Milbank LLP advised global investment firm The Carlyle Group on the acquisition of all shares in Flender, a market leader in mechanical drive technology, from Siemens. The transaction is subject to approval by the relevant regulatory authorities.
Headquartered in Bocholt, Germany, with operations across 35 countries and approximately 8,600 employees, Flender is a global leader in drive technology that reached €2B in sales in 2019. The company’s comprehensive product and service portfolio includes gearboxes, couplings, and generators used in a wide variety of industries. The business is particularly strong in wind, a sector benefitting from secular tailwinds given its increasing importance in the renewable energy mix.
Equity for the investment was provided by Carlyle Europe Partners (CEP) V, a €6.4B fund investing in European upper mid-market opportunities across a wide range of sectors and industries, and Carlyle Asia Partners (CAP) V, a US$6.55B fund focused on buyout and strategic investments across a wide range of sectors in the Asia Pacific region.
A Milbank team led by Norbert Rieger and Andrea Eggenstein comprehensively advised The Carlyle Group on corporate and tax aspects of the transaction. Rolf Füger provided comprehensive advice on the tax structuring.
Advisor to The Carlyle Group: Milbank LLP
Dr. Norbert Rieger, Dr. Andrea Eggenstein (both Corporate/M&A, Munich) (joint lead), Dr. Rolf Füger (Tax, Munich), Dr. Alexander Rinne (Antitrust, Munich), Dr. Patrick Droese, Dr. Fritz Schuchmann, Johannes Wohlmuth, Dr. Daniel Roggenkemper (all Corporate/M&A, Munich), Dr. Moritz Philipp, Dr. Arne Hammerich (both Tax, Munich).
