• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • DACH

Plenty of dry powder but opportunities scarce in DACH, says 3i's Wirtz

Plenty of dry powder but opportunities scarce in DACH, says 3i's Wirtz
  • Harriet Bailey
  • Harriet Bailey
  • 26 August 2014
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Ahead of the unquote” DACH Private Equity Forum in Munich on 7 October, Harriet Bailey discusses the market with Peter Wirtz, partner and managing director at 3i and speaker at the Forum’s private equity leader’s debate

Harriet Bailey: What is your current view of the DACH market?

Peter Wirtz: At the moment I think it's rather quiet. There's a bit of a summertime lull and not a lot is going on. The main issue is the assets that have been sold in the past six months were quite expensive and received very healthy valuations. I think that's where we are at the moment: there's a lot of money available but not a lot of assets around.

HB: How is this playing out at 3i?

PW: Like most of our competitors, we would like to do more deals. We are finding it difficult to find good targets with attractive valuations, because valuations are generally pretty high and robust. It helps with the exits though – we sold Hilite two months ago in a very attractive M&A market. It was bought by a Chinese trade buyer and I think there was a lot of confidence and money out there that allowed us to run a competitive process and achieve a good price. This could help in the future too as, with a portfolio as big as 3i's, we are always looking at selling businesses.

HB: How do you view the recent decline in Germany's GDP?

PW: In principle, the German economy is still pretty robust. You don't really see the impact of being 0.2% down in just one quarter's results; you shouldn't put too much weight on it. Here in Germany we expect to grow between 1.5-2% this year and this is pretty good compared to European standards. The UK is probably growing faster than that but there are a lot of countries who are not seeing such rates of growth. All in all, I think we are looking at a robust macro.

HB: What about the debt financing available in Germany?

PW: There are a lot of players outside the traditional sources from whom you can get money. I think really there's just a lot of money out there in different asset classes trying to get a return and the debt market remains pretty buoyant and strong as well. With regards to the main lenders in the space, DZ Bank, IKB and Commerzbank have all been pretty active in the alternative lending space.

HB: Does German private equity still tend to rely mainly on banks or are alternative lenders getting a look in?

PW: I can't speak for everybody, but at 3i we have tended – so far – to stick with the traditional lenders. If you do traditional deals – nothing too fancy – then in my opinion you are best placed with them. And we have known them and worked with them for many years. There is nothing wrong with the alternative providers but, at 3i, we see no necessity to work with them. We are, of course, open to new offerings in the marketplace but so far traditional lenders fully satisfy our needs.

HB: What would you like to see happen in the German market?

PW: Perhaps more quality dealflow. Good, interesting, primary dealflow.

Enjoyed reading this article? Meet more than 80 GPs and LPs at the annual unquote" DACH Private Equity Forum taking place on 7 October in Munich. For more information on the agenda and speakers confirmed, visit the website here.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • DACH
  • Deals
  • Q&A
  • 3i
  • Top story

More on DACH

Dataciders sponsor Auctus mulls sale via Houlihan Lokey
Dataciders sponsor Auctus mulls sale via Houlihan Lokey

German GP first acquired the local IT services group in May 2019 via Auctus V, a 2019-vintage

  • DACH
  • 16 August 2023
Bregal eyes local deal origination with new Swiss office
Bregal eyes local deal origination with new Swiss office

GP's third fund is completing its investment period, with fourth fund registered

  • DACH
  • 04 August 2023
Newly launched Utopia Capital aims to deploy EUR 10m-plus by 2028
Newly launched Utopia Capital aims to deploy EUR 10m-plus by 2028

Angel investor Christian Schroeder's new investment vehicle will support early-stage tech companies addressing humanitarian issues

  • DACH
  • 26 April 2023
Germany's DFL to collect NBOs for EUR 3bn media rights stake
Germany's DFL to collect NBOs for EUR 3bn media rights stake

Large-cap sponsors including Advent, Blackstone, Bridgepoint, CVC, EQT and KKR expected to bid today

  • DACH
  • 24 April 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013