TK Elevator (fka ThyssenKrupp Elevator)

active

Industrial — Advent / Cinven / RAG Foundation

Deal Terms

Entry Year2020

Entry EV$17.2B

Entry Multiple14x

Leverage6x

Debt Amount$10.3B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Consortium paid $17.2B for ThyssenKrupp's elevator division (2020) — largest European PE deal ever. $10.3B debt. Elevator maintenance is PE's dream: recurring revenue, captive customers. But $10B+ debt on a mature industrial business creates fragility. Interest payments consume margins.

Sponsor

Advent International$90B AUM