Home / Europa / Nederland / Corporate/M&A / Private Equity

Private Equity

Terug naar Corporate/M&A

Het belang van private equity is de laatste jaren sterk toegenomen. Bij alle aspecten van de structurering, oprichting, fondsenwerving, exploitatie en beleggingsactiviteiten van private equity-fondsen is gedegen juridische kennis en ervaring een vereiste.

CMS adviseert en vertegenwoordigt private equity-fondsen, institutionele beleggers, durfinvesteerders, management teams en de bedrijven waarin zij investeren. Vertegenwoordigde fondsen zijn onder meer beleggers die investeren in een vroege, midden en late fase en onafhankelijke, captive en semi-captive fondsen. Wij vertegenwoordigen opkomende groeibedrijven in alle aspecten en fasen van hun levenscyclus, vanaf angel- en startfinanciering, daarop volgende transacties, beursintroductie en daarna.

Wij hebben ruime ervaring met het totale scala van diensten met betrekking tot private equity in een grote verscheidenheid van marktsectoren. Onze advocaten werken in transacties nauw samen met specialisten uit al onze praktijkgebieden. Hierdoor kunnen wij u wat betreft private equity-vraagstukken deskundig bijstaan op het gebied van vennootschapsrecht, fiscaal recht, banken en financieringen. Ook voor kwesties die te maken hebben met arbeidsrecht, onroerend goed, intellectueel eigendom, informatietechnologie, mededinging, fusies en overnames kunt u bij ons terecht. Samen met onze partners binnen CMS adviseren wij op het gebied van private equity in heel Europa en ook daarbuiten.

"They adapt to the needs of the market" and "have good knowledge of market regulations."

Chambers Europe, 2019

"Pragmatic and solution-oriented," adding that "one always feels very well advised and as a priority."

Chambers Europe, 2019

"They don't get hung up on legal technicalities; they're always alive to the real commercial issues . The international network comes in handy too."

Chambers Europe, 2018
25/10/2022
CMS Eu­ro­pean Pri­va­te Equi­ty Stu­dy 2022
We are very plea­sed to sha­re with you the first edi­ti­on of the CMS Eu­ro­pean Pri­va­te Equi­ty Stu­dy 2022.This stu­dy ana­ly­ses over 100 CMS Pri­va­te Equi­ty deals that we ad­vi­sed on in 2021 al­so ta­king in­to ac­count for com­pa­ri­son da­ta of PE deals we ad­vi­sed on in 2020 and tra­de deals of both pe­ri­ods. Key fin­dings ba­sed on ana­ly­sis of 2021 deals Deal ac­ti­vi­ty: deal vo­lu­me was in li­ne with ge­ne­ral mar­ket trends, with a sig­ni­fi­cant de­crea­se in deal ac­ti­vi­ty in 2020, the year of the out­break of CO­VID-19, fol­lo­wed by an un­pre­ce­den­ted le­vel of ac­ti­vi­ty in 2021.Deal Dri­vers: one of 2021's ma­jor deal dri­vers was di­gi­ta­li­sa­ti­on (11% in 2021 com­pa­red to 2% in 2019 and 2020).Fo­reign In­vest­ment Con­trol: In 2021, 14.8% of the PE deals we ana­ly­sed in­clu­ded so­me form of FDI ap­pro­val pro­cess as part of the con­trac­tu­al terms.W&I In­su­ran­ce: The num­ber of PE deals fea­tu­ring W&I in­su­ran­ce in­crea­sed from 36% in 2020 to 42% in 2021. In hig­her va­lue deals (whe­re the pur­cha­se pri­ce is mo­re than EUR 100m), W&I in­su­ran­ce co­ver­a­ge is now the standard, ha­ving been used in 74% of the PE deals we ana­ly­sed.Ma­na­ge­ment in­cen­ti­ve sche­mes: The ma­jo­ri­ty of the in­cen­ti­ve sche­mes re­vie­wed al­lo­ca­ted up to 25% of the exit pro­ceeds to ma­na­ge­ment. In mo­re than 70% of ca­ses lea­ver pro­vi­si­ons ap­ply and, when trig­ge­red, ma­na­ge­ment has to for­feit or sell (de­pen­ding on whe­ther they are a good or bad lea­ver) both sweet equi­ty and any strip (e.g. rol­lo­ver in­vest­ment).
28/07/2022
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...
Sub­scri­be to Cor­po­ra­te/M&A to­pics

Feed

07/2022
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...
01/02/2022
Ti­me for tran­si­ti­on: Ener­gy M&A 2022
Met ge­pas­te trots pre­sen­te­ren wij het rap­port: Ti­me for tran­si­ti­on: Ener­gy M&A 2022. Dit rap­port biedt waar­de­vol­le in­zich­ten in het Eu­ro­pe­se land­schap van fu­sies en over­na­mes in de ener­gie­sec­tor en de...
31/01/2022
Ti­me for tran­si­ti­on: Ener­gy M&A 2022
Whi­le world lea­ders ha­ve been ga­thering for COP mee­tings for de­ca­des, what ma­de COP26 per­haps par­ti­cu­lar­ly no­ta­ble is that the pri­va­te sec­tor al­so gat­he­red in for­ce, and with a com­mit­ment and de­ter­mi­na­ti­on to be a key dri­ver in the de­car­bo­ni­sa­ti­on of the world’s eco­no­mies.  In pre­vious ye­ars, the­re ha­ve been mur­mu­rings from va­rious cor­po­ra­tes that to ma­ke so­ci­al or en­vi­ron­men­tal­ly dri­ven in­vest­ment de­ci­si­ons may not align with their fi­du­ci­a­ry du­ty to act in the in­te­rests of sha­re­hol­ders. As sha­re­hol­der ac­ti­vism has dri­ven the de­ba­te in­to board­rooms from abo­ve, this at­ti­tu­de is rapid­ly re­ver­sing di­rec­ti­on. Whi­le re­turns are ge­ner­al­ly seen as lo­wer in the clean sec­tor com­pa­red to, say, the oil & gas sec­tor, being in­ve­sted in the green tran­si­ti­on is in­cre­a­sin­gly seen as a key rou­te to pre­ser­ving and pro­tec­ting sha­re­hol­der va­lue. At the sa­me ti­me, vo­lun­ta­ry and man­da­to­ry cli­ma­te re­la­ted dis­clo­su­res are alig­ning the dri­vers for in­ves­tors across the board so that ca­pi­tal is in­cre­a­sin­gly dri­ven by the me­trics they pro­du­ce.  This is being re­flec­ted in, among other things, the plum­me­ting cost of ca­pi­tal for green in­vest­ments. At the sa­me ti­me high car­bon in­ten­si­ve in­vest­ments, such as co­al ba­sed pro­jects and bu­si­nes­ses, are strug­gling to se­cu­re fun­ding, with ma­ny fa­cing in­sol­ven­cy. In­vest­ments in the ener­gy tran­si­ti­on, a key part of the green tran­si­ti­on, will prin­ci­pal­ly ta­ke the form of M&A. The out­co­me of COP26 and the mo­men­tum it has ge­ne­ra­ted means that Eu­ro­pean deal­ma­kers in the ener­gy sec­tor will be even bu­sier in 2022. Eu­ro­pe leads the world in the ener­gy tran­si­ti­on and the ra­ce to net ze­ro is dri­ving near-re­cord le­vels of deal­ma­king – no­ta­bly in wind and so­lar pho­to­vol­taic ge­ne­ra­ti­on.At the sa­me ti­me, the ener­gy tran­si­ti­on is both ex­pan­ding and frag­men­ting the ener­gy sec­tor. For ma­ny, it has tra­di­ti­o­nal­ly been fo­cu­sed on ener­gy ge­ne­ra­ti­on. The tran­si­ti­on is brin­ging to the fo­re less vi­si­ble tech­no­lo­gies. Eve­ry­thing from tra­di­ti­o­nal hy­dro­po­wer to grid-sca­le bat­te­ries, elec­tri­fi­ca­ti­on of trans­port and hy­dro­gen. It is al­so brin­ging in­to the mix sec­tors that ha­ve not tra­di­ti­o­nal­ly been fo­cu­sed on ener­gy, such as in­du­stri­al de­car­bo­ni­sa­ti­on, ship­ping and mi­ning for the na­tu­ral re­sour­ces nee­ded for the ener­gy tran­si­ti­on. In pa­ral­lel with this, the­re is a hu­ge and gro­wing sto­ry around ener­gy trans­mis­si­on and dis­tri­bu­ti­on. Elec­tri­ci­ty net­works will need to ex­pand mas­si­ve­ly to fa­ci­li­ta­te elec­tri­fi­ca­ti­on and new tech­no­lo­gies. They are al­so be­co­ming smar­ter with the use of di­gi­tal tech­no­lo­gy to op­ti­mi­se the way po­wer is dis­tri­bu­ted, tra­ded and con­su­med. Fur­ther, new ty­pes of net­works may pro­vi­de in­vest­ment op­por­tu­ni­ties for tho­se loo­king for sta­ble long term as­sets, such as hy­dro­gen and car­bon net­works.Against this back­ground, tra­di­ti­o­nal fos­sil fu­el-ba­sed play­ers are de­car­bo­ni­s­ing their ope­ra­ti­ons. For the oil and gas ma­jors, this means ac­qui­ring or sig­ni­fi­cantly en­han­cing their ca­pa­bi­li­ties in re­ne­wa­bles, in­clu­ding wind, so­lar and hy­dro­gen, whi­le si­mul­ta­neous­ly di­ves­ting se­lec­ted car­bon-in­ten­si­ve as­sets in res­pon­se to moun­ting ESG pres­su­res. This may be one of the rea­sons why 50% of res­pon­dents in our stu­dy point to dis­tress-dri­ven deals as a top sell-si­de dri­ver.Chan­ge is en­de­mic in the ener­gy sec­tor, but the cur­rent tran­si­ti­on ma­kes the ye­ars sin­ce li­be­ra­li­sa­ti­on of ener­gy mar­kets in the la­te 1980s seem al­most stea­dy-sta­te in com­pa­ri­son. Des­pi­te the mo­men­tum and push for ca­pi­tal to be in­ve­sted in the ener­gy tran­si­ti­on, the­re remain obsta­cles, not least the li­mi­ted pi­pe­li­ne of good qua­li­ty in­vest­ment op­por­tu­ni­ties, con­ti­nuing con­cerns over lock­downs and CO­VID-19 va­ri­ants, fi­nan­cing dif­fi­cul­ties ari­sing from po­ten­ti­al­ly un­st­a­ble long term re­ve­nue streams and di­mi­nis­hing ra­tes of re­turn. Not­with­stan­ding the­se chal­len­ges, our stu­dy finds that ener­gy sec­tor M&A will in­cre­a­sin­gly be an en­gi­ne dri­ving ca­pi­tal in­to pro­po­si­ti­ons that match so­ci­al and po­li­ti­cal am­bi­ti­ons for the green tran­si­ti­on. Key fin­dings  Ener­gy remains a pre­mi­um as­set class for most in­sti­tu­ti­o­nal in­ves­tors, with its per­for­man­ce du­ring the pan­de­mic and im­pe­tus from COP26 fur­ther en­han­cing its at­trac­ti­ve­ness75% of ener­gy com­pa­nies are con­si­de­ring an ac­qui­si­ti­on and/or di­vest­ment in 2022Alongsi­de pre­mi­um as­sets, in so­me sub­sec­tors the­re are un­der­va­lu­ed tar­gets dri­ving buy-si­de ac­ti­vi­ty, with sel­lers shed­ding dis­tres­sed as­sets as the sec­tor shifts in res­pon­se to the ener­gy tran­si­ti­on45% think CO­VID-19 will be a ma­jor M&A obsta­cle in 2022, but this remains a fluid si­tu­a­ti­on that can chan­ge rapid­ly
25/11/2020
New re­struc­tu­ring tools
The legal lands­ca­pe is cur­rent­ly charac­te­ri­sed by chan­ge and evo­lu­ti­on. The most re­cent examples are cer­tain­ly the new re­struc­tu­ring tools in Ger­ma­ny, the Ne­ther­lands and the Uni­ted King­dom.We are plea­sed...
19/03/2020
CMS Eu­ro­pean M&A Stu­dy 2020
Ver­ko­per blijft in Eu­ro­pa ko­ning ter­wijl in­du­strie pro­fi­teert van kunst­ma­ti­ge in­tel­li­gen­tie Eu­ro­pa blijft een ver­ko­pers­markt. Al­le Eu­ro­pe­se lan­den pas­sen nu ‘ver­ko­pers­vrien­de­lij­ke’ ri­si­co­ver­de­lings­tech­nie­ken...
13/05/2020
Pri­va­te Equi­ty Break­fast
CMS, one of the world’s lar­gest law firms, and in­ter­na­ti­o­nal exe­cu­ti­ve search firm Pe­der­sen & Part­ners are de­ligh­ted to in­vi­te you to the 4th edi­ti­on of their joint Be­ne­lux Pri­va­te Equi­ty Break­fast...
02/10/2019
BNR Za­ken­doen: Pa­nel over fu­sies en over­na­mes (met Ro­man Tar­la­v­ski van...
Door de toe­ge­no­men ge­o­po­li­tie­ke on­rust en een af­koe­lend eco­no­misch kli­maat daalt de dea­lac­ti­vi­teit in Eu­ro­pa. Daar­over sprak Ro­man Tar­la­v­ski, part­ner en hoofd van de Prak­tijk­groep Cor­po­ra­te/M&A bij CMS...
11/09/2019
Ro­man Tar­la­v­ski over da­len­de dea­lac­ti­vi­teit in Eu­ro­pa bij BNR
Door de toe­ge­no­men ge­o­po­li­tie­ke on­rust en een af­koe­lend eco­no­misch kli­maat daalt de dea­lac­ti­vi­teit in Eu­ro­pa. Daar­over sprak Ro­man Tar­la­v­ski, part­ner en hoofd van de Prak­tijk­groep Cor­po­ra­te/M&A bij CMS...
05/09/2019
M&A-voor­uit­zich­ten in Eu­ro­pa steeds slech­ter
Zwak­ke eco­no­mi­sche in­di­ca­to­ren, on­ze­ker­heid rond­om de Brexit en groei­end pro­tec­ti­o­nis­me in de we­reld­han­del heb­ben ge­leid tot een ver­schui­ving in het sen­ti­ment in de M&A-we­reld en tot het be­gin van een...
17/06/2019
Pri­va­te Equi­ty & Ven­tu­re Ca­pi­tal: Vo­la­ti­li­ty in Va­lu­a­ti­ons?
Va­lu­a­ti­ons remain high and new in­vest­ments li­ke­ly to be lo­wer than in 2018. The mar­ket trend is still re­gar­ded as 'sel­ler-friend­ly' for the ti­me being. Po­li­ti­cal and eco­no­mic un­cer­tain­ty both are li­ke­ly...
17/05/2019
Be­ne­lux Pri­va­te Equi­ty Break­fast: Vo­la­ti­li­ty in Va­lu­a­ti­ons?
Va­lu­a­ti­ons remain high and new in­vest­ments li­ke­ly to be lo­wer than in 2018. The mar­ket trend is still re­gar­ded as 'sel­ler-friend­ly' for the ti­me being. Po­li­ti­cal and eco­no­mic un­cer­tain­ty both are li­ke­ly...
16/05/2019
3rd Be­ne­lux Pri­va­te Equi­ty Break­fast
CMS, one of the world’s lar­gest law firms, and in­ter­na­ti­o­nal exe­cu­ti­ve search firm Pe­der­sen & Part­ners are de­ligh­ted to in­vi­te you to the 3rd edi­ti­on of their joint Be­ne­lux Pri­va­te Equi­ty Break­fast...