Milbank > Munich, Germany > Firm Profile

Milbank
MAXIMILIANSTRAßE 15
80539 MÜNCHEN
Germany

Private equity > Transactions

Private equity companies, sponsors and investment shareholders regularly instruct Milbank on mid- and large-cap transactions, where the practice comprehensively advises on the acquisition and expansion of portfolio companies as well as exits. The team frequently supports cross-border matters in cooperation with the firm's international network, including the locations in the US, London and Hong Kong; this is complemented by interfacing expertise in corporate, finance and tax law matters. Norbert Rieger advises on public takeovers, public-to-private transactions and advises on tax matters in the context of PE mandates, while Sebastian Heim regularly assists with cross-border PE transactions, including LBOs and minority participations. Both are key contacts for PE matters and act integrated into the corporate team.

Testimonials

‘Norbert Rieger and Sebastian Heim: goal orientation, expertise, efficiency/speed, business orientation, pragmatism, commitment.’

Key clients

Advent International

Allianz X

Altor

Ardian

BBA Capitalpartners

Carlyle

Capiton

CPPIB

Deutsche Beteiligungs AG

ECM Equity Capital

Management

EIG

EMH Partners

EMZ

EQT

General Atlantic

Goldman Sachs

Hg

H.I.G. Capital

Infrastructure Investments Fund (IIF) managed by J.P. MorganAsset Management

L-GAM

LEA Partners

Levine Leichtman Capital Partners

Lightrock

NordHolding

Oakley

PAI Partners

Pamplona

Partners Group

Planet First Partners

OMERS Infrastructure

Oakley

Strategic Value Partners

Work highlights

  • Advising Advent International (“Advent”) on the acquisition of a majority stake in ZIMMERMANN.
  • Advising EQT Private Equity (EQT) on the voluntary tender offer for all outstanding shares of SUSE SA (SUSE) and the subsequent delisting.
  • Advising a consortium of Athos, Bitburger Holding and BBA Capitalpartners on the acquisition of all shares in Schülke Topco GmbH from EQT.

Banking and finance > Lending and borrowing Tier 2

Milbank focuses on acquisition, corporate and infrastructure financing, including cross-border matters thanks to the close cooperation with locations in England and the US. The advisory offering also includes matters under German, English and New York law, thus, the practice regularly supports international private equity and private debt funds in various leveraged finance transactions and advises large companies and syndicated lenders in connection with cross-border corporate financing, particularly with ESG aspects. The latter focus area is routinely handled in cooperation with the capital markets team and leads to frequent instructions on sustainability-related financing and bonds. Co-head Thomas Ingenhoven specialises in acquisition financing and co-leads with Barbara Mayer-Trautmann, who focuses on infrastructure financing.

Other key lawyers:

Key clients

Ardian Private Equity

Ares Management

Auto1 Group SE

Axel Springer SE

Barings LLC

Best Secret

Bike24 Holding AG

BofA Securities Inc.

Bregal Unternehmerkapital GmbH

Commerzbank AG

Deutsche Beteiligungs AG

EIG Global Energy Partners

FUNKE Mediengruppe

Goldman Sachs

Hayfin Capital Management LLP

Hensoldt AG

Hg Capital

H.I.G. Capital

HPS Investment Partners

HSBC Contintental Europe S.A.

IK Partners

ING Bank

Investec Bank plc

J.P. Morgan AG

KAEFER SE & Co. KG

Körber AG

Leonine Holding GmbH

Maguar Capital Partners

Morgan Stanley Bank AG

Mytheresa

Pemberton

PharmaSGP

ProSiebenSat.1 Media SE

UniCredit Bank GmbH

Webasto SE

Zvoove Group

Work highlights

  • Advising a consortium of investors on the financing of the takeover of Schülke & Mayr GmbH.
  • Advising HENSOLDT AG on the financing of the acquisition of ESG Elektroniksystem- und Logistik-GmbH.
  • Advising Deutsche Bank, ING Bank and UniCredit in their role as joint underwriters and bookrunners on the financing of the acquisition of Vodafone Italia.

Germany > Tax Tier 2

Milbank's tax team advises national and international companies, corporations, private equity investors and wealthy private individuals on the development and implementation of cross-border acquisition and financing structures, for which Rolf Füger and Norbert Rieger, who are experienced in the private equity sector, are the key contacts. Both jointly lead the practice with Thomas Kleinheisterkamp and Matthias Schell, who are well versed in corporate tax law and in restructuring-related tax issues; Schell also assists with tax disputes. This advisory portfolio is complemented by capacities in tax audits and company succession, including gift and inheritance tax.

Testimonials

‘Legal precision at the highest level paired with pragmatic reason and brilliant detailed knowledge – a great team!’

‘Matthias Schell: Outstanding in tax issues in the national and international transaction context.’

‘Thomas Kleinheisterkamp: Very fast response times, very good understanding of the problem, very good communication in the project, very good preparation of work results, transparent billing.’

‘We recommend Matthias Schell!’

‘Goal orientation, expertise, efficiency, speed, business-minded, pragmatism, commitment.’

Key clients

About You

Advent International

Allianz X

Ardian

AUTO1 Group

Bilfinger SE

Conrad Electronics SE

Deutsche Beteiligungs AG (DBAG)

Deutsche Invest Capital Management

ECM Equity Capital Management

EMH Digital Growth Fund GmbH & Co. KG

EMZ

EQT Partners AB

H.C. Starck Group

H.I.G. European Capital Partners

INNIO Group

KAEFER Isoliertechnik GmbH & Co. KG

LEA Partners

Otto Group

PAI Partners

ProSiebenSat.1 Media SE

Sartorius AG

The Carlyle Group

Zalando SE

Work highlights

  • Tax advice to General Atlantic on the planned merger of Deutsche Börse companies Qontigo and ISS.
  • Tax advice to Advent International on the acquisition of a majority stake in ZIMMERMANN.

Corporate and M&A > Corporate Tier 3

German and European shareholders, listed companies and investors regularly instruct Milbank to assist with general meetings, management contracts and management remuneration as well as ongoing corporate and capital market issues. This is complemented by expertise in stock corporation law, resulting in a case load that further includes squeeze-outs, share buyback programs and capital increases. Mirroring this broad skill spectrum, the practice lead consists of Ulrike Friese-Dormann (management and supervisory board advice), Christoph Rothenfußer (stock corporation and group law, conversion law), Norbert Rieger (public takeovers, corporate law and M&A), Sebastian Heim (restructuring and insolvency advice), Philipp Klöckner (capital market, securities and corporate law) and Steffen Oppenländer (M&A and PE in the energy sector).

Practice head(s):

Ulrike Friese-Dormann; Sebastian Heim; Philipp Klöckner; Steffen Oppenländer; Norbert Rieger; Christoph Rothenfußer

Testimonials

‘Outstanding technical and market knowledge, outstanding responses and processing times.’

Key clients

ADAC SE

Auto1 Group

Axel Springer

EQT Active Core Infrastructure

F.C. Bayern München

General Atlantic

Hauptaktionär dermediantis AG

KAEFER Isoliertechnik GmbH & Co. KG

KG CURA Vermögensverwaltung G.m.b.H. & Co.

KSBG Kommunale Verwaltungsgesellschaft GmbH

N26

Otto Group

Personio GmbH

PharmaSGP Holding SE

ProSiebenSat.1 Media SE

Sartorius AG

Work highlights

  • Ongoing corporate and capital market advice to Sartorius, including support for the Annual General Meeting and advice on Executive Board remuneration.
  • Advising EQT Active Core Infrastructure Fund and its holding company, Boè AcquiCo GmbH, as the main shareholder of TionRenewables AG on the exclusion of the minority shareholders of Tion Renewables AG under corporate law.
  • Ongoing corporate and capital market law advice to ProSiebenSat.1 Media SE, including support for its Annual General Meeting and advice on Executive Board remuneration.

Restructuring and insolvency > Restructuring Tier 3

Milbank cooperates closely with the credit and capital markets practices and demonstrates particular expertise in (cross-border) financial in and out-of court restructuring; this offering is regularly drawn on by creditors, including banks, as well as distressed debt investors, debtors, shareholders and sponsors. These competencies correspond with the focus of both practice leaders, Mathias Eisen and Marlene Ruf, who regularly advise on distressed M&A, StaRUG-related proceedings and debt equity swaps. Ruf joined the practice in April 2024 from Kirkland & Ellis International LLP.

Practice head(s):

Other key lawyers:

Testimonials

‘Strong and detail-oriented team with excellent technical expertise.’

‘Mathias Eisen has extensive expertise and underpins his legal advice with a commercial perspective.’

‘Highest level of professionalism taking into account the interests of all stakeholders; always technically excellent and without errors; fast implementation with very good availability of the contacts involved.’

‘Marlene Ruf is characterized by her professional competence, which, combined with a good sense for the right reaction at the right moment, enables her to act in a solution-oriented manner even in difficult and conflict-ridden negotiations.’

Key clients

Apollo

Capital 4

Carlyle Credit

BlackRock

Blackstone Credit

Ares

Arini

Bain Capital Credit

Alchemy

Polus Capital

InvestCorp

Spire

JP Morgan

Pemberton

PIMCO

UniCredit Bank AG

DZ Bank

Tikehau

Diameter Fidelity/FMR

Hayfin

Work highlights

  • Advising the ad hoc committee of First Lien Term Loan B creditors on the financial restructuring of the Wittur Group.
  • Advising Corestate’s ad hoc committee on the financial restructuring of Corestate Capital Holding SA, including a debt equity swap into a listed real estate company and bridge loan financing through the issuance of new super senior bonds.
  • Advising the steering committee of the bondholders of Adler Group SA on the financial restructuring of Adler Group SA by means of a replacement of the issuer and subsequent amendment of the bond terms and conditions through an English restructuring plan.

Germany > Antitrust Tier 4

Milbank's antitrust team, led by Alexander Rinne, boasts expertise in merger control and antitrust proceedings as well as the support in antitrust fine and abuse proceedings before the European Commission and the Federal Cartel Office. Other competencies include antitrust disputes, compliance and distribution antitrust law issues. The team is routinely instructed by clients from the telecoms, healthcare, media and consumer goods industries.

Practice head(s):

Other key lawyers:

Key clients

BMW AG

Bonduelle

Brugg

Cranemere

EQT

H.I.G. Capital

Hipp

Hitachi

Husqvarna

L-GAM

Mageba

Müller Milch

Otto

ProSiebenSat.1

Media SE

Roche

SK Group

Sartorius

Telefónica

The Carlyle Group

US Steel

Work highlights

  • Advising Theo Müller Group (Müller-Milch) on the acquisition of Landliebe from FrieslandCampina (second-phase approval subject to conditions).
  • Global advice to Roche on all merger control and foreign trade law issues in connection with the acquisition of LumiraDx, an innovative provider of point-of-care diagnostic products.
  • Defense of Brugg in antitrust damage claims before the Cologne Regional Court against Saudi Electricity Company.

Corporate and M&A > M&A

In addition to traditional transactions, public takeovers and joint ventures, Milbank's comprehensive M&A advice also includes PE and VC matters as well as various related tax, finance and antitrust issues. Large national and international corporations, family businesses and investors rely on the team's expertise in both the large and mid-cap areas as well as in an international transaction context. Global Chair of the Corporate Practice Group Norbert Rieger, whose advisory focus rests on company acquisitions, private equity and stock and corporate law, is one of the key contacts.

Practice head(s):

Norbert Rieger

Other key lawyers:

Michael Bernhardt; Sebastian Heim; Martin Erhardt

Testimonials

‘Milbank is a well-resourced firm. Each member of staff has their own expertise, business experience and a command of legal tools required to provide for both growth and less optimal scenarios within the same contractual framework.’

‘The response time is fast and we feel like value is being delivered with each iteration.’

‘They are able to adequately understand all dimensions of the business, grasp the motivations of all stakeholders in all processes and are not afraid to take the lead in any negotiation. They ask good questions at the right time and never present problems without multiple solutions that are well thought out and feasible. They play a key role in our extended team and are a pleasure to work with.’

Key clients

AUTO1 Group

Allianz X

ALPINA Burkard Bovensiepen GmbH & Co.KG

Axel Springer SE

Deutsche Glasfaser

Evoco Ag

Flender GmbH

INNIO Jenbacher GmbH & Co. KG

Kalera AS

LGT Bank

NCG – NuCom Group SE

Noventic GmbH

Otto Group

Personio

Pharma SGP

ProSiebenSat.1 Media SE

Sartorius AG

Sixt SE

Smith & Nephew plc

Work highlights

  • Advising the shareholders of BETA CAE Systems International AG on the sale to Cadence Design Systems, Inc.
  • Advising Chemitas Management GmbH and its shareholders on the sale of Chemitas GmbH to HC Starck GmbH.
  • Advising Masan Group Corporation and its portfolio companies on the sale of all shares of HCStarck Holding to Mitsubishi Materials Corporation.

Firm overview: Milbank LLP is a leading international law firm. More than 800 lawyers worldwide provide integrated services combined with technical excellence and genuine sector expertise throughout the world, as they have been doing for over 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington DC.

The first German office opened in 2001 in Frankfurt, followed by Munich in 2004. As part of the global network, these offices give Milbank a strong local presence. The experienced resident partners there have a long standing and in-depth knowledge of the German market. More than 80 lawyers in Germany provide high-level legal advice in all areas that are key to the structuring, financing and successful implementation of transactions. Listed groups, SMEs, financial institutes and global investors have placed their trust in Milbank’s expertise for many years, and continue to do so with great success.

In order to achieve the best possible solutions for its clients, Milbank works in refined, partner-led teams individually staffed to meet the specific demands of each mandate. The highly specialised lawyers offer top-level legal advice and master the most complex projects. Lawyers regularly counsel on transactions that set new standards in their sector.

Main areas of practice
Antitrust and competition: The lawyers in Milbank’s German and European antitrust and competition practice in Munich advise on matters covering the entire spectrum of this practice area. These include applying merger control regulations to complex private equity and hedge fund structures, as well as in the strategic planning and subsequent implementation of acquisitions by companies that are already market leaders in their respective areas, cartel and dominance investigations, antitrust litigation, compliance know-how.
Contact: Alexander Rinne

Banking and acquisition finance: Milbank’s German finance practice focuses on complex cross-border and domestic financing transactions, ranging from acquisitions to corporate, infrastructure, asset and project financings. Working as an integrated team with the London and New York offices, the firm’s finance lawyers in Germany provide comprehensive advice on the German, US and English law in connection with financings in the public and private market to lenders, underwriters/arrangers, sponsors, institutional and corporate clients.
Contacts: Thomas Ingenhoven, Barbara Mayer-Trautmann, Mathias Eisen

Corporate advisory: Milbank’s corporate advisory practice is well known for its expertise on all aspects of German corporate and capital markets law and corporate reorganisations. Given the potential impact of minority shareholders’ actions for a successful and timely implementation of corporate reorganisations in Germany, the corporate team focuses on the preparation and the coaching of shareholders’ meetings of public companies, as well as corporate litigation and appraisal proceedings following corporate reorganisations. The team also advises on liability matters of board members.
Contacts: Ulrike Friese-Dormann, Christoph Rothenfusser

Litigation: German qualified lawyers represent clients on corporate litigation resulting from M&A transactions as well as in the context of shareholder meetings, corporate reorganisations and liability matters of board members. In addition, US-qualified litigation lawyers in the Munich office specialise in IP litigation, in particular related to the pharmaceutical industry.
Contacts: Ulrike Friese-Dormann, Christoph Rothenfusser

Private equity: Integrated teams of highly specialised lawyers support sponsors in their investments at home and abroad. Clients turn to Milbank in all stages of private equity transactions from the establishment of funds and the acquisition of portfolio companies to exit strategies. The range of services includes: leveraged buy-outs, take privates, PIPEs, public M&A, fund formation, venture capital, joint ventures, management incentive programs.
Contacts: Michael Bernhardt, Sebastian Heim, Markus Muhs,
Steffen Oppenländer, Leopold Riedl, Norbert Rieger

Private M&A: The team focuses on advising public groups, financial institutions and medium-sized companies on complex national and international acquisitions, sales of companies, joint ventures and other transactions. The range of services includes: transaction structuring, due diligence, sale and purchase documentation, post-merger integration, restructuring.
Contacts: Michael Bernhardt, Martin Erhardt, Sebastian Heim, Markus Muhs, Steffen Oppenländer, Leopold Riedl, Norbert Rieger

Public M&A: Milbank’s public M&A team focuses on advising on all aspects of takeovers and mergers of public companies. A close working relationship with the German Securities Agency, broad experience in advising on all corporate law aspects and intensive cooperation with Milbank’s public M&A teams in London and New York ensure a high-level service which is complemented by the corporate advisory practice.
Contacts: Norbert Rieger, Christoph Rothenfusser

Restructuring (insolvency and finance): The German restructuring teams advise companies, funds, private equity houses and their portfolio companies, financial institutions and other creditors and debtors in respect of all areas of financial restructurings, corporate workouts, turnarounds and insolvencies, and represent entities interested in acquiring troubled companies, their assets or their debt. Together with Milbank’s restructuring practices in the USA and London, the team provides seamless legal advice spanning all major jurisdictions.
Contacts: Mathias Eisen, Thomas Ingenhoven, Barbara Mayer-Trautmann

Tax: The tax team advises on all aspects of national and international corporate tax law, focusing on the development and implementation of tax-optimised acquisition and financing structures. The team further advises clients on tax matters of corporate restructurings and other complex and constantly changing matters of corporate tax law.
Contacts: Rolf Füger, Thomas Kleinheisterkamp, Matthias Schell