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Private Equity

As a private equity fund, investor or management team, you face daily pressures of valuations, performance, exit strategies and regulation. The relative availability of debt together with significant levels of capital committed to the private equity industry, or held on corporate balance sheets, has strongly impacted the competition for assets and pricing levels. A cohesive private equity strategy will support you to ensure that you acquire the right assets and obtain maximum value from your portfolio. We are structured around your business sectors and that of your targets. This means we can advise you on all stages of a fund’s lifecycle, from formation and administration to the making of investments, portfolio monitoring and exiting.

Your deals are executed according to tight deadlines and complex regulatory constraints. Our multi-disciplinary specialist teams across 32 countries globally can mobilise quickly, whatever the size and complexity of your transaction. With anti-trust, tax, employment, banking, commercial and disputes expertise, we can also assist in the protection and growth of your funds and investments. Whether your deal is in the upper or mid private equity or venture market, our specialist lawyers can guide you towards the best business outcome in your home markets and across multiple jurisdictions.

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...
09/02/2018
CMS Private Equity Ex­pert­ise
CMS boasts an in­ter­na­tion­al group of like-minded private equity law­yers across Europe (and bey­ond) able to provide a ‘total private equity’ ser­vice of­fer­ing. Our spe­cial­ists as­sist cli­ents through...
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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.
25/01/2022
Re­ima­gin­ing CEE: EU Tax­onomy re­port­ing has be­gun for banks and busi­nesses...
Wel­come to the first edi­tion of our ‘Re­ima­gin­ing CEE’ series, reg­u­lar Law-Now e-alerts dis­cuss­ing ESG-re­lated up­dates with a par­tic­u­lar fo­cus on the im­pact on busi­nesses across Cent­ral and East­ern...
05/01/2022
New Amend­ments to the PRC Civil Pro­ced­ure Law
On 24 Decem­ber 2021, the 32nd ses­sion of the 13th Stand­ing Com­mit­tee of the Na­tion­al People's Con­gress (“NPC”) of the People's Re­pub­lic of China ("PRC") ap­proved amend­ments to the PRC Civil Pro­ced­ure...
14/09/2021
The Road to Re­cov­ery: European M&A Out­look 2022
Deal­makers say PE best placed to flour­ish in the next 12 months
14/09/2021
CMS M&A European Out­look 2022: Road to re­cov­ery
Septem­ber 2021 We are pleased to provide you with this year’s edi­tion of the “European M&A Out­look”, pub­lished in co-op­er­a­tion with Mer­ger­mar­ket
21/09/2021
Mind the gap - Mak­ing equal pay a real­ity
This year, 18 Septem­ber is UN Equal Pay Day. This is the day on which wo­men ef­fect­ively stop earn­ing be­cause of the 23% glob­al dis­par­ity in pay between men and wo­men.To mark this event, we warmly in­vite...
16/06/2021
Belt and Road videocasts
Go to BRI homepage Wel­come to the CMS videocasts on Belt and Road The series ex­plores the top­ics that have been iden­ti­fied in our glob­al re­search study as be­ing top of mind for par­ti­cipants in BRI pro­jects...
01/06/2021
Some leaks can­'t be fixed
“Con­fid­en­tial in­form­a­tion is like an ice cube... give it to the party who has no re­fri­ger­at­or or will not agree to keep it in one, and by the time of the tri­al you have just a pool of wa­ter.” This...
06/05/2021
High­lights on New Reg­u­la­tions on Su­per­vi­sion and Ad­min­is­tra­tion of Med­ic­al...
On 18 March 2021, the State Coun­cil pro­mul­gated the Reg­u­la­tions on Su­per­vi­sion and Ad­min­is­tra­tion of Med­ic­al Devices (Re­vised in 2021), which will take ef­fect on 1 June 2021 (the "New Med­ic­al Device Reg­u­la­tions")...
15/03/2021
Ukraine to in­tro­duce FDI screen­ing mech­an­ism in stra­tegic sec­tors
On 3 Feb­ru­ary 2021, the Draft Law of Ukraine No. 5011 “On For­eign In­vest­ment in Leg­al En­tit­ies of Stra­tegic Im­port­ance for Na­tion­al Se­cur­ity of Ukraine” (the “Draft Law”) was re­gistered in the...
21/01/2021
Emer­ging Europe M&A Re­port 2020/2021
In 2020 we coun­ted 1,705 deals with a total value of EUR 60,80bn in emer­ging Europe, re­spect­ive year-on-year de­creases of 12.9% and 16%. It will not come as a sur­prise that this is the low­est num­ber of deals for the re­gion in the ten edi­tions of this re­port that we have pub­lished. Then again, after a year char­ac­ter­ised by the COV­ID-19 pan­dem­ic, in which deals were pro­trac­ted, post­poned or simply aban­doned, it is prob­ably not as bad as many of us may have ima­gined.While deal num­bers in Q4 re­mained sub­dued, we ex­per­i­enced the highest deal value for the fi­nal quarter of the year since 2016.After many years of de­cline, in re­cent years the an­nu­al deal­flow in emer­ging Europe had star­ted to stead­ily settle around the 2,000 mark. In last year’s re­port, we pre­dicted that the re­gion would main­tain its at­tract­ive­ness to in­vestors and we had great con­fid­ence in the deal pipeline. We felt that un­cer­tain­ties around China-US trade re­la­tions, Brexit and the US pres­id­en­tial elec­tions would have little im­pact on the re­gion’s deal­flow. As the year showed, glob­al polit­ic­al un­cer­tain­ties are no com­pet­i­tion for a pan­dem­ic when it comes to slow­ing down M&A activ­ity.However, deals did con­tin­ue and com­pared to oth­er glob­al emer­ging mar­kets, such as Emer­ging Asia and Lat­in Amer­ica, the re­gion per­formed quite well.The Emer­ging Europe M&A Re­port takes a closer look at the trends and data on a coun­try-by-coun­try and on a sec­tor basis. The im­pact of the eco­nom­ic slow­down was re­l­at­ively evenly spread across the re­gion, but there are al­ways some coun­tries that buck the trend. Po­land ex­per­i­enced a year-on-year in­crease in deal volume while wit­ness­ing the highest deal value com­pared to 2019.South-east­ern Europe was quite stable over­all with mar­kets such as Ro­mania, Bul­garia and Croa­tia all see­ing only mod­est drops in deal volumes. From the usu­al top per­formers, Czech Re­pub­lic was prob­ably the hard­est hit with a 24,7% de­crease in trans­ac­tions; how­ever, these are still bet­ter num­bers than the coun­try pos­ted in 2012 in the slip­stream of the fin­an­cial crisis and as re­por­ted in the CMS Emer­ging Europe M&A Re­port at the time.A great deal has been writ­ten about win­ners and losers in terms of sec­tors, rather than fo­cus­ing on some of these un­fore­seen de­vel­op­ments, the art­icles in the re­port fo­cus on some of the trends that had set in be­fore the pan­dem­ic hit. In fact, some of these de­vel­op­ments were ac­cel­er­ated by it: the ad­vance of Tele­coms & IT in terms of deal volume—tak­ing the top spot from Real Es­tate & Con­struc­tion—and con­tin­ued in­vest­ment in re­new­able en­ergy, driv­en by cli­mate goals, the de­mand of clean en­ergy by tech­no­logy gi­ants, and the over­all drive for sus­tain­ab­il­ity.Two art­icles provide a more de­tailed look in­to how spe­cif­ic com­pan­ies are faring, a close-up on the Croa­tian con­glom­er­ate Forten­ova and where it stands two years after its re­struc­tur­ing, and a fireside chat with Tereza Ber, gen­er­al coun­sel at Zentiva, about the com­pany’s takeover of the CEE busi­ness of Al­vo­gen.We also take a look at the re­gion’s IPO activ­ity. The Warsaw-list­ing of Al­legro is a testi­mony not only to the suc­cess of eco­m­merce in these new times, but also to the in­creased in­terest in an exit through the stock ex­change. After see­ing only 14 IPOs in 2019, this re­boun­ded to 26 in 2020. Through dual-track sales pro­cesses sellers want to make the most of the com­pet­i­tion between a trade sale and IPO, and with new re­cords set on stock ex­changes through­out the world to­wards the end of 2020, it will likely re­main an at­tract­ive pro­spect.One de­vel­op­ment that we noted in 2019 did re­verse last year. While cross-bor­der in­vest­ment in­to the re­gion de­creased by 34.3%, do­mest­ic deal activ­ity picked up by 18.4%, reach­ing a total of 764 and 941 trans­ac­tions re­spect­ively. Over­all, in­vestors based closer to the re­gion re­mained more act­ive than those fur­ther away, and in par­tic­u­lar in­vestors from the US, China and Ja­pan made few­er ac­quis­i­tions in emer­ging Europe. We look at what keeps at­tract­ing west­ern European in­vestors to the re­gion.The re­stric­tions on our free­dom forced us to live dif­fer­ently: we work from home, shop on­line and meet friends vir­tu­ally. Al­though a vac­cine may soon al­low us to re­turn to “nor­mal”, the last year is likely to have a last­ing im­pact on our be­ha­viour. As busi­nesses that be­ne­fit from this new eco­nomy grow, so does in­terest from in­vestors. On the flip side, those com­pan­ies that have had to count their losses may be­come in­ter­est­ing tar­gets too. While some com­pan­ies will see the need for a cap­it­al in­jec­tion to sur­vive, oth­ers will be look­ing for in­vest­ment to help it cap­it­al­ise on their suc­cess. 
01/12/2020
PRC Su­preme People's Court Is­sues Draft of In­ter­pret­a­tions Ap­plic­able to...
On 9 Novem­ber 2020, the PRC Su­preme People's Court ("SPC") pro­mul­gated the In­ter­pret­a­tions Ap­plic­able to Se­cur­ity-re­lated Parts of the Civil Code of the People's Re­pub­lic of China (Draft for Com­ment)...