Sale of EAA Portfolio Advisers GmbH (‘EPA’)

Erste Abwicklungsanstalt AöR

EAA is an independent public law entity with partial legal capacity operating under the umbrella of the German Financial Market Stabilisation Authority (Bundesanstalt für Finanzmarktstabilisierung — ‘FMSA’), serving to wind down the portfolio of assets transferred from WestLB/Portigon AG in 2009, 2010 and 2012. EAA is legally and financially independent of former WestLB AG (now renamed Portigon AG). EAA's charter, portfolio strategy and additional information may be accessed in English language on EAA's homepage (http://www.aa1.de).
EAA Portfolio Advisers GmbH (‘EPA’) is a specialised Portfolio Manager providing EAA with ABS Portfolio Management, Loan Portfolio Analysis, Distressed Portfolio Workout, and Portfolio Analytics services. EPA is a 100 % owned subsidiary of Erste Abwicklungsanstalt (‘EAA’) and holds a Financial Adviser Licence (‘Finanzdienstleistungslizenz’) in Germany from the Bundesanstalt für Finanzdienstleistungsaufsicht (‘BaFin’) for Investment Brokerage, Investment Advisory Services, Contract Brokerage and Financial Portfolio Management. This licence has been passported to the UK. The EPA team is located in Düsseldorf, London, Madrid and New York and has been working together in winding down the EAA portfolio since 2010. EPA has entered into a portfolio management agreement with EAA to manage the vast majority of EAA's banking book assets with a notional of approx. EUR31bn as of today until 31.12.2020. It is contemplated as part of the transaction that EPA enters into a revised portfolio management agreement (‘Portfolio Management Agreement’) with EAA, a draft of which will be made available to eligible bidders at a later stage. Such Portfolio Management Agreement will cover EPA's costs for the period until 31 December 2020. Considering the estimated income from the Portfolio Management Agreement (i.e. the value of the contract, compare II.2) until 31.12.2020 and EPA's estimated cost base for the related timeframe, the entity is supposed to break even.
EAA seeks to dispose all of its interests in EPA, by way of a disposal of all of the shares in EPA (the ‘Proposed Transaction’). It is mandatory that EPA continues to perform the Portfolio Management Agreement with EAA after completion of the Proposed Transaction. The Proposed Transaction is scheduled to take place via a staged process: Having received the requests to participate (Teilnahmeanträge) on 17.5.2016 at the latest, an indicative phase is scheduled to take place in June 2016 and a confirmatory phase is scheduled to take place in July and August 2016. Signing of the Proposed Transaction is scheduled to take place in Q3 2016.
The Portfolio Management Agreement comprises, amongst others, the following services for EAA: Management of Performing and Non-Performing Loans; Surveillance, Pricing and Valuation for Structured Credit Assets; Asset Sales; selected additional tasks related to EAA-guaranteed assets; Collateral Management; Management of Participations; selected Treasury Services; Business Plan (‘Wind Down-Plan’) Management as well as Reporting.

Deadline

Die Frist für den Eingang der Angebote war 2016-05-17. Die Ausschreibung wurde veröffentlicht am 2016-04-15.

Anbieter

Die folgenden Lieferanten werden in Vergabeentscheidungen oder anderen Beschaffungsunterlagen erwähnt:

• Mount Street LLP

Wer?

• Erste Abwicklungsanstalt AöR

Wie?

• Bank- und Investmentdienstleistungen › Portfolioverwaltung

Wo?

• Nordrhein-Westfalen › Düsseldorf

Geschichte der Beschaffung

Datum	Dokument
2016-04-15	Auftragsbekanntmachung
2016-04-18	Ergänzende Angaben
2017-02-01	Bekanntmachung über vergebene Aufträge

Auftragsbekanntmachung (2016-04-15)
Objekt
Umfang der Beschaffung
Titel: Portfolioverwaltung
Menge oder Umfang: 69 000 000
Gesamtwert des Auftrags: 69 000 000 💰
Metadaten der Bekanntmachung
Originalsprache: Englisch 🗣️
Dokumenttyp: Auftragsbekanntmachung
Art des Auftrags: Dienstleistungen
Verordnung: Europäische Union, mit GPA-Beteiligung
Gemeinsames Vokabular für öffentliche Aufträge (CPV)
Code: Portfolioverwaltung 📦

Verfahren
Verfahrensart: Verhandlungsverfahren
Angebotsart: Angebot für alle Lose
Vergabekriterien
Wirtschaftlichstes Angebot

Öffentlicher Auftraggeber
Identität
Land: Deutschland 🇩🇪
Art des öffentlichen Auftraggebers: Einrichtung des öffentlichen Rechts
Name des öffentlichen Auftraggebers: Erste Abwicklungsanstalt AöR
Postanschrift: Elisabethstr. 65
Postleitzahl: 40217
Postort: Düsseldorf
Kontakt
Internetadresse: http://www.aa1.de 🌏
E-Mail: tricorne@deloitte.de 📧
Telefon: +49 6975695687 📞

Referenz
Daten
Absendedatum: 2016-04-15 📅
Einreichungsfrist: 2016-05-17 📅
Veröffentlichungsdatum: 2016-04-20 📅
Kennungen
Bekanntmachungsnummer: 2016/S 077-137525
ABl. S-Ausgabe: 77
Zusätzliche Informationen

EAA has exclusively mandated Deloitte & Touche GmbH (‘Deloitte’) as corporate finance adviser to advise EAA on the Proposed Transaction. Any interested party wishing to submit an indication of interest must register their interest with Deloitte within the timeframe set out above at IV.3.4) via the contact information stated above. Following the registration of interest, interested parties who are invited to participate in the sale process will be required to sign a non-disclosure agreement. They will then be invited to take part in the further process and will receive further information regarding EPA and the sale process (subject to the executed non-disclosure agreement). Deloitte and EAA intend to make information regarding EPA available to those parties from 16.5.2016 onwards. EAA reserves the right to restrict the number of parties invited to participate in the sale process. Under no circumstances will EAA or Deloitte be responsible for any fees, costs or expenses incurred in connection with a potential bidder's possible acquisition of EPA.

Objekt
Umfang der Beschaffung
Kurze Beschreibung:

EAA Portfolio Advisers GmbH (‘EPA’) is a specialised Portfolio Manager providing EAA with ABS Portfolio Management, Loan Portfolio Analysis, Distressed Portfolio Workout, and Portfolio Analytics services. EPA is a 100 % owned subsidiary of Erste Abwicklungsanstalt (‘EAA’) and holds a Financial Adviser Licence (‘Finanzdienstleistungslizenz’) in Germany from the Bundesanstalt für Finanzdienstleistungsaufsicht (‘BaFin’) for Investment Brokerage, Investment Advisory Services, Contract Brokerage and Financial Portfolio Management. This licence has been passported to the UK. The EPA team is located in Düsseldorf, London, Madrid and New York and has been working together in winding down the EAA portfolio since 2010. EPA has entered into a portfolio management agreement with EAA to manage the vast majority of EAA's banking book assets with a notional of approx. EUR31bn as of today until 31.12.2020. It is contemplated as part of the transaction that EPA enters into a revised portfolio management agreement (‘Portfolio Management Agreement’) with EAA, a draft of which will be made available to eligible bidders at a later stage. Such Portfolio Management Agreement will cover EPA's costs for the period until 31 December 2020. Considering the estimated income from the Portfolio Management Agreement (i.e. the value of the contract, compare II.2) until 31.12.2020 and EPA's estimated cost base for the related timeframe, the entity is supposed to break even.

EAA seeks to dispose all of its interests in EPA, by way of a disposal of all of the shares in EPA (the ‘Proposed Transaction’). It is mandatory that EPA continues to perform the Portfolio Management Agreement with EAA after completion of the Proposed Transaction. The Proposed Transaction is scheduled to take place via a staged process: Having received the requests to participate (Teilnahmeanträge) on 17.5.2016 at the latest, an indicative phase is scheduled to take place in June 2016 and a confirmatory phase is scheduled to take place in July and August 2016. Signing of the Proposed Transaction is scheduled to take place in Q3 2016.

The Portfolio Management Agreement comprises, amongst others, the following services for EAA: Management of Performing and Non-Performing Loans; Surveillance, Pricing and Valuation for Structured Credit Assets; Asset Sales; selected additional tasks related to EAA-guaranteed assets; Collateral Management; Management of Participations; selected Treasury Services; Business Plan (‘Wind Down-Plan’) Management as well as Reporting.

Beschreibung der Optionen:

Call option for EAA to extend the Portfolio Management Agreement for an additional period of up to 4 years. Details are subject to the Portfolio Management Agreement.

Referenznummer: Tricorne
Ort der Leistung
Hauptstandort oder Erfüllungsort: Düsseldorf, Germany.

Rechtliche, wirtschaftliche, finanzielle und technische Informationen
Bedingungen für die Teilnahme
Befähigung zur Berufsausübung:

(a) Excerpt from commercial register not older than 3 months;

(b) Presentation of bidder's company structure, including all ultimate owners with a share of 5 % or more;

(c) Declaration that bidder is not in a conflict of interest with EAA (as per Form III.2.1c, to be requested by the contact point mentioned above);

(d) Declaration on relevant reliability aspects (as per Form III.2.1d, to be requested by the contact point mentioned above).

Wirtschaftliche und finanzielle Leistungsfähigkeit:

(a) Declaration of total group turnover for the last 2 financial years;

(b) Declaration of turnover with Portfolio Management or Advisory Services for the last 2 financial years;

(d) Declaration of number of employees in the area of Portfolio Management or Advisory Services for the last 2 financial years and currently;

(e) Declaration of group equity;

(f) Declaration of group equity ratio;

(g) Number of Assets under Management resp. Assets under Advisory;

(h) Confirmation of willingness to conclude the Proposed Transaction by Q3 2016.

(As per Form III.2.2, to be requested by the contact point mentioned above.).

Mindeststandards:

(a) Minimum total number of employees: 20.

(b) Alternatively, minimum number of Assets under Management resp. Assets under Advisory: 100 000 000 EUR.

Technische und berufliche Fähigkeiten:

(a) Submission of a list indicating significant Portfolio Management or Advisory Services performed by bidder since 2013, including indication of name and contact details of respective contracting authority or customer, scope of services, invoice value of the services, time of performance;

(b) Presentation of bidder's business activities in the area of Portfolio Management or Advisory Services;

(d) Full curricula vitae of the members of the bidder's executive board, including indications of educational background and previously held positions;

(e) Maintenance of an established registered place of business in an EEA country, Switzerland, the United States or Canada.

(As per Form III.2.3, to be requested by the contact point mentioned above.).

Mindeststandards:

(a) At least 3 references referring to services provided in the context of Portfolio Management resp. Advisory Services.

(b) Alternatively, demonstration of one established business relationship in the context of Portfolio Management resp. Advisory Services with a public entity.

Auftragsausführung
Geforderte Kautionen und Garantien:

Primary objective of this tender is the sale of EPA which is party to the Portfolio Management Agreement. Hence, the sale will be based on a separate transaction documentation (in particular, a share purchase agreement) to be negotiated between EAA and the successful bidder. Such documentation will contain market standard representations, warranties and covenants, in particular as to the ability of the prospective purchaser to warrant that EPA will fulfill its obligations under the Portfolio Management Agreement.

Wichtigste Finanzierungsbedingungen und Zahlungsmodalitäten und/oder Verweis auf die einschlägigen Bestimmungen, die sie regeln: These items will be subject to the final transaction documents.
Rechtsform der Gruppe von Wirtschaftsteilnehmern, an die der Auftrag vergeben werden soll:

The portfolio management agreement has already been concluded with EPA. It is contemplated as part of the transaction that EPA enters into a revised portfolio management agreement (‘Portfolio Management Agreement’) with EAA, a draft of which will be made available to eligible bidders at a later stage. As a result, EPA will be a party to the Portfolio Management Agreement. If a consortium intends to bid for the Proposed Transaction, every member of the consortium must satisfy all criteria of the tender. Parent/subsidiary-relationships do count as one interested party and not as a consortium.

Sonstige besondere Bedingungen:

The performance of the Portfolio Management Agreement will be subject to, inter alia, MaRisk requirements, maintenance of financial servicer licence, compliance with regulatory requirements of EAA (such as FMStFG) as well as market standard performance monitoring via KPIs.

Verfahren
Sprachen
Sprache: Deutsch 🗣️
Englisch 🗣️

Öffentlicher Auftraggeber
Kontakt
Kontaktperson: Deloitte & Touche GmbH, Franklinstr. 50, 60486 Frankfurt, Germany
Frank Nagel
E-Mail: vk@bundeskartellamt.bund.de 📧

Referenz
Daten
Datum des Beginns: 2016-07-01 📅
Datum des Endes: 2020-12-31 📅
Kennungen
Vom öffentlichen Auftraggeber vergebene Referenznummer: Tricorne
Zusätzliche Informationen

Following the registration of interest, interested parties who are invited to participate in the sale process will be required to sign a non-disclosure agreement. They will then be invited to take part in the further process and will receive further information regarding EPA and the sale process (subject to the executed non-disclosure agreement). Deloitte and EAA intend to make information regarding EPA available to those parties from 16.5.2016 onwards. EAA reserves the right to restrict the number of parties invited to participate in the sale process.

Under no circumstances will EAA or Deloitte be responsible for any fees, costs or expenses incurred in connection with a potential bidder's possible acquisition of EPA.

Ergänzende Informationen
Körper überprüfen
Name: Bundeskartellamt — Vergabekammern des Bundes
Postanschrift: Villemombler Str. 76
Postort: Bonn
Postleitzahl: 53123
Land: Deutschland 🇩🇪
E-Mail: vk@bundeskartellamt.bund.de 📧
Telefon: +49 22894990 📞
Internetadresse: http://www.bundeskartellamt.de 🌏
Fax: +49 2289499163 📠
Informationen zu Fristen für Nachprüfungsverfahren:

EAA refers to Sec. 107 German Act against Restraints of Competition (GWB) and advises that a procurement review application (Vergabenachprüfungsantrag) is inadmissible if 1. the applicant became aware of the violation of public procurement provisions during the award procedure, but did not complain to the contracting entity without undue delay, 2. violations of public procurement provisions which become apparent from the tender notice are not notified to the contracting entity by the end of the period for the submission of a tender or application specified in the notice, 3. violations of public procurement provisions which only become apparent from the award documents are not notified to the contracting entity by the end of the period for the submission of a tender or application specified in the notice, 4. more than 15 calendar days have expired since receipt of notification from the contracting entity that it is unwilling to redress the complaint.

Dienststelle, bei der Informationen über das Überprüfungsverfahren eingeholt werden können
Wie: Körper überprüfen
Quelle: OJS 2016/S 077-137525 (2016-04-15)

Ergänzende Angaben (2016-04-18)
Objekt
Metadaten der Bekanntmachung
Dokumenttyp: Ergänzende Angaben

Referenz
Daten
Absendedatum: 2016-04-18 📅
Veröffentlichungsdatum: 2016-04-23 📅
Kennungen
Bekanntmachungsnummer: 2016/S 080-142355
Verweist auf Bekanntmachung: 2016/S 077-137525
ABl. S-Ausgabe: 80
Quelle: OJS 2016/S 080-142355 (2016-04-18)

Bekanntmachung über vergebene Aufträge (2017-02-01)
Objekt
Metadaten der Bekanntmachung
Dokumenttyp: Bekanntmachung über vergebene Aufträge

Verfahren
Angebotsart: Entfällt

Referenz
Daten
Absendedatum: 2017-02-01 📅
Veröffentlichungsdatum: 2017-02-02 📅
Kennungen
Bekanntmachungsnummer: 2017/S 023-040807
ABl. S-Ausgabe: 23

Verfahren
Vergabekriterien
Kriterium: 1. Purchase price (20)
2. Quality of continuation concept (20)
3. Annotations of Sale and Purchase Agreement and Portfolio Management Agreement (60)

Auftragsvergabe
Datum des Vertragsabschlusses: 2016-12-30 📅
Name: Mount Street LLP
Postanschrift: 20 St Thomas Street
Postort: London
Postleitzahl: SE1 9RS
Land: Vereinigtes Königreich 🇬🇧

Referenz
Kennungen
Nummer der Bekanntmachung im Amtsblatt S: 2016/S 080-142355

Ergänzende Informationen
Körper überprüfen
Informationen zu Fristen für Nachprüfungsverfahren:

EAA refers to Sec. 107 German Act against Restraints of Competition (GWB) and advises that a procurement review application (Vergabenachprüfungsantrag) is inadmissible if:

1. the applicant became aware of the violation of public procurement provisions during the award procedure, but did not complain to the contracting entity without undue delay,

2. violations of public procurement provisions which become apparent from the tender notice are not notified to the contracting entity by the end of the period for the submission of a tender or application specified in the notice,

3. violations of public procurement provisions which only become apparent from the award documents are not notified to the contracting entity by the end of the period for the submission of a tender or application specified in the notice,

4. more than 15 calendar days have expired since receipt of notification from the contracting entity that it is unwilling to redress the complaint.

Quelle: OJS 2017/S 023-040807 (2017-02-01)

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