Clairfield International in Brazil has forged a strategic alliance with the corporate finance firm Redirection, thus expanding its operations in the south of the country, a key region for industries such as agribusiness and automotive manufacturing. Redirection, headquartered in Curitiba, is a major presence in the financial sector of southern Brazil, assisting in diverse domestic and international transactions with important companies in the region...

1. CLAIRFIELD REVIEW
H1 2015
CLAIRFIELD NORDIC JOINS FORCES
1
In their first year of collaboration, Clairfield’s Nordic offices rank top in the region
Clairfield International in Sweden, Den-
mark, Norway, and Finland, together re-
ferred to as Clairfield Nordic, have united
to offer the best access to the Nordic region
available in the middle market. The firms
share the same client-intense approach,
focusing on senior attention, long-term re-
lationships, and situations where they can
add value. These firms are already leaders
in the financial advisory sector in their re-
spective countries. Together they provide
unrivalled reach in the Nordic region.
In the 2014 rankings by Thomson Reuters,
Clairfield Nordic was ranked third for deals
up to USD 50 million and fourth for deals
up to USD 500 million. Crossborder M&A deals in and out of the Nordic region from 2013-Q1 2015.
NEW PARTNER FIRM IN RUSSIA
Althaus Group, an award-winning advisory
firm based in Moscow, has joined Clairfield
as its exclusive partner for Russia.
Althaus, founded in 2008, provides a full
scope of financial services for banks, in-
vestment funds, and major industrial com-
panies. Services include M&A transaction
support, fundraising, business strategy
development, financial consulting, and
accounting, tax, and legal services. The Al-
thaus team consists of more than 80 pro-
fessionals with international qualifications
and advisory experience.
Althaus Group has advised clients in indus-
tries such as IT, retail, banking, pharma-
ceuticals, engineering, mining, oil and gas,
and utilities, including industry leaders
such as Gas, Medsi, Systematics, Rostele-
com, Basic Element (Bazel), and the largest
financial institutions. Recent transactions
include due diligence studies for a broad-
band provider, and a tourism company;
valuations for an insurance brokerage,
a cosmetics manufacturer, and a waste
management company; and advising the
sales of an IT company, a logistics opera-
tor, and an airline.
Despite the political situation and conse-
quent declining M&A levels, Russia con-
tinues to be a key market for the energy,
industrial, and technology sectors. Indus-
trials and chemicals accounted for 10% of
all Russian M&A announced in 2013 and
this sector continues to be attractive for
Asian investors, particularly from Japan
and South Korea. China is also emerging as
an important partner.
“Recent events have made clear the im-
portance of the global community to the
Russian economy, and well-run midcap
companies will be key to lift Russia out of
recession,” says Andrey Tsaruk, managing
partner of Althaus. “It is crucial to Althaus
to remain outward-looking and to do so
by partnering with the top midmarket
firm Clairfield International. Advisory that
is truly global in nature will be critical in
coming times.”
“Clairfield enters this difficult market with
the aim of providing much needed local
support to global clients. Doing business
in Russia is extremely complicated and it
is of utmost importance to have an advi-
sor that knows how business is done,”
says Brian O’Hare, chairman of Clairfield
International. “In uncertain times, sage
counsel from experienced advisors in the
local market is of vital importance. We are
extremely pleased to have partnered with
a firm that is as well-connected, interna-
tional in outlook, and understanding of
the bigger picture as Althaus Group.”
(continued on next page)
Source:CapitalIQ.

2. SPOTLIGHT
2
CLAIRFIELD BRAZIL ADDS OFFICE IN CURITIBA
CLAIRFIELD NORDIC (CONTINUED FROM PAGE 1)
The Nordic region is unique in its crossover business across na-
tional boundaries. In spite of having different currencies and
levels of connection to the European Union, the countries are
often considered as one economic unit. Many of the region’s
largest companies including Stora Enso, TeliaSonera and Nor-
dea, arose through mergers and acquisitions of companies
of two different Nordic nations. “There is a lot of crossover
business in the Nordic region. It is common for deals to have
a crossborder Nordic element as few Nordic businesses are
confined to only one country,” said Hans Andersson, partner
at Clairfield Sweden.
The combined Clairfield Nordic group focuses on increasing
crossborder opportunities, both within the region and world-
wide. Recently closed deals showcase Clairfield Nordic’s inter-
national reach:
• Swedish Intrum Justitia acquired the Danish Advis A/S, a
leading debt collection company for the telecom sector.
• Proventus in Sweden sold the iconic toy brand BRIO to the
German Ravensburger.
• The Helsinki-listed technology company Elektrobit Corpo-
ration acquired the Finnish subsidiary of the Oslo-quoted
Birdstep Technology Group.
• The Norwegian Otera Elektro, Scandinavia’s leading sup-
plier of technical installation and service solutions, was
sold to Bravida in Sweden.
• Plum A/S, Denmark’s leading producer of hygiene and dis-
infection products, was sold to CCS Healthcare in Sweden.
• The Finnish PKC Group acquired the Polish Groclin Group’s
wiring and controls business, specialists in electrical dis-
tribution systems.
Sweden, Finland, Norway and Denmark share transparent
economies that make them attractive to international invest-
ment. The region also serves as a more stable entry into the
Baltics and Russia. Important sectors in the region include in-
formation technology, consumer goods, and business services
as well as natural resources such as forestry and ore. The Nor-
dic countries also have an important private equity market and
a large public sector.
Insupportofitsnewpowerhouseregion,Clairfield­Interna­tional
holds two general meetings in the region in 2015. In March
over 50 Clairfield partners met in Copenhagen. ­Clairfield’s next
partner meeting in Stockholm in June will focus on sustainabil-
ity from a global and future perspective, including implications
for the financial advisory business. Talks by politicians and uni-
versity lecturers will be followed by a panel discussion open to
clients and friends of Clairfield. For invitations contact press@
clairfield.com.
Clairfield International in Brazil has forged a strategic alliance
withthecorporatefinancefirmRedirection,thusexpandingits
operations in the south of the country, a key region for indus-
tries such as agribusiness and automotive manufacturing.
Redirection, headquartered in Curitiba, is a major presence
in the financial sector of southern Brazil, assisting in diverse
domestic and international transactions with important com-
panies in the region. The office was founded in 2007 and has
six partners and 39 professionals. The senior partners, João
Caetano and Claudio Doerzbacher, are experienced invest-
ment bankers in the midmarket international segments. Its
transactions include the sale of Café Damasco, a coffee busi-
ness based in southern Brazil, to Sara Lee Corporation; the
sale of Kraft Food’s Maguary brand to Dafruta; and the acqui-
sition of Fermax, the second largest player in the Brazilian
hardware market, by Roto Frank AG, a multinational company
based in Germany.
Clairfield Brazil, one of the major independent corporate
finance boutiques in the country, focuses on mergers and
acquisitions and corporate finance with its main office in São
Paulo and partners in Ribeirão Preto and Rio de Janeiro. The
combined entity has carried out more than 50 M&A transac-
tions since 2008.
“We are happy to strengthen Clairfield’s presence in Brazil,
the gateway to South America. Brazil is currently facing a
decisive moment and there are many opportunities for inter-
national companies,” says Rodrigo Pasin, founding partner
of Clairfield Brazil. “Our increased reach with the partners of
Redirection gives global clients greater access to companies in
the south of Brazil.”

3. SELECTED RECENT TRANSACTIONS
3
Client Transaction overview Counterparty
Clairfield Finland and Poland advised the Helsinki-listed wiring systems and electronics company PKC Group Oyj in the acquisi-
tion of the wiring and controls business of the Warsaw-quoted Groclin Group. PKC Group focuses on the global commercial vehi-
cle industry and is on the path to become the preferred supplier in electrical distribution systems for the transportation industry
globally. Net sales in 2014 totaled EUR 829.2 million and PKC’s market cap is EUR 450 million. Groclin’s wiring & controls business
develops and manufactures electrical cabinets, powerpacks, and electrical distribution systems for rolling stock manufacturers.
Altran, a global leader in innovation and high-tech engineering consulting, acquired Nspyre, the leading Dutch specialist in R&D
and high-technology services. Nspyre was founded in 2008 out of the merger between the technical automation divisions of
Ordina and Atos Origin. With a permanent staff of 680 employees specialized in software development and mechanical engineer-
ing, Nspyre adds value to key players in the high tech, traffic, infrastructure, automotive, industry, and energy & utilities market
sectors. Clairfield in the Netherlands and France advised the acquisition.
Barents NaturGass, one of the leading players in small-scale LNG distribution in Norway, was sold to Broadview Holding. Broad-
view is an industrial holding company, based out of the Netherlands, with a portfolio of various manufacturing and trading
businesses. The combined turnover amounts to approximately EUR 400 million and the companies employ about 1400 people.
Broadview is ultimately controlled by HAL Trust, which is quoted on the Amsterdam Stock Exchange. The sale was advised by
Clairfield Norway.
Magma Fincorp Limited, a 25-year-old leading retail asset financing company, raised EUR 40 million through ABS from the larg-
est Indian public sector bank for the securitization of its vehicle loan portfolio. Magma has a network of 274 branches across
21 states and union territories, around 80% of which are in rural and semi-rural markets in India. The company has serviced
over 6,00,000 customers and assets under management as of March 31, 2014 is INR 180 billion. The transaction was advised by
Clairfield International in India.
The owner of Cogepart, a leader in express shipping and delivery services for retail and business customers, arranged an owner
buy-out with financing from Omnes Capital and Finadvance. Cogepart is a leading player in the booming “last mile” logistics
market (delivery to end customer). Cogepart has 750 employees, 1000 customers, and rapidly increasing revenues that totalled
EUR 37.5 million in 2014. The deal was advised by Clairfield International in Marseille.
​​Clairfield UK advised the sale of Adaero Precision Components Limited to Indutrade. Established in 1988, Adaero is a specialist
manufacturer of high precision components, supplying equipment and instrument manufacturers in the medical, optical, de-
fense, laser, and hydraulic industries. In 2012 Adaero was purchased by Cosworth, the world-renowned performance engineer-
ing and manufacturing group. Indutrade UK is a division of Swedish industrial group Indutrade AB. Indutrade AB has over 180
subsidiaries in a number of business areas including engineering & equipment and industrial components.
Clairfield International in Denmark advised the shareholders of Plum A/S, Denmark’s top producer of hygiene and disinfection
products, on its sale to CCS Healthcare. CCS Healthcare is the market leader in hygiene and disinfection products in the Nordic
region. In 2014 the CCS’s sales amounted to approximately SEK 500 million. The acquisition of Plum further strengthens the
Company in the Nordic market, and opens doors to other geographic areas such as Germany and France, where Plum already has
substantial distribution. The merger also creates synergies in the production and supply chain.
Clairfield International France (Lyon) advised a fundraising for transport company Coquelle from Siparex and Finorpa to com-
plete financing of the acquisition of Trafilogic, a freight forwarder. Founded in 1965, Coquelle generates nearly EUR 40 million
of sales and employs 350 people. The group has significantly developed its business over the past ten years through positioning
in niche markets involving technical expertise. With the Trafilog acquisition, Coquelle’s turnover now exceeds EUR 60 million.
Swedish investor Proventus sold the renowned Swedish toy company BRIO AB to the German Ravensburger Group. BRIO cre-
ates innovative wooden toys that give children a safe and fun play experience. The company was founded in 1884 and is repre-
sented in over 20 countries. BRIO is known for its high-quality wooden train sets and ranks among the most prestigious brands
in the toy market. The deal makes it possible for BRIO to grow and also unites two family businesses, which share a similar
corporate and product philosophy as well as a long history and tradition. The deal was advised by Clairfield Sweden.
VirMedica, Inc. acquired the assets of TransEngen, Inc. while also making a significant capital investment in D2 Pharma Consult-
ing. Clairfield International in the US acted as the exclusive financial advisor to VirMedica in both transactions and assisted in
raising capital to finance the transactions. The financing was led by Nashville-based Petra Capital Partners, with participation
by Menlo Park-based HealthQuest Capital. VirMedica is an innovative holding company bringing together complementary busi-
nesses for the specific purpose of redefining the market access landscape for specialty healthcare products.
Clairfield Finland advised the Helsinki-listed technology company Elektrobit Corporation (EB) in the acquisition of the Finnish
subsidiary of the Oslo-quoted Birdstep Technology Group. EB specializes in embedded software and hardware solutions for the
wireless and automotive industries. Net sales in 2013 totaled EUR 199.3 million with a market capitalization of EUR 470 million.
Clairfield Finland identified IT security companies that would complement security features in EB’s Tough Mobile secure smart-
phone technology. The acquisition includes Birdstep’s SafeMove solution.
Clairfield International in Denmark advised the shareholders of Mondux on its sales to Gjensidige in a structured sales
process. Mondux is one of Scandinavia’s fastest-growing insurance agencies. The company is strongly rooted in the auto
industry in Denmark. It offers an entire range of private-insurance products and as well as providing “white label” insur-
ance, wherein Mondux provides insurance services to telecommunications companies, purchasing groups, and professional
organizations in the partners’ own name.
Clairfield India advised Poddar Developers Ltd. in its qualified institutional placement, the first qualified institutional place-
ment in Indian markets in CY2015 and first fundraising by the company since its IPO in 1982. Poddars is a leading real estate
development company involved in affordable housing projects in and around Mumbai. The Company has completed
projects with a saleable area of over 1 million square feet, comprising over 2,400 units.

4. THIRD QUARTER 2011
NEWSPAPER
NEW PARTNERS AT CLAIRFIELD GERMANY
CLAIRFIELD REVIEW
H1 2015
DISCLAIMER: No part of this report may be reproduced without the written permission of Clairfield International or one of its partner firms. The information herein
has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. While we endeavour to update on a reason-
able basis the information presented in this report, there may be regulatory, compliance or other reasons that prevent us from doing so. Much of the information
contained in this report is subject to variation due to changes in market conditions, legislation or regulatory matters and Clairfield International does not undertake
to notify any recipient of the report of changes to the information contained herein. This report is not to be construed as an offer to sell or the solicitation of an
offer to buy any security in any jurisdiction. Additional supporting information is available upon request. Please contact: Research Desk, Clairfield International, Tel:
+41 22 518 0242, email: press@clairfield.com.
4
Matthias Tempel has 26 years of experience at four European banks with responsibilities for their Ger-
man operations. He worked for an English, a French, a Belgian and a Dutch bank, partly out of their head
offices in Amsterdam, Brussels, Paris and London, and he is fluent in the relevant languages. In his last
position before joining Clairfield, he oversaw the German business with corporates and the investment
banking business of ABN AMRO’s German holding. Dr. Tempel is an expert in crossborder M&A transac-
tions, mainly in transport & logistics, food & drink, and financial services. He has built and led several
M&A teams and managed investment banking activities across several products. He orchestrated the
relaunch of ABN’s commercial banking business including platform and products. Dr. Tempel studied
law in Munich and Bonn and is a qualified lawyer. He earned a Ph.D. in corporate and tax law at the
University of Münster.
Alexander Klemm was born in South Africa, raised in the UK and studied in the UK, USA and Germany.
He has over 30 years transaction experience in M&A and equity capital markets. He worked in Frank-
furt, London and New York at Deutsche Morgan Grenfell, Lehman Brothers, UBS Warburg, JPMorgan
Cazenove, and Hauck. He has also held various senior management positions in banking. As head of
investment banking at JPMorgan Cazenove in Germany/Austria/Switzerland, he established the Frank-
furt office and built Cazenove’s successful midmarket advisory and capital markets business. Following
leadership of the MBO of this business and subsequent contribution to Hauck & Aufhäuser, the German
private bank, he was partner and CEO of the corporates and markets division of the bank. Dr. Klemm
holds a BSc. Hons. in economics and politics from the University of Bristol, an MBA from Columbia Busi-
ness School and a Ph.D. in finance from Freie Universität Berlin.
Dr. Klemm is assisting the board of Clairfield International, Geneva, as senior advisor, in addition to
working with key clients in Germany, Austria and Switzerland.
Matthias Tempel
Alexander Klemm