Industrial Insider - Global M&A€¦ · 2020). The EU GDP growth forecast was also revised down to...

1

Q1 2019

Industrial Insider

2

Automotive Parts,

Components & Systems

▪ Measuring,Analyzing&Controlling

Instr.

▪ Sensors, Relays & Switches

▪ Optical Instruments & Lenses

▪ Tactile Measurement Equiment

Instrumentation

▪ Substation Equipment

▪ Grid Managament Products

▪ Switchgear

▪ SCADA & Remote Monitoring

Power Generation &

Transmission

Dear Reader,

It is our pleasure to present you our quarterly report on M&A activities in the industrial segment. The report covers the macroe-

conomic situation in Europe, key themes in the Smart Robotics, M&A trends and relevant transactions in the industrial sector

published in the first quarter of 2019 by data provider Mergermarket for India, the DACH region (Germany, Austria, and Switzer-

land), neighbouring countries as well as UK, Italy, Norway, Sweden, Turkey, Canada, and US in the following segments:

▪ Machine Tools

▪ Mechanical Power Transmission

▪ Industrial Automation

▪ Relays & Industrial Controls

Machinery & Specialty

Equipment

▪ Hand Tools

▪ Fasteners & other Fixing Material

▪ Bearings and Gears

Tools and other

Industrial Equipment

▪ Insulation Materials

▪ Concrete and Wood Materials

▪ Fittings

Building Products

▪ Metal & Plastic Parts & Compo-

nents

▪ Electrical and Electronic Com-

ponents & Systems

▪ Drive Components & Systems

▪ Motors, Generators, Transformators

▪ Electricity Distribution and Control

▪ Cables and Installation Material

▪ Building Automation & Lighting

Equip.

Electrical Equipment

▪ Tubes, Films, Foils

▪ Sealings

▪ Pipes

Rubber & Miscellane-

ous Plastic Products

▪ Pumps, Motors & Compressors

▪ Actuators, Cylinders, Pistons

▪ Valves

Hydraulics & Fluid Power

3

Table of Contents

Macroeconomic Situation in India and Europe .............................................................................................. 4

Smart Robotics..................................................................................................................................................... 10

Global M&A Partners – Deals in Q1 2019 ........................................................................................................ 25

Country Focus ...................................................................................................................................................... 26

India ................................................................................................................................................................. 27

DACH region .................................................................................................................................................. 32

Benelux ............................................................................................................................................................ 47

Czech Republic ............................................................................................................................................. 53

Denmark ......................................................................................................................................................... 54

France ............................................................................................................................................................. 57

Italy .................................................................................................................................................................. 64

Norway ............................................................................................................................................................ 69

Poland ............................................................................................................................................................. 71

Sweden ........................................................................................................................................................... 72

United Kingdom ............................................................................................................................................. 76

Canada .......................................................................................................................................................... 84

Contact Details ................................................................................................................................................... 89

4

Macroeconomic Situation

India: As one of the world’s fastest-growing economies, with a current and projected an-

nual GDP growth of nearly 7.5% , India is a critical engine of global economic growth. The

Indian economy is likely to sustain the rebound growth it witnessed in FY2018–19, projected

to be in the 7.2-7.5% range and is estimated to remain upward of 7% for the year ahead.

Eurozone: According to European Commission’s Winter 2019 forecast, Euro area GDP is

expected to grow by 1.3% in 2019 and 1.6% in 2020 (Autumn Forecast: 1.9% in 2019; 1.7% in

2020). The EU GDP growth forecast was also revised down to 1.5% in 2019 and 1.7% in 2020

(1.9% in 2019; 1.8% in 2020). The drop can be primarily attributed to the softening of inter-

national trade and manufacturing activity, elevations in trade tensions and substantial fi-

nancial market pressures in some large emerging markets.

Eurozone GDP Growth

Source: Eurostat and Ifo-Istat-KOF Forecasts

• The global growth in economy is pro-jected to grow at 3.5% in 2019 and 3.6% in 2020

• Weakening growth of gross fixed capi-tal formation and net foreign demand led to the slowdown of the economic growth within the Eurozone

• The annual inflation rate was record-ed at 1.5% in February up from 1.4% in January in 2019 with the highest contribution from the services sector

• The unemployment rate was recorded at 7.8% in February 2019, stable as compared to the previous month

• Private consumption in the Eurozone is forecasted to grow by 1.8% in 2019

• Seasonally adjusted industrial produc-tion fell by 0.2% in the euro area (EA19) and remained unchanged the EU28 in February compared to Janu-ary 2019

5

Inflation

India's inflation rate rose to a five-month high of 2.86% y-o-y in March 2019 from 2.57% in February 2019. Food prices rose for the

first time in six months, while the inflation rate in India averaged 6.18% from 2012 until 2019.

The Euro area annual inflation rate was 1.5% in February 2019, up from 1.4% in January 2019 and 1.1% in February 2018. The low-

est annual rates were registered in Ireland (0.7%), Greece, Croatia and Cyprus (all 0.8%). The highest annual rates were record-

ed in Romania (4.0%), Hungary (3.2%) and Latvia (2.8%). In February 2019, the highest contribution to the annual euro area in-

flation rate came from services followed by food, alcohol & tobacco, energy and non-energy industrial goods.

Eurozone Inflation

Source: Trading Economics

6

Strengthening Labour Market

Steadily rising from 6.7% in November 2018 to 7% in December 2018, 7.1% in January 2019 and 7.2% in February, India's unem-

ployment rate declined to 6.7% in March 2019. After having remained over 7% in the three preceding months, this is a signifi-

cant drop.

The Euro area seasonally-adjusted unemployment rate was 7.8% in February 2019, stable compared with January 2019 and

down from 8.5% in February 2018 (lowest level since late 2008). The EU-28 unemployment rate was 6.5 % in February 2019, stable

compared with January 2019 and down from 7.1 % in February 2018.

Among the Member States, the lowest unemployment rates in February 2019 were recorded in Czechia (1.9 %), Germany (3.1

%) and the Netherlands (3.4 %). The highest unemployment rates were observed in Greece (18.0 % in December 2018), Spain

(13.9 %) and Italy (10.7 %).

Euro area and EU28 Unemployment Rates (Seasonally Adjusted Series)

Source: Eurostat

7

Increase in Private Consumption

India is expected to witness tremendous jump in consumer spending by 2030 driven by increased incomes and a growing con-

sumer economy. While India’s top 40 cities are projected to form a $1.5 tn opportunity by 2030, several small urban towns are

expected to equally drive large spend overall. Parallelly, developing rural infrastructure and retail landscape will unlock nearly

$1.2 tn of spend. Imports to India rose 1.44% from March 2018 to USD 43.44 bn in March 2019, due mainly to purchases of oil.

Considering April-18 to March-19, imports increased 8.99% to USD 507.44 bn from USD 465.58 bn in the same period of the previ-

ous fiscal year.

Private consumption in the Eurozone is forecasted to grow by 1.8% in 2019 and expected to remain the main growth driver,

benefiting from continued but slower labour market improvements and a pick-up in wage growth. However, as spending tends

to be more sensitive to changes in employment than in wages, households are expected to become gradually less inclined to

consume additional labour income. Household purchasing power is also set to benefit from lower energy prices, while disposa-

ble incomes are expected to receive support from expansionary fiscal measures.

Export Growth

Exports from India increased 11.02% from March 2018 to USD 32.55 bn in March 2019, boosted by sales of organic & inorganic

chemicals, engineering goods, textiles, drugs & pharmaceuticals, and petroleum products; reaching an all time high since

1957.

In 2018, euro area exports of goods to the rest of the world rose to EUR 2,277.6 bn (an increase of 3.7% compared with 2017),

and imports rose to EUR 2,084.2 bn (an increase of 6.6% with respect to the previous year). As a result the euro area recorded a

surplus of EUR 193.4 bn in 2018, compared with +EUR 240.8 bn in 2017. However, a trade confict of Europe with the US admin-

istration imposing tariffs on a wide range of goods including car tariffs, is likely to affect European exports adversely in the com-

ing years.

8

International Trade in Goods of the Euro Area, EUR bn

Source: Eurostat

Strong Industrial Production

Industrial production in India rose 0.1% y-o-y in February 2019, following a downwardly revised 1.4% increase in the previous

month. Considering April 2018 to February 2019, industrial production went up by 4%.

In February 2019 compared with January 2019, seasonally adjusted industrial production fell by 0.2% in the euro area (EA19)

and remained unchanged in the EU28, according to estimates from Eurostat.

In the EU28, production of energy fell by 2.2% and capital goods by 0.2%, while production of durable consumer goods re-

mained unchanged, intermediate goods rose by 0.2% and non-durable consumer goods by 0.7%. Among Member States, the

largest decrease in industrial production were registered in Lithuania (-4.7%), Greece (-2.7%) and Croatia (-2.3%). The highest

increase were observed in Poland (+1.7%), Bulgaria (+1.5%) and Hungary (+1.0%).

9

Eurozone Industrial Production

Source: Eurostat

Note: Prices indexed to 100 in 2015

10

Smart Robotics

Overview

With the ongoing trend towards automation and continued innovative technical improvement in

industrial robots, the demand for robots has been increasing considerably.

Robots handling production line operations such as welding, painting and assembly are using ma-

chine learning to improve operational accuracy and predict breakdowns. The key component that

sets apart smart robotics from the traditional robotics is the fact that smart robots can interact and

collaborate with humans – often learning from their behavious and working alongside with them.

Smart Robots are divided into two broad categories: industrial robots (handling, welding, painting,

assembly, transport etc at manufacturing sites) and service robots (used for mobility (transportation),

medical/nursing/welfare/healthcare, security, cleaning and infrastructure)

Humanoid Robots are the robots that expresses feelings and emotions such as humans and can per-

form household tasks and also help older adults. The robot is smart, advanced and equipped with

many sensors. The robot has motorized systems as human eyes and controls like the human brain.

Sophia, the world’s first humanoid was built by Hanson Robotics, a HongKong based company.

Mobility and medi-

cal/healthcare related

robots: Companies are

working on network

based remote control

functions and data

collections & analysis

to improve their ser-

vices

Security and cleaning


working to implement

functions which use

networks to collect

data and link with op-

eration centres as well

as remote operations

and record checking

Infrastructure- related


working on network

based remote control

functions and data

collection and analy-

sis to improve their

services.

11

Market Size and Growth

The global smart robot industry is expected to reach USD 14.3bn by 2023, almost tripling from USD 4.9bn in 2018 by growing at a

CAGR of 23.7% over this five-year time period. High adoption of robots for personal use, such as companionship and enter-

tainment; support from governments worldwide to develop modern technologies; and financial assistance through govern-

ment budgets or subsidies are some of the key growth driving factors. It is estimated that 30% of all new robotic deployments

are expected to be smart, collaborative robots that operate three times faster than traditional robots while also being safer for

working around humans. Service robots are expected to hold the major share of the AI robots market in 2018, with revenue

growing at a much faster rate (c.30% CAGR in 2015-20 vs. 18% CAGR for Industrial robots during the same period)

Global Smart Robot Market

Source: MRFR Analysis

12

Estimated Annual Worldwide Supply of Industrial Robots from 2016-2020

Source: MRFR Analysis

Industrial Machine Vision by Geography

Europe and North America are the biggest markets for smart robots and are driven by rapid commercialization and the pro-

gress of their manufacturing industry. Additionally, the early acceptance of technology in these geographies has encouraged

the smart robot market to prosper at a brisk rate. On the contrary, it is expected that Asia Pacific (APAC) would be the front-

runner, registering fastest growth rate due to significant technological advancements. Additionally, the present boom in the

automotive sector is predicted to drive the smart robots markets in APAC. Within APAC, service robots market demand is likely

to grow in countries such as China and India owing to the advancements in the manufacturing sector.

13

Key Applications by End Markets

Increasing demand from Education

Teaching processes, which incorporate robotic-

based engagement methods, can approach

the effectiveness of human tutors. Socially-

engaging robots are used in education and

also as weight-loss coaches, play partners and

companions. In addition, humanoid robots can

be customized for a particular child’s needs.

Humanoids as Caregivers

Demand for professional caregivers is

on the rise and humanoids have the

potential to assist the elderly in the

near future. Japanese government

has already started funding the de-

velopment of elder care robots to fill

the shortage of specialized workers.

Humanoids to Take Over Dull and

Dangerous Jobs

Human robots are replacing humans in per-

forming dangerous tasks. For e.g. welding,

when done manually, can have hazardous

effects on the health of the human worker.

With robotic welding in place, humans no

longer need to inhale the fumes from metals.

Rise of the Delivery Robots

The once science fiction notion of robots car-

rying out deliveries really gained traction in

2018. Wheeled delivery bots are being used to

carry out deliveries in cities. Using an app, re-

cipients can say when and where they want

their package delivered, as well as keep an

eye on the robot’s progress in real time.

Rise of the Service Robots Service robots for private use is on the

rise. Having already significantly im-

pacted the agriculture, surgery and

logistics sectors, service robots are ex-

pected to offer greater assistive capa-

bility and value in the future.

Growing Application across Industries

Smart robotics is no longer confined to conven-

tional sectors like automation and manufactur-

ing. As a technology, Smart robotic is undergo-

ing a massive change and is being deployed

for a diverse range of applications across multi-

ple industries like healthcare, retail, agriculture,

logistics, and banking, etc.

Smart

Robots

14

Market Drivers

Next Wave Robotics Increasing sophistication of robotics in devices like drones or intelligent surgical devices leading to the growing opportunity for

players

High cost of Human labour With the rise in cost of labour in manufacturing, most of the manufacturing industries are turning towards robot labour for more accu-

racy, speed and cost reduction. Especially, for the dangerous worksites, such as mines, robot labour can effectively reduce the overall

operational cost to a significant extent

Big Data The International Data Corporation predicts that the amount of data in the world will grow ten times by 2025 to 163 ZB

(zettabytes) from the 16.1 ZB of data generated in 2016. This development makes the role of artificial intelligence im-

portant in analyzing data and making strategic decisions, hence leading to the growth of smart robotics

Machine Co-operation With the increasing need of automation, there’s an increasing need of connected machines and smart ro-

bots to communicate vast amounts of information very quickly to the other robots, together having the po-

tential to learn from a pool of shared experiences. This ability further drives the usage and hence the market

Demand for Augmented Human Function Average productivity changes in the nonfarm business sector fell from 2.6% during the 2000-2007

period to 1.2% from 2007-2017, according to the Bureau of Labor Statistics, paving the path for smart

robots that would help increase productivity

Adoption Among Professional Services Robo-advisors and surgical robots are some of the emerging uses of smart robots being increasingly adopted

on an industrial scale

Government R&D Increasing government funding and R&D due to increasing focus on efficient production especially in emerging coun-

tries is further driving the smart robotics market. The UK announced GBP 68mn (about USD 94.2mn) in funding for AI and

robotics research on November 8th 2017; China is building an AI research industrial park for USD 2.1bn; and the US is al-

ready leading in AI research funding

Market

Drivers

15

Key Investments in AI & robotics

• China-based AI and humanoid robotic company Ubtech secured USD 820m in Series C funding round led by Tencent

Holdings Ltd, setting a new record for the largest investment raised in a single round by an AI company

• TartanSence, India-based agritech startup, secured USD 2m seed funding from Omnivore, Blume Ventures and BEENEXT.

The company will use the funds to scale up its first AI-backed robot, designed to assist farmers

• US-based Misty Robotics, a spin-out company from Sphero, raised USD 11m in equity that was a follow-on to its Series A

round from 2017. The Misty II is an advanced personal robot that will ship to customers in 2019

• International Intelligent Machines, China-based developer of AI-powered driverless technology and humanoid intelligent

robot technology, secured USD 10m in a Series A round backed by SINO-BLR Industrial Investment Fund

• US-based company Vicarious Surgical closed a USD 10m round of funding led by Bill Gates’ Gates Frontier. The company

will use this money to continue to develop its technology combining surgical robots

• Embodied, US-based AI and robotics company, raised USD 22m in a Series A financing led by Calibrate Ventures, and will

use the funds to create an art companion robots to revolutionize human-centric care and wellness

16

Competitive Landscape (Major Public Companies)

Company Headquarters Sales

(EURm)

Market Cap

(EURm) Description

83,044.0 85,557.3

Siemens AG engages in the production and supply of systems for power gen-

eration, power transmission, and medical diagnosis

23,500.7 39,338.8

ABB Ltd. is a holding company, which engages in the development and

provision of power and automation technologies

5,609.9 33,320.6

FANUC Corp. engages in the development, manufacture, sale, and

maintenance of computer numerical control (CNC) systems, lasers, robot

systems, robomachines, roboshot, robocut and nano robots

5,602.8 20,157.9

Rockwell Automation, Inc. engages in the provision of industrial automation

and information services

925.3 3,438.2

iRobot Corp. is a robot company, which engages in designing and building

robots. Its products include robot vacuums, robot maps, and pool cleaners.

3,242.1 2,318.9 KUKA AG engages in the provision of intelligent automation solutions

Competitive Landscape (Private Companies)

17

Notable Transactions

EV: USD 340.7m

Deal Rationale

Will Help the company to expand its

unmanned system capabilities

Deal Rationale

Will allow UBTECH to solidify its R&D

activities, and enable it to create

brand expansion and acquire new

talent

Deal Rationale

Will enable Midea to enhance its

industrial robotics business and third

party logistics services

EV/EBITDA: n/a

EV: USD 9,253.3m

Deal Rationale

Will enable KCC Corporation to

return its investment

EV/EBITDA: n/a

EV: USD 4,246.3m

EV/EBITDA: n/a

EV: USD 4,395.7m

EV/EBITDA: 17.0

(86.5% stake) (5.1% Stake)

Consortium of investors

Private Investor

EV: USD 520.3m

Deal Rationale

Will enable Softbank to go global

with its robotics business

EV/EBITDA: n/a

(40% Stake)

EV: USD 254.4m

Deal Rationale

Will strengthen Teradyne's System

and Wireless Test businesses and will

help it to expand its business in high

growth segment of industrial auto-

mation

EV/EBITDA: 45.0

EV: USD 1,887.8m

Deal Rationale

Will help it expand into Robotics

EV/EBITDA: 12.4

(24.09% Stake)

Target Acquirer Target Acquirer Target Acquirer Target Acquirer

Target Acquirer Target Acquirer Target Acquirer

18

Outlook

The smart robotics market has matured steadily with the automation across various industries. Rapid technological advances and the

presence of several established automation and technology companies will drive the growth of the smart robots market. While robotics

has its roots in the manufacturing sector, there is an increasing acceptance and adoption of robots in several other industries, such as re-

sources and transportation. Organizations in these areas are attracted to the promise of greater efficiency and productivity. But they are

also turning to robotics to address other concerns such as skills shortages, workplace safety, and keeping up with the accelerating pace of

business. The emerging technological advancements within the robotics field coupled with rising investments towards industrial automation

will ultimately boost the overall market for smart robots globally.

19

M&A Trends

The first quarter of 2019 saw a decline in the M&A activity. Many European firms slowed their investment decision making as a result of rising

levels of political and economic uncertainty, coupled with growing protectionism. In Q1’19 the European M&A plummeted to its lowest

quarterly value since 3Q12. The relentless uncertainty surrounding how Brexit will unfold left UK M&A activity remaining at an historical low

during the first quarter. Confidence in pursuing blockbuster deals appeared to have taken a further hit following the proposed merger be-

tween Siemens and Alstom being blocked due to competition concerns. The top ten mega deals (> USD 10.0bn) did not target Europe.

The largest deal in the first quarter saw ZF Friedrichshafen acquire Swiss brake technology manufacturer WABCO for USD 7.2bn.

In Germany, rumours of banking consolidation re-emerged with Deutsche Bank and Commerzbank. Both banks have long been linked as

potential merger partners given their relative financial shortcomings. Foreign investment has also been comparatively quiet. Inbound M&A

dropped to the lowest quarterly value since Q4’17. Foreign investment is expected to drop further in the coming months following the an-

nouncement that the EU had approved a new foreign direct investment screening framework.

Private equity was one area that remained robust in 2019, with several high-profile buyouts announcements. There were 11 take-private

buyouts worth a combined USD 19.9bn announced including the USD 5.5bn takeover of UK satellite firm Inmarsat by a consortium formed

of Apax Partners, Warburg Pincus and CPPIB.

In Asia, dealmaking dipped to its lowest level in Q1’19. According to Merger Market, the deal value in China, which accounted for 46.6%

of the overall M&A activity APAC ex Japan in Q1’19, almost halved compared to the same period last year. Dealmaking remained lacklus-

tre across most of the rest of Asia with the notable exceptions of Singapore, Thailand and Indonesia, where M&A value increased despite

fewer deals due a to number of large cap deals. Buyouts plunged and PE also felt a squeeze as China-US trade war, domestic deleverag-

ing efforts to curb financial risks, and increased regulatory scrutiny made fundraising for private equity and venture capital more challeng-

ing.

Geopolitical uncertainties persisted in Europe and economic slowdowns emerged in Asia, US was the most valuable place to do business

globally with 51.7% of market share by total deal values, according to Merger Market. Nevertheless, despite the hefty sums paid for US

firms, deal count saw a decrease in Q1’19, posting 1,081 transactions – the fewest for a first quarter in half a decade. The biggest deal for

the quarter in the US and across all sectors was Bristol-Myers Squibb’s USD 89.5bn bid for Celgene. Dealmakers in 2019 seem ready to con-

tinue buying up valuable targets in the US. However, the effect of the Fed’s decision to halt interest rate hikes this year due to concerns

stemming from the government shutdown, trade tensions, and slowdowns abroad is yet to be seen.

20

Energy and Chemicals

The Global M&A volume in Q1 remained underwhelming. However, a late volume resurgence during the last two weeks of the quarter saw

total global M&A volume accelerate, credits to the mega deals in the Energy and Chemical sector including Saudi Aramco’s USD 69bn

offer for 70% of SABIC, a Saudi-based diversified manufacturing company, active in petrochemicals, chemicals; and DowDuPont’s USD

52bn spin-off of Dow Inc, the Material Science Divison of the Company.

Industrial (in the surveyed countries)

The M&A market in the industrial sector increased in the first quarter of 2019, accounting for altogether 483 transactions (vs. 467 in the

fourth quarter of the last year) registered by Mergermarket in the surveyed countries. The market volume increased in the first quarter by

around 3.4% as compared to the preceding one (i.e. the fourth quarter 2018) and increased approximately 2.1% as compared to the first

quarter of 2018.

The following figure reflects the quarterly development of the market volumes in the industrial sector over the last 5 years:

Quarterly development of number of transactions in the industrial sector

Lower number of industrial deals was recorded in Europe than in North-America during the first quarter 2019. Of the 483 transactions in the

observed regions during Q1 2019, 48.9% were recorded in Europe and 51.1% in North-America.

21

A comparison of the valuation levels observed during the first quarter 2019 and the fourth quarter of 2018 shows that the overall median for

the enterprise values increased to EUR 82.0m, due to a significant increase in values in Nordics Region, Germany’s Neighbour countries and

a slight increase in the DACH region. The median recorded enterprise value in Nordics, Germany’s Neighbour countries and DACH region

was higher than in the previous quarter by 919%, 84% and 20% respectively. However, the valuation multiples for sales and EBITDA de-

creased compared to Q4 2018. The analysis of the limited number of transactions with published valuation data (101 transactions making

approx. 20.9% out of the total) shows that the median multiples during Q1 2019 were 1.2x for sales and 7.7x for EBITDA compared to 1.7x

and 11.8x in Q4 2018.

Number of transactions with disclosed

values

DACH

region

Germany's

neighbour

countries*

Nordics** UK North

America Total

Enterprise value > € 1 bn 2 0 2 2 9 15

Enterprise value € 250 m - € 1 bn 0 1 0 1 9 11

Enterprise value € 100 m - € 250 m 2 6 0 0 10 18

Enterprise value € 50 m - € 100 m 2 3 1 0 10 16

Enterprise value < € 50 m 2 6 1 9 23 41

Total 8 16 4 12 61 101

Q1 2019

Median values

DACH

region

Germany's

neighbour

countries*

Nordics** UK North

America

Overall

median

Enterprise value in € million 121 70 710 15 82 82

Sales multiple 1.0 1.5 1.0 1.2 1.2 1.2

EBITDA multiple 13.1 7.7 6.0 7.6 8.0 7.7

Q4 2018

Median values

DACH

region

Germany's

neighbour

countries*

Nordics** UK North

America

Overall

median


22

Sales multiple 2.5 1.7 1.6 1.4 2.0 1.7

EBITDA multiple 14.4 11.1 11.8 9.0 12.4 11.8

2018 DACH

region

Germany's

neighbour

countries*

Nordics** UK North

America

Overall

median


Sales multiple 0.9 1.4 0.8 1.3 1.8 1.3

EBITDA multiple 9.5 11.1 9.7 9.5 12.0 9.7

* Except Austria and Switzerland

** Denmark, Norway, Sweden

In the European M&A marketplace Germany remained the region with the largest share of all European transactions in the in-

dustrial sector. The share of German transactions in all European transactions increased slightly from 20.0% in Q4 2018 to 23.7%

in the first quarter of 2019 (56 out of 236 deals registered in Germany). UK recorded 37 transactions, France 29, Italy 27 and

Netherlands 23 transactions.

On the buyer side, Germany, France and UK buyers completed 33, 30 and 27 transactions respectively in the industrial sector in

Europe, and thus were more active than USA and Canada investors, who completed 24 takeovers. To compare, the Top 3 ac-

quirers in the previous quarter were respectively France (35 takeovers), Germany (32) and USA & Canada (28). At the same

time, the number of acquisitions of industrial companies carried out by Asian investors in Europe increased to 20, and the trans-

actions carried out by North America, which decreased to 24. Japan and China were the most active in Europe among the

Asian buyers (7 transactions each). In Q4 2019 Asian buyers completed 16 industrial transactions (Japan 11, China 3) and North

American buyers completed 28 transactions.

23

The European market was dominated, although slightly in the first quarter of 2019 by cross border transactions (i.e. target and

buyer with different countries of origin), accounting for altogether 119 deals (i.e. 50.4% out of the total deal number). For the

purpose of comparison: in the previous quarter the split between domestic and cross-border transactions was 52.2% and 47.8%,

respectively. The following charts highlight some relevant findings regarding the target and buyer geographies for the Europe-

an market:

Breakdown of deals in Europe* by location of target companies

# of deals = 236

Breakdown of deals in Europe* by origin of buyer compa-

nies

# of deals = 236

*in countries covered in this report * in countries covered in this report

24

With 56 transactions in the industrial sector in Q1 2019 the German market remained strong. The split between “domestic” and

“cross-border” deals saw an increase in cross border takeovers compared to the previous quarter and accounted for approxi-

mately 60.7% out of the total deal number (vs. 49.0% in Q4 2018). In other words: in Q1 2019 Foreign investors acquired more

German companies than Domestic buyers did in Europe.

On the seller side, Industrial companies and Financial Investors continued to dominate the space as in the previous quarter of

same year. The following charts replicate our key findings with regard to the buyers’ geographies as well as buyers’ and sellers’

types in Germany:

Buyer geographies

# of deals = 56

Buyer types

# of deals = 56

Seller types

# of deals = 56

25

Global M&A Partners – Deals in Q1 2019

In the first quarter of 2019 we, Global M&A Partners, achieved a good score of the closed transactions. The following have,

among others, to be mentioned:

Acquired

Acquired

Acquired

Sale of Fahrzeugbau KEMPF

GmbH & Co. KG, a German man-

ufacturer of customised lorry semi-

trailers with tilt machines to

Steadfast Capital

Acquisition of Mas Limpio, a

Mexican rent and washing of

specialized textiles by Lavartex

Acquisition of Roder HTS Hocker

GmbH, a German manufacturer

of event tents and temporary

buildings by Findos Investor GmbH

and Bitburger Holding GmbH, pri-

vate equity companies

26

Country Focus

Deal details

Date Target Sales

(€ m)

EV

(€ m) Bidder Seller Deal Description

27 Source: Mergermarket

Country Focus – India

31/03/

2019

Shapoorji

Pallonji

Infrastructure

Capital Co.

Pvt. Ltd. (194

MW solar

assets)

n/a 178.3 Sprng Energy

Pvt Ltd

Shapoorji

Pallonji

Infrastructur

e Capital

Co. Pvt. Ltd.

Sprng Energy Pvt Ltd, an India-based renewable energy platform

owned by Actis LLP, the UK-based PE firm has acquired a 194MW

solar power assets from Shapoorji Pallonji Infrastructure Capital Co.

Pvt. Ltd. an India-based holding company having interests in

companies engaged in providing highway construction and

operation services, for a consideration of USD 70m. The transaction

values the solar assets at USD 200m. As per the transaction, Sprng has

acquired 194MW of the solar power assets from Shapoorji Pallonji.

The acquisition is part of Actis' strategy to build 2GW of renewable

power projects in India. Out of the 194MW, 144 MW are located in

Telangana and a 50 MW project in Rajasthan.Sprng is backed by

Actis since 2017 via its Actis Energy 4 Fund.

31/03/

2019

Welspun Corp

Ltd (Plates and

Coils Mill

Division)

153.8 109.1 Laptev

Finance Pvt Ltd

Welspun

Corp Ltd

"Laptev Finance Pvt Ltd, an India-based company having interest in

production, marketing and sales of steel plates, coils, pipes, bends

and coating of pipes, has agreed to acquire the Plates and Coils Mill

Division of Welspun Corp Ltd, a listed India-based manufacturer and

supplier of steel pipes and plates and coils and other steel industrial

products for infrastructure, energy, oil and gas exploration and

power generation, for a consideration of INR 8.5bn (USD 122.2m).

26/03/

2019

Unitech Power

Transmission

Limited

n/a 12.8 Sterling &

Wilson Pvt. Ltd.

n/a "Sterling & Wilson Pvt. Ltd., an India-based company engaged in

providing mechanical and electrical contracting services and a

subsidiary of Shapoorji Pallonji Group, an India-based conglomerate,

has agreed to acquire Unitech Power Transmission Limited, an India-

based company engaged in the business of manufacturing and

installation of power transmission lines, for an approximate

consideration of INR 1,000m (USD 14.5m). Pursuant to the transaction,

the consideration amount will be placed with the registry of the

Supreme Court, India. Post transaction, Unitech Power Transmission

will continue to work as the wholly owned subsidiary of Sterling &

Wilson.

Date Target Sales

(€ m)

EV




22/03/

2019

Sidwal

Refrigeration

Industries Pvt

Ltd (80% Stake)

20.7 n/a Amber

Enterprises

India Limited

n/a Amber Enterprises India Limited has agreed to acquire an 80% stake

in Sidwal Refrigeration Industries Pvt Ltd. Amber Enterprises India

Limited, a listed India-based company headquartered at Gurgaon,

is India-based company engaged in design and manufacturing of

refrigeration and air conditioning systems, related components and

extrusion sheets, sheet metal components. Sidwal Refrigeration

Industries Pvt Ltd, an India-based company headquartered in New

Delhi, is engaged in manufacturing and sale of heating, ventilation,

air conditioning (HVAC) and refrigeration equipment for railway

coaches, metro coaches, buses, telecom, commercial refrigeration

and related component.The transaction also includes acquisition of

Sidwal Technologies, a wholly-owned subsidiary of Sidwal

Refrigeration Industries. Amber will pay consideration in cash. Sidwal

has no long term debt & minimal short term working capital debt.

12/03/

2019

Aurangabad

Electricals

Limited

81.4 103.8 Mahindra CIE

Automotive

Ltd

Bagla

Group

Limited

Mahindra CIE Automotive Ltd has agreed to acquire Aurangabad

Electricals Limited, from Bagla Group Limited. MCIE will acquire AEL

for an enterprise value of INR 8.8bn (USD 125.2m). The consideration

includes a deferred payment of up to INR 622m (USD 8.9m),

contingent with NPV of future cash flows of subsidies for AEL under

the Government of Maharashtra’s Package Scheme of Incentives,

2013.

11/03/

2019

MILLTEC

Machinery

Limited

33.3 72.2 Ag Growth

International,

Inc.

Multiples

Alternate

Asset

Manageme

nt Private

Ltd

Ag Growth International, Inc. has entered into definitive agreement

to acquire MILLTEC Machinery Limited from Multiples Alternate Asset

Management Private Ltd (MAAM). Ag Growth will pay consideration

of CAD 109.5m (USD 81.6m) for the acquisition of MILLTEC. In addition

to consideration, Ag Growth will also pay earnouts of upto CAD

38.4m (USD 28.6m) based on achievement of Milltec Machinery's

EBITDA targets over the years.

Date Target Sales

(€ m)

EV




11/03/

2019

Pipeline

Infrastructure

Pvt Ltd

n/a 2,174.9 India

Infrastructure

Trust

Reliance

Industries

Holding Pvt

Ltd

India Infrastructure Trust (InvIT), an India-based infrastructure Trust, has

agreed to acquire Pipeline Infrastructure Pvt Ltd (PIPL), an India-

based company that own and operates gas pipeline, from Reliance

Industries Holding Pvt Ltd, an India-based holding company owned

by Mukesh Ambani and family, for a consideration for an enterprise

value of INR 170.5bn (USD 2.4bn).

The enterprise value includes cash of INR 6bn (USD 85.9m), Debt of

INR 164bn (USD 2.3bn), preference shares of INR 500m (USD 7.2m).

01/03/

2019

Ola Electric

Mobility Pvt Ltd

n/a n/a Tiger Global

Management;

Matrix Partners

India

n/a Ola Electric Mobility Pvt Ltd, an Indian electric generation and

transportation startup, raised USD 56.4m in a round led by Matrix

India and Tiger Global, according to a newswire. This is the first raise

for Ola Electric Mobility, backed by Ola Cabs, the company told

Reuters. Ola Electric Mobility operates electric cabs, auto-rickshaws,

buses, rooftop solar installations, charging stations, and battery

swapping experiments.

20/02/

2019

Huhtamaki

Foodservice

Packaging

Private Limited

n/a n/a Huhtamaki Oyj n/a n/a

14/02/

2019

Harita Seating

Systems

Limited

56.9 43.3 Minda

Industries

Limited

n/a Minda Industries Limited has agreed to acquire Harita Seating

Systems Limited.MIL will acquire 7,769,040 HSSL shares representing

100% stake, by issuing 152 fully-paid equity shares of MIL for every 100

fully-paid equity shares of HSSL, thererby valuing the transaction at

INR 3.2bn (USD 45.1m). The offer price of the transaction is INR 411.2

(USD 5.8).

10/02/

2019

San

Electromec

Industries

n/a n/a Dhoot

Transmission

Pvt. Ltd.

n/a Dhoot Transmission Pvt. Ltd., an India-based manufacturer of wiring

harnesses and power cords for the automotive and domestic

appliances market, has acquired San Electromec Industries, an

India- based manufacturer and exporter of automotive

Date Target Sales

(€ m)

EV




components, for an undisclosed consideration.

01/02/

2019

Captiva

Energy

Solutions

Private Limited

n/a n/a PR INDUSTRIAL

s.r.l

n/a PR INDUSTRIAL s.r.l (d/b/a Pramac), an Italy-based manufacturer of

stationary and mobile generators and material handling equipment

and a subsidiary of Generac Holdings Inc., a listed US-based

designer and manufacturer of power generation equipment and

other engine powered products, has acquired an undisclosed

majority stake in Captiva Energy Solutions Private Limited, an India-

based company engaged in manufacture and sale of customized

generators, for an undisclosed consideration.

31/01/

2019

Prathamesh

Solarfarms

Limited (51%

Stake)

3.6 n/a Ostro Energy

Private Limited

Suzlon

Energy

Limited

Ostro Energy Private Limited, an India-based company which owns,

operates, and develops wind power projects, and a wholly-owned

subsidiary of ReNew Power Limited, an India-based company

engaged in wind power generation, has acquired a 51% stake in

Prathamesh Solarfarms Limited, an India-based company engaged

in operating solar power projects, from Suzlon Energy Limited, a listed

India-based provider of renewable energy solutions, for a

consideration of INR 570.9m (USD 8.1m).

30/01/

2019

KPIT

Technologies

Limited

(Telematics

hardware

business)

n/a n/a Minda

Industries

Limited

Birlasoft

Limited

Minda Industries Limited (MIL), an auto ancillary company, informed

the BSE yesterday that it has inked a deal to buy the telematics

hardware business of India's KPIT Engineering Ltd.

"Minda Industries Ltd. (MIL) has entered into a definitive agreement

(Agreement) with KPIT Engineering Ltd (KPIT) to purchase its business

related to telematics hardware products consisting VTS - AIS 140,

OBITS (On Bus Integrated Telematics Systems complying to UBS-II

specifications), and telematics products for School buses.

Date Target Sales

(€ m)

EV




22/01/

2019

Cyient DLM

Private Limited

(26% Stake)

48.9 n/a Cyient Ltd. L&T Capital

Company

Ltd; N.

Ranga Rao

& Sons

Private

Limited

Cyient Ltd., a listed India-based company, engaged in engineering,

manufacturing, data analytics and networks & operations

businesses, has agreed to acquire 26% stake in Cyient DLM Private

Limited, an India-based provider of design and manufacturing

services, from N. Ranga Rao & Sons Private Limited, an India-based

business conglomerate engaged in manufacturing fragrance

products and L&T Capital Company Ltd, an India-based engaged in

providing non-banking financial services, for a cash consideration of

INR 425m (USD 5.9m).

14/01/

2019

Hindusthan

National Glass

& Industries

Limited

247.7 n/a Lotus One

Investment

Pte. Ltd.

n/a Lotus One Investment Pte. Ltd. has agreed to acquire an undisclosed

stake in Hindusthan National Glass & Industries Limited, on private

placement basis. Lotus One will pay INR 3.9bn (USD 55.9m) as a

consideration, based on 46,990,840 compulsorily convertible

preference shares (CCPS) of HNG issued, valued at an issue price of

INR 83.8 per share, on a preferential basis. Each CCPS will get

converted into 1 equity share.

Date Target Sales

(€ m)

EV



Country Focus – DACH region

29/03/

2019

Hock Sachsen

GmbH

n/a n/a Rupf Industries

GmbH

n/a Rupf Industries GmbH, a Germany-based industrial group engaged

in automotive, hydraulics and engineering, has acquired Hock

Sachsen GmbH, a Germany-based company engaged in

manufacturing of industrial component, for an undisclosed

consideration, via insolvency proceeding.

The acquisition will help Rupf in expanding its business in Sauerland

region.

29/03/

2019

Multitec-Jakob

GmbH &

Co.KG

n/a n/a Erhart GmbH n/a Erhart GmbH, a Germany-based company engage in

manufacturing industrial products and components, has acquired

Multitec-Jakob GmbH & Co.KG, a Germany-based manufacturer of

tool machines, packaging punches and other industrial products, for

an undisclosed consideration.

28/03/

2019

WABCO 3,342.6 6,749.0 ZF

Friedrichshafen

AG

n/a WABCO Holdings (“Wabco”) [NYSE:WBC], a Delaware registered,

Switzerland headquartered and US listed maker of braking

technologies, agreed to be acquired by ZF Friedrichshafen (“ZF”),

the German auto parts company.The offer is USD 136.5 in cash.

27/03/

2019

HOERBIGER

Automatisierun

gstechnik

Holding GmbH

64.0 n/a HAWE

Hydraulik SE

HOERBIGER

Holding AG

HAWE Hydraulik SE, a Germany-based manufacturer of hydraulic

components and systems, has agreed to acquire HOERBIGER

Automatisierungstechnik Holding GmbH, a Germany-based

company engaged in manufacturing of pistons and pumps, from

HOERBIGER Holding AG, a Switzerland-based company that

manufactures compression, automation, and drive technology

solutions, for an undisclosed consideration.

27/03/

2019

Gmeinder

Getriebe

Gruppe

15.0 n/a Wikov Industry

a.s.

n/a Wikov Industry a.s., a Czech Republic-based manufacturer of

mechanical gear units, has agreed to acquire Gmeinder Getriebe

Gruppe (GGG), a Germany-based manufacturer and

maintenance/service provider of gearboxes and motor-gear for rail-

bound vehicles, for an undisclosed consideration.

Date Target Sales

(€ m)

EV




26/03/

2019

H-TEC SYSTEMS

GmbH (40%

Stake)

n/a n/a MAN Energy

Solutions SE

GP Joule

GmbH

MAN Energy Solutions SE, a Germany-based developer and

manufacturer of large-scale diesel engines, turbo compressors,

industrial turbines and chemical reactor systems, has acquired a 40%

stake in H-TEC SYSTEMS GmbH, a Germany-based developer of

innovative products in the hydrogen sector, from GP Joule GmbH, a

Germany-based company engaged in developing, engineering,

and implementing renewable energy projects, for an undisclosed

consideration.

25/03/

2019

IBD Deisenroth

Engineering

GmbH

35.0 n/a Rheinmetall

AG

n/a Rheinmetall AG, the listed Germany-based producer of automotive

components and defense equipment, has acquired IBD Deisenroth

Engineering GmbH, the Germany-based supplier of passive

protection systems, principally for military vehicles, for an undisclosed

consideration. The transaction will help Rheinmetall to strengthen its

position as the major supplier of defense technology in Germany.

25/03/

2019

Sicko GmbH &

Co. KG

7.0 n/a Finexx GmbH Carl Sicko

(Private

Investor);

Jochen

Sicko

(Private

Investor)

Finexx GmbH, a Germany-based private equity firm, via its Finexx

Fund I, along with the management of Sicko GmbH & Co. KG, a

Germany-based provider of digitization and automation solutions for

the woodprocessing industry, have acquired the company in a

management buyout transaction, from Mr. Carl Sicko and Mr.

Jochen Sicko, Germany-based private individuals, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




22/03/

2019

Hitzinger

GmbH

n/a n/a Doerflinger

Management

& Beteiligungs

GmbH; Daniel

Huber (Private

Investor);

Jochen Philipp

(Private

Investor);

Dietmar

Pfeiffer (Private

Investor)

n/a Doerflinger Management & Beteiligungs GmbH, an Austria-based

investment holding company, along Mr. Dietmar Pfeiffer, Mr. Daniel

Huber and Mr. Jochen Philipp, the Austria-based private investors

have together agreed to acquire Hitzinger GmbH, an Austria based

manufacturer of alternators, airport equipment, converters, gensets

and UPS systems, for an undisclosed consideration. This transaction is

a part of insolvency proceedings of Hitzinger GmbH.

15/03/

2019

HKR Seuffer

Automotive

GmbH & Co.

KG

n/a n/a Hyoseong

Electric Co.

Ltd; KRAH

Elektronische

Bauelemente

GmbH

n/a Hyoseong Electric Co. Ltd, the South Korea-based company that

develops, manufactures, and sells automotive motors and KRAH

Elektronische Bauelemente GmbH, the Germany-based company

manufacturer of resistors and controllers, has agreed to acquire HKR

Seuffer Automotive GmbH & Co. KG, the Germany-based company

that develops and produces innovative power electronics in the

automotive sector, for an undisclosed consideration.

14/03/

2019

Poligrat GmbH n/a n/a KSO

Edelstahlbeizer

ei GmbH

n/a KSO Edelstahlbeizerei GmbH, a Germany-based stainless-steel

pickling company, has agreed to acquire Poligrat GmbH, a

Germany-based electro-chemical surface refinement company, for


11/03/

2019

Jumag

Dampferzeuge

r GmbH (60%

Stake)

n/a n/a Abacus Alpha

GmbH

n/a Abacus Alpha GmbH, a Germany-based private equity firm, has

acquired a 60% stake in Jumag Dampferzeuger GmbH, a Germany-

based manufacturer of steam generators, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




08/03/

2019

Sarwa GmbH n/a n/a Sarwabhotla

family

n/a The Sarwabhotla family, an India-based family, has acquired DMS-

CNC Technik GmbH, a Germany-based company manufacturing

and supplying automotive components, for an undisclosed

consideration.

07/03/

2019

Stahlhammer

Bommern

GmbH

n/a n/a Turbo

Investment BV

Columbus

McKinnon

Corporatio

n

Turbo Investment BV, a Netherlands-based investment holding

company has acquired Stahlhammer Bommern GmbH (STB), a

Germany-based iron and steel forging manufacturer, from Columbus

McKinnon Corporation (CMCO), a listed US-based designer,

manufacturer and marketer of hoists, rigging tools, for an undisclosed

consideration.

06/03/

2019

Walterscheid

Powertrain

Group

n/a n/a One Equity

Partners LLC

GKN Plc One Equity Partners LLC, the US-based private equity firm, has

agreed to acquire Walterscheid Powertrain Group, a Germany-

based provider of equipment and aftermarket parts and services for

off-highway powertrain applications, from GKN Plc, the UK-based

engineering group engaged in the provision of services to

automotive and aerospace industries, and a subsidiary of Melrose

Industries Plc, the listed UK based and listed industrial company

specialising in the acquisition and performance improvement of

underperforming businesses, for an undisclosed consideration.

05/03/

2019

Ubitricity

Gesellschaft

fuer verteilte

Energiesystem

e GmbH

n/a n/a Electricite de

France S.A.;

Honda Motor

Co., Ltd.;

Next47 GmbH

n/a Electricite de France S.A., the listed France-based company

engaged in producing, transmitting, distributing, importing and

exporting electricity, Honda Motor Co., Ltd., the listed Japan-based

company engaged in the manufacturing of automobiles and

motorcycles and Next47 GmbH, a Germany-based private equity

and venture capital firm of Siemens AG, has acquired an

undisclosed stake in Ubitricity Gesellschaft fuer verteilte

Energiesysteme GmbH, a Germany-based developer of charging

systems for electric vehicles, for a consideration of EUR 20m

Date Target Sales

(€ m)

EV




01/03/

2019

KACO new

energy GmbH

n/a n/a Siemens AG n/a Siemens AG, a listed Germany-based diversified electronics and

electrical engineering company operating in the industrial, energy

and healthcare sectors, has agreed to acquire KACO new energy

GmbH, a Germany-based company engaged in manufacturing

power supply systems, for an undisclosed consideration

28/02/

2019

DFT

Maschinenbau

GmbH

n/a n/a HAHN

Automation

GmbH

n/a HAHN Automation GmbH, a Germany-based company engaged in

the manufacture and installation of automating machinery and a

subsidiary of HAHN Group, a Germany-based provider of

automation and robotic solutions, has acquired DFT Maschinenbau

GmbH, an Austria-based manufacturer of assembly and testing

technology, for an undisclosed consideration. HAHN Automation will

be able to consolidate its position in the market and expand its

expertise in assembly and testing technology.

28/02/

2019

Kempf GmbH 80.0 n/a Steadfast

Capital GmbH

Kempf

family

Steadfast Capital GmbH, a Germany-based private equity firm via its

fund IV, has acquired an undisclosed majority stake in Kempf GmbH,

a Germany-based manufacturer of customized lorry semi-trailers with

tilt mechanisms, from Kempf family, a Germany-based family, for an

undisclosed consideration.

28/02/

2019

Frauscher

Sensortechnik

GmbH

70.0 n/a Delachaux S.A. Greenbriar

Equity

Group, L.P.

Delachaux S.A., a France-based company engaged in the railways,

conductic, and metals businesses has acquired a majority stake in

Frauscher Sensortechnik GmbH, a Austria-based manufacturer of

wheel sensors and axle counting systems for railway security systems

from, Greenbriar Equity Group LLC, the US-based private equity firm,

for an undisclosed consideration.

Date Target Sales

(€ m)

EV




27/02/

2019

Auer

Metallkompon

enten GmbH

n/a n/a gh Beteiligungs

GmbH

n/a gh Beteiligungs GmbH has agreed to acquire Auer

Metallkomponenten GmbH. gh Beteiligungs GmbH is an Austria-

based investment company owned by Mr. Erhard Grossnigg and Mr.

Gunther Heiden, the Austria-based private investors. Auer

Metallkomponenten GmbH is a Germany-based supplier of

aluminum and magnesium die-cast parts for the automotive industry,

headquartered in Amberg.

27/02/

2019

Auer Guss

GmbH

n/a n/a gh Beteiligungs

GmbH

n/a gh Beteiligungs GmbH has agreed to Auer Guss GmbH. gh

Beteiligungs GmbH is a Austria-based investment company owned

by Mr. Erhard Grossnigg and Mr. Gunther Heiden, the Austria-based

private investors. Auer Guss GmbH is a Germany-based supplier of

aluminum and magnesium die-cast parts for the automotive industry,

headquartered in Amberg.

27/02/

2019

Omni Ray AG 32.0 n/a Addtech AB n/a Addtech AB, a listed Sweden-based company that develops and

sells components and systems to industrial companies and service

industry, has agreed to acquire an undisclosed majority stake in

Omni Ray AG, a Switzerland-based distributor of technology

products for industrial automation sector, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




25/02/

2019

IFCO Systems

Gmbh

958.0 2,211.3 Triton Partners;

Abu Dhabi

Investment

Authority

Brambles

Limited

Triton Partners and Abu Dhabi Investment Authority has agreed to

acquire IFCO Systems Gmbh from Brambles Limited. Triton Partners

(TP) is a UK-based private equity firm, headquartered in London. Abu

Dhabi Investment Authority (ADIA) is a UAE-based sovereign wealth

fund of the Government of Abu Dhabi, headquartered in Abu

Dhabi.

IFCO Systems Gmbh (IFCO) is a Germany-based company that

manufactures and supplies reusable plastic containers to retailer and

producer markets, headquartered in Pullach. Brambles Limited is a

listed Australia-based company headquartered in Sydney, New

South Wales, is engaged in supply-chain logistics, headquartered in

Sydney.

25/02/

2019

Linde +

Wiemann SE &

Co. KG

610.8 n/a JBM Auto Ltd n/a JBM Auto Ltd, a listed India-based company engaged in the

manufacture of sheet metal components, welded assemblies, tool

and dies primarily for automobile industry, has acquired an

undisclosed majority stake in Linde + Wiemann SE & Co. KG, a

Germany-based supplier of automotive structural components and

assemblies, for an undisclosed consideration.

22/02/

2019

Terex

Corporation

(Demag Brand

Crane Business

and certain

assets)

n/a 189.6 Tadano Ltd Terex

Corporatio

n

Tadano Ltd. has agreed to acquire Demag Brand Crane Business

and certain assets from Terex Corporation. Tadano Ltd. is a listed

Japan-based company involved in manufacturing and sale of

construction machinery, headquartered in Tokyo. Terex Corporation,

the listed US-based manufacturer of construction, mining and other

heavy industries equipment’s and provider of financing and related

services for equipment purchases, headquartered in Westport,

Connecticut.

Date Target Sales

(€ m)

EV




22/02/

2019

Rheinhuette

Pumpen

GmbH

n/a 81.0 ITT Inc. Aliaxis

Group S.A.

/ N.V.

ITT Inc. has agreed to acquire Rheinhuette Pumpen GmbH from

Aliaxis Group S.A. / N.V. ITT Inc. is the listed US-based engineering and

manufacturing company engaged in water and fluids

management, global defense and security, and motion and flow

control, headquartered in White Plains, New York. Rheinhuette

Pumpen GmbH is a Germany-based designer and manufacturer of

centrifugal and axial flow pumps, headquartered in Wiesbaden.

Aliaxis Group S.A. / N.V. is a Belgium-based manufacturer and

distributor of plastic fluid handling systems for residential and

commercial construction, and industrial and public infrastructure

applications, headquartered in Brussels.

21/02/

2019

RENA GmbH 120.0 n/a Equistone

Partners

Europe Limited

Capvis

Equity

Partners AG

Equistone Partners Europe Limited along with the management of

RENA Technologies GmbH, have agreed to acquire the company

from Capvis Equity Partners AG, for an undisclosed consideration.

18/02/

2019

BRUMA

Schraub- und

Drehtechnik

GmbH

11.0 n/a Bossard

Holding AG

Bossard Holding AG, a listed Switzerland-based provider of fasteners

and fastening technology, has acquired BRUMA Schraub- und

Drehtechnik GmbH, a Germany-based supplier of fastening solutions

in the industrial sectors, for an undisclosed consideration. Bossard

strengthens its market position in the area of engineered products

and its presence in the German market by acquiring BRUMA.

Date Target Sales

(€ m)

EV




15/02/

2019

Sonnen GmbH n/a n/a Shell Ventures Munich

Venture

Partners;

eCAPITAL

entreprene

urial

Partners

AG; SET

Manageme

nt B.V.; GE

Ventures;

Inven

Capital,

SICAV, a.s.

Shell Ventures, a Netherlands-based private equity arm of Royal

Dutch Shell Plc, the listed Netherlands-based company engaged in

exploring, producing and refining petroleum, has agreed to acquire

and undisclosed majority stake in Sonnen GmbH, a Germany-based

provider of energy storage solutions, from a group of sellers, for an


13/02/

2019

C-CON

Holding GmbH

(75.1% Stake)

n/a n/a MT

Technologies

GmbH

n/a MT Technologies GmbH, a Germany-based company manufacturing

and designing machines for the automotive industry, and a

subsidiary of Ayala Corporation, a listed Philippines-based

conglomerate has agreed to acquire 75.1% stake in C-CON Holding

GmbH, a Germany-based manufacturer of automobile

components, for an undisclosed consideration.

Date Target Sales

(€ m)

EV




13/02/

2019

Veja Mate

Offshore

Project GmbH

(80% Stake)

n/a n/a KGAL GmbH &

Co. KG; Ingka

Holding B.V.;

Commerz Real

AG; wpd invest

GmbH

Siemens

Financial

Services

GmbH;

Copenhag

en

Infrastructur

e Partners

K/S;

Highland

Group

Holdings

A consortium of Commerz Real AG, wpd invest GmbH, KGAL GmbH

& Co. KG and Ingka Holding B.V., has acquired an approximately

80% stake in Veja Mate Offshore Project GmbH from Siemens

Financial Services GmbH, Copenhagen Infrastructure Partners K/S

and Highland Group Holdings. Veja Mate Offshore Project GmbH is a

Germany-based 402 MW offshore wind farm located in the North

Sea.

11/02/

2019

SchahlLED

Lighting GmbH

20.0 n/a Active Capital

Company B.V.

n/a Active Capital Company B.V., a Netherlands-based private equity

firm, along with the management of SchahlLED Lighting GmbH, a

Germany-based company specialized in radio-controlled lighting

systems for industrial buildings, have acquired the company in a

management buyout transaction, for an undisclosed consideration.

11/02/

2019

metallbau

HETZE GmbH &

Co. KG

10.0 n/a Undisclosed

bidder

n/a An undisclosed bidder has acquired metallbau HETZE GmbH & Co.

KG, a Germany-based metal construction company, for an


07/02/

2019

Meyer Burger

Technology

AG (Wafering

business)

44.4 44.0 Precision

Surfacing

Solutions

GmbH & Co.

KG

Meyer

Burger

Technology

AG

Precision Surfacing Solutions GmbH & Co. KG (PSS), a Germany-

based supplier of high-precision machine tools and services for

lapping, polishing, grinding and honing has agreed to acquire the

Switzerland-based photovoltaic and specialized materials, wafering

equipment and service business of Meyer Burger Technology AG, a

listed Switzerland-based producer of machines that slice and

process materials for the semiconductor, photovoltaic, optical and

ceramic industries, for a cash consideration of CHF 50m (EUR 49.9m)

Date Target Sales

(€ m)

EV




06/02/

2019

EMMSA

Deutschland

GmbH

10.0 n/a Electra M&E

Polska Sp. z

o.o.

n/a Electra M&E Polska Sp. z o.o., a Poland-based company that designs

and installs complex heating, cooling, ventilation and air

conditioning, electrical, as well as technological and industrial

systems, and a subsidiary of Electra Ltd, the listed Israel-based

company engaged in real-estate development, investment in high

yield properties, construction, electro-mechanical systems and

infrastructure business, has acquired EMMSA Deutschland GmbH, a

Germany-based provider of industrial ventilation and air-

conditioning systems, for an undisclosed consideration.

05/02/

2019

Pintsch

Bubenzer

GmbH (50%

Stake)

n/a n/a Dellner Brakes

AB

Active

Ownership

Capital Sarl

Dellner Brakes AB, a Sweden-based company engaged in

developing, manufacturing, marketing and maintenance of brakes

and related power transmission products for the industrial, marine

and renewable energy markets, has acquired 50% stake in Pintsch

Bubenzer GmbH, a Germany-based company engaged in design

and manufacturing of braking systems and related products, from

Active Ownership Capital Sarl, a Luxemburg-based investment firm,


Post acquisition, Dellner will own 100% stake in Pintsch Bubenzer. In

January 2018, Dellner and AOC, through their 50:50: joint venture

Dellner Bubenzer Group GmbH, acquired Pintsch Bubenzer, for an


05/02/

2019

Schotz

Verkehrs- und

Arbeitsstellensi

cherung

GmbH

n/a n/a AVS

Verkehrssicher

ung GmbH

n/a AVS Verkehrssicherung GmbH, the Germany-based provider of

traffic safety equipment and services, and a portfolio company of

Triton Partners, the UK-based private equity firm, has agreed to

acquire Schotz Verkehrs- und Arbeitsstellensicherung GmbH, the

Germany-based provider of traffic and construction site security, for


Date Target Sales

(€ m)

EV




05/02/

2019

Systeme +

Steuerungen

GmbH

17.0 n/a Nidec-Shimpo

GmbH

n/a Nidec-Shimpo GmbH, a Germany-based manufacturer and seller of

power transmission equipment, precision measuring instruments and

pottery equipment and an affiliate of Nidec Shimpo Corporation,

which is a subsidiary of Nidec Corporation, has acquired Systeme +

Steuerungen GmbH (SYS), a Germany-based manufacturer and

seller of high-speed and high precision feeding equipment and

provider of retrofitting services, for an undisclosed consideration.

04/02/

2019

SAE IT-systems

GmbH & Co.

KG

15.0 n/a Lacroix SA n/a Lacroix SA, the listed France-based company engaged in designing,

manufacturing and marketing of signaling and electronic control

equipment, has acquired SAE IT-systems GmbH & Co. KG, a

Germany-based manufacturer of instruments used to measure

electricity and electrical signals, for an undisclosed consideration.

01/02/

2019

DESCH

Antriebstechni

k GmbH & Co.

KG (70% Stake)

n/a n/a Nidec

Corporation

n/a Nidec Corporation, the listed Japan-based company engaged in

manufacturing and sales of motors and other electronic products

worldwide, through its subsidiary, Nidec-Shimpo GmbH, the German-

based company engaged in manufacturing and sales of precision

measuring instruments, has acquired 70% stake of DESCH

Antriebstechnik GmbH & Co. KG, the Germany-based company

engaged in designing and providing drive and system solutions, for


31/01/

2019

Spindel- und

Lagerungstech

nik Fraureuth

GmbH

49.0 n/a Avedon

Capital

Partners B.V.

n/a Spindel-und Lagerungstechnik Fraureuth (SLF), a Germany-based

manufacturer of special spindle units and bearings, has been

acquired by PE firm Avedon Capital Partners, in collaboration with

the company's founders.The transaction will enable the growth of

SLF.

Date Target Sales

(€ m)

EV




30/01/

2019

Schafer

Technik GmbH;

Schäfer

Technik GmbH;

C. Pluss & Co.

AG

n/a n/a Rubix Group

International

Limited

Markus

Schafer

(Private

Investor)

Rubix Group International Limited, the UK-based industrial services

group providing outsourced management of electronic equipment

related services as well as supplying bearings, power transmission

products and engineering and other related industrial services, has

agreed to acquire 3 companies from Markus Schafer, a Germany-

based private investor, for an undisclosed consideration.

30/01/

2019

WaCo

Geraetetechni

k GmbH

n/a n/a Wickeder

Westfalenstahl

Gmbh

n/a Wickeder Westfalenstahl Gmbh, a Germany-based manufacturer of

metal strips also operating steel processing, cladding and cold rolling

mills, has acquired WaCo Geraetetechnik GmbH, a Germany-based

company engaged in processing CNC sheet metal, for an


29/01/

2019

Ziemann

Sicherheit

Holding GmbH

175.0 160.0 Loomis AB HANNOVER

Finanz

GmbH

Loomis AB has agreed to acquire Ziemann Sicherheit Holding GmbH

from HANNOVER Finanz GmbH. Loomis AB, a listed Sweden-based

provider of cash handling services for banks, retailers and other

commercial clients, headquartred in Stockholm. Ziemann Sicherheit

GmbH, a Germany-based company engaged in the provision of

cash handling services, security services and trading of currencies

and precious metals, headquartred in Schallstadt. HANNOVER Finanz

GmbH, a Germany-based private equity firm, headquartred in

Hannover. The transaction is valued at a consideration of

approximately EUR 160m, payable on completion.

28/01/

2019

ISI Automation

GmbH & Co.

KG.

n/a n/a Jungheinrich

AG

n/a Jungheinrich AG, a Germany-based provider of industrial trucks,

warehousing technology and materials flow technology, has agreed

to acquire a majority stake in ISI Automation GmbH & Co. KG., a

Germany-based turnkey automation solution specialist, for an


Date Target Sales

(€ m)

EV




28/01/

2019

KME Germany

GmbH & Co.

KG (copper

alloy rod &

tube units)

n/a n/a Zhejiang

Hailiang Co.,

Ltd.

KME

Germany

GmbH &

Co. KG.

Zhejiang Hailiang Co., Ltd. has agreed to acquire KME Germany

GmbH & Co. KG (copper alloy rod & tube units) from KME Germany

GmbH & Co. KG. Zhejiang Hailiang Co., Ltd., a China-based

company engaged in the manufacture and distribution of copper

products. urces of Zhejiang Hailiang. This transaction is in line with

Zhejiang Hailiang's strategy to integrate the target's business and

achieve a significant increase in its business. This transaction will

accelerate the globalization of Zhejiang Hailiang and help Zhejiang

Hailiang expand the European market.

25/01/

2019

Bystronic

Lenhardt

GmbH

n/a 68.0 Glaston

Corporation

Conzzeta

Holding AG

Glaston Corporation has agreed to acquire Bystronic Lenhardt

GmbH from Conzzeta Holding AG. Glaston Corporation is a listed

Finland-based company headquartered in Helsinki, is a provider of

heat treatment machines and services for architectural, solar,

appliance and automotive applications. Bystronic Lenhardt GmbH is

a Germany-based company headquartered in Neuhausen, is

engaged in providing machinery, systems and services for the

processing of architectural and automotive glass. Conzzeta Holding

AG is a Switzerland-based company headquartered in Zurich, is

engaged in chemicals, machinery and systems engineering.

24/01/

2019

Zehnder

Pumpen

GmbH

n/a n/a SFA Group MS Industrie

AG; CFH

Manageme

nt GmbH ;

MuM

Industriebet

eiligungen

GmbH

SFA Group, a France-based manufacturer of pumps, electric toilets

and other washroom fittings, has acquired Zehnder Pumpen GmbH,

a Germany-based manufacturer liquid pumps and systems for the

transport of waste and dirty water, from a group of sellers, for an


Date Target Sales

(€ m)

EV




24/01/

2019

EM-motive

GmbH (50%

Stake)

n/a n/a Robert Bosch

GmbH

Daimler AG Robert Bosch GmbH, a Germany-based company engaged in

providing technology and services through mobility solutions,

industrial technology, consumer goods, energy and building

technology segments, has agreed to acquire a 50% stake in EM-

motive GmbH, a Germany-based manufacturer of electric motors,

from Daimler AG, the listed Germany-based vehicle manufacturer,


22/01/

2019

Neluplast

Tiefzieh-

Technik GmbH

n/a n/a RPC Group Plc n/a RPC Group Plc, the listed UK-based manufacturer and supplier of

rigid plastic packaging, has acquired Neluplast Tiefzieh-Technik

GmbH, a Germany-based plastic packaging specialist, for an


16/01/

2019

Gebr. Rath

Werkzeugbau

GmbH

20.7 n/a Navigator

Capital GmbH;

Accursia

Capital GmbH

Linde +

Wiemann

SE & Co. KG

Accursia Capital GmbH, a Germany-based private equity firm, and

Navigator Capital GmbH, a Germany-based investment holding

company, have acquired Gebr. Rath Werkzeugbau GmbH, a

Germany-based manufacturer of tools and stamping technology for

automotive and sheet metal processing industry, from Linde +

Wiemann SE & Co. KG, a Germany-based supplier of automotive

structural components and assemblies, for undisclosed

consideration.

14/01/

2019

SAM

Automotive

Gmbh

n/a n/a Fuyao Glass

Industry Group

Co., Ltd.

n/a Fuyao Glass Industry Group Co., Ltd has agreed to acquire SAM

Automotive Gmbh Fuyao Glass Industry Group Co., Ltd., a China-

based SHSE-listed and HKEx-listed company headquartered in

Fuqing, Fujian province, is engaged in the manufacture and

distribution of float glasses and automobile glasses. SAM Automotive

Gmbh is a Germany-based manufacturer of aluminum components

for the automotive industry, headquartered in Boehmenkirch-

Heidhoefe.

Date Target Sales

(€ m)

EV




10/01/

2019

Lehren- und

Messgeraetew

erk

Schmalkalden

GmbH

11.0 n/a Marposs S.p.A. n/a Marposs S.p.A., an Italy-based industrial metrology systems provider,

has acquired Lehren- und Messgeraetewerk Schmalkalden GmbH

(LMS), a Germany-based company engaged in the manufacturing

and sale of precision gauges and measuring instruments, for an


10/01/

2019

KW-Kranwerke

AG

20.0 n/a Nimbus BV Karl Philipp

Schnecken

berger

(Private

investor)

Nimbus BV, the Netherlands-based private equity firm, has acquired

KW-Kranwerke AG (KWM), a Germany-based company engaged in

the design and manufacturing of overhead travelling cranes, from

shareholders including Mr. Karl-Philipp Schneckenberger, a

Germany-based private investor interested in crane and conveyor

facility specialists, for an undisclosed consideration.

09/01/

2019

Fortuna

Maschinen

GmbH

n/a n/a Koenig

Maschinen

Gesellschaft

m.b.H.

n/a Koenig Maschinen Gesellschaft m.b.H., an Austria-based company

engaged in manufacturing of artisanal and industrial baking

machinery, has acquired Fortuna Maschinenbau Holding AG, a

Germany-based manufacturer of bakery machines, for an


09/01/

2019

ZG-Zahnrader

und Getriebe

GmbH

n/a n/a MAHLE

Powertrain Ltd

n/a MAHLE Powertrain Ltd (MPL), the UK-based company engaged in

wholly owned engineering services, has acquired ZG-Zahnrader und

Getriebe GmbH (ZGG), a Germany-based manufacturer of

transmission systems, for an undisclosed consideration.

09/01/

2019

von Oertzen

GmbH

11.0 n/a Hako Holding

GmbH & Co.

KG

Lampe

Privatinvest

Manageme

nt GmbH

Hako Holding GmbH & Co. KG, the Germany-based company that

produces cleaning equipment and a subsidiary of L. Possehl & Co.

mbH, the Germany-based company engaged in the construction,

metals, elastomer, electronics, trading and machinery businesses,

has acquired von Oertzen GmbH, the Germany-based company

engaged in manufacturer of high pressure cleaning systems and

equipment from Lampe Privatinvest Management GmbH, the

Germany-based private equity firm, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




09/01/

2019

Nextys SA n/a n/a TDK

Corporation

n/a TDK Corporation, the listed Japan-based manufacturer of electronic

components and ICs, wireless computer networking products,

magnetic heads for HDD, digital recording hardware and advances

digital recording media, has acquired Nextys SA, the Switzerland-

based supplier of power electronics products solutions, through TDK-

Lambda Corporation, its wholly-owned subsidiary and the Japan-

based company engaged in designing, manufacturing, marketing,

and servicing switching power supplies and peripherals,

uninterruptible power systems, and engine generators, for an


07/01/

2019

ETL

Elektrotechnik

Lauter GmbH

40.0 n/a Primepulse SE n/a Primepulse SE, a German investment holding company, acquired

Germany-based ETL Elektrotechnik Lauter GmbH. The transaction will

allow ETL to grow further and increase its competitiveness. ETL will get

an access to Primepulse's expertise and resources which will result in

synergies. Post Deal Details: The previous portfolio of Primepulse

along with the latest acquisitions is intended to exceed one billion in

its sales in the current financial year with over 4,300 employees in the

consolidated companies. Conditions: The transaction is subject to

the approval by the antitrust authorities. Target (ETL) Germany:

Ownership: Private Business Description: EMS company providing

services including development support, material and project

management, production, logistics, and after-sales service Size: Has

180 employees and sales of EUR 40m Buyer (Primepulse) Germany:

Ownership: Private Business Description: Tech investment holding

company Size: Has four subsidiary companies, 4,200 employees, and

EUR 850m in sales Source Links: Primepulse SE press release, 07

January 2019 Primepulse SE press release, 07 January 2019 (German)

ETL Elektrotechnik Lauter GmbH press release, 07 January 2019

(German) ETL Elektrotechnik Lauter GmbH press release, 07 January

2019

Date Target Sales

(€ m)

EV




07/01/

2019

General

Aerospace

GmbH; Clevers

S.R.L.

12.0 n/a Stabilus GmbH n/a Stabilus S.A., the listed Germany-based investment holding company

engaged in the manufacturing of gas struts and hydraulic vibration

dampers, has agreed to acquire General Aerospace GmbH (GAG),

a Germany-based company which designs and manufactures

aviation hydraulic and electro-mechanical technologies and

Clevers S.R.L., an Argentina-based manufacturer of gas springs and

dampers, from the respective founders, for an undisclosed

consideration.

04/01/

2019

BorgWarner

Inc.

(Thermostat

Business)

110.0 24.0 Arlington

Industries

Group Limited

BorgWarner

Inc.

Arlington Industries Group Limited, a portfolio company of Cartesian

Capital Group, LLC has agreed to acquire the Thermostat Business of

BorgWarner Inc.

Arlington Industries Group Limited is the UK-based company,

engaged in manufacturing of auto and aerospace parts and

equipments, headquartered in Manchester. Cartesian Capital

Group, LLC is the US-based private equity firm, headquartered in

New York, New York.

04/01/

2019

KEHREN GmbH n/a n/a Precision

Surfacing

Solutions

GmbH & Co.

KG

n/a Precision Surfacing Solutions GmbH & Co. KG (PSS), the Germany-

based supplier of high-precision machine tools and services for

lapping, polishing, grinding and honing, had acquired KEHREN

GmbH, the Germany-based provider of machine tools and systems

for high-precision grinding applications, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV



Country Focus – Benelux

18/03/

2019

Trymax

Semiconducto

r Equipment BV

n/a n/a NIBC Bank N.V. n/a NIBC Bank N.V., the listed Netherlands-based company engaged in

providing banking and financing services, has acquired an

undisclosed minority stake in Trymax Semiconductor Equipment BV,

the Netherlands-based manufacturer and distributer of plasma-

based equipment, for an undisclosed consideration.

18/03/

2019

ams AG

(environmental

sensor solution

portfolio)

n/a 105.8 Wise Road

Capital LTD

ams AG ams AG, the listed the Austria-based supplier of high performance

sensor solutions and Wise Road Capital LTD, a China-based private

equity firm, have agreed to create a joint venture to advance the

development and sales of environmental, flow and pressure sensor

solutions for the global market. The joint venture is approximately

valued at around USD 120m.

15/03/

2019

Loomans

Group N.V.

49.7 75.5 IPL Plastics PLC n/a IPL Plastics PLC has agreed to acquire Loomans Group N.V. IPL

Plastics PLC, the listed Ireland-based company, headquartered in

Dublin, is a manufacturer of specialty packaging products used

primarily in the food, consumer, agricultural, logistics and

environmental end-market. Loomans Group N.V., a Belgium-based

company engaged in injection mold construction and injection

molding, headquartered in Lommel.

13/03/

2019

JOZ B.V. 18.0 n/a Rabo Private

Equity

n/a Rabo Private Equity, a Netherlands-based private equity firm through

its private equity fund, Rabo Participaties B.V., has acquired an

undisclosed majority stake in JOZ b.v., a Netherlands-based

manufacturer of high-quality manure robots and feed pusher robots

for dairy farmers, for an undisclosed consideration.

11/03/

2019

Belona B.V. n/a n/a Optimum

Group B.V.

Hans

Reedijk

(Private

Investor)

Optimum Group B.V., the Netherlands-based provider of self-

adhesive labels and flexible packaging solutions, has acquired

Belona B.V., the Netherlands-based producer of labels, from Hans

Reedijk, the Netherlands-based private investor, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




05/03/

2019

SABCA Group

(43.57% Stake)

n/a 52.6 Dassault

Aviation SA

Fokker

Technologi

es Group

B.V.

Dassault Aviation SA has acquired 43.57% stake in SABCA. Dassault

Aviation SA, the listed France-based manufacturer of aircraft and

business jets, headquartered in Paris. SABCA Group, the listed

Belgium-based aircraft designer and manufacturer, headquartered

in Brussels. Fokker Technologies Group B.V., the Netherlands-based

company which designs, develops, and manufactures aircraft

components and systems for aircraft manufacturers, headquartered

in Papendrecht.

05/03/

2019

PartsPoint

Group B.V.

300.0 n/a Alliance

Automotive

Group

AutoBinck

Holding

N.V.

Alliance Automotive Group (AAG), the UK-based distributor of

automotive and commercial vehicle spare parts, and a subsidiary of

Genuine Parts Company, the listed US-based distributor of

automotive and industrial replacement parts, office products, and

electrical and electronic materials, has agreed to acquire PartsPoint

Group B.V., a Netherlands-based distributor of automotive

aftermarket parts and accessories, from AutoBinck Holding N.V., a

Netherlands-based provider of vehicle distribution, car retail, vehicle

leasing, fleet management, and financial and mobility services, for


05/03/

2019

247TailorSteel

B.V. (60%

Stake)

n/a 100.0 Parcom

Capital

Management

B.V.

Carel van

Sorgen

(Private

Investor)

Parcom Capital Management B.V., the Netherlands-based private

equity firm, has agreed to acquire a 60% stake in 247TailorSteel B.V.,

the Netherlands-based steel cutting company, from Mr. Carel van

Sorgen, the Netherlands-based private individual, for an estimated

enterprise value of EUR 100m.

Date Target Sales

(€ m)

EV




01/03/

2019

Mabo-Lifting

N.V.

17.0 n/a Sofindev n/a Sofindev, a Belgium-based private equity firm, via its fund IV, along

with the management of Mabo-Lifting N.V., a Belgium-based

distributor of space saving and efficiency improving forklifts, have

acquired an undisclosed significant stake in the company, for an

undisclosed consideration. The transaction will support the growth of

Mabo with the availability of fresh capital. Pursuant to the

transaction, the current managing directors of Mabo-Lifting N.V. will

remain significant owners and will continue to run the business. Mabo

reported revenues of approximately EUR 17m and it employs 40

people.

01/03/

2019

Delta Energie

B.V.

n/a n/a Vattenfall AB Delta

Comfort

B.V.

Vattenfall AB, a Sweden-based company engaged in production,

distribution and sale of electricity and heat, has acquired Delta

Energie B.V., the Netherland-based company engaged in supplying

electricity, from Delta Comfort B.V., the Netherlands-based telecom

infrastructure owner and operator, provider of multimedia services

and supplier of energy, and portfolio of EQT Partners AB, a Sweden-

based private equity firm, for an undisclosed consideration.

25/02/

2019

Schelde

Exotech B.V.

n/a n/a Verolme

Special

Equipment B.V.

n/a Verolme Special Equipment B.V, the Netherlands-based

manufacturer of heat exchangers and pressure vessels, has acquired

Schelde Exotech B.V., the Netherland-based manufacturer of

industrial equipment, for an undisclosed consideration.

21/02/

2019

Dutch Power

Company

39.3 n/a Alamo Group

Inc.

ABN AMRO

Participatie

s B.V.; Mr.

Peter

Mouthaan

(Private

Investor)

Alamo Group Inc., the US-based designer, manufacturer and

distributor of equipment for maintenance and agriculture, has

agreed to acquire Dutch Power Company, the Netherlands-based

company engaged in business of production, maintenance and

repair of machines for agricultural purposes, from ABN AMRO

Participaties B.V., the Netherlands-based is a private equity

investment arm of ABN AMRO Bank N.V. and Mr. Peter Mouthaan,

the Netherlands-based private individual, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




15/02/

2019

LioniX

International

BV (44.42%

Stake)

n/a n/a Monsoon

Blockchain

Storage Inc

Magic

Micro Co.,

Ltd.

Monsoon Blockchain Storage Inc, the US-based company provides

blockchain-based cloud data storage optimization service, has

agreed to acquire a 44.42% stake in LioniX International BV, the

Netherland-based designer and producer of products based on

microsystem technology and microelectromechanical systems

(MOEMS), from Magic Micro Co., Ltd., the listed South Korea-based

company engaged in manufacturing IC semiconductors and LED

lead frames, for a consideration of KRW 16.94bn (USD 15.04m).

13/02/

2019

Cirex B.V. n/a n/a Signicast, LLC Nedvest

Capital

Beheer B.V.;

Convent

Capital

Manageme

nt B.V.

Signicast, LLC, the US-based manufacturer and supplier of precision

investment cast metal components, has agreed to acquire Cirex

B.V., the Netherlands based company engaged in producing steel

castings, from Nedvest Capital Beheer B.V., the Netherlands-based

family office and Convent Capital Management B.V., the

Netherlands-based private equity firm, for an undisclosed

consideration.

08/02/

2019

Frimex

Installatie B.V.

n/a n/a Value

Enhancement

Partners B.V.

Mentha

Capital B.V.

Value Enhancement Partners B.V., the Netherlands-based private

equity firm has acquired Frimex Installatie, the Netherlands-based

company from Mentha Capital B.V., the Netherlands-based private

equity firm, for an undisclosed consideration.

07/02/

2019

Bons & Evers

Holding BV.

n/a n/a Bencis Capital

Partners BV

n/a Bencis Capital Partners BV, the Netherlands-based private equity firm

has acquired an undisclosed stake in Bons & Evers Holding BV., the

Netherlands based company engaged in manufacturing of metal

products, for an undisclosed consideration.

06/02/

2019

Pack2pack

Group NV

n/a n/a Glud &

Marstrand A/S

Gilde Equity

Manageme

nt Benelux

B.V.

Glud & Marstrand A/S, a Denmark based manufacturer and supplier

of metal packaging solutions for food industry and a subsidary of

Envases Universales de Mexico S.A de C.V, a Mexico-based

manufacturer and seller of aluminum, steel, tin plate, PET,

polycarbonate, and polyethylene packaging products, has

acquired Pack2pack Group NV, the Netherlands-based provider of

metal packaging solutions, from Gilde Equity Management Benelux

Date Target Sales

(€ m)

EV




B.V., the Netherlands-based private equity firm, for an undisclosed

consideration.

04/02/

2019

Van Aerden

Group B.V.

n/a n/a KYOCERA

SENCO

Industrial Tools,

Inc.

Multrans SA

; Epiphron

NV

KYOCERA SENCO Industrial Tools, Inc., the US-based fastener and

tool manufacturer and a subsidiary of KYOCERA Corporation, a listed

Japan-based company engaged in manufacturing electronic

components and products for industrial, consumer and professional

uses, has acquired Van Aerden Group B.V., the Netherland-based

manufacturer of pneumatic tools and related products, for an


01/02/

2019

InterGen NV

(50% Stake)

n/a n/a Sev.en Energy

AG

Ontario

Teachers'

Pension

Plan

Se.ven Energy AG, the Liechtenstein-based energy company, has

agreed to acquire a 50% stake in InterGen NV, the UK-based power

generation firm, from Ontario Teachers' Pension Plan (OTPP), a

Canada-based pension fund engaged in managing equity, fixed

income and alternative investment portfolios, for an undisclosed

consideration.

30/01/

2019

Reftrade

Holding B.V.

5.4 n/a Petit Forestier

SA

Laurens

Louwers

(Private

Investor)

Petit Forestier SA, a France-based company that leases refrigerated

containers, vehicles and furniture, has acquired Reftrade Holding

B.V., the Netherlands-based cold storage and refrigerated container

rental company, from Laurens Louwers, the Netherlands-based

private investor, for an undisclosed consideration.

22/01/

2019

Eqraft B.V. n/a n/a MSP Onions n/a MSP Onions, a Netherlands-based company specialized in the

sorting and packaging of onions, has acquired Eqraft B.V., a

Netherlands-based company that designs, builds, and maintains

processing and packaging solutions for onions, potatoes, fruits,

vegetables, dry edibles and other commodities, for an undisclosed

consideration.

15/01/ YARD ENERGY n/a n/a Eurus Energy YARD Eurus Energy Holdings Corporation, a Japan-based company

Date Target Sales

(€ m)

EV




2019 Group B.V. (Six

operational

wind farms in

Netherlands)

Holdings

Corporation

ENERGY

Group B.V.

engaged in wind and solar power generation, has acquired six

operational wind farms in Netherlands, along with one wind farm

project currently under development (21MW), from YARD ENERGY

Group B.V., the Netherlands-based company engaged in wind farms

business, for an undisclosed consideration.

11/01/

2019

Poeth BV n/a n/a Private

Investors

n/a Mr. Hans Peeters, Mr. Loe Verheijen, Mr. Marc Peerlings and Mr. Paul

Roefs, the Netherlands-based private investors and the

management team of Poeth BV, has acquired Poeth BV, the

Netherlands-based company engaged in developing and

constructing machines and systems for powder and bulk-processing

industries, for an undisclosed consideration.

10/01/

2019

Honicel

Nederland B.V.

10.0 n/a Dirk Schut

(Private

Investor)

n/a Dirk Schut, the Netherland-based private investor, has acquired a

majority stake in Honicel Nederland B.V., the Netherlands-based

manufacturer of recycled paper-based packaging materials, for an


07/01/

2019

Techneco

Energiesystem

en BV

n/a n/a BDR Thermea

Group BV

n/a BDR Thermea Group B.V., a Netherlands-based smart thermal

comfort solutions provider, has acquired Netherlands-based

Techneco. The deal strengthens buyer's heat pump business;

Techneco will be part of BDR Thermea Group subsidiary Remeha. The

transaction is in line with BDR Thermea's strategy to facilitate the

energy transition and reduction of carbon emissions.

04/01/

2019

Cox Geelen

B.V.

n/a n/a Skoberne

GmbH

Bergschenh

oek Groep

B.V.

Skoberne GmbH, a Germany-based manufacturer of exhaust pipes

and shaft systems, has acquired Cox Geelen B.V., the Netherlands-

based manufacturer of air inlet and flue gas outlet systems, from

Bergschenhoek Groep B.V., the Netherlands-based holding

company that provides ventilation products, ground, road and

hydraulic engineering solutions, and produces and supplies water

management products, through its subsidiaries, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV



Country Focus – Czech Republic

01/03

/2019

Automa CZ

s.r.o.

n/a n/a Automation

Investment,

s.r.o.

Pavel

Kouba

(Private

Investor);

Vladimir

Kohel

(Private

Investor);

Karel

Buchtele

(Private

Investor)

Automation Investment, s.r.o., a Czech Republic-based investment

holding company having interest in companies engaged in

manufacturing and distribution of industrial automation products,

has agreed to acquire Automa CZ s.r.o., a Czech Republic-based

company engaged in manufacturing and distribution of industrial

automatization products, from Mr. Pavel Kouba, Mr. Vladimir Kohel

and Mr. Karel Buchtele, the Czech Republic-based private

individuals, for an undisclosed consideration.

19/02

/2019

Ceskomoravsk

a distribuce,

s.r.o.

n/a n/a Undisclosed

bidder

UNICAPITAL

a.s.

An undisclosed bidder acquired Ceskomoravska distribuce, s.r.o.

(CS), a Czech Republic-based company engaged in electricity and

gas distribution from UNICAPITAL a.s., a Czech Republic-based

investment company, for an undisclosed consideration.

15/02

/2019

Wendell

Electronics, A.S

12.5 n/a BB Electronics

A/S

n/a BB Electronics A/S, a Denmark-based company that provides

specialist EMS services focused on design for manufacturing,

sourcing, production, assembly, testing, box build and system

integration, along with distribution and after-sales services, has

acquired Wendell Electronics, A.S, a Czech Republic-based

company engaged in electronics manufacturing services, for an


Date Target Sales

(€ m)

EV



Country Focus – Denmark

23/03

/2019

IRD Fuel Cells

A/S (66%

Stake)

n/a n/a Weifu High-

Technology

Group Co.,

Ltd.

Wuhan

Troowin

Power

System

Technology

Co., Ltd.

Weifu High-Technology Group Co., Ltd., a listed China-based

company engaged in manufacture of diesel and fuel injector

system products as well as automobile rear system products, has

agreed to acquire 66% stake in IRD Fuel Cells A/S, a Denmark-based

fuel cell component maker, from Wuhan Troowin Power System

Technology Co., Ltd., a China-based hydrogen fuel cell system

maker, for a consideration of EUR 7.26m.

22/03

/2019

Elmodan A/S n/a n/a Lakers Holding

AB

n/a Lakers Holding AB, a Norway-based provider of maintenance

service, development and technical consultancy for pumps,

pumping stations, electrical motors and related components and a

portfolio company of Summa Equity AB, a Sweden-based private

equity firm has acquired, Elmodan A/S, a Denmark-based distributer

of pumps, generators and power tools, for an undisclosed

consideration.

12/03

/2019

Haldor Topsoe

A/S (30%

Stake)

n/a 1,330.6 Temasek

Holdings Pte.

Ltd.

Haldor

Topsoe

Holding A/S

Temasek Holdings Pte. Ltd., a Singapore-based state owned

sovereign wealth fund and private equity firm has agreed to

acquire 30% stake in Haldor Topsoe A/S, a Denmark-based

company engaged in the research and development, process

design, engineering, production, and sale of catalysts, equipment

and spare parts from Haldor Topsoe Holding A/S, a Denmark-based

company owned by Topsoe family, for an undisclosed

consideration, valuing Haldor Topsoe at approximately USD 1.5bn.

06/03

/2019

Apollo

Brandmateriel

A / S

n/a n/a Lakers Holding

AB

n/a Lakers Holding AB, a Norway-based provider of maintenance

service, development and technical consultancy for pumps,

pumping stations, electrical motors and related components, and a

portfolio company of Summa Equity AB, a Sweden-based private

equity firm, has acquired Apollo Brandmateriel A / S, a Denmark-

based supplier of environmental equipment, fire safely and rescue

equipment, lighting, generators and other tools for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




04/03

/2019

STENHOJ

HOLDING A/S

(75% Stake)

108.6 n/a Nexion S.p.A. n/a Nexion S.p.A., an Italy-based manufactures, designs, and installs

equipments for automobiles, has agreed to acquire a 75% stake in

Stenhoj Holding A/S, a Denmark-based supplier of products and

services for the automotive aftermarket and industrial market, for an


01/03

/2019

Cura VVS A/S 12.7 n/a Bravida

Danmark A/S

n/a Bravida Danmark A/S, a Denmark-based company that provides

installation and maintenance works for buildings, and a subsidiary of

Bravida Holding AB, a listed Sweden-based provider of electrical,

heating and plumbing, and heating, ventilation and air conditioning

solutions and other installation and services solutions, has acquired

Cura VVS A/S, a Denmark-based company providing installation

and maintenance services specialized in heating and plumbing

sector, for an undisclosed consideration.

25/02

/2019

DANMIL A/S 9.0 n/a AEB SpA n/a AEB SpA, an Italy-based company engaged in providing

biotechnology solutions for winemaking and a portfolio company of

Apax Partners SAS, a France-based private equity firm, has acquired

a majority stake in DANMIL A/S, a Denmark-based manufacturer of

filtration products for the Pharmaceutical, Chemical and Beverage

industries for an undisclosed consideration.

21/02

/2019

The Drilling

Company of

1972 A/S

1,246.8 4,139.9 A.P. Moller -

Maersk A/S

(Shareholders)

A.P. Moller -

Maersk A/S

A.P. Moller - Maersk A/S (APMM) has decided to spin off Maersk

Drilling Holding A/S into a separate listed company. A.P. Moller -

Maersk A/S is the listed Denmark-based conglomerate operating in

areas such as shipping, energy, logistics, retail and manufacturing,

headquartered in Copehagen. Maersk Drilling Holding A/S is a

Denmark-based provider of drilling services to oil companies for oil

and gas production, headquartered in Copenhagen.

Date Target Sales

(€ m)

EV




20/02

/2019

KOATEK A / S

(45% Stake)

10.0 n/a Den Sociale

Kapitalfond

Management

ApS

Bo Olsen

(Private

Investor)

Den Sociale Kapitalfond Management ApS, a Denmark-based

venture capital firm has acquired a 45% stake in KOATEK A / S, a

Denmark-based producer and supplier of custom-made metal and

plastic components, from Bo Olsen, a Denmark-based private

individual for an undisclosed consideration.

11/02

/2019

Hundested

Propeller A/S

(60% Stake)

n/a n/a BSI A/S Mogens

Christensen

BSI A/S, a Denmark-based manufacturer and supplier of rod, wire,

fiber rigging products to the marine and architectural market, has

acquired a 60% stake in Hundested Propeller A/S, a Denmark-based

manufacturer of propulsion systems, from Mr. Mogens Christensen, a

Denmark-based private investor, for an undisclosed consideration.

04/02

/2019

Scanel

International

A/S (Wind

Business)

n/a n/a ProCon A/S Scanel

International

A/S

ProCon A/S, a Denmark-based provider of equipment for electrical

installation projects, has acquired wind activities of Scanel

International A/S, a Denmark-based supplier of integrated technical

systems, equipment, installations and services to the international

marine, oil/gas and wind industries, for an undisclosed

consideration.

21/01

/2019

Leapwork A/S n/a n/a e.ventures; DN

Capital Limited

n/a DN Capital Limited, the UK-based venture capital firm, and

e.ventures, the US-based venture capital firm, have acquired an

undisclosed stake in Leapwork A/S, a Denmark-based company

engaged in automation and robots, for a consideration of USD 30m.

15/01

/2019

Capres A/S n/a n/a KLA

Corporation

SEB Venture

Capital; A/S

Dansk

Erhvervsinves

tering

KLA Corporation, the listed US-based provider of yield management

and process control solutions for semiconductor manufacturing and

related industries, has acquired Capres A/S, a Denmark-based

company that develops micro and nanoscopic four-point probe-

based metrology tools for the read head and semiconductor

industry, from a group of sellers, for an undisclosed consideration.

Date Target Sales

(€ m)

EV




14/01

/2019

Estron A/S n/a n/a Executive

Capital A/S

Lars Elgard

Nielsen

(Private

Investor);

Allan Sorrig

(Private

Investor)

Executive Capital A/S, the Denmark-based private equity firm, along

with the management of Estron A/S, the Denmark-based

manufacturer of audio components and hearing instruments, has

acquired the company in a management buyout transaction, from

Mr. Lars Elgard Nielsen and Mr. Allan Sorrig, a Denmark-based

private investors, for an undisclosed consideration.

10/01

/2019

Mita-Teknik A/S n/a n/a Andersen

family

Axcel

Managemen

t A/S

Mita-Teknik, the Danish supplier of control solutions for the wind

power industry, is to be sold by its PE owner, Axcel, to the company's

founding Andersen family. Axcel's sale decision comes due to Mita-

Teknik's low performance due to unfavourable market conditions. In

2012, The management of Mita-Teknik, acquired the company in a

management buyout transaction backed by Axcel, from the

Andersen family, for an enterprise value of DKK 800m (EUR 107.62m).

Date Target Sales

(€ m)

EV



Country Focus – France

28/03

/2019

Amplitude

Systemes, S.A.

n/a 100.0 L-GAM

Advisers LLP

Auriga

Partners;

Merieux

Developpe

ment SAS;

Cathay

Capital

Private

Equity;

Bpifrance

SA

L-GAM Advisers LLP, the UK-based private equity firm, has agreed to

acquire Amplitude Systemes, S.A., a France-based manufacturer of

ultrafast lasers for scientific, medical and industrial applications, from

a group of private equity sellers, for an estimated consideration of

EUR 100m.

26/03

/2019

Mecanique

Aeronautique

Pyrereenne SA

40.0 n/a BT2i Group Jean-

Baptiste

Family

BT2i Group, a France-based manufacturer of machining, sheet metal

components, and complex mechanical assemblies, has acquired

Mecanique Aeronautique Pyrereenne SA (MAP), a France-based

aeronautics sub-contractor from the Jean-Baptiste family, for an


05/03

/2019

Rennard JC n/a n/a OMV System

France

n/a OMV System France, a France-based provider of precision

components used in exhaust turbochargers, has acquired Rennard

JC, a France-based company engaged in manufacturing

hydraulics, heavy weights equipment etc., for an undisclosed

consideration.

05/03

/2019

Legoueix SAS 20.0 n/a Rubix Group

International

Limited

n/a Rubix Group International Limited, the UK-based industrial services

group providing outsourced management of electronic equipment

related services as well as supplying bearings, power transmission

products and engineering and other related industrial services, has

acquired Legoueix SAS, a France-based supplier of industrial

products and services to customers in the water and energy sectors,


Date Target Sales

(€ m)

EV




04/03

/2019

Durisotti SAS 37.0 n/a Liberty House

Group

n/a Liberty House Group, the UK-based company engaged in mining

and manufacturing of steel and related products, and a subsidiary

of GFG Alliance Ltd, the UK-based international group of businesses ,

has acquired Durisotti SAS, a France-based manufacturer of

automobiles and light commercial vehicles, for an undisclosed

consideration.

01/03

/2019

Cartospe-

Packaging SAS

10.0 n/a Alliance

Entreprendre

SAS; CEHDF

Capital

n/a Alliance Entreprendre SAS, a France-based private equity firm and

CEHDF Capital, a France-based investment firm along with the

management of Cartospe-Packaging SAS, a France-based provider

of standard or customized corrugated cardboard packaging, in a

management buyout transaction, for an undisclosed consideration.

25/02

/2019

Garos SA n/a n/a Crouzet

Automatismes

SAS

n/a Crouzet Automatismes SAS, a France-based company engaged in

manufacturing and distributing automation control components to

industry, aerospace, and transport sectors in France and

internationally, has acquired Garos SA, a France-based company

that designs and manufactures measuring and controlling devices,


18/02

/2019

EDG-

Nettoyage

10.0 n/a Logista

Hometech

Axenergie

network

Logista Hometech, a France-based HVAC and plumbing

engineering firm has acquired EDG-Nettoyage, a France-based

company specialized in cleaning and multi-technical maintenance

in the fields of electricity, plumbing heating from Axenergie network,

a France-based company engaged in maintenance and repairing

of heating and air-conditioning equipment, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




13/02

/2019

Tecofi 30.0 n/a Garibaldi

Participations

SAS, SCR;

Bpifrance SA

n/a Bpifrance SA and Garibaldi Participations SAS, SCR, the France-

based venture capital and private equity firms along with the

management of Tecofi, the France-based company specializing in

the manufacture and marketing of valves and industrial valves, have

acquired the company, in a management buyout transaction, for


12/02

/2019

Ateim SA 22.6 n/a Ekium Group n/a Ekium Group, a France-based company providing automatic control

systems, production control systems and engineering services for

industrial and tertiary sectors, and a subsidiary of Groupe SNEF S.A., a

France-based provider of electrical and HVAC engineering services,

has acquired Ateim SA., a France-based company that provides

design and construction services for equipment, plants, and

buildings; and consulting, engineering, and technical assistance

services, for an undisclosed consideration.

12/02

/2019

Bourasseau

Industrie SARL

9.0 n/a Developp

industrialzation

SCE - DIS

Jacques

Rivet

(Private

Investor)

Developp industrialzation SCE - DIS, the France-based investment

holding company, has acquired Bourasseau Industrie SARL, the

France-based manufacturer of industrial metal sheets, from Mr.

Jacques Rivet, Bourasseau Industrie's CEO holding 53% stake in the

company, other managers for an undisclosed consideration.

10/02

/2019

Chromalloy

France

13.1 n/a Revima SAS Sequa

Corporatio

n

Revima SAS, a France-based based aircraft maintenance firm and a

portfolio company of Argos Wityu, a France-based private equity

firm, has acquired Chromalloy France, a France-based facility that

specializes in engine parts repairs & special coatings from Sequa

Corporation, the US-based industrial company involved in

aerospace, automotive and other businesses, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




06/02

/2019

MIB Hydro n/a n/a Numalliance

SA

Florent

Chapuis

(Private

Investor)

Numalliance SA, a France-based CNC machines manufacturer, has

acquired MIB Hydro, a France-based designer and manufacturer of

hydraulic presses, from Florent Chapuis, a France-based private

individual, for an undisclosed consideration.

04/02

/2019

Incendie

Protection

Securite SAS

11.0 n/a Alliance

Entreprendre

SAS; Invest PME

SA; BDR Invest

SAS

Amundi

Private

Equity

Funds;

Etoile ID

A group of bidders along with the management of Incendie

Protection Securite SAS (IPS), a France-based company engaged in

providing fire extinguishers and maintenance services, have

acquired the company in a management buyout transaction, from

Etoile ID, a France-based private equity firm and Amundi Private

Equity Funds, a France-based private equity firm, for an undisclosed

consideration.

31/01

/2019

Romadec n/a n/a Drift.com, Inc. n/a Drift.com, Inc., the US-based provider of sales communication

platform that helps businesses generate more leads and close deals

faster using messaging, has acquired Romadec, a France-based

company engaged in manufacturing of precision tools and other

machining equipment's for various industries and provision of related

services, for an undisclosed consideration.

28/01

/2019

Groupe NetCo n/a n/a IK Investment

Partners

Limited;

Andera

Partners SCA

n/a IK Investment Partners Limited, the UK-based private equity firm,

along with existing investor and the management of Groupe NetCo,

a France-based company engaged in the design and manufacture

of conveyor systems and its maintenance, have acquired the

company, in a management buyout transaction, for an undisclosed

consideration.

28/01

/2019

Magelec

Magasins

Generaux De L

Electricite SA

n/a n/a Richardson

S.A.S.

n/a Richardson S.A.S, a France-based company engaged in distribution

of heating and air-conditioning equipment, renewable energies,

bathroom, plumbing tools, tiles and electrical appliances, has

acquired an undisclosed majority stake in Magelec, a France-based

electrical material wholesaler, distributor and retailer, for an


Date Target Sales

(€ m)

EV




25/01

/2019

SAEM SAS 12.2 n/a Engie Cofely n/a Engie Cofely, a France-based company engaged in providing

energy and environmental efficiency services, and a subsidiary of

ENGIE SA, a listed France-based company engaged in the supply of

natural gas and electricity, has acquired SAEM SAS, a France-based

provider of electrical and HVAC engineering services, for an


25/01

/2019

Compagnie

Europeenne

de

Cartonnage

n/a n/a Covepa-

Michels SA

n/a Covepa-Michels SA, the France-based company that manufactures

and markets paperboard card boxes, has acquired Compagnie

Europeenne de Cartonnage (CEC), France-based manufacturer of

printed cardboard packaging, for an undisclosed consideration.

24/01

/2019

Cotherm SA 41.0 33.3 Groupe

Atlantic

Siparex

Groupe ;

Carvest

SAS; Edify

S.A.; Family

of Mr. Jean-

Pierre

Serigny

Groupe Atlantic, a France-based manufacturer of electric water

heaters and heating appliances, has acquired Cotherm SA, a

France-based company engaged in designing and manufacturing

of thermal regulation components, from group of sellers, for a

consideration of EUR 33.3m.

17/01

/2019

Gestal group n/a 64.0 Fonds de

Consolidation

et

Developpeme

nt des

Entreprises

Alain Allaire

(Private

Investor);

Patrick

Allaire

(Private

Investor)

Fonds de Consolidation et Developpement des Entreprises (FCDE),

the France-based private equity firm, along with the management

of Gestal group, the France-based company engaged in provision

of industrial maintenance and installation services, has agreed to

acquire the company in a management buyout transaction, from

Alain Allaire and Patrick Allaire, the France-based private individuals,

for a consideration of EUR 64m.

Date Target Sales

(€ m)

EV




16/01

/2019

Revima SAS 280.0 n/a Ardian Argos Wityu Ardian, a France-based private equity and asset management firm,

along with the management of Revima SAS, has agreed to acquire

Revima SAS, a France-based based aircraft maintenance firm, from

Argos Wityu, a France-based private equity firm making equity, for


15/01

/2019

ABO Wind AG

( 116.5 MW

capacity Eight

French

windfarms)

n/a n/a CEZ as ABO Wind

AG

CEZ as, a Czech Republic-based company engaged in the

production of electricity, has acquired 116.5 MW capacity Eight

French windfarms from ABO Wind AG, a Germany based developers

of wind energy projects and biomass utilization, for an undisclosed

consideration.

14/01

/2019

Nowak S.A.S. 20.0 n/a Siparex

Groupe ;

UNEXO SAS;

Bpifrance SA

Aalberts

Industries

N.V.

A group of investors along with the management of Nowak S.A.S.,

the France-based company that specializes in precision foundry,

have acquired the company in a management buyout transaction

from Aalberts Industries N.V., the listed Netherlands-based company

operating in the industrial services and flow control sectors, for an


Date Target Sales

(€ m)

EV




09/01

/2019

AErospace

Distribution

Service

46.0 39.9 SA Rafaut BNP Paribas

Developpe

ment SA,

SCR; ACE

Manageme

nt SA;

Bpifrance

SA; Maurice

Laffly

(Private

Investor);

Jean-

Christophe

Bertolo

(Private

Investor)

SA Rafaut, a France-based manufacturer of military and civilian

aerospace equipment and a portfolio company of Groupe HLD, a

Luxembourg-based private equity firm, has agreed to acquire

AErospace Distribution Service (AEds), a France-based manufactures

external fuel tanks for the aerospace industry, from a group of

vendors for a consideration of EUR 39.9m.

08/01

/2019

Saint Gobain

Silicon Carbide

activity

n/a n/a OpenGate

Capital LLC

Compagni

e de Saint-

Gobain SA

OpenGate Capital LLC, the US-based private equity firm, has agreed

to acquire Saint Gobain Silicon Carbide activity, a France-based

producer of silicon carbide for industry, from Compagnie de Saint-

Gobain SA, a France-based producer, processor and distributor of

construction and high-performance materials and packaging

products, for an undisclosed consideration.

07/01

/2019

Grillages

Vermigli SA

10.0 n/a Forlam

Industries

Catherine

Coeffic

(Private

Investor)

Forlam Industries, a France-based company engaged in rolling,

forging small and medium-sized automotive and aerospace parts

and producing fence, gates and grids, has acquired Grillages

Vermigli SA, a France-based manufacturer of fences and gates, from

Catherine Coeffic, a France-based private investor, for an


Date Target Sales

(€ m)

EV




04/01

/2019

Pichon S.A. n/a n/a Samson-Agro

AS

n/a Samson-Agro AS, a Denmark-based manufacturer of farming

machinery has acquired Pichon S.A., the France-based company

that manufactures and services a comprehensive range of

agricultural machinery and handling equipment, for an undisclosed

consideration.

02/01

/2019

ICKO

Apiculture SAS

26.0 n/a Cerea

Partenaire

n/a Cerea Partenaire, a France-based private equity firm, via its fund 2,

along with the management of ICKO Apiculture SAS, a France-

based family business specializing in the design, sourcing,

manufacturing and marketing of beekeeping supplies and

equipment for BtoB and BtoC clients, have acquired the company in

a management buyout transaction, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV


69 Source: Megermarket

Country Focus – Italy

28/03

/2019

Trime SpA 50.0 n/a Wise Equity Sgr

Spa

n/a Wise Equity Sgr Spa, an Italy-based private equity firm, via its fund IV,

has agreed to acquire an undisclosed majority stake in Trime SpA, an

Italy-based manufacturer of lighting towers for construction,

entertainment and other sectors, for an undisclosed consideration.

19/03

/2019

Stelmi Italia

S.p.A.

n/a n/a ASO H&P Srl. Lebogest

S.p.A.

ASO H&P Srl., an Italy-based producer of steel hydraulic and

pneumatic components, has acquired Stelmi Italia S.p.A., an Italy-

based manufacturer of steel products, from Lebogest S.p.A., an Italy-

based company having interest in the manufacture of steel

products, for an undisclosed equity consideration.

14/03

/2019

Salgomma S.r.l. n/a n/a SATA S.p.A. n/a SATA S.p.A., an Italy-based manufacturer of precision machined

parts for the automotive industry, has acquired Salgomma Srl, an

Italy-based manufacturer of rubber parts, for an undisclosed

consideration.

14/03

/2019

Colcom Group

S.p.A

27.0 40.0 SIMONSWERK

GmbH

Wise Equity

Sgr Spa

SIMONSWERK GmbH, the Germany-based hinges systems

manufacturer has acquired Colcom Group S.p.A, an Italy-based

producer of fastenings and locks for glass windows and doors from

Wise SGR S.p.A., an Italy-based private equity firm for consideration

of EUR 40m.

13/03

/2019

Phoenix

Holding S.p.A

(65% Stake)

100.0 n/a Ambienta Sgr

SpA

Chequers

Capital

Ambienta Sgr SpA, an Italy-based private equity firm, has agreed to

acquire a 65% stake in Phoenix Holding S.p.A, an Italy-based

company engaged in producing aluminum extrusion dies, from

management of the company and Chequers Capital, a France-

based private equity firm, for a consideration of EUR 180m.

07/03

/2019

Elettroveneta

SpA

200.0 n/a Sonepar Italia

SpA

n/a Sonepar Italia SpA, an Italy-based company engaged in distribution

of electrical products, and a subsidiary of Sonepar S.A., the

company engaged in B-to-B distribution of electrical products and

related services, has agreed to acquire Elettroveneta SpA, an Italy-

based electrical and electronic goods distributor, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV




06/03

/2019

Calvi S.p.A

(26% Stake)

350.0 n/a DeA Capital

Alternative

Funds SGR

Chini family DeA Capital Alternative Funds SGR, an Italy-based private equity

and venture capital firm, has agreed to acquire a 26% stake in Calvi

S.p.A, an Italy-based company engaged in manufacturing of

special steel profiles, from Chini family, an Italy-based family, for an


05/03

/2019

Flexopack Srl

(90% Stake)

n/a n/a Comset SpA n/a Comset SpA, an Italy-based producer of packaging products for

kitchen usage, and a subsidiary of SPhere SA, a France-based

manufacturer of household packaging products involving

polyethylene as well as bioplastics, has acquired 90% stake in

Flexopack Srl, an Italy-based supplier of bags and films in

polyethylene and bioplastics for large retailers, for an undisclosed

consideration.

04/03

/2019

Trafimet Group

Spa

30.0 n/a Kemppi Oy Riello

Investimenti

SpA

Kemppi Oy, a Finland-based company manufacturing welding and

cutting products, has acquired Trafimet Group Spa, the Italy-based

company manufacturing welding and cutting products, from Riello

Investimenti SpA, the Italy-based private equity firm, for an


28/02

/2019

Industrial Box

S.r.l.

n/a n/a Unigrains SA;

Azimut Holding

SpA

Case

Investimenti

S.r.l.

Azimut Holding SpA, a listed Italy-based holding company having

interests in asset management; and Unigrains SA, a France-based

private equity firm, have acquired Industrial Box S.r.l., an Italy-based

company engaged in the production and marketing of high quality

packaging materialsfor food, make-up, nutraceutical and fashion

industries, from Case Investimenti S.r.l., an Italy-based investment

holding company, for an undisclosed consideration.

Date Target Sales

(€ m)

EV




28/02

/2019

The Pack srl n/a n/a Unigrains SA;

Azimut Holding

SpA

Stefano

Pettenon

(Private

Investor);

Elisa Andrini

(Private

Investor)

Azimut Holding SpA, a listed Italy-based holding having interests in

asset management; and Unigrains SA, a France-based private equity

firm, have acquired The Pack srl, an Italy-based producer and

marketer of high quality packaging materials for wine, oil and

distillate industries, from Stefano Pettenon and Elisa Andrini, the Italy-

based private investors, for an undisclosed consideration.

28/02

/2019

OSAR S.r.l. n/a n/a Ethica Global

Investments

S.p.A.

Salvi family Ethica Global Investments S.p.A., an Italy-based venture capital arm

of Ethica Corporate Finance, an Italy-based provider of financial

advisory services, has acquired OSAR S.r.l., an Italy-based

automotive component producer, from Salvi family, an Italy-based

family, for an undisclosed consideration.

27/02

/2019

Spreafico

Automation

S.r.l (70% Stake)

16.5 9.6 IMA S.p.A. Spreafico

Family

IMA S.p.A., the listed Italy-based manufacturer of automatic

packaging machines for the tea, pharmaceutical and cosmetic

industries, has agreed to acquire 70% stake in Spreafico Automation,

an Italy-based coffee capsules producer, from Spreafico Family, an

Italy-based family, for an enterprise value of EUR 9.6m.

25/02

/2019

Comer

Industries SpA

365.8 n/a Gear 1 S.p.A. n/a Gear 1 S.p.A., a listed Italy-based special acquisition vehicle has

agreed to acquire Comer Industries SpA, an Italy-based company

that designs and produces engineering systems and mechatronic

solutions for power transmission applications, via a reverse merger

transaction, for an undisclosed consideration,

19/02

/2019

Alucart SpA n/a n/a Di Mauro

Officine

Grafiche S.p.A.

Taveggia

family

Di Mauro Officine Grafiche S.p.A., an Italy-based packaging

company, has acquired Alucart SpA, an Italy-based producer of

flexible packaging, from the Italy-based Taveggia family, for an


Date Target Sales

(€ m)

EV




14/02

/2019

Total Solution

Interiors Srl

(60% Stake)

n/a 18.3 Somec S.p.A. Alvaro

Tagliabue

(Private

Investor);

Marco

Spaziani

(Private

Investor)

Somec S.p.A., a listed Italy-based company engaged in designing

and manufacturing glass envelopes for cruise ships and special

architectural projects, has agreed to acquire a 60% stake in Total

Solution Interiors Srl (TSI), an Italy-based designer, producer and

installer of ship and yacht interiors, from Alvaro Tagliabue and Marco

Spaziani, the Italy-based private investors, for a minimum enterprise

value of EUR 18.3m.

11/02

/2019

Celli S.p.A. 110.0 250.0 Ardian Consilium

SGR S.p.A.;

Celli family

Ardian, a France-based private equity and asset management firm

along with the management of Celli S.p.A., an Italy-based

manufacturer of dispensing equipment for pubs and bars, has

agreed to acquire the company from Consilium SGR S.p.A. an Italy-

based private equity firm and Celli family, an Italy-based family, for

an estimated consideration of EUR 250m.

04/02

/2019

Valli SpA n/a n/a Group De

Ceuster nv

n/a Group De Ceuster (GDC), the Belgium-based company that offers

development, production, and distribution of commercial and

consumer goods which includes fertilizers, animal feed, and

environmental care products, has acquired Valli SpA, the Italy-based

machinery manufacturer for the poultry sector, for an undisclosed

consideration.

04/02

/2019

FM Plastic Srl n/a n/a Poplast Srl n/a Poplast Srl, an Italy-based manufacturer of flexible packaging

products primarily for food, pharmaceutical, and industrial sectors,

the portfolio company of EOS Investment Management Limited, UK-

based investment and private equity firm, has acquired FM Plastic Srl,

an Italy-based company engaged in providing packaging solutions,


Date Target Sales

(€ m)

EV




31/01

/2019

Gampack Srl 12.0 n/a Progressio SGR

SpA

n/a Progressio SGR S.p.A., an Italy-based private equity firm, along with

the external management of Gampack S.r.l., an Italy-based

machinery producer for the packaging industry, have acquired the

company, in a management buy-in transaction, for an undisclosed

consideration.

23/01

/2019

Hammer S.r.l. 20.0 n/a Kinshofer

GmbH

n/a Kinshofer GmbH, a Germany-based manufacturer of hydraulic lifting

equipment for cranes and a subsidiary of Lifco AB, a listed Sweden-

based manufacturer of dental products, machinery and tools,

sawmill equipment, contract manufacturing, interiors for vehicles

and environmental technology has acquired Hammer S.r.l., an Italy-

based company that designs, manufactures, and markets

construction equipment, for an undisclosed consideration.

21/01

/2019

Projecta

Engineering

S.R.L. (48%

Stake)

n/a n/a SITI - B&T Group

S.p.A

n/a SITI - B&T Group S.p.A, the listed Italy-based company engaged in

the manufacture of equipment and machinery for ceramics industry,

has acquired a 48% stake in Projecta Engineering S.R.L., an Italy-

based company engaged in manufacturing ceramic digital

machines, for a total consideration of EUR 4.70m.

15/01

/2019

SME S.p.A n/a n/a Dana

Incorporated

n/a Dana Incorporated, the listed US-based designer and manufacturer

of cars, automotive components and technologies, has acquired

SME S.p.A, an Italy-based company engaged in manufacturing of

electronic controllers and related products for application in battery

powered vehicles, for an undisclosed consideration.

11/01

/2019

Aream GmbH

(two

photovoltaic

power plants)

(78.5% Stake)

n/a 221.0 ERG S.p.A. Aream

GmbH

ERG S.p.A., a listed Italy-based company engaged in refining and

marketing, power and gas, and renewable energy, has agreed to

acquire 78.5% stakes in two photovoltaic power plants from Aream

GmbH, a Germany-based integrated asset manager for renewable

energy investments, for a consideration of EUR 75.36m.

Date Target Sales

(€ m)

EV




10/01

/2019

SAIP SRL 10.0 n/a Siparex

Groupe

n/a Siparex Groupe, a France-based private equity firm, along with the

management of SAIP SRL, an Italy-based company engaged in the

manufacturing of hydropneumatic accumulators and pulsation

dampeners, have acquired the company, in a magement buyout

transaction, for an undisclosed consideration.

07/01

/2019

Endurance

Castings SpA

n/a 8.2 Endurance

Overseas Srl

n/a Endurance Overseas Srl, an Italy-based european Holding Company

that manages the European Companies of Endurance Technologies

Limited and a subsidiary company of Endurance Technologies

Limited, the listed India-based automotive component

manufacturing company has acquired Fonpresmetal Gap SpA, an

Italy-based manufacturer of of die-castings of aluminum, for a

consideration of EUR 8.16m.

07/01

/2019

S.M.R.E. S.p.A

(56.78% Stake)

n/a 133.7 SolarEdge

Technologies

Ltd.

Gabriele

Amati

(Private

investor);

Giampaolo

Giammariol

i (Private

investor);

MTI Holding

S.r.l

SolarEdge Technologies Ltd. has agreed to acquire 51% stake in

S.M.R.E. S.p.A from a group of sellers, due to which SolarEdge

Technologies Ltd will issue mandatory tender offer to acquire

remaining stake in the company. SolarEdge Technologies Ltd., the

US listed Israel-based company that designs, develops, and sells

direct current (DC) optimized inverter systems for solar photovoltaic

(PV) installations, is headquartered in Herzliya. S.M.R.E. S.p.A, the

listed Italy-based company that designs, develops, manufactures

and supplies industrial machines, is headquartered in Umbertide.

Date Target Sales

(€ m)

EV



Country Focus – Norway

19/03/

2019

PetroNor E&P

Ltd

88.2 90.3 African

Petroleum

Corporation

Limited

NOR Energy

AS; Petromal

Sole

Proprietorship

LLC

African Petroleum Corporation Limited agreed to acquire Petronor

E&P from Petromal Sole Proprietorship LLC and NOR Energy AS.

African Petroleum Corporation Limited (APCL), the listed UK-based

company, headquartered in London, is engaged in oil and gas

exploration. Petronor E&P, a Norway-based company,

headquartered in Oslo, is engaged in upstream exploration and

production of oil and gas.

25/02/

2019

Nordic Steel AS

(50% Stake)

14.2 n/a Ogreid

Eiendom AS

n/a Ogreid Eiendom AS, a Norway-based company engaged in real

estate business, through its holding company, Verket Investering,

has agreed to acquire a 50% stake in Nordic Steel AS, a Norway-

based company engaged in metal processing and welding

business, for an undisclosed consideration.

08/02/

2019

Bns Miljo AS n/a n/a Enviropac AS n/a Enviropac AS, a Norway-based company engaged in providing

waste management services and a subsidiary of San Sac Group AB,

Sweden-based company engaged in providing solutions for sorting

and recycling waste materials, has acquired Bns Miljo AS, a Norway-

based wholesaler of machinery and equipment for transport and

other services, for an undisclosed consideration.

06/02/

2019

Grenland

Energy AS

n/a n/a Corvus Energy

Holding AS

n/a Corvus Energy Holding AS, a Norway-based manufacturer of lithium

ion energy storage systems and services for the maritime industry,

has agreed to acquire Grenland Energy AS, the Norway-based

developer and manufacturer of lightweight lithium-ion batteries for

the maritime, offshore and subsea industry.

24/01/

2019

Huurre Norway

AS

35.6 n/a Svalinn AS Huurre Group

OY

Svalinn AS, a Norway-based company having interest in the

business of manufacturing of cold storeshas acquired Huurre

Norway AS, a Norway-based producer and supplier of cold stores

from the Huurre Group OY, a Finland-based provider of refrigeration

solutions and maintenance services for retail and industrial sectors


Date Target Sales

(€ m)

EV



Country Focus – Norway

15/01/

2019

Kongsberg

Evotec AS

n/a n/a Rome AS Kongsberg

Gruppen ASA

Rome AS, a Norway-based investment company , has agreed to

acquire Kongsberg Evotec AS, a Norway-based company

providing marine supply solutions, from Kongsberg Gruppen ASA,

the listed Norway-based company engaged in development and

maintenance of weapons control and fire control systems used by

the air force, for an undisclosed consideration.

14/01/

2019

OneCo AS 161.7 n/a Katalysator AS n/a Katalysator AS, a Norway-based family owned principal investment

firm and parent company of Moller Gruppen, a Norway-based

company engaged in the import, retail sale, servicing, and

financing of cars, has acquired an undisclosed majority stake in

OneCo AS, a Norway-based provider of products and services in

automation, instrumentation and electrical industries, for an


11/01/

2019

TKS Heis AS 15.7 n/a Aritco Lift AB T Kverneland &

Sonner AS

Aritco Lift AB, a Sweden-based designer and manufacturer of

vertical platform lifts, and a subsidiary of Investment AB Latour, a

Sweden-based investment firm, has agreed to acquire TKS Heis AS,

a Norway-based company engaged in manufacturing elevators

and lifting solutions, from T Kverneland & Sonner AS, a Norway-

based company engaged in manufacturing of hoisting and lifting

machinery and equipment, for an undisclosed consideration.

02/01/

2019

Tools Lovold AS 9.6 n/a Momentum

Group AB

n/a Sweden-based Momentum Group has acquired all of the shares of

Norway-based TOOLS Løvold AS.The acquisition will allow Tools to

strengthen its position in the Norwegian industry. The acquisition will

have a positive impact on the earnings per share of Momentum

group.

Date Target Sales

(€ m)

EV



Country Focus – Poland

28/03/

2019

Drukarnia

EMBE PRESS

sp.j. (80%

Stake)

16.4 n/a Innova Capital

Sp z o.o.

n/a Innova Capital Sp z o.o., via its Innova/6 fund, a Poland-based

private equity firm, has signed an agreement to acquire 80% stake in

Drukarnia EMBE PRESS sp.j., a Poland-based manufacturer and

supplier of labels and packaging for the beverage and food

industry, for an undisclosed consideration.

22/03/

2019

Fablok SA n/a n/a Martech-Plus

Marcin Mistarz

Sp. J

n/a Martech-Plus Marcin Mistarz Sp. J, a Poland-based company

operating in the energy, mining and armament industries,

manufacturing components for railway and producing mining and

surface diesel locomotives, which is owned by Marcin Mistarz, a

Poland based private investor, has acquired Fablok SA, a Poland-

based manufacturer of steam and diesel locomotives for passenger,

express, and freight trains, for an undisclosed consideration, via

insolvency.

Date Target Sales

(€ m)

EV



Country Focus – Sweden

27/03/

2019

Scandiflex Pac

AB

20.0 n/a Schur Flexibles

Holding

GesmbH

Tilgmann

Group

Schur Flexibles Holding GesmbH, an Austria-based company that

produces and distributes flexible packaging solutions, has acquired

Scandiflex Pac AB, a Sweden-based company engaged in

designing and manufacturing printed flexible packaging laminates

for the food industry, from Tilgmann Group, a Finland-based

company engaged in manufacturing of food industry packaging

materials, for an undisclosed consideration.

25/03/

2019

Linjemontage

AB (85%

Stake)

65.5 21.2 Kalpataru

Power

Transmission

Limited

n/a Kalpataru Power Transmission Limited (KPTL), the listed India-based

company engaged in the designing, testing, fabrication, erection

and construction of transmission lines and substation structures and

also in development of infrastructure projects , has agreed to

acquire 85% stake in Linjemontage AB, a Sweden-based company

engaged in construction of pipeline network for electricity network

companies, Assembly contracts, construction of substations and their

maintenance services, for a consideration of around USD 20.4m.

21/03/

2019

BilX Nordic AB n/a n/a Rameder

Anhangerkupp

lungen und

Autoteile

GmbH & Co.

KG

Christoff

investment

AB

Rameder Anhangerkupplungen und Autoteile GmbH & Co. KG, a

Germany-based online retailer of tow-bars, automotive carrier

systems and related accessories, and a portfolio company of FSN

Capital Partners AS, a Norway-based private equity firm, has

acquired a majority stake in BilX Nordic AB, a Sweden-based

company engaged in producing tow hooks for cars, from Christoff

investment AB, a Sweden-based company engaged in retailing of

spare parts and accessories for motor vehicles, for an undisclosed

consideration.

21/03/

2019

Thurne Teknik

AB

9.9 n/a Addtech AB n/a Addtech AB, the listed Sweden-based company that develops and

sells components and systems to industrial companies and service

industry, has agreed to acquire Thurne Teknik AB, a Sweden-based

supplier of process equipment and systems to the process industry,


Date Target Sales

(€ m)

EV




19/03/

2019

Dalek Las &

Larm AB;

Sotenas

Lasservice AB

n/a n/a Prosero

Security AB

n/a Prosero Security AB, the Sweden-based company engaged in

design, installation and service of locks, pass systems, camera

surveillance cctv, fire and burglary alarms through its subsidiaries,

and a portfolio company of Valedo Partners, the Sweden-based

private equity firm, has acquired Dalek Las & Larm AB and Sotenas

Lasservice AB, the Sweden-based security equipments suppliers, for


19/03/

2019

BAHAB Vent &

Plat AB

13.8 n/a Ahlsell AB n/a Ahlsell AB, a Sweden-based industrial wholesaler of plumbing,

heating, electrical, refrigeration and do-it-yourself products, has

agreed to acquire BAHAB Vent & Plat AB, a Sweden-based

wholesaler of sheet metal and ventilators.

12/03/

2019

Onninen Oy

(HEPAC

business)

70.0 n/a Solar A/S Onninen

Oy

Solar A/S, a listed Denmark-based company engaged in distribution

of electrical products and provision of related services, has agreed

to acquire the HEPAC business of Onninen Oy, a Finland-based

company that provides materials services for contractors, industries,

public organizations, and technical products retailers, for an


04/03/

2019

Albin

Components

AB

22.7 n/a Storskogen

Industrier AB

n/a Storskogen Industrier AB, a Sweden-based investment firm, has

acquired a majority stake in Albin Components AB, a Sweden-based

manufacturer of gear wheel components, for an undisclosed

consideration.

27/02/

2019

Varmesvets

Entreprenad

AB

9.2 n/a Assemblin AB n/a Assemblin AB, a Sweden-based company engaged in providing

electric engineering, heating and plumbing, and ventilation

installation services, has acquired Varmesvets Entreprenad AB, a

Sweden-based company engaged in providing services in heating

and sanitation and installation of pipes, for an undisclosed

consideration.

The deal is in line with Assemblin’s strategy to expand their installation

services segment.

Date Target Sales

(€ m)

EV




14/02/

2019

Rotage AB 26.0 n/a Weland AB n/a Weland AB, a Sweden-based manufacturer and supplier of gratings,

spiral stairs, straight stairs, railings, handicap ramps, walkways, has

acquired Rotage AB, a Sweden-based manufacturer of iron and

steel products, for an undisclosed consideration.

29/01/

2019

Koenigsegg

Automotive AB

(20% Stake)

n/a n/a National

Electric

Vehicle

Sweden AB

n/a National Electric Vehicle Sweden AB, a Sweden-based company

engaged in manufacturing electric automobiles, and a subsidiary of

Evergrande Health Industry Group Limited, the listed China-based

company engaged in media and healthcare businesses, has agreed

to acquire a 20% stake in Koenigsegg Automotive AB, a Sweden-

based manufacturer of luxury sports car, for a consideration of EUR

150m.

24/01/

2019

Processing AB n/a n/a EnviroChemie

GmbH

n/a EnviroChemie GmbH, a Germany-based company engaged in

providing technologies for the treatment of water and wastewater,

water recycling and resource recovery, has acquired Processing AB,

a Sweden-based company that supplies water treatment products

and equipments, for an undisclosed consideration.

15/01/

2019

VindIn AB n/a n/a NTR Plc n/a NTR Plc, the listed Ireland-based company engaged in developing

and operating a portfolio of wind projects, has acquired VindIn AB, a

Sweden-based company engaged in developing and operating

wind power plants, for undisclosed consideration.

15/01/

2019

National

Electric

Vehicle

Sweden AB

(51% Stake)

n/a n/a Evergrande

Health Industry

Group Limited

Mr. Howard

Wong

(Private

Investor)

Evergrande Health Industry Group Limited has acquired a 51% stake

in National Electric Vehicle Sweden AB from Mr. Howard Wong.

Evergrande Health Industry Group Limited (EHIG), a listed China-

based company, headquartered in Guangzhou, is engaged in

media and healthcare businesses. National Electric Vehicle Sweden

AB (NEVS), a Sweden-based company engaged in manufacturing

electric automobiles, is headquartered in Trollhattan. Mr. Howard

Wong is a China-based private investor.

Date Target Sales

(€ m)

EV




14/01/

2019

Eton Systems

AB

n/a n/a Karnell Eton

Innovation

AB

Karnell, the Sweden-based private equity firm, has acquired an

undisclosed majority stake in, Eton Systems AB, the Sweden-based

company engaged in developing, manufacturing, and marketing

overhead conveyor systems, from Eton Innovation AB, the Sweden-

based company engaged in the management and operations of

Eton Systems AB, for an undisclosed consideration.

11/01/

2019

Francks

Kylindustri

Sweden AB

44.2 n/a Segulah

Advisor AB

Franck

family; Per

Hannius

(Private

Investor)

Segulah Advisor AB, the Sweden-based private equity firm, has

agreed to acquire Francks Kylindustri AB, a Sweden-based provider

of industrial refrigeration systems, from Franck family and Per Hannius,

a Sweden-based private individual, for an undisclosed consideration.

08/01/

2019

Creovent AB;

Thorszelius

Ventilation &

Service AB

n/a n/a airteam A/S n/a Airteam A/S, a Denmark-based provider of ventilation solutions, has

agreed to acquire Creovent AB, Sweden-based company providing

functional solutions for Climate and Ventilation and Thorszelius

Ventilation & Service AB, Sweden-based company providing

ventilation services, for an undisclosed consideration.

07/01/

2019

Wiwood AB 14.8 n/a Peter

Gyllenhammar

AB

Hamalaine

n family

Peter Gyllenhammar AB (PGAB), a Sweden-based privately-owned

investment company, has acquired Wiwood AB, a Sweden-based

company that imports, manufactures and distributes wood products,

from Hamalainen family, a Sweden-based business family, for an


03/01/

2019

Indexator

Rotator

Systems AB

29.6 n/a Lifco AB n/a Lifco AB, the listed Sweden-based manufacturer of dental products,

machinery and tools, sawmill equipment, contract manufacturing,

interiors for vehicles and environmental technology, has agreed to

acquire Indexator Rotator Systems AB, a Sweden-based company

engaged in manufacturing of hydraulic rotators, for an undisclosed

consideration.

Date Target Sales

(€ m)

EV



Country Focus – UK

28/03/

2019

Midland Steel

Traders Ltd.

12.6 n/a USCO SpA Mr. K P

Whitehall

(Private

Investor);

Mr. John P

Whitehall

(Private

Investor)

Midland Steel Traders, a UK-based construction machinery parts

supplier, has been acquired by USCO, an Italian manufacturer and

distributor of undercarriage, ground engaging tools and repair parts

for construction and earthmoving machines, according to an

announcement.

21/03/

2019

Oxford

Photovoltaics

Limited (18.4%

Stake)

n/a n/a Meyer Burger

Technology

AG

n/a Meyer Burger Technology AG, a listed Switzerland-based producer of

machines that slice and process materials for the semiconductor,

photovoltaic, optical and ceramic industries, has acquired an 18.4%

stake in Oxford Photovoltaics Limited, the UK-based developer of

solid-state dye sensitized solar cells, for an undisclosed consideration.

20/03/

2019

Lifterz Limited 17.4 25.1 Speedy Hire

Plc

n/a Speedy Hire Plc, the listed UK-based company providing equipment

hire services to UK contractors and builders, industry, utilities and the

public sector, has acquired Lifterz Limited, the UK-based company

that offers aerial and access platforms on hire, for a cash

consideration of GBP 9.6m.

18/03/

2019

Invertec

Interiors Ltd;

Inverter

Technology

(Asia) Sdn.

Bhd.

16.7 n/a Teknoware Oy The Ellison

Company,

Inc.

Teknoware Oy, the Finland-based company develops,

manufactures, and supplies interior lighting systems for commercial

vehicles, and emergency lighting systems for public premises and

ships, has acquired Invertec Interiors Ltd, the England-based

company designs and manufactures lighting and interior systems for

public transport and commercial vehicles and Inverter Technology

(Asia) Sdn. Bhd., the Malaysia-based company engaged in

manufacturing of low voltage lighting products and interior systems

for the Bus, Train, and Marine & markets

Date Target Sales

(€ m)

EV




08/03/

2019

RPC Group Plc 4,270.4 5,214.9 Berry Plastics

Group, Inc.

n/a Berry Global Group, Inc. [NYSE:BERY] ("Berry"), a US based and listed

manufacturer and marketer of plastic packaging products,

announced that is considering a possible offer in cash for RPC Group

Plc ("RPC") [LON:RPC], a UK based and listed design and engineering

company of plastic products for both packaging and selected non-

packaging markets.

07/03/

2019

Linkx Systems

Limited

n/a 5.8 WestRock

Company

n/a WestRock Company, the US-based manufacturer of packaging

products, recycled paperboard, containerboard, bleached

paperboard and merchandising displays, has acquired Linkx Systems

Limited, the UK-based company that design and manufacture

packaging machines and integrated smart factory automation

systems, for a total consideration of GBP 5m.

06/03/

2019

V.N.A. Trucks

Limited

n/a n/a Management

Vehicle

n/a The management of V.N.A. Trucks Limited, the UK-based company

manufacturing fork lift truck, has acquired an undisclosed majority

stake in the company, for an undisclosed consideration.

05/03/

2019

Morgan Motor

Company

Limited

37.6 n/a InvestIndustrial n/a InvestIndustrial, the UK-based private equity firm, through its fund V

along with the management and employees of Morgan Motor

Company Limited, the UK-based manufacturer of sports cars, have

acquired an undisclosed majority stake in the company, for an


28/02/

2019

VTL Precision

(Bradley)

Limited (i4 and

i6 cam carrier

business)

n/a n/a Undisclosed

bidder

VTL

Precision

(Bradley)

Limited

An undisclosed bidder has acquired the i4 and i6 cam carrier

business of VTL Precision (Bradley) Limited, the UK-based company

engaged in manufacture of high specification components for

passenger vehicle and commercial vehicle powertrain sector, for an


Date Target Sales

(€ m)

EV




28/02/

2019

Bombardier

Transportation

(Rolling Stock)

UK Ltd.

40.1 12.7 PKC Group Oyj Bombardier

Inc.

PKC Group Oyj, a Finland-based company engaged in design,

manufacturing and integration of electrical distribution systems,wires

and cables, and electrical cabinets, power packs and electrical

distribution systems for rolling stock manufacturers, and a subsdiairy

of Motherson Sumi Systems [NSE:MOTHERSUMI], an India-based

manufacturer of wiring harnesses for rolling stock, has agreed to

acquire Bombardier's [TSE:BBD.B] rolling stock electrical component

and systems business in the UK.

28/02/

2019

Hydreco

Hydraulics Ltd

28.5 n/a Duplomatic MS

SpA

Clyde

Blowers

Capital

Duplomatic MS SpA, the Italy-based company engaged in

designing, producing and installing hydraulic components and

systems and a portfolio company of Alcedo SGR S.p.A, the Italy-

based private equity firm, has acquired Hydreco Hydraulics Ltd, the

UK-based company engaged in design, manufacturing and supply

of hydraulic pumps, motors, valves & controls, cylinders and power

take off units, from Clyde Blowers Capital, the UK-based private

equity, for an undisclosed consideration.

28/02/

2019

Lighting

Consultants Ltd

n/a n/a SRG Global n/a SRG Global, a Troy, Michigan-based coatings manufacturer, made

an investment in The Lighting Consultants, a UK-based automotive

lighting maker. No financial terms were disclosed.

25/02/

2019

Tracker

Network (UK)

Ltd

n/a 11.5 CalAmp

Corporation

Tantalum

Corporatio

n

CalAmp Corporation, the listed US-based provider of direct

broadcast satellite technology, wireless networks, software

application development, embedded computing and enterprise

mobility solution has acquired Tracker Network (UK) Ltd, the UK-

based company engaged in providing vehicle tracking, traffic

information and telematics solutions from Tantalum Corporation, the

UK-based leading provider of connected products and services to

commercial fleets, insurers and OEMs for a cash consideration of

approximately USD 13m.

Date Target Sales

(€ m)

EV




25/02/

2019

The Weir

Group Plc

(Flow Control

division); Weir

International

Co., Ltd.

n/a 316.9 First Reserve The Weir

Group Plc

First Reserve has agreed to acquire Flow Control Division of The Weir

Group Plc in an auction process. First Reserve is the US-based private

equity firm, headquartered in Stamford, Connecticut. Flow Control

Division (Weir Flow Control) (WFC) is the UK-based provider of

designing, manufacturing and aftermarket services of engineered

valves and pumps. First Reserve will acquire Weir flow for a cash

consideration of GBP 275m

22/02/

2019

ATG Access

Ltd

19.9 25.9 Hill & Smith

Holdings Plc

LDC

(Managers)

Limited

Hill & Smith Holdings Plc, a listed UK-based company engaged in the

manufacture and supply of infrastructure products, galvanizing

services and building and construction products, has acquired ATG

Access Ltd, a UK-based engineering company engaged in the

manufacturing of access control systems, vehicle barrier systems and

crash rated bollards, from LDC (Managers) Limited, a UK-based

private equity firm, for a cash consideration of GBP 22.5m on a debt

and cash free basis.

21/02/

2019

Beckton

Energy Limited

n/a n/a Arjun

Infrastructure

Partners

iCON

Infrastructur

e LLP;

Melquart

Limited

Arjun Infrastructure Partners (AIP), the UK-based infrastructure asset

management company, has acquired Beckton Energy Limited, the

UK-based company engaged in operating of bio-liquids fired

combined heat and power plant (CHP), from iCON Infrastructure

Partners II, the UK-based fund of iCON Infrastructure LLP, the UK-

based private equity firm, and Melquart Limited, the UK-based

company engaged in providing investment management and

advisory services, for an undisclosed consideration.

19/02/

2019

Miriad

Products

Limited

25.6 n/a Duke Royalty

Limited

n/a Duke Royalty Limited, the UK-based provider of alternative capital

solutions, along with an external management team and the internal

management of Miriad Products Limited, the UK-based distributor of

parts and components for the caravan and motorhome industry, has

acquired the company for an undisclosed consideration.

Date Target Sales

(€ m)

EV




14/02/

2019

Ovo Energy

Limited (20%

Stake)

n/a n/a Mitsubishi

Corporation

n/a Mitsubishi Corporation, a listed Japan-based conglomerate, has

acquired 20% stake in Ovo Energy Limited, the UK-based domestic

energy supplier, for an estimated consideration of GBP 216m.

12/02/

2019

Roltech

Limited

n/a n/a Duo (Europe)

plc

n/a Duo (Europe) plc, the UK-based provider of processing solutions for

quarrying, aggregate, recycling & handling Industries, has acquired

Roltech Mechanical Limited, the UK-based company designing,

manufacturing and installing conveyors, bins and machines for the

quarrying industry, for an undisclosed consideration.

08/02/

2019

KRG Specialist

Engineering

Services

n/a n/a Gil Investments Proserv

Group Inc.

Gil Investments, the UK-based private equity firm has acquired KRG

Industries Limited, the UK-based company that manufactures and

delivers precision engineered components and assemblies to oil and

gas, aerospace, pump manufacture markets, defense, rail, and food

sectors from Proserv Group Inc., the UK-based company that

provides production and drilling equipment services for energy

industry, for an undisclosed consideration.

06/02/

2019

United

Kingdom Oil

Pipeline

(11.15% Stake);

Northampton

Terminal;

Kingsbury Oil

Terminal (45%

Stake)

n/a n/a Essar Oil (UK)

Limited

BP p.l.c. Essar Oil (UK) Limited, the UK-based oil and gas exploration and

production company, has agreed to acquire the Northampton

Terminal, the UK-based oil storage terminal, a 45% stake in Kingsbury

Oil Terminal, the UK-based oil storage terminal, and an 11.15% stake

in the United Kingdom Oil Pipeline (UKOP), the UK-based oil products

pipeline network, from BP Plc, the listed UK-based oil company, for


Date Target Sales

(€ m)

EV




01/02/

2019

Bankside

Patterson

n/a n/a AL-KO Vehicle

Technology

Christopher

Adams(Priv

ate

Investor);

David

Wineberg

(Private

Investor)

AL-KO Vehicle Technology, a Germany-based designer and

manufacturer of trailer axles, trailer and caravan components,

chassis and motorized chassis and a subsidiary of DexKo Global, Inc.,

the US-based company engaged in designing and manufacturing of

trailer axles and running gear components, has agreed to acquire

Bankside Patterson, the UK-based manufacturer and supplier of steel

frames to the holiday home and modular building sectors, from Mr.

Christopher Adams and Mr. David Wineberg, UK-based private

investors, for an undisclosed consideration.

01/02/

2019

SSE Plc

(Dunmaglass

wind farm)

(14.4% Stake);

SSE Plc

(Stronelairg

wind farm)

(14.4% Stake)

n/a n/a Undisclosed

bidder

SSE Plc An undisclosed UK-based pension fund whose investment is

managed by Greencoat Capital, has agreed to acquire 14.4% stake

in Dunmaglass windfarms and Stronelairg wind farm from SSE Plc the

listed UK-based company engaged in the generation, transmission,

distribution, and supply of electricity, gas and energy trading for a

total consideration of GBP 183m.

01/02/

2019

SSE Plc

(Dunmaglass

wind farm)

(35.5% Stake);

SSE Plc

(Stronelairg

wind farm)

(35.5% Stake)

n/a n/a Greencoat UK

Wind Plc

SSE Plc Greencoat UK Wind Plc, the listed UK-based closed-ended

investment company investing in wind farm projects, has agreed to

acquire 35.5% stake in Dunmaglass windfarms and Stronelairg wind

farm from SSE Plc, the listed UK-based company engaged in the

generation, transmission, distribution, and supply of electricity, gas

and energy trading for a total consideration of GBP 452m, including

cash and working capital.

Date Target Sales

(€ m)

EV




31/01/

2019

Dust Control

Systems

Limited

n/a 7.5 Filtermist

International

Limited

Chris

Oldfield

(Private

Investor);

Phillip

Oldfield

(Private

Investor)

Filtermist International Limited, the UK based company producing oil

mist filters, fume and dust extraction equipment, and a subsidiary of

Absolent Group AB, a listed Sweden-based company engaged in

supplying and manufacturing of air processing and ventilation filter

products, has acquired Dust Control Systems Limited (DCS), the UK-

based manufacturer of dust and fume extraction systems, from Phillip

Oilfield and Chris Oldfield, the UK-based private investors, for a


30/01/

2019

Ring

Automotive

Limited

n/a n/a Osram GmbH Rubicon

Partners

Osram GmbH, the listed Germany-based company engaged in the

field of lighting fixtures, has agreed to acquire Ring Automotive

Limited, the UK-based lighting and auto electrical supplier to the

aftermarket and vehicle conversion sector, from Rubicon Partners,

the UK-based private equity, for an undisclosed consideration.

27/01/

2019

SK AeroSafety

Group

n/a n/a Levine

Leichtman

Capital

Partners, Inc.

SK

FireSafety

Group B.V.

SK AeroSafety, a UK-based provider of fire safety services for the

aeronautic sector, has been sold by its parent company,

Netherlands-headquartered SK Fire Safety Group BV, a portfolio

company of PE firm Apax France, to Levine Leichtman Capital

Partners (LLCP).

24/01/

2019

RedSpeed

International

Ltd.

6.2 12.2 Sdiptech AB n/a Sdiptech AB, the listed Sweden-based company providing deeply

niched products and services within modernization, new installation

and, service and maintenance, in areas such as hospitals, traffic

systems, water supply systems, and data centers, has acquired

RedSpeed International Ltd., the UK-based company that

researches, develops, manufactures, installs, and maintains digital

enforcement cameras for the traffic enforcement market, for a


Date Target Sales

(€ m)

EV




23/01/

2019

RPC Group Plc 4,270.4 5,084.8 Apollo Global

Management,

LLC

n/a Apollo Global Management ("Apollo") [NYSE:APO], the US based

private equity firm, has made a recommended offer to acquire RPC

Group Plc ("RPC") [LON:RPC], a UK based and listed design and

engineering company of plastic products for both packaging and

selected non-packaging markets.

21/01/

2019

BAE Systems

(combat

vehicles

business) (55%

Stake)

n/a n/a Rheinmetall

AG

BAE

Systems Plc

Rheinmetall AG has agreed to acquire 55% stake combat vehicles

business of BAE Systems Plc. Rheinmetall AG is the a Germany-based

producer of automotive components and defense equipment,

headquartered in Duesseldorf. BAE Systems Plc. is the listed UK-based

provider of support and services in defense and security,

headquartered in Guildford.

21/01/

2019

Trinity Fire and

Security

Systems Ltd

41.6 17.9 Premier

Technical

Services Group

plc

n/a Premier Technical Services Group plc has acquired Trinity Fire and

Security Systems Ltd from Mr. Andrew Cotton, Mr. Paul Clayton, Mr.

Shaun Corbett and Mr. Rob Holliday.

Premier Technical Services Group plc (PTSG), the UK-based company

engaged in providing access and safety services, is headquartered

in Castleford.

18/01/

2019

Motorhog

Limited; DH

Systems

Consultancy

Limited; Car

Transplants

Limited

n/a n/a SYNETIQ Ltd n/a Motorhog Limited, the UK based company engaged in

maintenance and dismantle of motor vehicles, Car Transplants

Limited, the UK-based car dismantler and seller of car spare parts

and DH Systems Consultancy Limited, the UK-based provider of

software solutions for the vehicle salvage and vehicle dismantling

industries, have agreed to merge and operate under a new entity

named SYNETIQ Ltd.

18/01/

2019

Tarpey Harris

Ltd

n/a n/a Morvern Group n/a Morvern Group, the UK-based investment holding company, has

acquired Tarpey Harris Ltd, the UK-based manufacturer of wax

molded parts, metallic tooling and machined parts supplied to the

aerospace and Industrial gas turbine engine markets, for an


Date Target Sales

(€ m)

EV




08/01/

2019

Martek Marine

Limited

n/a 11.1 James Fisher &

Sons Plc

n/a James Fisher & Sons Plc, the listed UK-based provider of specialist

services to the marine, oil and gas, and other high assurance

industries, including ship operating and management, has acquired

Martek Holdings Limited, a UK-based provider of safety and

calibration systems and products to the marine sector, for a

consideration of GBP 10m.

04/01/

2019

Lyndon

Scaffolding Plc

55.4 n/a Brand Industrial

Services, Inc.

n/a Brand Industrial Services, Inc. (BrandSafway ), the US-based

company engaged in industrial and commercial scaffolding,

concrete construction, insulation, carpentry, special events and

safety services, has acquired Lyndon Scaffolding Plc, the UK-based

provider of comprehensive access solutions for the commercial

construction, industrial and infrastructure markets, for an undisclosed

consideration.

03/01/

2019

Hiremech Ltd. n/a n/a Briggs

Equipment UK

Ltd.

Roderick

Smith

(Private

Investor);

Paul Green

(Private

investor)

Briggs Equipment UK Ltd., the UK-based company engaged in

distribution of counterbalance forklift trucks and warehouse

equipment, has acquired Hiremech Ltd., the UK-based forklift seller

and hire company, from Mr. Paul Green and Mr. Roderick Smith, the

UK-based private individuals, for an undisclosed consideration.

02/01/

2019

Straightpoint

(UK) Limited

n/a n/a The Crosby

Group LLC

n/a The Crosby Group LLC, the US-based company that designs and

manufactures accessories for the lifting and material handling

industry, has acquired Straightpoint (UK) Limited, the UK-based

manufacturer of load cells and force measurement equipment, for


Date Target Sales

(€ m)

EV



Country Focus – Canada

26/03/

2019

Plastique

Micron Inc.

n/a n/a Altium

Packaging

Canada Inc.

Fonds de

Solidarite

FTQ;

Investissem

ent

Quebec

Inc.

Altium Packaging Canada Inc., a wholly-owned subsidiary of

Consolidated Container Company, has acquired Plastique Micron

Inc. from Fonds de Solidarite FTQ and Investissement Quebec Inc.

Altium Packaging Canada Inc., the US-based company

headquartered at Atlanta, Georgia, provides packaging solutions.

Plastique Micron Inc., a Canada-based company headquartered at

Quebec, manufactures and exports plastic containers to the

pharmaceutical, cosmetics and food industries.

21/03/

2019

Montreal

Bronze Limited

n/a n/a Hunt Valve

Company, Inc.

n/a Hunt Valve Company, a Salem, Ohio-based valve maker backed by

May River Capital, has acquired Terrebonne, Quebec-based

Montreal Bronze Limited.

Deal Snapshot Terms: Undisclosed Strategic Rationale: Expands and

complements Hunt's product offering and provides access to

additional US Navy and international shipyards and industrial

customers. Background: On 01 December 2015, May River and

Maranon Capital, LP, the US-based private equity firm, had acquired

Hunt Valve, for an undisclosed consideration.

19/03/

2019

Rockwater

Energy

Solutions

Canada Inc.

n/a n/a Undisclosed

bidder

Select

Energy

Services,

LLC

An undisclosed bidder has acquired Rockwater Energy Solutions

Canada Inc., a Canada-based provider of fluids and environmental

solutions including water, stimulation, fracturing, fluids, and

production needs for to oilfield companies, from Select Energy

Services, Inc., the listed US-based company engaged in providing

engineering water solution, manufacture of specialty chemicals and

other wellsite services to the oilfield services industry, for an


Date Target Sales

(€ m)

EV




19/03/

2019

Child Check-

Mate System,

Inc

n/a n/a USSC Group,

Inc.

n/a USSC Group, Inc., the US-based company that designs, engineers

and supplies ergonomic, durable seating for transportation vehicles,

and a portfolio company of Dubin Clark & Company, Inc., the US-

based private equity firm, has acquired Child Check-Mate System,

Inc(CCM), Canada-based School Bus safety company that

develops a unique alarm system which acts as an electronic

reminder to drivers, for an undisclosed consideration.

15/03/

2019

Vari-Form

Corporation

(Strathroy,

Ontario

operations)

n/a n/a Fiat Chrysler

Automobiles

N.V

n/a Fiat Chrysler Automobiles N.V the listed UK-based company that

designs, engineers, manufactures, distributes, and sells vehicles,

components, and production system has acquired the Ontario

operations of Vari-Form Corporation, for an undisclosed

consideration. Vari-Form Corporation has filed for bankruptcy.

07/03/

2019

Dart

Aerospace Ltd

n/a 66.6 First Aviation

Services Inc.;

Greenbriar

Equity Group,

L.P.

Era Group

Inc; Eagle

Copters

Ltd.

Greenbriar Equity Group, L.P. along with First Aviation, Inc. has

agreed to acquire Dart Aerospace Ltd from Eagle Copters Ltd. and

Era Group Inc.

Greenbriar Equity Group, L.P., the US-based private equity firm,

headquartered in Rye, New York. First Aviation Services Inc., the US-

based provider of repair and overhaul, rotables management and

related engineering services to the aviation industry, headquartered

in in Connecticut. Dart Aerospace Ltd, a Canada-based company

headquartered in Montreal, is engaged in design, manufacturing

and marketing of equipment and aftermarket components for the

helicopter and fixed-wing industries.

Date Target Sales

(€ m)

EV




05/03/

2019

QSG Inc. n/a n/a OCR Canada

Ltd.

Gilles

Gaudreault

(Private

Investor)

OCR Canada Ltd., a Canada-based provider of automated

identification data capture solutions and services, business process

analysis services and project management services, and a subsidiary

of Barcodes, Inc., the US-based provider of barcode, mobile

computing, point of sale and RFID solutions, has agreed to acquire

QSG Inc., a Canada-based specialty systems integrator focused on

field and supply chain mobility, from Gilles Gaudreault, a Canada-

based private investor, for an undisclosed consideration.

01/03/

2019

Western

Dealers Co-

Auto (Paint,

Body, &

Equipment

Division )

n/a n/a Color

Compass

Corporation

Western

Dealers Co-

Auto

Color Compass Corporation, a Canada-based company engaged

in providing collision repair products and industry specific collision

repair training, has acquired the paint, body, and equipment

division, from Western Dealers Co-Auto, a Canada-based company

providing car wash and equipment services, for an undisclosed

consideration.

01/03/

2019

Measurand

Group

n/a n/a Vance Street

Capital LLC

n/a Measurand Group, a Fredericton, New Brunswick-based

manufacturer of geotechnical instrumentation, has been acquired

by Vance Street Capital.

26/02/

2019

GLV Inc. 160.0 113.0 Valmet Oyj n/a Valmet Oyj has agreed to acquire GLV Inc. Valmet Oyj, the listed

Finland-based developer and supplier of process technologies,

automation, and services for the pulp, paper, and energy industries,

is headquartered in Espoo. GLV Inc., the Canada-based company

that specializes in the design of equipment used in various stages of

pulp and paper production and industrial wastewater, drinking

water and water equipment, on a cash-free debt-free basis, is

headquartered in Trois-Rivieres.

Date Target Sales

(€ m)

EV




25/02/

2019

Hydra Dyne

Technology

Inc. (75%

Stake)

23.7 n/a Interpump

Group S.p.A.

n/a Interpump Group S.p.A., has agreed to acquire a 75% stake in Hydra

Dyne Technology Inc., Interpump Group S.p.A., a listed Italy-based

manufacturer of high pressure piston plunger pumps, is

headquartered in Sant'Ilario d'Enza. Hydra Dyne Technology Inc., a

Canada-based producer of hydraulic cylinders, valves and rotary

manifolds, Interpump will pay a cash consideration of EUR 15.2m.

13/02/

2019

World Class

Extractions Inc

n/a 24.5 CBD Med

Research Corp

n/a CBD Med Research Corp has agreed to acquire World Class

Extractions Inc. World Class Extractions Inc, is the Canada-based

company that provides precision single step mobile extraction

systems, head-quartered in Toronto. CBD Med Research Corp, is the

listed Canada-based holding company having interest in companies

engaged in providing precision single step mobile extraction systems,

head-quartered in Vancouver. CBD Med Research Corp has agreed

to acquire World Class Extractions Inc, for a consideration of CAD

36.71m (USD 27.67m).

07/02/

2019

Crius Energy

Trust

n/a 437.7 Vistra Energy

Corp.

n/a Vistra Energy Corp. has agreed to acquire Crius Energy Trust. Vistra

Energy Corp., the listed US-based company engaged in production

and transmission of electricity, is headquartered in Texas, Dallas. Crius

Energy Trust, a listed Canada-based energy retailer that markets and

sells electricity and natural gas to residential and small to medium-

size commercial customers, is headquartered in Toronto. Vistra will

acquire 56,605,607 trust units representing a 100% stake in Crius, at an

offer price of CAD 7.57 (USD 5.74) per trust unit, thereby valuing the

transaction at CAD 428.5m (USD 325.14m).

05/02/

2019

Inuktun

Services Ltd.

n/a n/a Eddyfi NDT Inc. n/a Eddyfi NDT Inc., the Canada-based manufacturer of NDT solutions for

the inspection of critical components and assets in the nuclear,

power generation, oil & gas, and aerospace industries, has acquired

Inuktun Services Ltd., the Canada-based developer and

manufacturer of remotely operated crawlers and camera systems,


Date Target Sales

(€ m)

EV




28/01/

2019

Aeryon Labs,

Inc.

n/a 175.1 FLIR Systems,

Inc.

Summit

Partners

LLP; MaRs

Discovery

District

FLIR Systems, Inc. [NASDAQ:FLIR], a Wilsonville, Oregon-based maker

of sensor systems, acquired Waterloo, Ontario-based Aeryon Labs

Inc.

Deal Snapshot Terms: USD 200m in cash. Strategic Rationale: Expands

FLIR’s drone offerings with advanced airframes, sensors, and flight

management software for government and defense customers. The

acquisition will increase FLIR’s unmanned systems solutions

capabilities and will expand beyond nano-UAS into Group 1 UAS

solutions for military.

20/01/

2019

ZCL

Composites

Inc.

n/a 205.4 ShawCor Ltd. n/a ShawCor Ltd. has agreed to acquire ZCL Composites Inc. ShawCor

Ltd. is the listed Canada-based energy services company

specializing in products and services for the pipeline and pipe

services, and petrochemical and industrial segments of the oil and

gas industry and other industrial markets, headquartered in Toronto.

ZCL Composites Inc. is the listed Canada-based manufacturer and

distributor of fiberglass liquid storage systems to the petroleum

industry, headquartered in Edmonton. ShawCor will acquire

30,559,647 shares, representing 100% stake of ZCL, at an offer price of

CAD 10 (USD 7.539) per share, thereby valuing the transaction at

CAD 305.596m (USD 230.41m).

15/01/

2019

Micanan

Systems Inc.

n/a 5.3 Nice S.p.A. n/a Nice S.p.A., an Italy-based company specialized in home

automation systems, has acquired Micanan Systems Inc., a Canada-

based company that manufactures operators of garage door

openers, used to automate commercial and industrial overhead

doors, for a consideration of CAD 8m (USD 6.027m) on a debt-free

basis.

Date Target Sales

(€ m)

EV




10/01/

2019

SemCAMS ULC

(49% Stake)

n/a 754.1 Kohlberg Kravis

Roberts & Co.

L.P.

SemGroup

Corporatio

n

Kohlberg Kravis Roberts & Co. L.P. has signed a definitive agreement

to acquire a 49% stake in SemCAMS ULC from SemGroup

Corporation. Kohlberg Kravis Roberts & Co. L.P. (KKR),

headquartered in New York, New York, is a listed US-based global

investment firm. SemCAMS ULC, headquartered in Calgary, is a

Canada-based provider of midstream solutions and a subsidiary of

SemGroup Corporation.KKR has agreed to pay a consideration of

CAD 515m (USD 389.28m) to SemGroup.

10/01/

2019

Dixie Electric

Ltd.

n/a n/a Motorcar Parts

of America Inc

n/a Motorcar Parts of America, Inc. [NASDAQ:MPAA], a Torrance,

California-based remanufacturer, manufacturer, and distributor of

automotive aftermarket parts, has acquired Concord, Ontario-

based Dixie Electric, Ltd.

08/01/

2019

Solacom

Technologies

Inc.

n/a 28.8 Comtech

Telecommunic

ations Corp.

n/a Comtech Telecommunications Corp., a listed US-based company

that designs, develops, produces and markets innovative products,

systems and services for advanced communications solutions, has

agreed to acquire Solacom Technologies Inc., a Canada-based

provider of user-centric voice, data, and video 9-1-1 call

management solutions for public safety answering points, for a

consideration of USD 33m.

02/01/

2019

Pivotal Safety n/a n/a Total Safety

U.S., Inc.

n/a Total Safety U.S., Inc., the US-based provider of integrated industrial

safety services, equipment and compliance solutions to the oil and

gas industry, has acquired Pivotal Safety, a Canada-based industrial

safety company offering safety services, highly trained staff, and

quality equipment, for an undisclosed consideration.

97

Global M&A Partners is one of the world's leading partnerships of independent M&A advisory firms. Specialised in the middle

market, we provide support and opportunities locally and internationally for clients buying or selling companies as well as fi-

nancings, corporate restructurings and other corporate finance transactions.

Contact Details

Interfinanz

Key contact:

Christian Kollmann

Phone +49 211 16802 23

Cell +49 172 200 2957

Email: ckoll-

[email protected]

Address

Tersteegenstraße 28

Düsseldorf

D-40474

Germany

Brown Gibbons Lang & Co

Key contact:

Andrew Petryk

Phone +1 216 241 2800

Cell +1 216 244 3649

Email: apet-

[email protected]

Address

1375 East 9th Street,

Suite 2500,

Cleveland, OH 44114

USA

Crosbie & Company

Key contact:

Ed Giacomelli

Phone +1-416-362-0020

Cell +1-416-402-5907

Email: egiaco-

[email protected]

Address

Sun Life Financial Tower

150 King St. W.

15th Floor, P.O. Box 95

Toronto, Ontario

M5H 1J9

Canada

Total Finans

Key contact:

Metin Bonfil

Phone +90 212 275 0175

Cell +90 532 236 3536

Email: mbon-

[email protected]

Address

Kasap Sok. Konak Azer Is

Hani No:12 Kat:9, 34394

Esentepe

Istanbul

Turkey

Acquizon Advisory

Key contact:

Deepak Ladha

Phone +91 22 4973 0913

Cell +91 98203 48614

Email:

[email protected]

Address

B 606, Satellite Gazebo,

B D Sawant Marg,

Andheri East

Mumbai 400 099

India

mailto:[email protected]









ABOUT Global M&A Partners

Established in 1999, Global M&A Partners is one of the world's leading partnerships of independent M&A firms

gathered together to offer to their respective clients premium services for their goals completion. Operating

through over 200 M&A advisors, the partnership serves sectors including Consumer Products, Business Services,

Energy & Mining, Healthcare & Pharmaceuticals, Industrials, Packaging, Leisure & Retail and IT. The partnership

network operates in over 30 countries and has completed over 1,500 transactions with a combined value in

excess of EUR 42 bn since 2010.

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