37
CARVE-OUT STUDY - SURVEY RESULTS (3/7)
Are value-enhancing measures typically planned or still
being implemented in preparation to increase the
transaction value?
58% Yes
36% No
7% Other
If yes, which measures do you typically address?
59%
Implementation of cost reduction
programmes
44% Optimization of working capital management
41%
Implementation of revenue enhancements
programs
34% Sale & Lease Back structures
32%
Replacement of group internal services by
third parties / outsourcing
27% New conclusion of company agreements
27%
New conclusion / negotation of major
contracts with improved conditions
24%
Discontinuation of non-profitable customers
/ products
15% Refinancing
2% Other
What measures are typically taken to mitigate negative
influences on the business unit to be spun off as well
as the remaining business unit ("ringfencing")?
55% Clear communication report
52%
Comprehensive planning of the target
business model
48%
Strict secrecy / limitation of the group of
persons involved
47% Retention incentive program
17%
Internal recruiting process coordinated
between Remain/NewCo to avoid
remanence costs and brain drain
In your opinion, what is particularly important to bear in
mind in the carve-out sales process compared to a
traditional company sale?
65% Provision of any necessary TSA structures
56% Establishing and ensuring Day 1 readiness
54%
Structuring of the transaction (often a
combination of asset and share deal)
35%
Structure of the carve-out (pre-packed vs.
Unpacked)
35%
Cooperation of the parties after the closing
(e.g. via work completion contracts)
33%
Decision-making in the event of incomplete
data
23%
Influence of TSAs on commercial
parameters of the transaction
19%
Focus on investors with explicit carve-out
experience
- Others