The transaction is based on an agreed enterprise valuation equivalent to EUR 501 million, with signing and closing completed simultaneously following receipt of all mandatory regulatory approvals.
The acquisition marks a step-change in the development of Cadeler’s offshore foundation transportation and installation (T&I), with a broadened solutions offering that will enable Cadeler to deliver a complete and integrated approach to project execution. Combining Menck’s specialist technology and decades of engineering experience (including more than 50 million data points on driven piles) with Cadeler’s industry-leading fleet of heavy-lift wind installation vessels and deep industry relationships, Cadeler will be well positioned to support customers across the installation value chain.
Mikkel Gleerup, CEO of Cadeler, said: “Offshore wind projects continue to increase in scale and technical complexity, making reliable execution more important than ever. Menck has built an outstanding reputation over more than 150 years as a trusted provider of mission-critical foundation installation equipment and engineering expertise. Bringing together Menck’s specialist engineering capabilities with Cadeler’s offshore installation proficiency, we are combining highly complementary strengths that will enhance our support to customers across the full installation value chain.”
Menck is a leading global provider of specialist technology, tools, and related services for the installation of fixed-bottom offshore foundations. Its market position and reputation are built on a history of more than 150 years of engineering expertise, experienced employees, trusted customer relationships, and a diverse portfolio of hydraulic impact hammers together with complementary capabilities in noise mitigation, drilling, grouting, and specialist lifting and handling equipment.
Cadeler’s intention is to continue to operate Menck as a standalone business, recognizing the strength of its existing organization, customer relationships, and operational know-how. Accordingly, Menck will continue to serve customers across the offshore wind market, including other installation contractors. Preserving Menck’s distinct market identity and commercial posture is central to the transaction rationale, and Cadeler is committed to maintaining broad market access to Menck’s specialist equipment and capabilities.
Mikkel Gleerup added: “Menck is already a highly respected business with exceptional people, deep engineering competence, and long-standing customer relationships. Our ambition is to build on that success by investing in the business while preserving its independent market position and trusted relationships across the wider offshore wind market. Together, we believe this creates a stronger platform for long-term growth and will contribute to a more resilient offshore wind supply chain now and in the future.”
Jochem Scherpenisse, Executive Vice President, Menck Marine Foundations, said: “I am proud of the business that Menck has built and of the reputation our people have earned. Joining Cadeler marks an exciting new chapter for the business. As a leading offshore wind installation partner, Cadeler understands the critical role Menck plays in the industry’s supply chain and shares our long-term commitment to quality, engineering excellence, and reliable project execution. Cadeler will strengthen Menck’s financial flexibility to support and accelerate the execution of our continued growth plan. As part of that, Menck expects to introduce the first-of-its-kind next-generation Wind Hammer early in 2027, designed to enable the compliant installation of ultra-large foundations for offshore wind turbines. With Cadeler, we will have a strong platform to further develop our business and to continue to deliver trusted solutions to customers across the offshore wind industry.”
Cadeler has established itself as a robust and reliable player in the offshore wind installation market with a true global presence and the capacity to take on the largest and most complex projects in response to consistent customer demand.
Menck’s activities are highly complementary to Cadeler’s own. As Menck continues to prioritize its diverse rental fleet, the two businesses further benefit from a fundamentally similar service model, each leveraging deep technical expertise and rich operational experience to maximize the utilization of a high-value, capital-intensive asset base. Cadeler and Menck also have a well-established working relationship: most recently, Menck is supplying the 4,400 kJ impact hammer deployed by Cadeler on the Hornsea 3 offshore wind project.
The acquisition will strengthen Cadeler’s operational resilience, unlocking value for Cadeler’s customers by enabling more efficient use of mission-critical foundation installation capabilities, reducing reliance on subcontracted services, and increasing agility in project planning and execution, while preserving Menck’s ability to serve customers across the wider market.
As the offshore wind industry enters a new phase—defined not only by scale, but by the ability to deliver it—Cadeler will have the equipment, technology, and engineering expertise necessary to push the boundaries in size and complexity, and to accelerate the green transition.
Menck is headquartered in Kaltenkirchen, Germany, and operates facilities in Hamburg, Singapore, Cornwall (UK), and Cork (IE). Cadeler has agreed to acquire Menck from Acteon, a UK-headquartered global offshore energy services group providing specialist engineering and operational solutions across the offshore asset lifecycle.
The transaction has been financed through available liquidity together with a EUR 380 million acquisition facility provided by DNB Bank ASA and Coöperatieve Rabobank U.A. The acquisition facility is expected to be refinanced with long-term financing and cash flow from operations.
