The German consulting market is facing many changes, and is therefore on of the most active regions in terms of M&A activity. In the fist part of the market study Clairfield analysed the Global, and the European market and set a deeper focus on the German market. One of the major change and growth drivers in the consulting market is digitalization. Clients have to the changing business environment and demand highly specialized services and expect expert advice. To be prepared for the increasing demand of digital topics, a high number of transactions within this field is recognizable

1. The worldwide consulting industry
Analysis 2016 – focus market and trends in Germany

2. 2
Content
A.
Introduction
Summary and conclusion
Market analysis
3
4
Market definition 6
The consultancy market with all its subsectors 7
Regional breakdown of turnover generated 8
Global market overview 9
Trends and prognosis per region 10
Consultancy market in Europe 11
Consultancy market in Germany
Challenges for consultancies
Trends and growth drivers
Spotlight: BearingPoint
Spotlight: Staufen AG
12
13
14
15
16
B. Global M&A trends 2016
Regional breakdown of transactions in the
consulting industry 2016
18
Global M&A activities 19
Top 10 global transactions 2016 20
Transaction sector breakdown 21
Recent transactions – Operations consulting 22
Deal Snapshot – Turner & Townsend
Recent transactions – Financial advisory
Recent transactions – Technology consulting
Dealsnapshot – LUXOFT
24
25
26
27
C. Clairfield transactions in consulting 29
D. Clairfield International sector team: business
services
34
D. Clairfield at a glance 36

3. 3
The management consulting industry exists for many years now. However, since
the business environment becomes more complex and changes faster with every
new innovation, the request for consulting services is higher than ever. After the
worldwide economy recovered from the crisis, the turnover trend is highly
positive. The turnover of he industry was US$ 240 billion In 2015, having grown
over 6,6% in comparison with 2014.
Besides the good climate in the market, there are some major changes that will
critically challenge the market participants. The most important and most critical
factor is digitalization. Especially in the mechanical and plant industry sector, but
also in the automotive and chemical industry will the topics of digitalisation and
industry 4.0 significantly gain in importance. By now, 81% of all companies find it
important to use new technologies to stay competitive. In order to stay
competitive, also consultancies have to invest into those technologies to be able
to offer the best service to their clients.
It is significantly clear, that the traditional consulting model will need to be
adopted as there are many legal changes in Germany, which are effecting
especially the business of the big Consulting agencies in Germany. Their current
models are very dependent on their traditional operation of auditing, which will
change through many factors in the future.
Digitalization will be a critical factor for all he different consulting sectors, as
clients increasingly demand easy standard solutions to control and measure the
success of their business, and get easy and quick access to information. This
significant trend currently leads and will also in the future lead to many
transactions within the segment of technology consulting to stay competitive in
the future.
In general, a strong trend towards a market consolidation is recognizable that
will even further increase through the other major trends above.
Introduction and major findings Study focus
Market size of the global consulting industry
Introduction
Consulting services
Management consulting
Financial
Advisory
Technology
consulting
Strategic
consulting
Human
resource
consulting
Operations
consulting
56 59 61 64 67 71
55 58 61 64 67 70
43 44 45 46 47 4826 27 27 28 29 3125 26 27 28 30 31
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100
150
200
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300
2011 2012 2013 2014 2015 2016
Marketgrowth(%)
Marketsize($bn)
Operations Financial Advisory Technology
Strategy HR Growth Rate

4. 4
Challenges and opportunities in the consulting industry
Summary and conclusion
▪ The overall trend in the industry changes from the “traditional” consulting approach that companies seek for advice from different service providers, to a rather diversified
level of expectation to get advice from advisor from many different perspectives. Therefore consulting companies have to be able to provide a wrap-up service to their
clients in order to meet their individual needs.
▪ New revenue streams through design, customization and implementation of “self-service” software, that enables clients to fulfill Organizational Change Management
(OCM) projects by providing education, diagnostics, planning templates, reporting tools, and social learning functionality
▪ Implementation of digital tools will enable consultancies to analyze a clients situation much faster and therefore can concentrate more on the problem itself, rather than
spending a lot of time analyzing it
▪ High price transparency will set pressure on big consulting firms as clients have more insights about what others offer in the market. As many clients become more cost
averse for consulting advice, clients will more and more compare prices and services
▪ New legislation in the Audit sector, forces traditional Auditors to overthink their business model, as the law requires clients to change their Auditor after maximum 20
years. This will force traditional Auditors to introduce new sources of income
Expected growth 2017-2020 in the consulting industry
▪ Expected growth of market between 2017 and 2020 of 13% to a global market
volume of $296 billion.
▪ Highest expected growth rates in Financial Advisory (15%), and Operations
Consulting (14%) but also in technology consulting (8%).
▪ In Financial Advisory it is expected that a switch between the traditional Audit
services to more specific financial advisory will occur. Clients will hire former
auditors for advice in other financial aspects.
▪ Operations consulting is expected to represent 30% of the total market volume
by 2020.
▪ In the near future, Strategy Consulting will gain growing importance in the
Consulting market accounting for a volume of US$ 35 billion until 2020. It is very
likely that strategy consulting always depends on the over all economic growth
▪ Due to technological megatrends like Digitalization, Clouds, Robotics, Analytics
and Internet of Things, Technology consulting will account for US$ 53 billion
market volume until 2020.
Sources: Statista, consultancy.uk, Clairfield expert group, Forrester,
32 33 34 35
75 78 82 86
74 77 81 85
32 34 36 37
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2017 2018 2019 2020
MarketvolumeinbillionUS$
Strategy Consulting Operations Consulting Financial Advisory
HR Consulting Technology Consulting

5. Market analysis
A.
5

6. 6
▪ This study focuses on the consulting industry as part of the professional
service industry. Internal consulting, legal advisory and other advisory
services which do not relate to the business environment directly, are
excluded
▪ The focus of the study is on the following five sectors
Management consulting
Management consulting includes all advisory or consulting services that deal
with management, business and organisational matters
• Strategy consulting
The subsector strategic consulting is a part of the overall management
consulting. It provides services aimed at corporate/ business unit strategy
or government policy
• Operations consulting
The subsector operations consulting is part of the management
consulting as well. It focuses on operational performance,
spanning supply chain, procurement, finance and outsourcing
• HR consulting
HR consulting is an advisory service that also belongs to the group of
management consulting. It revolves around human capital matters and/or
offerings aimed at the HR function
• Financial advisory
The financial advisory sector includes all financial based consulting
services such as corporate finance, restructuring and actuarial services
• IT consulting
IT consulting includes all technology services aimed at improving and
managing the IT-infrastructure of organisations
▪ The study contains a global market overview divided in regions EMEA, North
America, Asia Pacific and others
▪ The main focus of the study is the European and especially the German
market
▪ After a short regional breakdown of the global, the European and the
German market, we will therefore focus on the different sectors in the
German market
▪ Since most transactions in the consulting industry are cross border
transactions, the internationalization of the industry will be in focus as well
Definition of the five major market segments Geographical market
Market definition

7. 7
The consulting sectors and the offered services per sector
The consultancy market with all its subsectors and services
Consulting services
Management consulting
Financial Advisory Technology consultingStrategic consulting Human resource consultingOperations consulting
Corporate strategy
Business model
transformation
Economic policy
Mergers & Acquisitions
Organizational strategy
Functional strategy
Strategy and operations
Digital strategy
Organizational operations
Sales and marketing
Supply Chain
Sourcing and Procurement
Finance
Business progress
management
Research and development
Outsourcing
Human capital strategy
Compensation and benefits
Organizational change
HR function
HR analytics
Talent management
HR technology
Learning and development
Corporate finance
Transaction services
Risk management
Tax advisory
Real estate advisory
Crisis and recovery
Accounting advisory
Forensics and litigation
IT strategy
IT architecture
IT implementation
ERP services
System integrations
Data analytics
IT security
Software management
Management consulting, is defined as “advisory and/or implementation services to the (senior) management of organisations with the aim of improving
the effectiveness of their business strategy, organisational performance and operational processes
Source: consultancy.uk

8. Regional breakdown of the turnover generated in the consulting industry 2016
8
North America
Turnover: $100,4bn
CAGR: 3,7%
Rest of
the
World
Turnover:
$7,53bn
CAGR: 5,2%
EMEA
Turnover: $102,91bn
CAGR: 3,6%
Asia Pacific
Turnover:
$40,16bn
CAGR: 6,0%
Sources:

9. 9
▪ With a total value of around $240bn. in 2015, the global consulting market is
one of the largest markets within the professional services industry
▪ As the overall economy recovered from the financial crisis, the consulting
industry profited and has grown with an average Compound Annual Growth
Rate (CAGR) of 4.1% from 2011 on, to a value of $251 billion in 2016e
▪ The largest segment is Operations Consulting, accounting for nearly 30% of
the market, followed shortly by the Financial Advisory segment. Technology
Consulting holds a 20% share of the overall market, while Strategy
Consulting represents less than 15% of the market, and is, in terms of size,
comparable to the HR Consulting sector
▪ The EMEA region accounts for the biggest part of the market with 41%
market share
▪ Germany and the United Kingdom are the largest growth drivers within the
EMEA market
▪ The second largest market is the North American market, which is
dominated by the United States, as Canada only generates 7% of the
industry turnover for this region
▪ Asia and Oceania, with Australia as the most important consulting hub,
accounts for around 16% of the industry
▪ However, in terms of growth momentum, Asia Pacific is the leading force,
together with other emerging economies, while the EMEA region and North
America on average are booking CAGR growth rates of 3.6%
▪ Globalization, consolidation, developments in laws and legislation, efficiency
and technology have acted as the main growth drivers of the global
consulting industry for many years
▪ This is changing with the digital and business model disruption which
complexify the business world and call for expert knowledge
Industry Market size and growth rate
Largest geographical markets
Global market overview of the consultancy industry and its subsectors
Sources: Clairfield research, ALM Intelligence, Consultancy.uk;
Handelsblatt
56 59 61 64 67 71
55 58 61 64 67 70
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100
150
200
250
300
2011 2012 2013 2014 2015 2016
Marketgrowth(%)
Marketsize($bn)
Operations Financial Advisory Technology
Strategy HR Growth Rate
41%
40%
16%
3%
EMEA
North America
Asia Pacific
Other

10. 10
▪ According to most recent market data, the EMEA region is on track to
surpass the $100 billion mark
▪ Operations consulting represents the biggest sector with and average share
of the 33% of the regions consulting markets. In Eastern Europe, it even
represents 42% of the local market
▪ In the UK & Ireland, Financial advisory represents the biggest sectors, which
could even significantly increase due to Brexit and the upcoming changes in
legislation and compliance topics
▪ Increasing demand for Strategy consulting in the UK due to necessary
changes in business models in connection with Brexit
▪ The Asia Pacific region shows the highest growth momentum of all the global
markets with a CAGR of 6% and accounting for 16% of the global market.
▪ Increasing demand for consulting advice in terms of digitalization questions
▪ Increased spending on IT solutions, will increase the demand for IT
consulting significantly, as the business models become more complex and
digital
▪ Clients are highly interested and demanding topics that are “digital from the
inside”.
▪ New upcoming platforms that offer clients the chance to set up their own
teams of freelancing consultants who match their specific requirements for a
project.
▪ German industry companies will demand more and more consulting towards
industry 4.0 and internet of things topics to stay competitive against
international competitors with lower prices
▪ This can be a big chance for digital prepared consultancies
▪ Together with the EMEA region, North America is the largest region in the
consulting industry, accounting for around 40% of the market
▪ Strong growth in the last years due to recovery from financial crisis that
occurred in 2008 and 2009
▪ The US market accounts for 93% of the whole region
▪ Total market volume growth of 16% between 2012 (US$ 85 billion) and 2016
(US$ 99 billion)
EMEA North America
Germany Asia Pacific
Overview trends and prognosis by regions
Source: feaco, consultancy.uk,Statista, Handelsblatt;

11. 23% 19% 23% 24% 23% 17% 23%
10% 12% 8% 11% 11%
7%
12%
24% 32%
24% 23% 26%
20%
25%
33% 26% 36% 32% 30%
42%
30%
10% 12% 10% 10% 10% 14% 10%
0%
20%
40%
60%
80%
100%
DACH region UK and
Ireland
Southern
Europe
France Benelux Eastern
Europe
Scandinavia
Technology HR Financial Advisory Operations Strategy
Importance of the different consulting segments by region
11
▪ A comparison of the different European consulting markets shows that there
is considerable variation in segments and offerings between regions
▪ Financial Advisory plays a much larger role in the UK (32%), with its large
financial sector, than, for example, in the German speaking countries (24%)
where a number of services offered by financial consultants in the UK are
performed by lawyers and accountants
▪ HR Consulting in the UK and Ireland accounts for 12% of the consultancy
market, compared to the Southern European market with 8%
▪ This is due to the fact, that less multinational companies are headquartered
in southern Europe, where Human Resources Consulting is still emerging,
relative to Northern Europe
▪ The market structure of the Benelux region is comparable to that of France
and the DACH
Turnover in the European consulting market Regional breakdown of the European consulting market
The European consulting market per segment
Overview of the consultancy market in Europe
Source: feaco, consultancy.uk
▪ Europe represents the largest segment of the EMEA consulting market at
more than 95%, with West-Europe as the largest contributor, adding 90% of
Europe’s total turnover
▪ This equals a turnover of $93,48bn. generated in Europe and a turnover of
$84,1bn. in Western Europe
▪ 2016 is projected to see a growth rate of 4%, with the European market to
hit $98bn. in total
▪ The DACH region represents the largest consulting market region in Europe
▪ It is followed by the UK and Ireland, which book a total fee income of over
$23 bn.
▪ From 2010 to 2015, the Eastern European consulting market grew twice as
fast compared to the Western European one, which indicates the high
discrepancies in development of the two regions
20 20 21 24 25 27 28
19 20 20 21 21 22 23
12 12 13 13 14 14 1511 11 11
12 12 12 13
6 6 7
7 7
7 8
7 7 8
8 9
9 9
5 5 6
6 6
6
6
0
1
2
3
4
5
6
7
0
20
40
60
80
100
2010 2011 2012 2013 2014 2015 2016
Marketgrowth(%)
Turnover(€bn)
DACH UK and Ireland Southern Europe France
Benelux Eastern Europe Scandinavia Growth rate

12. 12
General market data
▪ Germany is the biggest market in the DACH region, and the seconder biggest
in Europe with a total market volume of €27 billion
▪ Whereas the German market was highly impacted by the financial crisis in
2009 and decreased 3%, from 2010 on, the market has grown on an average
CAGR of 7%
Revenue distribution in the market
▪ 47% of all consultancy firms in Germany generate less than €250.000 annual
turnover while only 1% of the consulting firms in Germany generates over
€45m
▪ The distribution of market shares between the other revenue classification
groups varies between 11,5% and 6% of the total market share, which
indicates the variable and broad landscape of small specialized boutiques in
Germany
▪ Boutiques mostly address clients from the middle class sector and offer very
specific solutions for a limited number of industries
Distribution of services in the market
▪ Of all the services offered in the industry, operations consulting is, with 33%
of the generated turnover, the biggest sector in the market
▪ It is followed by financial advisory (24%) and technology consulting (23%)
▪ Strategy consulting (10%) and HR consulting (10%) have similar importance
Market trends
▪ Especially services regarding manufacturing, financial services and industry
4.0 have experienced strong growth within the last year
▪ Particularly the practical aspects of the implementation of industry 4.0 have
gained importance in the demanded services by clients
▪ Big players in the German consulting market try to offer a broad service
portfolio through specific acquisitions in the growth markets
Country analysis Consulting market volume Germany
Number (in hundreds) of consultancy firms by revenue size
Overview of the consultancy market in Germany
2 5 6
18 20
31
73
0
20
40
60
80
> €45 million €1 million - €45 million < € 1 million
Big sized Medium-sized Small sized and freelancers
18 19
21 22
24 25
27
29 30
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 2014 2015 2016 2017*
Marketvolumein€billion
Source: feaco, consultancy.uk,Statista

13. 13
General trends
▪ Step towards digitalization
▪ Increasing demand for simple standard solutions force consultancies to
change their business model.
Mid-size consultancies
▪ Digitally unexperienced classic service consultancies do not have the
knowledge and capability to generate digital inhouse solutions that
customers require
Big consultancies
▪ Experienced senior consulting staff leaves the consulting sector to work in
the organization of their former clients. As they know the consulting
business very well, also the expectations towards the outcomes increases,
which challenges the consultancies in terms of quality
▪ Transformation of the classic very specified single-edged consulting business
model towards a full-range service business model
General trends
▪ War for talents - Young associates more and more tend to rather seek jobs
with a good “work-life” balance instead of the typical “consultant-life”
▪ Outcome based compensation – new compensation models for consultants
that are based on the outcome and success of a project, rather than on
hourly or man-day basis
▪ Price transparency – High price transparency through online platforms like
glasshouse, and many consultants changing into the industrial sectors
knowing the compensation schemes
▪ Split up of project awards – Customers tend to split up projects and give the
parts to several specialists in the certain fields rather than giving the whole
project to one allrounder
Big consultancies
▪ Increasing number of platforms – Online platforms where free-lancing
consultants offer services. Those free-lancing consultants are very often
highly educated and skilled and can offer the job much cheaper. Using these
platforms, customers can create and choose their own specialized teams of
consultants to their specific needs.
▪ New legislation in Germany – New legislation that requires stock exchange
listed companies to change their auditors after a maximum of 20 years.
Many traditional auditors have this service as their core service and have to
rethink their business model
▪ Consultancies have to change their business models and add new income
streams to be independent of their classic business as auditors
 former auditors work as advisors as they know all the strength and
weaknesses of their client
Internal challenges External challenges
Challenges for consultancies
Source: feaco, consultancy.uk,Statista, Handelsblatt;

14. 14
General trends
▪ Due to increasing level of complexity of the modern business models. Clients
ask for more specifically specialized services
Mid-size consultancies
▪ High level of specialization helps consulting firms to match specific needs,
and helps to address issues specific to a given industry, role, or region
Small consultancies and freelancers
▪ Many small and highly specialized service and consulting boutiques in
Germany: Clients expect them to be less focused on the mainstream
problems, and therefore be able to recognize different potentials
▪ Overall perception, that small and highly specialized service and consulting
boutiques and agencies can come up with less mainstream solutions which
better fit the special needs of clients
General trends
▪ Digitalization more and more changes the traditional business models of any
industry, including the consulting industry
▪ Ongoing change of clients requirements through brand new topics like
industry 4.0 and internet of things implementation. Especially mechanical
and plant industry sectors increasingly demand digital consulting services
▪ The stepwise digital change in many supply chains brings questions and
demand towards services, that only digitalized consultancies can solve
▪ Beside the producing industries, especially in banking and insurance sectors,
consultancies have to prepare for an increasing demand for technologies and
solutions that enable customers to access their accounts from anywhere
▪ 2 out of 3 consultants claim that Business Consulting without IT consulting is
impossible in the future
Big consultancies
▪ Ability to provide digital standard solutions in times of low budgets for IT
solutions, will be critical to cover the increasing client demand for those
solutions
▪ Increasing demand for support in the transformation to digital-oriented
business models
Mid-size consultancies
▪ Growing importance of software for analyses and computing big data as this
enables consultants to quickly analyse clients data and sooner start working
on solutions. At the same time, consultancies stay competitive as they
outperform competitors with more man-hours
Small consultancies and freelancers
▪ Commoditization of traditional services will force consultancies to re-think
their business models that currently offers the traditional service towards
the provision of standardized software solutions.
Digitalization of the business world Specialization of consulting firms
Conclusion and best practice examples
Trends and growth drivers – Management consulting
Source: feaco, consultancy.uk,Statista, Handelsblatt; Finance Magazin
▪ To prepare for the current ,and in the near future upcoming challenges,
consultancies have to gain knowledge and expertise in digital topics
▪ In order to gain the needed knowledge and expertise, big consultancies will
acquire highly specialized mid-size, and small consultancies
▪ Consultancies with high specialization and clear focus on their specific field
are well prepared for the market environment. Furthermore, those
companies can be very attractive targets for bigger consultancies
The following “Spotlights” give a short introduction to two exemplary
identified companies that successfully go with the outlined trends:
Spotlight: BearingPoint – Digital growth through acquisitions
Spotlight: The lean management consultancy Staufen AG

15. 15
Offices: 21 countries, 35 offices and 66 global alliance offices
Management: Peter Mockler, Managing Partner
Andreas Flach, CFO
Patrick Palmgren, CDO
Revenue: €622 million
Employees: 3.901
Website: www.bearingpoint.com
A large share of the expected future growth will come from the solutions unit at
BearingPoint. The focus in this unit lies on the digital transformation, regulatory
solutions and advanced analytics. Global expansion and selective future
acquisitions will be an important part of BearingPoint business strategy and part
of their goal of reaching 1 € billion in revenue by 2020
The last acquisition of the digital consultancy Magenta Advisory is the best
example how BearingPoint wants to pursue its future goals
Digital & Strategy:
- Digital customer management
- Operational excellence
- Strategy and innovation
Finance & Regulation:
- Finance strategy and operation
- ERP and performance management
- Treasury and cash management
- Governance, risk and compliance
Operations:
- Digital operation and logistics
- Digital sourcing
- Digital supply chain
Lean 4.0 and smart production
Company and key financials Strategic acquistion focus of BearingPoint
Services Strategic approach
Spotlight: BearingPoint - Growth and change through acquisitions
With the growth strategy through acquisitions of companies with digital and
technology focus, BearingPoint, with the original focus on classic process and
strategy consulting, answers the current trends with digital services and wants to
specialize on digital topics in their traditional field of services
Clairfield International expert opinion
Technology:
- Data analytics
- Digital innovation
- IT transformation
- Technology innovation
▪ Digital agency with
focus on technical
solutions
▪ Digital
Transformation
▪ Technical Know-
How & Technical
Assets
▪ IT-Services
▪ IT-Infrastructure
▪ Digital supply chain
▪ Salesforce
consultancy
▪ CRM Management
▪ IT-Solution
provider
▪ Cloud applications
▪ Cloud-computing
experts
▪ IT-Implementation
▪ Sales performance
improvement
▪ Consulting firm with
strong expertise in
Industry 4.0
▪ Internet of Things
▪ IT- strategy & IT -
optimization
▪ Consultancy should
have industry
expertise and
experience in process-
implementation
Digital agency Salesforce consultancy Industry 4.0 consultancy

16. 16
▪ Founded in: 1994
▪ Headquarter: Köngen
▪ CEO: Martin Haas, Wilhelm Goschy
▪ Ownership: Martin Haas (37,5%), Ralf Stokar von Neuforn
(37,5%), Landeskreditbank BW (25%)
▪ Employees: 120
▪ Key financials: Revenue: €33m
▪ Short description: Staufen AG is an internationally operating lean
management consultancy, focused on the
improvement of company and leadership structures.
Aim of the Staufen AG is to alter the productivity and
performance of their clients through an integrated
lean transformation
Staufen AG offers comprehensive services to ensure altered performance in
every department of a company. Following the same principles in every service,
the company provides individually developed and implemented strategies that
fit the concerned employees and management best. To successfully achieve the
main objective of waste avoidance in every process, Staufen’s experts with their
deep understanding for company processes involve every department in the
implementation process of their individually created solution
▪ Lean management: The lean management approach of Staufen includes
five different categories: Lean innovation and
development, lean production, lean purchasing, lean
sales and lean administration
▪ Leadership excellence: This service includes the implementation and
supervision of management systems with the aim of
altering effectivity
▪ Quality excellence: Includes the creation of quality strategies, control
and management solutions as well as risk avoidance
and problem solving
▪ Restructuring: Support and long-term improvement strategies for
companies facing crisis-related challenges
▪ Staufen academy: Training of employees and managers in the field of
(lean) operations and leadership excellence
Company and key financials International presence
Services Strategic approach
Spotlight: The lean management consultancy Staufen AG
“As a traditional lean management consultancy in Germany, Staufen AG, with its
international strategic approach, high level of specialization, process innovation
and longstanding experience, can offer high quality consulting services and is well
prepared for the current trends of the market. Staufen AG therefore can be a
highly attractive acquisition target for strategic investors”
Clairfield International expert opinion

17. 17
Contact: Dirk Freiland, Managing Partner
freiland@de.clairfield.com
Office Stuttgart
Mörikestraße 11
D-70178 Stuttgart
Tel.: +49 (711) 620079 - 0
Fax: +49 (711) 620079 – 29
stuttgart@de.clairfield.com
Office Frankfurt
Mainzer Landstr. 33a
D-60329 Frankfurt am Main
Tel.: +49 (69) 707969-60
Fax: +49 (69) 707969-99
frankfurt@de.clairfield.com
Office Düsseldorf
Roßstr. 92
D-40476 Düsseldorf
Tel.: + 49 (211) 917396-82
Fax: + 49 (211) 917396-83
duesseldorf@de.clairfield.com
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Dirk Freiland
Managing Partner
Office Stuttgart
Email: freiland@de.clairfield.com
Phone: +49 (711) 6200790-0
Fax: +49 (711) 620079-29