At the Braunschweig M&A Forum 2019, Torben Seikowsky, Managing Partner of i-capital, welcomed more than 100 guests. “The many positive responses from last year were reason enough to build on that format,” he explained in his opening remarks. At the same time, the M&A specialist pointed out uncertainties in the current transaction market due to political instability and a weakening economic outlook. Nevertheless, he emphasized that there continue to be exciting developments and opportunities in the SME sector, according to the i-unit group, which—alongside i-capital—includes four other sister companies specializing in SME consulting. Tilo Geipel, Director and Authorized Signatory at i-unit Consulting GmbH, who organized the evening as site manager, was also pleased with the strong turnout: “It once again shows the enormous demand for M&A topics in the region, and we are happy to close this gap together with our experts.”
As in the previous year, Dr. Thomas Halberkamp of Luther Rechtsanwälte provided insights into the legal aspects of transaction structuring. Together with his colleague Dr. Sebastian Rabe, he discussed structuring options for majority and minority shareholdings. Models in which investors hold a majority stake while operational management remains with minority shareholders are increasingly common. While such cases allow for highly individualized shareholder voting agreements, they also carry significant risk of disputes if rules are not clarified from the outset. According to the legal experts, GmbHs offer more flexible structuring options than stock corporations, and they provided concrete examples.
Following this, Christian Stahl, Managing Director and Authorized Signatory at i-capital, reported on current trends in the M&A market and in private equity. He noted that private equity success is based on identifying companies with value creation potential—though, in times of Donald Trump and Boris Johnson, this is not always easy. Nevertheless, he stressed that significant potential still exists.
Michael Bartesch, entrepreneur and shareholder of KDH Werbetechnik GmbH, seamlessly continued with a practical case study. Having spent many years in corporate management, Bartesch decided to take on entrepreneurial responsibility himself. “I was already on the verge of acquiring a company when the owner changed his mind at the last moment,” he shared about his early acquisition attempts. He ultimately succeeded with KDH Werbetechnik, a company specializing in advertising technology with over 70 employees serving major customers in outdoor advertising. He admitted the negotiations were nerve-racking: “Looking back, the acquisition was not only strategically demanding but also emotionally challenging,” noting his gratitude for having i-capital as both a professional and personal sparring partner. Since the takeover, the company has achieved key strategic growth steps.
In the concluding panel discussion, Phillipp Amereller (Silver Investment Partners), Sebastian Neiss (CIC Capital), and Benjamin von Riewel (CARISTO Management) provided insights into private equity strategies in the SME sector. All three firms invest in mid-sized companies, particularly family-run businesses—an attractive field given their strength but also their challenges with succession or expansion. While transactions are common practice in large corporations, SMEs often face such investment situations for the first time. Professional advice during preparation and execution is therefore essential to fully realize opportunities.
After the substantive discussions and case insights, guests enjoyed extensive networking opportunities with entrepreneurs and transaction experts from various disciplines at a barbecue in the i-unit group’s garden. i-unit group board member Andreas Tieftrunk highlighted the potential for a repeat: “The combination of different perspectives on SME transactions in this format is unique in Northern Germany—a good reason to make the M&A Forum in Braunschweig a tradition.” The event was supported by Volvo Autohaus Schmetzer (Braunschweig), Hofbrauhaus Wolters, and Wissenswerft GmbH (Hannover). “We are very pleased to have found strong partners to support us this evening, and we extend our sincere thanks to them,” Seikowsky concluded.
