Fox Capital Logo
DE

Corporate Finance

Company transactions with a clear structure.

We provide commercial advice and process coordination for owners, management teams and investors on disposals, succession and growth capital. Legal and tax advice is provided by appropriately authorised advisers; regulated financial services are undertaken by appropriately authorised institutions. Legal matters are assessed under the applicable jurisdiction; German rules are not treated as Swiss rules.

€ 5m+

Enterprise value

6–9 months

Typical process

8,000+

Capital Providers & Investors

100%

Confidential

Two people in suits stand in front of large windows overlooking high-rise buildings; one person gestures with a hand.
AI-generated illustration

Mandates

Where we create value

Company disposals

Structured sell-side processes with a curated buyer list, real competitive tension and a valuation that holds up under scrutiny.

Succession solutions

For owners with no family successor: MBO, MBI, foundation structures or a partial sale.

Private equity

Minority and majority stakes, including management incentive schemes and workable governance.

Buy-side advisory

Target search, approach, valuation and negotiation for strategic buyers and platform investors.

Growth & acquisition finance

Debt and mezzanine packages for acquisitions, capex programmes and buy-and-build plays.

Valuation & fairness

Independent DCF and multiple-based valuations to ground negotiations and committee decisions in fact.

In detail

What sits behind each building block

The terms sound alike; the consequences don't. Click a building block for the full picture — key facts, process and the practical questions.

M&A: sell-side is not buy-side

On the sell-side it is about competition: several serious parties in parallel, clean documents, a timetable that creates pressure without looking desperate. Buy-side is the opposite — access to targets before they reach the market, and a valuation that still holds after integration. We work both sides, never in the same deal.

  • ›A valuation range, not a wish
  • ›A short, vetted investor list
  • ›Locked box or closing accounts

Bonds and promissory notes

A Schuldschein may require less preparation and publicity than a bond. Cost, timing and investor base nevertheless depend on credit quality, structure, documentation and market conditions. Instrument selection considers volume, balance-sheet quality and future funding needs.

  • ›Assess commercial suitability against funding needs
  • ›Size the covenant set realistically
  • ›Clarify rating needs with institutions and investors

IPO: preparation decides

IPO readiness includes accounting, reporting, governance and equity story. Requirements and lead time depend on the exchange, segment and starting position. A dual track may create additional options; shared preparation must be weighed against extra effort, costs and confidentiality risks.

  • ›Readiness check
  • ›Equity story and peer group
  • ›Assess dual track case by case

Private equity: structure before price

Funds often land at similar prices. The difference is governance, management participation, reporting, and what happens after year four. Minority or majority is not a matter of taste; it follows your capital need and how much control you are willing to hand over. We also judge houses by how they behaved in bad years.

  • ›Minority, majority or MBO
  • ›Management incentive and vesting
  • ›Exit view and holding period

Acquisition finance

Senior, unitranche, mezzanine and vendor loans may be combined according to funding needs. We assess debt service in adverse scenarios. Covenant headroom is agreed with capital providers based on ratio definitions, volatility and testing dates; this does not eliminate the possibility of a breach.

  • ›Debt capacity from cash flow
  • ›Unitranche avoids intercreditor drag
  • ›Earn-out where the plan is contested

Strategy and financing advice

Sometimes the right answer is no transaction at all. A refinancing, a stretched capex plan or the sale of one activity solves the problem more often than the big move. We say so even when no mandate comes out of it — the reputation is worth more over time than a forced deal.

  • ›Valuation and business planning
  • ›Capital structure and refinancing
  • ›Restructuring before the crisis

Structure

Share deal or asset deal

The structure affects tax, liability and the buyer universe. Commercial structuring is aligned with legal and tax review by separately mandated advisers.

Share deal

Sale of company shares

Shareholders
Shares in the company
Buyer
  • The buyer acquires the shares; the company continues to run its business
  • Contracts, rights and obligations generally remain with the company
  • Change-of-control clauses to be reviewed separately

Asset deal

Transfer of business assets

Company
Defined business assets
Buyer
  • In an asset deal, individual assets, rights and, where applicable, liabilities of a company are transferred.
  • Which components form part of the transaction is determined contractually.
  • In real estate transactions, these may include in particular land, buildings and related contractual relationships.

Process

How a transaction runs

  1. Step 01

    Preparation

    We go through the figures, normalise where needed, and flag value drivers and deal breakers early rather than late.

  2. Step 02

    Documentation

    An anonymised teaser, an information memorandum, and a financial model built to survive due diligence.

  3. Step 03

    Market approach

    A quiet, parallel approach to a shortlist of strategic and financial investors.

  4. Step 04

    Indicative offers

    We compare price against structure, financing certainty and cultural fit before anyone gets shortlisted.

  5. Step 05

    Due diligence

    Data room, Q&A traffic, and keeping management's time free enough to still run the business.

  6. Step 06

    Signing & closing

    Commercial support on price mechanics and completion; legal drafting and review of SPA terms, warranties and closing conditions are undertaken by mandated legal advisers.

FAQ

The questions we hear most

Short answers from day-to-day mandates – including when a neighbouring service is the better route.

What company size do you work with?

Mid-market focus from roughly EUR 10m revenue or an equivalent funding need. Below that, a bond or structured solution is usually too expensive for the volume.

Direct link to this question
Bond, Schuldschein or bank club deal?

The choice depends on volume, credit quality, maturities, publicity and market conditions. A Schuldschein is not universally faster or cheaper. We compare options using available terms and total effort.

Direct link to this question
How long does IPO preparation take?

Lead time depends on accounting, reporting, governance, market segment and market window. There is no universal duration; the timetable is based on the specific starting position.

Direct link to this question
What does corporate finance have to do with our real estate?

Property sits on the balance sheet. Held at book value it locks up capacity; sale-and-lease-back or an asset-level facility releases capital without touching the shareholder structure.

Direct link to this question
When does this become an M&A mandate?

As soon as shares change hands – succession, private equity entry or a bolt-on. We plan the financing structure alongside it.

Direct link to this question

Documents

View documents

We provide these documents on request – send us a short message via the contact form and we will get back to you shortly.

Quick request

Send us a short message via the contact form – we will get back to you with the relevant documents.

Capital structure analysis

Request documents

No newsletter sign-up.

Related services

How this connects to our other mandates

Most questions do not stop at one discipline. These are the neighbouring areas – and why they usually come up.

Real Estate Finance

Mezzanine, senior debt, whole loans, bridge and forward funding – structured and placed through a network of more than 8,000 capital providers and investors.

  • ›Asset-level and corporate-level funding interact; we model both layers together.

Real Estate Transactions

Buying and selling assets and portfolios: off-market approach, valuation, bidding process and closing.

  • ›An asset sale can release the equity needed for the next corporate transaction.

Mergers & Acquisitions

Selling and buying companies and property holding vehicles – valuation, buyer selection, SPA and closing.

  • ›Acquisition finance determines which purchase price is actually sustainable.

Let's talk about your project.

Confidential, no obligation, and a straight answer either way – even if a transaction is not the right move right now.

Request adviceSee M&A mandates
Get in touch now