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Private Equity & Venture Capital

What others say about us

  • "A leading firm for private equity and venture capital, with one of the broadest practices in the market."(JUVE)
  • "The PE practice is one of the market leaders and boasts exceptional strength in breadth."(JUVE)
  • "The firm attracted a lot of interest when it was chosen to advise on the first German SPAC."(JUVE)
  • "An impressive year for a firm that has been raising its standards on all counts. Not only has the corporate practice, one of the largest in Germany, maintained its performance with another very good year, but there were some surprising developments that showed a firm in full flight and going places."(The Lawyer Awards )
  • "CMS Hasche Sigle is the leading law firm in Germany for mid-cap acquisitions."(Financial Times Deutschland)
Private Equity Expertise

Focus

Providing comprehensive advice on private equity transactions is one of our core strengths. The prestigious JUVE Handbook has long ranked our 70-headed team among Germany’s top five private equity practices. We advise our clients throughout the acquisition and ownership phases. Our successful track record of advising on large buy-out transactions is complemented by a long-established focus on the mid-cap segment.

Pioneering role

Our private equity team has carved out a pioneering role for itself in the market by developing new and innovative solutions.

Awareness of the wider context

Rather than being a private equity boutique focused purely on transactions, we have in-depth expertise in all legal areas relevant to private equity.

Market and industry expertise

The special strengths of our practice include detailed expertise across all sectors and markets.

Regional coverage

The full breadth and depth of this expertise is immediately available at all our German locations.

At home in Europe

As an integral part of CMS, the leading organisation of international law and tax firms, we offer direct access to offices in 59 locations and 33 jurisdictions. Strong partner involvement

Strong partner involvement

guarantees outstanding expertise, continuity, reliability and efficiency, plus smooth workflows throughout the CMS organisation.

Optimised advice

We are committed to tailor-made, pragmatic solutions as well as effective – and costeffective – advice.

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Venture Capital
Your leading venture capital adviser with innovative SolutionsVenture capital transactions are a key strength of CMS Germany. Clients and the prestigi
25/07/2019
CMS Private Equity Glob­al Bro­chure
Private equity in­vestors face daily pres­sures of ori­gin­a­tion, valu­ations, ex­e­cu­tion, per­form­ance, exit strategies, fund rais­ing and reg­u­la­tion. At CMS, our private equity strategy is de­signed around our...

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17/05/2022
CMS ad­vises Fuse Ven­ture Part­ners on in­vest­ment in di­git­al mar­ket­place...
Frank­furt/Main – Fuse Ven­ture Part­ners has par­ti­cip­ated in the EUR 9m Series A fund­ing of di­git­al mar­ket­place pro­vider Ma­ga­Loop. The fin­an­cing round was led by Mar­ket One Cap­it­al and At­lantic Food Labs...
03/05/2022
CMS ad­vises bi­o­tech­no­logy firm Tu­bulis on EUR 60 mil­lion Series B fin­an­cing...
Mu­nich – Bi­otech com­pany Tu­bulis has suc­cess­fully com­pleted a Series B round of fin­an­cing worth EUR 60 mil­lion. Three new in­vestors, An­dera Part­ners, Evotec SE and Fund+, joined the round. All the ex­ist­ing...
25/04/2022
EUR 30 mil­lion Series A round of fin­an­cing: CMS ad­vises Len­nertz & Co....
Ham­burg – pep­per mo­tion GmbH has suc­cess­fully com­pleted a Series A round of fin­an­cing worth al­most EUR 30 mil­lion. The com­pany de­scribes it­self as the first di­git­al OEM world­wide to de­vel­op in­nov­at­ive...
21/04/2022
CMS ad­vises founders and ma­jor­ity share­hold­ers of Sel­lics Mar­ket­place Ana­lyt­ics...
Ber­lin – Ber­lin-based soft­ware start-up Sel­lics Mar­ket­place Ana­lyt­ics GmbH has been fully ac­quired by As­cen­tial plc, a com­pany headquartered and lis­ted in Lon­don. Once the ac­quis­i­tion has been com­pleted...
18/02/2022
CMS ad­vises Premi­um Equity Part­ners on ac­quis­i­tion of Hu­man Med
Stut­tgart – Private equity firm Premi­um Equity Part­ners has ac­quired Hu­man Med AG, a tech­no­logy lead­er in lipoedema treat­ment and re­gen­er­at­ive medi­cine. Premi­um Equity Part­ners is ac­quir­ing the com­pany...
31/01/2022
Time for trans­ition: En­ergy M&A 2022
While world lead­ers have been gath­er­ing for COP meet­ings for dec­ades, what made COP26 per­haps par­tic­u­larly not­able is that the private sec­tor also gathered in force, and with a com­mit­ment and de­term­in­a­tion to be a key driver in the de­car­bon­isa­tion of the world’s eco­nom­ies.  In pre­vi­ous years, there have been mur­mur­ings from vari­ous cor­por­ates that to make so­cial or en­vir­on­ment­ally driv­en in­vest­ment de­cisions may not align with their fi­du­ciary duty to act in the in­terests of share­hold­ers. As share­hold­er act­iv­ism has driv­en the de­bate in­to board­rooms from above, this at­ti­tude is rap­idly re­vers­ing dir­ec­tion. While re­turns are gen­er­ally seen as lower in the clean sec­tor com­pared to, say, the oil & gas sec­tor, be­ing in­ves­ted in the green trans­ition is in­creas­ingly seen as a key route to pre­serving and pro­tect­ing share­hold­er value. At the same time, vol­un­tary and man­dat­ory cli­mate re­lated dis­clos­ures are align­ing the drivers for in­vestors across the board so that cap­it­al is in­creas­ingly driv­en by the met­rics they pro­duce.  This is be­ing re­flec­ted in, among oth­er things, the plum­met­ing cost of cap­it­al for green in­vest­ments. At the same time high car­bon in­tens­ive in­vest­ments, such as coal based pro­jects and busi­nesses, are strug­gling to se­cure fund­ing, with many fa­cing in­solv­ency. In­vest­ments in the en­ergy trans­ition, a key part of the green trans­ition, will prin­cip­ally take the form of M&A. The out­come of COP26 and the mo­mentum it has gen­er­ated means that European deal­makers in the en­ergy sec­tor will be even busier in 2022. Europe leads the world in the en­ergy trans­ition and the race to net zero is driv­ing near-re­cord levels of deal­mak­ing – not­ably in wind and sol­ar photo­vol­ta­ic gen­er­a­tion.At the same time, the en­ergy trans­ition is both ex­pand­ing and frag­ment­ing the en­ergy sec­tor. For many, it has tra­di­tion­ally been fo­cused on en­ergy gen­er­a­tion. The trans­ition is bring­ing to the fore less vis­ible tech­no­lo­gies. Everything from tra­di­tion­al hy­dro­power to grid-scale bat­ter­ies, elec­tri­fic­a­tion of trans­port and hy­dro­gen. It is also bring­ing in­to the mix sec­tors that have not tra­di­tion­ally been fo­cused on en­ergy, such as in­dus­tri­al de­car­bon­isa­tion, ship­ping and min­ing for the nat­ur­al re­sources needed for the en­ergy trans­ition. In par­al­lel with this, there is a huge and grow­ing story around en­ergy trans­mis­sion and dis­tri­bu­tion. Elec­tri­city net­works will need to ex­pand massively to fa­cil­it­ate elec­tri­fic­a­tion and new tech­no­lo­gies. They are also be­com­ing smarter with the use of di­git­al tech­no­logy to op­tim­ise the way power is dis­trib­uted, traded and con­sumed. Fur­ther, new types of net­works may provide in­vest­ment op­por­tun­it­ies for those look­ing for stable long term as­sets, such as hy­dro­gen and car­bon net­works.Against this back­ground, tra­di­tion­al fossil fuel-based play­ers are de­car­bon­ising their op­er­a­tions. For the oil and gas ma­jors, this means ac­quir­ing or sig­ni­fic­antly en­han­cing their cap­ab­il­it­ies in re­new­ables, in­clud­ing wind, sol­ar and hy­dro­gen, while sim­ul­tan­eously di­vest­ing se­lec­ted car­bon-in­tens­ive as­sets in re­sponse to mount­ing ESG pres­sures. This may be one of the reas­ons why 50% of re­spond­ents in our study point to dis­tress-driv­en deals as a top sell-side driver.Change is en­dem­ic in the en­ergy sec­tor, but the cur­rent trans­ition makes the years since lib­er­al­isa­tion of en­ergy mar­kets in the late 1980s seem al­most steady-state in com­par­is­on. Des­pite the mo­mentum and push for cap­it­al to be in­ves­ted in the en­ergy trans­ition, there re­main obstacles, not least the lim­ited pipeline of good qual­ity in­vest­ment op­por­tun­it­ies, con­tinu­ing con­cerns over lock­downs and COV­ID-19 vari­ants, fin­an­cing dif­fi­culties arising from po­ten­tially un­stable long term rev­en­ue streams and di­min­ish­ing rates of re­turn. Not­with­stand­ing these chal­lenges, our study finds that en­ergy sec­tor M&A will in­creas­ingly be an en­gine driv­ing cap­it­al in­to pro­pos­i­tions that match so­cial and polit­ic­al am­bi­tions for the green trans­ition. Key find­ings  En­ergy re­mains a premi­um as­set class for most in­sti­tu­tion­al in­vestors, with its per­form­ance dur­ing the pan­dem­ic and im­petus from COP26 fur­ther en­han­cing its at­tract­ive­ness75% of en­ergy com­pan­ies are con­sid­er­ing an ac­quis­i­tion and/or di­vest­ment in 2022Along­side premi­um as­sets, in some sub­sect­ors there are un­der­val­ued tar­gets driv­ing buy-side activ­ity, with sellers shed­ding dis­tressed as­sets as the sec­tor shifts in re­sponse to the en­ergy trans­ition45% think COV­ID-19 will be a ma­jor M&A obstacle in 2022, but this re­mains a flu­id situ­ation that can change rap­idly
27/01/2022
CMS ad­vises IN­ER­ATEC on Series A fin­an­cing round for pro­duc­tion of sus­tain­able...
Ber­lin – Karls­ruhe-based start-up IN­ER­ATEC has gained a num­ber of stra­tegic in­vestors to boost its pro­duc­tion ca­pa­city for syn­thet­ic fuels de­rived from CO2 and green hy­dro­gen. In­vestors in­clude en­ergy...
27/01/2022
Emer­ging Europe M&A Re­port 2021/2022
Fol­low­ing glob­al trends, the M&A mar­ket in emer­ging Europe surged in 2021— more money was spent on ac­quis­i­tions and in­vest­ments than in any of the pre­vi­ous sev­en years. After a re­l­at­ively poor show­ing in 2020, trans­ac­tion volume also bounced back to pre-pan­dem­ic levels. Not only did dir­ect ac­quis­i­tions and in­vest­ments fare well, but stock mar­ket list­ings also reached un­pre­ced­en­ted levels. Has the M&A mar­ket in emer­ging Europe scaled new heights?Wel­come to the 2021/22 edi­tion of the Emer­ging Europe re­port.
20/12/2021
CMS ad­vises real es­tate fintech start-up Urbyo on USD 5 mil­lion seed fin­an­cing...
Ber­lin – Real es­tate fintech Urbyo has raised more than USD 5 mil­lion in a seed round of fin­an­cing. The Ber­lin-based start-up op­er­ates an In­ter­net plat­form aimed at re­shap­ing the way prop­erty is bought...
06/12/2021
CMS ad­vises Ca­dence Growth Cap­it­al (CGC) on in­vest­ment in phone-as-a-ser­vice...
Stut­tgart – Phone-as-a-ser­vice pro­vider everphone has raised USD 200 mil­lion in growth cap­it­al. The round of fin­an­cing was led by Ca­dence Growth Cap­it­al (CGC), the fast­est grow­ing growth PE fund in...
03/11/2021
CMS ad­vises di­git­al start-up Qual­i­fyze on EUR 12 mil­lion Series A round...
Frank­furt/Main – Frank­furt-based di­git­al start-up Qual­i­fyze has re­ceived EUR 12 mil­lion of new cap­it­al in a Series A round of fin­an­cing to boost de­vel­op­ment of its cer­ti­fic­a­tion plat­form for the health­care...
15/10/2021
CMS ad­vises Afin­um on sale of Ham­burg-based Garz & Fricke Group to Seco...
Mu­nich – AFIN­UM Siebte Beteili­gungs­gesell­schaft mbH & Co. KG, which is ad­vised by Afin­um Man­age­ment GmbH, has signed an agree­ment to sell Garz & Fricke Hold­ing GmbH to Seco S.p.A., a lis­ted Itali­an...