The innovative advisory boutique for corporate transformation processes and competition proceedings.

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Who we are

Based in Berlin,
rooted in Europe,
working globally

ALCIS, as an advisory boutique, helps its clients achieve their goals in demanding corporate transformation processes: remedy implementation, M&A, carve-out and restructuring – in a unique approach.

From experience – as monitoring trustees, advisers or executive managers – we know how to make complex transformation processes happen and how to smoothly implement complex remedies, without disruptions to our clients’ operations.
DAVID CAYET

a French and German national, has been managing complex M&A, transformation, restructuring and remedy implementation processes for large and medium-sized US and European corporates for almost 30 years – as a monitoring trustee, banker, adviser or CFO.

 

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ULRICH PULS

a German national with global experience, has been a monitoring trustee, corporate finance adviser, CFO and economics consultant, advising private and public sector clients on international transactions, remedy implementation and public tenders for more than 25 years.

 

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Our Services

Our Services

How we work

Think straight,
talk straight.

Grounded on decades of experience as monitoring trustees, investment bankers, economics advisers and executive managers, ALCIS offers a unique, boutique approach dedicated to its clients’ success: hands-on, pragmatic monitoring of complex corporate transformation processes, delivered by seasoned professionals with strong mediation capabilities.

Grounded on decades of experience as monitoring trustees, investment bankers, economics advisers and executive managers, ALCIS offers a unique, boutique approach dedicated to its clients’ success: hands-on, pragmatic monitoring of complex corporate transformation processes, delivered by seasoned professionals with strong mediation capabilities.

Our Values

01/

Clients first

Dedicated to the highest-quality, insightful, trustworthy services to our clients, in full confidentiality, we build on long-term client relationships and trust.

02/

Trusted independence

ALCIS makes no compromise on independence, we strictly compel to working exclusively for one party in all our projects and give no chance to conflicts of interest.

03/

Experience and expertise

ALCIS brings in decades of executive management experience in remedy implementation, M&A, carve-out and restructuring, such that we guide, facilitate, add value.

04/

Think straight, talk straight

Our clients and business partners praise ALCIS’ direct, precise and result-oriented communication with all stakeholders. We stand for sharp and clear words.

05/

Cost-conscious for excellence

We know how to deliver excellence without engaging disproportionate resources; mindful of our clients’ budget constraints, we always have the best possible cost/effectiveness ratio in mind.

Bandwidth

A powerful set of competences from an extensive expert network

For project-specific needs, the ALCIS team is supported by an extensive international network of experienced legal, technical and industry experts contributing their specialist skills to the project’s success.

For project-specific needs, the ALCIS team is supported by an extensive international network of experienced legal, technical and industry experts contributing their specialist skills to the project’s success.

Recent mandates

Ongoing mandates & recent credentials

Our recent mandates confirm ALCIS’ expertise in delivering the highest standards for our clients and all stakeholders.

Air France KLM mandate

COVID-19 recapitalisation of Air France by FranceMonitoring implementation of structural and behavioural Commitments (State aid)

COVID-19 recapitalisation of Air France by France
Air France KLM mandate

On 5 April 2021 the European Commission approved up to €4 billion measure of France to recapitalise Air France. The measure was approved under the State aid Temporary Framework, subject to Commitments (see the public version of the Commission’s decision).

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of the Commitments given by France and Air France-KLM in relation to the French recapitalisation plan.

 

Under the Commitments France committed that Air France makes available to a remedy taker up to 18 daily slots at Paris Orly airport by way of code-sharing and to definitively transfer the slots (without transferring staff or else) to the remedy taker (referred to as Structural Commitments).

 

THE TERMS OF THE CALL FOR PROPOSALS FOR SLOTS MADE AVAILABLE BY AIR FRANCE AT ORLY AIRPORT CAN BE ACCESSED HERE. FAQ can be accessed here.

London Stock Exchange Group (UK) / Refinitiv (US)Monitoring implementation of behavioural and structural remedies (10+ years)

London Stock Exchange Group (UK) / Refinitiv (US)

The London Stock Exchange’s acquisition of the Refinitiv business (US) raised competition concerns with the EU Commission (Phase II investigation).

 

As a remedy, LSEG offered to divest the Italian Stock Exchange Borsa Italiana to the European exchange operator Euronext and a series of behavioural commitments granting open access to selected clearing and financial data services for more than 10 years. ALCIS has been acting as a monitoring trustee for the EU Commission in this process.

schwarz suez mandate

Schwarz (D) / Suez (F)Monitoring the committed divestment of Suez’ Light Weight Packaging sorting facility in Rotterdam

Schwarz (D) / Suez (F)
schwarz suez mandate

The acquisition of Suez’ waste management activities in multiple EU countries by German Mittelstand group Schwarz raised competition concerns with the EU Commission.

 

As a remedy, Schwarz committed to divest Suez’ Rotterdam based Light Waste Packaging sorting facility – to be carved out and transferred into a new legal entity. ALCIS has been acting as monitoring trustee of the EU Commission.

E.ON (D) / innogy (D)Monitoring committed divestments in Czechia, Germany and Hungary and behavioural remedies in Germany.

E.ON (D) / innogy (D)

The merger of two of the leading German and European energy groups E.ON and innogy led to competition concerns in a number of European markets (Phase II investigation).

 

As a remedy, E.ON offered a complex set of structural and behavioural commitments, including:

 

  • the sale of E.ON’s heating electricity contract portfolio in Germany (sold to the German energy group Lichtblick)
  • the sale of Innogy’s Czech gas and electricity retail activities (sold to the Hungarian energy group MVM)
  • the sale of E.ON’s electricity retail business in Hungary (sold to the Spanish energy group AUDAX Renovables) and the termination of certain E.ON e-mobility activities in Germany

 

ALCIS has been acting as monitoring trustee of the EU Commission.

Gazprom (RUS)Monitoring implementation of behavioural commitments – amendments of gas supply contracts.

Gazprom (RUS)

GAZPROM’s dominant position in Central and Eastern Europe’s gas supply raised competition concerns with the EU Commission.

 

As a behavioral remedy, GAZPROM committed to amend their gas supply contracts in several CEE countries to facilitate the free flow of gas in Central and Eastern Europe at competitive prices over 15 years. ALCIS has been acting as monitoring trustee of the EU Commission.

Local Motors (US)Interim CFO with executive role in business, operations and financial restructuring and financing.

Local Motors (US)

ALCIS acted as interim CFO for 3 years, throughout the re-structuring, re-focus and financing process.

 

Local Motors Inc., the Phoenix based designer and manufacturer of the first 3D-printed car (Strati) and of the autonomous, electric shuttle Olli, needed an experienced CFO to help re-focus its business model and restructure its international operations – in the US and Germany – in order to engage and fund its next growth phase.

Knauf (D) / Armstrong (US)Monitoring the divestment of Armstrong’s suspended ceilings business (UK, IR, E, D, A, I, Baltics).

Knauf (D) / Armstrong (US)

The acquisition of Armstrong’s EMEA and APAC business activities by global building materials manufacturer Knauf (D) raised competition concerns with the EU Commission.

 

As a remedy, Knauf committed to divest the Armstrong’s suspended ceilings business in the mineral fiber tiles and metal grid segments in 11 EU countries in a complex carve-out, including an extensive upgrade of the divestment business production line in the UK. The divestment business was sold to the PE investor Aurelius (D). ALCIS has been acting as monitoring trustee of the EU Commission.

Harris (US) / L3 (US)Monitoring final divestment phase of Harris’ night-vision division (Commitment to EU Commission and DOJ).

Harris (US) / L3 (US)

The acquisition of the technology group L3 Technologies (US) by the global military group Harris (US) raised competition concerns with the EU Commission and the DOJ (US) in the segment of night vision devices.

 

As a remedy, Harris committed to divest its night vision division (US). The Divestment Business was ultimately sold to Elbit (Israel/US). ALCIS acted as monitoring trustee of the EU Commission.

LKQ (US) / Stahlgruber (D)Monitoring hold-separate and divestment of Stahlgruber’s Czech activities.

LKQ (US) / Stahlgruber (D)

The acquisition of the automotive parts wholesaler Stahlgruber (D) by the global wholesaler LKQ (US) raised concerns in the EU, and specifically in the Czech Republic.

 

In order to close the global LQK/Stahlgruber merger, the parties decided to carve out, hold separate and finally divest their Czech activities to Swiss SAG in line with the proceedings of the Czech competition authority. ALCIS acted as monitoring trustee for the parties.

Lerbs (D)Advising all shareholders in their structured sale of Lerbs AG.

Lerbs (D)

The private shareholders of Lerbs AG, an international wholesaler of industrial supplies (MRO) based in Northern Germany, decided to sell the company to a strategic investor for the company’s next growth phase.

 

ALCIS advised on the successful sale to the UK based MRO wholesaler Rubix, an investment company of the PE investor Advent.

Govt. of Rhineland-Palatinate (D)Advising the regional government on the public tender for the concession to operate several casinos.

Govt. of Rhineland-Palatinate (D)

The state of Rhineland-Palatinate has tendered a 10+5-years concession to operate casinos in Bad Neuenahr, Bad Duerkheim and Nuerburg.

 

ALCIS advised the Ministry of the Interior and the Ministry of Finance on the process design as well as on the evaluation of the business plans and operating concepts presented by the bidders. ALCIS had already performed the same set of tasks when the State tendered a concession for casinos in Mainz, Trier and Bad Ems.

Federal Ministry of Finance (D)Expert advice on the potential divestment of the federal government’s stake in the Cologne Airport.

Federal Ministry of Finance (D)

The German Ministry of Finance (BMF) was contemplating the sale of its minority stake in Cologne/Bonn airport company.

 

Other major shareholders are the State of North Rhine-Westphalia and the municipality of Cologne. ALCIS advised the BMF on the tender process design in light of the divestment options.

RHI (A) / Magnesita (BRA)Advising Intocast (D) on its successful acquisition of the Divestment Business.

RHI (A) / Magnesita (BRA)

The merger of RHI (A) and Magnesita (BR), two global leaders in the refractories industry, raised competition concerns with the EU Commission.

 

As a remedy, the merger parties committed to divest several entities and plants of their respective dolomite and magnesite businesses in Germany, Italy and Spain. The carved-out Divestment Business was sold to Intocast (D). ALCIS acted as compliance and trustee adviser to Intocast.

References

Clients to date

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

  • Large public companies

    Air France-KLM (F/NL)
    AIRBUS (D/F)
    BAM (NL)
    Deutsche Post (D)
    Deutsche Telekom (D)
    Eiffage (F)
    Engie (Suez-Gaz de France) (F)
    Fraport (D)
    GAZPROM (RU)
    Harris (US)
    Honeywell (US)
    HT (HR)
    Kühne+Nagel (CH)
    LKQ (US)
    London Stock Exchange (UK)
    Lufthansa (D)
    Merck (D)
    Rakuten (J)
    RWE (D)
    SEA Milano Airports (I)
    Suez Environnement (F)
    Sigma-Aldrich (US)
    TNT (NL)
    TRW (US)
    Veolia (F)
    Vinci (F)
    ZF Friedrichshafen (D)
  • Medium-sized companies (private or government-owned)

    ABELLIO (D)
    amedes (D)
    avantum (D)
    Berlin Airports (D)
    CashPoint (M)
    DALKIA (F)
    DeCrane Aircraft (US)
    Deutsche Bahn (D)
    Duales System Deutschland (D)
    Duesseldorf Airport (D)
    EDF Energies Nouvelles (F)
    Gauselmann (D)
    Giraud (F)
    Herder (D)
    Hoyer (D)
    INTOCAST (D)
    IVU Traffic Technologies (D)
    Jahr & Achterfeld (D)
    KEOLIS (F)
    Knauf (D)
    Lerbs (D)
    Local Motors (US)
    MGM/OZV (CH/D)
    Munich Airport (D)
    Newham Consortium (EU)
    Novomatic (A)
    Remondis (D)
    RLC (D)
    Stahlgruber (D)
    t+d (D)
    Schwarz (D)
    Swiss Post (CH)
    TOBIS (D)
    TWI (CH/US)
    Vanguard (D)
    WestSpiel (D)
  • Financial institutions, PE investors, investment funds

    Allianz Capital (D)
    Ardian (AXA PE) (F)
    CSFB Real Estate (UK)
    EQT (D)
    CUBE Infrastructure (F/L)
    Pirelli Real Estate (I/D)
    RREEF (UK/D)
    STAR Capital (UK)
    Caisse des Dépôts (F)
    HELABA (D)
    HSH Nordbank (D)
    KfW (D)
    LBBW (D)
    NATIXIS (F)
    NordLB (D)
    NRW.Bank (D)
    SachsenLB (D)
    Sparkasse Köln/Bonn (D)
    WestLB (D)
  • Government and regulatory authorities

    DG COMP - EU Commission
    Federal Cartel Office (D)
    Federal Trade Commission (USA)
    BAnstPT (D)
    Treuhandanstalt (D)
    Government of Liechtenstein
    Government of Romania
    Ministries of Finance (D, CH, HR)
    Ministry of Defence (CZ)
    Ministry of Post & Telecom Services (D)
    Regional government of North Rhine- Westphalia (D)
    Regional government of Lower Saxony (D)
    Regional government of Rhineland-Palatinate (D)
    Regional government of Saxony-Anhalt (D)
    Regional government of Thuringia (D)
    Municipality of Kassel (D)
    Municipality of Milan (I)