worldwide economy with
continuously high growth
• Importance of Russia, Brazil and
India as trading partners of Germany
has been rapidly increasing in the
past decade
Source: Jim O’Neill, Goldman Sachs,
Originator of the term “BRIC”, 19.11.2011
• In 2013 all BRIC countries are
expected to recover from economic
slowdown in 2011/2012, which will
further increase demand for
German industrial products
PwC 15
Increasing share of BRIC automotive production will further trigger
investments in industrial products
Automotive production shift to BRIC
2012 - 2019
Production units
110
100
5.7%
29%
4.4%
20%
2.9%
90
20%
25%
17%
80%
15%
60%
40%
41%
32%
60
2012
2013
BRIC
Share of:
Baseline
20%
18%
80
70
100%
2014
2015
EU
Upside
2016
2017
2018
North America
Downside
20%
Regional share in %
120
Automotive markets YoY growth rates
2012 - 2019
0%
2019
Others
10%
13%
12%
10%
6%
6%
5%
6%
2%
5%
1%
4%
0%
3%
0%
-1%
-5%
-10%
7%
4%
-7%
2012
2013
2014
European Union
2015
North America
2016
2017
BRIC
2018
2019
Others
Source: PwC Autofacts, 01/2013
Source: PwC Autofacts, 01/2013
• Automotive sector is a global economic driving force
with a CAGR of 4.4% from 2012 to 2019
• The IP sector as supplying industry is going to benefit
from the ongoing growth in the Automotive sector
• New technologies, i.e. electro mobility, show growth rates
of 32% p.a. (2012 - 19) but contribute to only 1% of
projected global volume in 2019
• While German car production only shows minor or even
negative growth rates, production in BRIC increases
above 10% p. a. within the next three years
• “Production shifts trigger plant manufacturing
and mechanical engineering orders, but impact
decreases over time as average growth of BRIC’s
car production is falling”
Jan Maser, PwC Autofacts
PwC 17
IP sector is highly attractive for deals
PwC 19
Level of IP deals in 2011/2012 back on pre-crisis level – the average deal
value is decreasing
Deal value industrial products in Germany 2005 - 2012
14
Average value
per deal*
40
FY05-08 vs. FY09-12:
KKR
PE €4.0
bn
Kion
Group
Deal value in €bn
10
PAI
Partners
Rolls Royce
Siemens Doughty
Hanson
€1.2
& Co
Flender
PE €1.1
bn
Moeller
Tognum
PAI
Partners
Monier Charterhouse
Group PE €2.4
bn
30
Melrose
bn
bn
Elster
bn
Ista
Aleris
€0.8
bn
Corus
15
Terex
ACS
€1.6
bn
€1.3
bn
Moeller
Honeywell
CAT
€0.3
bn
€0.5
bn
Hochtief
RMG
€0.8
bn
2007
2008
2010
€bn
Source: Merger Market and Thomson Financial, 02/2013
Deal value
*Average deal value only for deals with a disclosed deal value
€0.7
bn
Kion
Group
MWM
2009
Weichai
Demag
Cranes AG
2006
20
Xella
Eaton
2
2005
25
PE €2.2
PE €2.0
bn
4
Daimler
€3.4
bn
PE €2.4
8
6
€267m
2011
2012**
Average deal size
10
5
0
Deal value / number of deals
12
35
- 28% €191m
• After slowdown
during the
financial crisis
increasing deal
activity in the
past two years
can be observed
• Average deal
size decreasing
since 2007
• Multimillion big
bets until 2008
were driven by
PE, in 2012 PE
houses started to
become more
active again
**In 2012, some announcements might still pending
PwC 21
German IP sector is attractive for deals due to its profitability,
fragmented industry landscape and high innovation level
Industry EBITDA margins
Status 2012
15%
Communic.
Large
enterprises
Cons., Non-cycl.
13%
Basic Materials
13%
Industrial Prod.
10%
Cons., Cyclical
10%
Utilities
10%
IP patent applications*
Status 2009
54
1%
SME
52%
73%
99%
18
16
11
48%
9%
Technology
27%
7%
Energy
Diversified
IP industry fragmentation
Status 2009
1%
Number
Employees
Revenue
Germany
European
Union
France
United
Kingdom
Note: Top 500 listed German companies
Source: Bloomberg, 12/2012
SME (Small and medium-sized enterprises)
<250 employees/<€50m revenue/<€43m total assets
Source: ifm, Statistisches Bundesamt
* Patents per million labour force
Source: Eurostat, 2009
• With an EBITDA margin of 10%
the industrial products sector is
among the more profitable
industries in Germany
• 1% of all companies contribute 73%
of revenue within the German IP
sector
• Germany is by far leading in granted
patents and patent applications
per labour force in Europe
• Highly heterogeneous IP
landscape of SMEs reveals further
consolidation potential
• Knowledge and technology
transfer are important deal drivers,
in particular for inbound deals
PwC 23
Germany contributes additional 34% to the EU27 area industrial
products sector in 2011 with total revenues of €1,947bn
European Processing Industry with total revenues of €7,068bn in 2011
Σ 923
Σ 946
55
Σ 667
253
35
38
103
54
88
42
90%
80%
101
38
23
103
106
70%
60%
59
57
373
72
50%
134
40%
42
Machinery and equipment
19
26
17
7
19
41
Electrical equipment 67
Computer, electronic and optical
products 127
26
25
50
62
84
49
149
Σ 2,187
22
75
120
118
Σ 467
40
63
44
53
Manufacturer of basic metals 147
Fabricated metal products 98
Automotive & parts
110
Chemical products
193
Mineral oil processing
Foods and animal feeds
106
82
83
325
240
159
France
13%
UK
9%
133
Industrial Products
(€1,947bn)
Σ 1,878
100%
77
270
148
30%
160
Other
20%
297
395
10%
0%
0,0%
964
Germany
27%
20,0%
Italy
13%
40,0%
60,0%
ESP
7%
80,0%
Other EU 27
countries 31%
100,0%
Source: Eurostat 02/2013
PwC 25
Manufacturer of basic metals and manufacturing of machinery and
equipment as most promising segments for future deal activities
Segment attractiveness and target availability within the industrial products sector
More attractive
segments
High
Target availability
(based on number of targets and M&A openness)
Less attractive segments
Consumer
electronics
Batteries and
Magnetic and accumulators
optical media
Communication
equipment
Electronic
components
and boards
Basic precious
and other nonferrous metals
Optical instruments
and photographic
equipment
Cutlery
& general
hardware
Other products of
first processing of
steel
Other
fabricated
metal
products
Instruments for
measuring, testing
and navigation
Computers and
peripheral
Domestic equipment
appliances
Electric lighting
equipment
Low
Low
Bubble size represents volume of total segment revenue
Computer, electronic and
Electrical equipment
optical products
Containers
of metal
Basic iron
and steel
and of ferroalloys
Electric motors,
generators,
transformers and
electricity
distribution
Wiring and
wiring
devices
Other specialpurpose
machinery
Other generalpurpose machinery
Casting
of metals
Agricultural and
forestry machinery
General-purpose
machinery
Steam
generators
Structural
metal
products
Forging &
forming of
metal
Metal
forming
machinery
& tools
Irradiation & electro
medical equipment
Tubes, pipes, hollow
profiles and related
fittings of steel
Treatment Weapons and
and coating ammunition
of metals
Segment attractiveness
(based on growth, profitability, valuation cycle position and more)
Fabricated metal products, except
Manufacture of basic metals
machinery and equipment
High
Machinery and equipment
Source: Statistisches Bundesamt, 2011 (latest release)
PwC 27
Deals in IP sector are mainly driven by corporates
PwC 29
Within the IP sector the importance of private equity is decreasing
compared to corporate-driven deals
Total Deals in German IP sector
2005 - 2012
M&A indication of DAX-30 companies
in 2013
Avg. share of PE in deal numbers
24%
400
20%
Plan on engaging in M&A activities
12
9
300
€8.2bn
6
200
€5.5bn
Value in €bn
Number of Deals
30%
-
2005
2006
2007
Corporate Deals
Total Transaction Value
Source: Thomson Financial, 02/2013
2008
2009
2010
2011
2012
Involved in acquisition processes,
but no signs of further M&A activities
No signs of M&A activities
47%
3
100
Possible, but no specific plans
13%
10%
PE Deals
Average Transaction Level
• Average number of annual deals has stabilised in
2011/2012 at above 200, total transaction value 2012 has
reached pre-crisis level in 2011
Source: PwC Analysis, Merger Market, Factiva News research 10/2012
• Around 50% of DAX companies plan further M&A
activities or are currently involved in M&A activities
• Post crisis average transaction level of €5.5bn (2009 to
2012) is 33% lower than the €8.2bn before (2005 to
2008)
• Since 2009 the share of PE deals in total number of
deals is declining from 24% (2005-2008) to 20%
(2009-2012)
PwC 31
33% higher cash position of listed German corporates; Since Q2 2012
negative trend in absolute number of carve-outs
Divestments with German targets
2005 - 2012
in €bn
200
150
154
169
224
237
251
Value in €bn
+33%
250
167
142
100
30
180
25
150
20
120
15
90
10
60
5
30
-
0
Number
Cash positions of listed German corporates
2006 - 2012
50
0
2006
2007
2008
2009
2010
Total cash position
2011
Q3 12
Average cash position
Note: 140 companies listed in DAX, MDAX, SDAX and TecDAX
Source: Standard & Poor's Capital IQ, 01/2013
• Positive trend regarding cash position of German
companies after financial crisis provides backup for
upcoming crisis and opportunities for anorganic growth
Deal Value
Number of Deals
Trendline
Source: Thomson Financial, 12/2012
• Average number of carve-outs pre-crisis (2005 - 2008)
decreased by 15% for the period thereafter
• Since Q2 2012 negative trend in absolute number of
carve-outs as the stripping of the “Deutschland AG” is
coming to an end
PwC 33
Purchase price multiples have continued to creep up throughout 2012,
while leveraged debt multiples remained rather constant at 4.5x
European leveraged loan volume
and total leverage
16
Value in €bn
14
12
6,0x
10,0x
5,0x
9,5x
4,0x
10
3,0x
8
6
2,0x
4
Total leverage
18
Purchase price multiple
1,0x
2
0,0x
Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312
Volume (Senior)
Volume (Mezzanine)
Total Leverage
Source: Standard & Poor’s LCD, 2012
• European leveraged loan volumes were significantly
depressed at €28.5bn in 2012, 34% down from 2011
• The total leverage remains on average at c.4.5 x EBITDA
• “Financial markets will remain volatile for the
foreseeable future and rather be driven by
technicals than fundamentals. The trend of bondfor-loan transactions is likely to continue,
especially as CLO volume dries up in 2013“
Daniel Judenhahn, PwC Debt & Capital Advisory
9,0x
9.7x
9.7x
9.7x
9.2x
8.9x
8.8x
9.1x
8.8x
8.4x
8,5x
8,0x
7,5x
7,0x
2006
2007
2008
2009
Purchase Price
2010
2011
Fees/Expenses
Q112
H112
Jan-Nov
FY12
Source: Preqin, Standard & Poor’s LCD, PwC analysis, 2012
• Over the past years, purchase price multiples have
remained rather stable (Ø 9.2x EBITDA); not least due to
the amount of uninvested fund capital chasing fewer deals
• In 2012 purchase price multiples have steadily
increased (i) as more defensive sectors are targeted and (ii)
due to a smaller deal sample size; in Germany multiples
increased from 8.8x (2011) to 9.7x (Nov 2012)
PwC 35
Major stimulus for PE deals is expected from exits of existing portfolios;
further reduction of liquidity for PE funds anticipated
7%
34%
8%
Business Services
8%
Automotive
Healthcare & Pharma
14%
23%
Technology, Media and
Telecommunication
Others
300
70
140
250
60
120
50
100
40
80
30
60
20
40
10
20
200
Retail & Consumer
Holding durations of portfolio companies 2005 - 2011
150
100
50
-
2007
2008
2009
2010
2011
2012
(Sep)
Private Equity dry powder in Europe
Europe focused fund raising
Number of exits
Industrial Products
€bn
6%
Unspent vs. Raised funds in
Europe 2007 - 2012
Duration in months
Composition of Private
Equity funds in 2012
2007
2008
2009
2010
Average duration
2011
Number of Exits
Source: Merger Market, 12/2012
Source: Preqin, 10/2012
Source: Thomson Financial, 08/2012
• IP industry as most attractive
industry for Private Equity with
34% of investments
• Significant amounts of uninvested
capital exists and need to be:
 Invested or
 Paid back to the stakeholder at
the end of the run-time
• Average holding duration of 4.8
years, slightly above pre-crisis level
• Many deals completed in 2007/2008
with postponed exits due to
economic uncertainties
• Pressure to divest increases as
funds reach the end of their
investment periods
PwC 37
PE portfolios mainly sold to strategic investors; current portfolio age
structure promises upcoming divestment activity
Global PE exits by type
2005 - 2011
100%
17%
18%
18%
31%
31%
80%
30%
60%
7%
12%
28%
15%
20%
51%
2005
2006
2007
12%
26%
> 5 years
33%
65%
51%
18%
25%
40%
53%
PE portfolio inventory by age classes in
Germany
73%
57%
62%
2010
2011
Buy-outs:
avg. 4.5
years
< 3 years
32%
0%
Strategic sale
2008
2009
Secondary sales
3 - 5 years
35%
IPOs
Source: Deallogic 2012
• Majority of Private Equity investors chose strategic sale
to exit portfolio companies
Source: BvK Study, 2012
• 1/3 of all portfolio companies are already above 5 years
of its holding period – divestment in near future is likely
PwC 39
Increasing importance of cross-border deals in German IP
PwC 41
Doubled share of BRIC’s in cross-border deals with German targets;
Foreign direct investment mainly in Manufacturing sector
Cross-border deals with German IP targets
2005 - 2012
FDI stock Germany
2012
4,5%
120
4,0%
3,5%
100
3,0%
80
2,5%
60
2,0%
1,5%
40
1,0%
20
0,5%
16%
34%
Share BRIC of total
Number of Deals
553
140
9%
12%
14%
2012 (Nov)
0,0%
2005
2006
2007
2008
2009
2010
2011
2012
FDI Stock Germany in €bn
Europe (without GER)
Non-Europe
BRIC
% BRIC deals of total
Source: Merger Market, 09/2012
Source: Bundesbank, 02/2013
15%
Manufacturing
Financial and insurance activities
Holding companies
Wholesale and retail trade
Other Services
Others
• Cross-border deals from financial crisis, mainly
stimulated by US and BRIC
• Manufacturing and thereby IP sector is preferred target
industry for increasing FDIs in Germany
• BRIC countries have doubled their share in 2011/2012
(from 4% avg. in 2009/10 to 8% avg. in 2011/12)
• German FDI stock increased since 2005 (€403bn) to
€553bn
• United States by far biggest investor in German IP
market outside of Europe concerning cross-border deals
• German manufacturing sector holds largest stock of
direct and indirect FDIs (34%) followed by financial services
PwC 43
Chinese enterprises plan to invest further and by larger transactions in
the EU while there are still non-regulatory obstacles to handle
Chinese enterprises’ future EU
investment plans
Non-regulatory obstacles when
investing in the EU
% of respondents
2%
Cultural differences i.e. unfamiliarity with western style
management and managing local employees
3%
In the future, you are …
Planning further investments which will be higher
than previous investment
13%
Planning further investments which will be similar
to previous investment
Planning further investments which will be lower
than previous investment
82%
Not planning further investments
40%
Cost of personnel and other resources
37%
Currency risk
32%
Problems understanding the market
25%
Concerns about quality of Chinese products
23%
Hiring and maintaining talents
22%
Lack of brand recognition
21%
General negative perception of Chinese investment
Lack of suitable schooling facilities for children
15%
11%
Lack of Chinese overseas community
10%
Other
3%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Source: Chinese Outbound Investment in the European Union, 01/2013
• 97% stated that they plan to invest further, with the
vast majority planning investments of a higher amount
• Indicators are that Chinese enterprises will expand existing
investments and invest more and at larger amounts in
the future
Source: Chinese Outbound Investment in the European Union, 01/2013
• A number of obstacles are related to HR issues (incl.
cultural differences, obtaining visas, work permits etc.)
• The currency risk does not include Germany but
mainly the Netherlands, France, Italy, Belgium etc.
• A lack of internationally experienced Chinese talents
was noted, which is not an EU-specific issues
PwC 45
Major deals
Recent M&A activities with Chinese investors in Germany were driven by
access to technology, customer base and resources
Major deals and underlying rationale with
Chinese investors
Case Study: China’s Wolong buys ATB
Group for $138m
• KION Group, €738m, Aug. 2012
Deal rationale
• Use prestige and brand of ATB to establish as globally
leading motor manufacturer
• Use existing technology and expertise of target to focus
on R&D and purchasing
• Additionally acquiring firms in the US focussing on
sales
Lessons learned
• Identify key decision maker (Chairman or party
official)
• Establish a personal relationship of mutual trust
• Lobbying to ensure a smooth transaction (official
approvals and bank loans)
• Access to debt not important, all outbound deals in
Europe financed by Chinese banks so far
• Top management often Chinese speaking
• Establish Chinese/German team on advisor side to
ensure personal and timely communication
• Schwing GmbH, €380m, Apr. 2012
• Putzmeister Holding GmbH, €357m, Jan. 2012
• ThyssenKrupp Tailored Blanks, €260m, 2012
• KSM Castings GmbH, €380m, July 2011
• ATB Austria Antriebstechnik AG, €100m, 2011
Key rationale
1. Access to technologies, know how and patents
“From now on it is a matter of acquiring advanced
foreign technologies and established foreign brands.“
2. Access to the market
“Chinese investors (…) want to use the products of
acquisition candidates to enter the Asian market.“
3. Access to resources
“Particularly the Chinese five-year plan aims to
develop international energy resources.”
4. Anorganic growth
“In the Chinese 5y plan companies are encouraged to
seize upcoming foreign investment opportunities.“
“Give us five years and ATB will become
number one of its branch.”
Jiancheng Chen, Chairman of Wolong Holding
PwC 47
About the authors
Appendix
PwC 49
About the authors
Christian Knechtel
Joachim Hogg
Partner
Industry Leader Transactions
Senior Manager
Management Consulting
Experience Summary
Experience Summary
Christian Knechtel has over 17 years
functional industry and consulting
expertise gained with deals in the
automotive and mechanical
engineering sector.
Joachim Hogg has over 7 years
industry and transaction expertise
gained in various IP segments with
focus on construction machinery,
material handling equipment,
mechanical engineering and
automotive supplier.
Marc Niemeyer
Manager
Management Consulting
Experience Summary
Marc Niemeyer has gained over 6
years of cross-functional experience
in industrial as well as consulting
deals mainly focused on industrial
manufacturing and automotive
industry.
PwC 51
Contact persons
Appendix
PwC 53
Further contact persons
Transactions
Christian Knechtel
IP Industry Leader
+49 (0)69 9585 3188
[email protected]
Stefan Frühauf
Partner FDD
+49 (0)69 9585 3195
[email protected]
Andreas Koletzko
Partner FDD
+49 (0)211 981 7427
[email protected]
Gerald Schustereder
Partner FDD
+49 (0)89 5790 5541
[email protected]
Richard Siedek
Partner FDD
+49 (0)89 5790 6766
[email protected]
Matthias Bühler
Senior Manager FDD
+49 (0)69 9585 5886
[email protected]
Matthias Müller
Senior Manager CDD
+49 (0)69 9585 2525
[email protected]
M&A
Oliver Boot
Senior Manager M&A
+49 (0)69 9585 7752
[email protected]
Stephan Fölsing
Manager China Outbound
+49 (0)69 9585 5655
[email protected]
Management Consulting
Christian Knechtel
DDV Leader
+49 (0)69 9585 3188
[email protected]
Uwe Väth
Partner DDV
+49 (0)69 9585 3150
[email protected]
Debt & Capital Advisory
Daniel Judenhahn
Senior Manager BRS
+49 (0)69 9585 6976
[email protected]
Valuation & Strategy
Dr. Rainer Jäger
Partner V&S
+49 (0)69 9585 5703
[email protected]
Marc Wintermantel
Partner V&S
+49 (0)689 5790 5330
[email protected]
Business Recovery Services
Dr. Joachim Englert
Partner BRS
+49 (0)69 9585 5767
[email protected]
Autofacts
Jan Maser
Senior Manager V&S
+49 (0)711 25034 3542
[email protected]
PwC 55
© March 2013. PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft. All rights reserved.
In this document, “PwC” refers to PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, which is a member firm of
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