Companies in difficult and special situations Target companies Medium-sized companies or subsidiaries of conglomerates Turnover: EUR 50 - 500 million Cash-flow: stable in core businesses, positive Earnings: explainable losses may be acceptable Industries Manufacturing, capital goods, engineering companies (machinery and plant engineering), industrial wholesale or service industry Typically not: software, internet, biotech, fashion Transaction structure Interested in legally and economically complex situations, e.g. restructuring or insolvency situations In overleveraged situations bailout of banks possible Transaction volume Up to EUR 100 million (buying out bank loans as part of the transaction is an option) Countries Focus in Italy with buy-and-build option in other European countries Competition Leading position in relevant market (Nr. 1-3) Fragmented market structure with potential for industry consolidation Market Stable market Low single customer/single order risk