Triton completes acquisition of majority stake in RENK AG
Frankfurt (Germany), 6 October 2020 – Rebecca BidCo AG, a subsidiary held by the "Triton V" fund advised by Triton ("Triton"), has today completed the acquisition of a majority stake in Renk Aktiengesellschaft (“RENK AG”).
In addition to the 76 percent stake in RENK AG held by Volkswagen Vermögensverwaltungs-GmbH, a subsidiary of Volkswagen AG, 14.2% of shares were acquired through a voluntary public takeover offer. The offer to acquire shares against payment of a cash consideration was made to all remaining shareholders of RENK AG and the offer price was determined in accordance with the German takeover law and published in the offer document.
Triton and RENK AG are pleased to enter the next phase of their partnership and to finally join forces to continue realizing RENK AG’s growth strategies.
About RENK AG
Headquartered in Augsburg, Germany, RENK AG is a globally leading global manufacturer of high-quality automatic transmissions, gear units, slide bearings, suspension systems, couplings and test systems. It serves a diverse range of end-markets with a particular focus on armored vehicles, defense and civil marine, energy production, plastics, oil & gas and others. With over 2,600 employees, RENK AG generated EUR 559 million of revenues in 2019.
For further information: www.renk-ag.com
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.
The 43 companies currently in Triton's portfolio have combined sales of around €17.4 billion and around 96,700 employees.
For further information: www.triton-partners.com