Copenhagen, 11 August 2026 - Cadeler A/S (or "Cadeler"), a leading offshore wind
installation contractor and operator of the industry's largest fleet of jack-up
wind installation vessels, today announces its strategic acquisition of Menck, a
leading global provider of specialist equipment and technology solutions for
offshore foundation installation. The acquisition strengthens Cadeler's offshore
wind installation capabilities and furthers the company's ambition to be the
preferred installation partner for the offshore wind industry. Cadeler intends
to continue operating Menck as a standalone business, preserving its independent
market position while strengthening its role as a key supply chain provider
across the offshore wind industry.
The transaction is based on an agreed enterprise valuation equivalent to EUR 501
million, with signing and closing completed simultaneously following receipt of
all mandatory regulatory approvals. The transaction is expected to be accretive
to Cadeler's EBITDA multiples on a fully delivered hydraulic hammer-on-order
basis, reflecting the quality of the business and its long-term growth
potential.
Today's acquisition marks a step-change in the development of Cadeler's offshore
foundation transportation and installation (T&I), with a broadened solutions
offering that will enable Cadeler to deliver a complete and integrated approach
to project execution. Combining Menck's specialist technology and decades of
engineering experience (including more than 50 million data points on driven
piles) with Cadeler's industry-leading fleet of heavy-lift wind installation
vessels and deep industry relationships, Cadeler will be well positioned to
support customers across the installation value chain.
Mikkel Gleerup, CEO of Cadeler, comments:
"Offshore wind projects continue to increase in scale and technical complexity,
making reliable execution more important than ever. Menck has built an
outstanding reputation over more than 150 years as a trusted provider of
mission-critical foundation installation equipment and engineering expertise.
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."
An established business with a distinct market position
Menck is a leading global provider of specialist technology, tools and related
services for the installation of fixed-bottom offshore foundations. Its market
position and reputation are built on a history of more than 150 years of
engineering expertise, experienced employees, trusted customer relationships and
a diverse portfolio of hydraulic impact hammers together with complementary
capabilities in noise mitigation, drilling, grouting and specialist lifting &
handling equipment.
Cadeler's intention is to continue to operate Menck as a standalone business,
recognising the strength of its existing organisation, customer relationships
and operational know-how. Accordingly, Menck will continue to serve customers
across the offshore wind market, including other installation contractors.
Preserving Menck's distinct market identity and commercial posture is central to
the transaction rationale, and Cadeler is committed to maintaining broad market
access to Menck's specialist equipment and capabilities.
Mikkel Gleerup adds:
"Menck is already a highly respected business with exceptional people, deep
engineering competence, and long-standing customer relationships. Our ambition
is to build on that success by investing in the business while preserving its
independent market position and trusted relationships across the wider offshore
wind market. Together, we believe this creates a stronger platform for long-term
growth and will contribute to a more resilient offshore wind supply chain now
and in the future."
Jochem Scherpenisse, Executive Vice President, Menck Marine Foundations,
comments:
"I am proud of the business that Menck has built and of the reputation our
people have earned. Joining Cadeler marks an exciting new chapter for the
business. As a leading offshore wind installation partner, Cadeler understands
the critical role Menck plays in the industry's supply chain and shares our
long-term commitment to quality, engineering excellence and reliable project
execution. 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. With Cadeler, we will have a strong platform to
further develop our business and to continue to deliver trusted solutions to
customers across the offshore wind industry."
Becoming the preferred installation partner for the offshore wind industry
Cadeler has established itself as a robust and reliable player in the offshore
wind installation market with a true global presence and the capacity to take on
the largest and most complex projects in response to consistent customer demand.
Menck's activities are highly complementary to Cadeler's own. As Menck continues
to prioritise its diverse rental fleet, the two businesses further benefit from
a fundamentally similar service model, each leveraging deep technical expertise
and rich operational experience to maximise the utilisation of a high-value,
capital-intensive asset base. Cadeler and Menck also have a well-established
working relationship: most recently, Menck is supplying the 4,400kJ impact
hammer deployed by Cadeler on the Hornsea 3 offshore wind project.
Today's acquisition will strengthen Cadeler's operational resilience, unlocking
value for Cadeler's customers by enabling more efficient use of mission-critical
foundation installation capabilities, reducing reliance on subcontracted
services and increasing agility in project planning and execution, while
preserving Menck's ability to serve customers across the wider market.
As the offshore wind industry enters a new phase - defined not only by scale,
but by the ability to deliver it - Cadeler will have the equipment, technology
and engineering expertise necessary to push the boundaries in size and
complexity, and to accelerate the green transition.
Transaction highlights
Menck is headquartered in Kaltenkirchen, Germany and operates facilities in
Hamburg, Singapore, Cornwall (UK) and Cork (IE). Cadeler has agreed to acquire
Menck from Acteon, a UK-headquartered global offshore energy services group
providing specialist engineering and operational solutions across the offshore
asset lifecycle.
The transaction has been financed through available liquidity together with a
EUR 380 million acquisition facility provided by DNB Bank ASA and Coöperatieve
Rabobank U.A. The acquisition facility is expected to be refinanced with
long-term financing and cash flow from operations.
The acquisition of Menck is expected to impact the consolidated Cadeler group's
revenue and EBITDA guidance for 2026. Cadeler is reviewing the extent of that
impact and will provide an update in due course.
Conference call
To present the acquisition, Cadeler will host a live video webcast presentation
today, 11 August 2026, at 3:00pm CET / 9:00am EST.
Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief
Financial Officer, will present live from Hamburg. The webcast presentation is
open to all interested parties and may include forward-looking information.
Publishing research analysts will be provided an opportunity to ask company
management live questions on the call.
Please find the link for the webcast here:
https://cadeler-11-august-2026-investor-presentation.open-exchange.net/. Please
register your planned attendance in advance.
Advisers
DNB Carnegie, a part of DNB Bank ASA, is acting as financial advisor to Cadeler,
and Allen Overy Shearman Sterling LLP and Davis Polk & Wardwell London LLP acted
as its legal advisers. Evercore Partners International LLP acted as financial
adviser to Acteon, and Sidley Austin LLP acted as its legal adviser.
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About Cadeler
Cadeler A/S (Cadeler) is a global leader in offshore wind turbine transport and
installation. The company owns and operates the industry's largest fleet of
jack-up offshore wind installation vessels and is expanding its capabilities
into full-scope foundation transport and installation, as well as operations &
maintenance. With its modern fleet and depth of expertise across onshore and
offshore operations, Cadeler supports the safe, efficient and reliable delivery
of offshore wind projects worldwide. Cadeler is listed on the New York Stock
Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more
information, please visit www.cadeler.com.
About Menck
Menck is a global leader in offshore foundation installation, helping customers
deliver complex projects safely, efficiently and with greater certainty.
Headquartered in Kaltenkirchen, Germany, with teams across Europe and
Asia-Pacific, Menck combines more than 150 years of engineering expertise with
the global reach to support offshore wind and other marine infrastructure
projects worldwide. Building on this heritage, Menck is shaping the future of
marine foundation installation through impact-driven, drilled and grouted
solutions. From early planning and methodology selection through to offshore
execution, these capabilities can be delivered individually or as one integrated
solution, helping customers reduce interfaces, manage risk and keep projects
moving.
About Acteon
Acteon delivers data-driven, engineering-led solutions across the lifecycle of
offshore energy infrastructure. Acteon are trusted to help companies design,
install, maintain, extend and decommission offshore energy assets safely,
efficiently and responsibly - maximising economic return. Through the company's
business lines UTEC (geo-services), Intermoor (moorings and anchors) and 2H
(engineering consultancy), Acteon supports every project phase: from site
investigation and characterisation to construction, asset integrity, life
extension and decommissioning. Operating from 104 locations in 21 countries and
with more than 1,700 staff, Acteon has the reach and depth of resources to offer
specialist expertise, experience and equipment in every major industry region.
Learn more about Acteon's offshore energy solutions at www.acteon.com.
Acteon is a portfolio business of Buckthorn Partners and One Equity Partners
(OEP). Buckthorn is an industrial partner to its businesses, combining decades
of operational expertise with a successful track record in business
combinations. Buckthorn has a highly focused portfolio of companies, which it
runs with an owner-operator business model. OEP is a middle-market private
equity firm focused on the industrial, healthcare, and technology sectors in
North America and Europe. The firm seeks to build market-leading companies by
identifying and executing transformative business combinations.
r-operator business model. OEP is a middle-market private\
equity firm focused on the industrial\, healthcare\, and technology sectors in\
North America and Europe. The firm seeks to build market-leading companies by\
identifying and executing transformative business combinations.\