Selected projects

A client commissioned the acquisition of a mid-sized meat-processing business from insolvency. The mandate covered bidding and negotiations with the insolvency administrator's team, due diligence, contractual structuring, the subsequent asset deal and integration into the buyer's organisation.

We managed and coordinated all key stages of the M&A project. First, we established the commercial parameters for our client. Detailed analyses determined both going-concern and break-up values for property and tangible operating assets. We also valued the intangible assets and used the results to develop a tailored bid. On that basis we assessed capital and liquidity requirements not only for the acquisition but also for subsequent years.

After the successful bid, we negotiated the financial details of the purchase and helped shape the provisions of the notarised agreements in the buyer's interests. We also established the acquiring entity as a German GmbH & Co. KG and brought it into operation. We coordinated the relevant processes through signing and closing and supported the initial post-merger integration.

Following its acquisition by an international investor, a German group planned to sell several divisions, including its meat-processing operations. We led the buyer-side M&A process and negotiations for the acquisition of a mid-sized company with annual revenue in the hundreds of millions of euros.

Our responsibilities covered the entire buyer-side transaction process, from due diligence and assessment of the financial circumstances through completion of contractual negotiations. We considered financial, legal, tax and operational factors and identified the main opportunities and risks for our client.

The owner was represented by a broad team of advisers, lawyers and auditors. On the buyer's side, we led the negotiations, developed the financial basis for the transaction together with an auditor and negotiated the price, liability provisions and integration requirements. We brought the transaction to the point where it was ready for notarisation.

The shareholders of an established German company sought a merger, preferably with a major US partner. They needed specialist support that went beyond M&A skills to include a fundamental understanding of their business.

We analysed and valued the company and supported the search for a suitable strategic or financial investor. We reviewed materials provided by potential investors, their lawyers and auditors and conducted seller-side due diligence. During negotiations and the post-merger integration, we developed new contractual arrangements, established clear reporting lines for staff, transferred key projects to the new parent and supported the change of company name.

We localised the US acquirer's products for the German market and adapted its marketing concepts to local customer expectations. This involved more than translating promotional copy: we aligned it with German conventions, considered the applicable legal framework and exploited opportunities specific to the market. The project concluded with successful integration and realignment. The company is now the successful German subsidiary of a major American software developer.

A mid-sized manufacturer of ready meals for food retailers had entered a crisis and sought a turnaround adviser. The assignment was to analyse the problems, prepare an IDW S 6 restructuring concept and address the failed post-merger integration following acquisition by a European strategic investor.

Over several years the company had incurred growing annual losses that progressively eroded its equity. We carried out a comprehensive analysis under IDW S 6 and initiated a restructuring process whose early results already supported a positive forecast for the current year. Another central task was to develop actionable recommendations for the foreign European parent company to resolve the unsuccessful post-merger integration, a major cause of the financial difficulties. We consolidated our findings in a three-year restructuring concept and assisted the company and its auditor with the preliminary, unaudited financial statements for the preceding year.

The orderly closure of a production site required decisions amid demanding financial, legal and operational constraints. Existing customer commitments still had to be fulfilled, while economic value was to be preserved as far as possible. As part of the project leadership, Favoso played a major role in developing and implementing viable alternatives.

A project of this kind requires a combined view of the production run-down, customer deliveries, operating resources and the financial consequences of different approaches, alongside the constraints that limit what can be optimised.

Our responsibility therefore went far beyond coordinating the run-down. We evaluated alternatives for commercial viability and operational feasibility, highlighted conflicting objectives and developed solutions that could be implemented under the prevailing conditions. That also involved questioning initial approaches, rejecting unsuitable options and identifying new ones.

We combined operational project management with group-level business decisions. We supported the production run-down and operational transitions, coordinated requirements with relevant departments and group management, and kept customer commitments and the financial effects of each measure in view.

A mid-sized producer of vegan food needed to relocate production capacity at short notice because building regulations restricted continued operation at its existing site. The project had to protect delivery capability while examining microbiological and logistical requirements, planning costs and securing permits and certifications in time.

We analysed operations with particular attention to value streams and the feasibility of separating stages of production, taking microbiological and logistical requirements into account. We developed two options, both capable of being implemented quickly without interrupting deliveries. Each included cost estimates under HOAI and detailed layouts, material flows and permit and certification planning.

Once the client had selected an option, we implemented the concept, including cost planning, adaptations at the new site, procurement of construction, building-services and logistics contractors, and the planning of tests and validation. We then prepared and carried out the move, coordinating all relevant processes for efficient, structured implementation.

A major fire forced the client to stop production at its main plant. The assignment was to lease and rapidly commission a temporary site so that deliveries could continue, while planning and implementing reconstruction and managing the related production relocations.

Immediately after the fire, we took charge of finding and securing a suitable temporary site. In parallel, we served as co-project manager for reconstruction of the main plant, including construction schedules, tenders, documentation and negotiations with contractors. We managed building works, supported inspections and acceptance, and addressed delays. Finally, we oversaw the move back from the temporary facility, its return to the landlord and completion of the lease arrangements.

A contract sterilisation company needed to respond to rising demand while remaining competitive over the long term. Coordination between stakeholders was complex because priorities and requirements differed.

We analysed developments and proposed measures across the business and developed options to improve market positioning. Together with decision-makers from finance, production, marketing, sales, management and the investor, we secured an agreed course of action. The result was a doubling of production capacity through an extension built while operations continued. We selected and managed planners and contractors, ran procurement processes and negotiated with partners. Our work also covered construction supervision, cost control and final project acceptance.

The client needed to modernise and optimise its processes to remain competitive. It was considering investments in facilities, infrastructure and technology and wanted a reliable assessment of the effects on operating costs and performance indicators.

We evaluated existing ERP and production data and supplemented them with our own measurements of inventory coverage, internal logistics and energy consumption. The resulting investment plan covered both capital expenditure (Capex) and operating costs (Opex). We analysed how different investment options could affect key performance indicators, projected the scenarios over ten years and prepared construction budgets and schedules for three alternatives.

An established meat-products producer wanted to prepare for fundamental changes in its industry and remain competitive. It sought improvements in several areas, particularly portfolio profitability and the structure of its investments and partnerships.

Existing structures were poorly connected, leaving significant potential unused. Our mandate therefore included profitability analysis and bringing an existing but little-used business intelligence system into practical operation. We also analysed the company's holdings and partnerships and developed a concept for integrating its regional group business.

After failing an IFS audit, the company needed a fundamental reorganisation and a quality and process management system capable of certification. Management structures and earlier failings also needed correction to restore stable operations. An interim COO was sought for the task.

The failed IFS audit revealed serious problems, particularly in production and finance, leading to the rapid release of the previous management team. Production was substantially rebuilt at another site, together with a comprehensive preventive, risk-based food safety and quality management approach. We introduced a tailored traceability system and prepared the follow-up audit.

After successful certification at the 'Higher Level', all management responsibilities were taken on by the interim COO for eight months. Duties included negotiations with the former management over remaining shareholdings, preparing, convening and chairing shareholder meetings, correcting operational problems and preparing the annual financial statements.

A global photographic-products group and a financial investor had acquired a significant interest in an optoelectronic chip manufacturer. The company remained loss-making and required an interim CFO to initiate corrective action.

We analysed and evaluated the company. When shareholders declined to provide further capital, the interim CFO led creditor negotiations to avert insolvency, mediated between clients and original shareholders, and prepared a business plan for a potential new investor.

A representative of the group commented (abridged, translated): The interim CFO 'was selected as the most suitable from seven candidates. The supervisory board felt its choice had been fully justified. He demonstrated complete competence even in areas outside his original core responsibilities.'

A major provider of broadband and internet services planned to build a leading-edge data centre in Germany. It already operated numerous data centres and internet exchange points in the US and wanted to expand into continental Europe. It sought an experienced CEO to take overall responsibility and deliver the project within twelve months.

The successful candidate was the managing director of Favoso Consulting GmbH. Together with a highly qualified management team, he secured approximately 10,000 square metres in Frankfurt. The project involved converting an industrial site into a high-security data centre, arranging financing and tenant agreements, and providing carrier services. The facility was ready for occupancy within the same year.

An executive vice president of the client said: 'I have been working with Michael’s team for several years and I am very impressed with their management and entrepreneurial skills.' Later, the client decided to sell the data centre while retaining infrastructure operations. The interim CEO again led the project, including the concluding due diligence.