Sell-Side Success
How BCG Supports Divestitures

This brochure—one of a series of eight describing BCG’s capabilities in dealtransaction and integration—underscores the importance of a strategic
approach to divestitures.
Divesting is known and accepted at companies where M&A is a routine
business practice. They constantly examine whether their current
operations still fit their evolving strategic priorities and, if not, they prepare
those operations for sale. However, some sellers tend to rush to “do a deal”
rather than doing everything necessary to ensure that the deal maximizes
shareholder value.
This brochure describes the procedures and requirements for moving theodds in favor of a successful trade sale—a primary way of divesting. It
underscores the need for the divestiture process to be disciplined: guided
by data, rational thinking, and the perspective of seeing the deal fromthe standpoint of a prospective buyer. Two types of support services aredescribed in detail: strategic vendor assistance and vendor due diligence.

Introduction
Whether or not the economy is booming, companies that want
to realize the full value of their potential must continually review
their business portfolios.

But creating value by reshaping businessportfolios isn’t always about acquiring or merging
with other businesses—it also involves selling
operations. Companies that incorporate M&A as
a routine business practice constantly examine
whether their current operations are still a good
fit for their evolving strategic priorities. If not,they readily shed those operations. A perfectcase in point: In 2020, GE exited the business ofmaking and selling light bulbs—the activity on
which it was founded 130 years earlier.
Of course, the sale of a complete business ora business unit can be necessary for reasons
other than changes in the business model, suchas raising cash in order to pay down debts or
accommodating the requirements of government
regulators.
There are three main routes for companies
to handle the actual divestiture—trade sales,
initial public offerings (IPOs), and spin-offs. (Seethe Successful IPOs, Spin-Offs, and Dual Tracks
brochure.) Although each route has its own pace,particulars, and complexities—and every deal isunique, some factors are common to every sale.

BOSTON CONSULTING GROUP

Sellers should consider the parent company’ssituation, the attributes and prospects of theasset in question, and the current state of themarket environment. This brochure addresses
the procedures and requirements for moving theodds in favor of a successful trade sale.

TRADE
SALES
SPIN-OFFSINITIAL
PUBLIC
OFFERINGS(IPOs)

01

THE FACTORS THAT ARE COMMON TO EVERY SALE

Parentsituation

Assetattributes

Financial strength
Profitability
Parenting strategy

Core industry
InnovativenessQuality

Optimalexit route
Trade
sale

IPO

Spin-off

Marketenvironment
Volatility
Valuation levels
Cycle02 									SELL-SIDE SUCCESSWhatever the drivers for the sale, and whatever the optimal exit route,one thing holds true: If the seller is to realize full value, its divestitureprocess must always be disciplined—guided by data, rational thinking,and the perspective of seeing the deal from the other party’s standpoint.
That’s where BCG comes in.

BOSTON CONSULTING GROUP

03

How We Can Help
The truth is, many corporations still treat divestitures as
an afterthought. When they decide to sell businesses,
they focus on doing a deal, any deal, rather than finding
the deal that maximizes shareholder value. But it
doesn’t have to be that way. BCG can help.

Our capabilities cover the entire divestiturevalue chain. More often than not, we support
our clients with portfolio assessment wellbefore any divestment decision is made. We
provide end-to-end content support for clients’management teams throughout the process—from the initial strategy portfolio review
and exit decision to implementation of thedivestiture and ensuring that the final detailsof the deal are fully wrapped up. And crucially,
we work in close collaboration not only withthe client’s own team of experts but also withall other stakeholders in the selling process—particularly the investment banks, accounting
firms, and legal counsel.

We emphasize accuracy, completeness, andspeed throughout every stage of divestiture,
applying a range of digital tools and techniques
to accelerate and reinforce the effectivenessof the process. For example, we use advanced
data analytics software such as Alteryx alongwith our proprietary geoanalytics tool to size
markets, combining client and public data tocreate dynamic graphic maps that can unlock
new insights and spark fresh discussions. And, topinpoint and more fully reveal consumer attitudes
towardacompany’sbrandorproduct,weuseQuid,an artificial intelligence platform that extracts
contextual meaning from any form of written
content, as well as tools such as Brandwatch forprobing customer sentiment.

04 									SELL-SIDE SUCCESSOur offering covers key elements of the sell-side process(example: trade sale)

Key
steps

Transaction
Strategy

Preparation

Corporate/portfolio
strategy

Transaction docs: teaser, information
memorandum, management presentation

Divestiture healthcheck

Equity story

Bidder searchBusiness plan

Negotiation support(sales and purchaseagreement, transition
services agreement, etc.)

VDD/commercial
fact book

Other VDD support(legal, financial, tax, etc.)

Execution

Post-Signing
Regulatory approval support

Q&A, expert sessions,data room handling

Bidder handling and deal structure
Carve-out complexity
Carve-out blueprint
assessment

Carve-out planning and execution incl. Day 1 readinessTransaction management office

Full BCG support

Joint BCG/otheradvisor support

Typically no
BCG support

STRATEGIC FITAND FEASIBILITY:

PRE-DEALIMPROVEMENT:

OPTIMAL
TIMING:BEST OWNERS/TRANSACTION MODELS:

BCG’s experts can help
clients see the businessrationale for divesting abusiness and quickly geta sense of how feasible
a divestiture might be.
Our portfolio strategy
methodology evaluates anasset’ws strategic fit andpotential for value creation
and assesses overall
portfolio health before andafter divestiture.

Several months before
stepping on the sell-sidestage, it is time to startputting a shine on theasset. This stage is crucial:
The seller must be able
to show the impact ofpotential improvements
by the time potential
investors review thebusiness plan 6 to 12
months later. Example:
Given average transaction
valuation multiples of
8–10x EBIT, a $10 million
pre-deal improvement ofan asset’s operating profit
will net $80 million to$100 million for the seller.

BCG supports decisions
about the best timing
for the deal, taking into
account what future value
creation will look like aswell as considering theimpact of capital market
and industry cycles.

Not every potential bidder willbe the ideal owner of the asset
being prepared for sale. BCG
has wide experience not only indetermining the best fit for boththe seller and divesting asset,
but also in assessing the right
way to package and present toinvestors and gauging whichtransaction models seem best
suited to the deal at hand. BCG
can help to make the asset
attractive to both investor
classes: strategic investors andprivate equity.

BOSTON CONSULTING GROUPVALUATION/IMPACT:
Clients considering
divestitures have to know
the price ranges in which
they should sell—which
involves knowing thevalue of the asset as astand-alone business,understanding how
exactly it creates value,and predicting to what
extent the divestiture
itself will alter thevaluation.

05

Unlocking the Value:
From Transaction Strategy
to Execution of the Deal
BCG recognizes that there are many different
paths to value through divesting—and manydifferent types of buyers and sellers. So, we tailor
our services to every client situation in two ways:
strategic vendor assistance and vendor due
diligence. Each is applicable to different scenarios.
Let’s look at them in turn:

Strategic vendor assistanceThis “full service” offering includes everythingfrom carve-out support and joint developmentof the business plan to creation of the equity
story and marketing materials, deal execution
support, and process management officesupport. Comprehensive vendor assistanceis ideal for complex exits where the seller islooking for high transaction security, even if
the auction field is diverse and strategic andfinancial suitors are among the bidders. Hereis a closer look at the key components of theoffering:

CARVE-OUT
A carve-out is often necessary because not allfunctions that are required in a stand-alone
entity are available within the asset to be
sold. (See the Successful Business Separations
brochure.) Good preparation lays the foundation
for a successful business divestiture andeffective post-merger integration (PMI). Three
key areas must be considered: ensuring that the
separated entity has the resources needed tostand alone; understanding business relations
with the former parent, such as redesigning
the contractual relations of the separated unit;
and addressing legal concerns, such as pension
commitments and tax issues.

06 									SELL-SIDE SUCCESSBUSINESS PLAN
A sound business plan is the backbone of a
successful divestiture. It triggers investors’interest, shows future potential, helps build
trust, and helps forestall undervaluation. The
plan must be consistent on every level—fromregional to global—and across all budgets andstrategic plans. It must be validated, investorproof, and bottom-up; proactively factor in theupsides for the potential new owner; and alignthe market environment positioning with theasset’s strategy and with management’s insights
into their products and markets.
Working jointly with the client, BCG helps
develop a business plan on-site through our
network of industry experts and 360-degree
market interviews, and by drawing on business
operations insights and taking into accountinvestors’ perspectives. The emphasis on a soundbusiness plan is all the more important because
many to-be-divested assets are previously
neglected “corporate orphans” that have notbeen invested in recently. As such, they might
not have had the means or the management
attention to make the most of their potential for
creating value. BCG can help reveal the hidden
potential in those assets, anticipating what a
private equity firm or other buyer would do to
optimize the asset’s value.

BCG ADDS VALUE TO THE BUSINESS PLAN IN THESE WAYS:
Decomposing the existing management plan: We bring an unbiased outside-in view and break down theexisting management plan into its key assumptions, revealing potential concerns through the eyes of an outside
investor.
Readying the management team for its roles in the sales process: This includes helping them rehearse forthe required presentations.
Uncovering hidden value reserves: Working jointly with the client, we conduct workshops to uncover previously
neglected top-line potential and operating improvements that could be realized with a new shareholder.
Increasing investor confidence: We translate the asset’s strategic position, product portfolio, and regional
growth ambitions into a quantitative bottom-up business plan that is fully aligned with developments in themarket. Operational improvements and market-entry strategies included in the business plan come with a stepby-step implementation roadmap and a sound proof-of-concept.
Laying the groundwork for a sound equity story: We ensure that both the parent’s executives and the asset’s
management team feel comfortable with the final business plan and that operating developments for each productline and region are what ultimately drive the financial outlook.

BOSTON CONSULTING GROUP

07

Real Deals, Real Results:
Transformation on the Path
to Divestment

BCG helped turn around Homebase and developed
a business plan that properly reflected the UK retailhardware chain’s long-term potential and supported its
sale.

Australian conglomerate Wesfarmers purchased
Homebase, a UK retail hardware chain, in early2016. The aspiration was to replicate the successof the Bunnings DIY store concept in Australia
within the UK market.
The new owner swiftly changed the local
management team and started to act on its goalby dropping prices, removing differentiating
elements of the Homebase range, and halting
the e-commerce operations. Those moves had
a major impact on trading, with sales decliningby more than 20% and the business losing morethan $125 million in the last six months of 2017.

voluntary arrangement with business creditors(pursuant to UK insolvency law), as well as asignificant reduction in central costs.
In mid 2018, with the transformation efforts
well under way and the potential for Homebase
established, Wesfarmers struck a deal to sell
the business. Hilco Capital agreed to purchase
Homebase for one pound sterling. Despite
Wesfarmers’ major losses on its investment, thesale was well received by the markets, as theAustralian conglomerate was able to avoid morethan $1.3 billion in liabilities.

BCG was hired to turn around the business anddevelop a business plan that would reflect the
UK company’s long-term potential and support asales process. BCG helped to enable a complete
rethink on pricing, a dramatic reduction instock, reductions in rents, a restructuring of
the hardware chain’s footprint using a company

Homebase returned to profit earlier thanplanned, posting more than $4 million in EBITDA
in 2019 following losses of close to $145 million
in 2018, for an increase of more than 10% in
EBITDA margin. Like-for-like store sales were up
2.6% in the year, as customers responded well to
new product ranges and improvements to bothin-store and online shopping experiences.

08 							SELL-SIDE SUCCESSEQUITY STORY AND
MARKETING MATERIALS

Challenges in writing equity stories

Creating maximum value for shareholders requires demonstrating maximum value for potential buyers. By creating a detailed equity
story, the seller helps potential buyers movebeyond the historic financials to understandthe true potential of the business. Writing thatstory is not as simple as jotting down a few promotional notes, however. It requires the ability
to describe the asset’s value, combining proof
points based on hard data together with robust
examples to ensure the credibility of the story.
BCG helps sellers craft convincing equity stories that reflect the realities of the market, thecompany’s situation, and investors’ preferences, centered around the jointly developed business plan. We help prepare the teaser, information memorandum, management presentation,and potential roadshows, all based on a compelling, overarching equity story.

Clarified investor needs: Definetarget investor base and respective
preferences and requirements
High level of comparability: As
most competitor information is in
public domainIt’s hard to stand out: Since
everybody in the market is leading,agile, lean, unique, and digital
Strategic target picture: Often
not crystal clear or capital market
compatible
Key investor concerns: Equity
story ideally includes “we heard you”
messages
Requirement to help analysts
model the firm: Without disclosing
the actual business plan

SUPPORTING MANAGEMENT THROUGH THE WHOLE PROCESS
Companies start their divestments with good intentions, but often underestimate the amount of effort andresources needed throughout the process. Many times, management’s attention is diverted to completingthe deal—at the expense of running the business. One way to avoid that is to set up a dedicated transaction
management office (TMO) that acts as a central coordination function for the deal.

BCG HELPS MANAGEMENT TEAMS IN THESE WAYS:• Enabling management to concentrate on running the business day-to-day rather than focusing on the deal.
• Providing hands-on support to the client during an intense sale process.
• Assisting with content development in the data room and during the Q&A process.
• Facilitating timely communication among all relevant parties in the company without disturbing day-to-day
operations.
• Helping to set up and run a TMO by sharing our extensive experience in a variety of client engagements,
including M&A.

BOSTON CONSULTING GROUP

09

BCG ADDS VALUE TO THE STORY IN THESE WAYS:
Working jointly with the asset’s management team. By the time we draft the marketing materials, we alreadyknow the asset inside out because we have developed the business plan in collaboration with the management
team.
Bringing extensive experience with financial and strategic buyers. Our longtime experience on both sidesof M&A deals means that we are intimately familiar with the approaches and work styles of many types of buyers
and with their investment criteria.
Knowing what works and what doesn’t. Again, our decades-long track record with M&A ensures that weunderstand the success factors and pitfalls typical of divestitures.
Striking the right balance of perspectives. We translate management’s often operational view of its products
and growth ambitions into the quantitative financial impact that investors are seeking for.

10 									SELL-SIDE SUCCESSDEAL EXECUTION SUPPORTBCG prevents last-minute discounts and bidder
withdrawals in the late stages of the deal. Ourdeliverables include support for the seller’snegotiation strategy as well as preparationof key documents and supporting materials
for expert sessions and the Q&A process. We
also enable our clients to stand strong during
the final deal term and price negotiations,providing supporting arguments and assessing
bidders’ synergy cases and their respective
price potential.

Vendor due diligenceFor clients whose deal involves the sale of asingle asset with a straightforward equity story,
BCG offers what we refer to as vendor due
diligence (VDD).
The starting point for VDD is to determinethat the business plan is robust. BCG helps topressure-test that plan by taking on the roleof an external challenger—looking at the plan
through the eyes of an investor. We decompose
the plan into its key assumptions and quickly
present areas that a buyer will find attractive.
However, we also expose areas of potential
concern: growth ambitions that are notbacked by underlying market fundamentals,
for example, or hidden pockets of potential
growth—possibilities that hitherto have been
neglected in the business plan.
The primary outcome of the VDD report is avalidated outside-in management plan thatconsiders market attractiveness, the asset’s
competitive position and prospects for future
growth, as well as the potential risks andconcerns. The VDD boosts buyers’ confidence
and provides the prospective purchaser withan independent opinion on the asset and thedivestiture overall. It quickly provides a senseof the strategic fit and the asset’s upside,
beyond just “business as usual.” In addition,buyers receive a clear conceptual framework
for consideration of the business, quantitative
answers to “what if” questions, and a story
based on facts.

BCG ADDS VALUE TO DEAL EXECUTION IN THESE WAYS:
Coaching management to present clearly and confidently. Our communications experts help executives
rehearse for every situation in which they will have to present their messages.
Participating in expert sessions on market developments. We are a knowledgeable voice in the room when
the discussion is about market trends and the asset’s consequent strategic positioning.
Leveraging potential buyers’ bids. We develop bidders’ upside cases and enable clients to anticipate bidderspecific synergies that help them negotiate the highest price.
Providing the appropriate economic arguments. BCG’s understanding of markets and economies supports
our clients’ positions.

BOSTON CONSULTING GROUP

11

Real Deals, Real Results:
Delivering Clarity andHighlighting the Potential
Through a VDD Process
For a pharma player, BCG helped to develop a vendor
due diligence report that met its objective of rapidly
educating bidders on the business outlook and themarket’s dynamics.
BCG was hired to support the development of avendor due diligence (VDD) report for a global
pharmaceutical ingredients business. The
seven-week project analyzed market size andgrowth, the company’s competitive position,and the drivers of its historical financial
performance, broken down by geography andproduct group.
The report drew upon both internal and externalsources, including interviews with industry
experts and the client’s customers, to develop
an independent perspective on the businessand the achievability of the management plan.
This viewpoint was needed to pre-empt likely
bidder questions and to flag inconsistencies
between internal preconceptions and theexternal narrative so that there would be no
surprises during the sale process.
The VDD report was well received, meeting
its objective of rapidly educating bidders on
the business outlook and the dynamics ofthe market. It not only enabled them to gain
confidence about the price they would be
willing to pay, but also helped them to focus on
the factors most likely to drive value.

BCG ADDS VALUE TO VENDOR DUE DILIGENCE IN THESE WAYS:
Providing comfort to prospective buyers. The VDD report provides a 360-degree validation of the management
plan, as well as guidelines for how to steer the purchase of the asset.
Seeing things from the future buyer’s perspective. Our proven approach, tested in numerous buy-side
assignments, clearly reveals how upcoming buyers will look at the asset.
Giving the seller a head start. The final VDD report will serve as the basis for all transaction documents, suchas the teaser, information memorandum, and management presentation.
Accelerating and augmenting VDD activities. We apply a range of proprietary and third-party digital tools andtechniques to streamline market sizing and analysis.

12 							SELL-SIDE SUCCESSVDD HELPED REXAM MAKE A STRONG
CASE FOR SALE
When the board of Rexam opted to focus on thecompany’s core business of producing beveragecans, it became clear that the multinational
packaging maker had to find other owners for its
health care and personal care businesses.
Step one was to create buyer confidence with asolid business plan. Rexam already had a wellbuilt plan in place but needed to ensure it was
robust enough to generate trust. BCG was hired
to provide that certainty, linking a robust financial
model with detailed operational measures and acompelling story of regional growth.
Specifically, the BCG team pressure-tested theplan, using our buy-side experience and industry
insights to assess the plan through the eyes ofan investor. We not only provided market andstrategic reviews of the health care business’s
growth ambitions, but also initiated progress
reports to enable potential buyers to plot theirnext moves.

BOSTON CONSULTING GROUPBCG M&A ADVISORY SERVICES
Don’t think of dealmaking support as either/or—
either advice from your investment bankers orfrom M&A consultancies. Each has a crucial roleto play in adding value to your divestiture deal.
BCG’s M&A advisory service complements what
the banks have to offer. Our on-the-ground teamensures more effective fulfillment, provides
the right levels of advice on industry specifics,
gives realistic perspectives on deal synergies,
and helps with well-paced phasing of the deal
process itself.
We have a long track record of highly successful
collaborations with investment banks andfinancial advisors in both corporate and private
equity transactions. In fact, it’s not uncommon
for investment banks to recommend to theirdivesting clients that we support them with deal
execution. The savviest dealmaking companies
appreciate having a good balance of strategic
and financial advisors on their teams.

13

BCG + INVESTMENT BANK = VALUE
We are experienced in closely collaborating andteaming with investment banks and financial
advisors in M&A...

BCG
Businessplan phase• In-depth assessment ofmarket• Development of equity story• Bottom-up business plan

Investment Bank
• Market sounding• Initial approach of
potential buyers

Preparationand indicative
bid phase• Management presentation
preparation• Vendor due diligence• Support/check information
memorandum• Teaser and information
memorandum
preparation anddistribution• Data room setup

Due diligencephase• Management presentation
support• Expert sessions with bidders• Support Q&A on the ground• Data room handling and
Q&A forwarding• Coordination of buy-side
advisors

Confirmatory
due diligence...
until closing!

• Q&A process• Approval process• Red data room handling• Q&A forwarding• Negotiation advisory14 							Teaming experience
Our M&A advisory
service iscomplementary toinvestment Banks• We team with the asset
and its management—on the ground 24/7
• We provide deep
content expertise toinvestment banks’core communication
products (teaser,
information
memorandum)• We advise on industry
logic and realisticsynergy case
• Our work on equity
story and businessplan supports astrong showing ofmanagement duringexpert sessions
and management
presentations

SELL-SIDE SUCCESSSeven Principlesof Great Divesting

01

02

03

Tamp down the emotion—
decide objectively and inline with your strategy, andbase divesting decisions on athorough portfolio review

Know the value of thebusiness for sale—both for
you as well as buyers

Time the deal right—figureout what drives the industry
cycle and be prepared tobenefit from the right timing
for the deal

04

05

06

Work with a strong poolof potential buyers—ensurethat all of those on the list
are serious and credible, andhave the right motives foracquiring your asset

Tell a clear and compellingbusiness story—ensure thatthe narrative of the deal
makes it comprehensible toall types of potential buyers
and that the potential forvalue creation comes throughloud and clear

Set up a command center—run divestitures professionallyand systematically07
Communic ate clearly,
promptly, and frequently—
inform your shareholders
and employees early on andkeep them updated; don’t let
market speculation drive thestory or uncertainty cause
workforce unrest

BOSTON CONSULTING GROUP

15

Deals That We’ve
Helped Happen
2021
2021

2021

Selling their metalbusiness to

2021

2021

Selling their footcare
brand Dr. Scholl to

Selling their power
minerals subsidiary toStrategic advisor
to the seller

Strategic advisor
on IPO

Strategic advisor
to the seller

Strategic advisor
to the seller

$3.5B

$250M

Value not disclosed

Value not disclosed

2020

2020

2020

2020

Selling their airline
catering subsidiary to

Selling their building
material subsidiary to2020selling their elevatorbusiness toStrategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller€17.2B

Value not disclosed

Value not disclosed

Value not disclosed

2020

sold by Warburg
Pincus tot

Strategic advisor
to the seller$2.2B

16 									SELL-SIDE SUCCESS

2019
2019

2019

selling AGFA HealthCare to

2019

2019

selling 51% of their business toselling their European
onshore service business toStrategic advisor
to the seller

Support forcapital increase

Strategic advisor
to the seller

Strategic advisor
to the seller$1.07B€3.6B$1.45B

€200M

2019

2019

2019

2019

selling their foot care brand to

selling their animal
health business toselling their sun screen brand toStrategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

$585M

$7.6B

$550M

Value not disclosed

2019

2019

2019

Selling their 50% stake in
DFE Pharma todivesting their drinks andhospitality business

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Value not disclosed

NZ$633M

AUS$10B

BOSTON CONSULTING GROUP

17

2018
2018

2018

2018

sold a minority stake in its
solar energy subsidiaryselling their Consumer
Health (OTC) business toStrategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

$174M

€3.4B

€1.9B

€4.6B

2018

2018

2018

selling their European generics
business Zentiva to

2018

divesting their drinks business todivesting their heat pumpbusiness (Thermia) to

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Value not disclosed

Value not disclosed$3.15B

2017

2017

2017
2017

2017

selling its S&IP business todivesting theiroil & gas business

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller

Strategic advisor
to the seller€8.0B€21.8B

$710M

$7.5B

2017

Sale of restaurants
in the Nordics

Strategic advisor
to the seller

Value not disclosed

18 									SELL-SIDE SUCCESSBOSTON CONSULTING GROUP

19

Meet Our Team
BCG’s experts represent a rich and diverse group whose
experience comes from solving the key issues faced bycompanies around the world. For every focus area, we also have
local experts who provide pivotal insights into the dynamics ofindividual markets.

Dr. Jens KengelbachManaging Director and Senior Partner
Dr. Jens Kengelbach is a Managing Director and Senior Partner based in BCG’s Munich
office. He is the Global Head of M&A and the Leader of the BCG Transaction Center.

Daniel Friedman
Managing Director and Senior Partner
Daniel Friedman is a Managing Director and Senior Partner based in BCG’s Los Angeles
office. He is the Los Angeles Office Leader and the Leader of the Transaction andIntegration Excellence business in North America.

Jeff Gell
Managing Director and Senior Partner
Jeff Gell is a Managing Director and Senior Partner based in BCG’s Chicago office. He
is a core member of BCG’s Consumer, Operations, and Corporate Finance and Strategy
practices and leads the Transaction and Integration Excellence business globally.

Georg Keienburg
Managing Director and Partner
Georg Keienburg is a Managing Director and Partner based in BCG’s Cologne office. He
is a core member of the Corporate Finance & Strategy practice, working primarily for
Health Care and Industrial Goods clients.

20 									SELL-SIDE SUCCESSBCG’s Transaction and Integration Practice Encompasses:

More than 150 partners and 700
trained professionals across allseniorities, each with significant
experience in corporate development
and corporate finance.

Teams that always combine
the specialist’s expertise with
our proven industry expertise,bringing strategic know-how to allindustries and geographies.

A “solution first” mindset tohelp constructively manage thedealmaking process at the strategic“macro” level as well as at the levelsof detail required.

A collaborative approach frombeginning to end, continuallyworking with the client’s own
experts and management teams
and with key stakeholders such as
i-banks and outside legal counsel.

Philipp Jostarndt
Managing Director and Partner
Philipp Jostarndt is a Managing Director and Partner based in BCG’s Munich office. He isa core member of the worldwide Industrial Goods and Corporate Development practices
and a core member of the Metals and Mining sector.

Ketil Gjerstad
Managing Director and Senior Partner
Ketil Gjerstad is a Managing Director and Senior Partner based in BCG’s Oslo office.
He is the Regional Leader of BCG’s Corporate Finance & Strategy practice in Central
and Eastern Europe and Middle East. Ketil is also a core group member of the BCG
Transaction Center.

Tobias Söllner
Associate Director
Tobias Söllner is an Associate Director based in BCG’s Munich office. He is part of the
Corporate Finance Task Force within Corporate Finance & Strategy in BCG’s Transaction
Center.

BOSTON CONSULTING GROUP

21

Chris Barrett
Managing Director and Partner
Chris Barrett is a Managing Director and Partner based in BCG’s Dallas offices. He joined
BCG in 2001 and he has worked on Post-Merger Integrations across many industries,
geographies, and topics. Chris has also worked in our Los Angeles and Amsterdam offices.

Teemu Ruska
Managing Director and Senior Partner
Teemu Ruska is a Managing Director and Senior Partner based in BCG’s Helsinki office.
He is the Regional Leader of our Transaction and Integration Excellence business inCentral and Northern Europe and Middle East.

Jesper Nielsen
Managing Director and Senior Partner
Jesper Nielsen is a Managing Director and Senior Partner based in BCG’s London office.
He is currently the Regional Leader of our Transaction and Integration Excellencebusiness in Western Europe and South Africa.

22 									SELL-SIDE SUCCESSRead All About It
Our clients operate in nearly every industry and region aroundthe world, and they come to us for fresh approaches to theissues that matter most to them. Through a rigorous analysis
of each client’s individual situation, we develop customized
solutions that meet the organization’s specific needs. The caseexamples here illustrate how we help clients sharpen theircapabilities, create value, and deliver sustainable advantage.

Transaction and Integration
Excellence Product Series

The Clean Team Advantage

Successful Due Diligence

How BCG Enhances M&A Success

How BCG Supports Strategic Due Diligence

The Clean Team
Advantage
How BCG Enhances
M&A Success

Successful Due Diligence
How BCG Supports Strategic
Due Diligence

Successful Business Separations

Successful Target Search

How BCG Supports Carve-Outs

How BCG Helps Find Strong M&A Candidates

Successful BusinessSeparations
How BCG Supports
Carve-Outs
BOSTON CONSULTING GROUP

Successful Target Search
How BCG Helps Find Strong
M&A Candidates

23

Successful Merger Integration
How BCG Helps Maximize the Value from a Deal

Successful Merger
Integration
How BCG Helps
Maximize the Valuefrom a Deal

Successful
and Dual Tracks

Successful IPOs,
Spin-Offs, andDual Tracks
How BCG Supports
Effective Transactions

Successful Merger Clearance
How BCG Helps Clear the Path for Acquisitions

Successful Merger
Clearance
How BCG Helps Clear
the Path for Acquisitions

The 2020 M&A Report
Alternative Deals
Gain Traction

24 									SELL-SIDE SUCCESSBCG’s Transaction Center is the hub of the firm’s global M&A expertiseand provides businesses with end-to-end transaction support, including
strategic decision-making in mergers and acquisitions, preparing
and executing divestitures, and supporting IPOs and spin-offs. The
Transaction Center combines BCG’s deep sector expertise with ourcomprehensive knowledge of, and experience in, all aspects of M&A
across all sectors and industries. These services complement theprocess-focused offerings of investment banks. With more than 300
professionals worldwide, we concentrate on the commercial drivers of
the business plan and equity story. We help both corporate and private
equity clients execute deals efficiently and, more importantly, maximize
value.

Contact:
Dr. Jens Kengelbach
Global Head of M&A
Managing Director and Senior Partner, Munich
Tel. +49 89 2317 4312
kengelbach.jens@bcg.com
https://connect.bcg.com/transactioncenter

BOSTON CONSULTING GROUP

25

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture
their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients withtotal transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and drivingbottom-line impact. To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deepindustry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge
management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in auniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow ourclients to thrive.
© 2021 Boston Consulting Group. All rights reserved. 09/21
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