Bain Capital has agreed to acquire a majority stake in Everllence, a global developer and manufacturer of marine engines, power engines and turbomachinery, from Volkswagen AG.
The transaction, led by Bain Capital’s Private Equity teams in Europe and Asia, will see Volkswagen retain a minority stake and continue as a long-term partner. Bain Capital plans to support Everllence’s next phase of growth by expanding its global service business, investing in its naval defense operations, advancing alternative fuel technologies for maritime decarbonization, and capitalizing on growing demand for behind-the-meter power generation supporting data centers and industrial infrastructure.
It was reported earlier this year that Volkswagen was drawing bids for the unit.