Carve-out
Operational and legal separation of a business unit from a corporate group into an independent company.
Definition →Glossary
DACH PE vocabulary. Six terms, precisely defined.
Terms are tools. In a special situation, in a carve-out, in succession, vocabulary determines whether structures hold or tear. This glossary collects the central terms of the Tactical Management practice.
A to Z
Six pillars of vocabulary.
Each entry contains a concise definition, a demarcation against neighbouring terms, an outline of the structures, and references to practice. Further entries will follow.
Distressed M&A
Acquisition of a company in financial or operational dislocation, typically under time pressure and with specific legal structures.
Definition →Mid-Market Succession
Ownership transition in the owner-led mid-market, whose resolution lies primarily in structures, not in valuation.
Definition →Permanent Capital
Equity structure without fund term. The holding period follows from the company's situation, not from a term sheet.
Definition →Platform Logic
Construction of an integrated operational unit from several acquired substances whose combined value exceeds the sum of the parts.
Definition →Special Situation
A structurally driven dislocation in an otherwise substantive company that enables an ownership transfer beyond an auction.
Definition →Whoever does not know the vocabulary,
negotiates structures that are not their own.
In Preparation
Further entries to follow.
Planned entries include: asset-light acquisition, bridge carve-out, founder buyout, holdco structure, holding versus platform, complementary structures, locked box, management buy-in, NewCo, post-merger integration, sale-and-lease-back, StaRUG restructuring (German pre-insolvency framework), vendor loan, working-capital bridge. Until publication, we refer readers to the Perspektiven articles and to the methodology and acquisition pages.
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Methodology. Acquisition. Platform.
Methodology
Three logics, three integration layers.
Methodology in detail →Acquisition & Process
Three requirements, six exclusions, four phases.
Process →Platform Logic
What distinguishes a platform from a holding.
Platform →