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Portrait ofRalf Kurney

Ralf Kurney

Rechtsanwalt | Co-Head of the CMS Private Equity Group

CMS Hasche Sigle
Lennéstraße 7
10785 Berlin
Languages German, English

Ralf Kurney is a transactional lawyer with an international practice, specialising in M&A, private equity and corporate reorganisations. He advises on cross-border M&A transactions, joint ventures as well as post-merger integration projects.

Ralf joined what is now CMS in 1988 and was seconded to the CMS office in London in 1991/1992. He became a partner in 1993 and works out of our Berlin office.

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Listed for Corporate

Deutschlands beste Anwälte 2023 – Handelsblatt in Kooperation mit Best Lawyers

Relevant experience

  • Advising on sale of Edi.Son Energietechnik GmbH to Finnish Eltel Group Corporation
  • Advising Danish investors Topdanmark Lisforsikring and PKA on sale of a joint real estate portfolio company for EUR 240 million to Immeo AG
  • Advising private equity firm capiton on the acquisition of shareholdings in Gess & Partner GmbH, a temporary employment agency, the Kautex group (mechanical engineering) and KD Pharma Bexbach GmbH, a leading manufacturer of highly concetrated omega-3 fatty acids
  • Advising Herlitz PBS AG on the sale of its subsidiaries Falken Office Products GmbH (Germany), Delmet Prod srl (Romania) and Herlitz UK Ltd. to Swiss Biella group
  • Advising Japanese Takeda Pharmaceutical on its international corporate reorganisation following the takeover of Swiss Nycomed A/S (post-merger integration)
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Lectures list

  • Various seminars / lectures on "Mergers & Acquisitions"
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  • 1988: Second state law examination
  • 1985 - 1987: Trainee lawyer
  • 1984: First state law examination
  • Studied law and business economics at Münster, Speyer und Hagen
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CMS European Private Equity Study 2023
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.
Further expansion with mega-deal: CMS advises Sunlight on acquisition of...
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...
CMS advises Arcadis on acquisition of Giftge Consult
Berlin – Arcadis, a leading global design & consultancy organization for natural and built assets, has acquired all shares in Giftge Consult GmbH, a leading consulting and engineering company for energy...
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...
CMS advises Greek technology company Sunlight Group on acquisition of 51%...
Berlin – Sunlight Group Energy Storage Systems (Sunlight Group), a technology company specializing in integrated and innovative industrial and off-road energy storage solutions, acquires 51% of the...
CMS advises Solidus Solutions on the Acquisition of Mölle GmbH
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...
CMS advises Baillie Gifford on further investment in FlixMobility
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...
CMS advises Baillie Gifford on investment in digital freight forwarder...
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...
CMS advises shareholders of software development company inmation on the...
Berlin - The American group Emerson Electric has acquired an equity interest in inmation Software GmbH. Emerson's participation is intended to further strengthen the cooperation between the companies.A...
CMS advises investment manager Baillie Gifford on investment in German...
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...
CMS advises capiton on Germany's first GP-led Single-Asset Secondary Transaction
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...
CMS advises investment manager Baillie Gifford on investment in FlixMobility
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...