Munich – AF Eigenkapitalfonds für deutschen Mittelstand GmbH & Co. KG, a fund company managed by AFINUM Management GmbH, has sold its stake in Munich-based Avantgarde Gesellschaft für Kommunikation mbH to funds advised by EMH Partners. The transaction involves EMH acquiring all the shares held by AFINUM as well as shares held by the management team. The latter will retain a substantial stake in the company after the deal. In 2015, AFINUM acquired a minority stake in Avantgarde in order to drive the company’s development forward. Its intention was to sell the equity interest in the medium term after seeing an increase in value. Details of the transaction were not disclosed.
A team headed by lead partner Dr Oliver Thurn and including in particular Jörg Schrade (responsible for Tax), Dr Jacob Siebert (Private Equity) and Dr Astrid Roesener (M&A) again advised AFINUM and the management team on all legal aspects of the transaction. The Munich-based private equity investor relies on the expertise of CMS on a regular basis, such as when investing in LED torch and head torch manufacturer Ledlenser, ventilation system manufacturer Ventomaxx and premium food concept Zeit für Brot.
Avantgarde, which is also headquartered in Munich, was established in 1985. As a global brand experience agency it advises brands on strategic issues. The company has ten locations across seven countries. It employs around 750 experts worldwide in the fields of creative services, consulting, digital and social media, AR/VR, architecture, events, project management, sponsoring, retail, film and trend research.
AFINUM is an independent management-owned private equity firm with offices in Munich, Zurich, Vienna and Hong Kong. It specialises in taking stakes in successful mid-market companies in the German-speaking region of Europe.
CMS Germany
Dr Oliver Thurn, Lead Partner
Dr Jacob Siebert, Partner
Dr Tobias Kilian, Principal Counsel
Dr Astrid Roesener, Counsel
Dirk Baukholt, Counsel
Karen Eldred, Senior Associate
Rainer Krall, Associate
Sandra Kuley, Legal Consultant, all Corporate/M&A
Jörg Schrade, Partner
Isabella Denninger, Associate, both Tax
Hans-Hermann Bühl, Partner, Tax & Audits
Dr Marc Seibold, Partner
Dr Andreas Grunert, Counsel, both Banking & Finance
Dr Eckhard Schmid, Partner
Dr Ute Bartholomä, Counsel, both Labor, Employment & Pensions
Stefan Lüft, Partner, Intellectual Property
Dr Markus Kaulartz, Counsel
Dr René Sandor, Associate, both TMC
Dr Tilman Niedermaier, Partner, Dispute Resolution
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