Allianz, Apax exit Belgian gearbox business

Munich-headquartered Allianz Capital Partners (ACP) and global private equity firm Apax Partners have sold their stake in Hansen Transmissions, a Belgian manufacturer of gearboxes for wind turbines.
 
ACP and Apax sold Hansen Transmissions to Rotor Holding, a subsidiary of wind power business Suzlon Energy, for €465 million ($560 million). Suzlon will fund the transaction with a combination of internal cash reserves and credit facilities, according to ACP.
 
ACP, the private equity arm of the Allianz group, originally acquired Hansen Transmissions from global automation, controls and process solutions group Invensys in May 2004 for €132 million. Apax Partners invested an undisclosed sum in Hansen Transmissions in 2003.
 
According to media reports, both ACP and Apax held 50 percent stakes in Hansen Transmissions.
 
Neither ACP nor Apax were immediately available for comment.
 
Established in 1923, Antwerp-headquartered Hansen Transmissions designs, develops, manufactures and supplies gearboxes for the wind power sector as well as other industrial applications such as water treatment, material handling and cooling towers.
 
The business employs 1,200 staff in assembly and service centres in the UK, the US, South Africa and Australia, as well as in sales offices in Europe, Brazil, China and Japan. The company reported turnover of €210 million in the 2004/2005 financial year.