money & ideas for hidden champions.
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Interns asap needed
About
Focus
Bülow Industries was founded in 2003 as an independent partnership of seasoned entrepreneurs, management consultants, investment bankers and private equity professionals
Bülow Industries focuses on companies with significant potential to improve their performance (“hidden champions”)
Advisory: We offer “transaction-based” advisory services, i.e. we get involved when changes in the shareholder structure have to be mastered by owners or investors from a business management point of view.
Brokerage: Bülow Industries serves as an honest broker for small transactions.
Investments: Bülow Industries offers entrepreneurial equity to hidden champions (e.g. growth capital, turnaround investment, buy-out/in).
Business principles
We are energetic and results driven.
We only staff senior people with a hands-on mentality.
We deliver insight through close collaboration with our clients.
We operate on a “client first” basis and avoid any conflicts of interest.
We benchmark our activities against the “profit-to-sleep-ratio” of every stakeholder involved in our assignment.
3 Offices
(D-F-UK)
30+
sell-side M&A
20+
buy-side M&A
20+
Commercial Due Diligences
10+
Post-Mergers/Carve-outs
€ 1.200m
Transaction volume
(incl. fundraising)
Covered Industries
OVERVIEW
B2B Services
- Management Consultancy
- Engineering Services
- Real Estate Services
- IT Services
- Temping, Contracting, Perm
Healthcare
- Operator
- MedTech
- Fitness & Gym
Tech Companies
- Internet of Things
- Advanced Analytics
- Big Data
- Security
- Artificial Intelligence
Media
- Publisher
- Media Agencies
- Film
Industry
- Mechanical and plant engineering
- Fashion and Lifestyle
- ecommerce
Team
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Stephan BülowManaging DirectorDipl.Volksw., Dr. rer. oecStarnberg, born 1967 -
Nathalie von WiesenhauptDirector InvestmentB.A., MBA (Kellog)Starnberg, born 1971 -
Jürgen WartmüllerDirector AdvisoryMaster of Science, MBA (Insead)Starnberg, born 1960 -
PAUL BATTERFIELDSENIOR ADVISERB.A., M.A. (Oxford)London. born 1988 -
CYLENE NY-TOHSENIOR ADVISERB.A., MBA (Wharton)London, born 1993 -
MAXIME DE ROBINSENIOR ADVISERB.A. MEc (SciencesPro)Paris, born 1977 -
RENÉ WINTERADVISERB.A.Starnberg, born 1993 -
JUSTUS LIEBERLEADVISERB.A.Starnberg, born 1996
Advisory
STARTING POINT
Sustainable profit improvement (“strategy consulting”)
Conduct a comprehensive analysis of acquisition targets from an investors´ perspective (“commercial due diligence”)
Advice on restructuring the corporate liabilities, raising debt capital and hybrid forms of financing for acquisitions and organic growth (“debt advisory”)
Sell a business on behalf of an investor/owner (“sell-side M&A”)
Support the divestment and independent reestablishment of part of an existing organisation including business planning, funding, operational disintegration (“carve-out management“)
Make the “fit” work between a new daughter company and the given buyer organization (“post-merger integration”)
Identification and confidential approach as well as “quick check” of companies that meet the acquisition criteria of investors (“buy-side M&A”)
Identify an attractive and fragmented market, execute a number of acquisitions and assess cost and sales synergies (“buy-and-build execution”)
Drafting of the equity story, development of financial planning based on market opportunities and go-to-market costs, company valuation, structuring of capital measures with suitable financial instruments (“fund raising”)
COLLABORATION OPTIONS
Project Assignment Options
- Single expert or a team of complementary experts
- Retainer or time & material
- Success fees required (e.g. as % transaction volume)
Interim Management
- On boarding as e.g. CRO/CFO/CEO/active chairman
- Management fee
- Success fee (e.g. as % of EBITDA increase)
OUR PROMISE
The client strictly comes first.
We do not avoid any effort and always act honest and traceable to build a long-term partnership on mutual trust and discretion.
We are effective and efficient.
Brokerage
STARTING POINT
Disposal: You are ready to sell your company to a reliable, financially strong buyer who will protect your company’s reputation
Acquisition: As (i) a market player you either want to strengthen your core business or contribute to its diversification or (ii) as a successful manager you intend to prove your entrepreneurial skills in a management-buy-in
Equity investment: You intend to strengthen your equity base in order (i) to foster your growth, (ii) to gather input from specialised investors, (iii) to protect yourself in a downturn scenario
COLLABORATION OPTIONS
Transparent fee structure
- We take care of our own expenses because we are independent and we mean it
- We only earn a return if we have made an positive impact to the completion of the transaction
- Our success fees vary in line with common market standards (between 1.5 – 5 % of transaction value)
Regional contact + international reach
- We initiate transactions following an industrial logic or with which buyers and sellers are individually and jointly better off, nationally and internationally
- We have the necessary proximity to the transaction to help ensure that buyer and seller have the same level of information, make well-informed decisions and come to an agreement
- On request, we assist in finding the right transaction financing.
OUR PROMISE
As a dual broker, we represent neither party as an agent, but facilitate the transaction and therefore ask for the confidence of both parties.
Our experience as investors enables us to maximize the probability of a successful transaction.
Timing is an important success factor and we would rather refrain from a “brokerage” business opportunity than approaching our valuable client base at the wrong moment.
To clearly separate our business lines we only offer our “brokerage” services for small deals (EV < EUR 10m), wheras larger transactions on behalf of a single party are covered by our “advisory” offer.
Investments
Starting Point
Revenues > EUR 10m, profitability: irrelevant
Transaction volume: EUR 0,5m – 10m, share and asset deals
Preferably in Germany, Austria or Switzerland
Controlling stake
Opportunistic approach across all kind of industries with limited technological and regulatory risks
Performance not dependent on a single person, product, project, supplier or customer
”Friendly” take-overs only
Collaboration Options
Deal Scenario
- Substitute a shareholder (succession, dispute, non-core, exit)
- Carve out a business unit within a conglomerate
- Enable external growth, incl. follow on acquisitions/buy-and-build
- Bail out shareholders or creditors in an undisclosed fire-sale
- Re-start a formally insolvent business
Value Management
- As operational improvement is our key value driver alongside arbitrage and leverage, we act as share”owners” instead of share”holders”
- If required, we actively get involved in all stages of our investment partnership with our client, from unlocking existing entrepreneurial spirit within the company to a comprehensive business transformation
Our promise
We invest our own money and do not want to lose it.
We maintain an independent investment viewpoint, irrespective of sudden market volatility, constant noise flow and short-term investment fads.
We do not intend to create a diversified portfolio but aim to reduce risk by (i) focusing on a few selected companies which we understand very well (ii) by underleveraging the deal financing and (iii) by avoiding overpayment.
We take a long term investing perspective as we do not face any “exit pressure”.
We only sign LOIs if we are committed to invest.
Projects
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Foundry group (turnover: EUR 300m):
Developed vendor due diligence and investment case, approached potential investors, lead sales negotiations
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Stock listed plant manufacturer (turnover: EUR 150m):
Optimization of the project selection procedures, shortening of the project duration, reduction of vertical integration, implementing reduction of staff
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Stock listed industry holding (turnover: EUR 100m):
Developing of a buy and build concept, approach of targets, conduction of due diligences, obtaining a LBO-financing, performing a variety of acquisitions, operational integration
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Consumer goods manufacturer (turnover: EUR 35m):
Downsizing of product portfolio, outsourcing of production, raising of fresh equity
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Engineering services (turnover: EUR 40m):
Analysis of an on-going margin decline, deriving and implementation of countermeasures
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Mechanical engineering manufacturer (turnover: EUR 45m):
Working out a new order of the shareholder structure, restructuring, raising of mezzanine capital
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Holding (turnover: EUR 80m):
Reorganisation of business areas, restructuring of the liability side through renegotiation with the bank and repayment of loans by selling a part of the holding
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IT Consulting (turnover: €60m):
Implementation of a full-step sales process in a limited auction
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Private Equity firm (fund: EUR 400m):
Gathering of investment opportunities, screening of potential takeover candidates, business valuation
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Listed IT-Service provider (turnover: EUR 500m):
Identification and approach of targets, conduction of due diligences, coordination of legal/tax due diligences, business valuations, templates for management and supervisory boards, development of integration measures
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HR service provider (turnover: EUR 10m):
Brokerage between profitable niche company and large general staffing provider
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Private Equity firm (fund: EUR 2.500m):
Compiling of a buy and build strategy, identification and approach of potential takeover candidates, corporate valuations
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Listed technology group (turnover: EUR 100m):
Implementation of a global M&A sales process in cooperation with an English partner
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Private Equity firm (fund: EUR 250m):
Support for the acquisition of a non-core division of an industrial group, incl. valuation on stand-alone basis, design and implementation of the carve out, developing shared service agreements
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HR Tech (turnover: EUR 5m):
Preparation of a technology leader for a financing round, identification and approach of international investors, assistance in due diligence and contract negotiations
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Real Estate Developer (turnover €100m):
Definition of the taget to be sold, preparation of pro forma financials, targeted approach of market companions in a pre-emptive auction, project pipeline based company valuation, management of the due diligence
Career
Bülow Industries GmbH is both a German family office focused on equity investments and a privately held advisory firm. Employees and partners are senior managers with extensive experience in different industries and functions. Our investment and advisory business benefits from our team’s depth and breadth of expertise. As a true partnership, we live the principle of shared investment and liability.
We pride ourselves in
- building a culture of trust, openness, individuality, diversity and professionalism
- following the best suggestion no matter who put it on the table
- having fun, irrespective of our work load
While we are highly selective, we are very loyal to those with the right skills and attitude.
We are always looking for new team members and invite you to regularly check our careers page for the latest opportunities.
Vacancies
Contact
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Office Starnberg
Maximilianstr. 9a
82319
Starnberg, Deutschland
Phone:+49 (0) 8151 446 26 50
Fax:+49 (0) 8151 446 26 55
Office London
150 Commercial St
London E1 6NF, Vereinigtes Königreich
Office Paris
14 Rue Dauphine
75006 Paris, Frankreich
