Goldman Sachs has been hired by Brauerei Beck, the German brewing group, to find a buyer, which is evidence that the investment bank's efforts to woo Mittelstand clients are paying off.

Goldman has recently lost two German M&A bankers specialising in the Mittelstand (privately-owned German companies), including the influential Raimund Herden, who joined Dresdner Kleinwort Wasserstein. But this sale mandate shows that its reputation among Germany's big private companies is still good.