The Danish offshore and heavy-lift shipping company Cadeler stays on its investment track. Following its latest order for newbuilds, now an entire company is planned to be acquired.
The stocklisted shipping company – formerly part of the Asian Swire Group – operates what it claims is the largest fleet of jack-up vessels for the installation of offshore wind turbines. There have been a number of major investments in recent years, primarily in the fleet. Just recently, for instance, an order for new vessels was announced.
This was followed by the announcement of the acquisition of Menck, which is described as a “leading provider of specialist equipment and technology solutions for the installation of offshore foundations”. In this way, the Danish company aims to achieve its goal of “being the preferred partner of the offshore wind industry” and to further develop its Transport and Installation (T&I) business.
The seller is the British Acteon Group. The transaction is based on an agreed enterprise value of €501 million; the signing of the contract and completion (closing) are to follow once all necessary regulatory approvals have been obtained, according to a statement. The deal will be funded using “existing liquidity” as well as acquisition financing of €380 million provided by DNB Bank and Rabobank. It is also planned to repay this acquisition financing through long-term funding and operating cash flow, according to the official statement.
Menck is to continue to operate as an independent company. The firm, headquartered in Kaltenkirchen with sites in Hamburg, Singapore, Cornwall (UK) and Cork (Ireland), will continue to serve customers across the entire offshore wind energy sector, including other installation companies. Preserving Menck’s independent market identity and business positioning is a key component of the transaction strategy. The portfolio includes hydraulic impact hammers as well as expertise in the areas of noise reduction, drilling and grouting.
The expanded range of solutions enables the company to offer a holistic and integrated approach to project delivery. CEO Mikkel Gleerup said: “Offshore wind projects are constantly growing in scale and technical complexity, which is why reliable project delivery is more important than ever. Over more than 150 years, Menck has built an excellent reputation as a trusted supplier of business-critical equipment for foundation installation and as an expert in engineering services.” By combining Menck’s engineering capabilities with Cadeler’s expertise in offshore installation, the aim is to bring together “ideally complementary strengths”.
Jochem Scherpenisse, Executive Vice President at Menck Marine Foundations, described the acquisition as “an exciting new chapter” for the company. “Cadeler will strengthen Menck’s financial flexibility to support and accelerate the implementation of our further growth plan. As part of this, Menck plans to introduce a novel technology in early 2027, which is intended to enable the installation of extremely large foundations for offshore wind turbines in accordance with industry standards,” Scherpenisse continued.
