CMS has advised US private equity firm Turn/River Capital on its agreement to acquire, through its portfolio company PairSoft, all shares in the capital of APRO Software Solutions, a leading innovator...

We are pleased to share with you the 2024 edition of the European M&A Outlook, published by CMS in association with Mergermarket.

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.

CMS has assisted the shareholders of Witec, a developer and manufacturer of high-end precision and high-tech parts and systems, in the sale of a majority stake to Gimv, a listed investor in innovative...

CMS has assisted Technology & Strategy Groupe (T&S), a European leader in engineering and digital consulting, with the acquisition of Topic Ventures B.V. and its 13 subsidiaries. TOPIC is active as an...

CMS has advised the shareholders of Ambitious People Group, an international recruitment consultancy group, on the sale of a majority interest to Capital A. Founded in 2007, Ambitious People Group has...

CMS has advised CF Group, an international German family business, on its acquisition of the Starline Group. Founded in 1974, Starline Group is a leading manufacturer of swimming pools and swimming pool...

CMS has advised Zehnder Group, a leading provider of indoor climate solutions listed on the Swiss Exchange, on its acquisition of all shares in Filtech. Filtech is a leading manufacturer of high quality...

CMS assisted the founders of Financial Lease Nederland B.V. with the sale of a majority stake in Financial Lease Nederland B.V. to Egeria. Financial Lease was founded in 2011 and is one of the major players...