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Portrait of Stephan Werlen

Dr Stephan Werlen, LL.M.

Partner

CMS von Erlach Partners Ltd
Räffelstrasse 26
P.O. Box
8022 Zurich
Switzerland
Languages German, English, French

Stephan Werlen focuses on M&A and corporate law, joint ventures, MBOs, acquisition finance and venture capital transactions. He has broad experience both in domestic and international mergers and acquisitions (including auction processes), the structuring as well as the financing of such transactions. In addition, he is an expert in W&I insurance transactions (M&A insurance) with a long track record in this area. Stephan Werlen also regularly advises foreign companies on their relocation to Switzerland and assists companies in their ongoing corporate and commercial activities (e.g. shareholders' agreements, capital measures and other corporate housekeeping matters, advising boards of directors etc.).

Stephan Werlen joined CMS in 2003 and became a partner in 2009. He is a member of the CMS Corporate Practice Group and the CMS Private Equity Sector Group.

Stephan Werlen studied law at the University of Zurich (lic. iur., Dr. iur) and earned a post-graduate degree from University of Chicago Law School (LL.M.). Before joining us he worked at the District Court of Zurich and wrote his thesis on the legal position of the target company in takeover transactions (Die Rechtsstellung der Zielgesellschaft im Übernahmekampf, Schweizer Schriften zum Bankrecht, Bd. 64, Zürich 2001).

Stephan Werlen is an officially admitted representative of listed companies at the SIX Swiss Exchange.

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Relevant experience

  • Advised the owner family on the sale of a majority stake in Schurter Group to Capvis
  • Advised Axpo on the sale of its 12.69 % stake in Repower AG to the Canton of Graubünden, Elektrizitätswerke des Kantons Zürich (EKZ) and UBS Clean Energy Infrastructure Switzerland.
  • Advised Baillie Gifford & Co on its investment in Climeworks.
  • Advised shareholders on sale of Haselmeier Group to Sulzer.
  • Advised shareholders on sale of keyon AG to Swiss IT Security AG.
  • Advised Avectris on acquisition of Logicare AG.
  • Advised Halder on acquisition of Sirag AG, Univer AG and Uniprod AG.
  • Advised IMCD on acquisition of DCS Pharma Group.
  • Advised Yongfeng on an investment in Sotefin SA and on the establishment of a joint venture in China.
  • Advised Halder on acquisition of Suvema AG.
  • Advised Halder on acquisition of Specken Drumag Group.
  • Advised Avectris on acquisition of ERPsourcing AG.
  • Advised Dharampal Satyapal Limited on acquisition of a substantial minority stake in Lalique Group.
  • Advised shareholders on sale of Alpha Solutions AG to Bechtle.
  • Advised shareholders on sale of fluidFOCUS AG to Rivella.
  • Advised Avectris on acquisition of Comicro AG.
  • Advised Optimapharm Group on acquisition of Denothex AG.
  • Advised shareholders on sale of Orbium to Accenture.
  • Advised Foncia Group on acquisition of GRIBI Group.
  • Advised on sale of evitria AG to private equity funds of Afinum and SHS.
  • Advised Roto Frank AG on acquisition of Dachfenster Keller GmbH.
  • Advised CCC Group in the acquisition of the majority stake in Karl Vögele AG, Uznach.
  • Advised shareholders on sale of R. Wick Group to JAG Jakob AG.
  • Advised Capcellence Mittelstandspartner GmbH on acquisition of a stake in Argo-Hytos Group.
  • Advised Axpo on the sale of its shares in Elektrizitätswerk des Kantons Schaffhausen AG to the Canton of Schaffhausen.
  • Advised shareholders on the sale of Infinigate Holding AG to H.I.G. Capital.
  • Advised Endeit Capital on its equity investment into Chronext AG (financing round).
  • Advised shareholders on sale of SF-Filter AG to Ambienta SGR.
  • Advised Festo on acquisition of Eichenberger Group.
  • Advised Blue Corporate Finance on cooperation with Quarton Partners.
  • Advised group of investors on investment in fabfab GmbH.
  • Advised ads-tec on cooperation with Leclanché SA.
  • Advised management on MBO of SMA und Partner AG.
  • Advised Matthews on acquisition of Wetzel group of companies.
  • Advised Polaris on acquisition of swissauto companies.
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Memberships & Roles

  • Zurich Bar Association
  • Swiss Bar Association 
  • Swiss Private Equity & Corporate Finance Association (SECA)
  • University of Chicago Alumni Association
  • University of Zurich Alumni Association
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Awards & Rankings

  • IFLR 1000 | M&A, Switzerland, 2021 | Notable practitioner
  • Best Lawyers | Mergers & Acquisitions, Switzerland, 2023
  • Leaders League | Mergers & Acquisitions, Switzerland, 2021 | Excellent
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Publications

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Lectures list

  • Impact HUB Geneva, participating as speaker on the panel at the SECA Lunch Event for R&W Insurance, 6 November 2017
  • Presentation on the topic: «Grant, vest, exercise: Rechtliche und steuerrechtliche Fallstricke beim Einsatz von Mitarbeiterbeteiligungen», Technopark, Startup Campus, Legal Tuesday, 14 March 2017
  • Lecture at SECA Breakfast Event "Gewährleistungen in M&A-Transaktionen: Möglichkeiten, Grenzen und Nutzen der Versicherung von Gewährleistungen und Freistellungen in M&A-Transaktionen", 6 April 2016
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Education

  • 2003 – Master of Laws, LL.M., University of Chicago Law School (USA)
  • 2001 – Thesis, Dr.iur., magna cum laude, University of Zurich
  • 2000 – Bar exam
  • 1997 – legal studies, lic.iur., magna cum laude, University of Zurich
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Feed

26/01/2023
CMS ad­vises Lab14 GmbH on the ac­quis­i­tion of a ma­jor­ity stake in Nanos­urf...
Lab14 GmbH, a port­fo­lio com­pany of RS­BG SE, the in­vest­ment com­pany of the RAG-Found­a­tion, ac­quires a ma­jor­ity stake in Li­estal-based Nanos­urf AG. Zurich, 26 Janu­ary 2023 
15/01/2023
CMS ad­vises the own­er fam­ily on the sale of a ma­jor­ity stake in SCHURTER...
The Swiss in­vestor Capvis, which spe­cial­ises in me­di­um-sized in­vest­ments, ac­quires a ma­jor­ity stake in the Lu­cerne-based SCHURTER Group. The found­ing and pre­vi­ous own­er fam­ily con­tin­ues to hold a stake in the com­pany and is rep­res­en­ted on the board of dir­ect­ors by Thomas Schurter.
09/12/2022
CMS ad­vises DER Tour­istik Suisse AG on its sale of a stake in RAIL­TOUR...
9. Dezem­ber 2022DER Tour­istik Suisse AG has sold a minor­ity stake in RAIL­TOUR (SUISSE) SA to ÖBB sub­si­di­ary Rail Tours Tour­istik GmbH.With this step, DER Tour­istik Suisse AG aims to ex­pand the rail ex­pert­ise of its sub­si­di­ary RAIL­TOUR (SUISSE) SA in the growth mar­ket for sus­tain­able rail travel. The co­oper­a­tion with ÖBB is also in­ten­ded to strengthen RAIL­TOUR (SUISSE) SA in the de­vel­op­ment of its sales ex­pert­ise and ac­cess to new cus­tom­er groups.DER Tour­istik Suisse AG is a mar­ket-lead­ing Swiss tour­ism com­pany and cov­ers the en­tire spec­trum of the travel world with its tour op­er­at­ors Kuoni, Hel­vetic Tours and spe­cial­ist tour op­er­at­ors. As part of the DER Tour­istik Group, it be­longs to one of the largest travel groups in Europe. A team from CMS Switzer­land and CMS Ger­many, led by part­ner Stephan Wer­len (CMS Switzer­land), ad­vised DER Tour­istik Suisse AG on all leg­al as­pects of the trans­ac­tion.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&AAl­ex­an­dra Stock­er, As­so­ci­ate, Cor­por­ate / M&ADa­vid Hürli­mann, Part­ner, TaxJens Lehmann, As­so­ci­ate, TaxDr Dirk Spacek, Part­ner, IP/IT­Marquard Christen, Part­ner, Mer­ger Con­trol­CMS Ger­ma­ny­Chris­toff Hen­rik Soltau, Part­ner, Mer­ger Con­trol
04/07/2022
CMS ad­vised Axpo on the sale of its shares in Re­power AG
Axpo Hold­ing AG sells its 12.69 % stake in Re­power AG to the co-share­hold­ers Can­ton of Graubünden, Elektriz­ität­swerke des Kan­tons Zürich (EKZ) and UBS Clean En­ergy In­fra­struc­ture Switzer­land. Eight­een months ago, Axpo set the am­bi­tious goal of in­creas­ing its on­shore wind and sol­ar in­stalled ca­pa­city by 3 GW and 10 GW re­spect­ively by 2030, on an in­ter­na­tion­al scale. While the com­pany will re­tain own­er­ship of some of these newly de­veloped plants, the ma­jor­ity will be sold to oth­er in­vestors. In Switzer­land, through its sub­si­di­ary CKW, Axpo plans to in­vest up to CHF 1 bil­lion in photo­vol­ta­ic, wind power, bio­mass, hy­dro­power and oth­er tech­no­lo­gies with­in the coun­try’s reg­u­lat­ory and fin­an­cial frame­work.With this in mind, Axpo con­tinu­ously re­views op­tions to di­vest non-stra­tegic busi­nesses and share­hold­ings, en­abling it to re­deploy the res­ult­ing fin­an­cial re­sources in growth areas. In ac­cord­ance with this strategy, Axpo has now suc­cess­fully dis­posed its 12.69 % minor­ity share­hold­ing in Re­power AG to EKZ, UBS Clean En­ergy In­fra­struc­ture Switzer­land and the Can­ton of Gris­ons. All parties have agreed not to dis­close the pur­chase price.Axpo re­mains the largest pro­du­cer of elec­tri­city from hy­dro­power in the Can­ton of Gris­ons and Switzer­land.A team from CMS Switzer­land, led by part­ner Stephan Wer­len, ad­vised Axpo on all leg­al mat­ters of the trans­ac­tion.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&APas­cal Stock­er, As­so­ci­ate, Cor­por­ate / M&A
14/04/2022
CMS ad­vised Bail­lie Gif­ford & Co on its in­vest­ment in Cli­me­works
In­vest­ment man­age­ment firm Bail­lie Gif­ford & Co in­vests in Cli­me­works, the pi­on­eer and mar­ket lead­er in re­mov­ing car­bon di­ox­ide from the air us­ing dir­ect air cap­ture tech­no­logy.Bail­lie Gif­ford & Co is one of UK's lead­ing in­de­pend­ently owned in­vest­ment man­age­ment firms. In ad­di­tion to Bail­lie Gif­ford & Co, Part­ners Group and GIC (as lead in­vestors) as well as Car­bon Re­mov­al Part­ners, Glob­al Founders Cap­it­al, John Doerr, M&G, Swiss Re and oth­er new and ex­ist­ing share­hold­ers, in­clud­ing long-time in­vestor and an­chor share­hold­er Big­Point, par­ti­cip­ated in the CHF 600 mil­lion in­vest­ment round. The fund­ing will launch the next phase of Cli­me­work­s' growth, in­creas­ing dir­ect air cap­ture ca­pa­city to sev­er­al mil­lion tonnes and build­ing large-scale dir­ect air cap­ture plants.A team from CMS Switzer­land, led by part­ner Stephan Wer­len, ad­vised Bail­lie Gif­ford & Co on all leg­al mat­ters of the trans­ac­tion.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&APas­cal Stock­er, As­so­ci­ate, Cor­por­ate / M&AM­ark Ca­gi­enard, Part­ner, Tax
11/04/2022
CMS Switzer­land re­cog­nised by The Leg­al 500
Rank­ings of CMS Switzer­land in The Leg­al 500 EMEA 2022 edi­tion
04/04/2022
CMS ad­vises on the sale of Werap Group
The Werap Group, headquartered in Bu­bikon, was sold as part of a suc­ces­sion plan by founder and own­er Kon­rad Frisch­knecht to a group of Swiss in­vestors con­sist­ing of the en­tre­pren­eur­i­al couple Dr. Sara and Chris­toph Hürli­mann and Peter Huber.The Werap Group was foun­ded in 1971 by Kon­rad Frisch­knecht in Bu­bikon. Since then, it has grown to five highly spe­cial­ized com­pan­ies with headquar­ters in Switzer­land and an ad­di­tion­al pro­duc­tion site in Ger­many. It op­er­ates in the in­nov­at­ive en­vir­on­ment of in­dus­tri­al elec­tron­ics and of­fers total solu­tions in the field of elec­tron­ic products, wind­ing tech­no­logy and power sup­ply. The com­pany em­ploys 140 people at 3 loc­a­tions in Bu­bikon, Wet­zikon and Ger­stetten (Ger­many).Un­der the new own­er­ship, the com­pany is to re­main autonom­ous and in­de­pend­ent and pur­sue a growth strategy. All em­ploy­ees will con­tin­ue to be em­ployed.A team of CMS Switzer­land led by part­ner Stephan Wer­len provided com­pre­hens­ive leg­al ad­vice to founder and own­er Kon­rad Frisch­knecht on the trans­ac­tion. CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&AAl­ex­an­dra Stock­er, As­so­ci­ate, Cor­por­ate / M&ATho­mas Zweifel, As­so­ci­ate, Real Es­tate
15/02/2022
CMS ad­vised Trilux on the ac­quis­i­tion of Mono-Licht GmbH
Trilux AG ac­quires Mono-Licht GmbH and thus fur­ther ex­pands its ca­pa­cit­ies in the field of ar­chi­tec­tur­al light­ing and spe­cial lu­min­aire pro­duc­tion. Foun­ded in 1997, Mono-Licht GmbH is a Swiss lu­min­aire man­u­fac­turer based in Win­ter­thur. The fam­ily-owned com­pany has more than 20 years of ex­per­i­ence in lu­min­aire man­u­fac­tur­ing and em­ploys around 25 people. Mono-Licht GmbH spe­cial­izes in high-qual­ity spe­cial lu­min­aires and pro­ject solu­tions, which are de­veloped at the Win­ter­thur site and pro­duced in the com­pany's own man­u­fact­ory.Trilux and Mono-Licht have already been work­ing to­geth­er suc­cess­fully for many years on vari­ous light­ing pro­jects. With the pur­chase of Mono-Licht GmbH, Trilux AG is fur­ther ex­pand­ing its ca­pa­cit­ies and com­pet­ences in the field of ar­chi­tec­tur­al light­ing and high-qual­ity spe­cial lu­min­aire pro­duc­tion in a tar­geted man­ner and is also con­sist­ently ex­ploit­ing the valu­able syn­er­gies in all areas, from product de­vel­op­ment to joint sales and mar­ket­ing. Mono-Licht GmbH will con­tin­ue to op­er­ate as an in­de­pend­ent en­ter­prise in the Swiss mar­ket.A team of CMS Switzer­land led by part­ner Stephan Wer­len provided com­pre­hens­ive leg­al ad­vice to Trilux AG on the trans­ac­tion.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&APas­cal Stock­er, As­so­ci­ate, Cor­por­ate / M&AAl­ex­an­dra Stock­er, As­so­ci­ate, Cor­por­ate / M&ADr Si­mone Brauch­bar Birkhäuser, Coun­sel, IP / ITKatja Bertsche, As­so­ci­ate, Real Es­tat­e­Chris­ti­an Gers­bach, Part­ner, Em­ploy­ment­Christina Winter, As­so­ci­ate, Em­ploy­ment­Patrick Ne­her, At­tor­ney Train­ee, Com­mer­cial­Lu­cas Poschung, At­tor­ney Train­ee, Com­mer­cial
09/02/2022
CMS ad­vised Halder on the ac­quis­i­tion of Newemag AG
The Frank­furt-based fin­an­cial in­vestor Halder has ac­quired Newemag AG. All parties in­volved have agreed not to dis­close the de­tails of the trans­ac­tion.Foun­ded in 1975, Newemag AG ranks among the lead­ing sup­pli­ers of ma­chine tools in Switzer­land with more than 400 cus­tom­ers in di­verse mar­kets. In ad­di­tion to turn­ing and milling ma­chines, the product port­fo­lio of Newemag AG also in­cludes ma­chin­ing centres with the cap­ab­il­ity of 5-ax­is and sim­ul­tan­eous ma­chin­ing. The com­pany has ex­tens­ive tech­nic­al and im­ple­ment­a­tion knowhow and is well con­nec­ted in the Swiss man­u­fac­tur­ing in­dustry.By way of ac­quir­ing Newemag AG and to­geth­er with Suvema AG, ac­quired in Oc­to­ber 2019, Halder es­tab­lishes the lead­ing tech­no­logy pro­vider for tailored CNC ma­chine tools in Switzer­land. Com­bin­ing the com­pet­en­cies of Suvema AG and Newemag AG with­in one group en­ables the joint ex­ploit­a­tion of ad­di­tion­al growth po­ten­tial.Halder is an ex­per­i­enced private equity in­vestor act­ive in the Ger­man-speak­ing re­gion since 1991 sup­port­ing es­tab­lished busi­nesses mainly in the sec­tors In­dus­tri­al, Health­care and Food & Bever­age. Halder sup­ports its port­fo­lio com­pan­ies on their jour­ney to be­come mar­ket lead­er. Over the past 30 years, Halder has in­ves­ted in­to 44 com­pan­ies and solved 23 suc­ces­sions. Cur­rently the Halder team man­ages 7 port­fo­lio com­pan­ies.A team from CMS Switzer­land, led by Stephan Wer­len, ad­vised Halder on all leg­al mat­ters of the trans­ac­tion. The Zurich and Frank­furt private equity and M&A teams with the part­ners Stephan Wer­len and Oliv­er Wolf­gramm ad­vise Halder on a reg­u­lar basis.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&APas­cal Stock­er, As­so­ci­ate, Cor­por­ate / M&AAl­ex­an­dra Stock­er, As­so­ci­ate, Cor­por­ate / M&ADr Si­mone Brauch­bar Birkhäuser, Coun­sel, IP / ITKatja Bertsche, As­so­ci­ate, Real Es­tate­Patrick Ne­her, Train­ee, Com­mer­cial­CMS Ger­manyDr Oliv­er C. Wolf­gramm, Part­ner, Cor­por­ate / M&ADr Dirk Bauk­holt, Coun­sel, Cor­por­ate / M&ADr Navid An­der­son, Coun­sel, Cor­por­ate/ M&A
31/08/2021
CMS ad­vises the share­hold­ers of Lifest­age Solu­tions AG on the sale of all...
Es­tab­lished in 2014, Lifest­age Solu­tions AG, headquartered in Hüt­tikon, de­vel­ops and op­er­ates a fully in­teg­rated di­git­al trad­ing plat­form for eld­erly home care or­gan­iz­a­tions and nurs­ing homes, which sim­pli­fies daily work­flows for its cus­tom­ers through the use of di­git­al­iz­a­tion and state-of-the-art tech­no­logy.The ac­quis­i­tion of Lifest­age Solu­tions AG com­ple­ments the ex­ist­ing range of ser­vices and products of Ga­len­ica AG and thereby strengthens its of­fer­ing in the areas of eld­erly home care or­gan­iz­a­tions and nurs­ing homes. By way of this ac­quis­i­tion, Ga­len­ica AG po­s­i­tions it­self even more strongly as a lead­ing in­teg­rated health­care ser­vice pro­vider in the growth mar­kets of eld­erly care and adds to its di­git­al cap­ab­il­it­ies.The trans­ac­tion has been com­pleted on 26 Ju­ly 2021 in Zurich.A team of CMS Switzer­land led by part­ner Stephan Wer­len ad­vised the own­ers of Lifest­age Solu­tions AG on all leg­al mat­ters in re­la­tion to the pre­par­a­tion and im­ple­ment­a­tion of the trans­ac­tion.CMS Switzer­land­Dr Stephan Wer­len, Part­ner, Cor­por­ate / M&AAl­ex­an­dra Stock­er, As­so­ci­ate, Cor­por­ate / M&A
19/04/2021
CMS ad­vises on the sale of ra­dio-onko­lo­gie amsler ag
Zurich, 16 April 2021 | BAM­CAM Hold­ing AG sold all shares in ra­dio-onko­lo­gie amsler ag to stock ex­change lis­ted Atrys Health Group. Foun­ded in 2003, ra­dio-onko­lo­gie amsler ag today is one of the main...
14/04/2021
CMS Switzer­land ranked by The Leg­al 500
Rank­ings of CMS Switzer­land in The Leg­al 500 EMEA 2021 edi­tion CMS Switzer­land is re­com­men­ded in 18 cat­egor­ies in this year's Europe, Middle East and Africa edi­tion of The Leg­al 500, pub­lished in April...