Corporate Finance

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Analysis of the financing situation and development of a financing concept for ewl

Against the background of intensive investment activity as part of the “Solaris” corporate strategy, ewl requires an appropriate financing solution. With Solaris, ewl is pursuing the expansion of CO2-neutral, renewable and efficient energy sources, as an important contribution to the implementation of the climate and energy strategy of the city of Lucerne. To promote the fields of district heating, lake energy, heat pumps and services, an appropriately coordinated financing solution is to be secured. IFBC supported ewl in analyzing the financing requirements, carried out an assessment of the financing feasibility based on benchmarking, and prepared a financing concept with concrete implementation proposals for the structuring of the financing.

ewl is the leading provider of energy services in the area of Lucerne. Its ecologically and economically sustainable offerings include electricity, gas, heating, cooling, water, telecommunication, energy services and electrical installations.

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Company valuations in connection with the Swiss tax reform (STAF)

IFBC was mandated by EF Education First to value several EF companies to the attention of the Swiss tax authorities in connection with the Swiss tax reform (STAF). In cooperation with EF Education First, a standardized template was developed for the local managements, which subsequently enabled IFBC to efficiently value the companies. The company valuations are based on the DCF-approach and were documented in a valuation report.

EF Education First offers learning programs worldwide focused on language, travel, cultural exchange, and academics.

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Determination of the Impairment WACC and review of the existing impairment model

IFBC was mandated by Rieter to conduct a review of the existing model for the annual goodwill impairment testing and to elaborate corresponding recommendations for further development. Simultaneously, a cost of capital concept was developed for Rieter. This includes the calculation principles for the individual cost of capital parameters as well as the handling of different currencies and country risks as a basis for the implementation of the goodwill impairment tests.

Rieter is a globally leading supplier of systems for manufacturing yarn from staple fibers in spinning mills.

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Valuation of selected group companies

IFBC was engaged by the Diethelm Keller Group to perform independent valuations of selected group companies. Together with the management and considering analysts’ expectations for the corresponding peer companies, business plans were developed for the respective companies, which were used as a basis for the discounted cash flow valuations. Based on sensitivity analyses with reference to the main value drivers, appropriate value ranges were derived for the companies to be valued.

Diethelm Keller Group is a privately held organization whose principal shareholders are the descendants of the founders. In addition to the participation as major shareholder in DKSH, a leading company in the field of market expansion services with a focus on Asia, the group consists in particular of four operating units in different business areas with over 2’500 employees in 20 countries.

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Financial Advisor to the shareholders of CSD Group in partnering with the new majority investment partner Initiative & Finance

The CSD Group, which was owned by its management team, sought to rejuvenate and strengthen its own shareholder structure as part of its growth strategy. As part of their succession plan, the company has found an excellent partner in Initiative & Finance as its new anchor shareholder.

IFBC supported the shareholders of CSD Group as financial advisor in partnering with the new majority investment partner Initiative & Finance.

CSD Group is a Swiss consulting and engineering company that advises both public sector institutions as well as private individuals on environmental, natural resources and construction issues. The group comprises a total of 30 offices in Switzerland, Belgium, Luxembourg, Germany, Italy and Lithuania.

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Financial advisor for the successful restructuring of the credit financing

As part of a restructuring and increase in its financing, Agro Energie Schwyz AG was able to successfully conclude a long-term credit facility with two cantonal banks and existing financing partners. This financing will ensure the further expansion and development of the district heating network as well as the operation of the ecological power plants. With its ecological production of heating and electricity in the Schwyz region, Agro Energie Schwyz AG makes a valuable contribution to create value for the region as well as to the creation of a more environmentally friendly energy future.

IFBC accompanied Agro Energie Schwyz AG as financial advisor during the entire financing process, from the development of the financing concept to the negotiations with potential lenders and finally the successful closing of the credit facility.

Agro Energie Schwyz AG is a local energy service company headquartered in Schwyz SZ. It produces CO2-neutral heat and ecological electricity from regional biomass with wood-fired power plants and a biogas plant. The heat supply of both private households and companies in the region is carried out with its own district heating network.

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Financial advisor on the sale of Swissgrid shares to its own shareholders

As part of the transfer of the transmission network to Swissgrid AG, Kraftwerke Hinterrhein AG received Swissgrid shares as compensation for its transmission network assets. After the definitive conclusion of the transaction, these Swissgrid shares were now to be sold to the company’s own shareholders. Since not all shareholders are interested in a purchase, a fair sales price for the Swissgrid shares must be ensured to guarantee equal economic treatment of all shareholders.

IFBC developed a concept for the valuation of the Swissgrid shares and the determination of the selling price for Kraftwerke Hinterrhein AG with the involvement of all relevant stakeholders. Based on the concept, IFBC performed the valuation and the determination of the selling price respectively.

Founded in 1956, Kraftwerke Hinterrhein AG is the largest partnered power plant in the canton of Graubünden and produces around 1500 GWh of electricity from hydropower every year. On behalf of its nine shareholders, around 723 million cubic meters of water are transformed into electricity.

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Financial Advisor on the successful establishment of a credit facility

To finance the construction and subsequent operation of the new energy plant in Aarau Telli, Green Power Aarau AG, with Eniwa AG as main shareholder and leading force, successfully concluded a long-term credit agreement with Aargauische Kantonalbank. With the new plant, Green Power Aarau AG is part of the Energy Strategy 2050 of the federal government and the canton and makes an important contribution to create value for the region as well as to build a secure, economical, and environmentally friendly energy future.

IFBC supported Green Power Aarau AG and Eniwa AG as financial advisor during the entire financing process, including the development of the financing concept, the negotiations with potential lenders and finally the successful closing of the credit facility.

Eniwa AG as the main shareholder of Green Power Aarau AG is a regional energy service company headquartered in Buchs AG. As a municipal utility, Eniwa AG is majority-owned by the city of Aarau. Eniwa AG offers supply and installation services for private households and companies in the region.

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Financial Advisor to AMAG Group AG on the acquisition of the business unit Helion from Bouygues E&S InTec Schweiz AG

On 13 September 2022, AMAG Group announced the acquisition of the business unit Helion, which specializes in photovoltaic systems, heat pumps and e-mobility, from Bouygues E&S InTec Schweiz AG. IFBC supported AMAG as Financial Advisor in this transaction throughout the entire acquisition process. Among other things, IFBC was responsible for the valuation, carried out the financial due diligence and assisted in the contract and purchase price negotiations.

As Switzerland’s largest car importer, AMAG operates a nationwide sales and dealership network with around 6’500 employees for high-quality automobile brands such as Audi, Seat, Skoda, Cupra and Volkswagen as well as Bentley and Porsche. In addition, AMAG Group offers its customers a broad spectrum of complementary services relating to the mobility of today and tomorrow.

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Execution of the financial due diligence of Alectron AG

IFBC was mandated by Energiedienst Holding AG to perform the financial due diligence of Alectron in the context of the successful acquisition and to prepare a due diligence report.

Alectron AG is a solar company operating in central Switzerland, offering its commercial and private customers energy concepts, the installation of photovoltaic systems, storage solutions and services.

Energiedienst Holding is a German-Swiss energy supplier. In addition to the electricity production from hydropower, the company offers various services in the fields of photovoltaics, e-mobility and sustainable heat solutions to its clients.

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Exclusive financial advisor on the successful issuance of a debut bond and the establishment of a credit facility

In order to finance the shareholding in the run-of-river power plant Ryburg-Schwörstadt, regional energy supplier AEW Energie AG successfully placed a fixed-interest CHF 125 million debut bond on the Swiss capital market as per 1st June 2022. The funding significantly contributes to the expansion of their own production in the field of sustainable regional power. In addition, a credit facility was established with a Swiss bank.

IFBC supported AEW as a financial advisor during the entire financing process, including the development of the financing concept, the negotiations with potential investors and finally the successful closing of the credit facility and the bond issuance.

AEW Energie AG is an independent company of the Canton of Aarau. With its reliable energy supply (electricity and heating/cooling), AEW makes a significant contribution to the attractiveness of the area and the quality of life in the region.

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Fairness Opinion related to the public takeover offer by Impulsora de Marcas e Intangibles, S.A. de C.V., a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) for all publicly held registered shares of Valora Holding AG (Valora)

IFBC was mandated by the board of directors of Valora Holding AG to prepare an expert opinion on the financial adequacy (Fairness Opinion) of FEMSA’s public takeover offer. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions.

Valora Holding AG is an internationally active retail and food services company and headquartered in Switzerland. In the retail sector, Valora’s focus is on small-scale store concepts in high-frequency locations with well-known brands such as k kiosk or avec. In the food services division, Valora focuses on bakery products with brands such as Brezelkönig, BackWerk or Caffè Spettacolo.