Fairness Opinoin for GASAG

IVC supported GASAG in the acquisition of further shares in EMB Mark Brandenburg GmbH with a fairness opinion.… more

IVC M&A presented a M&A case study at ESMT (Berlin/Schloss Gracht) practitioners’ seminar „Mergers and Acquisitions“

In 2017 and 2018 Dr. Peter A. Frankenberg presented and discussed a SME M&A case study with the participants of European School of Management and Technology (ESMT) practitioners’ seminar “Mergers and Acquisitions: Strategy, Business Evaluation, Financing, Integration. …. more.… more

Updated Cost of Capital Recommendation by the FAUB

The Fachausschuss für Unternehmensbewertung und Betriebswirtschaft (FAUB) of the IDW has published an adjusted cost of capital recommendation. The update was necessary because the yield curve derived using the Svensson method (based on the Bundesbank methodology, German government bonds) results in negative yields for (almost) the entire term of 30 year. The estimated value for […]… more

IVC Snippets: Impact of IFRS 16 on the Goodwill Impairment Test

IVC is pleased to present the second issue of the IVC Snippets. In this Snippet, we analyse the impact of IFRS 16 for the goodwill impairment test in accordance with IAS 36. We present in a simplified example how the impairment test can be carried out properly in practice after the introduction of IFRS 16. […]… more

Fairness Opinoin for Allianz Global Investors

IVC prepares a Fairness Opinion for Allianz Global Investors regarding the financial fairness of the takeover offer by Bain Capital and the Carlyle Group to the shareholders of OSRAM Licht AG.… more

Successor planning for IT 4.0 company successfully concluded at the end of July 2019

IVC M&A developed a customized sales concept concerning the successor planning for the tmp GmbH automation & engineering. In addition, IVC M&A provided the tmp shareholders with comprehensive consultancy and support throughout the sales process. You can find the press release concerning the sale of the company to SCIO Automation GmbH (VESCON-/SCHILLER-Group) here. The new […]… more

IVC consulted STRÖHER minority shareholders regarding the sale of the remaining shares to STO SE

IVC M&A supported the minority shareholders of STRÖHER, the facade, outdoor and residential ceramics producer, with the sale of the remaining shares (49.9 %) to STO SE, a global leader in facade coating. Already in 2015 IVC was the exclusive M&A consultant for the STRÖHER shareholders for the sale of the first 50.1 % to STO SE. […]… more

Sale of an exhibition construction company to an MBI candidate completed

In May 2019, the sale of an exhibtion construction company, located in NRW, was completed as part of an early succession planning to a Management buy-in candidate. IVC M&A drew up and carried out the complete sales process for the sell side.… more

IVC-contribution in the legal handbook of company valuation

The second edition of the “Rechtshandbuch Unternehmensbewertung “(issued by Fleischer/Hüttemann) is expected to be released by the end of August 2019. This unique legal handbook provides the user with reliable access to all legally binding questions of business valuation. In the second edition, Franken / Schulte contributed with their expertise to the chapters regarding Determination […]… more

IVC Financial Quick Check for Startups

Analysis and valuation of startups and innovative business models poses a particular challenge for investors. Restricted availability of historical financial statement data as well as uncertain future prospects heavily complicate the prediction of future earnings potentials. Thus, such an investment regularly implies high risks on the one hand, but on the other hand offers enormous […]… more

IVC at the corporate run in Essen

The IVC team has started for the 3rd time highly motivated at the corporate run in Essen. We ran under the mission “reaching the finish line together”, which we successfully accomplished. Our motto for the run as well as in our professional working life is: Fast. Individual. Personal. One thing is for sure: next year […]… more

Seminar “Financial Modeling”

We organized, in collaboration with the faculty of business administration, in particular controlling of the Ruhr-Universität Bochum, a seminar on the topic of “financial modeling” between the 23rd – 24th  of May, 2019. During the seminar we covered the following topics: Integrated corporate planning (analysis and plausibility check), Valuation methods (discounted cash flow and multiple-method), […]… more

IVC Snippets: IFRS 16

IVC is pleased to present the first issue of the IVC Snippets. In the course of our project work we are constantly faced with new challenges and complex professional questions, for which we work out innovative and finely tuned solutions. Against this background we developed the idea to provide extracts of our work to the […]… more

An article published in the IDW LIFE on the subject of “ Enterprise value > market price? – or vice versa?”

Our executive committee members Dr. Lars Franken and Dr. Jörn Schulte have published an article in the IDW LIFE on the subject of “ Enterprise value > market price? – or vice versa?”. The authors deal with the question to what extent disruptive technologies and global effects affect the validity of the classic valuation models […]… more

Lecture on „assessment of business plans“ at the University Duisburg-Essen

On may 9th, 2019 Dr. Alexander Brunner gave a lecture on „assessment of business plans“ at the University Duisburg-Essen. As part of the Master class „Unternehmensbewertung“ by Professor Mochty (Chair for Auditing, Accounting and Controlling) he provided practical insight into this topic to approximately 40 students.… more

Taxation of inflation-related value growth

IVC has provided its expert opinion on Taxation of Inflation-related Value Growth for Objectified Business Valuation Purposes (german „Besteuerung der inflationsbedingten Wertsteigerungen bei der Ermittlung objektivierter Unternehmenswerte“) for the appraisal proceeding HOMAG, Sky and Dyckerhoff. While some authors recommend this kind of taxation in the Auditors Manual (german “WP Handbuch”) Edition on Business Valuation and […]… more

“Financial Modeling” Workshop

On May 23 and 24, 2019, we are holding a Financial Modeling workshop at our site in Essen, prepared in cooperation with the Department of Business Administration, in particular controlling, the Ruhr-University Bochum. Contact Person: Sebastian Rieling… more

Speech on „Current issues in business valuation” in Leipzig

Our Executive Board member, Dr. Lars Franken, is going to be holding speech during a lecture event prepared by the IDW national committee of Saxony/Saxony-Anhalt/Thuringia in Leipzig on September 9, 2019. He will be holding speech on “Current issues in business valuation”.… more

Speech on „Current issues in business valuation”

Our Executive Board member, Dr. Lars Franken, is going to be holding speech during a lecture event prepared by the IDW national committee of the North Rhine-Westphalia in Dortmund on July 2, 2019. He will be holding speech on “Current issues in business valuation”.… more

IVC PS: Seminar Event in Bonn

The IVC PS seminar regarding the “ Legal elicitation of wastewater charges and updating of assessment surfaces for the rainwater charge” for municipalities and wastewater companies was well attended. Over forty participants of municipal companies found their way to the federal city of Bonn on the 14th of March 2019. During the event, the fiscal […]… more

IVC M&A is on the look for interns / working students

IVC is on the look for interns / working students (m/f/d) in the field of Mergers & Acquisitions / Transactions. You will find our job offer here.… more

EACVAs 12th Annual Business Valuation Conference – IVC presents

At the EACVAs 12th Annual Business Valuation Conference held on November 22-23, 2018 in Düsseldorf/Neuss, Dr. Franken hold lecture on the topic “Business valuation in 2030 – Small Humans and Big Data”. Dr. Schulte hold lecture together with Mr. Hanses from the tax authority of NRW (Finanzverwaltung NRW) on the topic “Transferable earning power – […]… more

2018 Public Auditors meeting in Baden-Baden

At the IDW 60th workshop in Baden-Baden on November 14-16, 2018. Dr. Lars Franken and Dr. Jörn Schulte led a roundtable discussion on the topic “Current issues in business valuation”.… more

2018 IVC Cost of Capital study, 5th edition

The new 5th edition of our capital markets study Cost of capital and multipliers for business valuation – company and industry analysis 2018/2019 (Kapitalkosten und Multiplikatoren für die Unternehmensbewertung – Unternehmens- und Branchenanalysen 2018/2019) has just been released. The capital markets study has been very well received already in its previous editions not only for […]… more

2nd edition of the lawyer’s business valuation handbook

The 1st edition of the lawyer’s business valuation handbook (Rechtshandbuch der Unternehmensbewertung) was published by Dr. Otto Schmidt KG in 2015. The IVC authors dealt thereby with the topics “Determination of future earnings”, “Derivation of the capitalization interest rate” and “Alternative valuation procedures”. Revision of the corresponding articles for the 2nd edition of the lawyer’s […]… more

Capital market-oriented business valuation handbook

Franken/Schulte/Brunner from IVC published an article on the topic “Debt capital and costs of debt – proper consideration in business valuation” in the capital market-oriented business valuation handbook (Handbuch Kapitalmarktorientierte Unternehmensbewertung) (published by Schäffer-Poeschel). This article addresses current discussions on valuation of debt for the purpose of business valuation and provides assistance in the capital […]… more

IVC PS: Higher Administrative Court NRW

Higher Administrative Court NRW puts the approach of depreciations according to replacement values regarding the calculation of charges to the test. In the course of the 17th waste water symposium in Münster the presiding judge oft he 9th senate of HAC, Dr. Annette Kleinschnittger, has announced that the HAC wants to examine the previous practice […]… more

IVC M&A: Purchase and sale of (medium-sized) interests

On the 20th of February 2018 IVC M&A made a workshop on the subject “Purchase and sale of (medium-sized) interests” at the IHK Essen/Mülheim/Oberhausen.… more

IVC M&A: „Private Equity meets M&A” SpeedDating

IVC M&A again participated in the “Private Equity meets M&A“ SpeedDating hosted by the Bundesverband M&A (German M&A Association) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (German Private Equity Association) on 10 July 2018 in Frankfurt.… more