Clairfield ranks #2 on financial advisory league tables in CEE
Clairfield’s Central and Eastern Europe team has demonstrated outstanding performance in H1, solidifying our position as leader in the region. Ranking #2 in both LSEG and Mergermarket H1 league tables, our team has successfully closed 11 deals so far this year, ranging from the sale of one of the largest Czech grocery chains to numerous software houses and dental clinics.
Piotr Kolodziejczyk, a partner in Poland, says that the market is driven by add-ons and smaller deals that are resistent to the slowdown seen for larger leveraged buyouts. He attributes Clairfield’s success to our focus on mid-sized deals and niche sectors, which are growing in CEE, unlike the more subdued large-cap sector.
Our sell-side clients also benefit from our comprehensive regional coverage and our understanding of local norms and regulations in Austria, the Czech Republic, Hungary, Poland, Romania, and Slovakia, says Oliver Nemes, partner in Hungary.
Healthcare, e-commerce platforms, service providers, IT and software consolidation, and digital transformation continue to be hot sectors in CEE and are areas where Clairfield has extensive expertise.
“With the maturing of markets in CEE, we see increased consolidation within the region. Historically we would sell companies to Western players, but now inter-regional buyers are regularly outbidding international players based on synergies and active buy-and build programs,” says Berend Yntema, partner in Austria.
Czech partner Marek Rehberger notes two major trends In the Czech Republic. “First of all, we are seeing gradual changes in company shareholding structures due to the aging of the founders who started their businesses in the 1990s following the Velvet Revolution. Secondly, changes in tax legislation effective from 2025, which impose income tax for exits over CZK 40 million (about EUR 1.6 million), are prompting a rush for exits.”
Still, foreign buyers should be mindful of the different regulatory schemes, double-digit salary growth, and often higher multiples than in Western Europe due to better growth prospects.
Our team is optimistic about the rest of the year despite the sluggish state of M&A in 2024 overall. “We believe that our niche focus strategy in sectors such as dental, medtech, and software will bring good results in H2 and 2025, even though the M&A market as a whole remains challenging compared to 2021-2022,” says Piotr. “Within our team we will continue to cooperate closely, monitor markets together, perform outreach to CEE-focused private equity funds, and build awareness of our regional coverage.”