Renk aims for stock market comeback with Latham and Linklaters

The Augsburg-based arms manufacturer Renk is planning a return to the stock exchange before the end of October. Citigroup, Deutsche Bank and J.P. Morgan are leading the IPO. Commerzbank, Goldman Sachs, Landesbank Baden-Württemberg and Unicredit are supporting as joint bookrunners. Crédit Agricole CIB, Mizuho and SEB are acting as co-lead managers.

Latham & Watkins assisted Renk (and its shareholder Triton) with the partners: Oliver Seiler (Banking and Finance, pictured, left), Rainer Traugott (Private Equity) and the associate Camilla Kehler-Weiß (Banking and Finance).

Linklaters assisted the banks with the partners: Alexander Schlee (Capital Markets, pictured, right), Marco Carbonare, Kevin Roy (both Corporate/M&A) and the associates Tosan Kraneis, Moritz Buchholz, Catrin Retzmann (all Capital Markets), John Hunt, Alexander Auster, Nick Warman (all Corporate/M&A).

The in-house legal lawyers Joachim Schelm (Director – Head of Legal Documentation – Corporate Bank), Roberta Broglia (Vice President Legal EMEA ECM) and Michael Atere (Senior Legal Counsel) took care of the operation for, respectively, Deutsche Bank, JP Morgan and Citigroup.

More details on the IPO

Renk produces vehicle drives, plain bearings, couplings and test systems for military and civil use and is panning to grow strongly in the new energy market in the future with, among other things, plain bearings for wind and water turbines. For the full year 2023, it expects sales of 900 million to one billion euros (after achieving 849 million euros in 2022).

Private equity investor Triton – which bought the shares from Volkswagen three years ago for around 500 million euros and, according to the company, has invested more than half a billion euros since 2020 to support global growth – will remain as a shareholder.

Until the takeover by Triton three years ago, the group had already been listed on the stock exchange from 1923 to 2020. After the investor delisted the company, a public offering in Germany and private placements with institutional investors in other countries are now planned. This will also include Triton’s existing shares. After completion of the IPO, the investor intends to retain a majority stake.