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Grundsätzliche Fragen Eines Management Buyouts MBO-Kongress Grundsätzliche Fragen eines Management Buyouts MBO-Kongress Herbert Seggewiß Frank Schönert 28. April 2015 16. Juni 2004 Klärung der Begriffe Private Equity & Venture Capital • Eigenkapital in Unternehmen deren Anteile nicht öffentlich gehandelt werden • Venture Capital – In der Regel im Zusammenhang mit der Finanzierung von jungen Unternehmen (Startups) • Private Equity – Finanzinvestoren, die sich auf den Kauf von etablierten Unternehmen in reifen Industrien spezialisieren Leveraged BuyOut (LBO) / BuyIn (LBI) & Management BuyOut (MBO) / BuyIn (MBI) • Kauf eines Unternehmens durch Finanzinvestoren wobei ein Teil des Kaufpreises durch Fremdkapital finanziert wird • Praktisch besteht zwischen LBO - MBO meist kein Unterschied, da in den meisten Fällen das Management an den Unternehmen beteiligt wird • Zielsetzung ist die Veräußerung der Unternehmen nach 3 - 7 Jahren 2 16. Juni 2004 Ein neues Projekt - Potential für ein MBO? 1. Unternehmensphase 2. Transaktionsgründe Gründung Expansion Turnaround Kauf/Verkauf Interne Faktoren Externe Faktoren Wachstums- Nachfolgelösung Konjunkturumfeld finanzierung • Lebensplanung • Gesamtwirtschaftliche Umsatz • Alter Entwicklung (BIP, Start Up- • Gesellschafterprobleme Auftragseingang, Konsum. ifo Finanzierung Turnaround- Eigentümer Geschäftsklima, Ölpreis, etc.) -wechsel Unternehmensentwicklung finanzierung (Nachfolge- Akquisitions- lösungen, • Produktzyklen Branchenstruktur Konzernab- • Auftragsentwicklung • Wachstums- und finanzierung spaltungen) • Investitionsplanung Konsolidierungsentwicklung Venture Zeit Private Equity • Transaktionsfähigkeit Capital 3. Managementprofil 4. Cashflow Profil • Kernkompetenzen im Unternehmen • Positiver operativer Cashflow • Persönlichkeitsstrukturen • CAPEX Anforderungen • Unternehmerische Herangehensweise • Bewertung • Lebensplanung 3 16. Juni 2004 Wachstum als klares Investitionskriterium Grundsätzliche Kriterien für Private Equity Fonds • Identifizierbares Potential zur Umsatz- und Margensteigerung • Qualifizierte Unternehmensführung mit Beteiligungsinteresse • Etablierte Marktposition und breite Kundenbasis – keine Kundenabhängigkeiten • Keine Abhängigkeiten von einzelnen Lieferanten • Nachhaltig positives Ergebnis bei geringer Konjunktursensitivität • Hohe Cash Conversion Fondsspezifische Kriterien abhängig von der Positionierung • Umsatzerlöse zwischen Euro 10 und 75 Mio. – keine Frühphasenfinanzierungen • Profitables Umsatzwachstum in den letzten Jahren – keine Restrukturierungen • Mind. 10% EBITDA-Marge • Eigenkapitalinvestment zwischen Euro 3 und 15 Mio. • Branchenfokus 4 16. Juni 2004 Die Verlockung des süßen Eigenkapitals – Motivation des MBO Teams Doppelter Leverage Faktor für das Management • Theoretischer Hintergrund: Incentivierung des Managements durch den Investor zur Minimierung des Agency-Problemen. • Sweet Equity: Dem Management wird im Verhältnis zur eingebrachten Kapitaleinlage eine überproportionale Beteiligung zugesprochen. • Envy Ratio: Verhältnis des relativ gezahlten Kaufpreises der Beteiligungen von Investor und Management = (Investment Investor / % am EK) / (Investment Management / % am EK) • Aber: Finanzinvestor erhält in der Regel neben voll gewinnberechtigten Gesellschaftsanteilen auch festverzinsliche Vorzugsanteile („Prefered Stocks“) und/oder gewährt Gesellschaftsdarlehen • Sweet Equity werden erst bedient, wenn Gesellschaftsdarlehen und „Prefered Stocks“ bedient wurden („Waterfall“) höhere Rendite des Managers - aber auch höheres Risiko Beispiel Ohne Sweet Equity Mit Sweet Equity Eigenkapital € 2,0 Mio. Eigenkapital € 2,0 Mio. Management 20% € 0,4 Mio. Management 40% € 0,4 Mio. Finanzinvestor/Co-Investor 80% € 1,6 Mio. Investor/Co-Investor 60% € 1,6 Mio. Envy Ratio: 1,0 Envy Ratio: 2,7 5 16. Juni 2004 Chancen und Risiken für den Buyout-Manager Fast unendlich große Chancen…. • Eine der wenigen legalen Möglichkeiten, als bisher Angestellter Millionär zu werden – sweet equity! • Kontinuität: das Unternehmen, das man als leitender Angestellter bestens kennt, wird sein eigenes • Unternehmerische Freiheit: es werden rechtliche und wirtschaftliche Leitplanken vertraglich und durch die Zusammenarbeit mit dem Beirat eingezogen, innerhalb derer der Unternehmer frei agieren kann • Langfristigkeit: mit einem finanzstarken Partner, der rational entscheidet, kann der Buyout-Manager über Jahre verläßlich planen, Wachstumsschritte verwirklichen, Zukäufe tätigen, Visionen umsetzen …. und auch einige Risiken • Die unternehmerische Freiheit besteht solange, wie der Laden läuft • Eigenkapitaltypisches Risiko: möglicher Verlust der Einlage, falls die Firma massiv an Wert verliert • Was passiert, wenn mich die Investoren nicht mehr leiden mögen – Leaver!, Verwässerung? • Exit: werde ich in ein paar Jahren mitverkauft, wenn der Investor aussteigen will? • Leverage: um eine möglichst hohe Eigenkapitalrendite zu erzielen, ersetzt der Investor sein teures Eigenkapital durch einen maximalen Betrag an vermeintlich billigen Fremdkapital – und bürdet Zins und Tilgung dem Unternehmen auf – was passiert in der Krise? 6 16. Juni 2004 Chancen: drei wichtige Werttreiber bei einem Buyout – beispielhafte Darstellung Wertentwicklung eines Portfoliounternehmens Werttreiber des Eigenkapitals Unternehmenswert 100 150 1. Steigerung des EBITDA, z.B. durch 2 5 • Umsatzwachstum und/oder Margenverbesserung 15 • Vertriebsausbau 1 • Add-on Akquisition 2. Bewertungsverbesserung, z.B. durch Transaktionskosten 60 • Diversifizierung der Kundenbranchen 3 • Entwicklung Kunden- bzw. Produktportfolio Akquisitionsdarlehen 50 • Professioneller Investor als Partner im Exit 3. Rückführung der Akquisitionsdarlehen Gesellschafter- und • Aus dem Free Cash Flow nach Berücksichtigung Verkäuferdarlehen 70 40 der Finanzierung des geplanten Wachstums • Optimierung Working Capital Stammkapital/ Kapitalrücklage 10 2013 2018 Nahezu die gesamte Wertsteigerung des Eigenkapitals schlägt sich im Stammkapital und in der Kapitalrücklage nieder 7 16. Juni 2004 „Key Issues“ im Transaktionsprozess … … aus Sicht des Verkäufers … aus Sicht des Finanzinvestors Wettbewerbsdynamik Prozesssicherheit • Trend zu Auktionsprozessen • Klare Kommunikation „wo der Verkäufer • (Vor-) Selektion ist entscheidend steht“ • Manchmal ist weniger mehr • Kosten • Finanzierung Interpretation der Private Equity Angebote • Kaufpreis: Interpretation des taktischen Informationszugang Elements • Due Diligence • „Subject to‘s“ • Zugang zu Management • Sicherheit der Finanzierung • Genehmigungen durch Investment Committees Prozessmanagement • Realistische Einschätzung der Due Diligence Anforderungen eines Finanzinvestors Potentieller Interessenkonflikt • Involvierung Management Management wechselt vom Verkäufer zum Käufer 8 16. Juni 2004 Investitionszyklus eines MBO aus Private Equity Investorensicht Akquisition Betreuung Deinvestition Börseneinführung • Business-Plan • Aktiv: Steuerung • Veräußerung der (IPO) • Firmen- anhand Beteiligung bewertung vereinbarter (Exit) • Due Diligence Zielgrößen. Bei • bei Erreichen Verkauf an anderes • Beteiligungs- Verfehlung- der Zielgrößen Unternehmen verhandlungen erweiterte (Covenants) (Trade Sale) • Beteiligungs- Mitsprache- meist nach einer vertrag rechte vereinbarten • Kaufvertrag • Passiv: Kontroll- Haltefrist Verkauf an Private- Equity-Investor • Bank- funktion. • bei Verfehlen (Secondary Purchase) finanzierung Operatives jederzeit auch Geschäft führt früher oder der Gründer später Rückkauf durch die Gesellschaft (Buy Back) 9 16. Juni 2004 Kontakt Herbert Seggewiß Frank Schönert Partner Managing Partner Aheim Capital GmbH Network Corporate Finance GmbH & Co. KG Schloßbergstraße 1 Goethestraße 83 82319 Starnberg 40237 Düsseldorf Tel.: +49 (0)8151 / 655 98-0 Tel.: +49 (0)211 / 239 417 0 Fax: +49 (0)8151 / 655 98-98 Fax: +49 (0)211 / 239 417 99 E-Mail: [email protected] E-Mail: [email protected] 10 16. Juni 2004.
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