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VW TO SELL MAJORITY STAKE IN RENK AG TO TRITON

Friday, January 31, 2020 

Gear and powertrain company Renk, headquartered in Augsburg, Germany, and European private equity fund Triton, have concluded an agreement under which Triton subsidiary Rebecca Bidco will acquire the 76% stake currently held by the Volkswagen group.

Rebecca BidCo has announced its intention to make a voluntary public takeover offer to all shareholders of Renk to acquire their shares against payment of a cash consideration. Rebecca BidCo and Renk have entered into an investment agreement which includes commitments regarding the continuity of the workforce and the German sites until the end of 2026.

Renk is active in a number of markets, including marine transmissions. It was previously part of MAN, which was acquired by VW in 2011.

Triton managing partner Martin Huth said: "Triton has a tradition of investing in companies with high potential and is working closely with them to unlock such potential. With RENK AG, we are now adding a top-class company to our portfolio, characterized by a diversified business model and innovative product portfolio. Since a trust-based relationship with the company’s management and employees is of great importance to us, Triton has provided extensive guarantees for the employees. We look forward to working with Renk AG."

Renk CEO Florian Hofbauer said: “Renk AG is pleased that with Triton we have found the ideal anchor investor and partner to realise our growth potential and to expand our technology leadership in the coming years. In this regard, we will greatly benefit from Triton’s experience in the areas of internationalization and digitalisation.”

The transaction is subject to approval by the relevant regulatory authorities.

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