An acquisition beyond the ordinary
In 2011, investment group RHJ International (RHJI), listed on the stock exchange in Belgium, took the decision to focus on financial services as its core business. To implement this strategy, RHJI was looking to acquire a suitable bank. goetzpartners was commissioned by RHJI to search for a suitable acquisition and devise the strategy to move ahead with the acquisition.
The German BHF-Bank was identified as a suitable candidate. However, there were also concerns. An earlier proposed sale of BHF-Bank to the Liechtenstein LGT Bank, owned by the House of Liechtenstein, had been vetoed by the finance ministry and the German financial supervisory authority (BaFin).
Thanks to the good cooperation of all stakeholders and the goetzpartners Corporate Finance and Management Consulting teams, the acquisition was finally given the go-ahead for the start of 2014. This deal marked the first-ever acquisition of a medium-large German bank by a private equity consortium.
In addition, all jobs were retained. Since the acquisition, the bank has been fully integrated into the Kleinwort Benson Group, and RHJI conducts its business under the name BHF Kleinwort Benson SA. This testifies how important the acquisition of BHF-Bank was for the board of management at RHJ International.
- Financial Institutions
CHALLENGES FOR CLIENT
- Focus strategy on financial services
- Acquire a suitable bank
- Formulated a strategy
- Delivered integrated services combining Management Consulting and Corporate Finance
- Identified an appropriate candidate for acquisition and defined the business plan
- Assisted in negotiations and in drafting up the purchase contracts for the transaction
- Successful acquisition of BHF-Bank by RHJI
- All jobs retained
- Successful change of name and legal status of RHJI to BHF Kleinwort Benson SA following the integration