CCI Approves Bain Capital Funds’ Acquisition of Majority Stake in Volkswagen Subsidiary Everllence

The Competition Commission of India (CCI) has approved the acquisition of a majority of the shares and voting rights in Everllence SE, along with a number of its direct and indirect subsidiaries, by funds managed and/or advised by Bain Capital Investors, LLC. The proposed combination involves the indirect acquisition of the majority stake from Volkswagen Aktiengesellschaft through a share transfer.

Purchaser and Bain Capital

The acquisition will be undertaken through Nikolaus (BC) Bidco GmbH, a special purpose vehicle ultimately controlled by funds managed and/or advised by Bain Capital.

Bain Capital is a private investment firm headquartered in Boston, USA. It invests in companies across industries including information technology, healthcare, retail and consumer products, communications, financial services, and industrial and manufacturing sectors.

Everllence’s Business

Everllence is currently a wholly-owned subsidiary of Volkswagen. Headquartered in Augsburg, Germany, the company is an engineering business focused on propulsion, decarbonization and efficiency solutions for the marine industry, energy sector and industrial applications. Its offerings also include lifecycle service solutions through its PrimeServ organization.

Business Divisions

According to the information provided by the CCI, Everllence develops and delivers technologies intended to support the transition toward climate-neutral operations.

Its business is structured into three divisions:

• 2-stroke engines
• 4-stroke engines
• Turbomachinery