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28 Sep 2022

MCF advises Muehlhan AG on the sale of its European and U.S. operations to One Equity Partners

Muehlhan AG (“Muehlhan”), a provider of industrial services in the Renewable, Ship and Infrastructure business segments, has signed a definitive agreement to sell its operating companies in Europe and the U.S. to One Equity Partners (“OEP”).

MCF has advised Muehlhan and helped to facilitate the transaction through its proven ability to execute highly confidential cross-border transactions.

"After the excellent cooperation with MCF in connection with the sale of our scaffolding division in 2021, we were convinced that MCF would also be the right adviser for us in this transaction. MCF has been a trusted partner throughout the transaction process and I am very grateful for their support and advice."

Stefan Müller-Arends

CEO of Muehlhan

The Deal

The sale of the operating entities in Europe and the U.S. to OEP will enable the entities to strengthen its growth strategy in providing industrial services to the core industries of wind energy, maritime and infrastructure. In addition, the entities will benefit from OEP’s strength to drive investments forwards, especially through strategic add-on acquisitions. Muehlhan has successfully leveraged its know-how to built a broad service portfolio in markets capitalizing on the decarbonization of energy production on the road to the net zero targets by 2050, OEP will benefit of.

The Target

Headquartered in Hamburg, Germany, and listed in the Open Market segment of Frankfurt Stock Exchange, Muehlhan provides a broad range of industrial services including wind turbine services, surface protection, steel services, passive fire protection, scaffolding and insulation works. The sale includes the Muehlhan companies in Germany, Denmark, France, Cyprus, Greece, Poland, Romania, Bulgaria, Norway, the Netherlands and the U.S. In total, the entities have a combined revenue of EUR 191m and employ 1,700 staff.

Disclaimer

Closing is expected to take place in the first quarter of 2023 at the latest. It is subject to customary market conditions, in particular regulatory approvals and the approval of the company’s Annual General Meeting. The Executive Board and Supervisory Board will convene an Extraordinary General Meeting in the near future.

About One Equity Partners

One Equity Partners is a middle market private equity firm with approximately $10 billion in assets under management focused on transformative combinations within the industrial, healthcare and technology sectors in North America and Europe.