Cadeler has acquired German offshore foundation-equipment specialist Menck at an enterprise value of EUR 501 million. The deal has already closed and is funded with a EUR 380 million acquisition facility and available liquidity.
Menck supplies the hydraulic hammers used to drive offshore wind foundations into the seabed, alongside drilling, grouting, noise-mitigation and handling equipment. It will remain a standalone business and continue serving Cadeler’s competitors.
The announcement did not include enough financial detail to judge the price. The conference call supplied most of what was missing:
Average annual revenue of EUR 113 million in 2023–2025, with a 28% EBITDA margin.
2026 revenue expected at EUR 133 million, with a 33% EBITDA margin.
The fleet of large hammers is expected to increase from three to seven by 2029.
Medium-term targets imply revenue growth above 20% annually, a rental share above 70% and an EBITDA margin of 50–55%.
Average growth capex is expected at EUR 22 million annually in 2027–2029.
On management’s targets, Menck could generate roughly EUR 230 million of revenue and EUR 115–125 million of EBITDA in 2029. That would put the purchase price at around 4x EBITDA before synergies. Management describes the multiple as below 5x on projected medium-term EBITDA.
The improvement is driven by the shift from selling equipment to renting it. Rental currently carries a contribution margin above 70%, and all four new large hammers will enter the rental fleet.
Importantly, these are not simply costs moving from one Cadeler pocket to another. Asked how much of Menck’s 2025 revenue came from Cadeler, CEO Mikkel Gleerup answered:
“All of it is coming from other clients. None of it is coming from Cadeler.”
There are effectively only two major suppliers of these hydraulic hammers. The critical forged-steel components come from a single supplier, and Menck has secured the necessary production slots for its new hammers through 2029.
That makes the growth plan more tangible than a conventional capacity target. The hammers have already been ordered, some are well advanced, and competitors cannot easily replicate the capacity.
Cadeler expects to run as many as five foundation projects simultaneously. Supplying both the vessel and hammer could shorten mobilisations, reduce execution risk and allow Cadeler to earn more from each project.
No synergies are included in the medium-term targets. Any gains from engineering, procurement, utilisation or smoother project execution would therefore come on top.
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