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06/2026

FLENDER acquired by TRITON PARTNERS

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

Context

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.

It is worth noting that the fund The Carlyle Group took control of Flender through an LBO in 2020.

FLENDER, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the Industry & Manufacturing sector (11.7x).

-> Deep-dive in Industry & Manufacturing market trends

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

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€1–10bn
€250–500M
[members only]
2024
€1–10bn
€250–500M
[members only]

Other operations with FLENDER

Other operations with FLENDER

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
10/2020THE CARLYLE GROUPFLENDERGERMANYSpecial Machinery

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FLENDER by TRITON PARTNERS 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.

Press release: view release

Target: flender

Acquirer: triton partners