Advent and Cinven acquire thyssenkrupp Elevator

Essen/ Frank­furt a. Main - thys­sen­krupp Eleva­tor, a leading global player in the market for eleva­tors and escala­tors (E&E), will operate as an inde­pen­dent company with new owner­ship struc­tures from today. All rele­vant regu­la­tory autho­ri­ties have uncon­di­tio­nally appro­ved the acqui­si­tion by Advent and Cinven. Working with the new owners as stra­te­gic and finan­cial part­ners will allow thys­sen­krupp Eleva­tor to conti­nue its ambi­tious corpo­rate plans: to expand its strong market posi­tion and tech­no­lo­gi­cal market leadership.

With global opera­ti­ons and over 50,000 employees, thys­sen­krupp Eleva­tor gene­ra­ted earnings of around eight billion euros in fiscal year 2018/2019. The most important busi­ness area is the main­ten­ance of around 1.4 million eleva­tors and escala­tors. This is ensu­red by 24,000 service tech­ni­ci­ans all over the globe.

The product port­fo­lio of thys­sen­krupp Eleva­tor covers a wide range — from eleva­tor systems for resi­den­tial and commer­cial proper­ties to tech­no­lo­gi­cally sophisti­ca­ted, tailor-made solu­ti­ons for state-of-the-art high-rise buil­dings such as One World Trade Center in New York. In addi­tion to eleva­tor systems, the port­fo­lio also includes escala­tors and moving walks, passen­ger boar­ding bridges, stair and plat­form lifts, and indi­vi­dual service models for all products. All this adds up to a compre­hen­sive range of products and services for a broad spec­trum of urban mobility.

In the context of COVID-19 thys­sen­krupp Eleva­tor once again demons­tra­tes a high level of crisis resi­li­ence. Thanks to a special focus on stable service busi­ness, a global presence, a dedi­ca­ted manage­ment team and a highly moti­va­ted work­force, work contin­ued even under diffi­cult condi­ti­ons. In system-rele­­vant buil­dings, such as hospi­tals and public faci­li­ties, mobi­lity has thus been ensured.

The strong market posi­tion of thys­sen­krupp Eleva­tor and its inno­va­tive tech­no­lo­gies convin­ced Advent and Cinven. Both are fami­liar with the company’s rele­vant growth markets and have alre­ady successfully inves­ted in 130 compa­nies in the indus­trial and busi­ness services sectors. The consor­tium shares a common invest­ment philo­so­phy: sustainable further growth of leading compa­nies. The focus is always on long-term value creation.

Ranjan Sen (photo), Mana­ging Part­ner and Head of Germany at Advent Inter­na­tio­nal, comm­ents: “We are deligh­ted to conti­nue support­ing thys­sen­krupp Eleva­tor as an inde­pen­dent company. We see signi­fi­cant poten­tial to further expand our market posi­tion and intend to leverage our coll­ec­tive exper­tise and finan­cial resour­ces for further sustainable growth.”

Bruno Schick, Part­ner and Head of DACH and Emer­ging Europe at Cinven, adds: “In close part­ner­ship with manage­ment and employees we will further deve­lop thys­sen­krupp Eleva­tor by inves­t­ing in orga­nic growth and targe­ted acqui­si­ti­ons. Our clear goal is to create resour­ces to further streng­then and expand thys­sen­krupp Elevator’s global presence — parti­cu­larly in Asia — through addi­tio­nal acqui­si­ti­ons, new and energy-effi­ci­ent products, and invest­ment in rese­arch & and development.”

Follo­wing the successful closing, thys­sen­krupp Eleva­tor will relo­cate its head­quar­ters to the vici­nity of Düssel­dorf Airport. The move is sche­du­led to take place in the first quar­ter of 2021.

About thys­sen­krupp Eleva­tor AG
With custo­mers in over 100 count­ries served by more than 50,000 employees, thys­sen­krupp Eleva­tor achie­ved sales of around €8.0 billion in fiscal year 2018/2019. Over 1,000 loca­ti­ons around the globe form a dense sales and service network, ensu­ring opti­mum proxi­mity to custo­mers. thys­sen­krupp Eleva­tor has estab­lished itself as one of the world’s leading eleva­tor compa­nies since ente­ring the market 40 years ago and became inde­pen­dent in August 2020. The company’s most important busi­ness area is the service provi­ded by more than 24,000 tech­ni­ci­ans for around 1.4 million trans­port solu­ti­ons world­wide. The product port­fo­lio ranges from passen­ger and freight eleva­tors to modern, custo­mi­zed solu­ti­ons for modern high-rise buil­dings — such as the One World Trade Center in New York. In addi­tion to escala­tors, the port­fo­lio also includes moving walks, passen­ger boar­ding bridges, stair and plat­form lifts, and tail­o­red service solu­ti­ons such as MAX, the industry’s first predic­tive main­ten­ance solu­tion — cove­ring a broad spec­trum of urban mobility.