Mandates that create impact — deliberately anonymised.

Another reference case concerned a mandate from a family office to identify a suitable investment portfolio. The focus was particularly on real estate investments aligned with the client’s strategic, economic and qualitative requirements.

Based on a broad and reliable network, credible investment opportunities were identified that were not publicly available on the market. The focus was not on generic deal lists, but on the targeted pre-selection of economically plausible, verifiable and client-appropriate assets.

In addition to identifying suitable opportunities, the transaction process was supported — from the initial assessment and commercial review to negotiation support and successful execution of the transaction.

As a result, an investment suitable for the client was identified and successfully completed. The case illustrates the ability to combine discreet market and network access with commercial review, transaction understanding and consistent execution.

Capital-market-related processes are also part of the experience base – including the support of an IPO. The focus was on preparing capital-market-relevant decision-making foundations, structuring the process and managing the interface between management, investors, advisors and other stakeholders.

In addition, there is experience in building and financing young growth companies that have since positioned themselves as established market participants. The focus was on entrepreneurial structuring, capital raising, business model development and preparing further growth steps.

Another reference case concerned the review of a competitor in the energy supply market. The analysis was commissioned by a market leader in electricity and gas that was evaluating the acquisition of the company in question.

As part of the review, the business model, revenue logic, cost structure, economic viability and underlying assumptions of the planned transaction were analysed. The review showed that the target company’s business model had no robust numerical foundation.

The economic structure was not sustainable, but was based on a systematically unviable logic which, upon further analysis, proved to be a pyramid-like model with an already significantly loss-making development.

The findings were prepared in a way that provided a clear decision-making basis for the potential acquirer. As a result, it was possible to prevent the client from pursuing a highly risky acquisition.

In addition to avoiding a substantial failed investment, the reputational aspect was also material: an acquisition of this company would not only have triggered financial risks, but could also have caused significant public reputational damage to the acquirer as an established market leader.

The case illustrates the ability to assess business models beyond the surface and to rigorously examine their numerical viability, economic substance and risk logic. The decisive factor was the early identification of a structurally unsustainable model and the clear preparation of the risks for the decision-making level.

Another reference case concerns the transfer of a formerly state-shaped company into the private sector. The company had emerged from a regulated system environment and was sold to an international financial investor as part of a private equity transaction.

Within today’s VALTORA management, there is direct leadership experience from this phase of reorganisation, private-sector establishment and structural realignment. The task was to transfer a historically grown, system-related business model into an increasingly liberalised market environment and to further develop it under private-sector standards.

The challenge lay in a phase of significant market liberalisation, increasing competitive pressure and structural erosion of the previous business model. In terms of revenue, the group developed from a billion-euro platform to a scale of approximately EUR 700 million. In terms of earnings, the development moved from initially high profitability through declining operating profits to a restructuring and loss situation.

Despite this demanding environment, the company was operationally stabilised, subjected to central structural changes and aligned with the requirements of a competitive market. Decisive elements included reorganisation, cost and structural measures, adaptation to changed regulatory and market conditions and leadership of a company in a phase of fundamental transformation.

The case illustrates the ability to stabilise, realign and further develop complex corporate structures after privatisation and private equity acquisition in a strongly changing market environment under private-sector conditions.

A further focus lies in the operational restructuring and turnaround of an entire business unit within a leading European media group.

A challenged business unit was economically realigned, structurally improved and returned sustainably to profitability. The decisive elements were clear analysis, consistent measures and operational implementation strength.

Another reference case involved a service provider facing a critical commercial situation with its principal client. The client questioned the payment of substantial receivables, arguing that the contractually owed services had not been properly performed. In this situation, interim commercial leadership was assumed and the negotiations with the client were conducted directly.

A particular challenge was that the client changed its management several times during the mandate, requiring the communication and decision-making level to be rebuilt repeatedly. The decisive factors were a structured analysis of the service relationship, the commercial assessment of the receivables position and reliable negotiation leadership with changing counterparties.

As a result, the outstanding receivables were paid in full and without further escalation. In addition, the business relationship was not only stabilised, but the mandate was significantly expanded. An initially conflict-driven payment situation was thereby transformed into an economically improved and strategically strengthened client relationship.

A further case concerned a mid-sized company that, following mismanagement, had been transferred into the special exposure management of its house bank. The bank was initially unwilling to provide additional liquidity in the form of overdraft facilities. At the same time, there was an urgent need to secure liquidity, restore lender confidence and stabilise operations.

Within the mandate, the economic situation was analysed, the communication with the house bank was restructured and a robust commercial argumentation basis was developed. The objective was to convince the bank of the company’s viability and of the implementability of the measures initiated.

Through the negotiations, additional unsecured liquidity was made available. In parallel, the company was stabilised operationally and commercially and gradually returned to a resilient earnings position. The utilised credit lines were subsequently reduced. Today, the company stands on a healthy economic foundation.

Another reference case concerned the acquisition of a wholesale business for telecommunications hardware by an investor. The company supplied well-known telecommunications providers with hardware. Following completion of the transaction, a notably negative earnings development emerged which, from the investor’s perspective, was not consistent with the company figures and expectations presented during the acquisition process.

In this situation, a comprehensive economic and commercial review of the company was carried out. The focus was on analysing accounting records, tracing goods movements, reviewing inventory levels and reconstructing the company’s economic development before and after the transaction.

As part of an extensive, partly manual and forensic review, significant indications emerged that the former owner and parts of the still-active management had misrepresented the company’s economic situation. In addition, it became apparent that hardware from inventory had been sold outside the official accounting and documentation channels.

The findings were structured and prepared for use in criminal and civil proceedings. Specialist experts in criminal law, civil law and related fields were brought in, and the interdisciplinary approach was coordinated.

As a result, the investor achieved full economic compensation for the investment, including interest. At the same time, the company remained with the investor. The responsible individuals were pursued through criminal proceedings.

The case illustrates the combination of economic analysis, forensic detail review, transaction understanding, legal interface coordination and consistent enforcement of investor interests following a distressed acquisition.

Another reference case concerned a commercial dispute arising from a short-term trading project in the field of medical consumables and protective goods. Several entrepreneurs had joined forces to implement a joint trading business. The client’s role was primarily to manage the commercial side and operational distribution, while other participants provided capital for the purchase of goods.

The project developed negatively from an economic perspective. At the same time, there was a lack of robust and traceable documentation regarding the course of the business, both commercially and with regard to inventory, goods movements and documentation. Following a breakdown between the parties, the client was sued for repayment of the entire invested amount.

The starting position was additionally burdened by unfortunate prior communication by the client, from which an alleged payment obligation was derived. In addition, the initially instructed legal counsel had not sufficiently structured the facts. A statement already filed with the court had significantly weakened the procedural position.

VALTORA was brought in only a few days before the oral hearing. Within a very short period of time, the case structure was completely reassessed, a new defence and advisory team was established and the commercial and factual basis of the dispute was rebuilt. The coordination of the legal defence, the structuring of the argumentation and the prioritisation of the decision-relevant facts were carried out under considerable time pressure.

As a result, the asserted repayment claims were fully defended. The client did not have to make any payment. The case illustrates the ability to create order, structure and defensibility at very short notice even in a procedurally strained situation — at the interface of economic analysis, fact reconstruction, legal coordination and crisis intervention.

Another reference case concerned a cash-related service and brokerage model with complex settlement structures, different contractual relationships and operational practices that had evolved over several years. Significant tax and criminal-law risks were at issue, particularly in relation to revenue allocation, economic attribution, cash management, commission models and the traceability of operational payment flows.

The starting position was complicated by incomplete and inconsistent documentation spread across different periods, provider relationships and settlement models. At the same time, different perspectives from the tax authorities, advisers and involved parties had to be considered. The first decisive step was therefore to separate the economic reality of the business model from isolated formal aspects and to develop a robust overall structure.

As part of the mandate, extensive documentation was reviewed, payment flows, settlements, operational processes and contractual relationships were reconstructed, and tax-relevant lines of argument were prepared. The objective was to turn an initially unclear and risk-exposed situation into a structured, reviewable and defensible presentation.

Particular importance was attached to the interface between commercial analysis, tax classification, criminal-law risk assessment and legal defence strategy. The economic context was prepared in such a way that specialised tax and legal advisers could continue their work on a robust basis.

The case illustrates the ability to bring order to complex matters even in sensitive tax and criminal-law-relevant special situations, to reconstruct documentation, make commercial processes traceable and create a reliable basis for defence, communication and further procedural strategy.

Demanding shareholder situations in the mid-market are also part of the reference base. In one mandate, the focus was on harmonising different shareholder interests while expectations regarding the company’s performance diverged and trust in management was strained.

The decisive elements were transparent preparation of economic facts, structuring different expectations, creating robust decision-making foundations and developing a viable discussion and solution level between shareholders and management.

A particular focus lies in mandates for public-sector clients, state governments and state-owned enterprises. These mandates involved economic analysis, organisational reorganisation and restructuring of public or state-related businesses.

The tasks included assessing economic starting points, developing viable organisational and restructuring concepts, structuring decision-making processes and supporting concrete implementation measures. Such mandates require a particular understanding of political sensitivity, complex stakeholder structures, transparency requirements and confidential decision-making processes.

VALTORA has robust experience precisely at this interface of public responsibility, economic pressure and organisational complexity.

Another reference case concerned advisory work for a supranational client in connection with the development of a visitor and experience format. The project was positioned at the interface of institutional public communication, technical knowledge transfer, culture, visitor experience, event economics and commercial project structuring.

A central task was to reconcile the institution’s specialist and technical standards with the practical requirements of a visitor centre. The substantive depth, scientific and technical accuracy and institutional significance of the client had to be translated into a format that was understandable, engaging and operationally feasible for different visitor groups.

At the same time, the interests of the member states had to be taken into account. The project could not be designed solely from one institutional perspective, but had to reflect different national expectations, representation interests and political sensitivities and integrate them into a balanced overall concept.

The focus was therefore on content dramaturgy, visitor and usage concepts, economic viability, potential revenue and cost structures, operating logic and the involvement of service providers, partners and relevant stakeholders.

The work included structuring the commercial foundations, translating complex technical content into a robust visitor and event format, evaluating operational feasibility and preparing decision-making materials for further project development.

The case illustrates the ability to approach demanding institutional projects not only from a specialist or design perspective, but also in a politically sensitive, economically viable and operationally executable way. The decisive factor was the combination of commercial analysis, understanding of technical content, institutional decision-making logic and practical experience in event and project economics.

Experience in the events sector includes the conception, economic assessment, financing and realisation of complex event, exhibition, open-air and large-scale project formats. This area of experience can be understood as event economics in a broader sense: the integration of use concept, location logic, financing, media reach, sponsorship, operator capability and operational execution.

This includes the development of viable use concepts, commercial structuring, budgeting and support for concrete implementation and execution.

In this context, different event locations, venues, open-air sites and project locations were assessed in terms of their economic, technical and operational viability, evaluated and modified with regard to the respective use case. Relevant parameters included utilisation, revenue logic, cost structures, operator capability, structural and technical requirements as well as practical feasibility.

This experience is complemented by robust contacts in the international events business, an extensive portfolio of media partners and the development and implementation of sponsorship concepts, including targeted sponsor search. This creates a particular understanding of the interface between project development, financing, operator logic, media reach, event conception, live-format development and operational execution.

In addition, a loss-making hospitality and gastronomy business was supported. The focus was on economic analysis, identifying operational weaknesses, realigning cost and revenue structures and developing viable measures for stabilisation and earnings improvement.