Survey On Carve-Out Transactions

Read our report on success factors of carve-out transactions

Global | Publication | May 2023

Co-authored by Michael Wabnitz and Phillip Schult - AlixPartners

Together with AlixPartners we interviewed representatives of internationally active groups and companies based in the DACH region, as well as financial investors about their experiences with carve-out transactions. The key findings at a glance:

	Carve-out transactions serve to focus on the strategic core business and sustainability transformation

	A carve-out transaction is often one of a number of strategic alternatives under consideration

	Carve-out transactions are primarily carried out with a view to onward sale of the relevant business

	Planning the target operating model (TOM) is the biggest value driver ˗ but is also dependent on existing structures

	Value-enhancing measures strengthen the window of opportunity ˗ however, one third of the decision makers do not use them

	Effectively managing the inherent complexity is a key challenge for carve-out transactions

	Key risk factors are the lack of a viable target operating model (TOM) and the absence of a clearly structured and realistic business plan

	Achieving day one readiness and adherence to business plan are key success factors

	Early-stage planning increases transaction security and minimises transaction discounts

	Increased carve-out activity is expected in the next 1-3 years - disruption drives action

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