Old World Craft Meets New World Capital
Founded in 1864, Renold is headquartered in Manchester, U.K., with a global manufacturing footprint that stretches across Europe, North America, and Asia. In 2024, it posted revenues of £241.4 million—a testament to its staying power in an evolving sector.
For MPE Partners, also known as Morgenthaler Private Equity, this move is as much about legacy as leverage. It plans to use a scheme of arrangement—a common British legal framework for takeovers—to seal the deal, requiring approval from at least 75% of Renold’s shareholders.
So far, MPE has secured the backing of approximately 2.7% of shareholders, with the rest expected to follow, according to Renold’s board, which has unanimously endorsed the offer. They argue that the company’s true value was long obscured by its stock price and market perception.
A Battle of Bidders, Won with Precision
MPE’s final offer eclipsed a rival bid made by Buckthorn Partners LLP (London) and One Equity Partners (New York), who had proposed a £182.6 million valuation. Initially, MPE offered 77 pence per share, valuing Renold at £173.6 million, before raising its offer to win the board’s favor.
The acquisition is slated to close by December 2025, pending approvals from shareholders and regulatory bodies in the U.K., Australia, Germany, and France.
