In 2001, Allianz Capital Partners and Goldman Sachs acquired a controlling stake in Messer Griesheim, a European industrial group of gas owned by Hoechst. DealMakers face a number of challenges, including the sensitive issue of corporate governance in relation to the partial ownership of the family and the market consolidation of industrial gases. Striving to make Messer Griesheim more attractive potential acquisition, Messer Griesheim management developed a restructuring plan in 2000. By the end of 2003 private equity players were ready to go and excited for the Messer family further control. Several factors are in play: the family had a buy-back option, the window of which was rapidly closing, there were several potential strategic buyers, subject to antitrust issues facing European player interested in buying the company, and the family has made no secret of his desire to keep a piece of the company, at least some measure of control. The case examines the steps taken by private investors in the restructuring of the company, and partner relationships forged with the family owners to obtain a favorable exit for partners from the private equity and property for family Messer. "Hide
by Josh Lerner, Ann-Kristin Achleitner, Eva Nathusius, Kerry Herman Source: Harvard Business School 19 pages. Publication Date: February 18, 2009. Prod. #: 809056-PDF-ENG
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