Supporting the acquisition of a leading mobility and energy solutions manufacturer

Macquarie Capital acted as exclusive financial adviser to Carlyle on its acquisition of Schaltbau, a leading international electromechanical supplier and innovator.

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Sector Technology
Sub-sector Industrial
Location Germany


Schaltbau Holding AG (Schaltbau) is a global supplier of electromechanical components and customised technological solutions for the transport and capital goods industries. Its high-quality, specialised technologies are used in railway rolling stock and infrastructure, commercial vehicles, and across a range of other industrial applications.

Established in 1929, Schaltbau is headquartered in Munich, Germany and has 12 subsidiaries around the world. It is a leading international expert in DC (direct current) energy concepts. As one of the few specialists in the DC space, it has become a driver of innovation and key technology partner to the fast-growing markets of tomorrow such as new mobility, new energy and new industry.

Following a strategic realignment in 2019, Schaltbau was well-positioned to benefit from growth trends in its core markets of rail and mobility, as well as from new applications for its technologies in areas such as electric drives, lithium-ion batteries, solar systems, wind turbines and other stationary energy storage devices.


In 2021, global investment firm The Carlyle Group (Carlyle) launched a takeover of Schaltbau, recognising it as a ‘company of high quality with strong positions and leading expertise in its core markets’.

Macquarie Capital acted as exclusive financial advisor to Carlyle, providing extensive strategic advice and intelligence on public takeover considerations, leveraging our bespoke and specialist expertise on listed companies in Germany.

Macquarie Capital’s strong relationship with Carlyle, along with our leading German public M&A practice and deep sector expertise, ensured an efficient and successful execution and comprehensive client support throughout the process. 


Schaultbau was a very high-profile public to private transaction. Macquarie’s role as sole financial advisor is recognition of our capabilities and position as one of the leading M&A houses in Germany, along with our commitment to continue expanding our continental European business in support our clients.”  

Sung-Duk Kim, Managing Director, Macquarie Capital


Carlyle’s offer included a highly attractive cash offer of €53.50 per share, representing a premium of 44 per cent1 which was recommended by the management and supervisory board of Schaltbau.

Carlyle secured at announcement ~69% of Schaltbau’s share capital through irrevocable undertakings providing deal certainty to the company and its stakeholders.

Working together with the existing management team, Carlyle will provide additional support and resources to Schaltbau to accelerate organic growth in its core business, and to capture additional opportunities based on its leading technology know-how and unique customer focus by increasing and investments in innovation and R&D2.

In doing so, it will support Schaltbau to grow in a way that recognises the company’s deep-rooted German heritage, strong engineering and technology-driven culture and the industry knowledge it has across various segments.

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