Deal Announcement 10/18: Service Industries

PwC acted as the financial advisor to the shareholders of ALVARA Cash Management Group AG, a Germany-based company providing information technology solutions and services, to Silver Investment Partners and management

The Deal

PwC M&A was engaged to run a sales process in February 2018. PwC has approached selected strategic and financial investors. After receiving strong interest from both buyer groups, PwC proceeded with multiple investors into the due diligence process. The share purchase agreement for ALVARA Cash Management Group AG was signed on 28 September 2018.

ALVARA Cash Management Group AG

The Company, headquartered in Leipzig, develops cloud based and individual IT solutions and services for the whole cash cycle – from retail, to the cash-in-transit company, to the financial institutions. ALVARA’s solutions enable its customers to increase automation and efficiency, reduce risks and, therefore, significantly reduce the costs of cash handling.

Silver Investment Partners

Silver Investment Partners is an independent investor for equity financing of small and medium sized companies in Germany, Austria and Switzerland. An entrepreneurially managed, experienced and reliable partner for majority and minority shareholdings in companies with sales between €5m and €100m.


The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 250,000 people in 158 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A Germany acted as exclusive financial advisor to the shareholders of ALVARA Cash Management Group AG on this transaction. Additional services were rendered by PwC Legal. The transaction was executed by Steffen Apfel (Director), Alexander Knögel (Senior Manager) and Lukas Filippinetti (Consultant). 

Roland Hens (Director), Jan Gerd Möller (Senior Manager) and Martin Kissi (Manager) supported the client with legal advice.

Deal Announcement 10/18: Service Industries

Contact us

Alexander Knögel

Alexander Knögel

Partner, Corporate Finance | M&A Industrial Technology & Business Services, PwC Germany

Tel: +49 170 2250409

Steffen Apfel

Steffen Apfel

Partner, Corporate Finance | M&A Energy, PwC Germany

Tel: +49 172 6518099

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