{"id":4122,"date":"2022-02-23T16:56:10","date_gmt":"2022-02-23T15:56:10","guid":{"rendered":"https:\/\/www.maconda.de\/2021-review-and-outlook\/"},"modified":"2026-10-05T10:07:41","modified_gmt":"2026-10-05T08:07:41","slug":"2021-review-and-outlook","status":"publish","type":"post","link":"https:\/\/www.maconda.de\/en\/2021-review-and-outlook\/","title":{"rendered":"2021 Review and Outlook"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">2022 is already in full swing; nevertheless, we invite you for a brief review.<\/h2>\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<h2 class=\"wp-block-heading\">maconda News February 2022<\/h2>\n\n<h3 class=\"wp-block-heading\">Despite pandemic-related turbulence in 2021, numerous private equity firms, family offices, and mid-sized family businesses made important investment decisions with maconda&#8217;s support (sometimes buying, sometimes selling \u2013 and sometimes not). The course was set for future security, and new market potentials were tapped. Thank you to our loyal and often long-standing clients for once again trusting our assessments and our \u2013 often very clear and direct \u2013 opinion! Thanks also to those clients whom we had the pleasure of assisting for the first time! Differentiated and honest.    <\/h3>\n\n<p class=\"wp-block-paragraph\">Some M&amp;A segments went wild, prices skyrocketed, not only for promising, subscription-based software concepts, for example, but also for some eCommerce companies. Frankly, for some, we just shook our heads at what was (allegedly) paid and, if reliable information is to be believed, what investment hypotheses were sometimes used as a basis and then presumably \u201cconfirmed\u201d in due diligences. Corona lockdowns do not last forever, and the long-term high-level impact is debatable. We have been conducting Commercial Due Diligences for 15 years and have seen a lot, especially in retail (which eCommerce mostly is \u2013 trading individual products), in the mail-order business (which eCommerce always is, if it concerns tangible products), and in pure-play online business. Even Covid does not suspend economic laws. We shall see\u2026      <\/p>\n\n<p class=\"wp-block-paragraph\">We have compiled <strong>a selection of our activities<\/strong> from the past year for you below. We are not yet permitted to disclose everything by name \u2013 some closings will follow in the coming weeks, which we will inform you about in separate newsletters. And we cannot say anything about strategy and especially turn-around projects anyway.  <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Our success stories can also benefit you in the future<\/strong> \u2013 be it for investments, the readjustment of business models, the identification of potentials, a necessary performance improvement, or even a particularly demanding restructuring. Although we must admit that the restructuring business, maconda&#8217;s old home, fell significantly short of expectations in 2021 \u2013 there was and still is simply hardly anything to restructure. <\/p>\n\n<p class=\"wp-block-paragraph\">We wish you an inspiring read \u2013 and are always available for any questions.<\/p>\n\n<p class=\"wp-block-paragraph\">Your maconda team<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Natural cosmetics, active skincare cosmetics, eCommerce<\/h2>\n\n<h3 class=\"wp-block-heading\">Commercial Due Diligence, performance improvement<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: make-up artist applying make-up to a woman, representing the beauty industry\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Kosmetik-1.png\"\/>Projects in the growing and complex beauty industry have become indispensable at maconda. In 2021, we were once again active multiple times in the fast-paced cosmetics sector. As diverse and colorful as the beauty segments are, so varied were the tasks we successfully mastered for our clients. This includes, shortly before the end of the year, a Commercial Due Diligence for a very strong <strong>natural cosmetics brand<\/strong> on Amazon (the closing has not yet been published). As well as a <strong>well-known provider of skincare cosmetics<\/strong>, for whom we explored strategic opportunities and developed steps to expand their business. We also once again dealt with <strong>contract manufacturers for cosmetics and<\/strong> <strong>personal care<\/strong>, including a leading European CDMO service provider for aerosol and liquid products.     <\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Pharmaceutical logistics, outsourcing, pharmaceuticals, narcotics, and OTC products<\/h2>\n\n<h3 class=\"wp-block-heading\">Commercial Due Diligence<\/h3>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Pharmalogistik-2.png\" alt=\"Illustration: person in overalls pushing a trolley stacked with boxes, representing pharma logistics\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n<p class=\"wp-block-paragraph\">maconda was able to contribute its project experience in the complex world of logistics again in 2021: The family-run Swiss investment boutique Syz Capital, together with Saturnus Capital, acquired a majority stake in <strong>SK Pharma<\/strong>, a leading German <strong>specialist for contract logistics for the healthcare industry<\/strong>. In our Commercial Due Diligence, we examined SK Pharma&#8217;s strategic positioning, the outsourcing behavior of pharmaceutical manufacturers and other providers of healthcare products, and the intricate regulations surrounding the logistics of pharmaceuticals and narcotics. The discretion, which is not surprising for both the pharmaceutical and logistics industries, created a few hurdles. However, maconda consultants, who are extremely experienced particularly in opaque niche markets, were able to overcome these well with their research and analysis methodology refined over many years. This included numerous discussions with various market participants such as drug and regulatory authorities, contract logistics providers, freight forwarders, and logistics experts from the maconda network.   <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.maconda.de\/en\/always-something-in-stock\/\">To the press release<\/a><\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">International provider of engineering services<\/h2>\n\n<h3 class=\"wp-block-heading\">Liquidity management and integrated planning<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: person holding a coin next to a rising chart\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Ingenieurdiensleistung.png\"\/>For a global provider of complex engineering services (design of complex systems, development of components) with several thousand employees operating in multiple countries, we fundamentally optimized <strong>liquidity management<\/strong> over several months. After a comprehensive inventory, the previously separate monthly, quarterly, and annual planning \u2013 all structured differently, with different planning horizons and intended for different reporting purposes and target groups \u2013 were integrated into a unified planning framework and process. In particular, we succeeded, through moderation and implementation, in bringing together the sometimes conflicting interests of the foreign subsidiaries and the German parent company. Over a longer period, experienced maconda consultants then supported the CFO in implementing the planning in Lucanet, a leading software for financial performance management.   <\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Pet food and supplies<\/h2>\n\n<h3 class=\"wp-block-heading\">Commercial Due Diligence<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: dog next to a bowl of dry food, representing pet food\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Heimtiernahrung.png\"\/>maconda also contributed its many years of deep experience in several mandates within the rapidly growing pet food industry. For instance, we thoroughly examined the complex business model of an <strong>omnichannel provider active in a neighboring country<\/strong> and analyzed the pandemic-related influences on this already very dynamic industry. Additionally, we briefly engaged with a rapidly growing <strong>D2C brand<\/strong> for special products for four-legged friends. We further deepened our expertise in this exciting segment by participating in the annual <strong>Pet Industry Congress<\/strong> in October, as we are regularly engaged in this industry and naturally want to keep our knowledge up-to-date.   <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.maconda.de\/en\/dogs-cats-mice\/\">To the press release<\/a><\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Premium seating furniture, design classics<\/h2>\n\n<h3 class=\"wp-block-heading\">Commercial Review<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: two people eating at a bistro table, representing seating furniture\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Sitzmoebel-1.png\"\/>More than a piece of furniture \u2013 maconda supported Benner Beteiligungsgesellschaft, a Wiesbaden family office with activities in various segments, in acquiring a majority stake in <strong>Thonet<\/strong>, the traditional, very well-known <strong>manufacturer of premium chairs<\/strong>. To understand the residential and contract business where these design icons are used, maconda closely examined the product portfolio, sales, and customer relationships. <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.maconda.de\/en\/more-than-just-a-piece-of-furniture\/\">To the press release<\/a><\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Frozen products, food retail &amp; discount, wholesale, contract catering<\/h2>\n\n<h3 class=\"wp-block-heading\">Commercial Due Diligence<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: plate with sausages, a fried egg and fries, representing frozen food\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/TK-Produkte-LEH-2.png\"\/>Cold products \u2013 this is also a recurring theme that, so to speak, comes \u201cto our table\u201d from the cold storage. Mostly as frozen foods (FF), but sometimes also in the form of refrigerated medicines (see above). Especially with FF, maconda consultants have been active multiple times in recent years, sometimes related to food retail &amp; discount, sometimes in the form of wholesale, sometimes in manufacturing. In 2021, among other things, we conducted a CDD for a provider of frozen foods in the fragmented <strong>out-of-home market<\/strong> and for <strong>contract catering<\/strong>, i.e., large kitchens and caterers (\u201cHoReCa\u201d). Furthermore, our expertise was also sought for the due diligence of a leading manufacturer of <strong>frozen convenience products<\/strong>, which are sold in retail and food service as branded and private label products.    <\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">Create plans, use tools, review plans &#8211; structured and realistic<\/h2>\n\n<h3 class=\"wp-block-heading\">maconda Toolbox<\/h3>\n\n<p class=\"wp-block-paragraph\"><img decoding=\"async\" alt=\"Illustration: three people building a website together, representing business planning\" src=\"https:\/\/www.maconda.de\/wp-content\/uploads\/Plaene-erstellen.png\"\/>We comprehensively support companies in creating robust <strong>business plans<\/strong>, underpinned by sound assumptions and documented in a way that is comprehensible to third parties. Here, we primarily rely on the financial performance management software <strong>Lucanet<\/strong>. However, what is often underestimated and, in our experience, often given too little attention by financiers: Can the company&#8217;s planning truly withstand validation against the market? maconda examines both \u2013 the internal figures and the company&#8217;s environment, as well as its strategic positioning.   <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.maconda.de\/en\/performance-management\/\">Learn more<\/a><\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\">An industry overview of current or recently completed maconda projects:<\/h2>\n\n<p class=\"wp-block-paragraph\">Amazon and D2C Brands | eCommerce | Natural and Active Skincare Cosmetics | CMO, CDMO Dietary Supplements | Lubricants | Pharmaceutical Logistics | Heating Technology | Water and Fire Damage Restoration | Building Materials | Engineering Services | Primary Packaging for Consumer Goods | Pet Food and Supplies | Seating Furniture | Coffee and Snacks | Quick Service, Chain Restaurants | Automotive Services | Toys and Model Making | Home &amp; Personal Care | Frozen Foods | Recycling | Private Label and Promotional Business | Many Niches<\/p>\n","protected":false},"excerpt":{"rendered":"<p>maconda reviews 2021: Commercial Due Diligences, market analysis, and projects in dynamic industries \u2013 a look back, learnings, and a look ahead<\/p>\n","protected":false},"author":0,"featured_media":4123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[85,79],"tags":[],"maconda_format":[100],"maconda_industry":[],"class_list":["post-4122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-85","category-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"maconda looks back at 2021: overheated M&amp;A segments, questionable investment hypotheses, and what an honest Commercial Due Diligence must deliver.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.maconda.de\/en\/2021-review-and-outlook\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 5.0.2.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"maconda - Commercial Due Diligence &amp; 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