eNewsletter no. 489

08 February 2018
   

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Dear Reader

It is not unusual for business leaders to liven up their speeches or reports with expressions borrowed from sports. The sale, by GM, of its Opel subsidiary was probably not in its original playbook – the master plan thought up by football managers detailing some 500 variations of advancing the ball. But it amounted to a powerplay by Peugeot. Some analysts described it as a slam dunk, the sure-fire and spectacular score by a basketball hotshot.

The worst that can happen to investors is getting blindsided, i.e. the attacker crushes you unaware. In soccer, that kind of foul play gets you a red card and in hockey likely a match penalty. And if a quarterback or CEO is in bad trouble, he might try a Hail Mary. That's a long pass to nowhere in the pure hope for a wonder, namely  that a teammate and not an opponent may catch the ball. If successful on the field or in a high-stakes business gamble, the stunned  losers should  remember the famous quote by the legendary baseball manager Casey Stengel: „The opera ain't over til the fat lady sang.“

There will be lot of singing on the Olympic Games 2018 in Pyongyang.

Have a nice week!
Maurice Pedergnana

 
 
 

SECA

 
   

Swiss Venture Capital Report 2018

Last week startupticker.ch published the Swiss Venture Capital Report 2018, in collaboration with SECA. We were very pleased to see the several hundred visitors at the two launch events in Zurich and Lausanne, and the good press coverage both in German-speaking and French-speaking Switzerland.

Switzerland a tiny spot on a global scale

10'200 venture deals have been attracting USD 150bn of venture capital investment in 2017 – a lot more than the amount of USD 127bn seen a year earlier in 10'600 transactions. Switzerland with USD 1bn is an important part of the European venture volume of USD 16bn in 2017. China with USD 58bn overtook Europe three years ago to take second place worldwide, behind the US with a venture volume of USD 73bn. Overall, 4259 venture deals have been done in the US, 42 per cent of the global deal numbers. Isreal with 228 venture deals and a deal volume of USD 3.2bn is still far ahead of Switzerland. Source: SECA / Martin Haemmig

Private Equity in Zug

1. März 2018, GIBZ, Zug

Neue Finanzierungsformen wie Crowd Funding, Crowd Lending, ICO’s (Initial Coin Offerings) oder Peer-to-Peer Lending stehen im Mittelpunkt der Jahresveranstaltung des Private Equity Clusters Zug.

SECA Training Romandie

Cycle de sept formations inter-entreprises dédiées au capital investissement (private equity)

La SECA (Swiss Private Equity and Corporate Finance Association) et l’AFIC (Association Française des Investisseurs pour la Croissance) se sont associées pour offrir un cycle de formations et permettre la montée en compétences des professionnels du capital-investissement (private equity) en Romandie. Depuis 1998, l'AFIC s'est imposée comme la référence de la formation en private equity en France, offrant plus de 70 formations dédiées.

Nous proposons un cycle de sept formations destinées à un vaste public, allant des nouveaux entrants dans les métiers du capital-investissement (private equity) aux pro-fessionnels du middle et du back office, mais aussi aux chargés d’affaires et profession-nels souhaitant approfondir leurs connaissances.

SECA Workshop Venture Capital

Freitag und Samstag, 25. & 26. Mai 2018, Zürich

Wir zeigen auf, was Venture Capital (VC) im Unterschied zu anderen Assetklassen ist, welche Märkte es gibt, wie Venture Capital funktioniert, welches die wichtigsten Marktplayer und deren Geschäftsmodelle sind, wie VC reguliert ist, welche Gründe für Venture Capital sprechen, wie ein Investor investieren kann und was die Erfolgsfaktoren für Investments sind. Neben diesen Themen dürfen Erfolgsgeschichten aus der jüngsten Vergangenheit nicht fehlen. Zur Verknüpfung von Theorie und Praxis gestalten namhafte Referenten aus der Industrie sowie aus der Forschung und Entwicklung den Workshop mit.

Study Tour - Banking & Finance in Indien und China

Spannende Studienreise in die grössten Wachstumsmärkte - auf einer spannenden intensiven Kurz-Reise die Banking- und Finance-Welt von Asien kennenlernen. Wir werden in einem einmaligen und zugleich einzigartigen Programm vieles über Banking & Finance und die damit verbundenen zentralen Themen in den aufstrebenden Volkswirtschaften erfahren. Mit zahlreichen Exponenten werden Gespräche geführt, auch über die Chancen und Risiken aus Schweizer Sicht.

Bei interesse melden Sie sich bitte bei andrea.villiger@seca.ch.

17th SECA Private Equity & Corporate Finance Conference

Save the date - Wednesday, 4 July 2018, SIX ConventionPoint, Zurich

Do not miss this Conference! It is one of the biggest in Switzerland, which brings together the private equity, venture capital and corporate finance industries. Further details and the program are coming out soon, the registration is allready open. We look forward to welcoming you.

 
 

Venture Capital

 
   

Media Monitoring

START SUMMIT on 15/16 March 2018 in St. Gallen

START Summit is the largest and most prestigious startup- and tech event in Switzerland. With more than 2'000 participants and guest speakers like Bibop Gresta in 2016, the Chairman of Hyperloop and Tony Fadell in  2017, the inventor of the iPod, it has already built up a reputation across all Europe. START Summit 2018 will take place on the 15th/16th of March in St. Gallen. Get to know high-potential startups, connect yourself and open up business opportunities for your VC fund. Listen to awesome speakers like Chris Kemp (former CTO of NASA). Be where innovation happens at START Summit!

We could get a special discount for the SECA member. Use the code "SECA_30" in order to receive 30% off the ticket.

Die besten Gründer sind die Streber

Erfolgsmythos? Dieser Suche haben sich die Hochschule für Wirtschaft und Technik in Berlin und die Beratungsgesellschaft Argo Brainworks angenommen und die Lebensläufe der insgesamt 180 Gründer der 100 wertvollsten globalen Startups analysiert. Ihr Fazit: Das Bild des genialen Studienabbrechers, wie einst Apple-Gründer Steve Jobs in einer Garage an einer grossen Idee tüftelnd, kommt in der Realität selten vor. Ein hoher Bildungsgrad und Erfahrung als Angestellter in Unternehmen sind dagegen die besten Voraussetzungen.

83% der Gründer legen nicht direkt nach der Uni los, sondern waren vorher schon einmal angestellt, wenn auch im Schnitt nur zweieinhalb Jahre. Und auch das Gründen selbst bedarf offenbar der Erfahrung: Mehr als die Hälfte hat vor ihrem Einhorn schon ein anderes Unternehmen gegründet, mancher sogar mehrere, sind als Serial Entrepreneure. Dass Gründen keine Frage des Alters ist, beweist nach der Studie David Hindawi: Er gründete erst mit 62 Jahren sein IT-Unternehmen Tanium und schaffte es damit in den Kreis der „Unicorns“. Der Versuch etablierter Konzerne, mit eigenen Start-ups Konkurrenz zu machen, geht dagegen noch nicht ganz auf: Nur 5% der Einhörner stammen bislang aus großen Unternehmen.

Moderna Therapeutics secures USD 500 million funding – Swiss are among the investors

On 01/02/18 it was announced that Moderna Therapeutics Inc., a Cambridge, Massachusetts based biotechnology protein therapeutics research and development services has raised USD 500 million in a funding from the Abu Dhabi Investment Authority, BB Biotech AG, Julius Bär Gruppe AG (not a SECA member), EDB Investments Pte Ltd, Sequoia Capital China Advisors Ltd, Fidelity Management & Research Company, Pictet Private Equity Investors SA, Viking Global Investors LP, ArrowMark Colorado Holdings LLC, and Alexandria Real Estate Equities Inc.

guuru raises further funding

On 26/01/18 it was announced that guuru Ltd, a Zurich, Switzerland-based mobile customer support live chat and rating application developer, has raised CHF 800,000 in a round of seed funding led by QdN Partners GmbH (William Dougherty, US-citizen in Zurich, Switzerland) and with participation from Verve Capital Partners AG (dba Investiere), Latour & Zuberbuhler GmbH (3wVentures) and unnamed business angels. The funds will reportedly be used for expansion across the DACH region. Source: zephyr

Chronext raises further funding

On 11/01/18 it was announced that start-up Chronext AG, a Zug, Switerland-based online luxury watch retailer, has raised USD 34 million in a round of funding led by new investors Endeit Capital BV and Tengelmann Ventures GmbH. Existing investors Octopus Ventures Ltd, Partech Partners SAS (Partech Ventures) and Capnamic Ventures Verwaltungs GmbH also participated in the round. Source: Zephyr

Visible Alpha secures funding led by Goldman Sachs

On 18/01/18 it was announced that Visible Alpha LLC, a New York, New York based online financial modelling and forecast data platform operator has raised USD 38 million in a funding led by Goldman Sachs & Co, and with participation of Santander Innoventures, an equity fund managed by Banco Santander SA, Exane BNP Paribas, Macquarie Group Ltd, Royal Bank of Canada, Wells Fargo & Company Inc., Bank of America Corporation, Citigroup Inc., Jefferies LLC, Morgan Stanley and UBS AG. Source: Zephyr

Oculis has closed the second funding round

On 04/01/18 it was announced that Oculis SA, a Pully, Switzerland-based ophthalmic drugs and treatment developer has secured an investment of CHF 20 million as a part of Series B (2nd) development capital round from Bay City Capital LLC, Novartis Venture Fund investment arm of Novartis AG and Pivotal bioVenture Partners LLC. Existing investors, including Brunnur Ventures and Silfurberg have also invested in the target company. In conjunction with funding round the target company is relocating headquaters to Lausanne, Switzerland. Source: Zephyr

GnuBiotics issues convertibe bonds

On 28/12/17 it was announced that GnuBiotics Sciences Sarl, the Monthey, Switzerland based human milk oligosaccharide mimic developer, has raised CHF 2.3 million from private investors via the issuance of convertible bonds. The proceeds are to be used for product development and commercialisation purposes. GnuBiotics is also looking to raise more funding in early 2018. Source: Zephyr

Novartis Pharma acquires minority stake in ThromboGenics

On 26/01/18 it was announced that Novartis Pharma AG has acquired 2,177,226 new shares of ThromboGenics NV, the Heverlee, Belgium-based ophthalmic pharmaceuticals developer. The new shares represent a 5.7 per cent stake, valuing the transaction at EUR 10 million. Source: Zephyr

Interprefy has secured funding from business angels and other investors

On 23/01/18 it was announced that Interprefy AG, a Zurich, Switzerland-based online remote simultaneous interpretation Software-as-a-Service (SaaS) provider has secured an investment of CHF 1.2 million as a part of Series D (4th) development capital round from board members, management and undisclosed business angels. Reportedly funds will be used on product and partner development, marketing and team expansion. Source: Zephyr

Go Beyond Investing Newsletter

We are excited to share Go Beyond’s 2017 Highlights in an Infographic, a picture of the growth, the investments and the members’ successes.

BB Pureos Bioventures - fundraising of CHF 200 m

BB Pureos Bioventures with Klaus Breiner and Dominik Escher will be investing in private, innovative drug development companies primarily located in Switzerland, the UK, the European Union, Canada and the United States. The Fund will focus on companies developing the next generation of biologics which include therapeutic antibodies, engineered protein and enzyme drugs, cellular therapies, engineered viruses and bacteria, and DNA- and RNA-modifying technologies, using advanced molecular biology and biochemistry. The Fund will consider companies with programs in pre-clinical and early clinical stages and aims to stay invested during phases of highest value generation. The Fund will focus on indications with high medical need, as it aims to invest in the development of novel medicines to address diseases, which cannot yet be cured or sufficiently managed. BB Pureos Bioventures aims to take significant stakes (10–20%) and looks to be actively involved at the board level of its portfolio companies.

Crypto Explorers bietet Reisen ins «Crypto Valley» an

Erst letzte Woche besuchte eine internationale Gruppe von rund 30 Kryptoenthusiasten das «Crypto Valley» – zwei Tage verbrachte man in Zug, einen in Zürich, berichtet Livio Brandenberg von der Zuger Zeitung. Die Firma Crypto Explorers organisiert inzwischen den vierten solchen Trip. Von Anfang an involviert in die Touren war Mathias Ruch vom Investor Lakeside Partners, der Krypto-Start-ups in Zug unterstützt. Er sei im letzten Sommer vom Gründer von Crypto Explorers für einen Austausch in Zug angefragt worden. «Ich habe zugesagt und war dann erstaunt, als eine Delegation von rund 40 Kryptoenthusiasten da stand. Unternehmer, Experten, Programmierer – alle schon gut bewandert, was das Thema Blockchain angeht.»   

 

 
 

Private Equity – Swiss News

 
   

BV Holding: Freude an SKAN und Jahresergebnis 2017 von +15 Mio. CHF

Die BV Holding AG verzeichnete ein weiteres erfreuliches Geschäftsjahr und schloss das Jahr 2017 mit einem Jahresgewinn von CHF 15.2 Mio. ab. Weitere Aufwertungen der Beteiligung an der SKAN Holding AG im Umfang von CHF 18 Mio. führten zu diesem Jahresgewinn. Durch den Jahresgewinn steigerte sich der NAV der Namenaktie von CHF 6.95 per Ende 2016 auf neu CHF 8.43 (+21.3%) per 31. Dezember 2017. Infolge der ausgezeichneten Entwicklung der SKAN Holding AG hat die BV Holding AG Aufwertungen im Umfang von CHF 18 Mio. auf dieser Beteiligung vorgenommen. Dieser Aufwertung standen Wertberichtigungen im Umfang von CHF 3.9 Mio. auf den Beteiligungen an der Fertility Biotech AG, der Ypsomed Holding AG sowie der Piexon AG gegenüber. Im Geschäftsjahr 2017 wurde klar, dass die Zulassung des Produktes der Fertility Biotech AG im US-Markt erheblich mehr Zeit benötigen wird als ursprünglich geplant.

Bucherer buys Tourneau

On 31/01/18 it was announced that Bucherer AG has completed its acquisition of Tourneau LLC, a New York, New York-based luxury watch retailer. This transaction provides an exit after an institutional MBO. The former investor group was led by Leonard Green & Partners LP, via Green Equity Investors IV LP, including certain members of the Wexler family and Tourneau's senior management team. Source: Zephyr

Affinity sews up Trimco purchase

Hong Kong-headquartered Affinity Equity Partners is acquiring garment label maker Trimco International Holdings from Partners Group for USD 520 million. The Swiss vendor has stated the transaction will generate a 3.4x return on its original investment in May 2012. Trimco chief Amy Wan said the Swiss investor’s “global footprint and expansive network have enabled us to fast-forward our international expansion strategy through targeted add-on acquisitions as well as organic growth”.

Castle Private Equity on a good path

CastlePE's net asset value increased by 0.5 per cent during December. The positive monthly investment result was driven by valuation increases and exits throughout the portfolio, namely the write up in valuation for Hanon Systems by Hahn & Co and National Stock Exchange of India by SB Asia II. The positive investment result was further supported by the 0.7 per cent increase in the Euro versus the Dollar during the month resulting in an unrealised currency gain of USD 0.6 million. Read more in the monthly report.

CGS III Fonds - erfolgreiche Buy and Build Strategie bei Mold & Robotics Group

Positive Veränderung im CGS Portfolio: Dollins Tool mit Sitz in Independence, MO, USA, gab heute bekannt, dass ihre Eigentümer eine Vereinbarung über den Verkauf des Unternehmens an die Mold & Robotics Group abgeschlossen haben. Dollins Tool schliesst sich damit dem Schweizer Automations- und Werkzeugbauunternehmen Müller und der nordamerikanischen CBW Automation, einem Automationsunternehmen mit Sitz in Fort Collins, CO, USA, an. Durch diesen Zusammenschluss verstärkt sich der erste weltweit tätige Branchenführer im Werkzeugbau und in der Automatisierungstechnik mit Produktionsstätten in Amerika und Europa.

Talentia Software acquires Addedo

On 11/01/18 it was announced that Talentia Software SAS, a portfolio company of Argos Soditic SA, has acquired Addedo AG, a Zug, Switzerland-based business management IT consultancy. Source: Zephyr

 
 

Private Equity – Int. News

 
   

Media Monitoring

2017 war ein gutes Jahr für Equistone

Der europaweit agierende Eigenkapitalinvestor Equistone hat im Jahr 2017 seine Position als eines der führenden, auf den Mittelstand zielenden Private-Equity-Häuser im deutschsprachigen Raum erneut untermauert. Mit insgesamt 17 Transaktionen, die das deutsche und Schweizer Team in den zurückliegenden zwölf Monaten verantwortete, übertrifft der Mittelstandsinvestor den Vorjahreswert von 13 Deals. In einem herausfordernden Markt konnten 3 Unternehmen erworben, 3 abgegeben und 11 Zukäufe für Portfoliounternehmen getätigt werden. Bei Equistone sieht man auch für 2018 eine Vielzahl attraktiver Möglichkeiten, um sich an starken mittelständischen Unternehmen zu beteiligen. Gleichzeitig erwarten die Experten von Equistone ein weiterhin vorteilhaftes Exit-Umfeld mit attraktiven Transaktionsopportunitäten. Daneben ist die strategische Entwicklung des bestehenden Portfolios - unter anderem durch Zukäufe - im Jahr 2018 wieder ein wichtiger Schwerpunkt in Equistones Geschäftstätigkeit.

 
 

Corporate Finance

 
   

EY Valuation Market Essentials

We are pleased to announce Q4 2017 edition of the EY Valuation Market Essentials, the publication with relevant market data for Switzerland, incl. analyses for the banking and insurance industry.

Additionally, please find here the EY practitioner’s guide to the calculation of the cost of capital.

Mr Rene De Picciotto acquires stake in Unione Sportiva Lecce from Mr Enrico Tundo

On 26/01/18 it was announced that Mr Rene De Picciotto has acquire a stake of approximately 15 per cent in Unione Sportiva Lecce SpA, a Lecce, Italy-based professional football club operator from Mr Enrico Tundo. Source: Zephyr

HNA may sell Swissport

On 24/01/18 it was reported that HNA Group Co., Ltd may be considering selling its subsidiary Swissport International AG, a Zurich, Switzerland-based airport ground handling services provider, which is hoped to be valued at a minimum of CHF 2.7 billion (GBP 2.01 billion). Any deal will likey be after HNA's potential listing of Gategroup Holding AG. HNA may instead list Swissport. Source: Zephyr

Selecta to sell Finnish subsidiary Selecta to JOBmeal

On 24/01/18 it was announced that Selecta AG will sell Oy Selecta Ab, a Helsinki, Finland-based coffee machine wholesaler to JOBmeal AB. The deal is subject of approval by the European Commission and is expected to complete in March 2018. Source: Zepyhr

Sensirion may go public: Reuters

Sensirion, the Swiss maker of sensors and equipment for the measurement and control of humidity, gas, and liquid flows, could raise up to CHF 300 million (EUR 258.50 million) for expansion, sources told Reuters. People familiar with the situation said the Stäfa-headquartered company is entertaining the possibility of holding an initial public offering (IPO) in Zurich, in either March or April. It has already hired a couple of global coordinators; JPMorgan and Credit Suisse will work with Vontobel on a capital increase that may give a valuation at between CHF 600 million and CHF 800 million.

One of the people added Sensirion, which is owned by physicists Felix Mayer and Moritz Lechner, may decide to offer shares worth between CHF 200 and 300 million. When contacted by Reuters for comment, the banks named in the article declined to release a statement, while a spokesperson for the company confirmed “an IPO is an option” but added the timing is open. Founded in 1998 as a spin-off from the Swiss Federal Institute of Technology (ETH) Zurich, Sensirion employs people in countries such as the US, South Korea, Japan, China, Taiwan, and Germany. They decided to grow without Venture Capital.

Saudi-based Sabic to takeover a quarter of Clariant

Sabic, a Saudi Arabian chemical company, has agreed to acquire a 24.9 per cent stake in Swiss rival Clariant, which has been under intense pressure from an activist investor as of late. Under terms of the deal, the buyer will pick up 83 million shares in the business from 40 North and Corvex Management, for a market value of roughly CHF 2.36 billion (EUR 2.01 billion), based on the target’s close yesterday.

Clariant has been in an ongoing battle with activist investors David Winter, David Millstone and Keith Meister, who have incidentally decided to offload their holdings to the Saudi group. The shareholders have been pressuring the company about its future and even rebuffed the USD 20 billion planned merger with US-based Huntsman last year as they believed it undervalued the business and did not make strategic sense.

HNA mulls options for Swissport

HNA Group is working with Rothschild on a disposal of Switzerland-based cargo group Swissport as it looks to secure a CHF 2.7 billion (EUR 2.3 billion) valuation for the asset. The potential target claims to be the world’s largest provider of ground and cargo handling services in aviation and could face regulators in an initial public offering or sale. Source: Zephyr

Despite its recent struggles, chairman Chen Feng last week noted HNA can manage its cash situation and expects to receive support from lenders and financial institutions in 2018. In regards to the Swissport options, an IPO is expected to be the preferred alternative, sources said, adding the Chinese conglomerate was hoping to wait until it had completed the float of Swiss caterer Gategroup, which reports show is expected in the first half of this year. Swissport agreed to acquire Australia-based flight support group Aerocare from Archer Capital for an undisclosed amount in November.

Axa Winterthur to acquire half of autoricardo.ch from Tamedia

On 10/01/18 it was announced that Axa Winterthur has agreed to acquire a 50 per cent stake in autoricardo.ch, a Switzerland-based online automotive classified website operator, from Tamedia AG.

 
 

Mergers & Acquisitions

 
   

Aktueller Oaklins M&A Outlook für die Schweiz

Wir freuen uns, Ihnen die neuste Ausgabe des Oaklins M&A Outlooks für die Schweiz zustellen zu können. Der M&A-Index ist noch einmal weiter gestiegen und widerspiegelt insbesondere die grosse Zuversicht der Wirtschaft in die konjunkturelle Entwicklung. Somit kann im Jahr 2018 mit einer regen M&A-Aktivität gerechnet werden. Der M&A Outlook enthält neben dem M&A-Index auch weitere detaillierte Umfrageergebnisse sowie interessante Interviews mit Schweizer CEOs und CFOs zum Thema M&A.

AF acquires Arcad Architectes

On 30/01/18 it was announced that AF AB has acquired Arcad Architectes SA, a Givisiez, Switzerland-based provider of industrial and commercial building architecture services. Source: Zephyr

e-domizil acquires Zeetours Cruises

On 26/01/18 it was announced that on 24/01/18 e-hoi AG, part of e-domizil GmbH has acquired ZT Cruises BV, trading as Zeetours Cruises , the Rotterdam, Netherlands-based online cruise booking platform services company. On 31/08/18 it was announced by one source that the transaction has value between EUR 5 million and EUR 10 million. Source: Zephyr

Julius Baer to acquire majority stake in Reliance Asset Management

On 31/01/18 it was announced that Julius Bar Gruppe AG (Julius Baer) has reached an agreement for the acquisition of a 95 per cent stake in Reliance Asset Management Administracao de Recursos Ltda (Reliance Group), a Sao Paulo, Brazil-based wealth management services provider. Mr Marcelo Steuer is a founding partner of Reliance. The purchase price was not disclosed however will be subject to performance conditions. Source: Zephyr

Maag Pumps Systems acquires Ettlinger Kunststoffmaschinen from Mr Volker Neuber and others

On 09/01/18 it was announced that Maag Pumps Systems AG, a subsidiary of Dover Corporation, has acquired Ettlinger Kunststoffmaschinen GmbH, a Koenigsbrunn, Germany-based injection moulding machines manufacturer from Mr Volker Neuber and undisclosed minority shareholders. Source: Zephyr

FlexLink has acquired SSS-Fordertechnik

On 18/01/18 it was announced that on 01/01/18 FlexLink AB has acquired SSS-Fordertechnik AG, a Wollerau, Switzerland-based conveyor, conveying equipment and systems manufacturer. Following the transaction SSS-Fordertechnik has changed the name to FlexLink Switzerland GmbH. Source: Zephyr

Volaris Group has acquired Sicap Schweiz

On 15/01/18 it was announced that Volaris Group Inc. has acquired a 100 per cent stake in Sicap Schweiz AG, a Baar, Switzerland-based communication and Internet of Things (IoT) systems management and design services provider. All the international branch entities and subsidiaries of Sicap have been also acquired as a part of the transaction. Source: Zephyr

SGS acquires TraitGenetics

On 02/02/18 it was announced that SGS SA has acquired TraitGenetics GmbH, the Gatersleben, Germany based biodiversity and plant breeding molecular markers development services provider, for an undisclosed consideration. Source: Zephyr

 
 

Management Buyout

 
   

Management Buyouts im Mittelstand 2017 auf Rekordhoch

Die Akzeptanz von Private Equity im Mittelstand ist weiter gestiegen. Dies lässt sich an dem hohen Anteil ablesen, den Unternehmensgründer und Familien unter den Veräusserern von Unternehmen an Finanzinvestoren haben, so eine Analyse der Deutsche Beteiligungs AG. Gut jedes dritte Management Buyout im mittleren Segment des deutschen Buyout-Marktes war 2017 eine solche Nachfolgelösung. Das ist laut der Untersuchung mit Abstand der höchste bisher ermittelte Anteil seit Beginn der Marktauswertung im Jahr 2003. Private Equity Investoren haben im vergangenen Jahr im deutschen Mittelstand insgesamt 35 Management Buyouts strukturiert – eines mehr als 2016 und lediglich eines weniger als 2007, dem Jahr mit der bisher höchsten Marktaktivität. In mehr als der Hälfte der Transaktionen (19 von 35) waren auf beiden Seiten aktiv, also als Verkäufer und als Käufer. Auch dies ist laut der Studienautoren ein neuer Höchstwert.

 
 

Book of the Week

 
   

SECA Booklet 13 - Indirect Real Estate Strategies

The aim of this book is to outline the potential of indirect real estate as an asset class from the perspective of professional investors. The book is structured as follows: Chapter 1 focuses on general aspects of indirect real estate investments. Chapter 2 outlines various indirect real estate strategies in developed markets. Finally, Chapter 3 discusses strategies in emerging markets even if the boundaries between developed and emerging markets are blurred.

All SECA Full and Associate Members will receive a book in the next weeks.

 
 

Jobs

 
   

How to publish a job ad

On this place your Job ad could be published.

If you are interested please send an e-mail with your job ad, the company logo and a short description about the Job and/or the Company to info@seca.ch.

  • for SECA Members CHF 100.- / 2 Weeks
  • for Non-Members CHF 200.- / 2 Weeks
 
 

Agenda

 
   

0100 Conference Vienna 2018

Thursday, 15 February 2018, Hilton Vienna, Vienna

Where Western and Eastern European Investors Meet

One day event dedicated to the private equity industry covering from venture capital, growth capital to buyouts, and secondaries. We are bringing together top tier GPs & LPs from around the world to give talks on a wide range of subjects, to share insights, and to build a valuable network. Our main idea is to bridge West & East European Private Equity ecosystems. Come and meet 300+ high profile attendees; leading VC/PE fund partners, family offices, business angels, fund of funds, pension funds, and sovereign funds.

8th Annual Renewable Energy Investor Forum

The Forum will take place in London on Thursday 22nd February 2018. It will connect the most prominent institutional investors, fund managers and developers in the clean energy and renewables space.

For more information, please follow this Link. SECA members profit from a discount. For the registration, please use the code SECAFEB2018

IFZ FinTech Konferenz

Mittwoch, 28. Februar 2018, Hochschule Luzern - Wirtschaft, Institut für Finanzdienstleistungen Zug IFZ, Zug

FinTech gilt als innovative Lösung für die Probleme der Finanzindustrie und verzeichnet hohe Wachstumsraten. Neben der Präsentation der Ergebnisse der IFZ FinTech Study geben hochkarätige Referentinnen und Referenten Auskunft über Entwicklungen im FinTech Bereich.

Weitere Informationen und Anmeldung

SuperReturn International

26 February - 1 March 2018, Berlin

The 2018 agenda boasts brand new formats, illicit candid discussions, brilliant incidental networking, engaging conversations - and insights that are well worth your time. Do not miss it!

SECA-members have access to an exclusive 10% discount by using the following code: FKR2455SECA

START Summit 2018

START Summit 2018, 15/16 March 2018, OLMA Messe Hallen, St. Gallen

START Summit is the largest and most prestigious startup- and tech event in Switzerland. With more than 2'000 participants and guest speakers like Bibop Gresta in 2016, the Chairman of Hyperloop and Tony Fadell in  2017, the inventor of the iPod, it has already built up a reputation across all Europe. START Summit 2018 will take place on the 15th/16th of March in St. Gallen. Get to know high-potential startups, connect yourself and open up business opportunities for your VC fund. Listen to awesome speakers like Chris Kemp (former CTO of NASA). Be where innovation happens at START Summit!

We could get a special discount for our network. Use the code "SECA_30" in order to receive 30% off the ticket. See you there!

Nordic Fundraising Summit

14 & 15 March 2018, Deloitte, Copenhagen

The Danish Venture Capital and Private Equity Association (DVCA), in association with its sister organizations, proudly presents the 10th Nordic Fundraising Summit in Copenhagen on March 14-15, 2018.

SECA Members benefit from a special discout of 50 % of the ordinary participation fee ( 595€ p.p instead of 1195€ p.p). Venture capital funds (495€ p.p. instead of 995€ p.p)

Tag der Zuger Wirtschaft: Lokale und globale Unternehmen -was macht die Zuger Wirtschaft stark?

Montag, 26. März 2018, 17.30 Uhr – 19.00 Uhr, Theater Casino Zug

Wer lässt die Kugeln einer erfolgreichen Wirtschaft rollen? Am Tag der Zuger Wirtschaft vom 26. März 2018 diskutieren Gäste aus Industrie, Gewerbe und Politik die Chancen und Herausforderungen, die die Verflechtung von lokaler und globaler Wirtschaft mit sich bringt. Die Zuger Wirtschaftskammer lädt zu dieser spannenden, öffentlichen Veranstaltung mit Impulsreferaten und einer Podiumsdiskussion ein. Der Eintritt ist frei.

Zurich Economic Impulse

18. April 2018, Gottlieb Duttweiler Institute, Rüschlikon

Der Zurich Economic Impulse findet jedes Jahr unter dem Motto «Schweizer Wirtschaft trifft Schweizer Politik» statt. In der nächsten Ausgabe steht das Thema «Technologische Innovation versus Regulierung» für einen Tag im Zentrum der Diskussionen.

Es referieren unter vielen anderen:

  • Ignazio Cassis, Bundesrat und Vorsteher EDA
  • Sergio P. Ermotti, Group CEO UBS
  • Prof. Raffaello D’Andrea, Professor of Dynamic Systems, ETH Zürich
  • Oswald Grübel, ehemaliger CEO Credit Suisse und UBS
  • Barend Fruithof, CEO Aebi Schmidt Holding Group

Durch die Partnerschaft zwischen der SECA und dem Zurich Economic Impulse beträgt die Teilnahmegebühr 50% vom offiziellen Kongressticket (CHF 495.- anstatt CHF 990.-). Anmelden können Sie sich direkt über die Webseite des Zurich Economic Impulse. Bitte notieren Sie im Feld Bemerkungen «Partnerschafts-Ticket SECA»

BAI Alternative Investor Conference (AIC)

BAI Alternative Investor Conference (AIC) am 16. und 17. Mai 2018 im Kap Europa Frankfurt – 20 % Rabatt für SECA-Mitglieder auf die reguläre Teilnehmergebühr

  • die Branchenkonferenz rund um das Thema Alternative Investments
  • assetklassen- und produktübergreifend
  • ausgerichtet auf institutionelle Investoren

Swiss Private Equity Conference

Thursday, 24 May 2018,  The Park Hyatt, Zurich, Zürich

The Swiss PE Conference is a one-day event on 24th May 2018 in Zurich which gathers together more than 50 speakers and 250 attendees for a day of unrivalled networking. Private Equity Funds, Limited Partners, Fund of Funds, Venture Capitalists, CEOs of PE-backed companies, startups and Business Angels will all be there in Zurich. Join the distinguished regionally-focused event and make the most of the exciting opportunity to connect with the most significant Swiss and pan-European PE players.

SECA-members have access to an exclusive 30% DISCOUNT. For more information contact us at  marketing@pe-conference.org

Upcoming SECA Events - save the date

More information will follow in due time. Please see also on www.seca.ch - Events.

 
 

Editor

 
   

Editor

SECA eNewsletter is a free online newsletter published by Maurice Pedergnana, Managing Director of the SECA Swiss Private Equity & Corporate Finance Association, received by more than 3'000 email addresses. More information: www.seca.ch or +41 41 757 67 77 (Andrea Villiger). The eNewsletter archive service is available only for SECA members.

 
 

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