P+P advised the founders and investors on the sale of the HSM group

The Swiss investment company Constellation Capital AG acquired the Pullach-based HSM group. The seller consisted of the founders and financial investors of the HSM group. Immediately after completion of the transaction, parts of the management reacquired stakes in the group.

As a leading provider of train operating services, all companies belonging to the HSM Group offer railway-related services in Germany and other European countries (the Netherlands, Switzerland, Italy, Austria, the Czech Republic, Poland, Belgium, Denmark, UK), such as personnel services for rail transport, as well as technical security and logistics for railroad construction. The group generated a turnover of approximately EUR 80 million and has approximately 900 employees.

P+P advised the sellers on the structuring and execution of the transaction, as well as on the management participation with the following Munich team:

• Dr. Matthias Bruse (partner, M&A, lead)
• Dr. Benedikt Hohaus (partner, MPP)
• Alexander Pupeter (partner, M&A, tax)
• Dr. Carsten Albert (associate, M&A)
• Svetlana Heil (associate, tax)

Advisors to Constellation Capital AG included Baker & McKenzie (Michael Bartosch, partner, Munich; Alexander Fischer, partner, Zurich).