Cerberus Capital Management

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Cerberus Capital Management, LP

logo
legal form Limited partnership
founding 1992
Seat New York City
management Stephen Feinberg
Branch Private equity
Website www.cerberuscapital.com

Cerberus Capital Management is a New York City based mutual fund management company founded in 1992 by Stephen Feinberg . It participates in companies and resells them after a restructuring. Feinberg was listed by Fortune in 1999 as one of the 40 richest Americans under 40. Former US Treasury Secretary John W. Snow has been CEO of the Finance Fund since 2006 . Former US Vice President Dan Quayle is also on the board .

When giving the name, Feinberg was inspired by the mythical creature Cerberus in Greek mythology , which guards the entrance and exit of Hades . He is said to have liked the idea that one head of the animal was always awake, just as his company should always guard customers' investments.

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So far, invested Cerberus 25 billion US dollars in more than 300 companies worldwide.

In the United States

In December 2004, Cerberus took over some parts of the company from Bayer for $ 82.5 million , thereby founding the new pharmaceutical company Talecris . The company now has sales of $ 1.5 billion.

As part of a consortium he led, Cerberus took over the majority of the subsidiary GMAC (formerly General Motors Acceptance Corporation ) from the US automotive group General Motors .

On August 3, 2007, Cerberus bought 80.1% of the Chrysler Group from DaimlerChrysler for 5.5 billion euros , creating Chrysler LLC. The previous parent company, DaimlerChrysler , which will operate as Daimler AG from now on, retained a 19.9 percent minority stake in Chrysler . That 19.9% ​​was also bought by Cerberus in late April 2009, just before Chrysler filed for bankruptcy. In May 2009 Cerberus left Chrysler completely, and Chrysler was largely taken over by Fiat .

Under the name “Freedom Group”, Cerberus has bought a conglomerate of arms manufacturers, including the company Bushmaster Firearms International.

In March 2014 it was announced that Cerberus intends to take over the retail company Safeway in the course of the year and merge it with the Albertsons retail chain, which it already owns .

In 2010, Cerberus acquired DynCorp .

In Germany

In 2004, the company acquired by Deutsche Bank in Wilhelmshaven based housing association JADE Immobilien Management GmbH with a stock of 7,500 rental properties. In the same year, Ströer Out-of-Home Media AG succeeded in taking over Deutsche Städt-Medien GmbH (DSM), founded in 1922, for a good € 400 million with the help of Cerberus. Furthermore, together with the Whitehall fund from Goldman Sachs , Cerberus took over what is currently Berlin's largest private real estate company, the Gemeinnützige Siedlungs- und Wohnungsbaugesellschaft Berlin mbH ( GSW ).

At the beginning of 2005, Cerberus acquired the insolvent automotive supplier Peguform with around 7,800 employees at the time.

On November 10, 2005, the company took over the BauBeCon Group in Hanover (formerly “ Neue Heimat Niedersachsen”) from the trade union holding BGAG ( affiliate of the trade unions ) with around 20,000 apartments as well as around 2,850 residential units held by subsidiaries of the trade union holding BGAG. The parties have agreed not to disclose the purchase price, which is estimated at around one billion euros.

In spring 2006, a group led by Ralph Winter, who had built up and managed Cerberus' German real estate business, left the company and founded his own real estate fund called Corestate . In April 2006, Cerberus acquired a portfolio of around 3,000 apartments in the Ruhr area at the main locations in Bochum , Essen , Dortmund and Gelsenkirchen from a private person .

On December 18, 2006, Cerberus bought a larger real estate package (37 properties) from GGI Gesellschaft für Gewerbeimmobilien, a subsidiary of BGAG - including ten union houses in the new federal states (including Berlin, Dresden, Leipzig, Zwickau, Bautzen, Magdeburg, Rostock, Jena and Suhl) and the verdi trade union building in Hanover. The parties have agreed not to disclose the purchase price.

On June 20, 2007, Cerberus acquired Torex Retail . The acquisition price was £ 204.4 million. Torex Retail is Europe's largest provider of software solutions for retail in Europe.

For at least 985 million euros, Cerberus took over the SDIC real estate portfolio of 22,000 apartments in Germany from the insolvent British company Speymill Deutsche Immobilien Company ; Cerberus had previously acquired a large number of Metro stores.

In December 2016, Cerberus took over the entire European business of Staples through a subsidiary , with Staples retaining 15% of the business and Cerberus selling the Staples brand under license.

In July 2017, Cerberus acquired a stake of at least 5.01% in Commerzbank . After the chairmanship of Commerzbank failed to stabilize the bank again, the fund demanded two seats on the control committee in 2020.

In the same month, Cerberus took over Südwestbank , which operates as the Baden-Württemberg regional bank, through the Austrian BAWAG PSK . This acquisition is intended to serve as the basis for further expansion into Germany.

At the end of February 2018, it was announced that Cerberus and other companies were buying up HSH Nordbank .

David R. Knower (Chief Operating Officer / Managing Director) is the managing director of the German Cerberus subsidiary Cerberus Deutschland Beteiligungsberatung GmbH (Frankfurt / M.).

In Austria

On December 14, 2006, Cerberus bought BAWAG PSK , a bank that had run into turmoil after the Refco scandal was uncovered, from the Austrian trade union federation ÖGB for around 3.2 billion euros. In addition to Cerberus, Generali , the Wüstenrot Group (Austria) , and Österreichische Post AG also participated and a group of investors around the industrialist Hannes Androsch on the purchase. The aim is to install BAWAG as the European headquarters for Cerberus.

After the finalization of the takeover by the consortium around the US fund Cerberus, new heads will join the Supervisory Board of BAWAG PSK: The Cerberus boss and former US Treasury Secretary John Snow, the Austrian industrialist Hannes Androsch, Wolfgang Radlegger from the Wüstenrot- Gruppe (Austria) , a representative from Generali and a representative from Österreichische Post AG will strengthen the supervisory board, announced the then BAWAG PSK boss Ewald Nowotny .

Web links

Individual evidence

  1. ↑ What's Bigger Than Cisco, Coke, Or McDonald's? In: BusinessWeek . October 3, 2003
  2. ↑ Alternet , January 8, 2010, Cerberus Capital: Literally Blood-Sucking the Poor to Make Their Billions.
  3. ↑ Hedge fund wins GM-Perle. In: Handelsblatt.
  4. ↑ DaimlerChrysler , Cerberus takes over majority in Chrysler Group ( Memento from September 29, 2007 in the Internet Archive )
  5. ↑ Chrysler wants to change things for the better with Fiat
  6. ↑ The assault rifle is running perfectly - FAZ from December 22, 2012
  7. ↑ Deutsche Welle: Cerberus buys US supermarket chain Safeway ( Memento from March 7, 2014 in the Internet Archive )
  8. ↑ No mention of Cerberus in the http://jade-immobilien.de/unternehmen/unternehmensgeschichte/
  9. ↑ [1]  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Toter Link / www.rws-verlag.de  
  10. ↑ GEORG GIERSBERG: Germany exports its companies - FAZ of July 23, 2012
  11. ↑ Staples confirms sale to Cerberus . December 8, 2016 ( cebra.biz [accessed January 12, 2017]).
  12. ^ Cerberus Capital Management to Acquire Staples' European Business - Cerberus Capital Management . In: Cerberus Capital Management . December 7, 2016 ( cerberuscapital.com [accessed January 12, 2017]).
  13. ↑ Financial investor takes a stake in Commerzbank. An investor who is considered aggressive is now Commerzbank's second largest shareholder. What is he up to? In: faz.net . July 26, 2017. Retrieved July 26, 2017 .
  14. ↑ Major shareholder Cerberus settles accounts with Commerzbank top management. In: manager magazin. June 10, 2020, accessed June 16, 2020 .
  15. ↑ Handelsblatt: Bawag makes entry at Südwestbank perfect . July 17, 2017. Retrieved March 6, 2018.
  16. ↑ SPIEGEL online: Financial investors take over HSH Nordbank . Retrieved February 28, 2018.
  17. ^ FAZ .net, Cerberus takes over Bawag. December 15, 2006.