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 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 almost 30 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.

At ALCIS, we like it precise, accurate, and reliable but also colorful, diverse, creative and even, when necessary, disruptive. The ALCIS team and all our external experts build on a large variety of expertise, origins, cultures, languages, and horizons. This diversity is the strength of our boutique to help our clients move forward, even in territories previously unknown to them.

At ALCIS, we like it precise, accurate, and reliable but also colorful, diverse, creative and even, when necessary, disruptive. The ALCIS team and all our external experts build on a large variety of expertise, origins, cultures, languages, and horizons. This diversity is the strength of our boutique to help our clients move forward, even in territories previously unknown to them.

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.

Apple PayMonitoring Apple’s compliance with its Commitments on mobile payments (European Commission, Antitrust)

Apple Pay

On 11 July 2024, the European Commission accepted Commitments by Apple to open access to its NFC technology – for contactless payment on iPhones in stores – for competing mobile wallet providers for 10 years in the EEA (see the Commission’s press release and the Commitments).

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of these Commitments. 

 

In this capacity, ALCIS acts as a contact point for third parties in relation to these Commitments and their implementation (please reach out via ApplePay.EC-commitments@alcis-advisers.com).

 

Developers suspecting non-compliance with the Commitments may submit a substantiated, written complaint to the Monitoring Trustee. To file a complaint, please use the Complaint Form (Complaint Form) and send it to ApplePay.EC-commitments@alcis-advisers.com or per mail at:

Alcis Advisers GmbH

Fasanenstraße 73

10719 Berlin, Germany

 

Complaints about Apple’s decisions on specific access to the NFC Entitlement Program shall be placed to HCEEntitlementDispute@apple.com

CSL ViforMonitoring Vifor's compliance with its behavioral Commitments to the European Commission (Antitrust)

CSL Vifor

On 22 July 2024, the European Commission made the commitments offered by Vifor – to address the Commission’s concerns about the alleged disparagement of a competitor’s intravenous iron treatment – legally binding.

 

Over 10 years, Vifor committed to:

  • launch a multi-channel communication campaign,
  • refrain from any external promotional and medical communication on the safety of the competitor’s drug, and
  • implement a series of internal safeguards and training to ensure compliance.

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of these Commitments.

Amazon’s Commitments to the UK’s Competition and Markets AuthorityMonitoring Amazon’s compliance with its Commitments related to sellers' data, Buy Box, and Prime delivery rates

Amazon’s Commitments to the UK’s Competition and Markets Authority

On 3 November 2023, the CMA accepted the Commitments offered by Amazon to not use marketplace seller data for its own retail operations, ensure non-discriminatory access to Buy Box, and allow sellers to negotiate their own delivery rates directly with independent providers of Prime delivery services (see the CMA’s press release and Non-confidential Decision).

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of these Commitments. 

 

Sellers and carriers suspecting non-compliance with the Commitments may submit a substantiated, written complaint to the Monitoring Trustee. To file a complaint, please use the Complaint Form (Complaint Form) and send it to amazon.UK-commitments@alcis-advisers.com or per mail at:

Alcis Advisers GmbH

Fasanenstraße 73

10719 Berlin, Germany

© Teamjackson

Amazon’s Commitments to the European CommissionMonitoring Amazon’s compliance with its Commitments related to sellers' data, Buy Box and Prime (Antitrust)

Amazon’s Commitments to the European Commission
© Teamjackson

On 20 December 2022, the European Commission made Commitments offered by Amazon – to ensure that Amazon does not use marketplace seller data for its own retail operations and that it grants non-discriminatory access to Buy Box and Prime – legally binding (see the Commission’s press release and the Commission’s Decision).

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of these Commitments. 

 

Sellers and carriers suspecting non-compliance with the Commitments may submit a substantiated, written complaint to the Monitoring Trustee. To file a complaint, please use the Complaint Form (Complaint Form) and send it to amazon.EC-commitments@alcis-advisers.com or per mail at:

Alcis Advisers GmbH

Fasanenstraße 73

10719 Berlin, Germany

ALD (F) / LeasePlan (NL)Monitoring the committed divestment of 6 national car leasing companies in Norway, Finland, Ireland, Czechia, Luxembourg and Portugal

ALD (F) / LeasePlan (NL)

The merger of two European leaders in corporate car leasing and fleet management raised competition concerns of the EU Commission in several EU countries.

 

As a remedy, ALD committed to divest its national subsidiaries in Norway, Ireland and Portugal, and LeasePlan’s subsidiaries in Finland, Luxembourg and the Czech Republic. The Divestment Businesses are being sold to Drivalia and Leasys (Credit Agricole / Stellantis).

 

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

Meta (Facebook)Monitoring Meta's implementation of its behavioral Commitments in the AdTech business (Antitrust, French Autorité de la concurrence)

Meta (Facebook)

Following a complaint by the AdTech company Criteo in September 2019, the French Autorité de la concurrence raised competition concerns about a number of practices of Meta that could affect competition conditions in the market of advertising intermediation services.

 

As a remedy, Meta proposed a complex set of behavioral commitments over 5 resp. 3 years:

  • granting qualified, eligible AdTech service providers transparent, anti-discriminatory access to the exclusive MBP Badge status of Meta,
  • training Meta’s sales teams accordingly, and
  • giving eligible AdTech partners access to a new recommendation functionality API allowing for individual queries for product recommendations and user-level bid adjustments.

 

Alcis has been acting as monitoring trustee of the French Autorité de la concurrence.

Philip Morris (US) / Swedish Match (S)Monitoring the committed divestment of Swedish Match’ distribution subsidiary in Sweden and Norway

Philip Morris (US) / Swedish Match (S)

Philip Morris’ acquisition of the leading European tobacco group Swedish Match led to competition concerns with the EU Commission.

 

As a remedy, Philip Morris committed to divest SMD logistics, Swedish Match’s Logistics and Distribution subsidiary that distribute tobacco products for the whole tobacco industry in Sweden and Norway. The Divestment Business is being sold to R12.

 

Alcis has been acting as monitoring trustee to the EU Commission.

Recapitalization of SEFE (D) by GermanyMonitoring implementation of behavioral and structural Commitments of SEFE and Germany (State aid)

Recapitalization of SEFE (D) by Germany

On 20 December 2022, the EU Commission approved Germany’s EUR 6.3 billion German measure to recapitalize energy group SEFE (Securing Energy for Europe, formerly “Gazprom Germania”) in the context of the war in Ukraine. The measure was approved under the State aid Temporary Crisis Framework, subject to Commitments.

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of the Commitments (both behavioral and structural) made by Germany and SEFE in this respect.

T-Mobile / Cetin / O2 (CZ)Monitoring implementation of behavioral commitments made by the parties to the network sharing agreement (Antitrust)

T-Mobile / Cetin / O2 (CZ)

The Network Sharing Agreements concluded between the global telecommunication group T-Mobile, infrastructure operator Cetin and O2 in the Czech Rep. raised competition concerns with the EU Commission.

 

The parties committed to implement remedies relating to :

  • ring-fencing/governance,
  • network modernization,
  • pricing
  • and limits to further extension of their cooperation.

Alcis has been acting as monitoring trustee to the EU Commission.

METRO (D) / AGM (A)Monitoring the committed sale of 2 supermarkets in Austria (BWB Austria)

METRO (D) / AGM (A)

The acquisition of AGM (A) by METRO (D) from REWE (D) raised competition concerns in the Austrian food wholesale and distribution market.

 

To address the Austrian competition authorities’ concerns, METRO committed to divest the AGM stores in Bludenz and Klagenfurt. Both stores were sold to local competitors.

ALCIS acted as MT to the Austrian competition authorities.

Portugal’s restructuring aid to TAP Air PortugalMonitoring Portugal’s and TAP’S compliance with their Commitments (State aid)

Portugal’s restructuring aid to TAP Air Portugal

On 21 December 2021, the European Commission approved €2.55 billion restructuring aid from Portugal to TAP Group (see the Commission’s press release and the Commission’s Decision), subject to Commitments.

 

ALCIS was appointed as Monitoring Trustee to oversee the implementation of the Commitments given by Portugal and TAP Group.

 

Among other Commitments, Portugal committed that TAP Air Portugal makes available up to 18 daily slots per day at Lisbon international airport to a competing carrier (see Remedy package at LIS).

 

easyJet was selected as the remedy taker and has been operating the remedy slots at Lisbon Int Airport since 30 October 2022.

Bouygues (F) / Equans (F)Monitoring the committed divestment of Bouygues’ Belgian subsidiary in rail and catenary service Colas Rail Belgium.

Bouygues (F) / Equans (F)

The acquisition of the multi-technical service group Equans by Bouygues raised competition concerns with the EU Commission.

 

As a remedy, Bouygues committed to divest its affiliated company Colas Rail Belgium, providing catenary and rail track installation and maintenance services in Belgium. Colas Rail Belgium was sold to EQOS group.

 

ALCIS acted as monitoring trustee of the EU Commission.

Air France KLM mandate

COVID-19 recapitalisation of Air France by FranceMonitoring implementation of structural and behavioral Commitments (State aid, EC Temporary Framework)

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 Commission’s decision)

 

ALCIS is appointed as Monitoring Trustee to oversee the implementation of the Commitments (both behavioral and structural) given by France and Air France-KLM in this respect.

 

Under the Structural 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.

 

Vueling was selected as the remedy taker and started to operate the remedy slots at Paris Orly airport as from 2 November 2021.

London Stock Exchange Group (UK) / Refinitiv (US)Monitoring implementation of structural and behavioral remedies (Phase II investiga-tion, EU Commission and CCCS, 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) and Singapore’s authority CCCS.

 

As a remedy, LSEG committed to:

  • divest the Italian Stock Exchange Borsa Italiana (sold to the European exchange operator Euronext)
  • grant open, non-discriminatory access to its OTC IRD clearing services
  • and provide open access to financial data services (incl. maintaining service quality and ring-fencing personnel)
    for 10 years.

 

ALCIS has been acting as a monitoring trustee for both the EU Commission and CCCS 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. The facility was sold to N+P.

 

ALCIS acted as monitoring trustee of the EU Commission.

Alcis Advisers supports Gauselmann as an M&A advisor

Gauselmann (D)Advice on the acquisition of the WestSpiel casinos in North Rhine-Westphalia (NRW)

Gauselmann (D)
Alcis Advisers supports Gauselmann as an M&A advisor

Advice on the acquisition of the WestSpiel casinos in North Rhine-Westphalia (NRW)

 

Gauselmann group, Germany’s largest privately owned gaming business, acquires WestSpiel from NRW.Bank in a public tender process. WestSpiel operates the concessioned casinos in Aachen, Bad Oeynhausen, Dortmund-Hohensyburg and Duisburg.

 

ALCIS has supported Gauselmann as an M&A advisor in this privatisation.

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 acted as monitoring trustee of the EU Commission.

Gazprom (RUS)Monitoring implementation of behavioral 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.

 

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), the committed upgrade investment is being performed.

 

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

Harris (US) / L3 Technologies (US)Monitoring committed sale of Harris’ night-vision division (EU Commission, DOJ).

Harris (US) / L3 Technologies (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)
    ALD (F)
    Amazon (US)
    BAM (NL)
    Bouygues (F)
    Deutsche Post DHL (D)
    Deutsche Telekom (D)
    E.ON (D)
    Eiffage (F)
    Engie (F)
    FedEx (US)
    Fraport (D)
    GAZPROM (RU)
    L3Harris Technologies (US)
    Honeywell (US)
    HT (HR)
    Kühne+Nagel (CH)
    LKQ (US)
    London Stock Exchange (UK)
    Lufthansa (D)
    Merck (D)
    Meta (Facebook) (US)
    METRO (D)
    Philip Morris (US)
    Rakuten (J)
    RWE (D)
    Suez (F)
    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)
    SEA Milano Airports (I)
    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)
    Aurelius (D)
    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)
    R12 (S)
    SachsenLB (D)
    Sparkasse Köln/Bonn (D)
    WestLB (D)
  • Government and regulatory authorities

    DG COMP - EU Commission
    Federal Trade Commission (USA)
    Autorité de la concurrence (F)
    Bundeskartellamt (D)
    CCCS (Singapore)
    Bundeswettbewerbsbehörde (A)
    Agence des Participations de l’Etat (F)
    Caisse des Dépôts et Consignations (F)
    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)