Howden signs agreement to purchase Balcke-Dürr Rothemühle GmbH from parent company Mutares SE & Co KGaA.
Friday, 04 December 2020
Howden is pleased to announce that they have entered into a definitive agreement with Mutares SE & Co to purchase Balcke-Dürr Rothemühle GmbH ("Rothemühle" or the "Company"). The transaction is expected to close in the first half of 2021 and is subject to customary closing conditions and regulatory approval.
The strategic acquisition of Rothemühle enables Howden to further expand its capabilities in delivering environmental and energy technology solutions to its customers. Rothemühle provides Howden with an expanded service team in Germany, access to an extensive global installed base to grow Howden's aftermarket business and deepens Howden's capabilities in the flue gas path segment. The Company was established in 1936 and is a leading global provider of air preheaters, gas-gas heaters and related heat recovery equipment. In 2019, they generated turnover of EUR 23.0 million with a team of 55 employees.
Rothemühle’s service and product offerings support our environmental technology efforts by reducing emissions and improving plant operating efficiencies in their critical processes. This acquisition will extend Howden’s presence in the German market, whilst giving the Company access to Howden's global network. We are pleased to welcome the Rothemühle team to Howden.
Johannes Laumann, CIO of Mutares, comments: "This sale highlights our core competence of refocusing businesses to their fundamental expertise, in this case the profitable service business. Due to management empowerment and successful repositioning as an independent entity, we have revitalized the Rothemühle brand and established it in the market. We believe Howden is the ideal new owner to lead the company into the next phase of internationalizing, both in terms of products and technology."
Howden is a portfolio company of KPS Capital Partners, LP ("KPS"). KPS manages the KPS Special Situation Funds, a family of investment funds with approximately $11.1 billion of assets under management (as of September, 30 2020).
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