Compelling executive management experience in handling complex processes
Well versed in interacting with public authorities
Proven M&A and process management capabilities
Expertise in a wide variety of market sectors, regulated or not
Based in Berlin, rooted in Europe, experienced in working globally
Pragmatism and decisiveness

alcis advisers support and assist large and medium-sized companies, financial investors and competition authorities to manage their M&A, restructuring and public tender processes as well as competition proceedings until successful completion.

alcis advisers provide, as required, interim executive management – typically in a CFO position – for medium-sized companies facing challenging tasks and/or going through restructuring, transformation and growth processes.


1.Clients first

Client service and dedication is our top priority. alcis advisers are committed to highest-quality, insightful, trustworthy services to corporate clients and regulatory authorities, in full confidentiality. We build on long-term client relationships and trust.

2.Trusted independence

“Independence in all we do” is the DNA of alcis advisers. We strictly compel to working exclusively for one client in all M&A, regulatory and business transformation processes. We decline mandates that could give rise to any conflict of interest.

3.Experience & expertise

Grounded on more than 50 years of experience in executive management, economics and corporate finance advice, alcis advisers are committed to always strengthening their skills with any new project. We only take on assignments where we know we can add value.

4.Think straight, talk straight

Highest quality standards in our analysis and implementation work, combined with a direct, precise and result-oriented communication with all stakeholders are key differentiators in alcis’ approach.

5.Cost consciousness for top-quality results

alcis advisers are very mindful of their clients’ budget constraints. In every measure taken or recommended as a monitoring trustee, executive manager or adviser, we always bear the best possible cost/effectiveness ratio in mind.


alcis advisers act as a monitoring trustee and as required, divestiture trustee, in merger control, antitrust and State aid proceedings of national and international competition authorities.

alcis advisers help to implement regulatory commitments by overseeing and monitoring the according corporate transformation processes.

These include in particular:

  • Divestment: disposal of businesses and/or assets – including carve-out and disposal through trade sales, demergers or IPOs
  • Restructuring: cost reduction, organisational restructuring, integration and separation programmes
  • Asset reduction: comprehensive asset reduction programmes

As former executive managers, economics and M&A advisers, we offer the required seniority, skills and experience to efficiently monitor such demanding divestiture, separation and restructuring processes.

As an independent monitoring trustee, alcis advisers ensure compliance with the commitments of the parties and with the regulatory decisions in all phases of the remedy implementation process.

This means recommending and implementing – in a co-operative monitoring approach with the parties and the authorities – the best possible and practicable organisational, financial and operational measures to ensure compliance.

Personal, close and direct communication with the parties and the competition authorities is the backbone of our result-oriented and forward-looking process management.

Our objective is to make the remedies implementation the least disruptive possible to the parties and the monitored business, ensure compliance throughout the process and act pragmatically and efficiently towards a swift clearance.

Alcis Advisers’ approach

alcis advisers act as a monitoring trustee to oversee and monitor the implementation of structural and/or behavioural commitments (remedies) made by merging parties or State aid recipients in order to get clearance by national and/or international competition authorities, or courts.

Typically, we will monitor – thereby closely co-operating with all stakeholders – the sale of a company or a set of assets in order to fulfil a divestiture commitment. Until formal closing of such a sale, we help to ensure strict compliance with the commitments as to selection of an appropriate purchaser, separation and, if required, independent management of the divestment business, as well as its viability and competitiveness.

alcis advisers will report regularly to the competition authority on compliance with the commitments, typically on status and progress of the divestiture process, competition issues, ringfencing measures, and on the economic viability, marketability and competitiveness of the divestment business.

alcis advisers’ pragmatic and pro-active monitoring approach will help the parties and authorities to:

  • meet commitment deadlines and information requirements of competition authorities
  • identify any risk of non-compliance arising in the hold-separate management and divestiture process; AA will swiftly warn the parties and authorities, and concretely recommend specific measures to mitigate such risks
  • avoid incurring unnecessary delays in an often complex ringfencing, divestiture and transition process, as well as financial penalties and reputational damage to the parties

In short, alcis advisers’ approach ensures strict compliance with the commitments, early risk identification and mitigation and pro-active handling throughout the process.

alcis advisers thereby facilitate a swift final clearance by the competition authorities.

Selected merger control and State aid credentials of AA’s managing directors

Merck / Sigma-Aldrich

Divestiture of the laboratory chemical product portfolio of Sigma-Aldrich, as well as selected brands and the corresponding German production facilities, as a remedy decided by the European Commission (DG COMP) for the clearance of the merger of Merck (Germany) and Sigma-Aldrich (US). The divestiture closed in late 2015.

ZF Friedrichshafen / TRW

Divestiture of TRW’s Linkage and Suspension division – including five production facilities in the US, Canada, Germany and the Czech Republic – as a remedy decided by the European Commission (DG COMP) for the clearance of the merger of ZF Friedrichshafen (Germany) and TRW (US). The divestiture closed in 2015.

Deutsche Bahn / Arriva 

Divestiture of the German subsidiary of Arriva, an international provider of regional rail and bus passenger transport, as a remedy decided by the European Commission (DG COMP) for the clearance of the acquisition of Arriva (UK) by Deutsche Bahn (Germany). The divestiture closed in 2011.

Sparkasse Köln/Bonn 

  1. Divestment of the entire assets of Magic Media Company (MMC), a TV studio operator and a portfolio company of Sparkasse Köln/Bonn. The divestiture was a remedy decided by the European Commission (DG COMP) in a State aid proceeding against the Federal Republic of Germany relating to Sparkasse Köln/Bonn, a German regional savings bank, and its public shareholders. The transaction closed in 2013.
  2. Divestment of Sparkasse Köln/Bonn’s minority shareholding in VEMAG Verlags- und Medien-AG, a specialised publishing business, as a remedy decided by the European Commission (DG COMP) in the same State aid proceeding. The transaction closed in 2013.

alcis advisers support public sector bodies or bidders in managing public tender processes – typically to grant a long-term concession or to sell a state-owned entity holding such concession – in strict compliance with EU and national tender rules.

Specifically, EU state aid requirements need to be met as to transparency, setting of relevant criteria, and objective, equitable and verifiable selection of concession holders or acquirers.

We will ensure that our client fully comply with these tender rules, that all the requirements are met and that comprehensive, competitive bids are placed. We ensure transparency, swift communication, reliable documentation and adequate selection.

Example of advising a bidder in a public tender

When supporting a bidder in a public tender, we typically provide project management throughout the entire processes with all parties involved, including:

  • swift communication with the tendering authority and its advisers, including collection of data and management of the Q&A process
  • assessment of competing bidders and their potential bid approach
  • identification of and communication with potential consortium partners, negotiating consortium terms and managing the joint approach
  • preparation of business plans, financial models and other documents required in the successive phases of the process
  • support in developing the pricing strategy and in negotiating the concession contracts

If required, we will also support in implementing the business case, making sure that the winning bid will be performed in strict adherence to the commitments of the concession contract.

alcis advisers work closely with their client’s bid team, typically comprising top management, internal business development managers as well as in-house and external legal and technical experts.

Selected public tender credentials of AA’s managing directors

Berlin Airports / Ground Handling Services

Divestment of GlobeGround, holding several long-term concessions awarded in public tenders, by Berlin Airports (D, 51%) and Deutsche Lufthansa (D, 49%) to WISAG (D).

Fraport / Ground Handling Services

Sale of Fraport Ground Services Austria (FGSA), holding a long-term concession awarded in a public tender, to Celebi (Turkey).

Land of Lower Saxony / Casinos

Trade-sale privatisation of ten state-owned casinos, operating on the basis of a long-term concession to Casinos Austria International (Austria).

Municipality of Kassel / Casinos

Tender of a management contract to operate casinos in Kassel and Bad Wildungen, based on a long-term concession awarded by the Regional Government of Hesse (Germany).

M&A transactions

alcis advisers support and assist large and medium-sized companies through each stage of their strategic acquisition and/or disposal projects. As advisers working closely with dedicated in-house project teams, or as interim managers, we add value to initiated M&A processes.

We provide our extensive advisory and executive management experience in M&A process management, process risk identification and mitigation, financial due diligence, performance assessment, business valuation, contract negotiation and managing the post-merger integration process.

Example of M&A support to the management team

The management team of a medium-sized company is asked to prepare for and contribute to the sales process of the company which has been initiated by its shareholders. Typically, alcis advisers will assist the management team – as advisers or interim managers – in:

  • preparing and validating the required set of financial data (including a reliable business plan)
  • ensuring reliability and consistency of the information provided (in the information memorandum, the management presentation and the data room)
  • preparing management presentations and communication with potential buyers
  • contract negotiations

We will make sure that the specific interests of the management team are best taken into account in process design and contract negotiation until signing and closing.

Selected M&A transaction credentials of AA’s managing directors


  • Supporting the management team of amedes Holding, a leading operator of medical laboratories in Germany and Belgium, throughout the sale’s process of the company, and
  • structuring and negotiating an MBO together with the management team and a European private equity fund

amedes was finally sold to the infrastructure Fund Antin (France) in 2015.

avantum consult

Supporting the founding partners and management team of avantum consult, a consultancy focussed on software-based BA/BI solutions to clients in Germany, Switzerland and Austria, in the search for a strategic partner. avantum was acquired by All for One Steeb AG (Germany), the leading SAP partner, in 2014, with avantum’s founding partners continuing to act as the executive board members of the company.


Supporting the management team and shareholders of TOBIS, a leading independent film distributor, in the search for a strategic partner. The majority of the business was acquired by private investors in 2015, with part of TOBIS’ management team continuing to act as managing directors of the company.


Supporting the management team and shareholders of Theodor Wille Intertrade AG (TWI), a provider of procurement and supply chain management solutions based in Switzerland, in the search for a strategic partner. The company was acquired by Atlantic Diving Supply, Inc. (ADS) (US) in 2015.

Restructuring processes

alcis advisers support and assist management teams in their strategic, financial and operational assessment of critical business activities, help management to derive suitable restructuring plans, identify potential implementation risks, recommend distinct, workable measures to mitigate them, and actively assist in implementing and managing such restructuring processes.

This includes, inter alia:

  • financial analysis of underperforming activities based on market and performance review in order to identify, understand and rank the key driving factors of performance vs. underperformance
  • support in deriving a detailed financial and operational restructuring plan including a set of short- and mid-term measures
  • assistance in negotiations with financial institutions and shareholders and in developing alternative financing routes
  • monitoring the implementation of such restructuring plan until full completion and/or preparing and managing the carve-out and planned sale of the underperforming activity.

Such restructuring projects will significantly affect the company’s income profile and cost structure. We help management to prepare a revised business plan fully integrating the restructuring measures and their impact.

If required, alcis advisers are prepared to step in as interim managers in order to contribute their extensive management experience in an operating role within the company until successful completion of the restructuring process.

Selected restructuring credentials of AA’s managing directors

Vanguard AG – as a CFO

Operative management of the financial restructuring of Vanguard AG (Germany), a leading operator of sterilisation centres for hospitals in Germany and France as well as comprehensive review and restructuring of operations in Germany and Belgium (including site closures), introduction of best practice and business development (acquisition and integration of a French competitor).

Box Clever

Supporting the management of a French financing bank in the financial restructuring of Box Clever, a leading UK rental chain for domestic appliances, and in monitoring the restructuring process of the company’s operations.

Publity AG – as a CFO

Operative management of new financing rounds and of the restructuring of operations of publity AG, a German leading platform for IPO placements with retail investors.


alcis advisers was founded in 2016 by David Cayet and Dr. Ulrich Puls who jointly offer a long-standing experience of managing complex divestments and corporate transformation processes, in a unique combination of executive management, economics consulting and M&A advisory skills.

alcis advisers’ founders have together performed more than 100 investment or divestment processes in regulated environments.

They are supported by an extensive, international network of experienced legal and technical experts as well as industry specialists providing, if required, further competences like competition economics and law, labour law, IT and engineering.

David Cayet

a French and German national, has been advising and managing large and medium-sized companies in complex M&A, transformation, restructuring and regulatory processes for 25 years.

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David Cayet
Founding Partner


Dipl. de l’ESCP Europe

Bilingual in German and French
Fluent in English
Notions of Spanish

David Cayet is a co-founder and Managing Director of alcis advisers. David, a French and German national, offers more than 25 years of international experience as monitoring trustee, executive manager (CEO, CFO, CRO), investment banker as well as economics and corporate finance adviser, mostly for German and French speaking clients in regulated industries. In the last few years, David focused on M&A advice to medium-sized companies and monitoring trustee mandates for the European Commission.

David is specialised in complex corporate transformation processes – M&A, divestments, restructuring – in particular in regulated industries.

David has worked for, advised or dealt with numerous financial investors, industrial groups and public authorities from USA / Canada, Japan and most European countries.

His specific industry experience ranges from highly regulated industries like healthcare, transport, infrastructure, energy, utilities, telecoms, to high-tech, automotive and chemicals.

David has led projects and teams in Germany, France, Belgium, the UK, Italy and Spain.

Professional Experience

  • Corporate finance adviser / interim CFO to medium-sized companies and private equity investors
  • Monitoring Trustee to DG COMP (associated to Competition RX)
  • CFO of Vanguard AG: financial and operations restructuring, divestments in Germany and Belgium, acquisition and integration of a French competitor
  • CEO / Managing Partner of Accuracy Deutschland: financial due diligence, restructuring, valuation, litigation and business planning advice
  • Head of Corporate Finance Advice for regulated industries at NATIXIS (France): Privatisation and M&A advice, structuring of infrastructure funds
  • CFO of Publity AG (subsidiary of German Landesbanken): financing and restructuring
  • Corporate finance Director at Arthur Andersen & Price Waterhouse (10 years): privatisation, economics advice, valuation, financial controlling and financial structuring in regulated industries

Selected Track Record

  • Monitoring of regulatory divestments (as a remedy) in the Merck / Sigma-Aldrich and ZF Friedrichshafen / TRW mergers
  • Corporate finance adviser in the regulatory divestment of Arriva Deutschland (remedy)
  • Privatisation of French toll-motorway networks (F)
  • Adviser to the French State’s financing Institute Caisse des Dépôts (F) on infrastructure acquisitions
  • Economics and financial advice on German postal services and IPO of Deutsche Post (D)
  • Adviser to infrastucture funds (e.g. Ardian, Cube) on several infrastructure investments
  • Privatisation survey and/or implementation of Berlin, Duesseldorf (D), Skavsta (S) and Milano (I) airports
  • Financial structuring of Exeltium (F), the consortium of France’s largest industrial electricity consumers
  • Privatisation of 14 regional electricity distribution companies in the former GDR (D)

Dr. Ulrich Puls

a German national, has been a corporate finance and economics adviser to private and public sector clients on international transactions and public tenders for more than 20 years.

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DR. Ulrich Puls
Founding Partner


PhD in Financial Economics
Dipl.-Kfm. (both FU Berlin)

German mother tongue
Fluent in English
Notions of Italian and French

Dr. Ulrich Puls is a co-founder and Managing Director of ALCIS ADVISERS. Ulrich, a German national, enjoys more than 20 years of international experience as executive manager (CFO) as well as economics and corporate finance adviser, mainly in regulated industries.

Ulrich has built extensive capabilities in advising on regulatory, privatisation and public tender processes, as well as M&A deals. His clients comprise regulatory authorities, government bodies, state-owned companies as well as large listed corporates, private medium-sized companies and financial investors.

Ulrich has specific advisory experience in highly-regulated environments, in particular in transportation, energy, utilities, infrastructure, gambling and financial services. He also advised in technology, media, retail, FMCG, industrial manufacturing and business services sectors. Having led projects and teams in German-speaking as well Central and Eastern Europe, the Nordics, France, the UK, Greece, Italy, the US, Turkey, Tunisia, India and the UAE, Ulrich is used to working globally.

Ulrich is a regular guest lecturer on Finance, M&A and Public Sector Issues at several universities.

Professional Experience

  • Managing Director, CFO, Head of Services Desk at IEG – Investment Banking Group: M&A, finance raising, and public tender advice; coordinating 9 IEG offices across Europe, Africa, Asia, and the US
  • Executive Director at EY Corporate Finance – Member of the German EYCF Leadership Team: M&A, privatisation, public tender advice
  • Director at Arthur Andersen Corporate Finance: privatisation, M&A, finance raising
  • Consultant at Price Waterhouse Corporate Finance: privatisation, competition and regulatory advice
  • Research Assistant on Financial and Institutional Economics, FU Berlin, Chair for Banking and Finance

Selected Track Record

  • Divestment of two businesses Held by Sparkasse Köln/Bonn (D) – remedy in an EU State aid proceeding
  • Adviser to regulatory and competition authorities: BMPT (D), EU COM
  • Adviser to the public sector on privatisation processes: BAnstPT (D), BMF (D), German Federal States of Lower Saxony and Saxony-Anhalt, Croatian Finance Ministry
  • Financial adviser to
    • State Bodies: Ministries of Defence (CZ) and Finance (CH), German Federal State of Rhineland-Palatinate
    • Large corporates: Deutsche Bahn (D), Deutsche Telekom (D), Fraport (D), Lufthansa (D), Rakuten (JP), TNT (AUS/NL)
    • Medium-sized, private sector companies: avantum (D), Gauselmann (D), Herder (D), Novomatic (A), TOBIS (D), TWI (CH)
    • Public-sector banks (D): HSH Nordbank, KfW, NRW.Bank, Sparkasse Köln/Bonn
    • Private equity: 3i (UK), Allianz Capital Partners (D), CSFB RE (UK), STAR Capital (UK)


These companies and government bodies have trusted ALCIS ADVISERS’ founding partners over the years.

  • DG COMP – EU Commission
  • BAnstPT (D)
  • Treuhandanstalt (D)
  • Government of Liechtenstein (FL)
  • Ministry of Defence (CZ)
  • Ministries of Finance (D, CH, HR)
  • Ministry of Post & Telecom Services (D)
  • Reg. Govt. of Lower Saxony (D)
  • Reg. Govt. of North Rhine-Westphalia (D)
  • Reg. Govt. of Rhineland-Palatinate (D)
  • Reg. Govt. of Saxony-Anhalt (D)
  • Reg. Govt. of Thuringia (D)
  • Municipality of Kassel (D)
  • Municipality of Milan (I)
  • Berlin Airports (D)
  • Caisse des Dépôts (F)
  • Deutsche Bahn (D)
  • Deutsche Post (D)
  • Deutsche Telekom (D)
  • Duesseldorf Airport (D)
  • Fraport (D)
  • HELABA (D)
  • HSH Nordbank (D)
  • HT (HR)
  • KfW (D)
  • LBBW (D)
  • Munich Airport (D)
  • NordLB (D)
  • NRW.Bank (D)
  • SachsenLB (D)
  • SEA Milano Airports (I)
  • Sparkasse Köln/Bonn (D)
  • Swiss Post (CH)
  • WestLB (D)
  • WestSpiel (D)
  • amedes (D)
  • avantum (D)
  • CashPoint (M)
  • Casino Technology (BG)
  • DeCrane Aircraft (US)
  • Drawin (D)
  • Duales System Deutschland (D)
  • EDF Energies Nouvelles (F)
  • Gauselmann (D)
  • Giraud (F)
  • Herder (D)
  • Hoyer (D)
  • IVU (D)
  • Keolis (F/D)
  • MGM/OZV (CH/D)
  • Newham Consortium (EU)
  • Novomatic (A)
  • Remondis (D)
  • RLC (D)
  • Syngelidis (GR)
  • TOBIS (D)
  • TWI (CH/US)
  • TX Logistik (D)
  • Vanguard (D)
  • AIRBUS (D/F)
  • BAM (NL)
  • Eiffage (F)
  • Engie (Suez-GDF) (F)
  • Honeywell (US)
  • Lufthansa (D)
  • Merck (D)
  • Rakuten (J)
  • RWE (D)
  • Sigma-Aldrich (US)
  • Suez Environnement (F)
  • TNT (NL)
  • TRW (US)
  • Veolia (F)
  • Vinci (F)
  • ZF Friedrichshafen (D)
  • 3i (UK)
  • Allianz Capital (D)
  • Ardian (AXA PE) (F)
  • CSFB Real Estate (UK)
  • Cube Infrastructure (F)
  • EQT (D)
  • Pirelli Real Estate (I/D)
  • RREEF (UK/D)
  • STAR Capital (UK)