Triton Partners has fully exited its investment in German defence supplier Renk Group AG, realising a seven-times return on its 2020 acquisition of the business from Volkswagen, according to a report by Bloomberg.
The sale of its remaining shares, announced Friday, follows the transfer of a 9% stake to Franco-German defence contractor KNDS last month.
Renk, which makes gearboxes and transmissions for tanks and other armoured vehicles, has seen its market value surge amid rising European defence spending. Since its February 2024 IPO, the company’s shares have more than quadrupled, lifting its market capitalisation above €6bn, compared with around €750m when Triton acquired the business.
KNDS is now Renk’s largest single shareholder with a 15.8% holding, giving it greater influence over a key supplier. The company had previously sought to acquire a larger stake but scaled back following a regulatory dispute that was resolved in July.
The exit represents one of Europe’s most lucrative recent defence-sector private equity trades, highlighting how geopolitical tailwinds are reshaping portfolio valuations and exit opportunities for sponsors.
