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  • Carlyle Nears $2.4 Billion Deal for Siemens’s Flender Business
    Bloomberg

    Carlyle Nears $2.4 Billion Deal for Siemens’s Flender Business

    (Bloomberg) -- Carlyle Group Inc. is nearing an agreement to acquire Siemens AG’s mechanical drive unit for about 2 billion euros ($2.4 billion), according to people familiar with the matter.The U.S. buyout firm and German engineer are finalizing terms of the deal, which could be announced as early as this week, the people said, who asked not to be identified because discussions are private.Carlyle outbid Canada’s Brookfield Asset Management Inc. in the end, the people said. Talks could still be delayed or fall apart. Representatives for Siemens, Carlyle and Brookfield declined to comment.Siemens had been exploring a sale as well as a spinoff of the Flender business, which it bought from Citigroup Inc. in 2005. The unit makes gears and transmissions used in everything from cement production and shipbuilding to beermaking and offshore oil extraction.A disposal of Bocholt, Germany-based Flender would mark one of the final acts by Siemens’s Chief Executive Officer Joe Kaeser to turn the industrial manufacturing giant into a more manageable entity for his successor Roland Busch. Last month, the company listed Siemens Energy AG, whose technology is behind roughly one-sixth of the world’s electricity.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Brookfield, Carlyle Said to Compete for Siemens’s Flender Unit
    Bloomberg

    Brookfield, Carlyle Said to Compete for Siemens’s Flender Unit

    (Bloomberg) -- Brookfield Asset Management Inc. and Carlyle Group Inc. are the final bidders for Siemens AG’s mechanical drive unit, according to people familiar with the matter, in a deal that could fetch as much as 2 billion euros ($2.4 billion) for the German industrial conglomerate.The investment firms beat out rival suitors to progress to the final bid round for the Flender business, the people said, asking not to be identified as the matter is private. Siemens is expected to make a final decision as soon as this month and could still pursue other options for Flender, including a spinoff, the people said.Representatives for Brookfield, Carlyle and Siemens declined to comment.Flender, which Siemens bought from Citigroup Inc. in 2005, makes gears and transmissions used in everything from cement production and shipbuilding to beermaking and offshore oil extraction. Siemens picked Bank of America Corp. and Citigroup to help explore a spinoff of the unit in May, Bloomberg News reported at the time. It entertained parallel conversations with private equity firms about a potential sale.Any disposal of Bocholt, Germany-based Flender will mark one of the final acts by Siemens’s Chief Executive Officer Joe Kaeser to turn one of Europe’s largest industrial manufacturers into a more manageable entity for his successor Roland Busch. Last month, the company listed Siemens Energy AG, whose technology is behind roughly one-sixth of the world’s electricity.The European industrials sector has been a bright spot for dealmakers in a drab year for mergers and acquisitions. There has been $124 billion worth of transactions involving European industrials companies so far in 2020, according to data compiled by Bloomberg. That’s 6% up on the same period in 2019.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Canyon Bicycles Draws Takeover Interest From Carlyle, KKR

    (Bloomberg) -- Canyon Bicycles GmbH has drawn takeover interest from private equity giants including Carlyle Group and KKR & Co., according to people familiar with the matter, as investors look to capitalize on renewed enthusiasm for one of Europe’s favorite pastimes.Koblenz, Germany-based Canyon is also attracting buyout firms Advent International, Apax Partners, General Atlantic and Permira, the people said, asking not to be identified discussing confidential information.The bike-maker is working with bankers at Robert W. Baird & Co. on a sale that could fetch more than 500 million euros ($592 million) for the company, according to the people. Discussions are ongoing and no final decisions have been made, the people said.Representatives for the private equity firms declined to comment. A representative for Canyon wasn’t available by phone and didn’t immediately reply to an e-mailed request for comment. A representative for Baird didn’t immediately provide comment.Bikes have been increasingly muscling aside cars on Europe’s city streets and country roads this year. The Covid-19 pandemic has forced people to seek alternatives to public transport, while others have taken up cycling as a means of keeping fit and healthy during lockdowns.Pedal PowerEven before the crisis, bicycles were enjoying an uptick in demand from both environmentally conscious consumers and those drawn to the rising popularity of the sport of professional cycling. Investors have been looking to take advantage. In 2017, U.S.-based RZC Investments, backed by members of the billionaire Walton family, took a majority stake in the popular British cycling lifestyle brand Rapha.Founded in the 1980s, Canyon manufactures a range of mid-level to high-performance road, race and mountain bikes. The brand is the official partner of the pro racing team Movistar Team. Richard Antonio Carapaz Montenegro won the prestigious Giro d’Italia in 2019 on a Canyon bike.In recent years, Canyon has also moved into the market for hybrid bikes, which boost power with an electric motor and remove some of the effort from cycling. U.S.-based private equity firm TSG Consumer Partners bought a significant minority stake in Canyon in 2016.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.