Cadeler expands offshore wind offering with $578m Menck acquisition
Offshore wind vessel heavyweight Cadeler has acquired German company Menck, a provider of specialist equipment and technology solutions for offshore foundation installation.
Cadeler intends to continue operating Menck as a standalone business, preserving its independent market position.
The transaction is based on an agreed enterprise valuation equivalent to €501m ($578m), with signing and closing completed simultaneously following receipt of all mandatory regulatory approvals.
The acquisition combines Menck’s specialist technology, including more than 50m data points on driven piles, with Cadeler’s fleet of heavy-lift wind installation vessels.
Cadeler acquired Menck from Acteon, a UK-headquartered offshore energy services group providing specialist engineering and operational solutions.
The transaction has been financed through available liquidity together with a €380m ($438.5m) acquisition facility provided by DNB Bank and Coöperatieve Rabobank. The acquisition facility is expected to be refinanced with long-term financing and cash flow from operations.
“Bringing together Menck’s specialist engineering capabilities with Cadeler’s offshore installation proficiency, we are combining highly complementary strengths that will enhance our support to customers across the full installation value chain,” said Mikkel Gleerup, CEO of Cadeler.
“Cadeler will strengthen Menck’s financial flexibility to support and accelerate the execution of our continued growth plan. As part of that, Menck expects to introduce the first-of-its-kind next-generation Wind Hammer early in 2027, designed to enable the compliant installation of ultra-large foundations for offshore wind turbines,” added Jochem Scherpenisse, EVP of Menck Marine Foundations.
The acquisition comes only two days after Cadeler announced a near $1bn order for the construction of two new T-class offshore wind installation vessels with COSCO Shipping Offshore shipyard. The vessels are scheduled for delivery in 2030 and 2031.