Team

Picture of Michael Moritz

Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

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Picture of Mark Miller

Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

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Picture of Caspar Graf Stauffenberg

Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

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Picture of Daniel Garlipp

Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

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Picture of Daniel Dies

Daniel Dies

Partner

Telephone: +49 40 300 836-16

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Picture of Manfred Drax

Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

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Picture of Nico Schmidt-Weidemann

Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

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Picture of Anders Elgemyr

Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

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Picture of Erik Lundberg

Erik Lundberg

Director

Telephone: +46 73 850 35 59

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Picture of Arnold Holle

Arnold Holle

Managing Partner

Telephone: +44 208 017 6015

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Picture of Anders Bo

Anders Bo

Managing Partner

Telephone: +45 4199 8252

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Picture of Flemming C. Pedersen

Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

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Picture of Morten Kjærulff

Morten Kjærulff

Partner

Telephone: +45 2634 9031

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Kurfürstendamm 188

10707 Berlin

Telephone: +49 30 809 334 70

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Picture of Michael Moritz

Michael Moritz

Managing Partner

Telephone: +49 30 809 33 47-13

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Picture of Eva Macha

Eva Macha

Office Management

Telephone: +49 30 809 33 47-10

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Picture of Jessica Algner

Jessica Algner

Office Management

Telephone: +49 30 809 33 47-12

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Picture of Nils Zettelmeyer

Nils Zettelmeyer

Vice President

Telephone: +49 30 809 33 47-25

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Picture of Thorsten Grandt

Thorsten Grandt

Vice President

Telephone: +49 30 809 33 47-20

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Toldbodgade 57

1253 Copenhagen K

Telephone: +45 3945 0010

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Picture of Anders Bo

Anders Bo

Managing Partner

Telephone: +45 4199 8252

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Picture of Flemming C. Pedersen

Flemming C. Pedersen

Managing Partner

Telephone: +45 4199 8251

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Picture of Morten Kjærulff

Morten Kjærulff

Partner

Telephone: +45 2634 9031

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Picture of Esplanade 41

Esplanade 41

20354 Hamburg

Telephone: +49 40 300 83 60

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Picture of Mark Miller

Mark Miller

Managing Partner

Telephone: +49 40 300 836-11

LinkedInXING

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Picture of Daniel Garlipp

Daniel Garlipp

Managing Partner

Telephone: +49 40 300 836-19

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Picture of Daniel Dies

Daniel Dies

Partner

Telephone: +49 40 300 836-16

LinkedIn

@

Picture of Anna-Lena Kickbusch

Anna-Lena Kickbusch

Office Management & Accounting

Telephone: +49 40 300 836 10

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Picture of Elaine Kelly

Elaine Kelly

PR, Marketing & Business Development Manager

Telephone: +49 40 300 836 18

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Picture of Mischa Krause

Mischa Krause

Vice President

Telephone: +49 40 300 836-24

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Picture of 14 Buckingham Street

14 Buckingham Street

London WC2N 6DF

Telephone: +44 0208 017 6015

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Picture of Arnold Holle

Arnold Holle

Managing Partner

Telephone: +44 208 017 6015

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Picture of Philipp Claus

Philipp Claus

Associate

Telephone: +44 20 7395 2790

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Von-der-Tann-Straße 7

80539 München

Telephone: +49 89 255 495 30

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Picture of Caspar Graf Stauffenberg

Caspar Graf Stauffenberg

Managing Partner

Telephone: +49 89 255 49 53-11

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Picture of Manfred Drax

Manfred Drax

Partner

Telephone: +49 89 255 49 53-15

LinkedIn

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Picture of Nico Schmidt-Weidemann

Nico Schmidt-Weidemann

Partner

Telephone: +49 89 255 49 53-17

@

Picture of Sebastian Fischer

Sebastian Fischer

Vice President

Telephone: +49 89 255 49 53-12

LinkedIn

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Picture of Birger Jarlsgatan 13

Birger Jarlsgatan 13

111 45 Stockholm

Telephone: +46 8 684 439 00

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Picture of Anders Elgemyr

Anders Elgemyr

Managing Partner

Telephone: +46 70 496 18 15

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Picture of Erik Lundberg

Erik Lundberg

Director

Telephone: +46 73 850 35 59

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Picture of Caroline Berglund

Caroline Berglund

Strategic Business Manager

Telephone: +46 73 382 10 82

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Picture of David Pode

David Pode

Associate

Telephone: +46 70 540 99 55

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Picture of Markus Augustsson

Markus Augustsson

Head of Equity Research

Telephone: +46 76 235 03 20

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Picture of Bertil Nilsson

Bertil Nilsson

Senior Equity Analyst

Telephone: +46 70 434 90 03

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Picture of Niklas Elmhammer

Niklas Elmhammer

Senior Equity Analyst

Telephone: +46 70 898 39 59

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Picture of Mats Hyttinge

Mats Hyttinge

Senior Equity Analyst

Telephone: +46 73 338 50 67

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Picture of Lars Johansen

Lars Johansen

IT&Telecom Expert

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Picture of Stina Ahlsen

Stina Ahlsen

Office Manager

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Carlsquare Mood Image scaled

Closing deals.

We are Carlsquare

After almost 20 years in M&A, we now operate under a new name: Carlsquare

We reflect on the big step taken as a company for our customers and employees last year: from four independent companies we have created one. CatCap, Jarl Securities, Centric and DMC become Carlsquare, a synthesis of the pioneers of this transaction. In the style of a great European: Charles the Great, and with a square that makes new dimensions possible for us.

We are now represented in 6 locations with 70 employees located in: Hamburg, Munich, Berlin, London, Stockholm and Copenhagen. Embedded in our proven Globalscope partnership, with 56 partners in 48 countries.

We continue to be a point of contact and partner for entrepreneurs who want to take an important step in their corporate development using a strategic capital measurement.

These are owner-managed and market leading enterprises, fast-growing start-ups with innovative technologies and business models, but also venture capital/private equity investors, family offices and corporations that want to create growth and increase value together with such entrepreneurs.

Given that we are one as well, Carlsquare understands the challenges of high-growth companies, and the dynamics and transformation processes in innovative industries. As an active market participant, we are helping to shape this landscape.

The firm identifies three items – the right timing, the right partner, and the right deal design – as necessary for successful transactions. We advise not only in connection with the transaction, but also before the transaction – sometimes even years before – and years afterwards. With our expertise in M&A, growth equity and IPOs/equity capital markets, we can utilise the full range of relevant options.

In two decades of transactional practice, we have developed the best skills, tools and technologies to make the process as efficient, effective and secure as possible. But the success factor remains the human factor: as an entrepreneur with the right creative ideas we use our decisive contact network, the right reasoning and the right amount of empathy to bring together our client with the perfect partner.

Our locations

In the markets with which we have regular cross-border transactions, we are now represented with our own offices. How did we choose our merger partners? We have come to know and appreciate our partners through previous joint transactions – with one team on the sell-side and the others on the buy-side.

As a result we were able to convince ourselves of their professionalism and realised we would like to be on the same team. They provide an ideal complement to our expertise in the software, consumer/e-commerce, digital media & internet, business service, industrial and life science sectors, with our well-established M&A, growth equity, and IPOs/equity capital market instruments.

To date, our expansion efforts have focused on countries with high beer consumption. Will it stay that way? No, we would also like to expand our focus to wine. In addition we hope to grow internationally by expanding relationships with partners and M&A professionals who are a right fit for us. We intend to provide the right platform from which we can engage in business interactions in the future. Because that‘s what we‘re all about: „Closing Deals“.

To find out more about our strategy and who we are, please take a look at our presentation. If you already have a transaction in mind feel free to contact us. We are happy to help.

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Germany - Land of Hidden Champions

In times of impending trade wars and demarcation tendencies, many Germans have realised how important international trade is for prosperity and peace. This applies to the export-oriented machine manufacturer from East Westphalia-Lippe as well as to the expansive fintech startup from Berlin with a banking license in London and nearshoring in Romania.

As a partner-led corporate finance advisor, we support these growth companies – whether they are 2, 20 or 200 years old – in the challenges and opportunities offered by M&A and growth equity. Digitisation and internationalisation are important drivers here. This is all the more true as IoT / Industry 4.0 and Artificial Intelligence are now finding their way into Germany‘s traditionally strong industries.

We are present where growth and innovation arise and flourish. Germany is full of hidden champions. One of which is Auvesy, the world leader in production versioning software.

With the help of Brockhaus Private Equity, which we brought on board in the end of 2017, not only the company succession was completed, but also the US office was opened immediately with resounding success.

Unfortunately, an IPO like that of our longtime buy-side customer Serviceware is rather the exception. Here we hope for impulses from our cooperation with the Nasdaq North. Our German customer Bytro Labs has taken the detour via the merger with the Swedish Stillfront Group to bring the merged company to the Stockholm Stock Exchange and now we are promoting the direct listing of German companies in Stockholm together with Nasdaq North.

Even without a lively capital market, a very active, diversified financial investor landscape has formed in Germany. Private equity is on our doorstep, especially in Munich. Venture capital flows primarily from funds at our locations in Berlin, London and Stockholm into German companies.

The German automotive industry is facing enormous challenges with electromobility, autonomous driving and networked mobility. But this does not worry us: we have a location with a well functioning state and excellent education. German companies – from medium-sized companies to the Dax Group – have the advantage of being able to face these challenges with the classic German virtues of innovation and attention to detail. We help to ensure that these companies find the right partners, investors and investment opportunities nationally and internationally.

Sweden – the home of growth champions

Sweden has a long tradition of creating worldwide brand names like Volvo, IKEA and H&M. In the last decades the Swedish stock market has grown to become extremely active, nurturing startups with much-needed venture capital. With strong inflows of new listings across the Nordic region, Sweden is one of the leading IPO hubs in Europe, and its market has emerged as something unique. Much of this success can, to a large extent, be explained by Sweden´s ecosystem surrounding public companies. The structure and environment in Sweden enable small and non-profitable companies to go public and attract capital.

“This is quite unique from a global perspective, and it’s really challenging to explain to foreigners that we have a system that can feed hundreds of promising-but-non-profitable companies. These companies are not all in Carlsquare´s focus, but many of them turn out to be success stories and will eventually be sold. The whole ecosystem around the stock market is very dynamic and creates a lot of new companies and opportunities”, says Anders Elgemyr, Managing Partner of Carlsquare.

The foundation for this dynamic ecosystem is the common interest to invest and save in stocks among private investors (individuals and households), which creates a very important retail client base. The private investors also benefit from a tax system that favors placements in stocks and that a significant part of the Swedish pension is allocated to stocks. Additionally, low interest rates come into place supported by extremely low funding rates set by the Swedish Riksbank.
More than 390 companies have undertaken a listing process since 2015, attracting around 20 billion EUR in growth capital. One of the success stories is the Nasdaq First North marketplace, launched by Nasdaq in 2006 with somewhat lower fees and listing requirements. First North plays an important role towards further assisting SMEs in gaining access to capital that could foster and expand these companies in preparation for a main market listing. More importantly, 38 companies have matured and switched from Nasdaq First North to the main market during these four years.

For a company considering a listing, the Nordic ecosystem surrounding the stock market is well-functioning, providing a set of advisers assisting in the listing process and offering relevant experience to maintain the work supporting life as a listed company. In addition, Nasdaq is home to one of the most liquid and efficient cash equity markets in Europe, ranging from active retail investors to institutional capital supporting SMEs creating an enticing launch pad for companies.

“It is exciting to see that Nasdaq Nordic has maintained its position as one of the leading IPO markets in Europe for several years in a row. We continue to see an interest from issuers both in the Nordics and across Europe, in particular from fast growing technology sectors. We look forward to continuing to work with all our stakeholders to maintain this momentum and hopefully be able to welcome more companies to Nasdaq Nordic”, says Niklas Holmberg, Managing Director of Global Listing Services at Nasdaq.

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Brexit or not: Carlsquare has a strong presence in Europe’s financial centre

In spite of Brexit, “the City” will remain Europe’s financial centre for decades to come. Some of the trading and back-office activities of the big investment banks might have – or will – be moved to Frankfurt, Paris or low-cost locations, and some of the hedge funds might relocate to addresses in Switzerland or other tax havens. However, for the more innovative or demanding financing structures, or to obtain the best valuation, London will remain the hub for private equity and debt funding across the entire European continent and beyond, to Africa, the Middle East and Asia.

Carlsquare’s London office is located between the City and West End, a few steps from Trafalgar Square, right on Embankment Gardens facing the Thames. Arnold Holle gained more than 20 years of experience with blue chip investment banks such as Goldman Sachs and UBS before striking out on his own with a handful of colleagues and – since the summer of 2018 – has teamed up with Carlsquare.

In terms of M&A, the focus is both on traditional multi-channel and pure-play e-commerce retail, as well as consumer goods (especially food), agriculture and recycling – arguably the entire value chain from field to recycling facility. When it comes to growth financing, Arnold and his team have a formidable track record both in debt and equity financing, putting in place sophisticated funding structures tailor-made for clients across Europe. Here are two examples of recent deal activity:

For Capital D – “D” stands for the disruptive nature of the opportunities this young fund is investing in – they identified and assisted with raising capital for the acquisition of Invincible Brands, a Berlin-based company leveraging influencer-based marketing tools to sell cutting-edge, high-margin skin care and food supplement products over the Internet. Carlsquare’s thorough analysis of the KPIs of the business proved correct when it convinced Capital D to back an 8-digit transaction value for a company less than two years old: Capital D’s first investment was an instantaneous “home run”.

For SmythToys Superstores, the largest toy retailer on the British Isles, Carlsquare had been patiently scouring each of the major European markets for attractive opportunities. When the insolvency of ToysRUs created an opportunity to buy the No. 1 specialty toy retailer in the DACH (German-speaking) region on the cheap, Carlsquare was able to read the competition correctly and lead SmythsToys to buy half a billion euros of profitable turnover at what can only be described as a “Final Sale” price, thereby creating the largest “category killer” toy retailer in Europe.

Thus – whether international M&A, debt or equity finance – Carlsquare’s London team can assist with international reach, sophisticated structuring advice or effective access to a wide range of the specialised financial investors based in London.

Latest Carlsquare addition: Copenhagen

The Copenhagen office is the latest addition to Carlsquare. The office is situated next to the Royal Palace with a view to the Royal Opera House. The Danish team has worked together for almost 20 years acting as financial advisors within almost all industries and business services.

Especially within banking and financial services, Carlsquare boasts a unique track record and has provided advisors in relation to acquisitions, sales processes, mergers and raising equity over the Nasdaq Stock Market.

This advisory service with respect to Nasdaq Stock Market is one of the main characteristics of Carlsquare in Denmark and Sweden, as it is one of the most active financial advisors in raising capital over stock exchanges. In combination with Equity Research at Carlsquare, Stockholm – the firm is the safest choice as a financial advisor for entrepreneurs and mid-size companies contemplating going public.

With Copenhagen lying just opposite Malmö – united by the famous “Bron”, one of the longest bridges in the world – Denmark and the Southern part of Sweden have integrated culturally and business-wise more and more over the last 20 years, which gives Carlsquare the perfect position to assist Danish and Swedish companies in this bi-national area in Denmark’s Øresund Region as well as Greater Copenhagen, home to four million residents. The area is particularly notorious for the life science clusters known as Medicon Valley, which employs more than 40,000 people.

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Brexit boosts interest for German-Nordic cooperation

The German-Nordic angle is very old but has re-emerged in recent years. As all businesses become increasingly international, cross-border transactions are a general theme. Germany and the Nordics enjoy a long history as regions with different languages that nevertheless pretty much share the same culture. Interest in the region has grown significantly – at the expense of the UK – after the Brexit referendum.

Germany, Sweden and Denmark have the same types of dominant industries, but the way companies seek growth is different. German companies have a substantial home market providing soil for organic growth as well as a massive market for M&A. When German companies expand abroad, they are usually quite sizable. In Sweden and Denmark, the home markets are very small and to speed up growth or simply find suitable targets their companies need to go abroad. One way to do that is to acquire companies that make the Nordic market smaller than Germany but on the other hand very dynamic.

“We have recognised these differences and are interested in bringing the countries closer together. There’s a huge interest in Germany among Nordic companies and investors. We are constantly searching the Swedish market for interesting companies to acquire”, says Mark Miller, partner and one of the founders of Carlsquare.

Carlsquare has already completed several Swedish-German deals in the M&A segment, such as the buy-side mandate for Swedish IK to acquire German Schema.

“Brexit has created a new interest for Germany in Sweden. When the interest in the UK is shrinking, companies look around and often find out that Germany is actually a more interesting market than the UK ever was. Look at the recycling platform Junkbusters. After succeeding in the Nordics, the logic next step was expanding to Germany. The founder Steffen Rasmussen learned German, moved to Hamburg and brought Junkbusters to 6 German cities. Our Danes around Anders Bo were able to help Junkbusters secure the funding for the German expansion. In the Nordics we tend to overestimate the cultural similarities with the UK, probably since most people understand English“, says Anders Elgemyr, partner and head of the Swedish Carlsquare office.

“But we underestimate our cultural similarities with Germans, given that few of us speak German nowadays. But we have the same culture and it’s a good blessing that younger Germans speak very good English!”

Looking at the various sectors, it’s obvious that Sweden and Germany have the same industrial tradition, with companies like BMW, Volkswagen and Thyssen-Krupp in Germany, and Volvo, Atlas-Copco and SKF in Sweden. Swedish Scania is nowadays even a part of MAN. It has therefore been natural for Carlsquare to have a strong coverage of this sector, which will continue.

However, the most dynamic sectors in both countries are tech and life sciences, and they are also focus areas for Carlsquare. Sweden has produced many successful tech companies like Mojang, Skype, Spotify and Klarna. One of the popular explanations for these successes is Sweden being an early adopter market – not only in tech but also in creative aspects like fashion, design and lifestyle. When it comes to life sciences, Sweden has seen successes like Astra and Pharmacia, thus paving the way for a booming life sciences venture market today, where easy access to venture capital – partly through the stock market – is a big factor.

In Germany, there are several hubs for young tech companies, like in Berlin.

“Life sciences is also a highly demanding sector that suits Germans and Nordics alike. There are numerous startups in both regions, and we are thrilled to be a bridge between the two”, says Caspar Stauffenberg, partner and head of the Life Sciences team at Carlsquare.

Carlsquare promotes Nico Schmidt-Weidemann to Partner

As part of the ongoing expansion of Carlsquare´s footprint in Europe, we continue to grow our partnerships and now have twelve partners throughout Europe.

Nico joined Carlsquare in 2016 as Director in our Munich office and has successfully worked on various transactions in the past. In 2018 he effectively advised the shareholders of Wibit Sports in the sale to Argos Wityu. He was also part of the transaction of Berlin based Invincible Brands to the financial investor Capital D. Nico will still focus on the Consumer practice within Carlsquare as well as the Life Sciences sector.

He graduated with a LL.M (M&A) from the Frankfurt School of Finance & Management and started his career at the French banking group Natixis with stops in New York, Paris and Frankfurt.

„We are pleased to welcome a colleague with such extensive expertise and diverse experience in cross-border transactions in our circle of partners. Through the promotion, we again focus on the further development of our talents“, emphasises Caspar Graf Stauffenberg, Managing Partner of Carlsquare in Munich.

Nico Schmidt-Weidemann: „Carlsquare has developed very well in recent years and I am pleased to be part of this dynamic development.“

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“It’s huge to make a stock fly 30 percent on a single day”

“It’s always a nice feeling when you push the ‘send’ button on the research report and you see  how the stock starts to react in real time. Sometimes it explodes, and you can watch it move 5 percent, 10 percent and sometimes even 30 percent in a single day. These kind of moments are nice, but not our purpose!” says Markus Augustsson, Head of Equity Research at Carlsquare.

In 2012, a collaboration with the Swedish Shareholders Association “Aktiespararna” was established to facilitate interaction between listed companies and investors through a combination of services. Since then, Carlsquare has provided commissioned equity research to the Nordic stock market. At first, this new phenomenon that analysed companies had to pay for their coverage and was met with hesitation. With the new EU regulations Mifid2 coming into place in 2018, many of the major banks in Sweden have complied, now providing commissioned research. Today the service is fully accepted.

“We are not interested in boosting the share price for just one day. We are interested in bringing a sound understanding of the company and its stock’s valuation to our audience. We work with storytelling, transparency and activity as our lead words. We are really helping companies stand out in a world where investment opportunities are often competing for attention. Just look at the 900 companies in the Swedish market”, says Caroline Berglund, Strategic Business Manager at Carlsquare.

Ms. Berglund has been working with the service both at Aktiespararna and Carlsquare and – together with Mr. Augustsson and the rest of the team – is behind the success as Carlsquare, now covering more than 60 companies.

Equity research is important for the stock market. Without trustworthy and good research, the interest in savings and trading stocks would fall in the long term.

“Our vision is that all companies have at least one or two research houses covering them. That is a quality stamp and it should be mandatory”, says Mr. Augustsson.

Unified security

It was in 2006 when Carlsquare‘s managing partner Mark Miller visited Securepoint in Lüneburg and met the team around Lutz Hausmann. At that time Claudia Hausmann was still called Neumann. Otherwise, a lot has changed:

Today, Securepoint is the German market leader for professional solutions in the field of „Unified Threat Management“ (UTM). More than 50,000 networks worldwide are protected by Securepoint solutions. As the largest German UTM manufacturer, Securepoint also offers high-quality protection in the cloud sector through „Security as a Service“. The portfolio is complemented by e-mail archiving (UMA), network access protection, easy management of secure WLAN connections (BYOD), a management system for all modules as well as a wide range of training offerings. The latest products include an antivirus suite, including cloud management and a comprehensive mobile security solution.

Back then, when Mark Miller got on the train returning to Hamburg, he realised that something big was going to happen there. And so he was glad that he was able to get investors on board at the time.

Lutz Hausmann also closely monitored the development of Carlsquare and so it was logical to start the conversation again in 2017, when the appointment of a new shareholder was imminent.

Carlsquare generated significant investor interest in Securepoint. Ultimately, the decision was made for Maxburg, a partner that follows a sustainable development strategy over short-term market developments, together with the existing management of Securepoint.

As Lutz Hausmann, Securepoint’s Managing Partner, said: „Thus, Securepoint continues in being the strong partner for its customers, employees and suppliers, and can rely on the partnership support of a strong financial partner to approach future investments with a steady hand. We are pleased that Maxburg and Securepoint continue to strategically expand their great success story over the next few years!“

Unified-security
wibit

A big splash

The owners of Wibit Sports GmbH founded the company in 1996 and successfully invented the inflatable water park market in recent years. The company has been very profitable and management grew the firm, making it an international market leader serving clients in over 80 countries.

Challenges:

Due to the strong growth, the company was facing many challenges. Internally there was the need of optimising the organisation, introducing a CRM system and shaping the sales force as well as supply chain. In order to support the high demand from Asia, in the beginning of 2018 Wibit set up a subsidiary in Hong Kong.

The M&A process was launched in the spring of 2018 and gained traction that summer. Carlsquare enjoyed great responsiveness from national and international financial investors alike. The trading of Wibit during the M&A process provided tremendous momentum, and the deal was successfully closed in October.

Customer:

The ideal investor was found with Argos Wityu. Not only was there a great personal connection between Argos and the management team: Argos Wityu was convinced by the company’s future strategic outline and the uniqueness of their business model. The international reach of Argos Wityu as a pan-European fund supported the decision of Wibit’s management.

Marketing of 3D printing made to a signature trade sale

When presenting technologically challenging cases, efficiently educating potential investors is crucial in order to attract as many interested parties as possible.

“The 3D printing technology has been under constant development in the last 10 years and reached a high level of market adoption”, says Magnus Haegermark, Vice President at Carlsquare and project manager for the sale of 3DPrima. Evidently, it was very important to be well-informed before contacting potential investors.

3DPrima sells and distributes 3D products – printers, scanners and pens – as well as a large variety of different accessories of its own and from other well-known brands.
“Back in 2014 we noticed that the market for 3D Printers was changing, more and more people were getting interested in 3D printing but there were only very expensive machines on the market targeting professionals. We decided that we should do our best to bring affordable printers to the mass market – and so we did. Since the launch we have shipped more than 20,000 printers worldwide to both end-users and resellers”, explains Jacob Mårtensson, CEO and one of the founders of 3DPrima.

The company just recently set up a shop in Germany, translating the website into German beforehand, and employing two people on-site to manage local sales and support. Germany is 3DPrima’s second largest market after Sweden, representing 9 percent of total sales.

The market for 3D printing is still in a very early phase and many VC and PE firms are interested in getting into the area but are still somewhat hesitant, as very few have any hands-on experience.

“Since it was a deal within 3D printing, it was tricky to tell if potential investors were really interested in the company itself, or just wanted to learn more about this exciting market. We completed meetings far from the private equity companies’ offices, but they did not hesitate to fly down to Malmö. It was an exciting yet fun process. For instance, some of the interested parties ordered 3D printers to test out from their offices”, says Magnus Haegermark.

Carlsquare contacted approximately 80 potential buyers, with a focus on Nordic and German parties. The winner, which presented the best terms for the sellers and match overall in this structured auction process was inkClub. inkClub acquired the majority of 3DPrima, consolidating its already-strong position as the leading e-commerce player in printing within the Nordic region.

“inkClub has both the experience and the e-commerce expertise that we believe is important now when 3D prima is growing. Carlsquare played an important role in helping us finding a new partner and executing this structured process. They understand the e-commerce market and the team at Carlsquare exceeded all our expectations”, noted Jacob Mårtensson, CEO and founder of 3DPrima.

3D-printing
preglife

Preglife: Swedish preg-app received high interest

Preglife is a true Swedish success story, with the app presently being used by more than 90 percent of all mothers-to-be in Sweden and 75 percent of them in the Nordics. Carlsquare was honored with the assignment to help the founders find a new financial investor to accelerate to company’s international roll-out. The mission was completed within five months of intense work.

“We were really happy to work with Carlsquare as the company works with a lot of enthusiasm and have thorough processes that maximise value and result”, says Tobias Meschke, CEO and one of the founders of Preglife.

Preglife is a mobile app providing reliable and inspiring content for pregnant families and families with young children, so they can make informed decisions. Preglife is growing quickly and is present in eight markets with around 500,000 active users and plans to expand to several new markets in the near future.

“It was important for us to present the company’s growth strategy in an appealing and accurate way, so the potential investors easily could understand and evaluate the company. It was a big advantage to leverage our international network in the process, especially in Germany and Poland, where the company sees the highest growth numbers at the moment and therefore also huge business opportunities”, says Erik Lundberg, director and project manager for the project.

A wide variety of potential investors that could bring different things to the table were contacted. In total, one hundred companies were reached out to in a broad campaign with the purpose to find the right buyer. Interest was very high and in the end the company found the perfect match in eEquity, the leading Growth Equity investor within the e-commerce and digital growth space in the Nordics. eEquity was founded in 2010 and the firm’s investment portfolio includes companies like Footway, NA-KD, iDeal of Sweden, Swiss Clinic, Caliroots and Outdoorexperten.

Milestone deal in the industry sector

Hiller GmbH is a second-generation family-run, innovative and highly reputable machine building specialist in Southern Germany, counting for a range of €30 mm in revenue; an excellent example of the type of family-managed “Mittelstand” companies the rest of the world envies Germany for.

Hiller offers industrial decanter centrifuges and separation systems, indispensably needed for food (wine, olive-oil), chemical and pharmaceutical processing, waste water treatment, mineral oil and many more applications. The company is growing and successful; nonetheless, it looks back on some cloudy years with shaky market twists and turns, and the fights with big competitive “elephants” convinced the family that it was now time to look for a strong strategic partner and step aside. Hiller retained Carlsquare to master the M&A divestment process. What followed was Carlsquare M&A craft: a scrutinizing company analysis, the confidential information memorandum (CIM) to convince investors, other M&A documentation, long-list research, analysis and careful ranking of eligible candidates, always together with the clients. The Carlsquare team approached more than 90 investors, sorted out the best options, followed by tough negotiations and extensive due diligence. In August 2018, the decision was made and the Swiss Ferrum Group took over in a combined share and real estate deal at a competition-driven high valuation.

Ferrum is a global leader and a truly big player for can closure systems, pivotal for all kinds of beverages and food. Being large, however, set limits to further growth and Ferrum was looking for an additional business division in industrial separation, where it had started with centrifuges. Together with Hiller, Ferrum is perfectly prepared to ramp up the newly integrated division in the international arena with a complete range of products and services under a well-recognized brand. For Hiller the move was a perfect fit. With no overlap or “negative synergies”, Hiller has moved to the center of competence and lead entity for the integrated industrial separation business of the Ferrum group. Hiller and its employees in Vilsbiburg are looking forward to a much stronger and much safer future.

The sale of Hiller to Ferrum demonstrates how important GLOBALSCOPE, our international M&A partner-network, is for successful M&A deal-making. According to standard search criteria, Ferrum was a non-obvious investor candidate below the radar screen. But our Swiss partner, InternationalScope, had the right intelligence and network access available and opened the door to the company.

Georg Hiller, the main client, gave the following quote:
“Carlsquare was of outstanding professional support in our transaction and pivotal to its success. The Carlsquare team had a great understanding of our industry and its drivers and helped us position our company as a value generating technology player. Carlsquare’s association with GLOBALSCOPE assured global access to relevant investors around the world, including Ferrum, with whom we finally closed the transaction.”

hiller
iquest

Leading M&A advisory in German-speaking countries for service companies

In advising the shareholders of iQuest, we were able to bring all of our experience and expertise to service companies – private equity, sell-side, cross-border, nearshoring – like the founder of iQuest, Cornelius Brody, confirmed after successfully completing the transaction.

„In the transaction process, Carlsquare convinced us with its excellent understanding of the sector for IT service providers and nearshoring business models. The broad-based team managed the process smoothly and gave us the right advice during the decisive phases. In addition, Carslquare was always able to coordinate the complex project across Germany, Romania and Switzerland. In short, thanks to Carlsquare, we were able to identify the right partner for iQuest in a demanding process – with strategists and financial investors – and thus conclude the transaction.“

iQuest is an international software company with approximately 700 highly qualified employees who work in development centers in Cluj, Bucharest, Sibiu, Brasov and Craiova in Romania as well as at other locations in Germany, Switzerland and Poland. Founded in 1998, in the year before the sale iQuest achieved sales of more than €30 million, with an EBITDA margin of around 15 percent.

With this investment, Allgeier continues to expand its expertise in the development of complex software solutions for business-critical business processes and continues the group’s internationalization. With the significant expansion of its nearshoring resources within the EU, in the future Allgeier will offer even greater scalability via a flexible, customer-oriented service and delivery model

As their financial advisor, we exclusively supported the founders Cornelius Brody and Octav Chicinas, together with management and the financial investors involved. iQuest and four other service companies have successfully backed Carslquare in an M & A transaction over the past 12 months, including D + S and tms Connected!, as well as the sales-oriented agency group Vertikom. This makes Carlsquare one of the leading advisory services in German-speaking countries for service companies.

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