Milbank > Frankfurt, Germany > Firm Profile

Milbank Offices

Milbank
NEUE MAINZER STRASSE 74
60311 FRANKFURT AM MAIN
Germany
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Milbank > The Legal 500 Rankings

Private equity > Transactions

Milbank is well versed in large-cap transactions and is renowned for its extensive private equity competencies. The team supports investors and companies in the establishment of private equity funds, the acquisition and expansion of portfolio companies as well as in recaps and exits. This diverse offering also draws on the areas corporate law, M&A as well as financing and tax law thanks to cross-practice cooperation. This apporach is also mirrored within the team: Michael Bernhardt is experienced in public-to-private, LBOs and MBOs; Martin Erhardt and Sebastian Heim are well versed in restructuring, while Markus Muhs focuses on supporting transactions in the infrastructure sector as well as investments in technology-driven companies. Steffen Oppenländer complements the industry expertise with experience in the regulated industries. Leopold Riedl regularly assists with transactions, joint ventures, spin-offs and asset deals and also covers the corporate law intersection; global chair of the corporate practice Norbert Rieger has additional tax law expertise and assists with transactions and takeovers.

Practice head(s):

Michael Bernhardt; Martin Erhardt; Sebastian Heim; Markus Muhs; Steffen Oppenländer; Leopold Riedl; Norbert Rieger

Testimonials

‘Very customer-oriented advice, first-class service.’

‘Very close to the market; high speed. ‘

Key clients

Advent International

Allianz X

Altor

Ardian

Capiton AG

Carlyle

CVC Partners

Deutsche Beteiligungs AG

ECM Equity Capital Management

EQT Partners

General Atlantic

Goldman Sachs

H.I.G. Capital

L-GAM

LEA Partners

Lightrock

NordHolding

Oakley

PAI Partners

Pamplona

Partners Group

Planet First Partners

OMERS Infrastructure

Strategic Value Partners

Swiss Life Asset Managers

The Blackstone Group Inc.

The Carlyle Group

Work highlights

  • Advising CURA in connection with the voluntary public takeover offer for Deutsche EuroShop AG.
  • Advising Advent International on an agreement with a 100% subsidiary of the Abu Dhabi Investment Authority (ADIA) whereby ADIA is to invest in the Austrian energy solutions provider INNIO and become a significant shareholder.
  • Advising General Atlantic on the proposed merger of Qontigo and ISS (both majority owned by Deutsche Börse AG), with General Atlantic becoming the sole minority shareholder of the combined entity.

Banking and finance > Lending and borrowing Tier 2

Milbank routinely cooperates across locations and is instructed by companies, banks and private equity funds on cross-border matters under German, English and New York law; primarily on acquisition financing, as well as corporate and infrastructure financing. Other cooperations include the capital markets interface, thus the assistance with transactions in connection with complex financing structures and capital market products is one of the team's mainstays. Recent instructions pertain to refinancing and transactions in the energy sector as well as ESG-related syndicated loan financing and bonds. Barbara Mayer-Trautmann and Thomas Ingenhoven jointly head the team; Trautmann focuses on infrastructure financing, corporate loans and restructuring and recently advised on financing matters in the fibre optic sector, while Ingenhoven covers acquisition and asset financing as well as syndicated loans.

Practice head(s):

Thomas Ingenhoven; Barbara Mayer-Trautmann

Other key lawyers:

Thomas Möller

Testimonials

‘Solid and efficient work, pragmatic solutions.’

‘Barbara Mayer-Trautmann: Outstanding expertise, even in challenging situations.’

‘Very pleasant collaboration with the entire team down to individual associates.’

‘Very good dealings with management teams.’

‘Innovation focus – new trends in the market are taken up directly.’

‘Barbara Mayer-Trautmann is very competent and experienced not only in normal LBO financing, but also in alternative financing structures.’

‘Thomas Ingenhoven: Fast, efficient, very high level of competence and real advice. Very high reputation among financing partners and very good negotiating skills.’

‘I see Thomas Ingenhoven as the best in his field. He provides first-class advice, is a highly skilled negotiator and speaks his mind. Very short lead times and response times.’

Key clients

Ardian Private Equity

Ares Management

Axel Springer SE

Barings LLC

Best Secret

BofA Securities Inc.

Bregal Unternehmerkapital GmbH

Deutsche Beteiligungs AG

EIG Global Energy Partners

FUNKE Mediengruppe

Hayfin Capital Management LLP

Hensoldt AG

H.I.G. Capital

HPS Investment Partners

HSBC Contintental Europe S.A.

IK Partners

ING Bank

Investec Bank plc

KAEFER SE & Co. KG

Körber AG

Leonine Holding GmbH

Levine Leichtman Capital Partners

Maguar Capital Partners

Pemberton

PharmaSGP SE

ProSiebenSat.1 Media SE

UniCredit Bank AG

Work highlights

  • Advising the lender Pemberton on the refinancing of the Energiekonzepte Deutschland Group.
  • Advising KAEFER SE & Co. KG in connection with the refinancing of the existing bond and the super senior credit facilities through new long-term syndicated financing.
  • Advising Benteler International AG as lender on the refinancing of Benteler International AG through a combination of bond issues and credit agreement facilities with a total volume of over €2 billion.

Germany > Tax Tier 2

Milbank's tax team focuses on transactions, resulting in regular advice on cross-border acquisition and financing structures in the context of private equity and M&A matters as well as on corporate restructuring. The group has further expertise in inheritance and gift tax planning as well as in tax audits and tax disputes. Thus, the client base includes high-profile national and international companies and private equity investors as well as private individuals. Based in Munich, the team is jointly led by Rolf Füger (corporate and international taxation; special expertise in the private equity sector), Thomas Kleinheisterkamp (transactions, corporate restructuring, financing, tax audits, tax disputes), Matthias Schell (transactions, corporate restructuring, tax litigation and tax arbitration proceedings) and Norbert Rieger (transactions, PE, restructuring).

Practice head(s):

Rolf Füger; Thomas Kleinheisterkamp; Norbert Rieger; Matthias Schell

Testimonials

‘Very fast response time, very strong client orientation and embedded in other areas (corporate, finance).’

‘The Milbank team impresses with most accurate professional advice at every stage of a process, particularly on tax and corporate matters, and delivers required drafts, documents and advice in the shortest possible time.’

‘Matthias Schell is extraordinary and outstanding. Prompt reactions and advice at the highest professional level.’

‘In complex cross-border transactions, Milbank controls the process holistically and with an eye for essentials. Risks are addressed at an early stage and implemented excellently in the structure, technically and in terms of content. The right experts are brought in where necessary.’

‘Matthias Schell is an outstanding personality who completely structures a transaction and then carries it out. A “carer” in the best sense of the word. He is a process owner who is extremely technically competent, but also manages transactions prudently and with a high level of precision and attention to detail, even beyond taxation issues.’

‘Always available, no matter what time. Great response, very reliable, very pragmatic.’

‘Rolf Füger: The “Tax Pope”.’

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

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 Altor Funds on the acquisition of a majority stake in VTU Group GmbH from DPE Deutsche Private Equity funds.
  • Tax advice to lenders on the financial restructuring of Schur Flexibles Group, which will in future operate under the name adapa.
  • Tax advice to General Atlantic on the planned merger of Qontigo and ISS (both majority owned by Deutsche Börse AG).

Germany > Antitrust Tier 3

Milbank‘s team focuses on merger and investment control, cartel fines and abuse proceedings as well as antitrust disputes. The practice also assists with forensic matters and preventive antitrust compliance. Practice head Alexander Rinne routinely acts in proceedings before the Federal Cartel Office and the European Commission. The team advises clients across the media, telecoms, healthcare and consumer goods sectors and offers additional expertise in distribution antitrust law and related disputes before civil and arbitration courts, where special counsel Moritz Lichtenegger is a key contact; Alexander Zyrewitz left the law firm in April 2023.

Practice head(s):

Alexander Rinne

Other key lawyers:

Moritz Lichtenegger

Testimonials

‘Alexander Rinne and Moritz Lichtenegger: High level of expertise and industry knowledge, very pleasant personal manner. Strong client orientation.’

‘Alexander Rinne has outstanding knowledge in his field. On cross-border issues, he also ensures highly competent advice from the respective colleagues in other countries. Mr. Rinne is also able to explain antitrust law topics in a very understandable way, even for non-antitrust law experts.’

‘Alexander Rinne and Moritz Lichtenegger have already supported us very well and successfully in numerous projects. Both with an enormously high level of professional competence and equally high level of commitment. In addition, always very pleasant cooperation/very good communication.’

‘Knowledge of the diagnostics business, willingness to reflect in analyzes (ie not to hinder the process through overly cautious assessments), first-class advice.’

Key clients

BMW AG

Bonduelle

Cranemere

EQT

H.I.G Capital

Hipp

Husqvarna

L-GAM

Mageba

Müller Milch

Otto

ProSiebenSat.1 Media SE

Roche

SK Group

Sartorius

Telefónica

The Carlyle Group

Work highlights

  • Supporting the Theo Müller group of companies in numerous strategic transactions, in particular the acquisition of Landliebe from FrieslandCampina (release in second-phase proceedings under conditional dissolution).
  • Comprehensive advice to HIG Capital on all transactions in Europe on antitrust law and FDI.
  • Advising EQT/Envirotainer on merger control and foreign trade law on the public takeover of competitor va-Q-tech, second-phase review and approval without requirements/conditions by the Federal Cartel Office.

Corporate and M&A > Corporate Tier 3

Milbank's expertise extends across the entire corporate spectrum, including structuring, corporate governance, compliance and corporate support for national and cross-border transactions. Stock corporation law, group law and capital market law represent further mainstays of the practice, which mirror Christoph Rothenfußer's expertise, who is also experienced in general meetings; he jointly leads the team with Ulrike Friese-Dormann, who advises executive and supervisory boards on board liability issues, and Norbert Rieger, who focuses on stock corporation and corporate law as well as public takeovers.

Practice head(s):

Christoph Rothenfußer; Ulrike Friese-Dormann; Norbert Rieger

Testimonials

‘Milbank not only impresses with its excellent legal expertise, but particularly stands out for its excellent service.’

‘Norbert Rieger: Excellent in the corporate sector. Great business acumen and solution-oriented.’

‘Christoph Rothenfußer impresses with his excellent knowledge of corporate and capital market law.’

Key clients

ADAC SE

Allane SE

Auto1 Group

Axel Springer

Dermapharm Holding SE

F.C. Bayern München

Hauptaktionär der mediantis AG

KAEFER Isoliertechnik GmbH & Co. KG

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

KSBG Kommunale Verwaltungsgesellschaft GmbH

Mylan

Otto Group

PharmaSGP Holding SE

ProSiebenSat.1 Media SE

Sartorius AG

Sixt SE

Work highlights

  • Ongoing advice to KG CURA Vermögensverwaltung GmbH & Co on the existing controlling interest in listed Deutsche EuroShop AG.
  • Ongoing corporate advice for Sartorius AG, including assistance with the general meeting.
  • Ongoing advice to Otto Group on the existing controlling interest in listed AboutYou Holding SE.

Corporate and M&A > M&A

Milbank advises listed stock corporations, financial and institutional investors and, most often, private equity houses on large and mid-cap M&A transactions, due diligence, post-merger integration, joint ventures and venture capital, with the team having particularly deep expertise in the latter area. Norbert Rieger is the Global Chair of the corporate practice and focuses on corporate acquisitions, private equity, stock corporations and corporate law, while Michael Bernhardt assists with corporate acquisitions and sales as well as cross-border M&A transactions and Sebastian Heim is particularly experienced in advising financial investors on matters related to distressed M&A.

Practice head(s):

Norbert Rieger

Other key lawyers:

Michael Bernhardt; Sebastian Heim; Martin Erhardt

Testimonials

‘The team provides competent and pragmatic advice.’

‘Martin Erhardt: An extraordinarily competent and skilled lawyer. He skillfully maintains an overview of his team (including other external lawyers) and can lead clients very well, be they lawyers or management, to the desired result in discussions and negotiations.’

‘Milbank has developed into an outstanding advisor for us over the past few years, who now knows quite well what makes our company and, above all, our top management tick, what is relevant or less relevant to us and what interests we have in a wide variety of areas. Without Milbank, some of the successfully completed transactions in recent years would certainly not have turned out as they did.’

‘Dr. Michael Bernhardt, as our “primary” contact, has outstanding expertise/competence and can also provide an excellent assessment of which approach in a particular project has the highest probability of success in the specific situation. He also works at an extremely high pace, like his entire team.’

Key clients

AUTO1 Group

Allianz X

Axel Springer SE

Deutsche Glasfaser

Discovery Networks Inc.

Evoco Ag

Flender GmbH

Forto

Get Your Guide

Kalera AS

LGT Bank

Moonfare GmbH

NCG – NuCom Group SE

Otto Group

Personio

Pharma SGP

Productsup

ProSiebenSat.1 Media SE

Sartorius AG

SHL Medical AG

Sixt SE

AUTO1 Group

AUTO1 Group

Allianz X

Axel Springer SE

Deutsche Glasfaser

Discovery Networks Inc.

Evoco Ag

Flender GmbH

Forto

Get Your Guide

Kalera AS

LGT Bank

Moonfare GmbH

NCG – NuCom Group SE

Otto Group

Personio

Pharma SGP

Productsup

ProSiebenSat.1 Media SE

Sartorius AG

SHL Medical AG

Sixt SE

Work highlights

  • Advising CordenPharma’s management on a transaction, including aspects of management participation.
  • Advising Sartorius AG on the signing of an agreement to acquire Polyplus for approximately €2.4 billion from private investors including ARCHIMED and WP GG Holdings IV BV, a subsidiary of Warburg Pincus.
  • Advising ProSiebenSat.1 Group on the sale of the US portion of Red Arrow Studios’ production business to Peter Chernin’s The North Road Company.

Restructuring and insolvency > Restructuring Tier 4

Milbank's restructuring team frequently assists with cross-border matters and cooperates closely with the firm's credit and capital markets practices. The team comprehensively advises clients on the creditor side, including banks, debt funds and mezzanine lenders, as well as shareholders, sponsors and borrowers on financial restructuring both in and out-of-court. Other core topics include debt equity swaps, distressed financing and M&A, liability management and all aspects of insolvency law. Mathias Eisen (financial restructuring, advice to creditors) and Barbara Mayer-Trautmann (restructuring, leveraged finance) jointly head the prcatice.

Practice head(s):

Mathias Eisen; Barbara Mayer-Trautmann

Other key lawyers:

Robert Kastl

Testimonials

‘The Milbank team is characterized by the fact that they keep an eye on all issues and are able to take them into account holistically and advise accordingly. The technical know-how and timely delivery are outstanding. Also extremely strong in implementation.’

‘Mathias Eisen is very reliable and economically minded.’

‘Mathias Eisen gave us very good advice in terms of quality. He has a high level of flexibility and excellent problem-solving skills. His eye for the whole thing is also remarkable and draws very good cross-connections. He has shown an extremely high level of commitment and commitment.’

‘Good and very extensive team. Very good support in all phases of the process.’

‘Mathias Eisen and Special Counsel Robert Kastl combine extensive experience with deep specialist knowledge and a strong economic perspective.’

Key clients

Apollo

Capital 4

Carlyle

JP Morgan

Pemberton

PIMCO

Signal Capital Partners

UniCredit Bank AG

DZ Bank

Whitefort

Indaba

CQS

Diameter

Rothschild

Fidelity/FMR

Work highlights

  • Advising the lenders of the Schur Flexibles Group on the lender-led financial restructuring of the Schur Flexibles Group.
  • Advising the ad hoc committee of creditors of €200 million convertible bonds and €300 million unsecured corporate bonds on the financial restructuring of Corestate Capital Holding SA, which included a debt equity swap, the collateralization and maturity extension of the existing bonds and the issuance of new super senior notes.
  • Advising the steering committee of the majority of Adler Group SA’s bondholders on the comprehensive restructuring of all of Adler Group SA’s bonds through a restructuring plan.

Milbank > Firm Profile

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 have a long-standing and in-depth knowledge of the German market. More than 60 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 institutions 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