We are very pleased to share with you the second edition of the CMS European Private Equity Study 2023. This study analyses hundreds of Private Equity deals that we advised on in 2022 and previous years, providing unique insights into market trends and differences between private equity and trade deals. Key findings: Deal activity remained strong until Q3 2022, but experienced a significant drop in Q4. New investments accounted for 85% of PE deals analysed, with fewer exits and secondary buy-outs in 2022 compared to 2021. Bidding processes decreased in 2022, potentially due to less involvement of PE funds on the sell-side. Entry into new markets was the most common deal driver (64% of deals), while digitalisation was no longer a deal driver­Tech­no­logy, media, and telecoms (TMT) was the busiest sector, followed by Real Estate & Construction and life sciences. Use of MAC clauses decreased to 10% in 2022, compared to 15% in 2021. Fewer FDI approvals or clearances were sought in 2022 (8%) compared to 2021 (15%).W&I insurance played a prominent role in PE M&A transactions, increasing with deal value. Locked box mechanisms for setting purchase price were preferred in 80% of PE deals, while purchase price adjustments decreased. Earn-out provisions increased overall in 2022 but were more common in smaller deals than higher value deals. ESG considerations have not yet featured in legal due diligence or transaction documents. Management incentive schemes saw shorter vesting periods, increased management allocation, but tightened leaver provisions. Overall, there were buyer-friendly developments in some deal metrics, such as the use of "tipping" baskets.

Berlin – Sunlight Group Energy Storage Systems (Sunlight Group), a technology company headquartered in Athens, Greece, specializing in integrated and innovative industrial and off-road energy storage...

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...

Berlin – Solidus Solutions, a leading European provider for sustainable packaging for the food industry, has acquired Mölle GmbH, a producer of sustainable partitions and inserts for the packaging...

Berlin - FlixMobility has successfully closed its Series G financing round. The structured financing round includes a mix of equity capital and debt instruments and amounts to an aggregate volume of more...

Berlin - The digital freight forwarding company sennder has received another approximately 80 million USD in the course of its Series D financing round, bringing its current funding round to more than...

Berlin – The globally active investment manager Baillie Gifford has participated in the latest Series B financing round of the Bavarian electric air taxi pioneer Lilium. The investment of 35 million...

Berlin – capiton has transferred its majority stake in KD Pharma Group from the capiton IV fund which has held the shares since the acquisition in 2013 to a single-asset fund established by capiton...

Berlin – Scottish investment manager Baillie Gifford has joined the latest financing round of Munich-based mobility platform FlixMobility.A CMS Berlin team led by Ralf Kurney and Steffen König advised...