Industrial Insider Q3, 2016 - InterFinanz GmbH · Industrial Insider Q3, 2016 Country Focus: ......

Industrial Insider Q3, 2016

Country Focus: German speaking region Benelux Czech Republic Denmark France Italy Norway Poland Sweden Turkey UK

Canada TurkeyUSA

Industrials

Introduction / 1

Dear Reader,

We are pleased to present our quarterly report on the current state of M&A activities in the industrial segment. The report covers all transactions in the industrial sector

published in the third quarter of 2016 by the data provider Mergermarket for the German-speaking area, neighbouring countries as well as UK, Italy, Norway, Sweden,

Turkey, Canada and USA in the following segments:

Machinery & Specialty Equipment

Instrumentation

Power Generation & Transmission

Machine Tools

Measuring, Analyzing & Controlling Instruments

Substation Equipment

Mechanical Power Transmission

Sensors, Relays & Switches

Grid Management Products

Industrial Automation

Optical Instruments & Lenses

Switchgear

Relays & Industrial Controls

Tactile Measurement Equipment

SCADA & Remote Monitoring

Hydraulics & Fluid Power

Tools and other Industrial Equipment

Building Products

Pumps, Motors & Compressors

Hand Tools

Insulation Materials

Actuators, Cylinders, Pistons

Fasteners & other Fixing Material

Concrete and Wood Materials

Valves

Bearings and Gears

Fittings

Automotive Parts, Components & Systems

Electrical Equipment

Rubber & Miscellaneous Plastics Products

Metal & Plastic Parts and Components

Motors, Generators, Transformators

Tubes, Films, Foils

Electrical and Electronic Components & Systems

Electricity Distribution and Control

Sealings

Drive Components & Systems

Cables and Installation Material

Pipes

Building Automation & Lighting Equipment

After the encouraging second quarter of 2016, we experienced a rather sluggish development of M&A activities in the industrial segment in the third quarter. With an

aggregate deal count of 392, the third quarter recorded a drop of 6% compared to the previous quarter. Compared with the same period of 2015, 1 % more trans-

Introduction / 2

actions were recorded in the third quarter of this year. Obviously, the M&A market for industrial deals is still challenged. As the bar chart below shows, the M&A market

in terms of number of deals has failed to surpass the 500-deals-mark in the last 7 quarters:

The number of deals in North America and the European countries covered in the report is rather balanced with 200 deals in Europe and 190 in the USA (165) and

Canada (25). In Turkey two industrial deals were recorded. The German-speaking region contributed 67 transactions to the total (i.e. share of approx. 17%). While most

of the industrial deals in the European countries covered in this report were cross-border (65%), only 31% of North American transactions involved more than one country.

The chart on the following page gives an overview of the deal activity in Europe by country and states which nationalities were the most active cross-border dealmakers

in Europe.

Introduction / 3

Introduction / 4

As in previous quarters, purchase prices were not disclosed for most of the transactions. Although 95 deals out of the 392 transactions published purchase prices, only

29 showed valuation relevant data for calculating valuation multiples. The analysis of the data reveals that the third quarter was ruled by rather large acquisitions with a

median enterprise value of €116.6 m. In comparison to the previous quarter, the median valuation levels declined moderately in terms of both, sales and EBITDA

multiples. The table below summarises some findings and valuation levels for the third quarter of 2016 comparing to the previous one:

Number of transactions with disclosed values

German

speaking

region

Germany's

neighbour

countries*

Nordics** UK North America Total

Enterprise value > € 1 bn 1 1 0 1 12 15

Enterprise value € 250 m - € 1 bn 4 2 3 0 10 19

Enterprise value € 100 m - € 250 m 3 3 1 2 6 15

Enterprise value € 50 m - € 100 m 1 3 1 0 7 12

Enterprise value < € 50 m 4 5 1 4 20 34

Total 13 14 6 7 55 95

Q3, 2016

Median values

German

speaking

region

Germany's

neighbour

countries*

Nordics** UK North America Overall median

Enterprise value in € m 122.6 70.8 390.2 19,9*** 116.6 116.6

Sales multiple 0.8 0.8 1.7 0,8*** 1.1 0.8

EBITDA multiple n.a. 8.0 12.1 7,1*** 10.7 9.4

* Except Austria, Switzerland and Liechtenstein

** Denmark, Norway, Sweden

*** Not conclusive since only a few values published ( ≤ 5)

Q2, 2016

Median values

German

speaking

region

Germany's

neighbour

countries*

Nordics** UK North America Overall median

Enterprise value in € m 51.0 100.0 260.9 67.4 100.9 100.0

Sales multiple 1.2 0.9 1.6 1.1 1.1 1.1

EBITDA multiple 11.2 7.6 10.4 8.0 9.8 9.8

Introduction / 5

The German M&A market remained robust and resilient against any uncertainties currently floating over Europe: with 47 registered takeovers, the German M&A market

for industrial deals followed its upward trend in the third quarter.

The chart to the right shows the geographic origin of the buyers of German industrial targets.

We observed a significant share of Asian buyers, who took over 7 German industrial manufacturers during the

third quarter. 5 out of the 7 deals involved Chinese buyers.

Again, strategic sellers and buyers dominated the German M&A market for industrial deals as shown in the

chart below:

Types of sellers Types of buyers

Introduction / 6

During the third quarter 2016 we, Global M&A Partners, advised successfully on the following transactions:

1. Sale of BÖCO Böddecker & Co. GmbH & Co. KG, a leading manufacturer of latching and closing systems for the automotive industry, located in Wuppertal,

Germany, to Magna International Inc., a leading global automotive supplier, headquartered in Aurora, Canada. For more information, please click here.

2. Sale of 81.3% in Ekokem Corporation, a Nordic circular economy company, located in Riihimäki, Finland, to Fortum Oyi, a listed Finnish energy group, head-

quartered in Espoo, Finland. For more information, please click here.

3. Sale of 100% in weseralu GmbH & Co. KG, a German manufacturer of high precision aluminium profiles, located in Minden, Germany, to Exlabesa SA, a globally

positioned, family-run company active in the area of aluminium extrusion, located in A Coruña, Spain. For more information, please click here.

4. Sale of Wallover Enterprises, Inc., an independent formulator of customized and highly engineered metalworking fluids and industrial lubricants, located in

Strongsville, Ohio, USA, to Houghton International, Inc., a global leader in delivering advanced metalworking fluids and services across the industries, headquar-

tered in Valley Forge, Pennsylvania, USA. For more information, please click here.

5. Sale of 100% of the shares of German manufacturer of workpiece carriers, Variotech Group located in Nordhorn, to EOS Capital Partners, a private equity firm,

located in Munich, Germany. For more information, please click here.

Global M&A Partners is one of the world’s leading 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 financings, corporate restructurings and other corporate finance transactions.

Global M&A Partners and InterFinanz are available for you to support you in carrying out your strategic plans.

In Europe: Christian Kollmann – [email protected]

In the USA: Andrew Petryk – [email protected]

In Canada: Ed Giacomelli – [email protected]

In Turkey: Metin Bonfil – [email protected]

For further information, please visit www.globalma.com

http://www.boeco.de/

http://www.magna.com/

http://interfinanz.com/pdfs/pressemeldung-if-boeco-englisch.pdf

http://www.ekokem.com/

http://www.fortum.com/

http://globalma.com/transactions/3447

http://www.weseralu.de/

http://www.exlabesa.com/web/index.php

http://interfinanz.com/pdfs/weseralu-englisch.pdf

http://www.wallover.com/

http://www.houghtonintl.com/

http://www.bglco.com/wallover_metalworking_fluids_sold_to_houghton

http://www.variotech.de/

http://www.eoscp.com/

http://globalma.com/transactions/2977

mailto:[email protected]




http://www.globalma.com/

Country Focus – Germany, Austria, Switzerland

Date Target Sales (€ m)

EV (€ m)

Bidder Seller Deal Description

EV = Enterprise value Source: Mergermarket & InterFinanz GmbH

1

01/07/2016

Schlieper Ges.m.b.H

12.5 n/a Dynacast Inter-national Inc.

Schlieper Pri-vate Trust

Dynacast International Inc., the US-based company engaged in manufacturing of small, engineered metal components and precision die cast components, has ac-quired Schlieper Ges.m.b.H, an Austria-based company engaged in offering zinc diecasting solutions, from Schlieper Private Trust, an Austria-based trust having interest in companies engaged in offering innovative and creative solutions for zinc diecasting, for an undisclosed consideration. Schlieper has reported revenues of EUR 12.5m in 2015 and has 60 employees.

03/07/2016

UNGERER GMBH + CO. KG Maschinen- und Anlagenbau Pforzheim

n/a n/a Floris Capital GmbH

Administrator The management team of UNGERER GMBH + CO. KG Maschinen- und Anlagen-bau Pforzheim, the Germany-based machinery and systems engineering com-pany, backed by Floris Capital GmbH, the Germany-based private equity firm, have acquired the company, for an undisclosed consideration. Ungerer has 70 employees and filed for insolvency in December 2015. The companies UNGERER Antriebstechnik GmbH, UNGERER SYSTEME GMBH + CO. KG Prozess- und Automatisierungstechnik and Karl Fr. Ungerer GmbH were also part of the acqui-sition.

07/07/2016

Bahnwerk Eberswalde

n/a n/a Quantum Capi-tal Partners AG

Deutsche Bahn AG

Quantum Capital Partners AG, a Germany-based private equity firm, has agreed to acquire Bahnwerk Eberswalde, a Germany-based rail vehicle maintenance company, from Deutsche Bahn AG, a Germany-based freight transport, logistics and rail operator firm, for an undisclosed consideration. Bahnwerk Eberswalde has a workforce of 210 employees.

12/07/2016

Metalor Techno-logies Internatio-nal SA

n/a n/a Tanaka Hol-dings Co., Ltd.

Astorg Partners Tanaka Holdings Co., Ltd., a Japan-based holding company engaged in the oper-ations of its subsidiaries that involved in precious metal related businesses, has agreed to acquire Metalor Technologies International SA, a Switzerland-based company engaged in providing precious metals and advanced materials for dental and medical technology, for electronic and electro technical applications and mak-ers of watches, from Astorg Partners, a France-based private equity firm, for an undisclosed cash consideration.



EV (€ m)



2

12/07/2016

ITEC-Ingenieur-buero fuer Hygi-ene und Le-bensmitteltech-nik GmbH

n/a n/a Axcel Industri-investor A/S; ATP Private Eq-uity Partners

n/a Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire ITEC-Ingenieurbuero fuer Hygiene und Lebensmitteltechnik GmbH, a Germany-based manufacturer of automation sys-tems for the food industry, for an undisclosed consideration. Concurrently, Axcel and ATP have also agreed to acquire the following three Denmark-based compa-nies: SFK LEBLANC A/S, a manufacturer of medium and high-end red meat slaughter lines and automation solutions. Carometec A/S, a company that manu-factures carcass grading equipment for pig and cattle slaughterhouses. Attec Dan-mark A/S, a manufacturer of process equipment for the meat producing industry. The acquired companies will have total revenue of EUR 147.88m and approxi-mately 740 employees.

12/07/2016

Adval Tech (Molds seg-ment)

n/a 122.6 Barnes Group Inc

Adval Tech Hol-ding AG

Barnes Group Inc, the US-based diversified international manufacturer of precision metal components and assemblies and a distributor of industrial supplies to indus-tries like aerospace and defense, has agreed to acquire the Germany-based mold-making division of Adval Tech Holding AG, the Switzerland-based company oper-ating in the technology sectors of stamping, forming and injection molding, for a cash consideration of USD 135.66m. The division markets its products under the brand name FOBOHA. In 2015, it employed 371 people.

14/07/2016

Deutsche Ener-gieversorgung GmbH

n/a n/a Gruenwald Equity Manage-ment GmbH

Mr. Mathias Hammer

Gruenwald Equity Management GmbH, a Germany-based private equity house, has acquired an undisclosed stake in Deutsche Energieversorgung GmbH, a Ger-many-based company manufacturing energy-storage systems such as accumula-tor batteries for photovoltaic applications, for an undisclosed consideration.

15/07/2016

Grunewald Stade GmbH & Co. KG

n/a n/a TUSAS Aeros-pace Industries, Inc

Grunewald GmbH & Co KG

TAI-Turkish Aerospace Industries Inc., a Turkey-based company engaged in de-sign, development, manufacturing, integration of aerospace systems, moderniza-tion and after sales support, has acquired Grunewald Stade GmbH & Co. KG, a Germany-based company engaged in manufactured of Aircraft parts, from Grunewald GmbH & Co KG, a Germany-based company that specializes in tool-ing, castings, and machining, for an undisclosed consideration.



EV (€ m)



3

15/07/2016

Stanz- und La-serTechnik Je-ssen GmbH

n/a n/a Steadfast Capi-tal Fund III, L.P.

Orlando Ma-nagement AG

Steadfast Capital Fund III, L.P., a Germany-based private equity fund of Steadfast Capital GmbH, a Germany-based private equity firm, along with the management of Stanz- und LaserTechnik Jessen GmbH, a Germany-based company engaged in manufacturing of high-precision electrical steel components for electric motors and transformers, has acquired the company from Orlando Management AG, a Germany-based private equity firm, for an undisclosed consideration.

18/07/2016

Wera Werk 85.0 n/a Bitburger Hol-ding GmbH

n/a Bitburger Holding GmbH, a Germany-based company which through its subsidiar-ies manufactures beer and mineral water, has agreed to acquire Wera Werk Her-mann Werner GmbH & Co. KG, a Germany-based manufacturer of screwdrivers and machine tools, for an undisclosed consideration. Wera employs more than 700 people.

20/07/2016

INTERCONTEC Produkt GmbH

n/a 305.0 TE Connectivity Ltd.

Pfeiffer Family TE Connectivity Ltd., the US-listed Switzerland-based manufacturer of electronics components, cable equipment, wireless and undersea communication products has agreed to acquire, INTERCONTEC Produkt GmbH, a Germany-based manu-facturer of metric circular connectors, cable assemblies, electromechanical com-ponents and system solutions, from the German Pfeiffer family, for a cash consid-eration of EUR 305m.

21/07/2016

Schur Flexibles Holding GesmbH

370.0 n/a Lindsay Gold-berg LLC

capiton AG; Schur Internatio-nal A/S; Jakob Mosser (Private Investor)

Lindsay Goldberg LLC, the US-based private equity firm, along with the manage-ment of Schur Flexibles Holding GesmbH, an Austria-based producer and distrib-utor of flexible packaging solutions, has agreed to acquire the company in a man-agement buyout transaction from capiton AG, a Germany-based private equity firm, Schur International A/S, a Denmark-based packaging company, and Mr. Jakob Mosser, an Austria-based private investor, for an undisclosed consideration. Schur reported turnover of EUR 370m in 2015 and has a workforce of 1,100 em-ployees.

22/07/2016

ESSMANN Gruppe

n/a n/a Kingspan Group Plc

Quadriga Capi-tal

Kingspan Group Plc, the listed Ireland-based manufacturer of energy conserving products and solutions for the construction industry, has agreed to acquire ESS-MANN Gruppe, the Germany-based company manufacturing and marketing in-dustrial skylights, as well as ventilation, smoke extraction and water drainage sys-tems for the construction industry, from Quadriga Capital, the Germany-based pri-vate equity firm, for an undisclosed consideration.



EV (€ m)



4

22/07/2016

Schaefer HPS GmbH

n/a n/a OHE Maschi-nenbau GmbH

Administrator OHE Maschinenbau GmbH, a Germany-based company that manufactures hy-draulic, electro-hydraulic, and pilot control systems for the coal-mining industry worldwide, and a subsidiary of Beijing Huahai Machinery Co Ltd., the China-based company engaged in wholesale distribution of industrial machinery and equipment, has acquired Schaefer HPS GmbH, a Germany-based developer and manufac-turer of valves, pumps & pump units as well as tank cleaning solutions, for an undisclosed consideration. Schafer filed for insolvency in Dusseldorf on 21 March 2016. For 2013, Schafer generated revenue of USD 12.7m.

26/07/2016

KEMAS GmbH (80% Stake)

7.7 n/a Keba AG n/a Keba AG, an Austria-based company engaged in developing and manufacturing automation solutions for industrial, banking, services and energy sectors has ac-quired 80% stake in KEMAS GmbH, a Germany-based manufacturer of customer and employee-operated transfer automation systems based on RFID technology, for an undisclosed consideration. The remaining 20% stake in KEMAS will remain with the company’s founder Mr. Hans-Jürgen Grämer and his son. KEMAS has a workforce of 75 employees and reported revenues of EUR 7.70m in 2015.

26/07/2016

DISCOM Elekt-ronische Sys-teme und Kom-ponenten GmbH

n/a 15.8 Spectris Plc n/a Spectris Plc, the listed UK-based manufacturer of precision instrumentation and controls, has agreed to acquire DISCOM Elektronische Systeme und Komponen-ten GmbH, the Germany-based provider of acoustical and vibration quality analy-sis, for a total consideration of EUR 15.8m. DISCOM has 18 employees.

26/07/2016

Gebr. Heller Ma-schinenfabrik GmbH (36% Stake)

559.0 n/a Heller Family BWK GmbH The founding family of Gebr. Heller Maschinenfabrik GmbH, a Germany-based company that develops, manufactures, and sells machining centers, production systems, and crankshaft and camshaft machines for metal-cutting processes has acquired a 36% stake in the company from BWK GmbH, a Germany-based private equity firm, for an undisclosed consideration. Heller currently has approximately 2,500 employees and reported sale of EUR 559m in 2015. BWK had acquired stake from the third generation of the family in 1995, providing Heller with growth financing. The stake has been re-acquired by the family's fourth generation.



EV (€ m)



5

27/07/2016

KKT Kaller Kunststoff Tech-nik GmbH

17.0 n/a Groupe Axium Heinz-Glas GmbH & Co. KGaA

Groupe Axium, the France-based company specialized in the production of com-plete solutions for plastic packaging in the cosmetics, food and pharmaceuticals industry, has acquired KKT Kaller Kunststoff Technik GmbH, the Germany-based supplier of complete plastic packaging solutions, from Heinz-Glas GmbH & Co. KGaA, the Germany-based manufacturer and refiner of small glass bottles for per-fume and cosmetic industries, for an undisclosed consideration. KKT generated annual revenues of EUR 17m in 2015.

28/07/2016

Nutzfahrzeuge Rohr GmbH

n/a n/a Kaessbohrer Transport Tech-nik GmbH

Administrator Kaessbohrer Transport Technik GmbH, an Austria-based manufacturer of vehicle transporters, has acquired Nutzfahrzeuge Rohr GmbH, a Germany-based manu-facturer of road tankers, aircraft refuellers and temperature controlled box-type su-perstructures, for an undisclosed consideration. In April 2016, Nutzfahrzeuge had filed for insolvency.

28/07/2016

Winterhoff GmbH

n/a n/a DexKo Global Inc.

Winterhoff Fa-mily

DexKo Global Inc., the US-based designer and manufacturer of trailer axles and running gear components, has agreed to acquire Winterhoff GmbH, the German manufacturer of safety components for trailers and caravans from Winterhoff Fam-ily for an undisclosed consideration. In October 2015, Dexter Axle Company, Inc. has agreed to acquire AL-KO Vehicle Technology from AL-KO Kober SE, for a consideration of USD 410m. DexKo Global was formed by the combination of Dex-ter and AL-KO Vehicle.

28/07/2016

SFC-Koenig AG n/a 217.0 IDEX Corpora-tion

HgCapital; Capvis Equity Partners AG

IDEX Corporation, the listed US-based manufacturer of proprietary pumps and metering products, dispensing equipment and other engineered products, has agreed to acquire SFC-Koenig AG, the Switzerland-based manufacturer of fas-tening and sealing technologies, from Capvis Equity Partners AG, the Switzerland-based private equity firm, and HgCapital, the UK-based private equity firm, for a total consideration of EUR 217m.



EV (€ m)



6

02/08/2016

Emerson Pro-cess Manage-ment (Sensor production busi-ness)

n/a n/a Ts Temperatur Sensorik Gmbh

Emerson Pro-cess Manage-ment LLLP

Ts Temperatur Sensorik Gmbh, the Germany-based company engaged in devel-opment, manufacture, calibration and sales of temperature measuring instru-ments, and a subsidiary of WIKA Alexander Wiegand SE & Co. KG, the Germany-based company manufactures electronic and mechanical pressure measuring de-vices, has acquired the sensor production business of Emerson Process Manage-ment LLLP, the Germany-based sensor production company, and a subsidiary of Emerson Electric Co., the listed US-based company engaged in manufacturing and providing products and services in the industrial, commercial, and consumer markets, for an undisclosed consideration.

02/08/2016

Xovis AG n/a n/a EMERAM Capi-tal Partners GmbH

n/a EMERAM Private Equity Fund I GmbH & Co. KG., a Germany-based private equity fund of EMERAM Capital Partners GmbH, a Germany-based private equity firm, along with the management of Xovis AG, a Switzerland-based manufacturer and developer of tracking sensors, measurement tools and analysis software, has ac-quired the company in a management buyout transaction, for an undisclosed con-sideration.

02/08/2016

Ibeo Automotive Systems GmbH (40% Stake)

n/a n/a ZF Friedrichsha-fen AG

Mr. Mario Brumm, Mr. Mi-chael Kiehn, Mr. Michael Köhler

ZF Friedrichshafen AG, the Germany-based manufacturer of automotive compo-nents, has acquired 40% stake in Ibeo Automotive Systems GmbH, the Germany-based manufacturer of range detection devices and developer of environmental recognition software used for autonomous driving, for an undisclosed considera-tion. Ibeo employs 50 people.

05/08/2016

Luigi Salvi Re-cycling AG (50% Stake)

11.2 n/a Loacker Recyc-ling GmbH

Luigi Salvi (Pri-vate Investor)

Loacker Recycling GmbH, the Austria-based company engaged in sorting and pro-cessing recyclable waste, has acquired 50% stake in Luigi Salvi Recycling AG, the Switzerland-based company engaged in trading and recycling of iron, metals and recyclable materials, from Mr. Luigi Salvi, the Switzerland-based private individual, for an undisclosed consideration. Post acquisition, Loacker's stake in Luigi Salvi Recycling will increase from 50% to 100%. Luigi Salvi Recycling has 25 employees and generated revenues of CHF 12.2m in 2015.



EV (€ m)



7

05/08/2016

SULO Embal-lagen GmbH

n/a n/a FIELDS Group B.V.

Plastic Omnium Environment

FIELDS Group B.V., the Netherlands-based holding company having interest in acquiring temporarily undervalued companies, has agreed to acquire SULO Em-ballagen GmbH, a Germany-based company engaged in the development, pro-duction and marketing of metal containers for the chemicals industry, from Plastic Omnium Environment (POE), a France-based provider of waste containerization services and a subsidiary of Plastic Omnium, a listed France-based company en-gaged in the manufacture and sale of automotive components and environmental products and services worldwide, for an undisclosed consideration. SULO Embal-lagen reported revenues of approximately EUR 40m in 2015.

07/08/2016

MAHLE GmbH (Industrial filtra-tion business)

160.0 n/a Filtration Group Corporation

MAHLE GmbH Filtration Group Corporation, the US-based designer and manufacturer of filtration products, and an affiliate of Madison Industries, the US-based investment firm, has agreed to acquire the industrial filtration business of MAHLE GmbH, the Germany-based manufacturer of engine systems, filtration, engine peripherals and thermal management products for the automotive industry, for an undisclosed considera-tion. The acquired business reported revenues of EUR 160m in 2015. It employs 410 people.

08/08/2016

Duerr Ecoclean GmbH (85% Stake)

200.0 120.0 Shenyang Blue Silver Industrial Automation Equipment Co., LTD

Duerr AG Shenyang Blue Silver Industrial Automation Equipment Co., LTD has agreed to acquire 85% stake in Duerr Ecoclean GmbH, the Germany-based company en-gaged in development, manufacturing and sale of innovative solutions for industrial part cleaning and surface processing, from Duerr AG, the listed Germany-based manufacturer of industrial surface treatment equipment. Shenyang Blue Silver In-dustrial Automation Equipment Co., LTD is a China-based company engaged in developing and applying industrial automation technology. The 85% stake in Duerr Ecoclean will be purchased for an enterprise value of around EUR 120m. Duerr Ecoclean Group has reported annual revenue of EUR 200m in 2015, with around 850 employees.



EV (€ m)



8

09/08/2016

Burg Design GmbH

n/a n/a Leonhard Kurz Stiftung & Co. KG

Grupo Antolin-Irausa, S.A.

Leonhard Kurz Stiftung & Co. KG, a Germany-based manufacturer of decorative and functional coatings, has acquired Burg Design GmbH, an Austria-based com-pany which designs and manufactures large-format silk screen printed items for automotive, furniture, sporting and white goods industries, from Grupo Antolin-Irausa, S.A., a Spain-based company engaged in designing, developing, manu-facturing and distributing automotive components, for an undisclosed considera-tion. Burg Design has over 200 employees. In 2015, Grupo Antolin-Irausa acquired Burg Design GmbH along with other Interiors Operations, from Magna Interna-tional Inc, for a consideration of USD 525m.

09/08/2016

FRIMO Group GmbH

207.0 n/a Deutsche Betei-ligungs AG

GAJA GmbH The management of FRIMO Group GmbH, the Germany-based provider of tooling and plants for the production of high-performance plastic components, has agreed to acquire the company in a management buyout transaction, backed by Deutsche Beteiligungs AG (DBAG), the Germany-based private equity firm, for an undis-closed consideration. DBAG and DBAG Fund VI will acquire a majority stake and the current managers Hans-Guenter Bayer and Rainer Wittkorn will acquire a 20% stake. In 2015, FRIMO reported revenues for EUR 207m and employed 1,400 people. FRIMO generated 85% of its revenues in the automotive industry and the remainder in the aviation and chemical industry, with a strong market position in Europe and thr North America.

10/08/2016

O.ST. Feinguss GmbH

n/a n/a Ventana Holding Gmbh

Administrator Ventana Holding GmbH, an Austria-based private equity fund, has acquired O.ST. Feinguss GmbH, an Austrian manufacturer of steel and aluminum alloy castings, for an undisclosed consideration. O.ST. Feinguss filed for insolvency in April 2016 due to consistent operating losses in 2013 and 2014.

10/08/2016

Ott GmbH & Co. KG; OTT Ge-schaeftsfueh-rungs-GmbH

30.5 n/a Daetwyler Hol-ding AG

Ott Family Daetwyler Holding AG, the listed Switzerland-based industrial supplier and distrib-utor of technical and electronic components has agreed to acquire Ott GmbH & Co. KG and OTT Geschaeftsfaehrungs GmbH, the Germany-based providers of injection-moulded parts made from thermoplastic and liquid silicone using single- and multi-component technology, for an undisclosed consideration. Ott has re-ported annual revenue of EUR 30.24m and has workforce of 200 people.



EV (€ m)



9

10/08/2016

Freudenberg Schwab Vibra-tion Control GmbH & Co. KG

62.6 n/a Trelleborg In-dustrial Soluti-ons

Freudenberg SE Trelleborg Industrial Solutions, the Sweden-based company engaged in develop-ing solutions for seal, damp and protect applications and a subsidiary of Trelleborg AB, the listed Sweden-based company engaged in the development, manufacture and marketing of polymer solutions, has agreed to acquire Freudenberg Schwab Vibration Control GmbH & Co. KG, the Germany-based manufacturer and supplier of industrial anti-vibration components and suspension solutions, from Freuden-berg SE, the Germany-based developer and manufacturer of seals, lubricants, vi-bration control products, filters, nonwovens, leather, specialty chemicals, medical and mechatronic products, for an undisclosed consideration. Freudenberg Schwab had sales of approximately EUR 62.60m in 2015.

14/08/2016

Broetje-Automa-tion GmbH

143.6 185.5 Shanghai Elec-tric Group Com-pany Limited

Deutsche Betei-ligungs AG

Shanghai Electric Group Company Limited (SEGCL) has signed a definitive agree-ment to acquire TEC4AERO GmbH, the holding company of Broetje-Automation GmbH, from Deutsche Beteiligungs AG, Duerr International GmbH and ON THE TOP Beteiligungs GmbH & Co. KG, German private equity and venture capital firm and investment holding companies, for a total consideration of EUR 173.536m. SEGCL is a listed China-based company and engaged in manufacturing, design and distribution of industrial equipments. Broetje-Automation GmbH is a German manufacturer and supplier of machines and systems for the aviation and aero-space industries. Broetje had reported revenues of EUR 143.6m for the year ended 30 September 2015 and has a workforce of 850 employees. In 2012, DBAG along with the management of Broetje, had acquired the company, in a manage-ment buyout transaction, from Claas KGaA mbH, for an approximate consideration of EUR 35.29m.

16/08/2016

Benninger AG n/a n/a JMBT Beteili-gungen AG

Benninger Hol-ding AG

JMBT Beteiligungen AG, the Switzerland-based investment holding company hav-ing interest in companies which develop and manufacture textile finishing and cord production machineries and an affiliate of Jakob Mueller AG, the Switzerland-based company that develops and manufactures narrow fabric manufacturing equipment, has acquired Benninger AG, the Switzerland-based company which develops and manufactures textile finishing and cord production machineries, from Benninger Holding AG, the Switzerland-based investment holding company, for an undisclosed consideration. Benninger has a workforce of around 330 employ-ees in 2015, of which 110 are from Switzerland.



EV (€ m)



10

16/08/2016

gwk Gesell-schaft Waerme Kaeltetechnik mbH (98% Stake)

45.0 n/a technotrans AG COEO Holding GmbH

technotrans AG, the listed Germany-based company engaged in the development, assembling, testing and sale of peripheral equipments in the field of liquid technol-ogy, has agreed to acquire 98% stake in gwk Gesellschaft Waerme Kaeltetechnik mbH, the Germany-based designer, manufacturer and supplier of temperature control and cooling equipments, from COEO Holding GmbH, the Germany-based investment holding company, for an undisclosed consideration. gwk generated revenues of EUR 45m in 2015 and has a workforce of around 380 employees.

17/08/2016

Eurocylinder Systems AG

n/a n/a Serafin Unter-nehmensgruppe GmbH

Families Kedenburg and Korte

Serafin Unternehmensgruppe GmbH, the Germany-based private equity firm, has acquired Eurocylinder Systems AG, the Germany-based producer of high pressure steel cylinders for industrial, medical gases, for an undisclosed consideration.

18/08/2016

Pentair Plc (Val-ves & Controls)

1,684 2,783 Emerson Electric Co.

Pentair Plc Emerson Electric Co. has signed a definitive agreement to acquire the Switzer-land-based Valves & Controls segment of Pentair Plc for a cash consideration of USD 3.15bn. Emerson Electric Co. the listed US-based company, is engaged in manufacturing and providing products and services in the industrial, commercial, and consumer markets. Pentair Plc, the listed UK-based company, is a manufac-turer of water filtration, flow technology and pool equipments. Pentair's Valves & Controls business employs a workforce of about 7,500 people and reported an annual turnover of USD 1.84bn for the year ending 31 December 2015.

24/08/2016

weseralu GmbH & Co. KG

n/a n/a Exlabesa SA Mr. Alexander Wiesner

Exlabesa SA, the Spain-based company engaged in the extrusion of aluminum for the construction industry, has acquired weseralu GmbH & Co. KG, the Germany-based company engaged in rolling, drawing, and production of aluminum ingot, for an undisclosed consideration.

25/08/2016

GIG Karasek GmbH

n/a n/a Dr. Aichhorn GmbH; Dr. Ha-rald J Aichhorn (Private Inves-tor)

Andreas Kara-sek (79%); Friedrich Schweighofer (20%); Norbert Karasek (1%) (all Private In-vestors)

Dr. Aichhorn GmbH, the Austria-based investment holding company, alongwith Dr. Harald J. Aichhorn, the Austria-based private investor, has acquired GIG Karasek GmbH, the Austria-based manufacturer of industrial machinery, from Andreas Ka-rasek, Friedrich Schweighofer, and Norbert Karasek, the Austria-based private in-vestors, for an undisclosed consideration. As per the terms of the agreement, Dr. Aichhorn GmbH will acquire a 94.0% stake in GIG Karasek while the remaining will be acquired by Dr. Harald J. Aichhorn.



EV (€ m)



11

25/08/2016

Westfalia-Auto-motive GmbH; Terwa B.V.

n/a 167.0 Horizon Global Corporation

A consortium led by DPE Deutsche Pri-vate Equity GmbH

Horizon Global Corporation (HGC) has agreed to acquire WESTFALIA-Automo-tive GmbH, German manufacturer of towing bars for motor vehicles, and Terwa B.V, Dutch manufacturer of tow bar components, from a consortium led by DPE Deutsche Private Equity GmbH for a total consideration of EUR 167m. HGC, the listed US-based company, is a designer, manufacturer and distributor of high-qual-ity, custom-engineered towing, trailering, cargo management and other related ac-cessory products. The consortium is led by DPE Deutsche Private Equity GmbH and includes Baryernlb Private Equity GmbH, both German equity firms, Walter Gnauert, Dr. Bernd Welzel, Frank Klebedanz, Jurgen Lotter and Westfalia Mi-tarbeiterbeteiligungs GmbH & Co. KG. Purchase price is multiple of approximately 9.9x acquired business’ projected 2016 adjusted EBITDA.

26/08/2016

Erich Utsch AG n/a n/a Scandector AB Manfred Utsch (Private Inves-tor)

Scandector AB, the Sweden-based company operating in corporate development, organization, management, financial accounting, car rentals as well as other fields, has agreed to acquire an undisclosed majority stake in Erich Utsch AG, the Ger-many-based company engaged in developing and manufacturing security license plate technology, from Mr. Manfred Utsch, the Germany-based private individual, for an undisclosed consideration. Erich Utsch will retain all the 1,500 employees.

30/08/2016

Scholz Holding GmbH

2,300 459.4 Chiho-Tiande Group Limited

Oliver Scholz (Private Inves-tor); Scholz Be-teiligungsgesell-schaft mbH; Berndt-Ulrich Scholz (Private Investor)

Chiho-Tiande Group Limited, listed Hong Kong-based investment holding com-pany through its subsidiaries, engaged in processing and sales of metal scrap, has agreed to acquire Scholz Holding GmbH, Germany-based company engaged in treating and processing scrap and metal, from Oliver Scholz, Berndt-Ulrich Scholz, both German private individuals, and Scholz Beteiligungsgesellschaft mbH, Ger-many-based investment holding company.



EV (€ m)



12

30/08/2016

AMAS-Gruppe n/a n/a Haspa BGM GmbH

n/a The management of AMAS-Gruppe, the Germany-based company engaged in manufacturing special machines and providing engineering and design services, has acquired the company, in a secondary buy in management buyout transaction, backed by Haspa BGM GmbH, the Germany-based private equity firm, and Dr. Axel Korn, for an undisclosed consideration. Under the terms of agreement, Dr. Axel along with Haspa BGM will hold a majority stake in AMAS. AMAS works through its two subsidiaries, AMAS-ANLAGENBAU GmbH, the Germany-based company engaged in manufacturing special machines, and AMAS-ENGINEER-ING GmbH, the Germany-based company engaged in providing engineering and design services. AMAS has a total workforce of around 130 employees.

30/08/2016

BLH Bauele-mente fuer Luef-tungstechnik Hennen GmbH

n/a n/a SIG Plc Mr. Hermann Hennen

SIG Plc, the listed UK-based specialist distributor of insulation, ceilings, partition-ing and related products, has acquired BLH Bauelemente fuer Lueftungstechnik Hennen GmbH, a Germany-based fabricator and distributor of rectangular ventila-tion ducts and moulded ventilation components, for an undisclosed consideration.

31/08/2016

Roth Gruppe AG

55.4 n/a Equistone Part-ners Europe Li-mited

Ufenau Capital Partners AG

Equistone Partners Europe Limited, the UK-based private equity firm, along with the management of Roth Gruppe AG, the Switzerland-based provider of services in fire protection, insulation and coatings services, has acquired the company from Ufenau Capital Partners AG, the Switzerland-based private equity firm, for an un-disclosed consideration. Roth Gruppe serves domestic, industrial and commercial buildings, as well as infrastructure projects. It employs more than 350 people. In 2015, it reported revenues of EUR 55.41m.

01/09/2016

Gebr. Kem-merich GmbH

n/a n/a Sodecia S.A Administrator Sodecia S.A., a Portugal-based automotive component manufacturer group, has acquired Gebr. Kemmerich GmbH, a Germany-based company engaged in the design, construction, and production of stampings and welded assemblies, for an undisclosed consideration. Kemmerich has approximately 1,000 employees. Kem-merich filed for insolvency in June 2016.

01/09/2016

Hocoma AG 27.7 n/a DIH Technolo-gies Corporation

n/a DIH Technologies Corporation, a China-based company that develops robotics and intelligent systems for rehabilitation and sports medicine, and intelligent med-ication and supply, has acquired Hocoma AG, a Switzerland-based manufacturer of devices for specialized robotic rehabilitation therapy for neurological movement disorders, for an undisclosed consideration. Hocoma reported revenues of EUR 27.61m for 2015.



EV (€ m)



13

01/09/2016

Karl Hoell GmbH & Co. KG

50.0 n/a Alltub Group Oliver and Die-ter Höll

Alltub Group, the France-based manufacturer of aluminum pipes and tubes, backed by Aurora Capital Group, the US-based private equity firm, has acquired Karl Hoell GmbH & Co. KG, the Germany-based supplier of aluminium tubes and laminates, for an undisclosed consideration. Karl Hoell had reported a turnover of EUR 50m for the year 2015. Karl Hoell has a production capacity of approximately 330m tubes globally and employs 360 employees.

02/09/2016

Oberndoerfer GmbH

40.0 n/a Main Capital Partners B.V.

Administrator Main Kapital GmbH, the Netherlands-based private equity firm and Mr. Michael Boelling, the production manager of Oberndorfer, through OBD Precision GmbH, the Germany-based investment vehicle, have acquired Oberndoerfer GmbH, the Germany-based company engaged in manufacturing of precision turned and milled parts for automotive and engineering industry, in a management buyout transaction, for an undisclosed consideration. Oberndoerfer has 300 employees and filed for insolvency on 30 October 2015. In 2014, Oberndoerfer was acquired by Finatem Fonds Management Verwaltungs GmbH in a management buyout transaction. In 2015, Oberndoerfer clocked revenues of around EUR 40m.

06/09/2016

SLM Solutions Group AG

66.1 663.4 General Electric Company

Hans-Joachim Ihde, Herr Schö-neborn and fa-mily, Parcom Deutschland I GmbH & Co. KG

General Electric [NYSE:GE], the US based and listed global conglomerate, made a voluntary public takeover offer for SLM Solutions Group AG (“SLM”) [ETR:AM3D], the German listed and based industrial design and production com-pany. The offer price is EUR 38 per SLM share and represents a 36.69% premium to SLM closing share price as of 05 Sep 2016, one day prior to announcement date. The offer price values the entire outstanding equity of SLM at EUR 683.24m, based on 17.98m outstanding shares. If the offer is successful, 31.5 % of the com-pany's shares will be transferred to GE Aviation. These are held by: Hans-Joachim Ihde: 24.1 %, Henner Schöneborn and family: 2.0 %, Parcom Deutschland I GmbH & Co. KG: 5.4 %

09/09/2016

Wohlhaupter GmbH

n/a n/a Allied Machine & Engineering Corporation

Wohlhaupter Family

Allied Machine & Engineering Corporation, the US-based manufacturer of replace-able-tip drilling systems, has acquired an undisclosed majority stake in Wohl-haupter GmbH, the Germany-based manufacturer of modular tool systems for ma-chining centres and turning/milling centres, facing and boring heads, grooving heads, clamping tools as well as customized solutions for boring operations, for an undisclosed consideration.Wohlhaupter employs 135 people.



EV (€ m)



14

12/09/2016

Rubotherm GmbH

n/a 4.6 TA Instruments, Inc.

Waters Corpo-ration

TA Instruments, Inc., the US-based company that designs, manufactures, and sells analytical instruments for thermal analysis, rheology, and microcalorimetry applications, and a subsidiary of Waters Corporation, the listed US-based supplier of ultra performance liquid chromatography, high performance liquid chromatog-raphy, mass spectrometry, thermal analysis and rheology instrumentation and consumables, has acquired Rubotherm GmbH, the Germany-based company en-gaged in the manufacture of analytical test instruments for thermogravimetric and sorption measurements, for a consideration of EUR 4.55m.

15/09/2016

Fastner GmbH n/a n/a Saint Jean In-dustries SAS

Mr. Karl-Heinz Fastner

Saint Jean Industries SAS, a France-based company that designs, develops, and manufactures aluminum equipment, safety components and sub-assemblies for the automotive market, has acquired Fastner GmbH, a Germany-based company specializing in machining and assembling of aluminum parts, for an undisclosed consideration. For the fiscal year 2016, Fastner is expecting a turnover of USD 27m and currently has 170 employees.

20/09/2016

Heliatek GmbH n/a n/a BNP Paribas SA; CEE Man-agement GmbH; Engie New Ven-tures

Heliatek GmbH A consortium of investors has acquired an undisclosed stake in Heliatek GmbH, the Germany-based producer of organic solar cells, for a consideration of EUR 42m. In this funding round Heliatek has raised EUR 80m, comprises of EUR 42m in equity, EUR 20m in debt and about EUR 18m in subsidies. Post acqusition, ENGIE will own 6.6% stake in Heliatek. Earlier Heliatek had raised USD 27m from various investors in November 2009 and USD 22.83m in September 2014.

20/09/2016

Rieder Kisten-produktion Ge-sellschaft m.b.H.

n/a n/a Deufol Austria GmbH

Deufol SE Deufol Austria GmbH, the Austria-based provider of packaging services for indus-trial goods, and a subsidiary of Deufol SE, the listed Germany-based company engaged in the fields of packaging, logistics and related services, has acquired Rieder Kistenproduktion Gesellschaft m.b.H., the Austria-based manufacturer and distributor of wooden packaging supplies, for an undisclosed consideration.

20/09/2016

Carcoustics In-ternational GmbH

280.0 n/a Liaoning Dare Industrial Com-pany LTD.

AlpInvest Part-ners B.V.

Liaoning Dare Industrial Company LTD, China-based manufacturer of industrial diesel engines and automotive interior parts, has signed a definitive agreement to acquire Carcoustics International GmbH, Germany developer and manufacturer of acoustic and thermally-effective components and solutions for the automotive in-dustry, from AlpInvest Partners B.V., Netherlands private equity firm and a subsid-iary of The Carlyle Group, the listed US-based private equity firm. Carcoustics has approximately 1,800 employees and generated revenues of approximately EUR 280m in 2015.



EV (€ m)



15

21/09/2016

Essel Deutsch-land GmbH & Co KG (75.1% Stake)

36.6 28.7 Essel Propack Ltd

Mr. Helmut Ro-eschinger

Essel Propack Ltd, the listed India-based manufacturer of laminated tubes for the toothpaste, cosmetics and pharmaceuticals sectors, has agreed to acquire 75.1% stake in Essel Deutschland GmbH & Co KG (EDG), the Germany-based manufac-turer of laminated tubes for the toothpaste, cosmetics and pharmaceuticals sec-tors, for an undisclosed consideration. The transaction values EDG at USD 32m. EDG is a joint venture firm in which Essel already owns 24.9% stake. In 2015, EDG reported revenue of USD 40m.

26/09/2016

Schuster Kunst-stofftechnik GmbH; Back Stickers GmbH

n/a n/a Nissha Printing Co., Ltd.

Schuster Fami-liy

Nissha Printing Co., Ltd., a listed Japan-based company engaged in manufactur-ing decorative device and products, has agreed to acquire Schuster Kun-ststofftechnik GmbH, a Germany-based automotive dashboard resin products maker, and Back Stickers GmbH, a Germany-based company engaged in manu-facturing and sales of decorative films used for automotive interior & exterior ap-plications, for an undisclosed consideration. The consolidated revenue of Schuster and Back Stickers is EUR 20.6m through the fiscal year ended December 2015.

26/09/2016

BOECO Boeddecker & Co. GmbH & Co. KG

100.0 n/a Magna Internati-onal Inc

Mr. Christian Zimmermann

Magna International Inc, a listed Canada-based manufacturer and supplier of au-tomotive systems and components, has agreed to acquire BOECO Boeddecker & Co. GmbH & Co. KG, a Germany-based company engaged in supplying latches, hinges and strikers, for an undisclosed consideration. BOECO has reported reve-nue of more than EUR 100m in 2015 and has workforce of 450 employees.

26/09/2016

Treff AG n/a 43.7 Nolato AB Treff Familiy Nolato AB, a listed Sweden based manufacturer of polymer components and prod-uct systems for customers in telecommunication, automotive products, white goods, medical technology and other industrial segments, has agreed to acquire Treff AG, a Switzerland-based manufacturer of advanced precision components for various industrial segments and medical and self-care diagnostics products, for a total consideration of EUR 43.65mn. Treff is a family owned company estab-lished in 1946 and employs approximately 190 people and is expected to generate annual revenues of EUR 46.98m with an EBITDA of EUR 5.4m in 2016. The EBITDA margin for 2016 is estimated at around 11.5%. The EBITDA multiple is approximately 7.5 to 8 times.

Country Focus – Benelux


EV (€ m)



16

05/07/2016

Totaal Beveili-gingen B.V.; Totaal Beveili-gingen Dienst-verlening B.V

n/a n/a Stanley Security Nederland B.V.

Totaal Holding B.V.

Stanley Security Nederland B.V., the Netherlands-based company providing se-curity solutions, operating as a subsidiary of Stanley Security Solutions, Inc., the US-based company engaged in providing access and security solutions for insti-tutional, commercial and industrial businesses and organizations, has acquired Totaal Beveiligingen B.V. and Totaal Beveiligingen Dienstverlening B.V, the Neth-erlands-based companies providing security solutions, from Totaal Holding B.V., the Netherlands-based holding company having interest in companies engaged in providing security solutions, for an undisclosed consideration.

11/07/2016

Philips Lighting BV (Fused quartz and spe-cial glass opera-tion)

n/a n/a QSIL GmbH Quarzschmelze Ilmenau

Philips Lighting BV

QSIL GmbH Quarzschmelze Ilmenau, a Germany-based company engaged in manufacturing and fabricating fused quartz for the semiconductor and fiber optical industry, has acquired the fused quartz and special glass operation of Philips Light-ing BV, the listed Netherlands-based company that provides lighting equipments, for an undisclosed consideration. The acquired operation has 135 employees.

11/07/2016

Alcomex Veren B.V.

n/a n/a Nordian Capital Partners

Fred Baas (Pri-vate Investor)

Nordian Capital Partners, the Netherlands-based private equity firm, has acquired Alcomex Veren B.V., the Netherlands-based manufacturer of all types of springs for technical applications, from Mr. Fred Baas, the Netherlands-based private in-vestor, for an undisclosed consideration.

15/07/2016

Kenz Figee Group B.V.

40.0 n/a MeeMaken BV n/a MeeMaken BV, the Netherlands-based investment holding company having inter-est in companies engaged in building lifting equipment and plants, has acquired 85% stake in Kenz Figee Group B.V., the Netherlands-based company engaged in designing and building cranes, lifting equipment and provides hoisting systems, for an undisclosed consideration.Kenz Figee reported revenues of around EUR 40m and has 120 employees. Kenz Figee Group management will hold remaining 15% of the company.



EV (€ m)



17

19/07/2016

Norma Beheer B.V.

n/a n/a NTS-Group B.V. Stan Oude Mul-ders (Private In-vestor)

NTS-Group B.V., the Netherlands-based company engaged in developing and manufacturing opto-mechatronic systems, modules and components, has agreed to acquire Norma Beheer B.V., the Netherlands-based high tech delivery company engaged in producing, designing and composing mechatronic systems, from Stan Oude Mulders, the Netherlands-based private individual, for an undisclosed con-sideration. Norma has reported workforce of 400 employees.

22/07/2016

Maehler & Ka-ege

n/a n/a Reflex & Allen Group

FIELDS Group B.V.

Reflex & Allen Group, a Italy-based manufacturer of components for the commer-cial vehicles, has acquired Maehler & Kaege, the Netherlands-based manufacturer of connectors, coils and wire & cable harnessing for the heavy-duty automotive industry, from FIELDS Group B.V., the Netherlands-based industrial holding com-pany having interest in acquiring temporarily undervalued companies, for an un-disclosed consideration.

01/08/2016

Summa bvba 17.7 n/a Gimv NV n/a Gimv NV, the listed Belgium-based private equity and venture capital firm, together with the management of Summa bvba, the Belgium-based company engaged in manufacturing cutters for the graphic design industry, have acquired the company in a management buy-out transaction, for an undisclosed consideration. Summa reported revenues of EUR 17.7m in 2015 and employs around 52 persons.

02/08/2016

Gerken SA 36.6 n/a Wabtec Corpo-ration

n/a Wabtec Corporation, the listed US-based provider of technology based products and services for the rail industry, has acquired Gerken SA, a Belgium-based man-ufacturer of specialty carbon and graphite products for rail and other industrial ap-plications, for an undisclosed consideration. Gerken reported annual revenues of USD 40m.

24/08/2016

Bronswerk Heat Transfer B.V.

n/a n/a PBS Industry, a.s.

n/a PBS Industry, a.s., the Czech Republic-based company that develops, manufac-tures, and supplies equipment for power and heat generation plants and a portfolio company of Jet Investment AS, the Czech Republic based private equity firm fo-cused on investments in manufacturing industry has acquired Bronswerk Heat Transfer B.V., the Netherlands-based company engaged in designing, manufac-turing, and supplies heat exchangers and air cooled coolers, for an undisclosed consideration.



EV (€ m)



18

12/09/2016

Clondalkin Group Holdings B.V.

400.0 n/a Egeria B.V. Warburg Pincus International Partners LP

Egeria B.V., the Netherlands-based private equity firm, has agreed to acquire Clondalkin Group Holdings B.V., the Netherlands-based company engaged in manufacturing and marketing packaging products, from Warburg Pincus Private Equity VIII LP and Warburg Pincus International Partners LP, the US-based private equity funds of Warburg Pincus LLC, the US-based private equity firm, for an un-disclosed consideration. Clondalkin had a turnover of approximately EUR 400m in 2015.

16/09/2016

Scholt Energy Control B.V.

n/a n/a Waterland Pri-vate Equity In-vestments B.V.

Accoform NV Waterland Private Equity Investments B.V., a Netherlands-based private equity firm, has acquired an undisclosed stake in Scholt Energy Control B.V., a Nether-lands-based company that distributes and transmits electric power, from Accoform NV, a Belgium-based investment holding company having interest in companies engaged in injection moulding, production of metal parts, real estate activities and power transmission, for a consideration of EUR 112m. the Scholt family will con-tinue holding a significant stake in Scholt. Prior to the transaction, Mr. Jan Scholt, Founder and CEO of Scholt held 60% stake in Scholt and Accoform held the re-maining 40% stake.

30/09/2016

Doyen Auto SA 194.0 n/a Groupe Auto-distribution, SA

n/a Groupe Autodistribution, SA, the France-based distributor of car and other auto-motive components, has acquired Doyen Auto SA, a Belgium-based manufacturer and marketer of automobile parts, for an undisclosed consideration. The Doyen Auto has reported annual revenue of EUR 194m in 2015, and employs total of 339 people.

05/07/2016

Totaal Beveili-gingen B.V.; Totaal Beveili-gingen Dienst-verlening B.V

n/a n/a Stanley Security Nederland B.V.

Totaal Holding B.V.

Stanley Security Nederland B.V., the Netherlands-based company providing se-curity solutions, operating as a subsidiary of Stanley Security Solutions, Inc., the US-based company engaged in providing access and security solutions for insti-tutional, commercial and industrial businesses and organizations, has acquired Totaal Beveiligingen B.V. and Totaal Beveiligingen Dienstverlening B.V, the Neth-erlands-based companies providing security solutions, from Totaal Holding B.V., the Netherlands-based holding company having interest in companies engaged in providing security solutions, for an undisclosed consideration.



EV (€ m)



19

11/07/2016

Philips Lighting BV (Fused quartz and spe-cial glass opera-tion)

n/a n/a QSIL GmbH Quarzschmelze Ilmenau

Philips Lighting BV

QSIL GmbH Quarzschmelze Ilmenau, a Germany-based company engaged in manufacturing and fabricating fused quartz for the semiconductor and fiber optical industry, has acquired the fused quartz and special glass operation of Philips Light-ing BV, the listed Netherlands-based company that provides lighting equipments, for an undisclosed consideration. The acquired operation has 135 employees.

Country Focus – Czech Republic


EV (€ m)



20

11/07/2016

JABLOTRON GROUP a.s. (40% Stake)

96.3 n/a Dalibor Dedek (Private Inves-tor)

Miroslavu Jaroli-movi (Private In-vestor)

Miroslavu Jarolimovi, a Czech Republic-based private individual, has acquired a 40% stake in JABLOTRON GROUP a.s., a Czech Republic-based company spe-cialized in the design, manufacturing and marketing of electronic security devices, from Dalibor Dedek, a Czech Republic-based private individual, for an undisclosed consideration. Dalibor Dedek will retain the remaining 60% stake in JABLOTRON. In 2015, JABLOTRON had revenues and EBIT of EUR 96.2m and EUR 22.23m respectively and has a workforce of around 500 employees.

25/08/2016

2VV s.r.o. 18.0 n/a Systemair AB n/a Systemair AB, a listed Sweden-based company engaged in the development, pro-duction and marketing of ventilation products and solutions, has acquired 2VV s.r.o., a Czech Republic-based company engaged in the development and manu-facturing of industrial and residential air handling units and air curtains for com-mercial applications, for an undisclosed consideration. 2VV has a workforce of 189 employees and reported a turnover of approximately EUR 18m in 2015.

16/09/2016

KOVOSVIT MAS, a.s.

81.5 n/a Industry Innova-tion

n/a Industry Innovation, a Czech Republic-based holding owned by Jaroslav Strnad, a Czech Republic-based private individual having interest in machine tool manu-facturing companies, has acquired KOVOSVIT MAS, a.s., a Czech Republic-based machine-tool manufacturer, for an undisclosed consideration. KOVOSVIT owes EUR 25.9m in debt. KOVOSVIT reported revenues of EUR 81.46m and net profit of EUR 7.41m.

27/09/2016

Michel Precizni Technika s.r.o.

n/a n/a stoba Holding GmbH & Co. KG

n/a stoba Holding GmbH & Co. KG, the Germany-based investment holding company having interest in the companies engaged in automotive supply has acquired Michel Precizni Technika s.r.o., a Czech Republic-based automotive supplier, for an undisclosed consideration.

Country Focus – Denmark


EV (€ m)



21

12/07/2016

Attec Danmark A/S


n/a Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire Attec Danmark A/S, a Denmark-based manufacturer of process equipment for the meat producing industry, for an undis-closed consideration. Attec Danmark reported net profit of EUR 1.21m for the year ended 30 June 2015.

12/07/2016

Carometec A/S n/a n/a Axcel Industri-investor A/S; ATP Private Eq-uity Partners

n/a Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire Carometec A/S, a Denmark-based com-pany that manufactures carcass grading equipment for pig and cattle slaughter-houses, for an undisclosed consideration. Carometec reported revenue of EUR 6.61m and net profit of EUR 0.95m for the year ended 30 June 2015.

12/07/2016

SFK LEBLANC A/S

86.4 n/a Axcel Industri-investor A/S; ATP Private Eq-uity Partners

Nimbus BV; Maj Invest Equity A/S

Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire SFK LEBLANC A/S, a Denmark-based manufacturer of medium and high-end red meat slaughter lines and automation solutions, from Maj Invest Equity A/S, a Denmark-based private equity firm, and Nimbus BV, a Netherlands-based private equity firm, for an undisclosed consider-ation. SFK LEBLANC reported revenue of EUR 86.38m and net profit of EUR 3.55m.

04/08/2016

Ellab A/S 14.4 n/a IK VIII Fund n/a IK VIII Fund, a Denmark-based investment fund of IK Investment Partners, the UK-based private equity firm has agreed to acquire Ellab A/S, a Denmark-based man-ufacturer of temperature, pressure and RH monitoring systems designed for vali-dation applications, for an undisclosed consideration. Ellab reported an EBITDA of EUR 9.43m in 2015-2016.

31/08/2016

Agrometer a/s n/a 13.4 Erhvervsinvest Management A/S

Peter Pedersen (Private Inves-tor); Ivan Peter-sen (Private In-vestor)

Erhvervsinvest Management A/S, a Denmark-based private equity and venture capital firm, has acquired Agrometer a/s, a Denmark-based manufacturer of slurry handling equipment, from Ivan Petersen and Peter Pedersen, a Denmark-based private individuals, for an estimated consideration of EUR 13.44m. Agrometer had reported an EBITDA of EUR 1.14m with a total workforce of 115 employees. The transaction also includes its subsidiary Dansk Smede Og Maskinteknik A/S, a Den-mark-based manufacturer of general industrial machinery.



EV (€ m)



22

02/09/2016

Jonic A/S n/a n/a Wind Industry Supply

Frits Justesen (Private Inves-tor)

Wind Industry Supply, the Denmark-based supplier of equipment and services to wind power industry, and a subsidiary of Kramp Groep B.V., the Netherlands-based company which distributes parts for agricultural, industrial, and forest and grass-care markets, has acquired Jonic A/S, the Denmark-based supplier of Hy-draulic equipment and solutions to the wind power industry, from Mr. Frits Justesen, the Denmark-based private investor, for an undisclosed consideration.

05/09/2016

Cabinplant A/S (80% Stake)

38.5 n/a CTB, Inc. Ralf Astrup (Pri-vate Investor); Jan Helskov Hansen (Private Investor)

CTB, Inc., the US-based company engaged in designing, manufacturing, and mar-keting agricultural systems and solutions, and a subsidiary of Berkshire Hathaway Inc., the listed US-based investment management company with primary interests in the insurance sector, has agreed to acquire an 80% stake in Cabinplant A/S, a Denmark-based provider of tailor-made processing solutions for the food industry, from Ralf Astrup and Jan Helskov Hansen, the Denmark-based private individuals, for an undisclosed consideration. Cabinplant had reported revenues of EUR 38.48m with a net profit of EUR 2.31m for the year ended on 31 December 2015. Cabinplant has a workforce of approximately 300 employees.

12/07/2016

Attec Danmark A/S


n/a Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire Attec Danmark A/S, a Denmark-based manufacturer of process equipment for the meat producing industry, for an undis-closed consideration. Attec Danmark reported net profit of EUR 1.21m for the year ended 30 June 2015.

12/07/2016

Carometec A/S n/a n/a Axcel Industri-investor A/S; ATP Private Eq-uity Partners

n/a Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire Carometec A/S, a Denmark-based com-pany that manufactures carcass grading equipment for pig and cattle slaughter-houses, for an undisclosed consideration. Carometec reported revenue of EUR 6.61m and net profit of EUR 0.95m for the year ended 30 June 2015.



EV (€ m)



23

12/07/2016

SFK LEBLANC A/S

86.4 n/a Axcel Industri-investor A/S; ATP Private Eq-uity Partners

Nimbus BV; Maj Invest Equity A/S

Axcel Industriinvestor A/S and ATP Private Equity Partners, the Denmark-based private equity firms, has agreed to acquire SFK LEBLANC A/S, a Denmark-based manufacturer of medium and high-end red meat slaughter lines and automation solutions, from Maj Invest Equity A/S, a Denmark-based private equity firm, and Nimbus BV, a Netherlands-based private equity firm, for an undisclosed consider-ation. SFK LEBLANC reported revenue of EUR 86.38m and net profit of EUR 3.55m.

04/08/2016

Ellab A/S 14.4 n/a IK VIII Fund n/a IK VIII Fund, a Denmark-based investment fund of IK Investment Partners, the UK-based private equity firm has agreed to acquire Ellab A/S, a Denmark-based man-ufacturer of temperature, pressure and RH monitoring systems designed for vali-dation applications, for an undisclosed consideration. Ellab reported an EBITDA of EUR 9.43m in 2015-2016.

31/08/2016

Agrometer a/s n/a 13.4 Erhvervsinvest Management A/S

Peter Pedersen (Private Inves-tor); Ivan Peter-sen (Private In-vestor)

Erhvervsinvest Management A/S, a Denmark-based private equity and venture capital firm, has acquired Agrometer a/s, a Denmark-based manufacturer of slurry handling equipment, from Ivan Petersen and Peter Pedersen, a Denmark-based private individuals, for an estimated consideration of EUR 13.44m. Agrometer had reported an EBITDA of EUR 1.14m with a total workforce of 115 employees. The transaction also includes its subsidiary Dansk Smede Og Maskinteknik A/S, a Den-mark-based manufacturer of general industrial machinery.

Country Focus – France


EV (€ m)



24

01/07/2016

Norsud Gestion SAS

24.0 n/a Novoferm GmbH

n/a Novoferm GmbH, a Germany-based manufacturer of industrial and residential doors, and a subsidiary of Sanwa Holdings Corp, a listed Japan-based manufac-turer of door systems and related building products, has acquired Norsud Gestion SAS, a France-based company engaged in manufacturing metal doors, sash, and trim products, for an undisclosed consideration. Norsud Gestion SAS has a work-force of 150 employees and posted revenues of EUR 24m for the year ended March 2016.

05/07/2016

Mecanumeric S.A. (60% Stake)

21.0 n/a Multicroissance Toulouse-Pyre-nees SAS, SCR

n/a The management of Mecanumeric S.A., the France-based manufacturer of numer-ical control equipment, has acquired the remaning 60% stake in the company, in a management buyout transaction, backed by Multicroissance Toulouse-Pyrenees SAS, SCR, the France-based private equity arm of Banque Populaire Occitane, for an undisclosed consideration. Mecanumeric generated revenue of EUR 21m and has 145 employees.

06/07/2016

RD Technolo-gies SAS

10.0 n/a Galile Groupe n/a Galile Groupe, the France-based company engaged in developing molds, forms, models, prototypes and tools, has acquired RD Technologies SAS, the France-based manufacturer of spare parts and tools for use in industrial furnaces of heat treatment, for an undisclosed consideration. RD Technologies has reported reve-nue of EUR 10m for the year 2015 and has workforce of 41 employees.

06/07/2016

Depery-Dufour 21.0 n/a Bruno Christien (Private Inves-tor); Rhone-Al-pes Entrepre-neurs 4

Jean-Max Dufour (Private Investor)

Bruno Christien, a France-based private investor, and Rhone-Alpes Entrepreneurs 4, a France-based fund of Rhone-Alpes PME, a France-based private equity firm, which is a subsidiary of Groupe Siparex, a France-based private equity firm, has acquired Depery-Dufour, a France-based supplier of industrial cutting equipments, from Jean-Max Dufour, a France-based private investor, for an undisclosed con-sideration. Depery-Dufour has reported annual revenue of EUR 21m and has 23 employees.



EV (€ m)



25

11/07/2016

Rossignol Tech-nology SAS

n/a n/a BAUD Industries n/a BAUD Industries, a France-based company engaged in the provision of bar turning of pieces and precision machining and also offers thermal, casting, self-tapping, ultrasonic, design services, expansion and coating services, has acquired Ros-signol Technology SAS, a France-based manufacturer of automotive precision push rod and automobile clutch, for an undisclosed consideration. Rossignol Tech-nology has reported revenue of EUR 12.1m for the year 2014 and has workforce of 130 employees.

12/07/2016

Groupe Rondot S.A.

n/a n/a Groupe Siparex; MBO Parten-aires

Sofimac Part-ners SA

Groupe Siparex and MBO Partenaires, the France-based private equity firms, have agreed to acquire Groupe Rondot S.A., a France-based company engaged in design and manufacture of mechanical and electronic engineering products for the glass container industry, from Sofimac Partners SA, a France-based private equity firm, for an undisclosed consideration.

20/07/2016

AUXEL sa 50.0 n/a Amphenol Cor-poration

Groupe Siparex; Poincare Ges-tion SAS

Amphenol Corporation, the listed US-based manufacturer of cable and connectors for the communications, industrial, medical and military markets, has acquired AUXEL sa, a France-based developer and manufacturer of interconnect solutions for low voltage electricity, electronics, and power electronics, from Groupe Siparex and Poincare Gestion SAS, the France-based private equity firms, for an undis-closed consideration. AUXEL reported a turnover of EUR 50m for the fiscal year 2015 and has a workforce of 350 employees.

20/07/2016

Babcock Wan-son S.A.

90.0 57.0 Consolidation et Developpement Gestion SAS

Constructions Industrielles Me-diterranee SA

Consolidation et Developpement Gestion SAS (CDG), the France-based private equity firm, through its fund, Fonds de Consolidation et de Developpement des Entreprises SA (FCDE), has acquired Babcock Wanson S.A., the France-based designer and manufacturer of industrial boilers and associated services, from Con-structions Industrielles Mediterranee SA (CNIM), the France-based provider of high technology turnkey industrial solutions for the environment, mechanical engi-neering and energy sectors, for a consideration of EUR 57m. In 2015, Babcock Wanson reported a turnover of EUR 90m and it employs 573 people. The acquisi-tion involves the sale of all the subsidiaries of Babcock Wanson, except the one in Morocco.



EV (€ m)



26

21/07/2016

Alliance Marine SAS

75.0 n/a Weinberg Capi-tal Partners

n/a Weinberg Capital Partners, the France-based private equity firm, through its fund, Weinberg Capital Partners II, has agreed to acquire Alliance Marine SAS, the France-based distributor of marine equipments and provider of technical services and solutions for yacht and boat builder, for an undisclosed consideration. Alliance Marine SAS generated a turnover of approximately EUR 75m and has 300 em-ployees.

22/07/2016

PB Environne-ment SAS

10.0 n/a FAUN Environ-nement SAS

n/a FAUN Environnement SAS, a France-based manufacturer of garbage trucks and dumpers, has acquired PB Environnement SAS, a France-based manufacturer of compact refuse collection vehicles, for an undisclosed consideration. With this ac-quisition, FAUN will see an increase in its annual revenues from EUR 55m to EUR 65m.

25/07/2016

SGD Pharma 290.0 700.0 China Jianyin Investment Li-mited

Oaktree Capital Management LP

China Jianyin Investment Limited (JIC), a China-based company engaged in eq-uity investment and industrial management, has agreed to acquire SGD Pharma, France-based producer of primary glass packaging for the pharmaceutical indus-try, from Oaktree Capital Management LP, the US-based private equity firm, for an estimated consideration of EUR 700m. SGD Pharma employs a workforce of 2,750 people globally and reported an annual turnover of 290m for the year 2015.

27/07/2016

Tubesca-Com-abi International

100.0 n/a Group Frenehard & Mi-chaux

ZARGES TUBESCA Man-agement Hold-ing GmbH

Group Frenehard & Michaux, a France-based company that designs, manufac-tures, and markets metal accessories, gutter cover, and fall protection equipment, has agreed to acquire Tubesca-Comabi International, a France-based company engaged in manufacturing height access products, from ZARGES GmbH, a Ger-many-based manufacturer of aluminium products like ladders, containers and scaffolding for the wind power, aviation and industrial sectors, for an undisclosed consideration. Tubesca-Comabi reported an annual turnover of EUR 100m and employs a workforce of approximately 550 people.



EV (€ m)



27

28/07/2016

Machines Pages n/a n/a BNP Paribas Private Equity; Carvest SAS; InnovaFonds SAS

Naxicap Part-ners; Daniel Pa-ges (Private In-vestor)

The management of Machines Pages, the France-based manufacturer of high speed robotics systems and machines for packaging of industrial, medical, tech-nical and consumer sectors, has acquired the company in a management buyout transaction backed by InnovaFonds, BNP Paribas Developpement and Carvest, the France-based private equity firms, from Naxicap Partners, the France-based venture capital firm and Daniel Pages, the France-based private individual, for an undisclosed consideration. In 2015, the company generated revenues of EUR 17m and employed 70 people.

01/08/2016

Tronics Micro-systems SA

7.8 n/a EPCOS AG Sercel SA; Om-nes Capital; As-ter Capital Part-ners SAS; Inno-vation Capital; CEA Investisse-ment SA

EPCOS AG, German manufacturer of electronic components, has agreed to ac-quire Tronics Microsystems SA, French manufacturer of custom micro-electro-me-chanical-systems components for demanding applications, from Aster Capital Partners SAS, CEA Investissement SA, Innovation Capital, Omnes Capital, all French venture capital firms, and Sercel SA for a total consideration of EUR 46.1m. Sercel SA, the France-based company, is engaged in designing, manufacturing and support high-tech integrated equipment to the geophysical industry for oil ex-ploration projects. The entire share capital of Tronics is valued at EUR 46.1m. The offer price represents a premium of 78.4% over the closing price on the last trading day prior to the stock trading suspension. In 2015, Tronics reported revenues of EUR 7.755m.

02/08/2016

Emerson Elec-tric Co. (Motors, Drives and Elec-tric Power Gen-eration Busi-nesses)

1,489 1,072 Nidec Corpora-tion

Emerson Electric Co.

Nidec Corporation has agreed to acquire the motors, drives and electric power generation businesses of Emerson Electric Co. from Emerson Electric Co. for a cash consideration of USD 1.2bn.Nidec Corporation, the listed Japan-based com-pany, is engaged in manufacturing spindle motors for computer hard disk drives. The motors, drives and electric power generation businesses of Emerson Electric Co. consists of Leroy-Somer, a France-based company engaged in manufacturing electric power generation and drive systems, Control Techniques, UK-based com-pany engaged in manufacturing motor control and power conversion technology for commercial and industrial applications, and three other US and China based subsidiaries of Emerson Electric.



EV (€ m)



28

12/08/2016

Pentair Plc (Business in Ham, France)

n/a n/a Altifort Pentair Plc Altifort, the France-based holding company having interest in companies engaged in construction, decoration, energy & services, environnement, has acquired Ham-based business of Pentair Plc, the listed UK-based manufacturer of water filtration, flow technology and pool equipments, for an undisclosed consideration. The busi-ness with 132 emmployees specializes in fittings, taps and valves manufacturing.

23/08/2016

Automobiles Li-gier SA

120.0 100.0 BNP Paribas Private Equity; Groupe Siparex; Carvest SAS; Edify S.A.; Credit Agricole Centre France Developpement SAS

21 Centrale Partners

Groupe Siparex, Carvest SAS, BNP PARIBAS Private Equity, the France-based private equity firms, Edify S.A., a listed Luxembourg-based private equity firm and Credit Agricole Centre France Developpement SAS, a France-based investment arm of Credit Agricole S.A., along with the management of Automobiles Ligier SA, a France-based manufacturer of tourism and utilitarian non-license vehicles, has agreed to acquire the company from 21 Centrale Partners, a France-based fund of 21 Partners S.p.A., an Italy-based private equity firm, in a management buyout transaction, for an approximate consideration of EUR 100m. Liger had reported revenues of EUR 120m and an EBITDA of EUR 12.5m for the year 2015 with a workforce of 225 employees.

02/09/2016

Vulcanic S.A. n/a n/a Qualium Inves-tissement

Abenex Capital SA; Cathay Capital Private Equity

Qualium Investissement, a France-based private equity firm, has agreed to acquire Vulcanic S.A., a France-based provider of electrical heating and cooling solutions for industries, from Cathay Capital Private Equity and Abenex Capital SA, the France-based private equity firms, for an undisclosed consideration. Vulcanic has a workforce of 600 employees across 8 manufacturing locations.

07/09/2016

Latecoere Ser-vices

101.0 n/a Groupe ADF (SAS)

Latecoere Groupe ADF (SAS), a France-based provider of industrial maintenance and re-lated services, has agreed to acquire Latecoere Services, a France-based provider of structural design engineering services to the aerospace, defense, space and transportation industries, from Latecoere, a listed France-based aeronautics man-ufacturer, for an undisclosed consideration. Latecoere Services reported revenues of EUR 101m in 2015 and has a workforce of 841 employees.



EV (€ m)



29

08/09/2016

Sapronit 16.0 n/a Alsace Croissance, FPCI

IVEX Protective Packaging Inc.

The management of Sapronit, the France-based producer of packaging and foam technical parts, along with five other managers from Quebec, have agreed to ac-quire the company in a buy-in management buyout transaction, backed by Alsace Capital, the France-based private equity and venture capital firm, from IVEX Pro-tective Packaging Inc., the Canada-based company that designs and manufac-tures protective and specialty packaging products, for an undisclosed considera-tion.

13/09/2016

Comax France SAS

n/a 41.0 Vine Luxem-bourg SARL

Maxim Power Corporation

Vine Luxembourg SARL, a Luxembourg-based holding company having interest in companies engaged in electrical power generation and a subsidiary of Basalt Infrastructure Partners LLP, the UK-based infrastructure investment firm, has agreed to acquire Comax France SAS, a France-based electrical power genera-tion company, from Maxim Power Corporation, a listed Canada-based company engaged in the acquisition, development, ownership and operation of power gen-eration facilities and the sale of electricity and thermal energy, for a consideration of EUR 41m.

14/09/2016

Sitco Groupe SAS

n/a n/a Fag Artigrafiche S.p.A.

n/a Fag Artigrafiche S.p.A., the France-based company engaged design and manu-facture of offset printed containers and display cases and a subsidiary of Arti Grafiche Reggiane e Lai S.p.A., the Italy-based producer of offset printed contain-ers in flat and laminated cardboard, has acquired Sitco Groupe SAS, the France-based company engaged in production and sales of cardboard display units, for an undisclosed consideration.

19/09/2016

SIMP S.A. n/a n/a HCP Holdings Inc.

Omnes Capital HCP Holdings Inc., a China-based company engaged in design, development and manufacture of prestige primary packaging containers for the cosmetics, skincare and fragrance industries, and a portfolio company of Baring Private Equity Asia, a Hong Kong-based private equity firm, has agreed to acquire SIMP S.A., the France-based manufacturer of cosmetic plastic applicators and rubber technical parts, from Omnes Capital, the France-based private equity and venture capital firm, for an undisclosed consideration.



EV (€ m)



30

21/09/2016

Bonnet Freres 12.7 n/a Credit Agricole SA; BNP Pari-bas Private Eq-uity; Unexo; Co-balt Investisse-ment

n/a Cobalt Investissement, the France-based holding company having interest in com-panies engaged in designing and manufacturing the process equipment for the mining services, Unexo and BNP Paribas Private Equity, the France-based private equity firms and Credit Agricole SA, the France-based provider of financial ser-vices in retail and wholesale banking services, property, casualty and life insurance and asset management, have acquired Bonnet Freres, the France-based designer and manufacturer of process equipment for the mining services, for an undisclosed consideration. Pursuant to the transaction, Mr. Arnaud Meynial will become the new majority shareholder in Bonnet Freres. In 2015 Bonnet Freres generated rev-enue of EUR 12.7m with a workforce of 72 employees.

27/09/2016

Tech Power Electronics

n/a n/a schwa-medico GmbH

Salvatore Gora (Private inves-tor)

schwa-medico GmbH, a Germany-based manufacturer and supplier of electro-therapy, laser therapy, electro-stimulation, ultrasound and other medical equip-ments, has acquired Tech Power Electronics, a France-based company that de-signs, develops and manufactures power electronic applications, from Salvatore Gora, a France-based private investor having interest in industrial electronics sec-tor, for an undisclosed consideration. Tech Power Electronics employs a workforce of 430 people at 3 production plants.

29/09/2016

Pommier Groupe

70.0 n/a BNP Paribas Private Equity; NCI Gestion; BPI France SA

Omnes Capital The management of Pommier Group (Pommier), the France-based designer, man-ufacturer and distributer of accessories for the manufacturing industry, has ac-quired the company in a management buy out transaction backed by NCI Gestion, the France-based private equity firm and BNP Paribas Private Equity, the France-based private equity firm and BPI France SA, the France-based principal invest-ment firm, from Omnes Capital, the France-based private equity firm, for an undis-closed consideration. Earlier in 2015, Pommier had reported revenues of EUR 70m and had 300 employees.

Country Focus – Italy


EV (€ m)



31

01/07/2016

Elettromec-canica Adriatica S.p.A.

33.0 27.9 alfanar Group n/a alfanar Group, the Saudi Arabia-based company that operates construction and manufacturing businesses, design and development centers and a host of facili-ties, has agreed to acquire Elettromeccanica Adriatica S.p.A., an Italy-based man-ufacturer of systems for electricity production and distribution, for an estimated consideration of EUR 27.9m. The transaction is part of insolvency proceedings of Elettromeccanica. Elettromeccanica had reported a turnover of EUR 33m for the year 2015 with a workforce of 170 employees. Prior to the transaction, Rossi Fam-ily and Benigni Family held a 50% stake each in Elettromeccanica.

04/07/2016

Kenos srl n/a n/a PIAB Invest AB n/a PIAB Invest AB Sweden-based provider of vacuum products and system solutions for industrial enterprises and a portfolio company of EQT Partners AB, a Sweden-based private equity firm, has acquired Kenos srl Italy-based company manufac-turing vacuum gripping systems, for an undisclosed consideration.

05/07/2016

Hy-Security Gate Inc

21.1 26.8 Nice S.p.A. n/a Nice S.p.A., a listed Italy-based company specialized in home automation systems and a subsidiary of Nice Group S.p.A., the Italy-based company through its sub-sidiaries engaged in design, production, and sale of home automation systems, has acquired Hy-Security Gate Inc, the US-based company engaged in manufac-turing of security electrical equipment and supplies, for a consideration of USD 29.867m. Hy-Security generated revenues of around USD 23m and EBITDA of USD 2.5m in 2015.

05/07/2016

Cadicagroup S.p.a. (57.16% Stake)

n/a n/a Gradiente SGR S.p.A.

Gruppo Arcoba-leno SPAC

Gradiente SGR S.p.A., an Italy-based private equity firm, has acquired 57.16% stake in Cadicagroup S.p.a., an Italy-based company engaged in producing labels, hangtags, packaging for clothing, from Gruppo Arcobaleno SPAC, an Italy-based company engaged in manufacturing and marketing of plumbing products, for an undisclosed consideration.

11/07/2016

Gravellona Mac-chine Marmo

38.0 n/a Consilium SGR S.p.A.

n/a Consilium Private Equity Fund III, the Italy-based fund of Consilium SGR S.p.A., the Italy-based private equity firm, along with the management of Gravellona Mac-chine Marmo (Gmm), the Italy-based manufacturer of marble and stone cutting machines, have acquired the company, in a management buy out transaction, for an undisclosed consideration. Gmm generated revenues of EUR 38m in 2015.



EV (€ m)



32

12/07/2016

Astra Refrige-ranti SpA

n/a n/a Baglioni SpA Franco Oberti (Private Inves-tor)

Baglioni SpA, an Italy-based manufacturer of vessels and pressure equipment and a portfolio company of Idea Capital Funds s.g.r. s.p.a., an Italy-based private eq-uity and venture capital firm, has acquired Astra Refrigeranti SpA, an Italy-based company engaged in designing and construction of Tube Bundle Exchangers, Air Coolers, Compressor Gas Coolers, Condensers and Charge Air Coolers, from its founder, Franco Oberti, for an undisclosed consideration.

19/07/2016

Centroplast SpA 67.0 41.0 S.A Industrias Celulosa Ara-gonesa

Intesa Sanpaolo S.p.A.; Athena Private Equity SA

S.A Industrias Celulosa Aragonesa, a Spain-based manufacturer of paper corru-gated paper and packaging products, has acquired Centroplast SpA, an Italy-based packaging company, from Athena Private Equity SA, a Luxembourg-based private equity and venture capital arm of Mediobanca S.p.A. and Intesa Sanpaolo S.p.A., an Italy-based provider of banking and financial services, for a considera-tion of EUR 41m. Centroplast has a workforce of 235 employees and reported revenues of around EUR 67m in 2015.

28/07/2016

GF s.p.a. 15.0 n/a Coesia S.p.A. L.B.O. Italia In-vestimenti S.r.l.

Coesia S.p.A., the Italy-based provider of automated machinery, quality inspection and printing systems and precision gears, has acquired GF s.p.a., the Italy-based company engaged in designing and manufacturing high-tech filling equipment and quality control systems for both the pharmaceutical and food industries, from LBO Italia Investimenti S.p.A., the Italy-based private equity firm, for an undisclosed consideration. GF had revenues of EUR 15m in 2015 with 90 employees. In 2014, LBO Italia Investimenti S.p.A. had acquired GF in a management buy-out transac-tion for an estimated value of EUR 20m.

29/07/2016

Safety21 S.p.A. (30% Stake)

9.2 16.0 HAT Holding S.p.A.

n/a HAT Holding S.p.A., an Italy-based private equity firm, has acquired a 30% stake in Safety21 S.p.A., an Itlay-based company engaged in developing safety technol-ogy devices, for a minimum consideration of EUR 4.8m.



EV (€ m)



33

29/07/2016

Metalvuoto S.p.A (70% Stake)

14.3 n/a Saes Getters SpA

Mirante S.r.l. Saes Getters SpA, the listed Italy-based provider of scientific applications, instru-ments for industrial applications, has agreed to acquire a 70% stake in Metalvuoto S.p.A, the Italy-based producer of metallized and innovative plastic films for food preservation, from Mirante S.r.l., the Italy-based company having interests in pro-ducers of metallized and innovative plastic films for food preservation, for an ap-proximate consideration of EUR 6m. Metalvuoto had sales of EUR 14.3m with an EBITDA equal to 9% along with around 30 employees.

01/08/2016

Siderval SpA (41.6% Stake)

n/a n/a Manoir Indust-ries SA

Calvi Holding SpA

Manoir Industries SA, the France-based manufacturer of high performance com-ponents for various applications and a subsidiary of Yantai Taihai Group Co., Ltd, the China-based company engaged in metal processing, has acquired 41.6% stake in Siderval SpA, the Italy-based company that produces hot extruded steel bars, from Calvi S.p.A, the Italy-based company engaged in manufacturing of spe-cial steel profiles, for an estimated consideration of EUR 26.6m. Siderval employs 114 employees.

02/08/2016

Tesar s.r.l; Elettrostandard Polska Sp. z o.o.

n/a n/a Rauscher & Stoecklin AG

Sarfin s.r.l.; Renzo Sormani (private inves-tor)

Rauscher & Stoecklin AG, the Switzerland-based manufacturer of transformers, electrical equipment and switchgear and a portfolio company of CGS Management AG, the Switzerland-based private equity firm, has acquired Tesar s.r.l, the Italy-based manufacturer of cast-resin transformers and Elettrostandard Polska Sp. z o.o., the Poland-based provider of energy efficiency, network reliability and indus-trial productivity products, from Mr. Renzo Sormani, the Italy-based private individ-ual and Sarfin s.r.l., the Italy-based manufacturer of electrical transformers, for an undisclosed consideration.

05/08/2016

GLM s.r.l. (70% Stake)

n/a n/a Star Capital SGR S.p.A.

n/a Star Capital SGR S.p.A., the Italy-based private equity firm, through its fund Fondo Star III, has acquired a 70% stake in GLM s.r.l., the Italy-based company engaged in the production and sale of metal components and accessories for the automo-tive sector, for an undisclosed consideration.



EV (€ m)



34

01/09/2016

Fonderie Pilenga Baldassarre & C SpA

25.0 6.0 Fonderia di Torbole SpA

n/a Fonderia di Torbole SpA, an Italy-based company engaged in manufacturing of car brakes and drums, has acquired Fonderie Pilenga Baldassarre & C. SpA, an Italy-based cast iron foundry, for an estimated consideration of EUR 6m.Fonderie Pilenga reported a turnover of EUR 25m for the fiscal year 2015. The foundry employs 140 people.

12/09/2016

Tecnofil SpA (70% Stake)

40.0 n/a Alfa Acciai S.p.A.

n/a Alfa Acciai S.p.A., an Italy-based steel manufacturer has acquired a 70% stake in Tecnofil SpA, an Italy-based producer of copper wire and similar products, for an undisclosed consideration. Tecnofil reported revenues of approximately EUR 40m and is expected to rise to EUR 50m in 2016. The company has a workforce of approximately 100 employees.

14/09/2016

Ravaglioli S.p.A. 140.0 245.0 Dover Corpora-tion

n/a Dover Corporation, the listed US-based company engaged in manufacturing of equipment, components and specialty systems, has agreed to acquire Ravaglioli S.p.A., the Italy-based company active in the field of manufacturing and marketing garage equipment, for a consideration of EUR 245m.The sale price was previously reported to be in the region of more than 8x the company's EUR 25m 2016 ex-pected EBITDA. Ravaglioli has reported a turnover of approximately EUR 140m and EUR 89m in 2015 and 2014 respectively.

15/09/2016

Magnetic Srl n/a n/a Orange1 Oxy Capital - Sociedade de Capital de Risco SA

Orange1, the Italy-based manufacturer of electric motors, has acquired Magnetic Srl, the Italy-based manufacturer of electric motors for the industrial automation sector, from Oxy Capital - Sociedade de Capital de Risco SA, the Portugal-based private equity and venture capital firm, for an undisclosed consideration.

15/09/2016

Mios Elettronica Srl

10.0 n/a Alpha Group n/a Alpha Group, a France-based private equity firm and along with the management team of Mios Elettronica Srl, an Italy-based manufacturer of electric components for the avionics and transport sectors has acquired the company, for an undis-closed consideration. In 2015, Mios Elettronica Srl reported revenues of EUR 10m and has a workforce of 35 engineers.



EV (€ m)



35

20/09/2016

Dominioni Punto & Pasta S.r.l

n/a n/a The Marmon Group LLC

Pietro Dominioni (Private inves-tor)

The Marmon Group LLC, the US-based holding company engaged in manufactur-ing electrical, industrial and transportation equipments and providing construction services and retail solutions, has acquired Dominioni Punto & Pasta S.r.l. an Italy-based company that designs and produces professional pasta equipment for the restaurant, hospitality, and catering markets, as well as high-volume pasta manu-facturers, from Pietro Dominioni, an Italy-based private individual, for an disclosed consideration.

20/09/2016

Autotest AG (36% Stake)

86.0 n/a Ceterum-Hol-ding GmbH

Josef Unterholz-ner (Private In-vestor)

Ceterum-Holding GmbH, the Germany-based principal investment firm investing in electric motor, automotive and medical sector, has acquired 36% stake in Au-totest AG, the Italy-based company engaged in development and production of plastic, metal and hybrid parts for automotive companies, from Mr. Josef Unter-holzner, the Italy-based private individual, for an undisclosed consideration. Post acquisition, Ceterum will own 100% stake in Autotest, that has 560 employees and reported revenues of EUR 86m in 2015. Ceterum acquired 64% stake in Autotest in April 2016.

28/09/2016

PI-VI Ricambrl S.r.l.

n/a n/a Renault-Nissan Alliance

n/a Renault-Nissan Alliance, the Netherlands-based company engaged in manufac-turing of automobile, has acquired a majority stake in PI-VI Ricambrl S.r.l., an Italy-based company engaged in manufacturing and distribution of automotive spare parts, for an approximate consideration of EUR 18m. In 2015, Pitteri Violins Spa, an Italy-based supplier of automotive parts had spun-off it’s aftermarket spare part business to form new company PI-VI Ricambrl S.r.l.

29/09/2016

Aeromeccanica Stranich S.p.A. (49% Stake)

25.0 n/a Alcedo SGR S.p.A

Assietta Private Equity SGR S.p.A.

Alcedo SGR S.p.A, an Italy-based private equity firm, has acquired 49% stake in Aeromeccanica Stranich S.p.A., an Italy-based engineering manufacturing com-pany specialising in centrifugal fans, axial fans and dampers production, from As-sietta Private Equity SGR S.p.A. Italy-based private equity firm, for a estimated consideration of EUR 10m. Stranich clocked revenues of EUR 25m in 2015 com-pared to EUR 21.7m in 2014 and EBITDA of EUR 3m compared to EUR 2.7m in 2014.

Country Focus – Norway


EV (€ m)



36

12/07/2016

Navico Holding AS; Digital Ma-rine Solutions Holding AS

n/a n/a Goldman Sachs Merchant Bank-ing Division; Al-tor Fund IV

Altor 2003 Fund Goldman Sachs Merchant Banking Division, the US-based investment arm of Goldman Sachs, a listed US-based investment banking, securities and investment management firm, along with Altor Fund IV, a Sweden-based private equity fund of Altor Equity Partners AB, a Sweden-based private equity firm, has agreed to acquire Navico Holding AS, a Norway-based manufacturer of marine electronics products, and Digital Marine Solutions Holding AS (DMS), a Norway-based holding company engaged in marine cartography business, from Altor 2003 Fund, a Swe-den-based private equity fund of Altor Equity Partners AB, for an undisclosed con-sideration. Navico, with approximately 1500 employees, reported revenues of USD 309m and an EBITDA of USD 62m in 2015.

22/07/2016

Infratek Security Solutions AS

21.8 n/a Securitas AB n/a Securitas AB, a listed Sweden-based company engaged in providing security ser-vices and solutions, has agreed to acquire Infratek Security Solutions AS, a Nor-way-based company engaged in delivering technical security solutions to corpora-tions in Norway and a minor part in Sweden, for an undisclosed consideration. Infratek Security Solutions reported revenues of approximately EUR 21.78m in 2015, and has a workforce of 102 employees.

31/07/2016

Peterson Packa-ging AS

n/a n/a VPK Packaging Group NV

Pemco A/S; Unitel AS

VPK Packaging Group NV, the Belgium-based company engaged in manufactur-ing of packaging products, has acquired Peterson Packaging AS, the Norway-based supplier of paper and packaging solutions, from Pemco A/S, the Norway-based company engaged in oil and chemicals trading, and Unitel AS, the Norway-based telecommunications company, for an undisclosed consideration. Peterson employs a workforce of around 920 people.



EV (€ m)



37

11/08/2016

Bandak Lunde AS

21.9 n/a Bjarne Mour-sund (Private In-vestor); Arne Gavle(Private Investor); Joar Ajer(Private In-vestor); Nome Investment Company AS ; Telemark fylkeskommune

n/a Mr. Bjarne Moursund, Mr. Arne Gavle, and Mr. Joar Ajer, the Norway-based private individuals, Nome Investment Company AS, a Norway-based investment holding company, and Telemark fylkeskommune, a Norway-based local government of Telemark county, has acquired Bandak Lunde AS, a Norway-based company that manufactures and supplies products to the oil and gas offshore market, for an un-disclosed consideration. Post transaction, Telemark and Nome Investment will hold approximately 30% and 15%-20% stake respectively in Bandak Lunde. Ban-dak Lunde had posted revenues of EUR 21.95m for the year 2015 and has a work-force of 100 employees. In June 2016m, Bandak Group AS, a Norway-based man-ufacturer of mechanical engineering products had filed for insolvency.

15/08/2016

Fesil Rana Metall AS; Nor-kvarts A/S (33% Stake)

n/a n/a Elkem AS Fesil AS Elkem AS, a Norway based producer of aluminium, silicon metal, special alloys for the foundry industry, carbon, microsilica and energy, has agreed to acquire Fesil Rana Metall AS, a Norway-based company engaged in the production and sale of ferrosilicon and silicon metal and a 33% stake in Nor-kvarts A/S, a Norway-based company engaged in the production of quartz, from Fesil AS, a Norway-based company engaged in the production and sale of ferrosilicon and silicon metal, and a subsidiary of MFC Bancorp Ltd., a listed Canada based mineral royalty company providing capital for the exploration and development of iron ore and other metal mines, for an undisclosed consideration. Prior to the transaction, Elkem held a 66.67% stake in Nor-kvarts. Nor-kvarts A/S had reported revenues of EUR 0.016m with a net profit of EUR 0.01m and Fesil Rana Metall AS had reported revenues of EUR 94.65m with a net profit of EUR 1.77m, for the year ended on 31 December 2015. Earlier in 2014, MFC had acquired Fesil AS from Fesil Invest AS, for a con-sideration of EUR 60m.

14/09/2016

Vito Teknisk Entreprenor AS

11.6 n/a Instalco Sverige AB

n/a Instalco Sverige AB, a Sweden-based company engaged in the construction, con-sulting, sales, service activities in the electricity, air conditioning, ventilation, plumbing, and installation industries, has acquired Vito Teknisk Entreprenor AS, a Norway-based ventilation company, for an undisclosed consideration. Vito re-ported revenue of EUR 11.6m in 2015 and has 95 employees.



EV (€ m)



38

23/09/2016

Wartsila Norway AS (Marine Power Drives Product Devel-opment and Manufacturing Business)

n/a n/a The Switch En-gineering Oy

Wartsila Norway AS

The Switch Engineering Oy, a Finland-based manufacturer and supplier of magnet generators and renewable power converter solutions, and a subsidiary of Yaskawa Electric Corporation, the listed Japan-based company engaged in the manufac-ture, sale, installation, maintenance and engineering of electrical equipment, has agreed to acquire Marine Power Drives Product Development and Manufacturing Business from Wartsila Norway AS, a Norway-based company that provides com-plete lifecycle power solutions for the marine and energy markets, and subsidiary of Wartsila Corporation, the listed Finland-based manufacturer of power genera-tion and marine propulsion equipments, for an undisclosed consideration.

Country Focus – Poland


EV (€ m)



39

30/06/2016

Pratt & Whitney Rzeszow S.A. (Two casting fa-cilities)

n/a n/a Consolidated Precision Pro-ducts Corpora-tion

Pratt & Whitney Rzeszow S.A.

Consolidated Precision Products Corporation (CPP), the US-based company en-gaged in manufacturing of high precision aluminum, magnesium and super-alloy castings for aerospace, military and industrial markets and a portfolio company of Warburg Pincus LLC, the US-based private equity firm, has acquired two casting facilities of Pratt & Whitney Rzeszow S.A., a Poland-based manufacturer of highly engineered components, for an undisclosed consideration.

01/09/2016

AGIS Fire and Security Group

28.0 n/a SPIE GmbH OpenGate Capi-tal LLC

SPIE GmbH, a Germany-based company which provides integrated management facility for electrical, mechanical and HVAC engineering, energy and communica-tion networks, and a subsidiary of SPIE SA, the listed France-based company en-gaged in the provision of electrical and mechanical engineering, heating, ventila-tion, air conditioning services, energy and communication systems services, has acquired AGIS Fire and Security Group, a Poland-based provider of electronic se-curity and fire protection systems, from OpenGate Capital LLC, the US-based pri-vate equity firm, for an undisclosed consideration. AGIS reported revenues of EUR 28m for 2015, and has a workforce of about 200 employees.

Country Focus – Sweden


EV (€ m)



40

05/07/2016

Expander Sys-tem Sweden AB

7.8 n/a NORD-LOCK International AB

Roger Svensson (Private Inves-tor)

NORD-LOCK International AB, the Sweden-based company that manufactures securing systems for bolted joints, has acquired Expander System Sweden AB, the Sweden-based company that designs, manufactures, and sells a pivot-pin sys-tem for commercial heavy machinery and equipment, from Mr. Roger Svensson, the Sweden-based private individual, for an undisclosed consideration. Expander System generated revenue of EUR 7.84m in the financial year ended 30 April 2016 with a workforce of 45 employees.

18/07/2016

Sandvik AB (Mi-ning System unit)

544.4 n/a CoBe Capital LLC

Sandvik AB CoBe Capital LLC, the US-based private equity firm, has agreed to acquire Mining System Unit of Sandvik AB, a listed Sweden-based engineering group providing industrial products and services, for an undisclosed consideration. The Mining Sys-tem Unit is a supplier of design and engineering of material handling systems for the mining industry. The unit which employs approximately 1100 employees, re-ported revenues of EUR 544.36m in 2015 which represents 6% of Sandvik Group revenues.

09/08/2016

SRS Sjolanders AB

8.3 n/a Goldschmidt Thermit GmbH

n/a Goldschmidt Thermit GmbH, a Germany-based company engaged in products and services for the construction, repair, and maintenance of freight, tram, metro, and subway railway systems, has acquired SRS Sjolanders AB, a Sweden-based com-pany engaged in development, design and manufacturing of various kinds of hy-drostatically driven road-rail vehicles, for an undisclosed consideration.

16/08/2016

Titanx Engine Cooling AB

116.8 n/a Tata AutoComp Systems Ltd.

EQT Partners AB; Fourier-transform AB

Tata AutoComp Systems Ltd., the India-based manufacturer and supplier of auto-motive components, has agreed to acquire Titanx Engine Cooling AB, the Sweden-based company engaged in manufacturing and supply of engine cooling solutions for commercial vehicles, from EQT Partners AB and Fouriertransform AB, the Swe-den-based private equity and venture capital firms, for an undisclosed considera-tion. Titanx reported revenues of EUR 116.8m and net profit of EUR 1.06m for the year ended 2015.

Country Focus – Sweden


EV (€ m)



41

05/09/2016

Haldex AB (85.09% Stake)

519.5 630.7 Knorr-Bremse AG

n/a Knorr-Bremse, a German based family owned manufacturer of braking systems announced a competing offer to acquire Haldex [STO:HLDX], the Swedish based and listed brakes and suspensions systems company. The offer is competing to ZF Friedrichshafen offer. Knorr-Bremse intends to acquire the remaining outstand-ing share it does not own in Haldex. In response ZF increased its offer. Knorr-Bremse owns in total 5,020,000 shares in Haldex, corresponding to 11.35% of all shares. 19-Sep-16: Haldex board recommends ZF offer and rejects Knorr-Bremse offer. 22-Sep-16: Knorr-Bremse acquired 1,575,039 shares in Haldex outside the Offer, corresponding to 3.56% of all shares and votes in Haldex, from Carnegie Fonder AB at a price of SEK 125.00 in cash per share.

06/09/2016

Arcam AB 62.7 578.8 General Electric Company

n/a General Electric Company ("GE") [NYSE:GE], the US based and listed industrial company has launched a voluntary offer to acquire Arcam AB [STO:ARCM], a Sweden based and listed industrial product and services company. The offer rep-resents a premium of 54.1% over ARCM closing share price one day before the announcement and values ARCM share capital at EUR 623m.

21/09/2016

ABB (global high-voltage ca-ble system busi-ness)

472.0 836.0 NKT Holding A/S

ABB Ltd NKT Holding A/S, listed Denmark-based company engaged in manufacture and sale of power cables, professional cleaning equipment and fiber optical products, has agreed to acquire ABB Ltd's global high-voltage cable system business, Swe-den, for a total consideration of EUR 836m. ABB Ltd, listed Switzerland-based company, is a power and automation technology company offering a range of prod-ucts, systems and services for power transmission, distribution and automation of the electric, gas and water utilities and also supplies power drives, motors, control & robotics products and systems. In 2015 ABB Cables generated an estimated EUR 472m in revenue. ABB HV Cables EBITDA is on average expected to be EUR 79m for 2014-2016.

Country Focus – UK


EV (€ m)



42

04/07/2016

Modus Seabed Intervention Li-mited

n/a n/a Royal IHC n/a Royal IHC, a Netherlands-based company that designs, develops and manufac-tures dredging and mining vessels and equipment for dredging operators, oil and gas corporations, offshore contractors and government authorities, has acquired a majority stake in Modus Seabed Intervention Limited, a UK-based provider of in-tegrated project services and remote and autonomous technologies for SUBSEA and SEABED intervention, for an undisclosed consideration. In 2015, Modus ge-nerated turnover of GBP 9.53m.

05/07/2016

Vacuum Engine-ering Services Ltd.

12.2 n/a Indutrade AB n/a Indutrade AB, the Sweden-based company engaged in selling components, sys-tems and services to industrial customers within selected niches, has agreed to acquire Vacuum Engineering Services Ltd., the UK-based manufacturer of leak detection equipment, for an undisclosed consideration. Vacuum Engineering has reported revenue of GBP 9m and has a workforce of 45 employees.

05/07/2016

Bandvulc Group n/a n/a Continental Tyre Group Ltd

B.V. Environ-mental Ltd.

Continental Tyre Group Ltd, the UK-based tyre supplier and a subsidiary of Conti-nental Aktiengesellschaft, a listed Germany-based manufacturer of automotive components has acquired Bandvulc Group, the UK-based provider of fleet man-agement and truck and van tyre services, from B.V. Environmental Ltd., the UK-based company providing fleet management services, for an undisclosed consid-eration. Bandvulc had posted revenues of GBP 49.94m for the year 2015.

06/07/2016

Bulroc (UK) Ltd n/a 11.8 Robit Plc n/a Robit Plc, the listed Finland-based manufacturer of top hammer products for rock drilling and casing systems for ground drilling, has acquired Bulroc (UK) Ltd, the UK-based manufacturer of rock drilling equipment, for a consideration of GBP 10.1m, on a debt free basis. Bulroc has a workforce of 46 employees.

07/07/2016

Didsbury Engi-neering Co Li-mited

8.0 n/a The MEL Group Connection Ca-pital LLP

The MEL Group, the UK-based engineering solution provider to the aerospace and defence industries, has acquired Didsbury Engineering Co Limited, the UK based manufacturer of lifting and mechanical handling devices for the civil aviation, de-fence and industrial safety markets, from Connection Capital LLP, the UK-based private equity firm, for an undisclosed consideration. Didsbury reported an annual turnover of GBP 6.117m and net earnings of GBP 1.066m for the year ending 31 January 2016.



EV (€ m)



43

14/07/2016

Technocover Li-mited

18.5 12.0 Hill & Smith Hol-dings Plc

Ensor Holdings Plc

Hill & Smith Holdings Plc, the listed UK-based company engaged in the manufac-ture and supply of infrastructure products, galvanizing services and building and construction products has acquired Technocover Limited, the UK-based manufac-turer, supplier and installer of physical security products, from Ensor Holdings Plc, the listed UK-based company engaged in manufacturing, supplying and distrib-uting building materials and tools, for a cash consideration of GBP 10m. Techno-cover reported revenues of GBP 14.7m and operating profits of GBP 1.5m during the year ended 31 March 2016.

25/07/2016

CED Fabrica-tions Ltd.

15.5 n/a Tournus Equipe-ment, S.A.S.

n/a Tournus Equipement, S.A.S., the France-based company that designs, manufac-tures and ships stainless steel equipment for professional kitchens, a portfolio company of MML Capital Partners LLP, the UK-based private equity firm, UI Ges-tion SA, the France-based private equity firm and BPI France SA, the France-based private investment firm, has acquired CED Fabrications Ltd., the UK-based commercial catering equipment maker for an undisclosed consideration. CED re-ported a turnover of GBP 11.525m for the period ended 30 September 2015 and has a workforce of 150 employees.

26/07/2016

Harland Ma-chine Systems

16.3 n/a Accraply Europe Limited

n/a Accraply Inc., the US-based provider of label application equipment, through its subsidiary Accraply Europe Limited, the UK-based provider of label application equipment for a multitude of industries, has acquired Harland Machine Systems, the UK-based manufacturer of labeling equipment, for an undisclosed considera-tion. Harland had filed for insolvency due to unsustainable pressure on cash-flow. As per lastest report, Harland had generated revenues of GBP 12m and employed 70 people.

28/07/2016

Premier Farnell Plc

1,185 1,032 Avnet, Inc. n/a Avnet, Inc., a US based and listed industrial component supplier has made a com-peting recommended offer to acquire Premier Farnell Plc, a UK based and listed distributor of electronics components. The offer price represents a 69.3% premium over PFL closing share price one day before the announcement and values the entire equity of PFL at GBP 691m based on 373.5m fully diluted shares.



EV (€ m)



44

02/08/2016

Materials Soluti-ons Limited (71% Stake)

n/a n/a Siemens AG n/a Siemens AG, a listed Germany-based diversified electronics and electrical engi-neering company operating in the industrial, energy and healthcare sectors, has acquired a 71% stake in Materials Solutions Limited, the UK-based company en-gaged in manufacturing of nickel superalloy components for gas turbines, for an undisclosed consideration. Mr. Carl Brancher, CEO of Materials Solutions, will hold a 15% stake in the company. Earlier in August 2015, Siemens Venture Capital GmbH, an arm of Siemens AG, had acquired a 14% stake in Materials Solutions.

06/08/2016

Leonardo-Finmeccanica SpA (Marine Electronics Divi-sion)

n/a n/a Societa Italiana Radio Marittima SpA

Leonardo-Fin-meccanica SpA

Societa Italiana Radio Marittima SpA (Sirm SPA), the Italy-based manufacturer of electronic navigation and telecommunications systems for the shipping sector, has acquired UK-based marine electronics division of Leonardo-Finmeccanica SpA, the listed Italy-based aerospace and transport technology group, for an undis-closed consideration. The marine electronics division has reported annual revenue of GBP 12m.

10/08/2016

Northern Case Supplies Ltd

n/a n/a Scott Group In-vestments Li-mited

Greg Milton (Pri-vate Investor)

Scott Group Investments Limited, the UK-based company engaged in manufactur-ing and supply of pallets and provider of packaging solutions, has acquired North-ern Case Supplies Ltd, the UK-based company engaged in manufacturing wooden pallets and other packaging products, from Greg Milton, the UK-based private in-dividual, for an undisclosed consideration. Northern Case has 45 employees.

15/08/2016

CSL DualCom Limited

n/a n/a RIT Capital Partners Plc; Iconiq Capital, LLC; Norland Capital

Bowmark Capi-tal LLP

Norland Capital, the UK-based investment firm, Iconiq Capital, LLC, the US-based investment firm and RIT Capital Partners Plc, a listed UK-based investment trust, along with the management of CSL DualCom Limited, the UK-based provider of critical connectivity solutions for machine-to-machine communications in the alarm security industry, has acquired the company from Bowmark Capital LLP, the UK-based private equity firm, in a management buyout transaction, for an undisclosed consideration.



EV (€ m)



45

18/08/2016

Marina Imports Limited

n/a n/a Hebei Sitong New Metal Ma-terial Co Ltd

n/a Hebei Sitong New Metal Material Co Ltd, the listed China-based company en-gaged in research, manufacture and marketing of functional master alloy material, has agreed to acquire Marina Imports Limited, the UK-based metal alloys R&D, production and sales company, for cash consideration of USD 9.77m. From Janu-ary to June of 2016, Marina Imports has a turnover of USD 3.29m, EBIT of USD 0.43m, and net earnings of USD 0.35m.

25/08/2016

AWC Industries Ltd

n/a n/a Sertec Group Ltd

Allan Cook (Pri-vate investor)

Sertec Group Ltd, the UK-based manufacturer of stampings and welded assem-blies and a portfolio company of UK-based private equity firm, has acquired AWC Industries Ltd (WILD automotive), the UK-based company through its subsidiaries manufactures high quality technical components and assemblies for Automotive OEMs and Tier 1 suppliers, from Allan Cook, UK-based private investor, for an undisclosed consideration. WILD reported a turnover of GBP 58.42m for the year ended 31 March 2015.

31/08/2016

Labelone Li-mited

9.4 15.9 CCL Industries Inc.

n/a CCL Industries Inc., the listed Canada-based company engaged in providing pack-aging solutions for the consumer products and healthcare industries, has acquired Labelone Limited, the UK-based manufacturer of labelling solutions, for the total consideration of approximately USD 17.7m. Labelone has reported annual reve-nue of approximately USD 10.7m, with an adjusted estimated EBITDA of USD 3m for the year ended 31 March 2016.

07/09/2016

Humber Gate-way offshore transmission project

n/a 162.9 Balfour Beatty Plc; Equitix Lim-ited

E.ON Climate & Renewables UK Humber Wind Limited

Balfour Beatty Plc, listed UK-based provider of engineering, construction and in-vestment services, and Equitix Limited, UK-based principal investment firm, have won an auction to acquire Humber Gateway offshore transmission project from E.ON Climate & Renewables UK Humber Wind Limited, UK-based company en-gaged in production of electricity and development of power generation assets uti-lizing renewable energy resources, and a subsidiary of E.ON SE, listed Germany company engaged in field of electricity, oil and gas, for a total consideration of EUR 162.9m.



EV (€ m)



46

15/09/2016

Easypack Ltd n/a n/a Pregis Corpora-tion

Mark Kempster (Private Inves-tor)

Pregis Corporation, the US-based manufacturer, marketer and supplier of protec-tive and specialty packaging solutions, and a portfolio of Olympus Partners, the US-based private equity firm, has acquired Easypack Ltd, the UK-based paper-based protective packaging company, from Mark Kempster, the UK-based private individual, for an undisclosed consideration. Easypack has a workforce of 70 employees.

19/09/2016

Mark Roberts Motion Control Limited

n/a n/a Nikon Corpora-tion

n/a Nikon Corporation, a listed Japan-based developer and manufacturer of advanced optical and precision equipment, has agreed to acquire, Mark Roberts Motion Con-trol Limited (MRMC), the UK-based manufacturer and designers of robotic motion control equipments, for an undisclosed consideration. Mark Roberts Motion Con-trol has a workforce of 50 employees.

19/09/2016

Senscient, Inc. 3.0 n/a Mine Safety Ap-pliances Com-pany

Lime Rock Part-ners; Yellow-stone Capital, Inc. (Yellow-stone Capital Partners, LLC); Emerald Tech-nology Ventures AG

Mine Safety Appliances Company (MSA), the listed US-based company engaged in the development, manufacture, and supply of safety products, has acquired Senscient, Inc., the UK-based company engaged in developing and manufacturing of laser diode spectroscopy (ELDS) gas detection systems, from Lime Rock Part-ners, and Yellowstone Capital, Inc., the US-based private equity firms, and Emer-ald Technology Ventures AG, the Switzerland-based venture capital firm, for an undisclosed consideration.

22/09/2016

Allport Packa-ging Limited

n/a n/a Neal Brothers Limited

Allport Cargo Services Limited

Neal Brothers Limited, the UK-based provider of fit-for-purpose export packing so-lutions, consolidation, warehousing, inspection and quality check of capital equip-ment, has acquired Allport Packaging Limited, the UK-based company engaged in design, manufacturing and supply of bespoke corrugated, timber and plywood cases with custom made foam fittings to protect goods in transit, from Allport Cargo Services Limited, the UK-based provider of freight, supply chain and logistics ser-vices, for an undisclosed consideration.



EV (€ m)



47

28/09/2016

Enertech Li-mited; CTC Giersch AG; Enertech GmbH; Ener-tech Belgium SPRL; Enertech AB; CTC Ferro Fil AS

90.0 n/a NIBE Industrier AB

Enertech Group Ltd.

NIBE Industrier AB, the listed Sweden-based company engaged in the provision of heating components and solutions, has acquired a group of companies from Enertech Group Ltd., the UK-based company engaged in manufacturing and sale of heating products, for an undisclosed consideration. The group of companies includes: CTC Giersch AG, the Switzerland-based manufacturer of heat pumps. Enertech GmbH, the Germany-based manufacturer of oil, gas and dual fuel burn-ers. Enertech Belgium SPRL, the Belgium-based manufacturer of boilers and heat pumps. Enertech AB, the Sweden-based company engaged in development and manufacturing of heating technology products. CTC Ferro Fil AS, the Norway-based provider of water heating and cooling equipment. Enertech Limited, the UK-based manufacturer of burners and heat pumps. The acquired companies have around 460 employees and reported combined revenues of EUR 90.36m in 2015 with an operating margin of 4.8%.

Country Focus – Canada


EV (€ m)



48

01/07/2016

ABC Group, Inc. n/a n/a Cerberus Capi-tal Manage-ment, L.P.

n/a Cerberus Capital Management, L.P., the US-based private equity firm, has ac-quired ABC Group, Inc., a Canada-based manufacturer and supplier of thermo-plastic components and systems, for an undisclosed consideration. ABC has a workforce of 6,000 employees across its 36 locations in North America, South America, Europe and Asia.

13.07.2016

Ovivo Inc. (81.3% Stake)

222.5 121.1 SKion GmbH n/a SKion GmbH, via its 100% owned subsidiary SKion Water International GmbH, both German investment companies, has signed a definitive agreement to acquire a 81.3% stake in Ovivo Inc., a listed Canada-based provider of equipment, tech-nology and systems for water treatment at an offer price of USD 3.0623 per share, valuing the transaction at USD 109.79m and the entire equity capital at USD 135.04m. Ovivo reported revenues of USD 253.33m, for year ended 31 March 2016. La Caisse currently holds 18.7% stake in Ovivo.

18/07/2016

Mitchell Mill Systems Can-ada Ltd.

20.3 n/a Ag Growth Inter-national, Inc.

n/a Ag Growth International, Inc. (AGI), a listed Canada-based manufacturer of porta-ble grain handling and conditioning equipment has agreed to acquire Mitchell Mill Systems Canada Ltd., a Canada-based manufacturer of material handling equip-ment used in grain, fertilizer, animal feed, food processing, and industrial applica-tion, for an undisclosed consideration. The acquisition also includes Mitchell’s U.S. affiliate Mitchell Mill Systems USA, in Joplin, Missouri. Mitchell reported revenue of approximately USD 22.17m for the fiscal year ended 28 February 2016.

19/07/2016

Convey-All In-dustries Inc.

n/a n/a WGI Westman Group Inc.

n/a Convey-All Industries Inc. manufactures conveyor systems for industrial applica-tions. It offers agricultural products, such as conveyors, commercial seed tenders, bulk seed tenders, bulk seed sites, and custom equipment, as well as oil-field prod-ucts, such as sand conveyors and rail car unloaders.



EV (€ m)



49

20/07/2016

Summo Corp. 40.0 n/a Voestalpine Ro-tec GmbH

n/a Voestalpine Rotec GmbH, an Austria-based company that designs and manufac-tures steel pipes and tubes primarily for the automobile industry, and a subsidiary of Voestalpine AG, a listed Austria-based manufacturer of steel for the automotive and auto supply industries, has acquired Summo Corp., a Canada-based company that designs and manufactures tubular components and sub-assemblies for cus-tomers in the automotive industry, for an undisclosed consideration. For 2015, Summo Corp. generated revenue of approximately EUR 40m and has 300 em-ployees.

20/07/2016

Numeric Ma-chine Company

n/a n/a H-D Advanced Manufacturing, Inc.

n/a H-D Advanced Manufacturing, Inc., the US-based investment holding company having interest in companies engaged in the manufacturing of heavy duty, preci-sion engineered industrial components, mission critical gears and gearboxes for aerospace industry and a portfolio company of The Riverside Company, Hicks Eq-uity Partners LLC and Weinberg Capital Group, the US-based private equity firms, has acquired Numeric Machine Company, the Canada-based company engaged in manufacturing of down hole drilling tools and equipment and furnishing machin-ing services, for an undisclosed consideration.

02/08/2016

Dectron Interna-tionale Inc.

n/a n/a Specified Air Solutions

Lakdawala fa-mily

Specified Air Solutions, the US-based manufacturer of HVAC equipment, controls and associated accessories and a portfolio company of The Sterling Group, L.P., the US-based private equity firm, has acquired Dectron Internationale Inc., a Can-ada based company engaged in providing engineered custom and semi-custom indoor air quality (IAQ) and heating, ventilation, and air conditioning (HVAC) prod-ucts and services, from Lakdawala family, a Canada-based family for an undis-closed consideration.

02/08/2016

Mackow Indust-ries (80% Stake)

n/a n/a Mosaic Capital Corporation

n/a Mosaic Capital Corporation, the listed Canada-based private equity and venture capital firm, has agreed to acquire 80% stake in Mackow Industries, the Canada-based manufacturer of precision fabricated metal components, for a consideration of USD 22.57m. The management of Mackow will retain 20% stake. Mackow has approximately 115 employees.



EV (€ m)



50

18/08/2016

Aircraft Appli-ances and Equipment Lim-ited

n/a n/a Aeronautical & GI Holdings Li-mited

n/a Aeronautical & GI Holdings Limited (AGI Holdings LLC), the UK-based provider of proprietary situational awareness and LED lighting systems for naval vessels, mil-itary and commercial aircraft and military ground vehicles, and a portfolio company of J.F. Lehman & Company (JFLCO), the US-based private equity firm, has ac-quired Aircraft Appliances and Equipment Limited (AAE), a Canada-based pro-vider of proprietary naval filtration systems, marine valves and tachometer gener-ators for defence industry, for an undisclosed consideration.

18/08/2016

Riobel Inc. 36.6 n/a Fortune Brands Home & Secu-rity, Inc.

n/a Fortune Brands Home & Security, Inc. (FBHS), the listed US-based manufacturer, distributor and seller of home & security products, has acquired Riobel Inc., a Can-ada-based designer and distributor of faucetry, for an undisclosed consideration. Riobel has annual sales of approximately USD 40m.

18/08/2016

GE Hitachi Nu-clear Energy Canada Inc.

n/a n/a BWXT Canada Ltd.

GE Hitachi Nu-clear Energy, Inc.

BWXT Canada Ltd., a Canada-based supplier of pressurized water reactor steam generators and other major plant components, and a subsidiary of BWX Technol-ogies, Inc., the listed US-based manufacturer of nuclear components, power gen-eration systems and related aftermarket parts, services and environmental control systems, has agreed to acquire GE Hitachi Nuclear Energy Canada Inc. (GEH-C), a Canada-based joint venture between General Electric Co. and Hitachi Ltd. that supplies nuclear fuel, fuel handling systems, delivery systems and replacement components, from GE Hitachi Nuclear Energy, the US based provider of advanced reactors and nuclear services, for an undisclosed consideration. GEH-C has a workforce of 350 employees.

01/09/2016

Clean Harbors Catalyst Ser-vices LP

n/a n/a Zachry Hol-dings, Inc.

Clean Harbors, Inc.

Zachry Holdings, Inc., the US-based provider of construction, engineering and pro-curement, maintenance, turnaround and outage, and fabrication services, has ac-quired Clean Harbors Catalyst Services LP, the Canada-based provider of removal and replacement services of the catalytic materials used in industrial processes in refineries, chemical, and petrochemical plants, from Clean Harbors, Inc., the listed US-based provider of environmental, energy, industrial, and hazardous waste management services, for an undisclosed consideration. Catalyst Services has 500 employees.



EV (€ m)



51

09/09/2016

Nitrex Metal Inc. n/a n/a Bodycote plc Novacap Nitrex Metal Inc. provides metal treating equipment, services, solutions, and tech-nologies for aerospace, automotive, aluminum extrusion, defense, tool and die, plastics, machinery, precision parts, pneumatic/hydraulic, and other industries worldwide.

11/09/2016

New York Ther-mal, Inc. (79% Stake)

30.0 30.0 Ariston Thermo Group SpA

n/a Ariston Thermo Group SpA, an Italy-based company that manufactures and sells heating and hot water products, systems, and solutions for domestic, commercial, and industrial applications, has acquired a 79% stake in New York Thermal, Inc., a Canada-based producer of boilers, in a transaction valued at an enterprise value of EUR 30m. The transaction values New York Thermal at 1x of its turnover. New York Thermal has a turnover of approximately EUR 30m and employs approxi-mately 120 people.

12/09/2016

NTI Boilers, Inc. n/a n/a Ariston Thermo Group SpA

n/a NTI Boilers, Inc. develops and manufactures hydronic heating equipment. It offers indirect water heaters, down-fired fire tube heat exchangers, DHW heat exchang-ers, gas boilers, accessories, oil boilers, wood boilers, and whole home systems.

13/09/2016

Tesla Digital, Inc.

n/a n/a CEN Biotech, Inc.

n/a Tesla Digital, Inc. designs, develops, tests, and manufactures lights. It offers street, industrial, office, hazard area, automotive, night vision, aquatic, marine, parking, and work zone lights.

14/09/2016

Warrior Manu-facturing Ser-vices Ltd

n/a n/a Patterson-UTI Energy Inc

n/a Patterson-UTI Energy Inc, the listed US-based company providing onshore con-tract drilling services to exploration and production companies, has agreed to ac-quire Warrior Manufacturing Services Ltd, a Canada-based rig equipment manu-facturing company, for an undisclosed consideration.

15/09/2016

Vecture Inc. (80% Stake)

n/a n/a Eberspacher Climate Control Systems GmbH & Co. KG

n/a Eberspacher Climate Control Systems GmbH & Co. KG, a Germany-based auto-motive components manufacturer has acquired a 80% stake in Vecture Inc., a Canada-based provider of portable battery management systems (BMS) for med-ical, military and industrial applications, for an undisclosed consideration. The founders of Vecture will retain a 20% stake in the company and will continue to lead the management of the company. Earlier in 2015, Vecture had around 100 employees.



EV (€ m)



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19/09/2016

Groupe Graham International

n/a n/a Fonds Manufac-turier Que-becois; Nama-kor Holdings

Peter Graham (Private Inves-tor); Ian Graham (Private Inves-tor)

Namakor Holdings, the Canada-based investment holding company along with Fonds Manufacturier Quebecois, the Canada based private equity firm managed by Caisse de Depot et Placement du Quebec, the Canada-based privately owned investment manager, has agreed to acquire Groupe Graham International, the Canada-based company engaged in designing, engineering and manufacturing of customized electromechanical assemblies, from Ian and Peter Graham, the Co-Presidents of the company, for an undisclosed consideration.

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Global M&A Germany InterFinanz, Global M&A Partners Germany, has been active in the field of mergers and acquisitions since it was established in 1958. Since then, InterFinanz has initiated, mediated and advised on sev-eral hundred transactions. The firm concentrates on medium-sized businesses and is a founding member of Global M&A Partners. For further information contact: In Europe: [email protected] In USA: [email protected] In Canada: [email protected]

In Turkey: [email protected]

Hydraulics & Fluid Power

Pumps, Motors & Compressors, Actuators, Cylinders, Pistons, Valves

Automotive Parts, Components & Systems

Metal & Plastic Parts and Compo-nents, Electrical and Electronic Components & Systems, Dive Components & Systems

Instrumentation

Measuring, Analyzing & Control-ling, Instruments, Sensors, Relays & Switches, Optical Instruments & Lenses, Tactile Measurements Equipment

Building Products

Insulation Materials, Concrete and Wood Materials, Fittings

Tools and other Industrial Equipment

Hand Tools, Fasteners & other Fixing Material, Bearings and Gears

Electrical Equipment

Motors Generators, Trans-formators, Electricity Distribu-tion and Control, Cables and In-stallation Material, Building Au-tomation & Lighting Equipment

Rubber & Miscellaneous Plastic Products

Tubes, Films, Foils, Sealings, Pipes

Machinery & Specialty Equipment

Machine Tools, Mechanical Power Transmission, Indus-trial Automation, Relays & Industrial Controls

Power Generation & Trans-mission

Substation Equipment, Grid Management Products, Switchgear, SCADA & Remote Monitoring

Within the broad field of Industrials, Global M&A Partners’ sector team is following market trends in the following segments:

Product and Service Categories

Country Focus: German speaking region Benelux Czech Republic Denmark France Italy Norway Poland Spain Sweden Turkey UK

Canada USA

Applications • Aerospace & Defense • Metals & Wire • Appliances • Pharmaceutical • Assembly & Test Systems • Plastic & Rubber • Automated Inspection • Printing & Labeling • Automotive • Pulp & Paper • Food Processing • Renewable Energies • Glass Making • Robotics • Machine Tools & CNC Systems • Safety & Security • Machinery • Transportation • Material Handling • Utilities • Medical • Water & Wastewater

Introducing Global M&A Partners Global M&A Partners is one of the world’s leading independent M&A advisory firms. Specialized in the middle market, we provide support and opportunities locally and internationally for clients buy-ing or selling companies as well as financings, corporate restruc-turings and other corporate finance transactions.

• Sales and Divestitures • Acquisitions • Financing and IPO’s • Corporate Restructuring • Strategic Advisory Services • Succession Planning

For further information please visit www.globalma.com

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