Triton Partners to Acquire Flender from Carlyle

Terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals and is expected to close in Q4 2026.

Headquartered in Bocholt, Germany, and with over 125 years of engineering heritage, Flender is a leading supplier of gearboxes, couplings and generators for a broad range of industrial and wind power applications. With more than 8,000 employees across 34 countries, Flender operates a global manufacturing, assembly and service network and holds a leading position in drivetrain technology for wind turbines. Through its differentiated technology, engineering expertise and global footprint, Flender supports customers across industrial and renewable energy markets worldwide.

Since carving out Flender from Siemens in 2021, Carlyle has partnered closely with management to lead the company's successful transition to an independent standalone business. During this period, Flender strengthened its leadership position in wind and industrial drive technology, expanded its global service network, invested in innovation and operational capabilities, and further enhanced its international footprint and manufacturing platform.

Triton Partners has many years of experience in applying its proven in-depth value creation approach across companies in the industrial tech sector supported by the Accelerator Unit, one of Europe’s largest value acceleration teams in the industry. The wind and the broader energy value chain as well as industrial power transmission markets are well known to Triton Partners through current and past investments, including RENK Group, Trench Group and FairWind.

Andreas Evertz, CEO of Flender, said: “I would like to express my sincere thanks to Carlyle for the trust and support they have provided in positioning Flender to be a market leader. I am also pleased to again have a strong partner in Triton, with whom we can further advance our growth ambitions. Their high level of commitment throughout the process, combined with their strong network and extensive experience, gives me great confidence that this is the right next step for Flender.”

Willi Westenberger, a Managing Director on the Carlyle Europe Partners investment advisory team, and Janine Feng, Vice Chair of Carlyle Asia, said: "In initially carving out Flender, we saw an opportunity to support a market-leading business through its transition to a successful standalone company. This investment is a strong example of collaboration across Carlyle's global platform, with our Europe and Asia teams working in close alignment to support management in driving Flender's growth. During our partnership, the business grew internationally, including in China and India, repositioned itself as a service champion, and reinforced its leadership position across wind and industrial drive technology. We thank Andreas, the management team, and employees for their partnership and believe Flender is well-positioned for further success.”

Claus von Hermann, Fund Managing Partner & Co-Head of Triton Mid-Market, and Jaime Legeren, Investment Advisory Professional at Triton Partners, said: “Flender is at the core of Triton Partners’ investment strategy. The company operates in a sector where Triton has strong expertise and a successful track record in similar industrial and aftermarket businesses. We look forward to partnering with management and employees and to support Flender’s next step of its growth journey.”