Our case studies of Mergers & Acquisitions


A medium-sized company wanted to accelerate its own growth. It was an opportunity to acquire a suitable company in the USA. DRICON analyzed the risks associated with the purchase, carried out the transaction, and helped integrate the company. The value of the German company was thereby considerably increased.


Krause GmbH is a well-known medium-sized automotive supplier. The company produces electrical control units and components. The products are used in high-quality automotive construction. The company supplies well-known German automotive manufacturers. The consolidation of business activities prompted the Generic Group to offer its operating unit for air climate technology for sale.

Krause GmbH considered the purchase. They expected the following benefits:

  • Expansion of the performance spectrum through additional development and production know-how
  • Expansion into new sales markets by gaining new customers
  • Increasing production capacities and thus increasing flexibility in new customer orders

After the first initial talks and a rough estimate, our client went from a purchase price of approximately 15 million euros.


The task of our consultants was to prepare the transaction and to accompany the negotiations until successful completion. The company value should be determined and possible financial, legal and tax risks identified.

For this purpose we have carried out the following activities:

  • Information retrieval and background research in the USA
  • Determination of the value of the partial operating unit
  • Review of contracts and conduct due d iligence
  • Preparation of an asset deal
  • Establishment and obtaining permits in the USA
  • Identify existing alternatives when purchasing and transferring assets
  • Creation of a costing scheme for the valuation of the working capital
  • Recommendation of operational measures to manage the new company


The company transaction was successfully completed. Due to the detailed due diligence, we had already set up arguments for the purchase price reduction before the actual negotiations. Thus the negotiating position could be substantially improved. Our client finally acquired the operating unit for € 12.2 million. Our work also helped to quickly integrate the new American subsidiary into the  whole company group of our client.


A medium-sized company group was not satisfied with the business situation. An uneconomic business area should therefore be spun off and sold. DRICON prepared the sale and completed the transaction. An attractive selling price could be achieved.


Our client, a medium-sized company group, produced and distributed plastic and metal household goods. The company was divided into the areas of administration, marketing, sales, toolmaking, plastic injection molding and sheet metal processing.

The products were distributed directly to the end users. In order to continue the successful expansion course, the distribution network should be expanded over a wide area.

The in-house plastic injection molding company produced household goods for its own needs. For reasons of capacity utilization, parts were also manufactured for external customers. The value chain of the plastic injection molding plant was low overall. Own supply could also have been covered by the purchase of external suppliers.

Management wanted to cut costs and concentrate on core business. For this purpose, the plastic injection molding plant, including the associated tool shop, was to be removed and sold out of the company group.


The task of DRICON was to realize the sale and to achieve the highest possible price. Parallel negotiations with several interested buyers were necessary. In detail, our consultants have carried out the following activities:

Stage 1: Sales preparation

  • Cut out of the operating unit
  • Determination of the company value
  • Create a sales expose
  • Addressing interested buyers

Stage 2: Sales execution

  • Accomplishment of due diligence carried out by the buyer
  • Moderation of the negotiations
  • Assistance with contract design


The transaction was successfully completed after a total of 10 weeks. The realized sales price fulfilled our client's expectations. The sales activities have been further expanded.


An entrepreneur wanted to withdraw from the active business for reasons of age. His senior staff was ready to take part in the company and take responsibility. DRICON developed a suitable MBO model, supported the contract design and helped to realize the financing.


Eberhardt Schächter GmbH produces special machines for metal processing. The company employs about 500 people at a location in southern Germany.

The owner, Mr. Eberhardt Schächter, had founded the company in the late 1950s and significantly influenced the development of the company. Due to his advanced age of 76 years, he intended to retire from the operating business.

Earlier attempts to sell the company to a competitor had failed due to different price expectations. The competitor had subsequently used the information gained in the negotiations to his own advantage and thereby harmed the company Eberhardt Schächter GmbH.

In addition to Mr. Schächter, the company was led by Mr. Schmitz (Sales) and Mr. Backstein (Production). Herr Schächter had agreed with the two managers on a model of succession. They should acquire a significant share of the company. The prerequisite for this was the payment of an appropriate purchase price and a share purchase in stages. Mr. Schächter also wanted to remain connected to the company through an advisory function.


Our task was to realize the ideas of Mr. Schächter and the MBO team. In order to do so, we had to secure the financing of the purchase prize and to accompany the operational implementation. In detail, we have carried out the following activities:

  • Conception of an MBO model
  • Preparation of multi-year business planning
  • Structuring the financing model
  • Negotiation with banks and affiliates
  • Assistance with contract design
  • Formulation of the advisory function


First, we developed an MBO model, which was attractive to all parties involved. The MBO team was able to acquire a total of 40% of the shares in the company, in three stages. The acquisition was linked to the achievement of clearly defined earning targets by management. As it was shown later, this incentive was a benefit for the business development. The purchase prices were financed through a well-known holding company. The documents created by DRICON served as basis for decision making. Mr Schachter was able to withdraw completely from the operating business. He was able to control and support the new management in important decisions through his advisory function.


A well-known international group wanted to withdraw from marginal activities and sell a subsidiary. The executives decided to acquire their own company. DRICON helped to procure the necessary capital for this transaction and accompanied the transaction until it was successfully completed.


The company Xenton GmbH, subsidiary of a leading international technology group, produced parts for the automotive industry. As part of a consolidation strategy, the Group management had resolved to sell the subsidiary.

The management of Xenton consisted of three managers, who had successfully collaborated for more than five years. They were responsible for the commercial management, production and distribution. When the managers were in know about the sales plans of the Group, they decided to take over their own company in the form of a management buy-out (MBO).

This idea was welcomed by the Group's mother. However, the sales proceeds should be market-fair and reflect the value of the company. In addition, unrest in the company should be avoided and the transaction should be dealt with quickly.


DRICON was commissioned by the MBO team to support the planned takeover. The task of our consultants was first to formulate a takeover concept and then to secure the financing of the purchase price. The negotiations should then be brought to a successful conclusion.

In detail, we have carried out the following activities:

  • Presentation of the company concept
  • Preparation of multi-year business planning
  • Addressing sources of financing
  • Negotiation with banks and affiliates
  • Accompanying the takeover negotiations until the conclusion of the contract


Our business plan confirmed that the economic outlook for the company was positive, after the company was outsourced. Based on this, we were able to develop a concept for financing the purchase price. The MBO team had little financial resources of their own. We therefore had to strengthen the equity base. After intensive efforts, we were able to obtain funding from an international investment company. The company was willing to participate in the acquisition with venture capital. Furthermore, domestic banks also provided funds in the form of loans. Parallel to the financing talks, we had far advanced the negotiations with the old shareholder. In doing so, we succeeded in enforcing the interests of our client in many details. With the funding agreement, the last open questions could be clarified and the transaction was successfully completed.

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