Engelmann is the leading European manufacturer of smart heat meters for the sub-metering industry. In recent years, Engelmann has continuously strengthened its market positioning by evolving its comprehensive product portfolio towards becoming the preferred system provider in the market.

Engelmann has 170 employees with assembly sites at its headquarters in Wiesloch, Germany, as well as in Suining, China, and generated revenues north of €45 million in FY20/21. Driven by regulatory enforcements and the overall climate goal for decarbonisation, the roll-out of smart meters is expected to significantly contribute towards Engelmann’s further growth in upcoming years.

Nord Holding and capiton acquired Engelmann in 2014. Key milestones during this time have been the successful development of a new management team, the improvement of operational efficiencies, as well as new product launches and successful client diversification.

The financial terms of the transaction have not been disclosed and the transaction remains subject to approval from the relevant competition authorities.

Milbank advised the shareholders of Engelmann on all corporate/M&A, antitrust and tax law aspects of the transaction.

The Milbank team was led by partner Dr. Martin Erhardt (Corporate/M&A) and included the partners Dr. Thomas Kleinheisterkamp (Tax) and Dr. Alexander Rinne (Antitrust) as well as special counsel Dr. Michael Pujol (Corporate/M&A) and the associates Johannes Rogge-Balleer, Josef Wittmann (both Corporate/M&A), Dr. Nils Bremer (Antitrust, all Munich) and Dr. Gerrit Merkel (Finance, Frankfurt).