Healthcare, Technology
GFS, specialist for healthcare billing audits, sold to investment firm Marondo.
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The project at a glance
Key Facts
Client
GFS Gesellschaft für Statistik im Gesundheitswesen mbH
Acquiror
Marondo Small Cap Growth Fund I
Target
GFS Gesellschaft für Statistik im Gesundheitswesen mbH
Sellers
Shareholders of GFS
Healthcare, Technology
Vertical
Small cap
Deal Size in EUR
Germany
Countries
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2021
Year
"We knew we couldn’t handle the complexity of a sale on our own, and we had already worked with WT and found them to be trustworthy. They conducted a highly professional bidding process, reached out to over 160 investors, and secured 14 offers, with a valuation significantly higher than expected. In Marondo, we found a partner whose mindset and overall package won us over."
Dr. Jamshid Javdani
Managing Partner, GFS
Approach
Several shareholders of retirement age wanted to sell their shares in full while securing a good home for GFS. Walther Transaction acted as exclusive advisor in the search for a new majority shareholder, approached investors across Europe and ran the bidding process through to closing.
Challenges
Reconciling differing shareholder interests: a full exit for the long-standing shareholders alongside a rollover investment by the managing shareholder. A process launched in the middle of the Covid crisis, a narrow time window, and the sale of the company's operating property, which the shareholders had made a precondition.
Results
The broad field of bidders allowed the shareholders to select the party with the strongest strategic and personal fit. Marondo was the successful bidder; Dr. Jamshid Javdani remains on board as managing shareholder with a stake in the business.
