The document discusses mergers and acquisitions (M&A) trends in the global consulting industry in 2016, with a focus on Germany. Some key points: - Europe had the highest M&A deal value in 2016 at $11.9 billion, followed by North America at $5.92 billion. - Germany has the highest number of M&A deals in the consulting industry in Europe behind the UK and France. - The top three sectors by M&A deal count are management consulting, human resources consulting, and technology consulting. - Major transactions in 2016 include Turner & Townsend acquiring Suiko and LUXOFT acquiring INSYS Group.

1. Part 2: The worldwide consulting industry
Analysis 2016 – focus market and trends in Germany

2. Global M&A trends 2016
B.
2

3. Regional breakdown of transactions in the consulting industry 2016
3
North
America
$5.92bn
87 deals
22.3%
Rest of
the
World
$3.9bn
33 deals
14.6%
Europe
$11.9bn
116 deals
44.8%
Asia
$4.9bn
61 deals
18.4%
Sources:

4. Europe
Global M&A activities
Worldwide
Germany
4
 Second place in terms of the number of mergers and acquisitions between
2010 and 2014
 Almost half of the deals taking place in Europe are closed in the UK, followed
by France and Germany
 Compared to the time between 2006 and 2009, the number of mergers and
acquisitions in the consulting industry has been on decline
 Record years for transactions in the consulting industry are still 2007 and
2008 with more than 1,000 transactions recorded
 As there are some major legal changes in Germany, many experts expect the
amount of transactions to grow, to adopt to the changing business
environment
 Slight growth in amount of M&A deals closed between 2010 and 2014
 The North American region takes over the lead in number of deals closed,
increasing to more than 1,000 deals in 2014
 Followed by Europe, with 781 deals, and the Asia-Pacific region with 302
deals in 2014
 Africa and Middle East, as well as South America has rather low mergers and
acquisitions activity in the consulting industry, with a combined sum of only
390 deals
 Behind France and the UK, Germany has the highest amount of M&A
transactions in the consulting industry in Europe
 Trend towards to the acquisition of specialized consultancy boutiques meet
the changing customer requirements
 The number of M&A activities will further grow, as traditional consultancies
are forced to adopt their business models towards the changing
environments
 Especially traditional Audit firms will be active acquiring specialized
consultancy firms to stay competitive in the future
Sources: Mergermarket, Statista,
0
500
1000
1500
2000
2500
2010 2011 2012 2013 2014
Global no. of acquisitions in the consulting industry by region
Europe North America Asia-Pacific Africa & Middle East South America

5. 5
Top 10 global transactions 2016 in terms of deal value
Rank Date Sector Target
Target
country
Bidder Bidder country
Deal value
in EUR m.
1 06/2016
Human resource
consulting
T-groep NV Belgium Gilde Buy Out Partners BV Netherlands 150.0
2 09/2016 Strategic consulting Kurt Salmon US Inc. USA Accenture Plc. Ireland 147.1
3 03/2016
Human resource
consulting
Penna Consulting Plc. UK Adecco SA Switzerland 116.9
4 02/2016 Financial advisory
Alpha Financial Markets Consulting
Ltd.
UK Dunedin Capital Partners Ltd. UK 104.8
5 05/2016 Operations consulting Repucom International Pty Ltd USA Nielsen Holdings N.V. USA 86.6
6 11/2016 Operations consulting Creston Plc. UK DBAY Advisors Ltd. UK 59.9
7 12/2015 Operations consulting Opia Ltd. UK Village Roadshow Ltd. Australia 33.0
8 03/2015
Human resource
consulting
Pwc Apriori Servicos Contabeis
LTDA.
Brasil TMF Group B.V. Netherlands 19.0
9 09/2016 Technology consulting Payment Software Company Inc. USA NCC Group Plc UK 16.7
10 05/2016 Operations consulting
ENVY Energy and Environmental
Investments Inc.
Turkey Assystem SA France 14.2
Source: Mergermarket;

6. Deal activity per sector in the last 10 years Management Consulting
Human Resource Consulting Technology Consulting
Transaction sector breakdown
Sources: Mergermarket
235
258
241
143
160
181
227
190
220
0
50
100
150
200
250
300
2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of M&A Deals in HR Consulting
632
707
635
497
638 646
613 591
680
0
100
200
300
400
500
600
700
800
2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of M&A Deals in Technology Consulting
334
438
421
336
436 442 449
411
434
0
50
100
150
200
250
300
350
400
450
500
2006 2007 2008 2009 2010 2011 2012 2013 2014
Number of M&A Deals in Management Consulting
20%
12%
28%
28%
12%Technology Consulting
Marketing Consulting
Management
Consulting
Engineering
Consulting
HR Consulting
6

7. 7
Recent selected transactions: Operations consulting (1/2)
Date Target Target country Bidder Bidder country
Deal value
in EUR m.
11/2016 Creston Plc. UK DBAY Advisors Ltd. UK 59.9
11/2016 Veryday AB Sweden McKinsey & Co USA n/a
11/2016 Ecofys International BV Netherlands Navigant Consulting Inc. USA n/a
10/2016 Red24 Plc. UK iJET International Inc. USA 11.3
10/2016 AF Reinertsen AS Norway AF Group Sweden n/a
10/2016 Roos + Bijl BV Netherlands SGS SA Switzerland n/a
09/2016 Compact Media Group Ltd. UK Ole Media Management L.P. Canada n/a
09/2016 Creative Environment Solutions Corp. USA The British Standard Institution UK n/a
09/2016 Inverto AG Germany The Boston Consulting Group Inc. USA n/a
07/2016 Wise Group Finland Oy Finland Intera Partners Oy Finland n/a
06/2016 Synapse product Development USA Cambridge Consultants Ltd. UK n/a
05/2016 ENVY Energy and Environmental Investments Inc. Turkey Assystem SA France 14.2
05/2016 Repucom International Pty Ltd USA Nielsen Holdings N.V. USA 86.6
04/2016 Lexsi SA France Orange Business Services France n/a
04/2016 Aon Fire Protection Engineering Corp. USA JENSEN HUGHES Inc. USA 13.9
03/2016 Burgeap SA France CE Ginger CEBTP France n/a
01/2016 Koomen Installatie Netherlands Management Vehicle Netherlands n/a
01/2016 East Kilbride Engineering Services Ltd. UK Belcan Corp. USA n/a
01/2016 Signet Planning Ltd. UK WYG Environment Planning Transport Ltd. UK 5.1
Source: Mergermarket;

8. 8
Recent selected transactions: Operations consulting (2/2)
Date Target Target country Bidder Bidder country
Deal value
in EUR m.
12/2015 Groupe IRH Environnement France Antea Group France France n/a
12/2015 Opia Ltd. UK Village Roadshow Ltd. Australia 33.0
12/2015 JMP Consultants Ltd. UK Systra Ltd. France 11.0
12/2015 Cuerden Consulting Ltd. UK Edif Group Management Ltd. UK n/a
10/2015 Bluestone Consulting France Ernst & Young (France) France n/a
07/2015 EnergyQuote JHA UK Accenture Plc. Ireland n/a
06/2015 akzio! GmbH Germany Lagardere Sports & Entertainment Group France n/a
05/2015 KPMG Nunwood Ltd. UK KPMG LLP UK n/a
01/2015
Shandong Chengxin Engineering Consulting &
Supervision Co., Ltd.
China Bureau Veritas SA France n/a
04/2015 Beacon Partners Inc. USA KPMG LLP UK n/a
11/2016 OPP Ltd. UK CPP Inc. USA n/a
11/2016 AdviserPlus Business Solutions Ltd. UK Limerston Capital LLP UK n/a
08/2016 Cammack Health LLC USA Aon Plc. UK n/a
06/2016 T-groep NV Belgium Gilde Buy Out Partners BV Netherlands 150.0
03/2016 Penna Consulting Plc. UK Adecco SA Switzerland 116.9
03/2015 Pwc Apriori Servicos Contabeis LTDA. Brasil TMF Group B.V. Netherlands 19.0
Source: Mergermarket;

9. 9
Bath-based Suiko is a pioneer in lean management and has helped global
retail, manufacturing and construction companies to cut waste and boost
efficiency. Turner & Townsend said the acquisition will broaden its
programme management expertise, and help its clients to embed lean
thinking in both the delivery of their capital projects and their ongoing
operations.
The integration of Suiko’s cross-industry experts into Turner & Townsend
will create a “unique proposition” and allow clients embarking on capital
programmes to incorporate tried and tested lean techniques right from
the start.
“The acquisition of Suiko is a step-change for both Turner & Townsend
and the construction industry. The integration of lean expertise into our
business strengthens and differentiates our offering, and will also drive
progress in how capital programmes are delivered…”
Vincent Clancy, CEO - Turner & Townsend
“We’re hugely looking forward to becoming part of Turner & Townsend
and building on our combined strengths to deliver better outcomes for
more clients across more sectors.”
Andy Marsh, Managing Director, Suiko
06/2016 - Turner & Townsend announces acquisition of Suiko Transaction reasoning
Management comments
Deal Snapshot: Turner & Townsend to announce the acquisition of Suiko
acquires
For an undisclosed
consideration
Source: Mergermarket; turner townsende webpage,

10. 10
Recent selected transactions: Financial advisory
Date Target Target country Bidder Bidder country
Deal value
in EUR m.
11/2016 CLB Coopers UK Baldwins Accountants UK n/a
11/2016 Allenbridge Holdings Ltd. UK MJ Hudson Ltd. UK n/a
09/2016 Noorderstaete rentmeesters B.V. Netherlands Noorderstaete rentmeesters B.V. Netherlands n/a
08/2016 Tressis Sociedad de Valores S.A. Spain Haitong Capital Investment Co. Ltd. China n/a
06/2016 Montage Services, Inc. USA Radius USA n/a
05/2016 Affinity Financial Awareness Ltd. UK Wealth At Work Ltd. UK n/a
05/2016 Hatstand Ltd. UK Synechron Inc. USA n/a
05/2016 Kensington Liberec a.s. Czech Republic Cantala Estates sro Czech Republic n/a
05/2016 Bfinance UK Ltd. UK Baird Capital Partners USA n/a
05/2016 ARRYVE LLC USA Grant Thornton UK n/a
03/2016 Themis Advisory Turkey Abraaj Capital Holdings Ltd. UAE n/a
02/2016 Alpha Financial Markets Consulting Ltd. UK Dunedin Capital Partners Ltd. UK 104.8
01/2016 ZhongShen ZhongHuan China Mazars France n/a
12/2015 Entertainment Insurance Partners Ltd UK Integro Ltd. USA n/a
Source: Mergermarket;

11. 11
Recent selected transactions: Technology consulting
Date Target Target country Bidder Bidder country
Deal value
in EUR m.
03/2017 derivIT Solutions Singapore Luxoft Holding Switzerland 17.0
02/2017 SinnerSchrader AG Germany Accenture Ireland 50.0
02/2017 TCube Solutions Inc. USA Capgemini France 24.0
02/2017 Ciber AG Germany Allgeier SE Germany 8.0
01/2017 Altitude Inc. USA Accenture Ireland n/a
01/2017 unitB Technology GmbH Germany USU Software Germany 5.0
01/2017 Engage ESM Limited UK Atos SE France n/a
11/2016 AT Consulting Russia Prometheus Capital Partners Russia n/a
11/2016 Consultys Group France Vulcain Ingenierie France n/a
10/2016 Alyotech S.A.S. France Eurogiciel S.A.S. France n/a
09/2016 Payment Software Company Inc. USA NCC Group Plc UK 16.7
08/2016 CIBER Norway Norway ManpowerGroup Inc. USA n/a
08/2016 erlkoenig GmbH Germany AKKA Technologies SA France n/a
08/2016 Desco Ltd. UK Pell Frischmann Ltd. UK n/a
07/2016 INSYS Group, Inc. USA Luxoft Holding Inc. Switzerland n/a
06/2016 Adetel Group France Centum Electronics Ltd. India n/a
11/2015 Kurt Salmon Associates Inc USA Solucom SA France 84.0
09/2015 PA Consulting Group Ltd. UK Carlyle Europe Partners IV, L.P. USA 456.0
04/2015 Trissential LLC USA SQS Software Quality Systems AG Germany 16.0
Source: Mergermarket;

12. 12
INSYS Group is a business and IT consulting firm that delivers business
outcomes with speed and confidence. INSYS Group has the capabilities
and experience to deliver the solutions enterprises need to sustain
competitive pressure. With deep industry knowledge, meaningful insights
and the broadest range of expertise, Fortune 500 companies trust INSYS
to help them bridge the gap between the data they have and the
knowledge they need.
The acquisition will enable Luxoft to diversify its client base and reduce
current client and geographical concentration. It is in also in line with
Luxoft’s M&A strategy, and will help the company in achieving their
milestones by diversification into new verticals and markets
“This acquisition is well aligned with Luxoft’s M&A strategy and furthers
our progress in achieving major milestones: diversification into new
verticals and markets such as pharmaceuticals and healthcare, which also
includes the biotech and medical insurance domains; expansion into the
wireless carrier space, deepening Luxoft’s telecom sector expertise;
increasing Luxoft’s presence in the U.S. market; deepening expertise in
the big data, data analytics and predictive analytics space.”
Michael Friedland, Executive Vice President - LUXOFT
“Both Luxoft and INSYS have an absolute commitment to quality delivery,
deep understanding of clients’ challenges, and an exceptional ability to
provide strategic insight and technical solutions…”
Linda Magnusson-Rosario, CEO, INSYS Group
07/2016 – LUXOFT announces to acquire INSYS Group Transaction reasoning
Management comments
Deal Snapshot: LUXOFT to announce the acquisition of INSYS Group
acquires
For an undisclosed
consideration
Source: Mergermarket; Luxoft webpage; Insys webpage

13. 13
C.
Clairfield transactions in consulting

14. 14
Consulting (1/2)
France/ Italy
Buy
Advisor to the buyer January 2016
Personal protective
equipment
acquired
United States
Buy
Advisor to the buyer August 2015
Lighting and equipment
acquired
United Kingdom
Sell
Advisor to the seller June 2015
Insurance and risk
management consulting
acquired
Australia
Sell
Advisor to the seller October 2015
Provider of design consulting
acquired
Norway
Sell
Advisor to the seller April 2015
Consulting company for CRM
solutions
acquired
France/ Belgium
Buy
Advisor to the buyer April 2015
Strategy and operational
excellence consulting
acquired
Sweden
Merger
Advisor to Hamilton People May 2015
Staffing and recruitment
merged with
Denmark
Merger
Advisor to the Alectia January 2016
Engineering consulting
mergered with

15. 15
Consulting (2/2)
Denmark
Sell
Advisor to the seller April 2014
Consulting services to the
aviation industry
acquired
founders of
with support from
France
LBO
Advisor to the buyer September 2013
Management consulting
acquired the company from
India
Strategic equity partnership
Advisor to KPIT March 2012
IT consulting
strategic partnership with
Finland
Sell
Advisor to the seller May 2012
Outsourced payroll services
acquired
Australia
Sell
Advisor to the seller November 2011
Infrastructure design
Consulting
acquired
The Netherlands
Sell
Advisor to the seller April 2015
Processing of business
documents
acquired

16. 16
Financial services (1/2)
United Kingdom
Sell
Advisor to the seller January 2016
Broker specialist
acquired
United Kingdom
Sell
Advisor to the seller January 2016
Fee protection provider
acquired
United Kingdom
Sell
Advisor to the seller January 2016
Business & financial services
acquired
Mexiko
Buy
Advisor to the buyer January 2016
Microfinance institution
acquired
Mexiko
Buy
Advisor to the buyer January 2016
Microfinance institution
acquired
Italy/ France
Sell
Advisor to the seller April 2016
Debt-collection
acquired
United Kingdom
Sell
Advisor to the seller July 2016
Self-administrated scheme
provider
acquired
United States
Buy
Advisor to the buyer December 2015
Provider of investment
services
acquired majority stake of

17. 17
Financial services (2/2)
United Kingdom
Sell
Advisor to the seller December 2014
Claims management solutions
for risk management
acquired
Sweden/ Denmark
Buy
Advisor to the buyer October 2014
Debt collector
acquired
United Kingdom
Buy
Advisor to the buyer July 2014
Hire purchase
acquired
Finland
Sell
Advisor to the seller June 2014
Commercial vehicle leasing
acquired
United Kingdom
Sell
Advisor to the seller April 2014
Financial advisory
acquired
United Kingdom
Sell
Advisor to the seller February 2014
Personal lines financial
services
acquired

18. 18
D.
Clairfield international sector team: Business services

19. 19
Clairfield International sector experts: Business Services

20. Clairfield International at a glance
E.
20

21. 21
Clairfield International is well prepared for cross-border
transactions thanks to 35 offices in 26 countries
480+ Professionals across 35 country offices
114 M&A transactions closed in 2016 (small and medium cap)
EUR 2.8bn Cumulative value of transactions closed in 2016
Clairfield worldwide
Worldwide small cap ranking 2016
Austria
Vienna
Belgium
Antwerp
Brussels
Denmark
Copenhagen
Finland
Helsinki
France
Lyon
Paris
Marseille
Nantes
Germany
Stuttgart
Frankfurt
Düsseldorf
Hungary
Budapest
Italy
Milan
Israel
Tel Aviv
Netherlands
Amsterdam
Norway
Oslo
Poland
Warsaw
Russia
Moscow
Sweden
Stockholm
Switzerland
Geneva
Spain
Barcelona
Madrid
Valencia
UK
Birmingham
London
Brasil
Curibati
Sao Paulo
Chile
Santiago de Chile
Mexico
Mexico City
USA
Miami
New York
Washington D.C.
Australia
Brisbane
China
Hong Kong
Americas Asia-PacificEurope
Rank Advisor Number of deals
1 KPMG 357
2 PricewaterhouseCoopers 335
3 BDO 231
4 Ernst & Young LLP 212
5 Rothschild & Co 208
6 Deloitte 191
7 Houlihan Lokey 166
8 Mizuho Financial Group 158
9 IMAP 139
10 Oaklins (FKA M&A Intl Inc) 138
11 Lazard 129
12 Sumitomo Mitsui Finl Grp Inc 104
13 Clairfield International 102
13 Lincoln International 102
15 Baker Tilly International 100
16 JP Morgan 95
17 Goldman Sachs & Co 91
18 Jefferies LLC 88
18 RSM Corporate Fin LLP 88
20 Moelis & Co 80

22. 22
Traction in all relevant European markets with strong M&A team
in German speaking countries
26 offices With 26 offices strong presence in Europe
17 countries Active in all relevant European markets
#14 Top 15 in Europe
Clairfield International in Europe
Frankfurt
Düsseldorf
Stuttgart
Strong presence all over Germany, covering all major industries supported by:
 approx. 20 junior and senior professionals across three offices
 more than 25 senior industrial experts
Clairfield in Germany
Senior partners Years in M&A Industry focus
Dirk Freiland 20 TMT, automotive & machinery, services
Jack Helm 30 health care, industry, automatization
Darius Kianzad 20 clean tech, health care, resources
Dr. Hanns-Alexander Klemm 30 industry, healthcare, retail
Martin Lemmer 13 food and beverage, business services
Dirk Middelhoff 10 TMT , high-tech
Andreas Piechotta 16 industry, medical technology
Dr. Albert Schander 22 consumer goods, industry, logistic,retail
Peter Thomas 23 TMT, media, service providers
German small cap ranking 2016
Rank Advisor Number of deals
1 Ernst & Young LLP 53
2 KPMG 35
3 Lincoln International 29
4 Concentro Management AG 28
4 Rothschild & Co 28
6 Globalscope 27
7 PricewaterhouseCoopers 24
8 Baker Tilly International 20
9 Deloitte 19
10 IMAP 17
11 BDO 15
12 ACXIT Capital Partners 14
12 Clearwater International 14
14 Global M&A 13
14 Altium Capital Limited 13
14 IEG-Investment Banking 13
17 Clairfield International 12
18 Raymond James Financial Inc 11
19 Oaklins (FKA M&A Intl Inc) 11
20 Commerzbank AG 10

23. 23
Serving clients with tailor-made solutions
Sector Experts
 Access to high quality industry experts
and networks
 Worldwide coverage by local industrial
experts
 Always close to the market
Cross border and internationality
 80% cross border execution
 Possibility to access buyers and sellers
in more than 40 countries in local
language
Business development power
 High analytical depth in buy side
targeting and sell side buyers access
 360 degree approach with global
involvement
 Database with more than 20.000 target
companies
Senior Attention
 Partner driven deal leadership
 Consistent service to clients on a global
level with high level of discretion
Private Equity
 Long standing relationships with PE-
market players
Our USP‘s in M&A and general advisory
Outbound M&A
Special SituationsCapital Markets Advisory
Inbound M&A Domestic M&A
Expansion M&A

24. 24
Our services Our focus
Our philosophy
Assisting clients in mid-sized, cross-border transactions
Mergers &
Acquisitions
 Design, initiation and execution of international and domestic
acquisition opportunities
 Strategic partnerships and alliances
 Strategic alternative reviews
 Search for strategic and financial investors
Disposals/
Divestitures
 Feasibility analysis
 Divestitures, spin-offs and carve outs
 Valuations and fairness opinions
Capital solutions  Financial sponsor transactions (MBO and LBO)
 Debt advisory: advisory in acquisition finance, debt financing,
recaps
 Equity advisory: independent advisory in IPOs, rights issues
and placings
 Strategic investor relations advisory
Advisory  Strategic advisory services, such as valuations and fairness
opinions, market entry feasibility
 Advisory on strategic alliances, mergers, licensing and joint
ventures
 Market studies
 Monitoring trustee
Restructuring
advisory
 Restructuring and recovery
 Special situations
Sector expertise The longstanding experiences of our partners in diverse
industries in combination with outstandingly connected industry
experts are enabling our clients to open up new strategic
possibilities
Confidentiality Trust and integrity are essential values for our advisory services.
Information are treated with highest discretion
Seniority of the
team
Senior involvement throughout all phases of a transaction is the
single most important hallmark of our execution style and
commitment to quality and prudent advice
Independence We own our business and act as entrepreneurs free of conflicts
usually found in large multi-product firms
Mid-Market Clairfield is one of the leading global M&A firms typically
executing mid-sized transactions up to an enterprise value of
500 m€
Cross-border With partner offices in 50% of all OECD countries, Clairfield
International covers 75% of Germany’s most significant trade
partners
Long-term
relationships
Our advice is embedded in long term relationships with
corporates, family offices and private equity investors

25. 25
Strong sector expertise and understanding client industries
SectorSub-SectorsRepresentativeClients
Industrials
 Automotive
 Building Materials
 Wood Processing
 Test & Measuring
 Machinery
 Chemicals
 Aerospace
Consumer Goods,
Food & Retail
 Consumer Goods
 Retail
 Real Estate
 Furniture
 Food & Beverage
 Food Services
 Agribusiness
Business Services
 Business Services
 Distribution
 Logistics
 Industrial Services
 Education
 Staffing
 Engineering
Natural Resources,
Cleantech & Energy
 Metals & Mining
 Oil & Gas
 Renewable Energy
 Power
 Coal & Fuels
 Oilfield Services
 Nuclear
Technology, Media
& Telecoms
 Digital &
Traditional Media
 IT Services
 IT Consulting
 Hardware,
Software &
Equipment
Healthcare & Life
Sciences
 Medical Devices
 Medical Supplies
 Pharma & Biotech
 Animal Health
 Lab Services &
Equipment
 Hospitals & Clinics
 Financial Services
 e finance
 Debt Collection
 Asset Mgmt.
 Family offices
 Insurance
 Private Equity
Financial Institutions
& Private Equity

26. 26
Transactions in the DACH region in 2016 (1/2)
Germany / Sweden
Advisor to the seller
Compressor technology
was sold to
Germany
Advisor to the seller
IT Reseller and Service
was sold to
Germany
Advisor to the buyer
Industrial services
acquired 100% of
Germany / China
Advisor to the seller
Automotive
was sold to
Germany
Advisor to the seller
Digital media services
sold a majority stake to
Germany / Poland
Advisor to the seller
E-commerce, spare car parts
was sold to
Germany
Advisor to the buyer
Healthcare
acquired
Austria / Switzerland
Advisor to the seller
Digital marketing agency
sold a 35% stake to

27. 27
Transactions in the DACH region in 2016 (2/2)
Austria / Germany
Advisor to the seller
Real estate portal
was sold to
Austria / Germany
Advisor to the seller
Price-comparison website
sold a minority share to was sold to
Specialty footwear
Advisor to the seller
Switzerland / Italy
was sold to
Energy-management systems
Advisor to the seller
Germany / Denmark
a consortium of German
investors

28. Senior partners DACH (1/ 4)
Kai-Peter Burger
Kai-Peter Burger has been advising on crossborder corporate finance and mergers & acquisitions for over twenty years. Kai was trained at PwC in
business valuations and the European Privatization & Investment Corporation (EPIC) in M&A advisory services for the energy sector. As one of the
founding partners of COM Partners in Vienna, he followed his affinity for the tech sector and advised on midmarket transactions primarily in the
internet & media and software & IT sectors in Eastern and Central Europe. After joining Corporate Finance Partners, he worked as managing director
in Austria. In 2016 Kai joined Clairfield International as a partner in Vienna. Kai studied at Vienna University of Economics and Business and at HEC
Paris with a focus on corporate finance.
E-mail: kburger@at.clairfield.com
Dirk F. Freiland
Dirk Freiland has twelve years of experience in M&A and corporate finance. Prior to joining Clairfield he was co-founder of a medium sized M&A
company in Southern Germany. Before, he worked as senior manager at Accenture (formerly Andersen Consulting) in Strategy and Change
Management where he was in his last function responsible for building up the M&A team and activities for Germany, Austria and Switzerland.
Further milestones in his career were a small service company he built up from 20 up to 120 people within 14 months and Alcatal (Paris) where he
worked in research and development. Dirk Freiland studied Mechanical Engineering, Electronics and Computer Science of the University of Applied
Sciences of Esslingen/Stuttgart and Paris.
E-mail: freiland@de.clairfield.com
Walter J. Helm
Walter Jackson “Jack” Helm has been advising in cross-border corporate finance and mergers and acquisitions for over thirty years. Educated in both
the US and Germany, Mr. Helm was trained at Citibank and Lehman Brothers, New York and relocated to Frankfurt in 1988 to open Lehman
Brothers’ new German corporate finance practice. His affinity for life sciences has resulted in significant repeat transactions primarily in the
chemicals and healthcare sector and diversified industrial segments, and in 1996 he became Managing Director and Country Head of the merger and
acquisitions specialty group Wasserstein Perella. Upon the acquisition of Wasserstein Perella by the Dresdner Bank in 2001, Mr. Helm returned to
his native Virginia to pursue venture capital opportunities and returned to the German advisory business in 2011. Mr. Helm has a bachelor’s degree
from the University of Virginia and a Master in International Business from Georgetown University.
E-mail: helm@de.clairfield.com

29. Senior partners DACH (2/ 4)
Darius O. Kianzad
Darius Kianzad began his career in 1991 at the Treuhandanstalt in Halle and Berlin. Between 1993 and 2005, Mr. Kianzad held leading positions in
renowned audit firms and investment banks such as PricewaterhouseCoopers in Frankfurt and was Senior Vice President M&A at Sal. Oppenheim
where he was in charge of M&A transactions in the energy and automotive sectors and also became co-leader of the Industrials segment. Between
2006 and 2010, Mr. Kianzad was a member of the Management board at ista Group, a leading international energy services company, in charge of
Corporate Development/M&A and Regional Head of „Emerging Markets“. Darius Oliver Kianzad graduated with a master´s degree in Economics
(University of Heidelberg) and has completed a General Management program at the University of St. Gallen and the Advanced Management
program at INSEAD.
E-mail: kianzad@de.clairfield.com
Dr. Hanns Alexander Klemm
Alexander Klemm was born in South Africa, raised in Germany and the UK and studied in the UK, USA and Germany. He has over 30 years
investment and wholesale banking transaction experience in M&A and equity capital markets. He worked in Frankfurt, London and New York at
Deutsche Bank/Morgan Grenfell, Lehman Brothers, UBS Warburg, JPMorgan Cazenove, and Hauck. He has also held various senior management
positions in banking. As head of investment banking at JPMorgan Cazenove in Germany/Austria/Switzerland, he established the Frankfurt office and
built Cazenove’s successful midmarket advisory and capital markets business. Following leadership of the MBO of this business and subsequent
contribution to Hauck & Aufhäuser, the German private bank, he was partner and CEO of the corporates and markets division of the bank.
E-mail: klemm@de.clairfield.com
Martin Lemmer
Martin Lemmer has extensive experience in strategy consulting and in advising corporates and private equity investors in corporate finance matters.
Prior to Clairfield International, Martin Lemmer worked for the London based consulting firm L.E.K. Consulting and M&A boutique First Capital
Partners. Martin Lemmer has advised a large number of projects both on the buy- and sell-side serving strategic buyers and private equity players.
Amongst others, Martin’s business focus lies in the retail, food and beverage, business services and healthcare industries. He graduated in business
administration from the University of St. Gallen (Switzerland) and the Richard Ivey School of Business at University of Western Ontario in London
(Canada).
E-mail: lemmer@de.clairfield.com

30. Senior partners DACH (3/ 4)
Dirk Middelhoff
Dirk Middelhoff holds a degree in Business Law (LL.B) with a focus on corporate finance and more than 10 years experience in corporate finance,
business development and strategy. Until 2008, Dirk Middelhoff worked for the listed EMC Corporation, headquartered in Boston, one of the 25
largest IT companies in the Fortune 500. There he led national and international projects such as, Vodafone, Deutsche Bank, Metro etc.. At last head
of strategic alliances and mergers & acquisitions. After 2008 Dirk Middelhoff worked as Director for a medium-sized M&A consultancy firm with
focus on technology companies. Mandates of German and international companies from technology sectors among others, software, consulting,
photonic on the buy or sell side as well as start-ups in the fields of software, internet and media with focus of founding and financing.
E-mail: middelhoff@de.clairfield.com
Oliver Nemes
Oliver Nemes began his career in 1993 at PwC where he focused on corporate finance and corporate recovery, working in Vienna and London.
Joining the European Privatization & Investment Corporation (EPIC) some years later, he worked as director for the CEE on privatization and
corporate finance transactions in Hungary, Romania, and Bulgaria. As a managing partner at Corporate Finance Partners from 2000 to 2015, he
continued to dedicate his work to M&A advisory services in the CEE region. He is an expert for sell-side and buy-side M&A, capital raisings, MBOs,
MBIs, and business development and has a sector focus in internet, e-commerce, automotive suppliers, energy, and healthcare. Oliver graduated
with a master’s degree in business administration with a focus on corporate finance from the European Business School (EBS) in London.
E-mail: onemes@hu.clairfield.com
Andreas Piechotta
Andreas Piechotta has been involved in international equity- and transaction business for almost 16 years. As a partner of a well-known international
M&A advisory firm he has been responsible for business development in Eastern Europe and has managed to execute a variety of cross border
transactions, e. g. in Poland, Hungary and Slovenia. Andreas Piechotta began his career 1994 at Pfeifer & Langen, a known family-owned German
sugar producer. At Pfeifer & Langen he supported various privatization processes in the Polish sugar industry. From 1997 to 2004 Mr. Piechotta was
engaged in the Private Equity activities of DEWB AG, a subsidiary of JENOPTIK Group. Born in Poland, Andreas Piechotta studied Law at the
University Bayreuth/Germany being a qualified lawyer, with a particular focus on commercial law.
E-mail: piechotta@de.clairfield.com

31. Senior partners DACH (4/ 4)
Dr. Albert Schander
Prior to founding M&A advisory firm SynCap in 2000 and contributing it subsequently to Clairfield, Albert worked as Executive Director/ Co-Head
Corporate Finance for finance specialist group VMR where he was responsible for international fund raising projects and M&A. He held positions in
his prior career at Deutsche Bank (BAI), Milan, KPMG/ Milan and Lehman Brothers/ Frankfurt, where he, among other responsibilities, advised on
international and domestic M&A transactions. He studied Law and Economics at the Universities of Passau, Pavia/ Italy and Munich. He is qualified
as an attorney-at-law in Germany and earned his Law degree from Ludwig-Maximilian-University of Munich and his PhD from Friedrich-Schiller-
University of Jena.
E-mail: schander@de.clairfield.com
Peter Thomas
Peter Thomas has more than 25 years of in-depth experience in investment banking in London, Paris and Frankfurt working at Banque Paribas, JP
Morgan, BZW and Crédit Agricole Corporate Investment Bank. He gained expertise in all equity capital markets aspects from deal origination, deal
execution and structured financing solutions including straight equity disposal or equity based financing strategies. In his function as head of ECM he
advised corporate clients based in Germany, Switzerland and Austria with an additional focus on small & mid caps. He executed several lead
manager mandates (bookrunner) and established Crédit Agricole Corporate Investment Bank as a respected player in the German primary equity
capital market. Peter studied at the European Business School in Germany (Oestrich Winkel), London as well as France (Paris) and holds a MBA.
E-mail: thomas@de.clairfield.com
Berend Yntema
Berend Yntema is a corporate finance specialist and has over 20 years of experience in M&A, strategic and crossborder acquisitions, capital raisings,
and restructurings with a focus on Western and Eastern Europe. He has held various senior management and managing director positions in
corporate finance and M&A advisory firms. He worked as a director at Investment Fund Sector Capital in Moscow and later as director for Poland at
the European Privatization & Investment Corporation (EPIC). As one of the founders of COM Partners, he specialized in midmarket M&A advisory in
the dynamic tech sector. Following a strategic merger, he worked as managing director at Corporate Finance Partners in Vienna, before joining
Clairfield International as partner in Vienna. Berend was born in the Netherlands and holds a degree in economics with a focus on finance from the
University of Groningen.
E-mail: byntema@at.clairfield.com

32. 32
Contact: Dirk Freiland, Managing Partner
freiland@de.clairfield.com
Office Stuttgart
Mörikestraße 11
D-70178 Stuttgart
Tel.: +49 (711) 620079 - 0
Fax: +49 (711) 620079 – 29
stuttgart@de.clairfield.com
Office Frankfurt
Mainzer Landstr. 33a
D-60329 Frankfurt am Main
Tel.: +49 (69) 707969-60
Fax: +49 (69) 707969-99
frankfurt@de.clairfield.com
Office Düsseldorf
Roßstraße. 92
D-40476 Düsseldorf
Tel.: + 49 (211) 917396-82
Fax: + 49 (211) 917396-83
duesseldorf@de.clairfield.com
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