GSK Stockmann provided comprehensive advice to venture capital firm Target Global on a new financing round in McMakler and on negotiations with the other shareholders. Target Global led the financing round together with Kreos Capital, a growth and venture debt provider belonging to BlackRock.
A team led by Berlin-based partner Dr Katy Ritzmann advised the investor in particular on the preparation and negotiation of the equity and debt financing documentation. The team helped Target Global navigate the legal structure of the transaction, which required close coordination with the company and Kreos Capital, which led the financing round together with Target Global. This comprehensive coordination and negotiation ensured that the financing round was successfully concluded with the unanimous support of McMakler’s shareholders and without debt or capital cuts.
In addition, GSK Stockmann advised Target Global on the negotiations regarding the legal integration of further strategic steps for McMakler, with the aim of further strengthening the company’s profitability against the backdrop of the ongoing challenging conditions in the real estate sector.
McMakler, a leading hybrid broker for residential real estate in Germany and Austria, secured financing in the double-digit-million range as part of the round. The company plans to use the fresh capital primarily to further develop its technology platform and enhance customer service.
The transaction is subject to the customary regulatory approvals.
Advisors to Target Global:
GSK Stockmann: Dr Katy Ritzmann (lead, venture capital), Clara López Hernando, Dennis Gehnen (both venture capital), Andreas Dimmling, Dr Raoul Kreide and Ricarda Jost (all restructuring), Dr Mechtild-Maria Siebke (financing), Dr Jens Uwe Rügenhagen (corporate), Wolfgang Jegodka (antitrust)
Pillsbury Winthrop Shaw Pittman, London: Victoria Judd, Max Griffin (both financing)
Advisors to McMakler:
Greenberg Traurig: Dr Sara Berendsen, Natalie Hsiao, Dr Benedikt de Bruyn, Dr Christoph Enaux, Dr Lucas Wüsthof, Jeanne Löw, Lisa Meinel, and others
Advisors to Kreos Capital/BlackRock:
Bird & Bird: Dr Stefan Gottgetreu, Anna Klingseisen, Struan Penwarden, Mark Penwarden, and others
Simmons & Simmons: Dr Christopher Kranz, Samuel Aladar
Clifford Chance: Johannes Lüer, Jennifer Storey, Stavroula Vryna
