ARQIS has advised RENK Aktiengesellschaft, a portfolio company of private equity investor Triton, on the acquisition of the Combat Propulsion Systems business (CPS), including Magnet-Motor GmbH (MM) from L3Harris Technologies Inc.
ARQIS has advised RENK Aktiengesellschaft, a portfolio company of private equity investor Triton, on the acquisition of the Combat Propulsion Systems business (CPS), including Magnet-Motor GmbH (MM) from L3Harris Technologies Inc.
The transaction is subject to regulatory approvals and is expected to close in the second half of 2021.
When the acquisition is completed, RENK will be a globally leading developer and supplier of combat mobility solutions with key operations in Europe and the USA, while combining state-of-the-art technologies of RENK, the previously acquired Horstman Group, CPS and MM.
CPS is a well-established supplier of transmissions and engines in the US and international armoured vehicle market. It is a leading player to meet the current and future needs of the US Army. By leveraging this footprint and its existing 350 employees through additional technology solutions from RENK, CPS can expand its leading position with international armed forces.
MM is a leader in the development and design of high-performance electric power supplies and hybrid drive systems for military applications and is already cooperating with RENK on key strategic programs to provide the next generation of hybrid drive solutions.
The ARQIS team led by Dr. Christof Schneider already advised RENK a year ago when Triton acquired a majority stake in the listed industrial enterprise through Rebecca BidCo GmbH. The latest transaction has been the first for Schneider under Triton ownership. Advice also included German tax matters headed by Munich partner Dr. Mauritz von Einem. The ARQIS focus group Transactions acts regularly for Triton portfolio company AVS Verkehrssicherung GmbH as well as for the Triton funds directly.
