Carlyle has agreed to sell German mechanical drive technology company Flender to private equity firm Triton Partners, marking an exit from an investment held across its Europe and Asia funds after about five years.
Flender, a Bocholt-headquartered manufacturer of mechanical and electrical drive systems serving sectors including wind energy, industrial automation and materials handling, will be acquired by Triton’s sixth fund, according to a release. The firm was previously acquired by Carlyle from Siemens AG in 2021 for 2 billion euros ($2.3 billion) at the time.
“In initially carving out Flender, we saw an opportunity to support a market-leading business through its transition to a successful standalone company,” said Willi Westenberger, a managing director on the Carlyle Europe Partners investment advisory team, and Janine Feng, vice chair of Carlyle Asia.
The transaction represents another cross-regional realisation for Carlyle, whose Europe and Asia funds jointly backed the investment, they said. “During our partnership, the business grew internationally, including in China and India, repositioned itself as a service champion, and reinforced its leadership position across wind and industrial drive technology”.
The company, which has over 125 years of heritage, has since expanded its presence in renewable energy and strengthened its position in industrial power transmission under Carlyle’s ownership. It now has over 8,000 employees across 34 countries and a global manufacturing, assembly and service network as well as a leading position in drivetrain technology for wind turbines.
Financial terms of the transaction were not disclosed. The deal is subject to customary regulatory approvals and closing conditions.
