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Centerbridge completes Senvion deal

By: Lewis Holdsworth 30/04/2015 Senvion

General Turbines Windfarms

The wind turbine manufacturer Senvion SE (“Senvion”), previously part of the Indian group Suzlon Energy Limited (“Suzlon”), has changed owners. Centerbridge Partners, L.P. (“Centerbridge”), through its Centerbridge Capital Partners private equity investing strategy, has successfully completed the acquisition of Hamburg-based Senvion.
All the necessary administrative, legal and financial preparations for the transfer of ownership are now completed. The relevant antitrust authorities have approved the transaction.

Andreas Nauen, CEO of Senvion, said: “We are very excited to welcome Centerbridge as our strong new partner. Together, we will take even greater advantage of our potential in the wind energy market. With its leading product portfolio, market position and by leveraging Centerbridge’s strong network, Senvion is now very well placed to benefit from the continued shift towards renewable energy and to continue our course of profitable growth. We will continue to expand our onshore market share, both in our top five markets of Germany, the UK, Australia, Canada and France and in other target markets and will also cement our strong position in the offshore market.”

Stefan Kowski, Managing Director at Centerbridge, said: “Senvion is a highly innovative company with outstanding technology, a leading market position and an experienced, committed workforce and strong prospects. By working closely with the management, we want to help to further accelerate the company’s growth plans by investing in product development, service excellence and expansion in new markets.”

The Senvion headquaters will remain headquartered in Hamburg, Germany. Following the completion, the Supervisory Board members mandated by the old owner have stepped down from their positions. The new Supervisory Board consists of four shareholder representatives (Stefan Kowski, Steven M. Silver, Todd Morgan and Martin Skiba) and two present employee representatives (Bernhard Band and Thomas Rex).

Senvion put in place a new 950 million euro guarantee and credit facility from a consortium of 15 international banks and credit insurances (issued in April 2015 in a significantly over-subscribed syndication). The new facility is 100 million euro larger than the company’s previous facility in order to support further growth under the new owner.

More than half the transaction capitalisation will be funded with equity, the sale was agreed back on 22nd January 2015, the transaction is subject to Regulatory and other customary closing conditions. Senvion to give Suzlon license for off-shore technologies for the Indian market. Suzlon to give Senvion the S111-2.1MW license for the USA market.

Centerbridge Partners, L.P. is an investment management firm focused on private equity and credit investment opportunities. As of April 2015, the Firm has approximately $25 billion in capital under management with offices in New York and London.

(Senvion SE 2014)

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Centerbridge completes Senvion deal

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