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02/2020MajorityLBO

Advent International & Cinven take majority stake in Tke

GERMANY Industrial Equipment / Special Machinery EV €10–25bn

Context

In one of the largest European LBOs in history, Thyssenkrupp AG agreed to sell its Elevator division to a consortium led by Advent and Cinven for an Enterprise Value of €17.2 billion. The transaction followed a highly competitive auction process where strategic bidders, such as Kone, were sidelined due to significant antitrust risks. To facilitate the deal and maintain a strategic link, Thyssenkrupp reinvested €1.25 billion to retain a minority stake. The sale was a critical move for the German conglomerate to address its high debt levels and offset massive losses in its steel and automotive sectors. As part of the agreement, the buyers provided extensive social guarantees, including the preservation of the German headquarters and existing production sites, securing the support of the IG Metall union and the supervisory board.

Tke, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in Industry & Manufacturing market trends

Target

Thyssenkrupp Elevator is a global leader in the vertical mobility industry, specializing in the manufacture, installation, and maintenance of elevators, escalators, and moving walkways. Operating in a highly resilient market, the company's business model is characterized by a significant portion of recurring service revenue, which accounts for high margins compared to new installations. With approximately 50,000 employees and €8.0 billion in revenue at the time of the deal, it represents the "crown jewel" of the Thyssenkrupp conglomerate. Its value proposition centers on innovative technologies, such as the MULTI rope-less elevator system, and a vast global maintenance network. Strategically, the business benefits from long-term urbanization trends and stringent safety regulations requiring constant equipment servicing.

Ent. Value

€10–25bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€1–10bn
€500M–1bn
[members only]
2019
€1–10bn
€500M–1bn
[members only]

Other operations with Tke

Other operations with Tke
DateAcquirerTargetCountrySector
04/2026KONETKE (THYSSENKRUPP ELEVATOR)GERMANYSpecial Machinery

Other operations with Advent International / Cinven

Other operations with Advent International / Cinven
DateAcquirerTargetCountrySector
11/2020CINVEN / KKR / PROVIDENCE EQUITY PARTNERSMASMOVILSPAINOperators
04/2020CINVEN / ASTORGLGC GROUPUNITED KINGDOMTIC (Testing, Inspection, Certification)
03/2019CINVENOMNES EDUCATION (EX INSEEC)FRANCEEducation Providers
05/2018CINVENJLAUNITED KINGDOMEquipment Rental
04/2018CINVENPARTNER IN PET FOOD (PPF)HUNGARYPetfood
04/2018ADVENT INTERNATIONALCIRCETFRANCEIT Services
05/2017ADVENT INTERNATIONALIPH GROUPFRANCEIndustrial & Technical Distribution
04/2017BAIN CAPITAL / CINVENSTADAGERMANYGenerics / Labs
08/2015CINVENSYNLABGERMANYLabs (Biology)
07/2015CINVENTRACTELLUXEMBOURGLifting & Handling

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REFERENCES

Valuation range: EV €10–25bn

Revenue range: €1–10bn

EBITDA range: €500M–1bn

EV/Revenue range: 1x - 3x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Tke by Advent International / Cinven 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: tke

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Tke, a German company specialised in Special Machinery, by Advent International and Cinven in 2020, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Kone in April 2026 (see the dedicated deal page for details).

How was the acquisition of Tke by Advent International valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €10–25bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Tke’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Tke generated annual revenue estimated in the €1–10bn range and EBITDA in the €500M–1bn bracket (FY 2020). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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