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Private Equity

Netherlands

Over the years, the importance of private equity has grown considerably. Solid legal knowledge and experience is essential on all aspects of private equity fund structuring, formation, fundraising, operation and investment activities.

CMS advises and represents private equity funds, institutional investors, corporate venturers, management teams and the companies in which they invest. Funds represented include early, middle and late stage investors, and independent, captive and semi-captive funds. We represent emerging growth companies in all aspects and phases of the corporate life cycle, from angel and start-up funding to follow-on transactions to its IPO and beyond.

We have vast experience in all services concerning private equity across a wide range of market sectors. Our transactional lawyers work together with specialists from across all our practice areas and locations. We can assist you on private equity matters concerning finance, tax, corporate and M&A, as well as employee benefits, real estate, competition, banking and IP/IT. With our colleagues in CMS we advise on private equity transactions throughout Europe and beyond.

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"They adapt to the needs of the market" and "have good knowledge of market regulations."

Chambers Europe, 2019

"Pragmatic and solution-oriented," adding that "one always feels very well advised and as a priority."

Chambers Europe, 2019

"They don't get hung up on legal technicalities; they're always alive to the real commercial issues . The international network comes in handy too."

Chambers Europe, 2018
Sep 2018
CMS European M&A Out­look
Wel­come to the sixth edi­tion of the CMS European M&A Out­look, pub­lished in as­so­ci­ation with Mer­ger­mar­ket.560340ht­tps://me­dia.cmsleg­al.com/me­dia/em­bed?key=359d53310ff19bdc048fb1438aec07d0&unique_key=40f0ab7fd6ab47cd40a6d4555ce3a7f8&width=720&height=405&auto­play=false&auto­light­soff=false&loop=false&clean1al­wayseznode://499576The op­tim­ism amongst deal­makers we re­por­ted in au­tumn last year was well-foun­ded: the mar­ket has re­mained buoy­ant but the ques­tion now is can this op­tim­ism sur­vive in the cur­rent frac­tious in­ter­na­tion­al polit­ic­al en­vir­on­ment?Our for­ward-look­ing sur­vey paints a more nu­anced pic­ture than 12 months ago. For many, the sunny up­lands of M&A activ­ity are still in sight with cash-rich do­mest­ic and in­ter­na­tion­al ac­quirers, an on­go­ing drive for con­sol­id­a­tion and an ap­pet­ite for large trans­form­a­tion­al deals driv­ing the mar­ket in the year ahead. Oth­ers, how­ever, ques­tion this op­tim­ism and those ex­pect­ing European M&A to slow and fin­an­cial con­di­tions to worsen have mul­ti­plied, re­flect­ing more mod­er­ate GDP growth but per­haps more sig­ni­fic­antly, con­cern around geo­pol­it­ic­al risk and stock mar­ket volat­il­ity.Key find­ings from our re­search in­clude:M&A con­fid­ence rising. Nearly three-quar­ters of re­spond­ents are con­sid­er­ing a deal in the next 12 months and nearly 25% ex­pect European M&A to in­crease sig­ni­fic­antly (both up from last year’s sur­vey) show­ing con­fid­ence in the mar­ket is still ro­bust.Ap­pet­ite high among over­seas buy­ers. Re­spond­ents pre­dict that over­seas buy­ers will show grow­ing in­terest in the European mar­ket with the over­whelm­ing ma­jor­ity (92%) ex­pect­ing an in­crease in the num­ber of in­bound trans­ac­tions and nearly two-thirds an­ti­cip­at­ing a fur­ther up-tick in ag­greg­ate in­bound M&A in value for the year ahead.Fin­an­cing con­di­tions re­main buoy­ant. Fin­an­cing op­tions have mul­ti­plied as bank lend­ing cred­it stand­ards and terms and con­di­tions con­tin­ue to ease. Debt cap­it­al mar­kets are more li­quid and private debt and PE funds con­tin­ue to draw in cap­it­al.Our fea­tures in this year’s re­port in­clude art­icles on “Key trends af­fect­ing the European com­pli­ance and reg­u­lat­ory en­vir­on­ment” and, of par­tic­u­lar in­terest in these cur­rent un­cer­tain times, “The rise of pro­tec­tion­ist meas­ures” with­in the EU and oth­er European jur­is­dic­tions.We hope you find the European M&A Out­look in­ter­est­ing and by all means share the re­port with your col­leagues. Our an­nu­al CMS European M&A Study will be pub­lished in spring 2019 when we will re­port back on how this buoy­ant mar­ket has im­pacted M&A trans­ac­tion terms and con­di­tions.
March 2019
CMS European M&A Study 2019
The CMS Cor­por­ate/M&A group is pleased to launch the el­ev­enth edi­tion of our European M&A Study. 560px340pxht­tps://me­dia.cmsleg­al.com/me­dia/em­bed?unique_key=bfd4ddebbe2c42442e25ca7daaa0c5d9&width=720&height=405&auto­play=false&auto­light­soff=false&loop=false&cleanal­wayseznode://556355This year’s Study re­flects data from 458 deals in 2018 on which CMS ad­vised. This is the largest num­ber of deals ever covered by the Study, now in its 11th year, which is re­flect­ive of CMS’s gain in mar­ket share and cor­res­pond­ing rise up the M&A league tables. In ana­lys­ing the 2018 mar­ket, we re­port on cur­rent mar­ket stand­ards on risk al­loc­a­tion in M&A deals, com­par­ing 2018 against 2017 and the pre­vi­ous eight-year av­er­age for 2010 – 2017.The spe­cial fea­tures of the Study are as fol­lows:CMS Trend In­dex – to il­lus­trate a cur­rent fact or trend for the par­tic­u­lar fea­ture re­por­ted on, com­par­ing the po­s­i­tion in 2018 with that of 2017 and / or the eight-year peri­od 2010 – 2017.CMS European / US risk al­loc­a­tion com­par­is­on – a head­line ana­lys­is of the dif­fer­ing risk al­loc­a­tion on stand­ard is­sues in European and US M&A.CMS European re­gion­al dif­fer­ences – we high­light cer­tain is­sues which are par­tic­u­lar to one or more of the six European re­gions covered.CMS deal size ana­lys­is – we ana­lysed our data against three dif­fer­ent deal val­ues: deals up to EUR 25m; EUR 25m to 100m and deals ex­ceed­ing EUR 100m.For the first time, the Study sought to eval­u­ate the main deal driver for each trans­ac­tion re­viewed. This is in ad­di­tion to ana­lys­is of the back­ground of the seller (mostly stra­tegic and fin­ance in­vestors but also a sub­stan­tial num­ber of in­di­vidu­als) and the buy­er (al­most ex­clus­ively stra­tegic and fin­ance in­vestors).The key find­ings of the Study in­clude:De­creased use of pur­chase price ad­just­ments (PPA) – around 44 per­cent of deals in­cluded a PPA com­pared with 48 per­cent in 2017. This rep­res­ents a not­able move­ment against the over­all trend in re­cent yearsSig­ni­fic­ant in­crease in the ap­plic­a­tion of locked box struc­tures – of the deals that did not in­volve a PPA, 59 per­cent used a locked box in 2018 which rep­res­ents a sig­ni­fic­ant in­crease over the 49 per­cent in 2017Earn-outs con­tin­ue to grow in pop­ular­ity – there was a two-per­cent­age point year on year in­crease in the use of earn-outs in 2018. A quarter of small and mid-cap deals now in­volve earn-outsA re­cord year for War­ranty & In­dem­nity (W&I) in­sur­ance –sellers are in­creas­ingly of­f­load­ing their war­ranty ex­pos­ure by pre-pack­aging a buy­er’s W&I policy. Nearly a third (30 per­cent) of deals val­ued over EUR 100m now in­volve this form of in­sur­anceWe trust that the CMS European M&A Study will as­sist you in your every­day M&A activ­it­ies.560px340pxht­tps://form.jot­form.com/90832787017968al­ways
June 2020
CMS Cor­por­ate / M&A Glob­al Bro­chure
A glob­al lead­er in Cor­por­ate / M&AWe ad­vise some of the world’s lead­ing com­pan­ies on mer­gers & ac­quis­i­tions, of­ten in chal­len­ging and cross-bor­der situ­ations. With more than 1,000 law­yers of­fer­ing best-in-class leg­al ex­pert­ise across 41 jur­is­dic­tions, we de­liv­er a seam­less cli­ent ex­per­i­ence and in­vari­ably re­ceive top rank­ings from in­dustry com­ment­at­ors in­clud­ing Bloomberg, Mer­ger­mar­ket and Thom­son Re­u­ters.

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19/03/2020
CMS European M&A Study 2020
05/09/2019
M&A pro­spects in Europe are be­com­ing more dif­fi­cult
June 2019
CMS Private Equity Glob­al Bro­chure
17/06/2019
Private Equity & Ven­ture Cap­it­al: Volat­il­ity in Valu­ations?
Pod­cast
17/05/2019
Be­ne­lux Private Equity Break­fast: Volat­il­ity in Valu­ations?
11/04/2019
Top rank­ings CMS in The Leg­al 500 EMEA 2019
March 2019
CMS European M&A Study 2019
27/03/2019
CMS European M&A Study 2019: Sellers set the agenda, des­pite mar­ket un­cer­tainty
18/01/2019
Emer­ging Europe deal value reached EUR 80.5bn in 2018
June 2018
Sun­rise’s CHF 500m Swiss Towers sale lights up M & A mar­ket
An­nu­al Re­view 2017-2018
June 2018
EUR 530m Apollo ho­tels ac­quis­i­tion marks ma­jor Event in sec­tor
An­nu­al Re­view 2017-2018
01/05/2018
CMS ad­vises Cin­ven on the ac­quis­i­tion of lead­ing European Pet Food man­u­fac­turer...