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

In: Private Equity

Author

Listed:
  • Paul Jowett
  • Francoise Jowett

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.

Suggested Citation

  • Paul Jowett & Francoise Jowett, 2011. "The Fifth Phase: Retrenchment & Spin-offs: 1995–1996," Palgrave Macmillan Books, in: Private Equity, chapter 12, pages 275-299, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30866-4_12
    DOI: 10.1057/9780230308664_12
    as

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