Maximilian Bethge

What are the key objectives being pursued by decision-makers in German corporates and private equity firms in their deal considerations and what challenges will they face in 2025? Get valuable insights in our 2025 M&A Outlook. https://lnkd.in/eF5tAhcj

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From 2023 onwards, private equity funds with at least two German tax-resident investors must file an annual partnership tax return in Germany. Proper fund structuring and tax treatment verification are crucial to compliance, with key steps including analysing fund structures and verifying distributions for tax neutrality. Our Alvarez & Marsal #Tax Germany team provides clients with extensive experience and ensures seamless preparation and submission of tax returns.   Reach out to us: https://bit.ly/3FGripy Clemens Petersen Axel Ortjohann Lukas Reischmann #TaxCompliance #PrivateEquityFunds #GermanTaxLaw

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The insights from the recent Deutsche Bank Consumer Conference highlight the critical industry themes that will shape client strategies in 2024 and beyond. As companies strive to maintain or improve gross margins through premium product offerings, cost management, and operational efficiencies, they face a complex macroeconomic environment where a dichotomy among consumers is developing. We are seeing mixed signals in consumer confidence across sectors and income brackets. Essentials and premium product segments show resilience, allowing companies to leverage brand strength and loyalty to pass on cost pressures. However, there is a growing divide: higher earners are willing to pay for innovative and luxury products, while lower-income households focus on essentials, showing caution in overspending on discretionary items. In response to these macroeconomic headwinds, CPG companies are implementing strategies that emphasize agility and responsiveness to evolving market demands, along with driving operational efficiencies. Innovation to drive volume growth, as well as revenue management and pricing are becoming increasingly crucial in this context. Key strategic focus areas include: • Digitalization: Transforming operations and customer experiences through enhanced digital capabilities and AI initiatives • Market Expansion: Exploring new territories and catering to diverse consumers • Premiumization: Elevating offerings to cater to discerning consumers • Supply Chain Optimization: Building resilient and streamlined supply chains • Sustainability: Driving innovation to meet ambitious environmental goals These themes present substantial opportunities for growth and excellence. It’s an exciting time to witness and be part of these transformative shifts. How do you see these trends impacting the consumer industry in the coming years?

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Private equity compared to public equities: 1. Riskier, maybe yes but probably less than you would think! At least when you campare long-term returns ans apples to apples! 2. Timing matters, less than you would imagine! Only a few ten year rolling periods show lower retunrs in private compared to public indicies 3. Liqudity premiums? Yes and no, the investors ability to wheather storms tend to yield returns. Hamilton Lane showcases this in the below graph. Discussion is always half full/ half empty - the glass😉 Maybe you could think that you are paying a premium to stay liquid and a discount to stay illiquid when you invest in public markets? Anyways, I guess the two sides in the views of Private equity and its promises for investors would never agree. Nevertheless, investing is still more about art than science - although art should also be data-driven! #PrivateEquity Formue Norge Formue Sverige Formue Danmark

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Learning from New CEOs Last week Rich Lesser, Matthias Tauber and I hosted our annual New CEO Forum in Paris with 13 new enterprise CEOs who lead companies in a broad range sectors across financial services, industrial goods, healthcare, energy and more, headquartered in a diverse set of European markets. We discussed how CEOs today can create resilient organizations that demonstrate agility in addressing the increasing short-term pressures on their businesses while also investing deliberately to drive sustained growth and innovation. We reflected how leaders can transfer the capabilities that their teams honed in crises – when people pull together with a shared sense of purpose, accountability and the imperative of effective decision making – into a ‘steady state’ of running the business that is markedly more volatile than it used to be. And Bruce Cleaver, former CEO of de Beers, shared his perspective on CEOs needing to turn a 'burning platform' (that is intuitively understood in any crisis) into a 'burning ambition' for ‘peacetime operations’. What truly impressed me was the pervasive sense of humility of the CEOs present: all of them emphasized how much they rise and fall with the shared ambition, energy and support of their team We left energized and hopeful for the future, knowing these leaders are at the forefront of world changing businesses. Find further readings on shaping high performing teams here: https://lnkd.in/dNP6hYG4

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Banking Circle’s Sale: A Strategic Leap in Cross-Border Finance As the anticipated $3–4 billion sale of Banking Circle approaches, industry specialists emphasize its strategic significance. “Acquiring this infrastructure could shorten market entry and product innovation cycles by up to a year,” says Leonie Huang, Senior Analyst at FinTech Insights Europe. Daniel McCarthy, CFO of a European challenger bank, notes that integrating Banking Circle’s platform could reduce cross-border costs by 20–30%, while accelerating settlement times and elevating customer experience. In a landscape marked by surging international transactions and complex regulatory environments, controlling a proven, scalable payments backbone is increasingly vital. According to Chiara Ferrini, partner at consultancy firm Envisio, “The winning bidder will gain a strategic asset capable of reshaping their global presence and competitiveness.” Ultimately, this deal is about more than just a change in ownership—it’s a pivotal move that could define the next era of cross-border payments.

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Dive into the world of transfer pricing with Balazs Karancsi and Markus Hahn from KPMG Switzerland! Discover how they create value for you by helping you navigate the complexities of intragroup financing structures. Tune in for insightful advice and pragmatic solutions tailored to your business needs. #TransferPricing #FinancingTransactions

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Recent #inflation readings in Germany and the Eurozone push the European Central Bank to lower its inflation projections and consider cutting policy rates. Economists are also lowering long-term inflation expectations. Based on these trends, Kroll is lowering its German normalized risk-free rate from 3.0% to 2.5% when developing EUR-denominated discount rates, effective on March 31, 2024. Learn more: http://ms.spr.ly/6046choyk #CostOfCapital

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Bain's 2024 Private Equity Midyear Report is here. Gain insights into the trends shaping dealmaking, exits, and fund closures amidst the evolving economic landscape: https://atbain.co/4aJfHmo

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Year end approaching: how did valuation parameters evolve in Q3? Check out our latest publication: #valuation

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Understand the impact of the EU AI Act on the PE investment cycle, along with trends in investments, exits and fundraising in Europe and the Germany, Switzerland and Austria region. #EYPrivateEquity #ValueCreation #GenAI

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🌍 Ready to see how cutting-edge technology is reshaping private equity? Join us as we explore how GenAI is driving smarter, faster, and more impactful decisions across the PE landscape. In our latest PE webcast, experts Patrick Devine, Thomas Pflegel and Dr. Pascal du Bosque will share actionable insights on the transformative role of GenAI in PE. From fund-level strategy to portfolio impact. What We’ll Cover:  ✨ 𝗚𝗲𝗻𝗔𝗜 𝗶𝗻 𝗔𝗰𝘁𝗶𝗼𝗻 – How GenAI is enhancing decision-making for funds, deals, and portfolio companies.  ✨ 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗶𝗻𝗴 𝗔𝗜 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 – How to identify and scale AI use cases that maximize portfolio value.  ✨ 𝗣𝗿𝗼𝗼𝗳-𝗼𝗳-𝗖𝗼𝗻𝗰𝗲𝗽𝘁𝘀 𝘁𝗵𝗮𝘁 𝗪𝗼𝗿𝗸 – Real-world GenAI solutions driving success in specific industries and segments. If you’re looking to stay competitive in an evolving market, this is an opportunity not to miss. 📅 Date: 21 November 2024  ⏰ Time: 10-11am CET  📍 Register here: https://lnkd.in/ept4DsYw #PrivateEquity #GenAI #DueDiligence #ValueCreation #Innovation #TransactToTransform #StrategicInsights #FutureofPE

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Our digital assets conference is just around the corner! More details below 👇 📅 November 14 - New York   Join us at our "Digital Assets and Tokenization in Investment Management conference" where industry experts will delve into hot topics that shape the future of digital and tokenized assets in today's investment landscape.   Discussion points include: 💡 Investing in the digital era: Navigating a new reality beyond the hype. 📊 How technology democratizes investment management, opening new capital avenues and fostering innovation in the investment and private capital sectors.🌎 A dive into the US and European digital assets markets' current state, analyzing market maturity and differing regulatory frameworks. Don't miss this opportunity to stay ahead in the dynamic world of digital investments. Register now 👉 https://lnkd.in/gA3jcf6b   #DeloitteLU #Deloitte #Investment #digitalassets #technology Thibault Chollet, Vincent Martin, João Almeida, Scott Stewart, CPA, CJ Burke

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📉 Tough times for Swiss hospitals with margins dipping low and a need for high investments. Our whitepaper sheds light on how treasury can support through active liquidity management. Read the article and download the paper for all the details: https://go.ey.com/3VWOgAu Sven Goeggel, Stefan Schmid, Steffen Müller #HealthcareTransformation #Whitepaper #FinancialHealth

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The Importance of Strategic Alignment in M&A Transactions: A Case for Early Executive Engagement By Thomas Kessler   Managing Partner at Integration Success GmbH and Atlantic M&A Partners | Pioneer in AI and M&A Integrations | #MergersAndAcquisitions #StrategicAlignment #ExecutiveEngagement In the fascinating world of mergers and acquisitions (M&A), the value of early and effective executive alignment is often underestimated. That is why I am proponent of proactively aligning the leadership teams down to departmental management of the acquiring company and the target before publicly announcing a takeover. This is crucial for establishing direction and laying the groundwork for later success. 💡 Well-planned alignment enables the development of shared visions and objectives that go beyond financial synergies and facilitate cultural integration. This is particularly important, to guarantee the success rate of M&A. Because clarity about strategic direction and what behaviour is expected are the foundation for M&A success. 🤝 Prior to the actual deal, both sides should consider not only the financial and strategic aspects of the transaction but also develop a robust plan for post-merger integration. Early alignment fosters an atmosphere of trust and openness, essential for overcoming integration obstacles. The challenge lies in getting both leadership teams to prioritize joint sessions and engage in open dialogues before the market learns of the acquisition. These sessions should aim to formulate a clear and actionable integration plan that supports both the short-term and long-term goals of the new corporate entity. The question I pose to my network: How do you view the role of executive alignment in ensuring the success of M&A activities? What strategies have proven effective in your experience to ensure seamless integration? #Leadership #BusinessStrategy #Innovation

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Bain & Company’s 2024 Private Equity Midyear Report has arrived. Private equity’s two-year slide in deals, exits, and funds closed slowed in the first half of 2024, but activity remained tentative and momentum scarce. Dive into the full report here: https://atbain.co/4aJfHmo

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Bain & Company’s 2024 Private Equity Midyear Report has arrived. Private equity’s two-year slide in deals, exits, and funds closed slowed in the first half of 2024, but activity remained tentative and momentum scarce. Dive into the full report here: https://atbain.co/4aJfHmo

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Bain & Company’s 2024 Private Equity Midyear Report has arrived. Private equity’s two-year slide in deals, exits, and funds closed slowed in the first half of 2024, but activity remained tentative and momentum scarce. Dive into the full report here: https://atbain.co/4aJfHmo

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