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Credit crunch 2.0: The growing importance of resilient Business Models and Sustainable Capital Structures in Private Equity

Introduction Over the last years, the private equity landscape has witnessed a surge in increasingly aggressive capital structures for leveraged buyouts. Driven by the pursuit of higher returns, numerous private equity firms have sought to maximize their investments by employing excessive debt to finance acquisitions. However, this aggressive approach has come with significant risks, leading […]

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The German SME powerhouse is running out of fuel: reasons and implications of banks avoiding business in the lower SME field

Introduction Securing debt financing is a critical aspect of business growth and expansion. However, obtaining financing in the 5-20 million EUR range has become increasingly complex. This is primarily due to the structure of financial institutions, where finance tickets below 5 million EUR are handled by local branches, while deals above 5 million EUR typically […]

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Key investment trends in DACH Private Equity

The DACH region, comprising Germany, Austria and Switzerland, has long been recognised as a hub for innovation and economic growth. With a stable political climate and a strong focus on research and development, the region has attracted significant private equity (PE) investments in recent years. This article will explore the top 10 critical trends shaping […]

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Climate Adaptation: A Critical Imperative for Private Equity Investors Amid Extreme Climate Change

As climate change’s adverse effects continue to manifest globally, there has been a marked increase in Atlantic Ocean temperatures, currently three degrees hotter than historical averages. For private equity (PE) investors, the ramifications of such climatic changes are far-reaching and necessitate a rethinking of investment strategies. Climate adaptation – the process of adjusting to the […]

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EBITDA Normalizations: The Do’s and Don’ts for Accurate Assessment

Importance of Getting the Normalizations Right The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) holds a significant position as a key performance parameter. It serves as a metric to evaluate a company’s operational efficiency and profitability. However, there is probably only a few companies out there, where the reported accounting EBITDA shows the full […]

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Private Equity’s impact and support of SMEs in Germany’s Energy Transition

As the global community continues to face the challenge of climate change, the transition from fossil fuels to renewable energy sources has become a top priority. In Germany, the energy transition, or “Energiewende,” is well underway, aiming to achieve a sustainable, low-carbon energy system by 2050. Key drivers of this transition include the expansion of […]

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Exceptional Returns from DACH’s Mittelstand: The Art of Buy & Build Strategy Leveraged by Winterberg Group

The Mittelstand companies in the DACH region (Germany, Austria, and Switzerland), characterised by their small to medium size and often family-owned operations, are essential to the economic stability of their respective countries. However, these firms frequently fly under the radar of many larger institutional investors. Yet, for those with strategic foresight, these very enterprises offer […]

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The impact of digitalisation on M&A and Private Equity

The world of mergers and acquisitions (M&A) and private equity (PE) has undergone a significant transformation in recent years, driven by the rapid advancement of digitalisation. Digital technologies have improved various aspects of these industries, including deal sourcing, matchmaking, due diligence, valuation, and parts of the post-merger integration. Streamlining sourcing and matching Digitalisation enables the […]

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How does Private Equity perform vs. Venture Capital for LPs

The world of alternative investments is vast and encompasses many asset classes. Two of this space’s most prominent investment strategies are Private Equity and Venture Capital. These asset classes have unique characteristics, risks and potential rewards for limited partners (LPs), i.e. investors in Private Equity and Venture Capital funds. In this article we will explore […]

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Q2 2023: Mid-Term Macroeconomic View on Germany and Switzerland. While Germany is recovering, we expect good times ahead for Switzerland

GDP: Recession is not happening With the release of robust data for Q1 2023, there is growing optimism that Germany’s GDP may avoid a decline in 2023, thus averting a recession. The global economic landscape, including issues with global supply chains, has improved significantly. However, despite this improvement, there remains a heightened level of uncertainty. […]

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