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German market for management buy-outs: a personal view

The German market has long been touted as being ripe for private equity investment, particularly in the famed ‘Mittelstand', a breeding ground for buy-outs. But, argues Andrew Richards, previously managing director of 3i Germany, the country is unlikely to live up to expectations. Here he presents a personal view of the prospects for the German market going forward.

The idea that the Germany buy-out market will equate to or exceed that in the UK is a fiction, he argues, although the current economic situation and the proposed tax reforms may lead to an increase in opportunities from corporate vendors.

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Copyright © 2003 Andrew Richards

Andrew Richards joined 3i in the UK in 1980, working in both Birmingham and London before transferring to Frankfurt in 1986. He was promoted to joint managing director in 1990 and was the sole managing director of 3i Germany from 1996 to 2002. Since September 2002 he has been a director of 3i Europe plc in Frankfurt. He works on a part-time basis overviewing exit strategies on a number of investments. He has recently formed his own advisory company to give general business advice.