At what enterprise value was TKE (THYSSENKRUPP ELEVATOR) acquired in 2020?

During the acquisition of TKE (THYSSENKRUPP ELEVATOR) by ADVENT INTERNATIONAL / CINVEN in 2020, the transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR.

What was the EV/EBITDA of TKE (THYSSENKRUPP ELEVATOR) when it was acquired by ADVENT INTERNATIONAL / CINVEN?

The estimated EV/EBITDA multiple for TKE (THYSSENKRUPP ELEVATOR) is in the range of 15x - 25x.

What was the revenue of TKE (THYSSENKRUPP ELEVATOR) at the time of the deal?

The revenue of TKE (THYSSENKRUPP ELEVATOR) at the time of the deal is estimated to be in the range of 5b - 100b EUR.

What was the EBITDA of TKE (THYSSENKRUPP ELEVATOR) during the acquisition?

TKE (THYSSENKRUPP ELEVATOR)'s EBITDA is estimated to be in the range of 500M - 1b EUR.

How is the data for the TKE (THYSSENKRUPP ELEVATOR) 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 TKE (THYSSENKRUPP ELEVATOR) 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://pe-insights.com/advent-and-cinven-explore-e25bn-exit-of-tk-elevator-as-kone-enters-takeover-talks/

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Home Database Industry & ManufacturingTKE (THYSSENKRUPP ELEVATOR)

02/2020

TKE (THYSSENKRUPP ELEVATOR) acquired by ADVENT INTERNATIONAL & CINVEN

GERMANY Industrial Equipment / Special Machinery EV 3b - 100b EUR

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 (THYSSENKRUPP ELEVATOR), which reported an EBITDA margin of in 2020, 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

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.

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Other operations with TKE (THYSSENKRUPP ELEVATOR)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
04/2026	KONE	TKE (THYSSENKRUPP ELEVATOR)	GERMANY	Special Machinery

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 5b - 100b EUR

EBITDA range: 500M - 1b EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TKE (THYSSENKRUPP ELEVATOR) 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 (thyssenkrupp elevator)

Acquirer: cinven / advent international