Deal Announcement 01/21: Engineering & Construction
PwC acted as exclusive financial advisor to Mutares and its portfolio company Balcke-Dürr on the sale of Rothemühle, an integrated provider of engineering services and spare parts for power plants and other process plants to Howden, a portfolio company of KPS
The Deal
The PwC M&A team is pleased to announce the successful sale of Rothemühle GmbH (“Rothemühle”) to Howden Group (“Howden”), a portfolio company of KPS Capital Partners LP (“KPS”). Rothemühle, a subsidiary of Mutares SE & Co. KGaA’s (“Mutares”) portfolio company Balcke-Dürr GmbH (“Balcke-Dürr”), is a leading integrated global provider of integrated provider of engineering services and spare parts for power plants and other process plants. After a successful reorganization and carve out Rothemühle will now be integrated into Howden’s services and product. The deal represents a successful partial exit for Mutares from its portfolio company Balcke-Dürr.
The share purchase agreement was signed in December 2020. The deal closed in January 2021.
Target
Rothemühle is a leading integrated provider of engineering services and spare parts for power plants and other process plants. The Company provides services for the maintenance and modernisation of air and gas-gas preheaters and related heat recovery equipment.
Seller
Balcke-Dürr offers innovative heat exchangers, filter systems for flue gas cleaning and maintenance services for utilities and the chemical industry, ranging from standard modules to complete thermal systems. The Company employed approximately 650 people in 2019 and generated consolidated revenues of approx. € 165m.
Balcke-Dürr is a portfolio company of Mutares, a holding company that acquires companies that offer potential for operational improvement. In 2020 the holding companies achieved revenues of approx. €2.0bn and employed more than 15,000 people.
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.
PwC M&A Germany acted as exclusive financial advisor to Mutares and Balcke-Dürr on this transaction. The transaction was led by Alexander Knögel (Director) and Sebastian Teller (Senior Associate) and supported by Simon Bruns (Associate).
