Christian Saxenhammer talks in an interview about his career and the change in mentality of the younger generation. Furthermore, he mentions the technological change, which is accelerated by the Corona crisis. Christian Saxenhammer also discusses the future of the M&A market and addresses his upcoming book.

Forbes DACH

Christian Saxenhammer talks in an interview about his key takeaways from 15 years of M&A experience, what dynamics have emerged on the markets in the wake of the Corona crisis - and what Europe's M&A future looks like.


Interview with Christian Saxenhammer about the M&A market

The German venture capital market is not strongly affected by the corona crisis, but there are fewer big deals. The number of financing rounds climbed in Berlin by 20 percent to 314. Winning industries include healthcare and e-commerce. Christian Saxenhammer expects consolidation among mature Fintechs this year.

Read full article [here](https://hbapp.handelsblatt.com/cmsid/26791948.html).

Handelsbatt

The German venture capital market has come through the corona crisis relatively unscathed, but there have been far fewer big deals.

Berlin remains the capital of startups

Due to the phasing out of government aid and the nationwide vaccination of people, the market for corporate mergers and acquisitions is expected to pick up speed again. In particular, players from the USA and China will press ahead and execute (stock exchange relevant) transactions. Digital innovation drivers will be particularly sought-after.

Read full article [here](https://www.4investors.de/nachrichten/boerse.php?sektion=stock&ID=148465).

4 investors

Christian Saxenhammer explains that we will see a significant revival of the M&A business in 2021.

Tesla & Co - Stock market relevant company acquisitions and partnerships: This is what's in store for us in 2021 - Saxenhammer column

The Covid-19-pandemic caused retailers to create digital solutions. Christian Saxenhammer explains that e-commerce becomes significantly more important as especially old people switched to digital commerce. However, local retailers should not neglect their stationary trade. M&A activities are a suitable option to optimize the market position. Retailers can benefit from various advantages.

Read full article, [here](https://handelsjournal.de/corona/september/wie-haendler-in-zukunft-bestehen-koennen.html).

Handelsjournal

Christian Saxenhammer explains in an article of Handelsjournal how could retailers outlast the Covid-19-pandemic.

How could retailers survive in the future

The Corona crisis has caused serious damage to the German economy and in particular to the retail industry. The latest economic data show what consumers and companies still have to expect in the coming months. For example, gross domestic product fell by 10.1% in the second quarter of 2020, and the unemployment figures, which rose by over 650,000 year-on-year, also give little cause for hope. In addition, digital disruption is also causing traders problems. As a result, many traditional business models are only working to a limited extent in their current form.

Read full article, [here](https://etailment.de/news/stories/Zukunftsvisionen-Strategische-Loesungen-fuer-den-Handel-in-Zeiten-von-Corona-und-der-digitalen-Disruption-23120).

etailment logo

Christian Saxenhammer explains in a guest article, for etailment.de, the challenges for the retail industry after the slump in profits caused by the COVID-19 pandemic.

Strategic Solutions for Retail in Times of Corona and Digital Disruption

Saxenhammer & Co. was mentioned in the Finance Magazine issue of 16.06.2020 regarding the restructuring process of the medical device manufacturer Curasan.
Extract from the article: “In the course of the investor dialogue led by Saxenhammer & Co., several investors have so far submitted indicative offers. The insolvency proceedings were opened on 01.06.2020. The company is to be restructured by means of an insolvency plan which includes the entry of an investor.”


Read full article, [here](https://www.finance-magazin.de/wirtschaft/deutschland/restrukturierungsnews-pfungstaedter-vda-fck-2059051/?utm_source=+CleverReach+GmbH+%26+Co.+KG&utm_medium=email&utm_campaign=15-06-2020+FINANCE+Daily+Newsletter%2C+16.06.2020&utm_content=Mailing_13646890).

FinanceMagazin

Saxenhammer & Co. mentioned in the restructuring news section of the Finance Magazin

Restructuring Process of Medical Device Manufacturer Curasan

The SME segment suffers particularly from the Corona pandemic. Many companies have to decide on how to continue after the crisis - with partners, investors or maybe not at all. The drive for consolidation will remain a strong force in the markets. Large companies will continue to grow internationally in order to benefit from economies of scale and scope. Christian Saxenhammer, Managing Director of Saxenhammer & Co., explains the different scenarios that could potentially play out. One option for regional companies struggling with this pressure to internationalize is to enter into strategic partnerships in selected key markets, as this is an easier option than setting up their own production facilities. Another option is to find investors to help them overcome financial difficulties. Entrepreneurs must also ask themselves how well equipped they are for the future. In the absence of sustainability, a sale should be sought even if prices are currently at a low. 
Read more, [here](//assets.ctfassets.net/mesekrzq206t/3LbZtc676x3Jl535Z409Ln/53bfcb48d4199c5a6f1b7ce61d350c6c/Autombil_Industrie_18-05-20.pdf).

Automobil Industrie Logo

Christian Saxenhammer explains, in the Automobil Industrie, the challenges for SMEs due to the corona crisis and outlines the different options available to them after the crisis.

The Options for Businesses After the Corona Crisis

“The effects of the COVID-19 pandemic will fundamentally change the economy”, explains Christian Saxenhammer. He also outlines the most important trends and their impact on entrepreneurs, especially in the automotive sector. In particular, the trend towards consolidation - i.e. the number of takeovers and the move away from many smaller businesses and towards larger companies - will continue to increase as a result of the virus. Those companies that still have sufficient capital after the crisis will take the opportunity to cheaply acquire financially distressed family businesses.

Read full interview, [here](https://www.marktundmittelstand.de/zukunftsmaerkte/die-corona-krise-wird-trends-beschleunigen-1292501/).

Markt und Mittelstand

Markt und Mittelstand Das Wachstumsmagazin examines in an interview with Christian Saxenhammer, the consequences of the corona crisis for SMEs in Germany

The Corona Crisis as a Catalyst for Technological Trends

The Corona crisis burdens business with mergers and acquisitions in Germany. By the end of the year, business could decline by 50 to 75 percent from the second quarter onwards. The market for M&A has "come to a standstill these days", says Christian Saxenhammer. Before the outbreak of the Corona crisis, there had been a large number of transactions in Germany, even medium-sized ones; "the pipeline was really well filled". Now everything has been put on ice.

Read full article,[here](https://www.handelsblatt.com/finanzen/anlagestrategie/trends/finanzindustrie-coronakrise-belastet-geschaeft-mit-fusionen-und-uebernahmen-in-deutschland/25662120.html).

Handelsblatt Logo

Christian Saxenhammer comments, in an article in the Handelsblatt, on the situation of mergers and acquisitions in Germany.

The Impact of the COVID-19 Crisis on the M&A Sector

Innovative German companies are in demand globally - but it is exactly that "global" component that is also part of the problem. Companies seeking to expand internationally require large amounts of venture financing. However, German investors were hardly involved in the very big financing rounds. In order to create a better investment culture, the two scarce resources, "capital" and "education", must be developed more strongly. In social terms, entrepreneurship must gain more prestige - also driven by education and political initiatives. Above all, however, the framework for building a significant German venture capital industry must improve.


Read full article, [here](https://www.businessinsider.de/wirtschaft/startup-finanzierung-wir-brauchen-eine-amerikanisierung-der-vc-kultur-fordert-ein-experte-fuer-unternehmens-zukaeufe/).

Business Insider Logo

Christian Saxenhammer explains in a guest article in the Business Insider, what the problem is with start-up financing in Germany - and what has to change.

The Need for an Americanization of the German VC Culture

The general orientation of the company, its products and services, rarely lead to the failure of negotiations in the middle of a financing round. These aspects have been checked long before VC and business angels get involved with the respective young company. More importantly, they will look behind the scenes, check the financial figures, but also the mood within the founding team. It is, therefore, also important that the founders share the basic values and goals, and that their story is the same. Several founders are beneficial; different backgrounds and strengths promote the project, but there should also not be too many founders. Moreover, it is rather important to gather experience and show presence in the market in the early phases rather than to try to optimize every step of the venture at a great expense. Another decision criterion is the economic sustainability of a company, whereby a solid, long-term profitability should be demonstrated. Problems can arise where one would not expect them to arise. Investors tend to be sceptical if a company grows too fast or expands into foreign markets at an early stage.

Read full article, [here](https://t3n.de/news/erste-investorensuche-diese-5-1240486/).


Logo t3n

Christian Saxenhammer emphasizes in a guest article for t3n.de, the most important reasons why a startup financing round can fail.

Major Obstacles for Startups During a Financing Round

An important component for startups to grow is currently available and in abundance: venture capital. Venture capital investors and incumbent players are pushing for new opportunities to invest in young companies, as the low interest rate environment otherwise promises them hardly any return.
Christian Saxenhammer, Managing Director of Saxenhammer & Co.,  explains the investment motives of large corporations: "Investors are not only seeking for the highest return on investment, but also asses the targets from a stregical point of view. Big corporate investors try to acquire the digital know-how of these highly innovative startups." The investments of established companies often offer more than capital, they help the startups to expand its customer base and to enter into strategic partnerships.


Read full article, [here](//assets.ctfassets.net/mesekrzq206t/NP13VXrOAo8n7dChYBCmH/3496f0bf09b139ec570af13956978c4b/2SpezialMittelstandsfinanzierung26092019_5_.pdf).

In an article in the Handelsblatt, Christian Saxenhammer provides insights into the investment motives of venture capital and corporate investors.

Venture Capital and German Fin-Tech Startups

The dynamics of the digital transformation is also expressed in the attractiveness of new business models. Beyond the application of digital standards, it is important for traditional companies to generate their own USPs. Medium-sized companies are trying to gain new impetus through acquisitions and direct or indirect shareholdings.
For months now, there has been actionism among large companies and established medium-sized businesses. Discussions about future topics such as autonomous driving, digital marketing, e-commerce or Internet of Things have made it clear to many companies that they lack the technologies and people needed for the transformation. For this reason, companies - but also family offices and investment funds - have set out on the hunt for young, small firms that have what older and larger ones are missing: digital innovative power.

Read full article, [here](https://www.unternehmeredition.de/wissen/titelstory-scope-statt-scale/).


Unternehmeredition Logo

Christian Saxenhammer comments, in article in the Unternehmer Edition, on the incentives of strategic M&A

New Desire to Buy Digital: Growing Interest in Digital Companies

Political pressure and restrained economic growth cause direct investments from China in Germany to decline sharply. After years of rapidly growing debt, Beijing has begun to regulate the domestic financial sector more strongly. Neither private nor state-owned companies have access to loans with which they can make costly acquisitions abroad. "The message is clear: clean up your books or live with the consequences," says a Shanghai investment banker who has advised numerous Chinese companies on acquisitions abroad. Christian Saxenhammer, , Managing Director of Saxenhammer & Co., says: "In the past, the Chinese solved problems by writing a big check”. In the meantime, the money is "not more relaxed", as there is "financial need". This is also due to the very risky maneuvers of the Chinese. According to the ifo Institute, which has examined Chinese buying behavior, Chinese investors are characterized by the fact that they often buy companies with above-average debts that rarely make a profit, often suicidal, so to speak kamikaze in Mandarin.

Read full article, [here](https://www.wiwo.de/my/unternehmen/mittelstand/china-maerchen-riskante-manoever/24905452-2.html?ticket=ST-723011-2v7sBLobncfTmyfMztaI-ap1).

details?id=de.wiwo.one&hl=es DO

The declining direct investments from Chinese investors is a topic, Christian Saxenhammer commented on, in the Wirtschaftswoche

A Shift in the Relationship of Family Owned Businesses to Chinese Investors

The process of handing over or selling one's own family business is a very complicated process on a legal and personal level. “Most people who sell or hand over their company are very emotional about it," says Christian Saxenhammer, Managing Director of Saxenhammer & Co.. 
The transfer of companies within the family can be carried out according to various models such as, new foundation, selling of the shares, donation with anticipated succession or predefined pension payments. Which variant is appropriate in an individual case depends on various factors - the age of the person leaving the company, the chosen pension plan, the family constellation and last but not least, the earnings situation or the development of the respective company.

Read full article, [here](https://www.creditreform.de/aktuelles-wissen/pressemeldungen-fachbeitraege/news-details/show/gemeinsame-sache).

Credit Reform

In an article for Creditreform, Christian Saxenhammer points out how important it is to choose the right model for the business succession within the family

Financial Aspects of a Successful Business Succession 

The investment policy of Chinese companies has undergone a paradigm shift. On the one hand, the lull in investments is politically desired. Investments are to be made sustainably and wisely. The negative experiences of the past also play an important role - a number of less well-thought-out investments have proven to be negative deals. On the other hand, this phase must be seen as a snapshot. The country is pursuing a clear industrial policy strategy (China 2025) that is geared to the changing social and socio-economic factors within the region.
The strategic component in M&A is growing strongly. Investors are paying more attention to economic indicators such as earnings, cash flow strength and the technological future prospects of the respective companies. The focus is primarily on the strategic fit with the core business. The investment strategies are based on the analysis of concrete development paths, which are supported by acquisitions.

Read the full article, [here](https://www.dasinvestment.com/was-wirklich-hinter-chinas-unternehmenskaeufen-steckt/).


Das Investment Logo

Christian Saxenhammer provides, in a guest article for Das Investment, deep insights in the investment behavior of Chinese investors.

The Strategy Behind China's Investments in European Companies

"The market is booming, prices are at record highs," says Christian Saxenhammer, Managing Director of Saxenhammer & Co.. EBITDA purchase price multiples of six or seven are normal. In certain industries, even higher levels are reached. The fact that price is not the only selling criterion can partly explain the high sales volumes. Buyout transactions often involve more than price. Points like networks, industry experience and strategic support are important criteria. However, the current turbulent economic situation brought the markets to a turning point.

Read full article, [here](//assets.ctfassets.net/mesekrzq206t/7cqmzWILNmoZnXkoTzJV7w/af1057f9ddf2ce8e87a74528b356925e/VC_Magazin_07-2019.pdf).


VC Magazin

In an article in the VC magazine, Christian Saxenhammer points out the situation on the markets. Prices have reached levels that are sometimes hardly justifiable.

The Price Level of Buyout Transactions is Reaching its Peak

"A company boss should decide which investor is the right one for his firm depending on the kind of added value he needs," says Christian Saxenhammer, Managing Director of Saxenhammer & Co.. Many small and medium-sized German companies expect from their alliance with a foreign investor to get easier access to new markets. This is why many startups that would like to access overseas market look at US investors. Furthermore, other companies hope for more favorable production conditions or easier procurement of raw materials in international markets.

But the downside of such a deal should not be neglected: selling company shares to a foreign investor is more complicated, raises more questions, and requires more clarification than a domestic deal. Often, the chemistry between the partners is not right either.

Read full article, [Here](//assets.ctfassets.net/mesekrzq206t/7Eez8HOEq1jEfBC8nReOFP/7da2c215fee76be61121775a7976cb9b/Handelsblatt_PfdM_06-2019.pdf)


The Handelsblatt examines the important steps an entrepreneur must consider, when choosing an investor. Christian Saxenhammer points out, that the best suited investor depends on the needs of the company.

The Importance of Selecting the Right Strategical Partner


The automotive industry is suffering from various factors, such as the Diesel scandal, the new emission measurement system and the trade dispute between China and the USA. This weakness is being felt above all by suppliers. Added to this is the megatrend of e-mobility, which is forcing companies to adapt to change. 

In the current crisis of the automotive supply industry, two trends in particular can be identified. Firstly, the respective segments are affected differently. Without a doubt, companies in the powertrain sector are exposed to the greatest transformation pressure. The change to electric mobility is reducing the complexity of the technical requirements in the car. In the case of electric vehicles, a large proportion of the parts that were previously manufactured by car suppliers are no longer needed. The former strength of many of these suppliers to specialize in a few components is now becoming their greatest weakness.

Read full article, [here](//assets.ctfassets.net/mesekrzq206t/7hvff3BxHWb1HUFISdYC2K/8d1fd30016f335866e854bbb3c5ef1d5/UE_AutomotiveSupplier.pdf).

In a guest article for Unternehmer Edition, Christian Saxenhammer talks about the situation of German automotive industry.

Automotive supplier: Opportunity in the crisis?

Christian Saxenhammer, Managing Director of Saxenhammer & Co., provides insights into the current consolidation of the medium-sized supply industry. He knows which trades are under the most pressure and why Made in Germany is still convincing. The number of M&A transactions in the automotive sector will rise due to technological change, which is particularly evident in the switch to electric propulsion: "It naturally affects companies in the powertrain sector in particular. That's where the pressure is greatest at the moment. But I believe that, unrelated to that, there is a trend towards size. The OEMs and Tier 1 suppliers want to deal with larger units in order to have more stable partners. They need to have a certain financial strength for new technologies and a global footprint. A medium-sized company with a turnover of 100 million euros cannot afford this."

Read the full interview, [here](https://www.automobil-industrie.vogel.de/ma-spezialist-es-kuendigt-sich-eine-neue-welle-an-a-817950/).

Interview with Christian Saxenhammer in the specialist magazine, Automobil Industrie, about takeovers in the German automotive sector.

Technological Change and a New Wave of Takeovers in the German Automotive Sector

Many medium-sized companies are experiencing how their markets are changing dramatically. Technologies are renewing rapidly and thus, have fundamental effects on the business models of the companies. Medium-sized companies with limited resources often cannot keep up with this development. If they do, that is precisely the secret of their success. At the same time, customers have new needs and have become more disloyal. Many industries are therefore in a state of permanent change, especially as start-ups have precisely recognised these opportunities and have skilfully filled the gap of slowly renewing companies. The established ones have to react, but the essential question is how. One way can be the acquisition of a start-up. Apart from the purchase process itself and the legal and financial issues that are obvious, additional factors need to be considered in such transactions. 
Read full article, [here](https://digitaleweltmagazin.de/2018/12/20/unternehmenskaeufe-im-digitalen-zeitalter-wo-ueberall-fallstricke-lauern-und-unternehmerische-chancen/).

Digitale Welt

In a guest article in Digitale Welt magazine, Christian Saxenhammer examines the most important success factors for takeovers and business model strategies in a digital environment.

Corporate Acquisitions in the Digital Age

China is pursuing a clear sector-political strategy that is geared to the changing social and socio-economic factors within their home country. M&A activities of Chinese investors have increasingly focused on key sectors in which China would like to become the global technology leader in the future - e.g. renewable energies, biotechnology, medical technology, artificial intelligence, but also the fintech sector.

Read full article, [here](https://www.investmentplattformchina.de/welche-start-ups-das-interesse-chinas-auf-sich-ziehen/).

Investmentplattform China 

Guest article by Christian Saxenhammer, on the role of Chinese late-stage investors in financing German technology companies.