FINANCE ranks Carlsquare among Germany’s most active debt advisers in 2026

Carlsquare has been recognised by FINANCE as one of Germany’s most active debt advisers in 2026. In its July/August 2026 market overview, the magazine lists Carlsquare among the most active firms in debt advisory and highlights its work in small- and mid-cap financing, with a focus on corporate finance, private equity and infrastructure. The overview also refers to Carlsquare’s role in advising DBAG on the financing for its acquisition of MAIT.

Since January 2023, Daniel Gebler has been leading Carlsquare’s Debt Advisory activities from Frankfurt, with Constantin von Wiedersperg as Director. In 2025, the team expanded to London with the addition of Andrew Hamilton. Carlsquare advises companies in the small- and mid-cap segment on refinancing, acquisition financing and restructuring, in a market where financing processes have become more selective and more complex.

What the FINANCE market overview says about debt advisory in Germany

For entrepreneurs and CFOs in the SME sector, the landscape for financing has shifted noticeably. According to a recent FINANCE market analysis, banks are acting more cautiously, conducting stricter due diligence and pricing risks more consistently than they did just a few years ago.

Simply renewing financing when it matures is often no longer sufficient today. What is required is active management, extended maturities and tailored structures. The market has clearly moved towards bespoke, structured financing solutions, and this is precisely where the value of experienced debt advisory services becomes apparent. A debt advisor supports companies in raising, structuring, and negotiating debt financing, a role that was often performed by the company’s relationship bank in the past. Unlike a bank, a debt advisor represents the company’s interests exclusively and compares offers from different capital providers.

Carlsquare specialises in the small- and mid-cap segments

Carlsquare is a partner-led investment bank and was founded in 2000. In addition to debt advisory, its range of services also includes corporate finance, equity research, growth equity financing, and IPO strategy and preparation. With over twelve offices in eight countries, the team has an international network and has collectively supported more than 600 transactions.

In debt advisory, Carlsquare focuses in particular on the small- and mid-cap segment. Its team supports clients on:

• refinancing
• acquisition financing
• restructuring situations
• capital structure review
• financing processes involving banks and alternative capital providers

Find out more about Debt Advisory

Three questions to help you choose the right debt adviser

How do you find the right debt adviser? According to FINANCE, three questions can help you make the right decision:

1. Is the financing process primarily bank-led, or does it require alternative funding sources?
   Traditional bank financing follows different rules from credit funds, debt funds, direct lending, or mezzanine financing. A suitable debt advisor understands both worlds and knows which capital providers are the right fit for the company’s situation.
   
2. Is the mandate in the small-cap, mid-cap or large-cap segment?
   These segments differ significantly in terms of financing volume, points of contact, and available instruments. Anyone advising in the mid-cap segment needs an advisor with access to and proven track record in precisely this market.
   
3. Is the priority stable refinancing, acquisition financing or a more stressed financing situation?
   The underlying rationale determines the pace, structure, and room for negotiation. Acquisition financing requires different expertise from a restructuring carried out under time pressure.
   

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