FLENDER acquired by TRITON PARTNERS
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 in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.6x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with FLENDER
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2020 | THE CARLYLE GROUP | FLENDER | GERMANY | Special Machinery |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 250M - 500M EUR
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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