At what enterprise value was FLENDER acquired in 2020?

During the acquisition of FLENDER by THE CARLYLE GROUP in 2020, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 10.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of FLENDER when it was acquired by THE CARLYLE GROUP?

The estimated EV/EBITDA multiple for FLENDER is in the range of 5x - 12x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 10.8x. Join our community for free to access full valuation data and industry trends.

When was FLENDER acquired by THE CARLYLE GROUP?

FLENDER was acquired by THE CARLYLE GROUP in 2020.

What was the revenue of FLENDER at the time of the deal?

The revenue of FLENDER at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of FLENDER during the acquisition?

FLENDER's EBITDA is estimated to be in the range of 150M - 250M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the FLENDER acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FLENDER deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://press.siemens.com/global/en/pressrelease/flender-sale-closes-successfully

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Home Database Industry & ManufacturingFLENDER

10/2020

FLENDER acquired by THE CARLYLE GROUP

GERMANY Industrial Equipment / Special Machinery EV 1b - 4b EUR

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 LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (10.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2026	TRITON PARTNERS	FLENDER	GERMANY	Industrial Equipment	Global investment firm Carlyle Group has reached a definitive agreement to sell Flender to Triton Fund 6, a vehicle advised by Triton Partners. Subject to customary regulatory approvals, the buyout is expected to officially close in the fourth quarter of 2026. The divestiture represents a successful exit for Carlyle, following its initial carve-out of the business from Siemens in 2021 to establish it as an independent standalone company. For the acquiring sponsor, Triton Partners, the transaction directly aligns with its core investment strategy targeting the industrial tech sector. The European mid-market investor intends to leverage its deep operational expertise within the energy value chain and industrial power transmission markets, supported by a successful track record with similar investments including RENK Group, Trench Group, and FairWind. Throughout its holding period, Carlyle worked closely with management to ensure a smooth transition, investing heavily in operational capabilities, expanding the global service network (including strategic growth in China and India) and reinforcing the company's leadership in wind and industrial drive technology.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 150M - 250M EUR

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: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: flender

Acquirer: the carlyle group