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        <option value="" selected>Sector</option>
                        <option
                                        value="40">
                Automotive
            </option>
                                <option
                                        value="41">
                Business Services
            </option>
                                <option
                                        value="42">
                Consumer
            </option>
                                <option
                                        value="43">
                Energy &amp; Utilities
            </option>
                                <option
                                        value="44">
                Financial Services
            </option>
                                <option
                                        value="45">
                Food &amp; Beverage
            </option>
                                <option
                                        value="46">
                Healthcare
            </option>
                                <option
                                        value="47">
                Industrials &amp; Chemicals
            </option>
                                <option
                                        value="48">
                Real Estate
            </option>
                                <option
                                        value="49">
                TMT
            </option>
            </select>
                            </div>
                            <div class="styled-select">
                                <select name="ser">
    <option value="" selected>Service</option>
                                                                <option
                                value="52" data-hiddenTo="sweden">
                Debt Advisory
            </option>
                                                            <option
                                value="50" data-hiddenTo="">
                M&amp;A
            </option>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            <option
                                value="54" data-hiddenTo="denmark, sweden">
                Management Advisory
            </option>
                                                                                                    <option
                                value="53" data-hiddenTo="denmark, sweden">
                Private Equity
            </option>
                        </select>
                            </div>
                            <div class="styled-select">
                                <select name="country">

    
    <option value="international">International</option>

                            china
            <option value="china">China</option>
                                denmark
            <option value="denmark">Denmark</option>
                                france
            <option value="france">France</option>
                                germany
            <option value="germany">Germany</option>
                                ireland
            <option value="ireland">Ireland</option>
                                italy
            <option value="italy">Italy</option>
                                netherlands
            <option value="netherlands">Netherlands</option>
                                portugal
            <option value="portugal">Portugal</option>
                                spain
            <option value="spain">Spain</option>
                                sweden
            <option value="sweden">Sweden</option>
                                united-kingdom
            <option value="united-kingdom">UK</option>
            </select>
                            </div>
                            <div class="cross-border">
                                <label>Cross-border <input type="checkbox" name="cb"  /></label>
                            </div>
                            <button type="submit">Search</button>
                        </form>
                    </div>
                    <div class="filter-search">
                        <span class="heading">Search</span>
                        <form class="search" action="?">
                            <input type="hidden" name="country" value="international" />
                            <input type="search" name="q"  placeholder="Enter company name" />
                            <button type="submit">Submit</button>
                        </form>
                    </div>
                </div>
            </div>
        </div>
    </section>

        <section class="transactions main">
        <div class="contain">
                            
                
                                    <h3>
                        Transactions found for:
                                                Markus Otto                    </h3>
                                
            <div class="transaction-slide-rail">
                                    <ul class="transaction-list">
                                                                                    <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/tmt" title="TMT">
                            <svg class="icon icon-tmt" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-tmt"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/159931/Gigaset-and-Gigaset-Communications.png" title="Gigaset Communications" alt="Image of Gigaset Communications Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/159939/Snom-Technology_resized-3.png" title="Snom Solutions GmbH" alt="Image of Snom Solutions GmbH Company Logo"/>
                            </div>
            <div class="action">a subsidiary of</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/159940/VTech_resized-3.png" title="VTech Holdings Limited" alt="Image of VTech Holdings Limited Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/axel-oltmann">Axel Oltmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/adrian-saif">Adrian Saif</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/pascal-seeling">Pascal Seeling</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/robin-seidel">Robin Seidel</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/ray-wang">Ray Wang</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/luca-jaax">Luca Jaax</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Gigaset Communications on its sale to Snom Solutions</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-gigaset-communications-on-its-sale-to-vtech-holdings-limited">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/150735/DeutscheBeteiligungs-Haspa-Beteiligungsgesellschaft-für-den-Mittelstand-mbH.png" title="DBAG and Haspa BGM" alt="Image of DBAG and Haspa BGM Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/RS-Group.png" title="R&amp;S Group" alt="Image of R&amp;S Group Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/150817/Nokera.png" title="Nokera" alt="Image of Nokera Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/maximilian-hammers">Maximilian Hammers</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tristan-brockmeyer">Tristan Brockmeyer</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/ray-wang">Ray Wang</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to DBAG and Haspa BGM on the sale of R+S to NOKERA</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-dbag-and-haspa-bgm-on-the-sale-of-r-s-group-to-nokera">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Allgaier-group-shareholders.png" title="Allgaier Werke" alt="Image of Allgaier Werke Company Logo"/>
                            </div>
            <div class="action">sold a majority stake in</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Allgaier-Group.png" title="Allgaier Group" alt="Image of Allgaier Group Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Westron.png" title="Westron" alt="Image of Westron Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/philipp-holst">Philipp Holst</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to the shareholders on the sale of a majority stake in Allgaier to Westron</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholders-on-the-sale-of-a-majority-stake-in-allgaier-group-to-westron">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/EOS_2022-05-27-144928_zwcn.png" title="EOS" alt="Image of EOS Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/125473/Variotech.png" title="Variotech" alt="Image of Variotech Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/GIMV_v2.png" title="Gimv" alt="Image of Gimv Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/axel-oltmann">Axel Oltmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/oleg-artjuschkin">Oleg Artjuschkin</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/philipp-holst">Philipp Holst</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to EOS Partners on the sale of Variotech to Gimv</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-eos-partners-on-the-sale-of-variotech-to-gimv">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/122790/Stenah-lg.png" title="Stena Metall Group" alt="Image of Stena Metall Group Company Logo"/>
                            </div>
            <div class="action">sold its German cools recycling business</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Stena-Rekular-2.png" title="Rekular" alt="Image of Rekular Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/122733/Quantum.png" title="Quantum" alt="Image of Quantum Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Stena on the sale of its German cools recycling business to Quantum</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-stena-metall-group-on-the-sale-of-its-cools-recycling-business-to-quantum-capital-partners">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/CGS.png" title="CGS Management" alt="Image of CGS Management Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/ICG.png" title="ICG International Cutting Holding" alt="Image of ICG International Cutting Holding Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/120184/Quantum-and-US-logo_new.png" title="Quantum Capital Partners" alt="Image of Quantum Capital Partners Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/fynn-bornat">Fynn Bornat</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to CGS Management on the sale of ICG International Cutting Holding</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-cgs-management-on-the-sale-of-icg-international-cutting-holding">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Klopfer.png" title="Klöpfer Holzhandel" alt="Image of Klöpfer Holzhandel Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Private-Shareholders-txt.png" title="Private shareholders" alt="Image of Private shareholders Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Klöpfer &amp; Königer on the sale of Klöpfer Holzhandel to private shareholders</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-klöpfer-königer-on-the-sale-of-klöpferholz-to-private-shareholders">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/RS.png" title="R+S Beteiligungs" alt="Image of R+S Beteiligungs Company Logo"/>
                            </div>
            <div class="action">on the equity reorganisation of the company supported by</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/DBAG-Haspa.png" title="DBAG and HASPA" alt="Image of DBAG and HASPA Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/maximilian-hammers">Maximilian Hammers</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to R+S Beteiligungs GmbH on the equity reorganisation of R+S Group</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-r-s-beteiligungs-gmbh-on-the-successful-equity-reorganisation-of-r-s-group">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/56264/BWB-Logo-Website-03_200428_134749.png" title="BWB Partners" alt="Image of BWB Partners Company Logo"/>
                            </div>
            <div class="action">sold a majority stake in</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/56178/Pedax-Logo-Website-3-03.png" title="Pedax" alt="Image of Pedax Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/IBL.png" title="IBL" alt="Image of IBL Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to BWB Partners on the sale of a majority stake in Pedax to IBL</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-bwb-partners-on-the-sale-of-a-majority-stake-in-pedax-to-i-bl-holding">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/53430/Balcke-Durr-02.png" title="Balcke-Dürr Group" alt="Image of Balcke-Dürr Group Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/53435/Balcke-Dürr-Polska-Sp.z-o.o-1-01.png" title="Balcke-Duerr Polska Sp.z o.o" alt="Image of Balcke-Duerr Polska Sp.z o.o Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Wallstein.png" title="Wallstein Group" alt="Image of Wallstein Group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/ralph-schmuecking">Ralph Schmücking</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/maximilian-hammers">Maximilian Hammers</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Balcke-Dürr Group on the sale of Balcke-Dürr Polska to Wallstein Group</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-balcke-dürr-group-on-the-sale-of-balcke-duerr-polska-sp-z-o-o-to-wallstein-group">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/heidelberger-druckmaschinen-ag-vector-logo-web.png" title="Heidelberger Druckmaschinen" alt="Image of Heidelberger Druckmaschinen Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Hitech-web_191128_154146.png" title="Hi-Tech Coatings division" alt="Image of Hi-Tech Coatings division Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/icp880x294.png" title="Innovative Chemical Products Group’s" alt="Image of Innovative Chemical Products Group’s Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Advisers to Heidelberger Druckmaschinen AG on the sale of its Hi-Tech Coatings division to Innovative Chemical Products Group’s</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-heidelberger-druckmaschinen-on-the-sale-of-its-hi-tech-coatings-division-to-innovative-chemical-products-groups-industrial-solutions-group-division">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Muhlhoff-logo_200122_164604.png" title="Mühlhoff Umformtechnik" alt="Image of Mühlhoff Umformtechnik Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Fidelium-logo_200122_165033.png" title="Fidelium Partners" alt="Image of Fidelium Partners Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/oleg-artjuschkin">Oleg Artjuschkin</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Mühlhoff Umformtechnik
                                                                on its sale to
                                        Fidelium Partners
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-mühlhoff-umformtechnik-on-its-sale-to-private-equity-investor-fidelium-partners">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/7790/MAGENWIRTH.png" title="MAGENWIRTH Technologies GmbH" alt="Image of MAGENWIRTH Technologies GmbH Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/BebroESystems.png" title="bebro electronic GmbH and eSystems MTG GmbH" alt="Image of bebro electronic GmbH and eSystems MTG GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/KATEK.png" title="KATEK SE" alt="Image of KATEK SE Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        MAGENWIRTH Technologies GmbH
                                                                on its sale of
                                        bebro electronic GmbH and eSystems MTG GmbH
                                            to
                                        KATEK SE
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-magenwirth-technologies-gmbh-on-the-sale-of-bebro-electronic-gmbh-and-esystems-mtg-gmbh-to-katek-se">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/6393/Logo-Sturm.png" title="Sturm Holding" alt="Image of Sturm Holding Company Logo"/>
                            </div>
            <div class="action">sold a majority stake to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/nimbus-logo.png" title="Nimbus hands-on investors" alt="Image of Nimbus hands-on investors Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Sturm Holding
                                                                on its sale of a majority stake to
                                        Nimbus hands-on investors
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-sturm-holding-on-the-majority-sale-of-shares-to-nimbus">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5807/LW-Logo-small.png" title="LINDE + WIEMANN" alt="Image of LINDE + WIEMANN Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5808/Rath-small.png" title="Gebr. RATH Werkzeugbau GmbH" alt="Image of Gebr. RATH Werkzeugbau GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/consortium_2020-12-07-171901.png" title="a consortium of investors" alt="Image of a consortium of investors Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/heinrich-kerstien">Dr. Heinrich Kerstien</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/oleg-artjuschkin">Oleg Artjuschkin</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        LINDE + WIEMANN
                                                                on its sale of
                                        Gebr. RATH Werkzeugbau GmbH
                                            to
                                        a consortium of investors
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-linde-wiemann-on-the-sale-of-gebr-rath-werkzeugbau-to-a-consortium-of-investors">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/consumer" title="Consumer">
                            <svg class="icon icon-consumer" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-consumer"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/KETTLER_Logo.png" title="Kettler" alt="Image of Kettler Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Lafayette-Logo_quer.png" title="Lafayette Mittelstand Capital" alt="Image of Lafayette Mittelstand Capital Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Kettler
                                                                on its sale to
                                        Lafayette Mittelstand Capital
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-germany-advises-kettler-on-its-sale-to-lafayette-mittelstand-capital">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/GPV.png" title="GPV" alt="Image of GPV Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/CCSGroup.png" title="CCS Group" alt="Image of CCS Group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        GPV
                                            a portfolio company of Schouw &amp; Co
                                                                on its acquisition of
                                        CCS Group
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-schouw-co-on-the-cross-border-acquisition-of-ccs-group-by-its-portfolio-company-gpv">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/consumer" title="Consumer">
                            <svg class="icon icon-consumer" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-consumer"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2448/Palero_181114_183215.png" title="palero" alt="Image of palero Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2449/Krahe_181114_183216.png" title="Krähe-Versand GmbH" alt="Image of Krähe-Versand GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3575/HBBHolding.png" title="HBB Holding" alt="Image of HBB Holding Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero
                                                                on its sale of
                                        Krähe-Versand GmbH
                                            to
                                        HBB Holding
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-germany-advises-palero-on-the-sale-of-krähe-versand-to-hbb-holding">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5029/buchbinder2.png" title="Buchbinder" alt="Image of Buchbinder Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1363/Europcar_181114_173753.png" title="Europcar" alt="Image of Europcar Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Buchbinder
                                                                on its sale to
                                        Europcar
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholder-of-buchbinder-on-the-sale-of-the-company-to-europcar-group">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1470/Finoba_181114_173907.png" title="FINOBA AUTOMOTIVE" alt="Image of FINOBA AUTOMOTIVE Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Chinese-Automotive-Engineering.png" title="Chinese Automotive Engineering Corp" alt="Image of Chinese Automotive Engineering Corp Company Logo"/>
                            </div>
            <div class="action">a subsidiary of</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/sinomach.png" title="Sinomach Group" alt="Image of Sinomach Group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        FINOBA AUTOMOTIVE
                                                                on its sale to
                                        Chinese Automotive Engineering Corp
                                            a subsidiary of
                                        Sinomach Group
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-founder-of-finoba-automotive-gmb-h-on-the-sale-to-chinese-automotive-engineering-corp">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/tmt" title="TMT">
                            <svg class="icon icon-tmt" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-tmt"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2544/Induc_181114_183337.png" title="Induc" alt="Image of Induc Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/grundig_bs.png" title="Grundig Business Systems" alt="Image of Grundig Business Systems Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3665/VREquitypartner.png" title="VR Equitypartner" alt="Image of VR Equitypartner Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/tobias-schaetzmueller">Tobias Schätzmüller</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Induc
                                                                on its sale of
                                        Grundig Business Systems
                                            to
                                        VR Equitypartner
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-induc-and-co-investors-on-the-partial-sale-of-grundig-business-systems-to-vr-equitypartner">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/tmt" title="TMT">
                            <svg class="icon icon-tmt" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-tmt"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/HeidelbergC.png" title="HeidelbergCapital Private Equity" alt="Image of HeidelbergCapital Private Equity Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2568/Snom_181114_183400.png" title="Snom Technology AG" alt="Image of Snom Technology AG Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4515/VTech.png" title="VTech Holdings Limited" alt="Image of VTech Holdings Limited Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        HeidelbergCapital Private Equity
                                                                on its sale of
                                        Snom Technology AG
                                            to
                                        VTech Holdings Limited
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-heidelberg-capital-private-equity-and-the-founder-of-snom-technology-ag-on-its-sale-to-vtech-holdings-limited">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/healthcare" title="Healthcare">
                            <svg class="icon icon-healthcare" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-healthcare"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2571/Palero_181114_183402.png" title="palero" alt="Image of palero Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2572/LausitzerAnalytik_181114_183403.png" title="Lausitzer Analytik GmbH" alt="Image of Lausitzer Analytik GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3676/SYNLAB.png" title="SYNLAB" alt="Image of SYNLAB Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/anton-ulrich">Anton Ulrich</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero
                                                                on its sale of
                                        Lausitzer Analytik GmbH
                                            to
                                        SYNLAB
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-palero-capital-on-the-sale-of-lausitzer-analytik-gmb-h-to-synlab">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/consumer" title="Consumer">
                            <svg class="icon icon-consumer" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-consumer"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2600/Kettler_181114_183426.png" title="Heinz Kettler GmbH &amp; Co. KG" alt="Image of Heinz Kettler GmbH &amp; Co. KG Company Logo"/>
                            </div>
            <div class="action">sold its bicycle division to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3545/Zeg.png" title="ZEG Zweirad-Einkaufs-Genossenschaft eG" alt="Image of ZEG Zweirad-Einkaufs-Genossenschaft eG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Heinz Kettler GmbH &amp; Co. KG
                                                                on its sale of
                                        ZEG Zweirad-Einkaufs-Genossenschaft eG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-kettler-on-sale-of-its-bicycle-division-to-zeg">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/seidel2.png" title="SEIDEL Holding GmbH" alt="Image of SEIDEL Holding GmbH Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Seidel-Electronics.png" title="SEIDEL Electronics Group to SVI Public Company Limited" alt="Image of SEIDEL Electronics Group to SVI Public Company Limited Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3536/SVI.png" title="SVI Public Company Limited" alt="Image of SVI Public Company Limited Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        SEIDEL Holding GmbH
                                                                on its sale of
                                        SEIDEL Electronics Group to SVI Public Company Limited
                                            to
                                        SVI Public Company Limited
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-on-sale-of-seidel-electronics-to-svi">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2596/Palero_181114_183422.png" title="palero invest S.à.r.l." alt="Image of palero invest S.à.r.l. Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2597/GallhoferDach_181114_183424.png" title="Gallhöfer Dach GmbH" alt="Image of Gallhöfer Dach GmbH Company Logo"/>
                            </div>
            <div class="action">from</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4509/SaintGobain.png" title="Saint-Gobain Building Distribution Deutschland GmbH" alt="Image of Saint-Gobain Building Distribution Deutschland GmbH Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero invest S.à.r.l.
                                                                on its acquisition of
                                        Gallhöfer Dach GmbH
                                            from
                                        Saint-Gobain Building Distribution Deutschland GmbH
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-palero-on-acquisition-of-gallhöfer-dach-from-saint-gobain">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2623/DMB_181114_183442.png" title="DMB – Deutsche Mittelstand Beteiligungen GmbH" alt="Image of DMB – Deutsche Mittelstand Beteiligungen GmbH Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2624/Wegu_181114_183444.png" title="WEGU Leichtbausysteme and WEGU Slovakia s.r.o." alt="Image of WEGU Leichtbausysteme and WEGU Slovakia s.r.o. Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Anhui-Zhongding-Sealing.png" title="Anhui Zhongding Sealing Parts Co., Ltd" alt="Image of Anhui Zhongding Sealing Parts Co., Ltd Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        DMB – Deutsche Mittelstand Beteiligungen GmbH
                                                                on its sale of
                                        WEGU Leichtbausysteme and WEGU Slovakia s.r.o.
                                            to
                                        Anhui Zhongding Sealing Parts Co., Ltd
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-dmb-deutsche-mittelstand-beteiligungen-on-sale-of-wegu-leichtbausysteme-to-anhui-zhongding-sealing-parts">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/consumer" title="Consumer">
                            <svg class="icon icon-consumer" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-consumer"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2619/Palero_181114_183439.png" title="palero" alt="Image of palero Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2620/Cenadruck_181114_183441.png" title="cenadruck GmbH" alt="Image of cenadruck GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4502/Beucke.png" title="BEUCKE &amp; SÖHNE GmbH &amp; Co. KG" alt="Image of BEUCKE &amp; SÖHNE GmbH &amp; Co. KG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero
                                                                on its sale of
                                        cenadruck GmbH
                                            to
                                        BEUCKE &amp; SÖHNE GmbH &amp; Co. KG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-palero-capital-on-sale-of-cenadruck-to-beucke-söhne">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2615/Palero_181114_183436.png" title="palero" alt="Image of palero Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2616/Evantec_181114_183438.png" title="EVANTEC GmbH" alt="Image of EVANTEC GmbH Company Logo"/>
                            </div>
            <div class="action">from</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4503/e.on.png" title="E.ON Group" alt="Image of E.ON Group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero
                                                                on its acquisition of
                                        EVANTEC GmbH
                                            from
                                        E.ON Group
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-palero-capital-on-acquisition-of-evantec">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2219/Tristone_181114_174928.png" title="Tristone Flowtech Group" alt="Image of Tristone Flowtech Group Company Logo"/>
                            </div>
            <div class="action">raised debt finance from</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2220/Logo2_Tristone_debt_181114_174930.png" title="" alt="Image of  Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Financing</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/norbert-markus-roth">Norbert-Markus Roth</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Tristone Flowtech Group
                                                                on raising debt finance from
                                        
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-tristone-flowtech-group-on-debt-financing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/consumer" title="Consumer">
                            <svg class="icon icon-consumer" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-consumer"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2627/Palero_181114_183446.png" title="palero" alt="Image of palero Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2628/Felina_181114_183447.png" title="Felina International AG" alt="Image of Felina International AG Company Logo"/>
                            </div>
            <div class="action">from</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3161/Swiss-private-investors.png" title="Swiss private investors" alt="Image of Swiss private investors Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        palero
                                                                on its acquisition of
                                        Felina International AG
                                            from
                                        Swiss private investors
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-palero-capital-on-acquisition-of-felina">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1958/FWBrokelmann_181114_174540.png" title="F.W. Brökelmann Aluminiumwerk GmbH &amp; Co. KG" alt="Image of F.W. Brökelmann Aluminiumwerk GmbH &amp; Co. KG Company Logo"/>
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            <div class="action">sold to</div>
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                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1959/KnaufInterfer_181114_174541.png" title="KNAUF INTERFER SE" alt="Image of KNAUF INTERFER SE Company Logo"/>
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                        <div class="term">Sell-side</div>
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                                                                                Undisclosed
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                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
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                                                                    <p>Adviser to
                                        F.W. Brökelmann Aluminiumwerk GmbH &amp; Co. KG
                                                                on its sale to
                                        KNAUF INTERFER SE
                </p>
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