Press release

Frankfurt am Main  |  Wednesday 07 February 2024

Steen Associates advised KNDS on cornerstone investment in successful Renk IPO

As part of the successful IPO of RENK AG, KNDS N.V. (KNDS), a leading European defense company founded in 2015 through the merger of Krauss-Maffei-Wegmann (KMW) and the French defense company Nexter Systems has subscribed to shares worth EUR 100 million as cornerstone investor.

In addition, the selling shareholder TRITON and KNDS entered into an agreement, allowing KNDS to appoint a member of the supervisory board and to have the option to acquire additional shares to reach a total shareholding of up to 25% plus one vote of shares of the company from the selling shareholder at a share price above the Placement Price at a later point in time after the listing.

Amongst other products, KNDS manufactures one of the worldwide leading battle tanks, Leopard 2, for which RENK supplies the transmissions. The investment of KNDS into the RENK Group AG will further support the strategic international growth of RENK, strengthening its market position. “With KNDS, another strong and long-term committed investor joins us, convinced of RENK's capabilities and strategy. The longstanding, trusted business relationship with KNDS as one of our key customers lays the foundation for a successful future. We look forward to taking the next step together," stated Susanne Wiegand, CEO of RENK Group AG.

Steen Associates has acted as Financial advisor to KNDS in that transaction.


Notes to Editors:


About Steen Associates

Steen Associates Ltd., founded in 2005 and present in Germany since 2011, acts as trusted adviser for public and private companies operating in the general industries and the aerospace & defence sector. With offices in London and Frankfurt, Steen Associate’s European Advisory’s business designs and executes strategic M&A and financing solutions. It combines the breadth of its advisory offering with industry specific insights to achieve a unique understanding and perspective into markets and participants globally.

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Contact Details


Joerg Freimund
Steen Associates

T: +49 69 770 1992 00

Jason Steen
Steen Associates

T: +44 20 7405 5040
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