H&Z seals new partnership with investment firm EMZ

23 November 2023 Consultancy.uk

European investment company EMZ Partners has agreed to a new partnership backing German-origin consulting firm H&Z Management Consulting. The deal will help the advisory firm bolster its value chain sustainability service through a campaign of acquisitions and organic expansion.

Harald Enz, one of H&Z’s three board members, said of the deal, "EMZ's investment gives our ambitious growth targets a further strong boost. In addition to persistent organic growth, we are planning to make joint acquisitions to strengthen our core business, expand our expertise, and develop our regional presence in central and northern Europe."

EMZ is a European investment company that partners medium-sized companies across the continent. Its activities focus on investments alongside founders, family shareholders and managers. At the core of EMZ's philosophy is a significant management participation in order to create a mutual partnership as shareholders.

H&Z seals new partnership with investment firm EMZ

Reflecting this, in addition to EMZ acquiring a significant stake in H&Z, around 120 of H&Z’s own employees will become stakeholders in the H&Z Group, following the completion of the transaction – while roughly half of the new shareholders are investing in the firm for the first time. This represents approximately two thirds of the team in the core business, making it one of the largest employee shareholder programmes in the European consulting industry.

Founded in 1997, H&Z specialises in strategy, performance, procurement, transformation and sustainability services. Over the years, it has since implemented over 3,500 successful projects to clients across Europe and beyond – including successful procurement engagements with a leading German insurance group, a European private hospital network and a global marine manufacturer over the last 12 months alone. This has helped H&Z to take its international headcount to more than 600 experts, spread across 14 offices – which it added to most recently with the launch of a new London hub.

Further growth

Growing into markets like the UK – the second largest national consulting market in the world – has presented H&Z with major opportunities to expand further. Sales have increased by an average of 30% per year since 2020, while the company expects record sales of around €95 million for its current year. Looking ahead, the deal with EMZ will help meet the firm’s growing demand, as well as to build further on this momentum. EMZ will provide strategic advice and support for the company's further growth, aiming to create what the two parties refer to as “a European consulting champion” for value chain management, transformation, and sustainability.

H&Z and EMZ have agreed not to disclose the financial details of the investment, which is now subject to the approval of the antitrust authorities. However, pending its conclusion, H&Z board members Stefan Aichbauer, Harald Enz and Michael Santo, CFO Stefan Franz, and the entire remaining management team will continue to actively support the next phase of development and remain shareholders in the company.

Klaus Maurer, a senior partner at EMZ, commented, "H&Z has impressed us from the outset with its impressive growth history and leading position in value chain management. We appreciate the corporate culture established by the management team around Stefan Aichbauer, Harald Enz and Michael Santo. This culture of a 'hands-on' mentality is fully in line with EMZ's philosophy. We are delighted to be able to help shape the future development as shareholders and partners of the management team."

H&Z was supported through the transaction by M&A advisors from Lincoln International, receiving legal advice from Hogan Lovells, finance and tax from KPMG, and commercial from EY-Parthenon. EMZ has meanwhile taken M&A advice from MCF Corporate Finance, commercial from goetzpartners, legal from Latham & Watkins, finance and tax from RSM Ebner Stolz, legal finance and financing agreements from Goodwin Procter, and debt advisory from Houlihan Lokey.

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