Dear clients, partners and friends,

2024 was a great year for us, full of successes: despite a difficult market environment, we were able to convert our strong project pipeline at the beginning of the year into 16 transactions with a total volume of well over one billion EUR. The transactions were mostly cross-border deals.

Further gain in expertise

In September, we welcomed Kevin Kissner, a proven Health Tech expert and equity financing specialist, to our circle of partners. In addition, renowned Mobility Tech expert David Riemenschneider and recognized Cybersecurity expert Frank Brandenburg joined us as Senior Advisors in October. The expansion of the group of experts was accompanied by strong growth in four areas, to which we have given more weight in the past year: Cybersecurity, Mobility Tech, Semicon, and Software are now independent sectors.

Our team continues to grow and develop

We expanded our team with new colleagues at various career levels and supported and promoted existing employees in their career paths. For the fourth time in a row, we were awarded the Top Company seal as an outstanding employer by kununu. With this strengthened and well-rehearsed team, we can generate even more value for our clients this year.

Selected transactions of the year

The transactions from 2024 demonstrate our expertise in technology, our international network, and our debt advisory expertise. Here is a selection:

• Cathay Capital: Sale of E. Winkemann to Associated Spring, a portfolio company of One Equity Partners

• DPE: Acquisition financing for the purchase of IMPAG Group

• Genedata: Sale to Danaher

• HBSN Group and its group member xitee: Sale to ]init[

• Ineratec: $129m Series B Growth Financing

• Ortheum Group, a portfolio company of DPE: Refinancing and add-on financing

• Tier: Sale of nextbike to STAR Capital

Ambitious plans for 2025

This year, we will continue to develop Pava further. We are particularly pleased about the expansion of our partner group, which we are starting the new year with: Oliver Markl, an experienced Semicon expert, is joining Pava as a new partner. We will provide more detailed information on this shortly. We started 2025 with a packed deal pipeline and look forward to continuing to achieve success for our clients in Germany and internationally with passion and expertise this year.

Your partners of Pava Partners

Jozsef Bugovics, Max Drechsel, Jules A. Grüninger, Andreas Kinsky, Kevin Kissner, Daniel Kroll, Viktor Meier, Philipp Schlüter, Dr. Jens Schmidt-Sceery, Dr. Konstantin Schönborn, Marco Schunder, Tobias Seige, Dr. Lars Veit