Private equity group takes majority stake in Everllence

The Volkswagen (VW) Group has sold a 51% stake in marine engineering giant, Everllence, to Boston-based private equity group, Bain Capital. The leveraged buyout generates proceeds of about EUR 7.4bn for the vehicle manufacturing company.

The transaction is still subject to the completion of information and consultation processes with employee representative bodies and other conditions and approval as required by regulatory authorities. The target for reaching these conditions and approvals is the end of this year.

The new ownership structure is intended to secure the next phase of growth at Everllence which, in shipping circles, is best known as an engine builder. However, the company also makes large engines for shoreside applications, manufactures turbomachinery, and is active in the decarbonisation sector.

Commenting on the deal, Olive Blume, VW Group CEO, said: “Everllence is one of the world’s leading manufacturers of large engines, turbomachinery, and decarbonisation solutions. Now is the right time to take the next step – to transfer the majority stake to a new, strong partner. We want to create added value for everyone with this step: leaner structures and processes will give Everllence the opportunity to achieve further growth in attractive markets such as data centres, the energy sector, and shipping.”