How did the Swiss real estate industry start into the year 2018?

PwC – Immospektive Q1/18

The strength of the Swiss economy gives hope for positive impacts to the real estate market, or at a minimum to the current problem sectors of office and retail. The supply on the housing market has continued to grow which has led to an increase in the forecast vacancy rates and a decrease in market rents. Furthermore, it is assumed that interest rates will rise moderately in the long run.

Read more and get up to speed with us

Contact

Kurt Ritz
Partner, Real Estate Advisory
+41 58 792 14 49
kurt.ritz@ch.pwc.com

Marie Seiler
Director, Real Estate Advisory
+41 58 792 56 69
marie.seiler@ch.pwc.com

Samuel Berner
Real Estate Advisory
+41 58 792 17 39
samuel.berner@ch.pwc.com

 

Successful Transactions with PwC

12/02/2018

PwC unterstützte die Aletsch Riederalp Bahnen AG („ARBAG“), die Bettmeralp Bahnen AG („BAB“) und die Luftseilbahn Fiesch-Eggishorn AG („LFE“) bei der Fusion zur Aletsch Bahnen AG.

Zürich | Das Aletsch-Gebiet rund um den Aletschgletscher („Aletsch-Arena“) als Teil des UNESCO Weltnaturerbes ist eine bedeutsame Tourismusdestination in der Schweiz.

Dank der Fusion entsteht nach den Zermatt Bergbahnen das zweitgrösste Bergbahnunternehmen im Oberwallis mit einem beachtlichen Potenzial. Die Aletsch Bahnen AG dürfte künftig einen Umsatz von rund 40 Millionen Franken und einen Cashflow von über 10 Millionen Franken generieren. Dies bedeutet einiges an Schubkraft für allfällige Ersatz- oder Neuinvestitionen und der Gast wird zukünftig ein noch kompletteres Tourismusangebot vorfinden können. Im Winter verfügt das Skigebiet über mehr als 100 Pistenkilometer, im Sommer umfasst das Angebot rund 150km Wanderwege und 100km Mountain-Bike Trails.

Durch die Fusion können wichtige Kosten- und Nutzenpotentiale erschlossen werden, wodurch die Aletsch Bahnen AG auch für zukünftige Herausforderungen in der Schweizerischen Tourismus- und Wintersportindustrie noch besser gewappnet sein wird.

Bereits Ende Oktober 2017 haben die Aktionäre der drei Gesellschaften mit sehr deutlichen Voten von 90.85% (BAB), 96% (LFE) und 94.43% (ARBAG) dem Fusionsvorhaben zugestimmt. Der Umtausch der Aktien soll nun bis im Frühjahr 2018 abgeschlossen sein.

 

Das PwC Team

M&A Lead Advisory: Kurt Ritz (Partner), Marco Tremonte (Director), Andreas X. Müller (Senior Consultant), Fabrice Vuilliomenet (Senior Consultant)

Valuation & Financial Modelling: Marc Schmidli (Partner), Thomas Schneller (Director), Sara Ammann (Manager), Yannick Costa (Senior Consultant)

Rechtsberatung: Benjamin Fehr (Partner), Laura Fertitta (Senior Manager)

Steuerberatung: Lukas Scheidegger (Partner), Frédéric Zloczower (Senior Manager), Amadé Ruppen (Manager)

PK-Beratung: Markus Schneeberger (Director), Roger Ehrensberger (Senior Manager)

Wirtschaftsprüfung: Peter Held (Director)

 

Pressemitteilung –“Fusion zur Aletsch Bahnen AG geschafft”

Successful Transactions with PwC

07/02/2018

PwC Corporate Finance advises Thommen-Furler AG (“TFAG”) on the acquisition of alcosuisse ag (“alcosuisse”) from the Swiss government.

Zurich | On January 31, 2018, the Federal Council decided to sell alcosuisse ag, the former profit centre of the Swiss Alcohol Board and sole importer of ethanol products, to TFAG. PwC acted as lead advisor to TFAG throughout the buy-side process.

With the sale to TFAG, the Swiss government completes another important stage of the partial revision of the Alcohol Act, which started on January 1, 2017 by the transformation of alcosuisse from a profit centre to a limited company. The transaction is expected to be completed in mid-2018. Until the next stage in the revision process of the Act – the liberalisation of the ethanol market on January 1, 2019 – the monopoly for the importation of ethanol will remain unchanged and the buyer is not allowed to generate any profit until then.

For more than 100 years, alcosuisse has been providing the Swiss economy with high-quality ethanol products in over 50 different grades at cost-covering prices. With processing facilities in Delémont (JU) and Schachen (LU) and c. 38 FTEs, alcosuisse supplies over 1’500 Swiss-based customers with ethanol products.

TFAG, headquartered in Rüti bei Büren (BE), is specialised in the distribution of chemicals and lubricants, environmental technology, and the disposal and recycling of industrial and hazardous waste. With c. 250 employees, the medium-sized company generates revenues in excess of CHF 120 Mio. and operates branches in Ziefen (BL) and La-Chaux-de-Fonds (NE).

The PwC team

M&A Lead Advisory
Sascha Beer, Partner
Marco Tremonte, Director, Engagement Leader
Andreas X. Müller, Senior Consultant

Financial Due Diligence
Nico Psarras, Partner
Patrick Amstutz, Director
Vincent Lüscher, Manager
Daniel Lötscher, Consultant

Tax Due Diligence
Marcel Angehrn, Director

Pension Due Diligence
Roger Ehrensberger, Senior Manager
Andreas Schuler, Consultant

Successful Transactions with PwC

17/01/2018

PwC Corporate Finance advises the shareholders of Addedo on the sale of the company to Talentia Software Group, a portfolio company of Argos Soditic, a Swiss-based private equity investor.

Zurich | PwC Corporate Finance acted as sole financial advisor to the shareholders of Addedo throughout the entire transaction process. The transaction has closed on December 20, 2017.

Founded in 2007 as a spin-off from Frango consulting services, Addedo has demonstrated an impressive growth and evolved to Switzerland’s leading distributor of and consultant for IBM Cognos Corporate Performance Management (CPM) software. More recently, Addedo has begun to access new markets by founding subsidiaries in Germany and Canada. In an attempt to promote further growth and tackle untapped markets, the shareholders of Addedo have explored the possibility to sell a major stake to a strategic partner.

With more than 3,600 customers in over 30 countries, Talentia Software is a market-leading European software provider of Finance software (Accounting, Financial Performance) and HR software (Payroll, Human Capital Management).

Viviane Chaine-Ribeiro, President of Talentia Software: “This acquisition is a new critical step in our external growth strategy. It will further reinforce our market lead on the fast growing CPM market and accelerate our growth in countries such as Switzerland and Germany. It will also enable us to set foot in North America where Addedo recently opened an office.”

Michael Kempter, President of Addedo: “We are pleased to join Talentia Software and merge our skills and capability. We share common values, including the commitment to delivering the highest quality of service to our clients.”

 

The PwC team

M&A Lead Advisory:

Dr. Martin Frey, Partner

Dr. Andreas Plattner, Director

Matthias Büeler, Senior Manager

Nikola Gozze, Senior Consultant

 

Successful Transactions with PwC

08/01/2018

PwC Corporate Finance advises Swiss private equity firm Cross on the sale of spirella to Menage Selection Valnet S.A.S. (MSV).

Pfäffikon | The Swiss private equity house Cross and MSV have signed a share purchase agreement to hand over spirella to MSV. Closing of the transaction is anticipated for mid of January 2018.

spirella, headquartered in Embrach, Switzerland is a leading Swiss provider of high-quality bathroom accessories, with two subsidiaries in France and Germany, as well as global export and distribution capabilities. The Company’s products are sold in over 60 countries and enjoy a high degree of brand awareness. Cross acquired the Company in June 2010, as part of a Management Buyout.

spirella’s new owner is MSV, a family-owned, French enterprise headquartered in Rivesaltes, France. The Company, being managed in the second generation by the Sobraques family, offers quality-oriented home solutions for the bathroom, kitchen and general household. MSV has locations in Spain, Germany, Croatia, Belgium, Serbia and Italy, as well as a distribution network spanning over 30 countries.

The PwC team

Martin Frey
Partner, Corporate Finance/ M&A

Andreas Plattner
Director, Corporate Finance/ M&A

Andreas Schmuckli
Manager, Corporate Finance/ M&A

Jasmin Jäger
Consultant, Corporate Finance/ M&A

Dominique Schwarzen
Consultant, Corporate Finance/ M&A

PwC Deal Talk Year-End Edition 2017

Doing Deals abroad from a Swiss Investor’s Perspective

The world’s a big and fascinating place, and it’s the differences that make travel abroad such a rich and rewarding experience. Smart travellers buy a travel guide before setting off for a new country. For investors venturing into unfamiliar territory there is even more at stake, and it makes even more sense to find out not only what the local attractions are, but how to negotiate the potential pitfalls.

PwC’s Deal Talk is a series of guides for Swiss investors with their sights on opportunities beyond our borders. In 2017 we covered six major investment destinations at two-month intervals – Australia, Brazil, Canada, France, India and the United States – and there will be more in 2018. Each issue of Deal Talk focuses on the peculiarities of doing deals in a particular country. It’s a great way to start your preparations.

Of course there’s nothing like an experienced travel guide or a person with local knowledge. Within PwC’s global network we actively foster exchange across borders, allowing us to amass a rich pool of global know-how and local savvy from people who have experienced business in all these countries first-hand – and share it with you.

Read Attachment

Contact Us

Sascha Beer
Partner
Corporate Finance / M&A
Tel. +41 58 792 1539
sascha.beer@ch.pwc.com

Nico Psarras
Partner
Head of Transaction Services
Tel. +41 58 792 1572
nico.psarras@ch.pwc.com

PwC Deal Talk – Doing Deals in Brazil from a Swiss Investor’s Perspective

Edition 6/2017

Brazil is the world’s ninth largest economy, the largest in South America, its most populous country and a prominent BRIC member. It is also becoming more and more an important trading partner of Switzerland. In the last decade, bilateral trade between both countries has more than doubled. Indeed, Brazil is attracting an increasing number of small and medium-sized Swiss companies because of its growing consumer market, while Brazilian firms continue to show a keen interest in Swiss technology and services firms that could be either catered to or acquired.

Despite significant progress, investors still face numerous challenges when they approach Brazil. There is a complex regulatory environment with regard to tax and labour, as well as high taxes and social charges on payroll, sales and income. Multiple taxes and fast-changing legislation can affect business plans and increase risks on contingent liabilities, potentially blocking the success of both asset and stock acquisitions. With first-hand experience and local teams on the ground, PwC can help you to avoid common pitfalls when doing deals in Brazil.

Read Attachment

Contact Us

Sascha Beer
Partner
Corporate Finance / M&A
Tel. +41 58 792 1539
sascha.beer@ch.pwc.com

Nico Psarras
Partner
Head of Transaction Services
Tel. +41 58 792 1572
nico.psarras@ch.pwc.com

John Tavares
Director
Transaction Services
+41 58 792 9386
john.tavares@ch.pwc.com

Grasiele Neves

International Tax Services – Brazilian desk
+41 79 350 5138
grasiele.neves@ch.pwc.com

Emerging Trends in Real Estate

Rethinking real estate

Overall, an optimistic outlook prevails throughout most of Europe’s property industry, with nearly half of this year’s respondents expecting European economic growth to improve over the next five years.

But the geopolitical backdrop is creating a shift in focus, with concerns moving from the regional to the global.

Emerging Trends in Real Estate® Europe 2018 reveals an industry that is becoming more complex, yet more transparent and accessible. Whatever the outcome, it is certain that the industry will need new skill sets, new ways of collaborating outside traditional industry boundaries and new business models to survive and compete in the new real estate ecosystem.

Dive deeper

Contact

Kurt Ritz
Partner, Real Estate Advisory
+41 58 792 14 49
kurt.ritz@ch.pwc.com

Marie Seiler
Director, Real Estate Advisory
+41 58 792 56 69
marie.seiler@ch.pwc.com

PwC-Immospective Q4/17

The positive expectations for 2018 are broad-based.

An economic upturn is projected for 2018. The upbeat economic prospects spread optimism for the office and retail segments. The prices of residential investment properties have risen further and driven peak returns to record lows.

More information

Contact

Kurt Ritz
Partner, Real Estate Advisory
+41 58 792 14 49
kurt.ritz@ch.pwc.com

Marie Seiler
Director, Real Estate Advisory
+41 58 792 56 69
marie.seiler@ch.pwc.com

Samuel Berner
Real Estate Advisory
+41 58 792 17 39
samuel.berner@ch.pwc.com

Successful Transactions with PwC

31/10/2017

PwC Corporate Finance advises Schweizerische Depeschenagentur AG (“SDA”) on the merger with Keystone AG (“Keystone”) to form KEYSTONE-SDA.

Zurich | A PwC team comprising of various lines of services advised SDA and its shareholders throughout the whole transaction process. The merger will take the form of a shareholding exchange where Austria Presse Agentur APA (“APA”) will contribute its 50% stake in Keystone to the new company in return for 30% of the shares in KEYSTONE-SDA. The transaction is expected to close in the second quarter of 2018 with retroactive effect as of January 1, 2018 after relevant approvals of the competition authorities have been obtained.

Founded in 1894, SDA is the national news agency in Switzerland in the ownership of Swiss media companies. Since its establishment, SDA provides the Swiss media companies with the basic supply of local and international news in the form of a comprehensive round-the-clock independent news services on topics such as politics, business, or culture, among others.

Founded in 1953 as Swiss subsidiary of the US-based KEYSTONE View Company, Keystone AG is the leading independent picture agency in Switzerland with SDA and APA as sole shareholders in equal proportions.

APA is Austria’s national news agency and leading information service provider owned by twelve Austrian newspapers and ORF (Austrian Television).

With the merger of SDA and Keystone, the newly formed company is able to offer high-quality multimedia information products consisting of texts, images, infographics and videos to its customers from one single source.

    

The PwC team

M&A Lead Advisory: Martin Frey (Partner), Matthias Büeler (Senior Manager), and Andreas Müller (Senior Consultant)

Organisational Strategy & Design: Steffen Lange (Senior Manager), Oliver Sill (Manager), and Angela Zeller (Consultant)

IT Due Diligence: Jens Weber (Partner), Lars Schwarze (Senior Manager), and Nicolai Götz (Senior Consultant)

Real Estate Valuation: Julia Taschner (Senior Manager) and Francesca Barbera (Senior Consultant)

Press Release:

“SDA and Keystone merge to form a multimedia media company”