The Fifth Phase: Retrenchment & Spin-offs: 1995–1996

Paul Jowett and Francoise Jowett

Chapter 12 in Private Equity, 2011, pp 275-299 from Palgrave Macmillan

Abstract: Abstract By 1995, Germany was turning, approximately, its tenth anniversary of LBO activity. Eleven years had passed since Brian Fenwick-Smith acquired VEMAG from Reemtsma, and it was nine years since Schroders bought Jofrika. In that time, many young Germans and ex-pats had cut their teeth on buyouts in the German Mittelstand. Arguably, the worst years were over, and not only had experience been gathered, but a culture of M&A activity, partially provoked by the Treuhand, had spilt over into a nascent concern for shareholder value. Perhaps more significantly, Germany had witnessed some larger buyouts, particularly the joint CWB Capital/Goldman Sachs acquisition of Bran + Luebbe in 1994.

Keywords: Private Equity; German Market; Private Equity Investor; Equity House; Successful Investment (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30866-4_12

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DOI: 10.1057/9780230308664_12

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