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10/2020

FLENDER acquired by THE CARLYLE GROUP

GERMANY Industrial Equipment / Special Machinery EV €1–10bn

Context

Global investment firm The Carlyle Group has reached a definitive agreement to acquire Flender GmbH from industrial conglomerate Siemens AG. Subject to customary regulatory clearances, this highly complex corporate carve-out will be funded through substantial equity commitments from Carlyle Europe Partners V (a €6.4 billion fund) and an affiliate of Carlyle Asia Partners V. The buyout perfectly executes Carlyle's established playbook of undertaking complex corporate carve-outs to engineer standalone, market-leading platforms. Leveraging a deep industrials track record (having deployed over $20 billion in the sector since inception) the financial sponsor intends to drive accelerated organic momentum through comprehensive operational and strategic enhancements, coupled with robust investments into the target's technology and service capabilities. A central pillar of the value-creation strategy is uniquely focused on capturing massive growth opportunities in Asia, leveraging Carlyle's local presence to solidify the company's competitive moat in the Chinese wind energy transition.

FLENDER, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Industry & Manufacturing sector (11.7x).

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Target

Flender is a German industrial supplier of mechanical drivetrain solutions for industrial and wind power applications. Positioned within critical infrastructure segments, the company designs and manufactures gear units, couplings, generators, and related lifecycle services. The group operates an integrated industrial model combining engineering, manufacturing, and a global service network. It serves structurally important end markets including wind energy, cement, mining, metals, and broader heavy industrial applications, with a strong exposure to the energy transition through wind turbine drivetrain systems. Flender maintains an international industrial footprint, structured around manufacturing, assembly, and service sites located notably in Europe (Germany, Italy), North America, China, and India, enabling close operational proximity to key global industrial and energy hubs. The company leverages long-standing engineering expertise and an industrial heritage built around high technical barriers and recurring demand for maintenance, replacement parts, and service activities.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€1–10bn
€150–250M
[members only]
2019
€1–10bn
€150–250M
[members only]

Other operations with FLENDER

Other operations with FLENDER

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2026TRITON PARTNERSFLENDERGERMANYSpecial Machinery

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €150–250M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FLENDER by THE CARLYLE GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: flender

Acquirer: the carlyle group