Client Story

RHJ International

BHF Kleinwort Benson Group SA (formerly RHJ International, or Ripplewood) is a publicly listed Brussels-based private equity firm with interests in, among others, the German BHF Bank and the British Kleinwort Bensons. 

 

In 2011, investment group RHJ International (RHJI), listed on the stock exchange in Belgium, took the decision to focus on financial services as its core business. To implement this strategy, RHJI was looking to acquire a suitable bank. We were commissioned by RHJI to search for a suitable acquisition and devise the strategy to move ahead with the acquisition.

Buy-Side Advisory
Principal Investors and Private Equity
Reading Time 3 Minutes
Key Results
Good cooperation
of all stakeholders.
First-ever acquisition
of a medium large German bank by a private equity consortium.
Retainment of all jobs

The challenge

  • In 2011, investment group RHJ International (RHJI), listed on the stock exchange in Belgium, took the decision to focus on financial services as its core business.
  • To implement this strategy, RHJI was looking to acquire a suitable bank.
  • We were commissioned by RHJI to search for a suitable acquisition and devise the strategy to move ahead with the acquisition.
Ascending bar chart and line chart on blue background.

The solution

The German BHF-Bank was identified as a suitable candidate. However, there were also concerns. An earlier proposed sale of BHF-Bank to the Liechtenstein LGT Bank, owned by the House of Liechtenstein, had been vetoed by the finance ministry and the German financial supervisory authority (BaFin).

Key results

Thanks to the good cooperation of all stakeholders and our Corporate Finance and Management Consulting teams, the acquisition was finally given the go-ahead for the start of 2014. This deal marked the first-ever acquisition of a medium-large German bank by a private equity consortium.

In addition, all jobs were retained. Since the acquisition, the bank has been fully integrated into the Kleinwort Benson Group, and RHJI conducts its business under the name BHF Kleinwort Benson SA. This testifies how important the acquisition of BHF-Bank was for the board of management at RHJ International. 

Expertise we provided

Principal Investors and Private Equity
Buy-Side M&A

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