Q2 2018...Market Analysis According to Technavio, the global IoT market spend should grow from USD...

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Q2 2018

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Automotive Parts, Components & Systems

Measuring,Analyzing&Controlling Instr. Sensors, Relays & Switches Optical Instruments & Lenses Tactile Measurement Equiment

Instrumentation

Substation Equipment Grid Managament Products Switchgear SCADA & Remote Monitoring

Power Generation & Transmission

Dear Reader,

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

Europe, key themes in the Industrial Internet of Things, M&A trends and relevant transactions in the industrial sector published in the second quarter

of 2018 by data provider Mergermarket for the DACH region (Germany, Austria, and Switzerland), neighbouring countries as well as UK, Italy,

Norway, Sweden, Turkey, Canada, and US in the following segments:

Machine Tools Mechanical Power Transmission Industrial Automation Relays & Industrial Controls

Machinery & Specialty Equipment

Hand Tools Fasteners & other Fixing Material Bearings and Gears

Tools and other Industrial Equipment

Insulation Materials Concrete and Wood Materials Fittings

Building Products

Metal & Plastic Parts & Components Electrical and Electronic Components

& Systems Drive Components & Systems

Motors, Generators, Transformators Electricity Distribution and Control Cables and Installation Material Building Automation & Lighting Equip.

Electrical Equipment

Tubes, Films, Foils Sealings Pipes

Rubber & Miscellaneous Plastic Products

Pumps, Motors & Compressors Actuators, Cylinders, Pistons Valves

Hydraulics & Fluid Power

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Table of Contents

Macroeconomic Situation in Europe ................................................................................................................. 4

Industrial Internet of Things – IIoT ................................................................................................................... 10

M&A Trends ................................................................................................................................................. 22

Global M&A Partners – Deals in Q2 2018 ...................................................................................................... 28

Country Focus .............................................................................................................................................. 29

DACH region .......................................................................................................................................... 38

Benelux ................................................................................................................................................... 40

Czech Republic ........................................................................................................................................ 46

Denmark ................................................................................................................................................. 45

France .................................................................................................................................................... 47

Italy ........................................................................................................................................................ 52

Norway ................................................................................................................................................... 58

Poland .................................................................................................................................................... 61

Sweden ................................................................................................................................................... 62

United Kingdom ...................................................................................................................................... 66

Canada .................................................................................................................................................. 72

Contact Details ............................................................................................................................................. 99

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Macroeconomic Situation in Europe

Economic expansion in the Euro Area is expected to continue over the coming quarters, but at a slower pace than in 2017. In Q2 2018, the Eurozone grew at the same rate as in Q1 2018 (0.4%), and is expected to remain the same for Q3 2018 before slightly accelerating to +0.5% in Q4 2018. The main driver behind this expansion in economic activity will be the gross fixed capi-tal formation, still driven by favourable financing conditions. It is forecasted that the GDP of the Eurozone will increase by 2.0-2.6% in 2018 and by 1.5-2.3% in 2019, a decline from 2.5% growth in 2017.

Eurozone GDP Growth

Source: Eurostat and forecasts ifo-Istat KOF

The global economy continues to grow at a moderate pace with the support of develop-ment in world trade

Similarly, the Euro Area continues to grow strongly on the back of strong fundamentals. The consumption growth is expected to in-crease which will in turn push the GDP growth in the coming quarters

The unemployment rate in the Euro Area continues to slide and in May 2018 stood at 8.4%, the lowest recorded in the past 10 years

However, higher prices of energy and food drove the continuous increase in the inflation rate

Following from the continued growth in labor markets employment gained and higher wages resulting in an overall growth in private con-sumption

Additionally, the internal political disputes in the Euro Area have increased the political chal-lenges. Currency turbulances around Turkey add further uncertainties.

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Inflation to Accelerate

The Harmonised Index of Consumer Prices (HICP) inflation increased to 1.9% in May 2018, from an upwardly revised 1.2% in April, aligning with the preliminary estimates made. The constant rise in the rate is mainly caused by higher prices of energy and food. Annual core inflation, which ex-cludes energy and unprocessed food, remained between +1.2% and +1.3% in the initial months of 2018.

Forecasted HICP inflation is expected to stand at around 1.7% each year in the period 2018-2020, with some volatility in its quarterly profile. It is forecasted to reach 2.0% in Q3 2018, fueled by an upward trending core inflation. In the fourth quarter, inflation is expected to decelerate again to 1.7%. The inflation forecast is based on the technical assumption that the Brent oil price remains stable at USD 75per barrel and that the USD/Euro exchange rate stays at 1.17 over the forecast horizon.

Eurozone Inflation


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Strengthening Labour Market

The unemployment rate in the Euro Area stood at 8.4% in May 2018, unchanged from the previous month's revised figure and below 9.2% a year earlier. This is the lowest rate recorded in the Euro Area since December 2008. In the European Union, the unemployment rate stood at 7.0% in May 2018, stable compared to the previous month and down from 7.7% compared to May 2017. It was the lowest rate recorded in the EU28 since August 2008.

The unemployment rate in the Euro Area and in the EU has continued on a downward trend. In fact, the current economic expansion is unprece-dented in terms of its ability to create jobs, even after considering that comparisons between different phases of business cycles are difficult due to structural changes.

Euro area and EU28 Unemployment Rates


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Increase in Private Consumption

Relative to the previous quarter private consumption witnessed an increase of 0.3%, due to the continued improvement in the labor markets (result-ing in employment gains and higher wages) and higher consumer confidence. In Denmark, the private consumption was higher than expected in Q1 2018 due to great surges in the demand for cars, following changes in car taxation at the end of the previous year. It is forecasted that the pri-vate consumption will continue to grow at a solid pace supported by improved economy, labor market and bank lending conditions in the Euro Area.

However, it is expected that in 2019, the private consumption growth in Luxembourg will decline slightly due to the slow improvement in labor market conditions.

European Export Growth

In April 2018 the Euro Area exports of goods to the rest of the world stood at EUR 182.9bn, an increase of 8.0% compared to April 2017. The imports from the rest of the world amounted to EUR 166.2bn in May 2018 witnessing a rise of 8.1% compared to April 2017.

Within the Euro Area, the UK’s export growth fell in Q2 2018 due to the appreciation of the pound, increasing by 3.7% year-on-year. This is likely making UK’s exports less appealing to foreign buyers, causing them to look for alternative markets. On the contrary, Spain and Germany were rec-orded as the top performing exporters among EU’s largest economies.

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International Trade in Goods of the Euro Area, EUR bn

Source: European Commission

Increasing Political Uncertainty

The economy of the Euro Area witnessed growth at a moderate pace in Q2 2018, but the increasing political challenges threatened the confidence of the countries. In Italy, although the new government was formed by the populist Five Star Movement (M5S) and right-wing League party, however, there is a limited probability of these two parties working together. Whereas, after the massive corruption scandal in Spain by Marino Rajoy (former Prime Minister), a new Prime Minister Socialist Pedro Sánchez was sworn in June 2018. But the new Spain government has weak political capital, holding only 84 seats out of 350 in parliament, which will constrain policymaking and could limit its tenure in power. Meanwhile, in Germany, the political uncertainty increased due to the internal dispute within the ruling coalition over migration policy.

Brexit talks made major update and as per the plan, the UK is intended to leave the EU in March 2019, changeing the political ballgame in Europe. The EU and the UK have agreed to a transition process of 21 months — from 29 March 2019 until the end of 2020 — before the country leaves the member bloc completely. During the transition period, the UK will not participate in European decision-making procedures.

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Additionally, in June 2018, US President Donald Trump threatened to escalate a trade dispute with the European Union by imposing a 20.0% tariff on automobiles. Since the automobile industry constitutes a key sector in the Euro Area with the US marking the largest sales market, significant economic consequences can be expected, if Trump follows through.

Strong Industrial Production

The industrial production, excluding construction, declined in January and February 2018 by 0.6% and 0.9% respectively due to falling production in intermediate goods, capital goods, durable and non-durable consumer goods, except energy. It then rose by 0.5% in March followed by a de-cline in April by 0.9%. In May 2018, the industrial production saw an increase of 2.4% year-on-year, which outperformed the market expectation of 2.1%. The Euro Area witnessed an average annual growth of 1.2% in industrial production from 1991-2018, reaching its peak at 9.2% in Decem-ber 2010 and bottom at -21.4% in April 2009. The industrial production index is expected to grow at increasing rates over the forecast horizon (0.3% in Q3 and 0.4% in Q4).

Eurozone Industrial Production Index

Source: European Commission

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Industrial IoT is a network of physical objects, systems, plat-forms and applications that contains embedded technolo-gy to communicate and share intelligence with each other, with the external environment and with people

Industrial Internet of Things – IIoT

Overview

The industrial sector is being fundamentally reshaped by the progress of the 4th Industrial Revolution which is taking place due to the booming growth of Internet of Things (IoT). In today’s competitive global marketplace, IoT-enabled smart manufacturing is streamlining business operations, optimising productivity and improving ROI.

With significant advances in computing, analytics & data storage and with a drastic decline in costs for sensors and networking, Industrial IoT is gaining ground across all sectors. The necessary technologies and resources for automating and digitalising decade-old production infrastructure are developing rapidly to connect opera-tional technology (OT) with information technology (IT) in the form of high-end data analytics and decision-making tools.

Source: GlobeNewsWire Source: PwC Research and Analysis

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Evolution of Industrial IoT

Source: HoneywellProcess

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Major Players towards Industrial IoT

Source: Internet of Things Institute

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Major Players towards Industrial IoT

Source: Internet of Things Institute

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Market Analysis

According to Technavio, the global IoT market spend should grow from USD 307.0bn in 2016 to USD 1.1tn by 2020, corre-sponding to a CAGR of 38.5%. The performance will be mainly driven by a rise in the number of interconnected devices deriving from affordable and more powerful sensor technology, favoura-ble government support for the adoption of IoT in several indus-tries (e.g. Horizon 2020 in Europe, Made in China Strategy 2025, Internet Plus in China, Industry 4.0 in Germany) and in-creased industrial pressure for digital transformation.The benefits of Industrial IoT inherent technology include increased business productivity, cost reduction and operational efficiency, adding in total USD 14.2tn to the industrial segment alone by 2030P.

IoT-related benefits worldwide could reach USD 4.0tn to USD 11.0tn per year by 2025, equivalent to roughly 4.0% to 10.0% of the global GDP. A significant share of 35.0-40.0% (i.e. USD 1.4tn to USD 4.6tn) of these benefits is expected to be generated in the industrial factory, plant and worksite environment, of which 70.0-75.0% would be achieved through the optimisation of op-erations and predictive maintenance.

IoT market is set to grow at a CAGR of 38.5%

Source: Commerzbank Research, Technavio * (includes software, services, devices)

Growing IoT adoption across all segments

Source: Commerzbank Research, Software AG

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Market Analysis (Cont’d)

The IHS Technology report forecasts that industrial automation will make up the majority of the IoT by 2025P, accounting for nearly three-quarters of all connected devices, which could increase by more than fiftyfold from 2012 to 2025P at a CAGR of 36.3%. Ac-cording to Grandview Research, the IIoT market is set to reach USD 933.0bn by 2025P at a CAGR of 27.8%. The manufacturing indus-try dominates the global IoT market – at about a third of the market – as it was the early adopter of this technology to boost operating efficiency.

The major factors driving the growth in this market include: Technological advancements in semiconductor and electron-

ic devices, availability of automation solutions, improved da-ta rates and coverage of communication technologies

Increasing use of the cloud computing platform, growing adoption of IPv6 and support from governments worldwide for the adoption of Industrial IoT solutions

The ability of Industrial IoT to reduce manufacturing costs has also been an important factor for the growth of the global Industrial IoT mar-ket. Through smart technology and sensors, the Industrial IoT can cut back the overall costs of manufacturing as well as distribution.

Other drivers include growth in big data analytics, robotics and automation in various industries along with increasing emergence of real-time supply chain information in the transportation and logistics industry.

However, security-related issues coupled with big data and artificial intelligence are expected to limit the growth of the market. Another factor hin-dering the growth of the Industrial IoT market is the lack of compatibility between the many technologies functioning in the IoT environment.

Industrial IoT market to reach USD 933.0bn by 2025P

Source: Commerzbank Research, Grandview Research

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Geographic Overview

The global Industrial IoT market is dominated by the APAC region, with its total value reaching USD 402.1bn by 2025P, growing at a CAGR of approximately 30.0% from 2016–2025P. China is fore-casted to drive the market growth owing to its commitment to spend more than USD 700.0m on R&D and implementation of IoT. The Industrial IoT market in North America is set to reach USD 231.0bn by 2025P, at a CAGR of 27.5%. The US was an early proponent of the industrial internet, which was fuelled by the formation of an open membership organisation – called the Industrial Internet Con-sortium – by Cisco, GE, IBM, AT&T and Intel in March 2014. In 2015, the consortium had 212 members, including many major companies such as 3M, ABB, Accenture, Pitney Bowes, Oracle, Samsung and Microsoft. The Industrial IoT market in Europe is set to expand at CAGR of 25.0% during 2016–2025P, reaching USD 179.0bn. The growth is supported by favourable government policies. For instance, in Ger-many, the ongoing initiative ‘Industrie 4.0’ is set to boost market growth. It is a vision for future smart manufacturing that adopts in-formation and communications technology in digitising industrial processes and achieves operational efficiency and improved quality at lower costs.

Industrial IoT market by 2025

402.1

231.0

179.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

APAC North America Europe

(In

$bn)

Source: Commerzbank Research, Technavio

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Trends

An increasing number of consolidation is expected for advanced Industrial IoT ca-pabilities among large OEMs. There is a large appetite from industrial OEMs to bring advanced digital and analytics capabilities in-house as a means of accelerat-ing their competitive advantage with peers

Data centres are transforming into fully autonomous operations. IoT and AI will en-able data centre issues to be resolved automatically by software. Voice technologies are also enabling data centre operators to monitor and manage their data centres from any location. The IT infrastructure gear is being deployed and maintained au-tonomously

As IoT is becoming pervasive, people in the industry are expecting their business sys-tems to be ‘IoT enabled’, just as they expected them to be ‘internet-enabled’ and ‘data-enabled’. People are expecting to access the IoT from within their existing sys-tems, and IoT technology soon will be used to create an enterprise system that de-livers business value. There will still be a market for ‘IoT platforms and components’, but most users will consume them in a packaged form

Accelerating and automating existing information flows are important, but large op-portunities exist in the use of IoT for potential new information flows. For example, feedback from in-service products could help designers tune simulation models, production engineers improve manufacturing processes and service engineers im-prove the approach to maintenance

Enterprise systems will soon be able to automatically discover, link and manage these devices similar to finding ‘connectivity’ in the form of an internet socket, or Wi-Fi-capable, in consumer electronics devices

Industrial IoT spending across the manufacturing, transportation and utilities sectors alone reached an estimated USD 325.0bn in 2016 and is expected to grow to nearly USD 600.0bn by 2020

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Key Collaboration and Consolidation

Industrial IoT is still in its infancy, and while there exists significant potential, technical challenges are considera-ble. This drives larger players to consolidate in the industry. In addition to developing the underlying infrastruc-ture of the Industrial IoT, these large firms have become an important source of capital for small, IIoT-focused innovators and their investors. Aspiring Industrial IoT leaders seem to be using acquisitions instead of traditional R&D to develop new Industrial IoT solutions. Along with firms such as Intel and Qualcomm, Cisco and GE have venture capital arms helping to build a pipeline of promising Industrial IoT assets. Sensor designers and manu-facturers will remain viable investment targets. They are typically more mature than software analytics firms and may offer more opportunities to grow through operational efficiencies. Along with that, cybersecurity is also be-coming a pressing Industrial IoT investment priority. Building on their respective strengths, GE and SAP plan to focus their efforts on the integration between GE’s

Predix operating system and SAP HANA cloud platform. Additionally, the companies intend to collaborate in the area of asset management, including SAP Asset Intelligence Network, and to explore and design use cases to enable the ‘Things to Outcomes’ vision for customers in the oil and gas industry

GE also works with IBM and Microsoft for cloud hosting and computing, and with PTC Thingworx on other projects

Siemens partnered with companies such as Capgemini, which will work with the Siemens Building Technolo-gies Division to use the Siemens Mindsphere platform to implement cloud-based asset management and an-alytics technology

Siemens has also announced a partnership with FPT, a technology, outsourcing and IT services group head-quartered in Vietnam, to drive digital transformation for businesses in Asia Pacific and Europe

In May 2017, Google launched IoT Core, a capability in the same category as Microsoft’s Azure IoT Suite. This will help companies to set up connected devices more easily and securely, and then aggregate and analyse the data they generate. Hardware partners supporting this effort include chipmakers ARM, Intel and Marvel

GE acquired BitStew, an analytics provider for utilities, energy and manufacturing businesses, in late 2016 for USD 153.0m following GE and Cisco’s collaboration on integrating data from Cisco’s networking hard-ware into GE’s Predix Industrial IoT platform

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Key Transactions in Industrial IoT

Date Acquirer Target Target Business Description EV

(€ m) Deal Value

(€ m)

EV

Sales (x)

EBITDA (x)

EBIT (x)

27/10/2016 Qualcomm Incorpo-rated

US NXP Semiconductors N.V. NL Netherlands-based semiconductor & supplier company

47,609.8 47,610.0 8.51x 20.5x 25.8x

18/07/2016 SoftBank Group Corp.

JP ARM Holdings Plc (98.55% Stake)

GB UK-based designer of microprocessor technology for advanced digital products

27,691.4 27,276.0 nm nm nm

04/09/2017 United Technologies Corporation

US Rockwell Collins, Inc. US US-based manufacturer of aviation electronics & communication equipment for commercial and military aircrafts

25,172.4 25,172.0 5.69x 23.9x 30.0x

01/06/2016 Danaher Corpora-tion (Shareholders)

US Fortive Corporation US

US-based company engaged in design-ing, developing, manufacturing profes-sional instrumentation and industrial technologies

15,957.3 13,280.0 2.90x na 14.0x

26/07/2016 Analog Devices, Inc. US Linear Technology Corpora-tion

US US-based company that designs, manu-factures and markets analogue integrat-ed circuits

11,818.6 11,819.0 9.13x 19.0x 20.5x

18/05/2016 Midea Group Co., Ltd.

CN KUKA AG (86.5% Stake) DE

Germany-based company that develops and operates production systems and robotics for automobile industry and develops packaging systems

4,395.7 3,778.0 1.48x 17.0x 32.4x

02/08/2016 Platinum Equity, LLC US Vertiv Co US

US-based provider of thermal manage-ment, A/C and D/C power, transfer switches, services and information man-agement systems

3,573.3 3,573.0 0.9x 8.9x na

21/06/2016 KION Group AG DE Dematic Group US US-based supplier of integrated auto-mated technology, software and services to optimize the supply chain

2,874.6 2,875.0 1.81x na 19.6x

18/08/2016 Emerson Electric Co. US Pentair Plc (Valves & Con-trols)

CH

Switzerland-based valves & controls segment of Pentair that designs, manu-factures and markets valves, fittings, automation and controls and actuators

2,615.3 2,615.0 1.61x na na

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Date Acquirer Target Target Business Description EV

(€ m) Deal Value

(€ m)

EV

Sales (x) EBITDA (x) EBIT (x)

19/03/2018 KLA-Tencor Corpo-ration

US Orbotech Ltd IL

Israel-based company engaged in de-signing, developing, manufacturing, marketing and servicing automated optical inspection (AOI) systems

2,520.7 2,521.0 3.44x 17.2x 22.8x

07/03/2018 Altra Industrial Mo-tion Corp

US

Thomson Industries Inc; Kollmorgen Corporation; Portescap; Jacobs Vehicle Systems, Inc.

US

Provides engine breaking technology; Provides motion control solutions for medical & industrial applications; De-signer & developer of motion systems and components for OEMs; Producer of linear motion control products

2,385.4 2,385.0 3.26x 13.5x na

01/12/2016 Ingenic Semiconduc-tor Co., Ltd.

CN

OmniVision Technologies, Inc.; Superpix Micro Tech-nology Co., Ltd. (94.29% Stake)

CN/ US

China based CMOS image sensor and image processing chip R&D and sales company; US-based company that de-signs, develops and markets semicon-ductor image-sensor devices

1,725.0 1,725.0 na na na

12/09/2016 OpenText Corpora-tion

CA Dell EMC (Enterprise Con-tent Division)

US

Provides the foundation to help modern-ize, automate and transform data center with industry-leading servers, storage, cloud computing solutions and con-verged infrastructure technology

1,441.8 1,442.0 2.70x na na

01/07/2016 Honeywell Interna-tional Inc.

US Intelligrated, Inc. US US-based provider of intelligent auto-mated material handling solutions

1,349.5 1,350.0 1.97x na na

19/09/2016 Vista Equity Partners US Infoblox Inc. US US-based company that develops, mar-kets and sells automated network control solutions worldwide

1,128.0 1,128.0 3.51x na na

27/07/2017 Schneider Electric SA FR ASCO Power Technologies, L.P.

US US-based company that manufactures and sells transfer switches, power control systems, and industrial control products

1,067.9 1,068.0 2.67x na 11.6x

21/12/2016 TDK Corporation JP InvenSense, Inc US US-based provider of motiontracking sensor system on chip (SoC) and sound solutions for consumer electronic devices

1,066.3 1,066.0 2.65x 44.9x nm

Median 2.70x 18.1x 21.7x

Average 3.48x 20.6x 22.1x

High 9.13x 44.9x 32.4x

Source: Mergermarket

Low 0.90x 8.9x 11.6x

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Outlook

The Industrial IoT has the potential to dramatically boost productivity and reduce costs across manufacturing, transportation, logistics and energy. It could also spur new business models. By building sensors and networking devices into their equipment, vehicles and facilities, industrial companies can boost their performance. The resulting data can be used to predict their maintenance needs and sharpen their operations. Industrial IoT adoption will have positive effects across industries and create value spillover to consumers. The clearest beneficiaries would be consultants, as well as software and hardware makers who help com-panies implement Industrial IoT. As we are currently in an early stage of IoT adoption, there are few ‘pure play’ Industrial IoT companies. To get the most value from the IoT opportunity and remain competitive, industrial customers across all ver-ticals will need to accelerate the process of digitalisation. Digital transformation, which requires seamless integration of big data along the value chain, needs to be done taking into account factors such as safety of the equipment and people, reliability, data security and, at the same time, ensuring that there is minimal disturbance to existing systems and infrastructure. This provides an opportunity for key enablers of this digi-tal transformation, including traditional automation suppliers, software companies and data analytics pro-viders. However, going forward, we can expect other automation players such as ABB, Emerson and Rock-well to get more active on the M&A front, beefing up their digital portfolio. At this stage, automation com-panies are expected to go for more value-added software-based acquisitions such as MES, PLM and Simu-lation to better compete with the likes of Siemens and Schneider. With the increasing share of software, there is potential of multiple re-rating for automation companies. For a while now, automation has been about digitalising existing processes and devices. We are also not far from the next phase with machines building other machines as they get smarter with intelligent network data linkages. Predictive maintenance practices will be at the forefront and stand to gain most from Industrial IoT. Downtime might approach zero in future as pre-scriptive/deductive maintenance models gain prominence with further advances in data analytics, machine learning and artificial intelligence. The manufacturers of devices and traditional automation equipment would undoubtedly require scale to remain relevant in the IoT world, while software and services companies will need domain expertise and presumably grow through partnerships with industrial companies.

In Amberg, Siemens primarily

makes programmable logic con-

trollers (PLCs) and Simatic switch-

gears. The plant has gone from

25.0% automated in 1990 to a

current level of 75.0% automation.

Today, it produces one product

per second or a staggering c.12m

control units per year with a pro-

duction quality of 99.99885%, or

in other words a minimal 11.5

defects per million units.

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M&A Trends

Q2 2018 carried over the momentum from Q1 2018. According to Mergermarket, global M&A reached to its highest post crisis value in H1 2018 with USD 1,940.0bn (8,560 deals). Q2 2018 was reported to be the most active quarter with a deal value reaching USD 1,010.0bn. The quarter recorded six deals above USD 20.0bn mark. The growth in M&A activity was facilitated by availability of cheap finance, tech innovation causing traditional corporates to fight back against newer, more innovative firms and shareholder pressure leading to more spin-offs, divestitures and trans-formational sector altering acquisitions. The majority of deals was conducted domestically due to a greater level of protectionism and political inter-vention. Only 38.2% of the global M&A value was generated by cross-border activity – almost a 6.0% drop compared to H1 2017. The developed markets are witnessing increased deal volume along with Asia. However, Asia has seen its global share dip from 27.0% in June 2017 to 19.1% in June this year.

Europe saw a considerable increase in the M&A markets, reaching its highest H1 value since the financial crisis with several big tickets acquisitions. Q2 2018 was relatively more active compared to Q1 2018 and crossed USD 300.0bn mark first time after Q2 2014 (USD 309.8bn). Asian firms were more active in Europe achiving the first and the third largest deal in Q2’18. The UK saw 629 transactions worth USD 147.4bn, 50% higher than both H1 and H2 2017 values and remained the most active country in the region. Private equity activity in Europe remained on the same level, registering USD 80.7bn (635 buyouts) across the first six months of the year.

While economic growth remained solid, political challenges are emerging and threatening to weigh on confidence in the Eurozone. Italy and Spain have witnessed political unrest in recent weeks having new but relatively shaky governments. Adding to the internal turbulence, global trade protec-tionism is also expected to weaken the Eurozone’s outlook.

Additionally, technology continues to play its disruptive role in the industry. There is an increasing trend of non-tech companies acquiring technology companies, which is expected to accelerate in the future as the larger producers are typically less nimble and innovative.

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Industrial Manufacturing

According to PwC, a rise in M&A activity for the industrial manufacturing industry is expected throughout 2018 due to several factors, including an upsurge in repatriation and an increase in GDP growth, as well as record-high stock market levels that could result in a greater use of stock as a currency to close larger transactions. On the supply side, PwC expects increasing numbers of asset divestitures among large industrial corporations, due to beneficiary tax treatment, creating higher quality deal flow for other acquirers.

Industry 4.0

As opposed to the previous revolutions, Industry 4.0 will not require the replacement of existing machinery and assets. Instead, with the implementa-tion of augmented reality, businesses will experience a new phase of reduced downtime, optimized machinery, and increased productivity of em-ployees by 25.0%-40.0%. This revolution will have a butterfly effect of reducing the overall headcount while sustaining costs and enabling efficient industrial production.

The Internet of Things (IoT) and Industry 4.0 technologies are driving a new wave of mergers and acquisitions in the technology sector. Technologies such as sensors, blockchain, artificial intelligence (AI), machine learning, and big data analytics are the key hotspots across a range of industry ver-ticals, including automotive, health-tech, and high-tech industrial applications.

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Industrial (in the surveyed countries)

The M&A market in the industrial sector increased slightly in the second quarter, accounting for 496 transactions (vs. 473 in the first quarter of the same year) registered by Mergermarket in the surveyed countries. The market volume increased in the second quarter by around 4.9% as compared to the preceding one (i.e. the first quarter 2018) and approximately 8.8% as compared to the second quarter of 2017.

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

Quarterly development of number of transactions in the industrial sector

The second quarter 2018 followed the pattern of the previous year, i.e. the number of recorded transactions in the industrial sector in the observed regions increased compared to the first quarter of the same year. However, comparing on a y-o-y basis, the number of deals was almost 8.3% higher than in Q2 2017, signifying a slight improvement over the last year.

A higher number of industrial deals was recorded in Europe than in North-America during the second quarter 2018. Of the 494 transactions in the observed regions during Q2 2018, 54.0% were recorded in Europe incl. Turkey (4 deals) and 46.0% in North-America.

A comparison of the valuation levels observed during the second quarter and the first quarter of 2018 shows that the overall median for the enter-prise values increased to EUR 93.0m, due to a significant increase in values in all regions except the UK and North America, where the median rec-orded enterprise value was lower than in the previous quarter by 45.4%. Valuation multiples for sales increased and that of EBITDA decreased com-

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pared to Q1 2018. The analysis of the limited number of transactions with published valuation data (132 transactions making approx. 26.6% out of the total) shows that the median multiples during Q2 2018 were 1.3x for sales and 9.5x for EBITDA compared to 1.1x and 11.0x in Q1 2018.

Number of transactions with disclosed values DACH region

Germany's neighbour countries*

Nordics** UK North

America Total

Enterprise value > € 1 bn 4 3 0 1 14 22

Enterprise value € 250 m - € 1 bn 4 2 2 2 15 25

Enterprise value € 100 m - € 250 m 0 7 1 1 9 18

Enterprise value € 50 m - € 100 m 0 4 0 3 5 12

Enterprise value < € 50 m 4 9 3 6 33 55

Total 12 25 6 13 76 132

Q2 2018 Median values

DACH region


Nordics** UK North

America Overall median

Enterprise value in € m 562 74 127 50 93 93

Sales multiple 0.9 1.3 0.9 1.3 1.7 1.3

EBITDA multiple 9.5 9.4 8.9 9.8 15.4 9.5

Q1 2018 Median values

DACH region


Nordics** UK North

America Overall median

Enterprise value in € m 75 50 27 108 170 75

Sales multiple 0.4 1.1 0.6 1.2 1.4 1.1

EBITDA multiple 6.5 11.0 17.8 9.5 11.4 11.0

* Except Austria and Switzerland ** Denmark, Norway, Sweden

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In the European M&A marketplace Germany remained the region with the largest share of all European transactions in the industrial sector. The share of German transactions in all European industrial sector transactions increased slightly from 21.0% in Q1 2018 to 21.3% in the second quar-ter of 2018 (57 out of 267 deals registered in Europe). Italy recorded 43 transactions, UK 41, France 32 and Sweden 21 transactions.

On the buyer side, German, US-American, Canadian and Italian buyers completed 32, 31 and 30 transactions respectively in the industrial sector in Europe, and, thus, were more active than UK investors, who completed 26 takeovers. To compare, the Top 3 acquirers in the previous quarter were Germany (36 takeovers), USA & Canada (30), and France (23), respectively. At the same time, the number of acquisitions of industrial com-panies carried out by Asian investors in Europe increased to 27. China was the most active in Europe among the Asian buyers (10 transactions) fol-lowed by Japan (6 transactions). In Q1 2018 Asian buyers completed 21 industrial transactions (Japan 6, China 2) and North American buyers completed 30 transactions.

In line with the preceding quarter, the European market was slightly dominated by cross-border transactions (i.e. target and buyer with different countries of origin), totalling 136 deals in the second quarter of 2018 (i.e. 50.9% out of the total deal number). For the purpose of comparison: in the previous quarter the split between domestic and cross-border transactions was 49.8% and 50.2%, respectively. The following charts highlight some relevant findings regarding the target and buyer geographies for the European market:

Breakdown of deals in Europe* by location of target companies # of deals = 267

Breakdown of deals in Europe* by origin of buyer companies # of deals = 267

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

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INTERFINANZ

With 57 transactions in the industrial sector in Q2 2018 the German market remained strong. The split between “domestic” and “cross-border” deals saw an increase in cross-border takeovers compared to the previous quarter and accounted for approximately 54.0% out of the total deal number (vs. 49.0% in Q1 2018). In other words: in Q2 2018 foreign investors acquired more German companies than German buyers did in Eu-rope.

On the seller side, Industrial companies and financial investors continued to dominate the space as in the first quarter of the same year, although their contribution plummeted to 39.0% from 43.0% in the previous quarter. The following charts replicate our key findings with regard to the buyers’ geographies as well as buyers’ and sellers’ types in Germany:

Buyer geographies # of deals = 57

Buyer types # of deals = 57

Seller types # of deals = 57

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Global M&A Partners – Deals in Q2 2018

In the second quarter of 2018 we, Global M&A Partners, achieved a good score of the closed transactions. The following have, among others, to be mentioned:

Blink Tyler Ltd.

Sale of AP2E, a French technology compa-

ny specialised in industrial analysis, to the

German Durag Group.

For more information, please click here.

Sale of Bernd Lindecke Werkzeugbau

GmbH, the German leading tool making

company for automotive speaker covers, to

Xin Point Holding Ltd., a listed Chinese

company.

Sale of Blink Tyler Ltd and Blink Medical

Ltd, dealing in sterile, single use surgical

instruments for outpatient or theatre de-

partments, to Katena Products Inc (a Private

Equity backed, US based company).

For more information, please klick here.

https://www.durag.com/news-en0/press/newsdetail/?cHash=d459aa8133340a674d9579af70598afc&tx_ttnews%5Btt_news%5D=126

http://www.globalma.com/transactions/3977

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Country Focus

Country Focus

Deal details

Date Target Sales (€ m)

EV (€ m)

Bidder Seller Deal Description

30 Source: Megermarket

Country Focus – DACH region

21/06/2018

Max Mothes GmbH (51% Stake)

n/a n/a Sumeeko Indus-tries Co., Ltd.

Mr. Scherm-bach

Sumeeko Industries Co., Ltd., a Taiwan based manufactures and sells fas-teners, screws, nuts, bolts, stampings, machining products, and other com-ponents, has acquired 51% stake in Max Mothes GmbH, a Germany based manufactures and supplies screws, swivels, and fasteners.

20/06/2018

MWS Frie-drichshafen GmbH

60.0 n/a Oak Hill Advi-sors, L.P.; Perlitz Strategy Group GmbH & Co. KG

n/a Oak Hill Advisors, L.P., the US-based investment firm, and Perlitz Strategy Group GmbH & Co. KG (PSG-), a Germany-based strategic consultant, acquired MWS Friedrichshafen GmbH, a Germany-based manufacturer of complex, aluminum sand-casted components for the automotive and indus-trial markets. The transaction will strengthen MWS’ capabilities, while lever-aging its customer and end-market diversification and growing in the E-Mobility business.

20/06/2018

Gimaex GmbH n/a 5.0 Grupo Iturri Gimaex International SAS

Grupo Iturri, a Spain-based company engaged in the manufacturing and distribution of protective and emergency clothing, has acquired Gimaex GmbH, a Germany-based company that manufactures vehicles and equip-ment for the use in firefighting and environmental protection, from Gimaex International SAS, a France-based manufacturer of vehicles for fire control, technical assistance, rescue and evacuation, for a consideration of EUR 5m.

19/06/2018

FFT Produk-tionssysteme GmbH & Co. KG

850.0 n/a Fosun Interna-tional Limited

ATON GmbH

Fosun International Limited, a China-based Hong Kong-listed company engaged in industrial operations, investment, asset management and insur-ance businesses, has agreed to acquire FFT Produktionssysteme GmbH & Co. KG, a Germany-based company that develops and constructs automat-ed and flexible production systems, from ATON GmbH, a Germany-based investment firm.

16/06/2018

OPTERNA WGD AG

n/a n/a OPTERNA Wolfgang Gerlach (Private In-vestor)

OPTERNA, the US-based company that manufactures fiber optic and copper connectivity solutions, has acquired an undisclosed majority stake in WGD Datentechnik AG, a Germany-based company providing copper and fiber optic solutions and engaged in the development and installation of complex cable management systems.


EV (€ m)




14/06/2018

Schletter GmbH 270.0 n/a Golden Square Capital

n/a Golden Square Capital, a Germany-based investment company, along with the management of Schletter GmbH, the Germany-based company that develops and produces solar mounting systems and sustainable products from aluminium and high-grade steel, has agreed to acquire the company. The transaction was financed by Avenue Capital Group.

14/06/2018

Reifen Krieg GmbH

330.0 n/a Fintyre S.p.A. Holger Krieg (Private In-vestor); Tobias Fink (Private In-vestor)

Fintyre S.p.A., an Italy-based company engaged in wholesale distribution of tyres and a portfolio company of Bain Capital LLC, the US-based private equity firm, has agreed to acquire Reifen Krieg GmbH, the Germany-based tyre wholesaler from, Mr. Tobias Fink and Mr. Holger Krieg, the Germany-based private individuals. The combined entity will have more than 1,300 employees, 1.1bn revenue and 16 warehouses.

13/06/2018

B&W Fahrzeug-entwicklung GmbH

n/a n/a FEV Group GmbH

Haraldo Branden-burg, Ma-nuela Won-gorski (Pri-vate Inves-tors)

FEV Group GmbH, a Germany-based powertrain and vehicle engineering company, has agreed to acquire B&W Fahrzeugentwicklung GmbH, a Ger-many-based company engaged in vehicle development and providing pro-fessional engineering services. The transaction helps FEV to expand its ca-pacities in the Global Vehicle Development business segment.

13/06/2018

FAWEMA GmbH; HDG Verpackungs-maschinen GmbH

n/a n/a HQ Equita GmbH

Peter Steindl (Private In-vestor)

HQ Equita GmbH, a Germany-based private equity firm, along with the management of FAWEMA GmbH, a Germany-based developer and manu-facturer of packaging machines and HDG Verpackungsmaschinen GmbH, the Germany-based companies specializing in the development and manu-facturing of packaging machines, has acquired the companies, from Peter Steindl, a Germany-based private investor.

12/06/2018

Karl Eugen Fi-scher GmbH

83.0 n/a Deutsche Beteili-gungs AG

Equistone Partners Europe Li-mited

Deutsche Beteiligungs AG, a Germany-based private equity and venture capital firm, acquired Karl Eugen Fischer GmbH,a Germany-based compa-ny engaged in the production, sale, and service of machines for the tire industry and sheet metal processing, from Equistone Partners Europe Lim-ited.


EV (€ m)




11/06/2018

H & R Industrie-rohrbau GmbH

16.0 n/a BWK GmbH Alexander Hock, An-dreas Rohle-der (Private investors)

BWK GmbH, a Germany-based private equity firm, has acquired a majority stake in H & R Industrierohrbau GmbH, a Germany-based company en-gaged in the maintenance and construction of pipelines.

08/06/2018

Krafotec GmbH n/a n/a Ralf Teichmann GmbH

n/a Ralf Teichmann GmbH, a Germany-based manufacturer and supplier of cranes, has acquired Krafotec GmbH, a Germany-based manufacturer of gantry cranes, overhead travelling cranes and container cranes. As part of the transaction, Teichmann has taken all the employees and production sites of Krafotec.

08/06/2018

Intega Innovati-ve Technologie fuer Gase und Anlagenbau GmbH

n/a n/a Nimbus Support B.V.

Air Liquide SA

Nimbus Support B.V., a Netherlands-based private equity firm, has acquired Intega GmbH, a Germany-based company that develops, manufactures, installs, and services ultra high-purity supply systems (UHP) for the semicon-ductor and pharmaceutical industries, from Air Liquide SA, a listed France-based supplier of gases, technologies and services to a range of industries, for an undisclosed consideration.

06/06/2018

RS Roman Seli-ger Armaturen-fabrik GmbH

n/a n/a Staubli Internati-onal AG

Günther Seliger, Sa-bine Seliger-Contreras (Private In-vestors)

Staubli International AG, the Switzerland based manufacturer of robotics, textile machinery and connectors, acquired RS Roman Seliger Armaturenfab-rik GmbH, the Germany-based company engaged in manufacturing of standard and safety dry-disconnect couplings and providing related solu-tions. The acquisition strengthens Staubli's global position in the field of fluid connectors.

06/06/2018

PAATZ Viernau GmbH

n/a n/a Gebr. Heller Maschinenfabrik GmbH

n/a Gebr. Heller Maschinenfabrik GmbH, a Germany-based developer and manufacturer of machining centers, production systems and crankshaft & camshaft machines for metal-cutting processes, has acquired PAATZ Viernau GmbH, a Germany-based manufacturer of multi-spindle heads and gripper systems. The unsecured creditors will receive a recovery disbursement rate of around 61%.


EV (€ m)




06/06/2018

STATEK Stanze-reitechnik GmbH

17.2 n/a NORMA Group AG

Erbenge-meinschaft nach Hans Dieter Anton, Ulrike Anton, Family Mön-ninger

NORMA Group AG, a listed Germany-based provider of metal and plastic engineered joining technology solutions to a wide range of industries, has agreed to acquire STATEK Stanzereitechnik GmbH, a Germany-based man-ufacturer of contact and stamped parts, housings, wave springs and other products. The acquisition is expected to complete in mid-2018.

01/06/2018

Motec GmbH n/a n/a AMETEK, Inc. Ferdinand Graef, Mi-chael Weber, Christoph Loos (Private Investors)

AMETEK, Inc., the listed US-based manufacturer of electronic instruments and electromechanical devices, has acquired Motec GmbH, the Germany-based company engaged in the development and manufacture of camera systems for commercial vehicles, construction vehicles and agricultural ma-chines.

01/06/2018

Frauenthal Holding AG (U-Bolts, pin and screw business division)

13.0 n/a Hendrickson USA, L.L.C.

Frauenthal Holding AG

Hendrickson USA, L.L.C., the US-based company engaged in manufacturing of automotive components, has acquired U-Bolts, pin and screw business division of Frauenthal Holding AG, the Austria-based manufacturer and supplier of automotive components for heavy vehicles and trailers. The transaction includes the manufacturing facility in Poland, along with 200 employees who will join Hendrickson Commercial Vehicle Systems Europe.

01/06/2018

Smurfit Kappa Baden Karton GmbH

100.0 n/a LIVIA Corporate Development SE

Smurfit Kap-pa Group Plc

LIVIA Corporate Development SE, a Germany-based company offering cor-porate, real estate, art, emerging, agricultural, and opportunistic investment services, acquired Smurfit Kappa Baden Karton GmbH, from Smurfit Kappa plc, the Ireland-based manufacturer and supplier of container boards and other paper based packaging products. The transaction includes acquisition of Baden Karton's cartonboard mill.


EV (€ m)




30/05/2018

MET Holding AG 7,590 n/a Management Vehicle

MOL Hun-garian Oil and Gas Public Lim-ited Compa-ny; WISD Holding

The management of MET Holding AG, a Switzerland-based company en-gaged in natural gas distribution, power generation and transmission activi-ties, agreed to acquire the company from MOL Group, a Hungary-based oil and gas group engaged in exploration and production, and WISD Holding, Hungary-based holding company engaged in wholesale and retail trading of natural gas, in a management buyout transaction.

30/05/2018

FTCap GmbH 20.0 n/a Mersen S.A. Peter Fischer (Private In-vestor); Mi-chael Tau-sche (Private Investor)

Mersen S.A., the listed France-based company engaged in the manufactur-ing and sale of electrical specialties and advanced materials, has agreed to acquire FTCap GmbH, the Germany-based company engaged in the devel-opment and production of capacitors, from Mr. Peter Fischer and Mr. Mi-chael Tausche, the Germany-based private investors. The acquisition will enable Mersen to expand its current range of products and strengthen its position in the global power electronics market.

30/05/2018

KLINGEL medi-cal metal GmbH

36.5 n/a IK Investment Partners Limited

Halder Betei-ligungsbera-tung GmbH

IK Investment Partners Limited, UK-based private equity firm, agreed to ac-quire KLINGEL medical metal GmbH, the Germany-based mechanical engi-neering firm specializing in precision parts and components, from Halder Beteiligungsberatung GmbH, the Germany-based private equity firm.

29/05/2018

Grammer AG 1,787 916.7 Jiye Auto Parts GmbH

n/a Jiye Auto Parts GmbH, a China-based SPV set up by Ningbo Jihong Invest-ment, agreed to acquire Grammer AG, a German based and listed auto supplier. The indicative offer of EUR 60 plus the proposed dividend of EUR 1.25, resulting in a total consideration of EUR 61.25.

28/05/2018

Sauter Federn GmbH

n/a n/a PINOVA Capital GmbH

Sauter family PINOVA Capital GmbH, a Germany-based private equity and venture capi-tal firm, has acquired an undisclosed majority stake of Sauter Federn GmbH, a Germany-based designer and manufacturer of customized spring solutions, from Sauter family, the Germany-based family. The aim is to ex-pand and diversify Sauter Federn business internationally.


EV (€ m)




25/05/2018

Hafner-Muschler Kaelte- und Klimatechnik GmbH & Co. KG

n/a n/a KONZMANN Holding GmbH

n/a KONZMANN Holding GmbH, the Germany-based building services compa-ny, acquired Hafner-Muschler Kaelte- und Klimatechnik GmbH & Co. KG, the Germany-based refrigeration and air conditioning company. As a part of the transaction, 71 employees will be taken over by KONZMANN.

23/05/2018

Geiger Ferti-gungstechnolo-gie GmbH

52.0 n/a Zhejiang Tieliu Clutch Co., Ltd.

KAP Beteili-gungs AG; Daun & Cie AG; ATLAS TextilVerwal-tungs GmbH

Zhejiang Tieliu Clutch Co., the China-based company engaged in manufac-ture and sale of automobile transmission system components, agreed to acquire 100% stake in Geiger Fertigungstechnologie GmbH from KAP Be-teiligungs AG, Daun & CIE Aktiengesellschaft, and ATLAS TextilVerwaltungs GmbH for a total consideration of EUR 38m (USD 44.79m).

18/05/2018

CEDS DURAD-RIVE GmbH

n/a n/a BPE Private Equi-ty GmbH

n/a BPE Private Equity GmbH, a Germany-based private equity firm, acquired CEDS DURADRIVE GmbH, a Germany-based company engaged in develop-ing and producing durable customized electrical drives, from a consortium of investors.

17/05/2018

Aventics Gmbh 354.2 527.0 Emerson Electric Co.

Triton Part-ners

Emerson Electric Co., the listed US-based company engaged in manufactur-ing and providing products and services in the industrial, commercial, and consumer markets, has agreed to acquire Aventics Gmbh, a Germany-based manufacturer of pneumatic components and systems, from Triton Partners for EUR 527m.

17/05/2018

Tritron GmbH (51% Stake); Atlantic Zeiser GmbH (Card personalization systems and packaging busi-ness segments)

n/a n/a Coesia S.p.A. Atlantic Zei-ser GmbH

Coesia S.p.A., an Italy-based company engaged in the design, manufacture, and sale of automated packing and packaging machinery, industrial process solutions, and precision gears, agreed to acquire card personalization sys-tems and packaging business segment and 51% stake in Tritron GmbH, the Germany-based producer of special inks for digital industrial printing, from Germany based Atlantic Zeiser GmbH.


EV (€ m)




15/05/2018

NEXTSENSE GmbH

12.0 n/a Hexagon AB eQventure Hexagon AB, the Sweden-based provider of design, measurement and visu-alization technologies, has acquired NEXTSENSE GmbH, the Austria-based company providing profile measuring gauges and surface inspection sys-tems for the railway, automotive, steel and aerospace industries, from eQventure, the Austria-based private equity firm, for an undisclosed consid-eration.

14/05/2018

Hansel Group GmbH

47.0 n/a L. Possehl & Co. mbH

Frank Tem-me (Private Investor); Heiko Kuuhn (Private In-vestor)

L. Possehl & Co. mbH, a Germany-based company engaged in the con-struction, metals, elastomer, electronics, trading and machinery businesses, has agreed to acquire an undisclosed majority stake in Hansel Group GmbH, the Germany-based engaged in manufacturing plants and systems for confectionary industry, from Frank Temme and Heiko Kuuhn, the Ger-many-based private individuals, for an undisclosed consideration.

11/05/2018

Knapp AG (30% Stake)

632.0 n/a Bartenstein fa-mily; Herbert Knapp (Private investor)

Daifuku Co Ltd

The Austria-based Bartenstein family and Dr. Herbert Knapp, the Austria-based private individual, have agreed to acquire 30% stake Knapp AG, the Austria-based company engaged in manufacture and sales of material han-dling systems, from Daifuku Co Ltd, the listed Japan-based manufacturer and distributor of industrial automation equipment.

09/05/2018

Kolbe-Coloco Spezialdruck GmbH

n/a n/a H.O.Persiehl (GmbH & Co.) KG

HQ Equita GmbH

H.O.Persiehl (GmbH & Co.) KG, a Germany-based company engaged in commercial printing services, has acquired Kolbe-Coloco Spezialdruck GmbH, a Germany-based company engaged in the production and printing of advertising material and packaging, from HQ Equita GmbH, a Germany-based private equity firm.

08/05/2018

Walter Born-mann GmbH & Co. KG

n/a n/a BPE Private Equi-ty GmbH

Hans Ulrich Bornmann, Johannes Walter Bornmann (Private In-vestors)

BPE Private Equity GmbH, a Germany-based private equity firm, has ac-quired an undisclosed majority stake in Walter Bornmann GmbH & Co. KG, a Germany-based manufacturer of high-volume aluminum and stainless steel turned parts and safety valves.


EV (€ m)




07/05/2018

SHW Casting Technologies GmbH & Co. KG (Koenigs-bronn plant)

n/a n/a Rheinische Mit-telstandsbeteili-gungs GmbH

n/a Rheinische Mittelstandsbeteiligungs GmbH, a Germany-based private equity firm, has agreed to acquire Germany-based Koenigsbronn plant of SHW Casting Technologies GmbH & Co. KG, a Germany-based distributor of papermaking calendar rolls and heavy-duty casting. The brand name SHW will be retained and the new company will operate under the name SHW High Precision Casting Technologies GmbH.

07/05/2018

Gothaer Fahr-zeugtechnik GmbH

n/a n/a Finatem Fonds Management Verwaltungs GmbH

Schwabe GmbH & Co. KG, Christi-na Schwabe (Private In-vestor)

Finatem Fonds Management Verwaltungs GmbH, a Germany-based private equity firm has acquired Gothaer Fahrzeugtechnik GmbH, a Germany-based developer of highly specialised steel components for the crane and construction industries.

07/05/2018

Laser 2000 GmbH (75% Stake)

n/a n/a Gimv NV Armin Luft (Private In-vestor)

Gimv NV, a Belgium-based private equity firm, has agreed to acquire a 75% stake in Laser 2000 GmbH, a Germany-based provider of laser and pho-tonics solutions.Post acquisition, Armin Luft, Founder and Managing Director of Laser 2000 will retain a minority stake in the company.

03/05/2018

InnoLas Soluti-ons GmbH

n/a n/a CGS Manage-ment AG

Richard Grundmüller (Private In-vestor)

CGS Management AG, a Switzerland-based private equity firm acquired an undisclosed majority stake in InnoLas Solutions GmbH, a Germany-based designer and producer of laser machines and processing systems for use in the photovoltaic, semiconductor, and precision engineering industries.

03/05/2018

IKUMA GmbH & Co. KG; IKUMA Verwaltungs GmbH

8.0 6.3 Cembre GmbH Arndt Ku-schert, Mar-kus Maas (Private In-vestors)

Cembre GmbH, the Germany-based manufacturer of electrical connectors and tools, and a subsidiary of Cembre SpA, the listed Italy-based developer and producer of electrical connectors and related installation tools, has ac-quired IKUMA GmbH & Co. KG (IKUMA KG), the Germany-based supplier of cable connectors and related products and IKUMA Verwaltungs GmbH, the Germany-based provider of consultancy and management services to IKUMA KG, for a consideration of EUR 6.3m.


EV (€ m)




03/05/2018

Katek GmbH 145.0 n/a Primepulse SE Kathrein SE Primepulse SE, the Germany-based investment holding company that oper-ates in the areas of IT, vision technology, electronics, e-commerce, automo-tive, air technology through its subsidiaries, has acquired Katek GmbH, the Germany-based provider of electronics manufacturing services, from Kathrein SE, the Germany-based company engaged in production of tele-communication products.

02/05/2018

SMK Systeme Metall Kunststoff GmbH & Co. KG

71.7 n/a Shenzhen Kai-zhong Precision Technology Co., Ltd.

n/a Shenzhen Kaizhong Precision Technology Co., Ltd., the China-based SZSE-listed company engaged in design and manufacture of commutators, slip rings, and connectors, has agreed to acquire SMK Systeme Metall Kunststoff GmbH & Co. KG, the Germany-based company engaged in manufacture and sales of auto heat & air exchange system, from a group of Germany-based private investors, for cash consideration of EUR 25.37m.

01/05/2018

O.R. Lasertech-nologie GmbH

n/a 39.4 Coherent, Inc. Yhushua Resnik

Coherent, Inc., a listed US-based manufacturer of laser and photonics prod-ucts for commercial and scientific research markets, has acquired O.R. La-sertechnologie GmbH, a Germany-based manufacturer of laser-based ma-terial processing equipment, for an approximate consideration of USD 47.4m.

30/04/2018

Agram Land-technik Rollwitz GmbH; Agram Landtechnikver-trieb GmbH

25.0 n/a Titan Machinery Inc.

Petrick Ga-ens, Wolf-gang Locke (Private In-vestors)

Titan Machinery Inc., the listed US-based company engaged in operating of agricultural and construction equipment stores and consumer products deal-erships, has agreed to acquire Agram Landtechnik Rollwitz GmbH and Agram Landtechnikvertrieb GmbH, the Germany-based farm equipment suppliers. The transaction is expected to complete in July 2018.

27/04/2018

MN Coil Ser-vicecenter GmbH

n/a n/a CMP Capital Management-Partners GmbH

Sven Be-chert, Anja Bechert (Pri-vate Inves-tors)

CMP Capital Management-Partners GmbH, a Germany-based private equity firm, has acquired MN Coil Servicecenter GmbH, a Germany-based com-pany engaged in the production of design sheet metals.


EV (€ m)




26/04/2018

REMAG Stahl Distribution und Service GmbH; REMAG Soest

n/a n/a Steel Mont GmbH

n/a Steel Mont GmbH, the Germany-based trading and supply of raw materials to steel and chemical plants, has acquired REMAG Soest, the Germany-based company specializes in slitting coils and cutting sheet and REMAG Stahl Distribution und Service GmbH, the Germany-based company en-gaged in processing and trading in steel and iron.

26/04/2018

Aluminiumfolie Merseburg GmbH

30.0 n/a Slim Aluminium SpA

n/a Slim Aluminium SpA, the Italy-based company manufacturer of aluminium rolled products for the packaging, automotive, transport and construction industries, and a portfolio company of Quantum Capital Partners AG, the Germany-based private equity firm, has acquired Aluminiumfolie Merseburg GmbH, the Germany-based manufacturer of aluminum foil for flexible packaging and technical applications.

26/04/2018

Mungo Befesti-gungstechnik AG

n/a n/a Finatem Fonds Management Verwaltungs GmbH

n/a Finatem Fonds Management Verwaltungs GmbH, a Germany-based private equity, along with the management of Mungo Befestigungstechnik AG, a Switzerland-based company that develops, manufactures and distributes nylon anchor plugs, metal anchor plugs, chemical fasteners, insulating fas-teners, special fasteners and drill bits, has acquired the company, in a man-agement buyout transaction.

26/04/2018

ZKW Group GmbH

1,260 1,100 LG Electronics, Inc.; LG Corp

Ulrich Mo-mmert (Pri-vate Investor)

LG Corp (30% stake), a listed South Korea-based holding company en-gaged in the electronics, chemicals, and telecommunications businesses and LG Electronics, Inc. (70% stake), a listed South Korea-based manufacturer of electronic products have agreed to acquire ZKW Group GmbH from Ulrich Mommert for a minimum consideration of EUR 1.1bn.

24/04/2018

Bahr Modul-technik GmbH

n/a n/a IK Investment Partners Limited

Bahr Family IK Investment Partners Limited, the UK-based private equity firm, along with the management of Bahr Modultechnik GmbH, the Germany-based manu-facturer of modular positioning systems, have agreed to acquire the compa-ny in a management buyout transaction, from Bahr Family, the Germany-based family.


EV (€ m)




24/04/2018

Starz GmbH n/a n/a NorthCapital Holding ApS

n/a NorthCapital Holding ApS, a Denmark-based investment company of NorthCapital Kontor GmbH, has acquired Starz GmbH, a Germany-based company manufactures and develops cable harnesses, control electrics and control panels for special vehicles. Due to the high outflows of liquidity to China, Starz Group suffered a liquidity crisis which resulted in the filing of the insolvency petition in mid-January 2018.

20/04/2018

Knauer Holding GmbH & Co. KG

70.0 n/a Blue Cap AG n/a Blue Cap 08 GmbH, a Germany-based subsidiary/fund of Blue Cap AG, has agreed to acquire Knauer Holding GmbH & Co. KG, a Germany-based manufacturer of plastic packaging for the food industry.

19/04/2018

AMMATEC GmbH

n/a n/a Franke Industrie AG

Yulla Klyueva (Private In-vestors)

Franke Industrie AG, the Switzerland-based company engaged in the pro-duction of hot gas components for the energy and aerospace industries, has acquired AMMATEC GmbH, a Germany-based company engaged in pro-duction of complex precision parts for aerospace OEMs. The acquisition will allow Franke Industrie to expand its aerospace business segment.

16/04/2018

PVG Kaltprofile Verarbeitungs-technik GmbH

n/a n/a Wickeder Profile Walzwerk GmbH

n/a Wickeder Profile Walzwerk GmbH, the Germany-based manufacturer of metal profile systems and a subsidiary of Wickeder Westfalenstahl Gmbh, have acquired PVG Kaltprofile Verarbeitungstechnik GmbH, the Germany-based manufacturer of steel products such as sheet metal products, pipes, cold rolled and hot rolled profiles and pipe fittings of REMAG Aktiengesell-schaft, a Germany-based manufacturer of steel products.

16/04/2018

MAGEBA Textil-maschinen GmbH & Co. KG

n/a n/a Michael Mettler (Private Investor)

Hans Peter Stang (Pri-vate Investor)

Michael Mettler, the Germany-based private individual, has acquired MAGEBA Textilmaschinen GmbH & Co. KG, the Germany-based manufac-turer of machinery for the textile industry.The transaction will enable MAGE-BA to come out of insolvency proceedings which was filed in January 2018


EV (€ m)




13/04/2018

Ferrostaal Piping Supply GmbH

50.0 n/a Van Leeuwen Pipe and Tube Group B.V.

Ferrostaal GmbH

Van Leeuwen Pipe and Tube Group B.V., the Netherlands-based industrial distributor of steel pipe, valves and fittings, has acquired Ferrostaal Piping Supply GmbH, the Germany-based company that supplies welded and seamless pipes, piping accessories and pipeline equipment, from Ferrostaal GmbH, the Germany-based company engaged in providing project devel-opment and construction services.

12/04/2018

Bergauer AG 10.3 n/a Swarco AG n/a Swarco AG, an Austria-based company engaged in manufacturing products and systems for road safety and intelligent traffic management, has acquired an undisclosed majority stake in Bergauer AG, a Switzerland-based devel-oper of intelligent traffic guidance and automation control systems.

11/04/2018

VDM Metals GmbH

875.0 596.0 Aperam Lindsay Goldberg LLC

Aperam, a listed Luxembourg-based manufacturer of stainless steel, has agreed to acquire VDM Metals GmbH, a Germany-based company en-gaged in developing, producing and supplying nickel alloys, titanium and zirconium alloys, special stainless steels, zirconium and cobalt-based alloys, from Lindsay Goldberg LLC.

09/04/2018

Sulzer Manage-ment Ltd. (14.59% Stake)

2,606 3,364 Sulzer Manage-ment Ltd.

Renova Group of Companies

Sulzer Management Ltd., the listed Switzerland-based company engaged in the manufacturing of industrial machinery and equipment, surfacing tech-nology and equipment maintenance, has agreed to buy-back a 14.59% stake in the company from Renova Group of Companies, a Russia-based company engaged in metals mining, oil, machine building, construction, energy, telecommunications, nanotechnologies, utilities & financial sector.

09/04/2018

L'Orange GmbH 244.0 700.0 Woodward, Inc Rolls-Royce Power Sys-tems AG

Woodward, Inc, the listed US-based designer, manufacturer, and service provider of energy control and optimization solutions, has agreed to acquire L'Orange GmbH, a Germany-based designer, manufacturer, and service provider of control solutions for the aerospace and industrial markets, from Rolls-Royce Power Systems AG.


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06/04/2018

Matec GmbH 50.0 n/a MSK Group Oy Salzgitter Maschinen-bau AG; Team Indust-ries Roesela-re NV

MSK Group Oy, a Finland-based industrial equipment, machinery manufac-turer and supplier, has acquired Matec GmbH, a Germany-based company engaged in designing and manufacturing cabins for machinery, from Team Industries Roeselare NV, a Belgium-based company develops, produces, and tests electro-mechanical assemblies and Salzgitter Maschinenbau AG, a Germany-based company engaged in manufacturing grabs and other lifting accessories.

05/04/2018

BBS Automation GmbH

n/a n/a EQT Partners AB n/a EQT Partners AB, a Sweden-based private equity firm, has acquired an un-disclosed stake in BBS Automation GmbH Germany-based company en-gaged in developing and manufacturing of innovative and flexible automa-tion and testing technology.

04/04/2018

KUMATEC Son-dermaschinen-bau & Kunst-stoffverarbeitung GmbH

n/a 12.5 AVX Interconnect Europe GmbH

Joachim Loeffler, Dietmar Flessa, Rei-ner Bauer-sachs (Pri-vate Inves-tors)

AVX Corporation, the listed US-based company engaged in manufacturer and supplier of passive electronic components and Interconnects, through its subsidiary, AVX Interconnect Europe GmbH, has agreed to acquire KU-MATEC Sondermaschinenbau & Kunststoffverarbeitung GmbH.

03/04/2018

Aurubis AG (Flat Rolled Products)

1,500 n/a Wieland-Werke AG

Aurubis AG Wieland-Werke AG (Wieland Group), the Germany-based manufacturer and supplier of semi-finished and special products in copper and copper alloys and other materials, has agreed to acquire the Flat Rolled Products segment of Aurubis AG, the listed Germany-based provider of non-ferrous metals and copper recycler, headquartered in Hamburg.


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03/04/2018

AMICRA Micro-technologies GmbH

n/a n/a ASM Pacific Technology Li-mited

n/a ASM Pacific Technology Limited, the listed Hong Kong-based designer, manufacturer and marketer of machines, tools and materials used in the semiconductor industry, has agreed to acquire AMICRA Microtechnologies GmbH, the Germany-based supplier of ultra-high precision die-attach equipment specializing in submicron placement accuracy, for an undisclosed consideration.


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Country Focus – Benelux

25/06/2018

AVT Europe NV n/a n/a VINCI Energies Belgium NV

n/a VINCI Energies Belgium NV, a Belgium-based company engaged in design, develop, and market solutions for energy infrastructure, industry, telecom-munications, and service sector, has acquired AVT Europe NV, a Belgium-based company engaged in industrial automation, mechanical and other engineering solution and services, for an undisclosed consideration.

19/06/2018

Elcee Group B.V. 100.0 n/a Gilde Buy Out Partners BV

Transequity Network BV

Gilde Buy Out Partners BV, the Netherlands-based private equity firm, along with management of Elcee Group B.V, the Netherlands-based company which, through its subsidiaries, provides customer-specific industrial prod-ucts, has agreed to acquire the company in a management buyout transac-tion, from Transequity Network BV, the Netherlands-based private equity firm, for an undisclosed consideration.

19/06/2018

REMA Holland B.V.

8.3 n/a Axel Johnson International AB

n/a Axel Johnson International AB, the Sweden-based distributor of steel wires, pumps, bearings and heavy-duty vehicle components, has acquired REMA Holland B.V., the Netherlands-based supplier of hoisting and lifting equip-ment, for an undisclosed consideration.

19/06/2018

Moonen Packa-ging B.V.

51.0 n/a OptiGroup AB Ge Moonen (Private In-vestor)

OptiGroup AB, a Listed Sweden-based manufacturer and supplier of paper and packaging products, has agreed to acquire Moonen Packaging B.V., the Netherlands-based company engaged in packaging and distribution, from Ge Moonen, the Netherland-based private individual, for an undisclosed consideration.

15/06/2018

Soliver NV n/a n/a American Glass Products

n/a American Glass Products (AGP), the Peru-based producer of bullet resistant glass and specialty glass for automotive applications, has acquired Soliver NV, the Belgium-based manufacturer of safety glass for auto and construc-tion industry, for undisclosed consideration.

12/06/2018

Enecogen (50% Stake)

n/a n/a Castleton Com-modities Interna-tional LLC

Orsted A/S Castleton Commodities International LLC, the US-based global commodities merchant, has agreed to acquire 50% stake in Enecogen, the Netherlands-based gas-fired power plant, from Orsted A/S, the Denmark-based compa-ny engaged in procuring, producing, distributing and trading energy and related products, for an undisclosed consideration.


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11/06/2018

One of a Kind Technologies B.V.

8.0 n/a Gimv NV n/a Gimv NV, a listed Belgium-based private equity and venture capital firm has acquired One of a Kind Technologies B.V., a Netherlands-based group of companies that develop, build and sell machine vision solutions, for an un-disclosed consideration.

11/06/2018

Ammeraal Beltech Holding B.V.

385.0 1,000 Partners Group Holding AG

Advent Inter-national Corporation

Partners Group Holding AG, a Switzerland-based private equity firm, through its fund Partners Group Direct Equity 2016, L.P., has agreed to ac-quire Ammeraal Beltech Holding B.V., the Netherlands-based manufacturer of conveyor belts, from Advent International Corporation, the US-based venture capital and private equity firm.

06/06/2018

Klevenberg Shipping Center B.V.

n/a n/a Ove Wrist & Co. A/S

n/a Ove Wrist & Co. A/S (Wrist Ship Supply), a Denmark-based general ship supplier engaged in purchasing, consolidation and distribution of provisions in ships, has agreed to acquire Klevenberg Shipping Center B.V., a Nether-lands-based company that offers marine logistics services and transportation of freight, for an undisclosed consideration.

05/06/2018

Geevers Auto Parts BV

67.0 n/a Autodis Group Goof Gijbels (Private Indi-vidual)

Autodis Group, a France-based distributor of car and other automotive components, and a portfolio company of Bain Capital LLC, the US-based private equity firm, has acquired Geevers Auto Parts BV, a Netherlands-based distributor of automotive body parts for damage repair, from Mr. Goof Gijbels, a Netherland-based private investor, for an undisclosed con-sideration.

01/06/2018

GustoMSC B.V. n/a n/a National Oilwell Varco, Inc.

Parcom Cap-ital Man-agement B.V.

National Oilwell Varco, Inc. (NOV), the listed US-based provider of equip-ment and components used in oil & gas drilling and production operations, oilfield services and supply chain integration services has acquired Gus-toMSC B.V, a Netherlands-based company engaged in designing of mobile offshore units and providing engineering consultancy.

31/05/2018

ACV Internatio-nal NV

85.0 n/a Groupe Atlantic Buchet Fa-mily

Atlantic Group, a France-based manufacturer of electric water heaters and heating appliances, has agreed to acquire ACV International, Belgium-based company that designs and manufactures water heaters and boilers, for an undisclosed consideration.


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31/05/2018

Allego B.V n/a n/a Meridiam SAS Alliander N.V.

Meridiam SAS, the France-based investor and asset manager specializing in public and community infrastructure, has acquired Allego B.V, the Nether-lands-based company that develops charging solutions for electric vehicles, from Alliander N.V., the Netherlands-based company engaged in transpor-tation of gas and electricity, for an undisclosed consideration.

28/05/2018

CSi Industries B.V.

80.0 n/a itsme B.V. Standard Investment Management B.V.

itsme Group of Companies, the Netherlands-based group of six companies engaged in offering innovative technology solutions, has acquired CSi Indus-tries B.V., the Netherlands based company engaged in manufacturing pack-aging products, from Standard Investment Management B.V., the Nether-lands-based private equity firm, for an undisclosed consideration.

25/05/2018

VB-Airsuspension B.V.

n/a n/a DexKo Global, Inc.

n/a DexKo Global, Inc., the US-based company designer and manufacturer of trailer axles and running gear components, has agreed to acquire VB-Airsuspension B.V., the Netherlands-based company that manufactures and sells air suspension systems for light commercial vehicles, for an undisclosed consideration.

23/05/2018

Group Claes CVBA

58.0 n/a Sofindev Claes family Sofindev, the Belgium-based PE firm, through its Sofindev IV fund, has agreed to acquire an undisclosed majority stake in Group Claes CVBA, the holding company of Claes Distribution CVBA, the Belgium-based distributor of food ingredients and Claes Machines NV, the Belgium-based distributor of food processing and food retail machinery, from the Claes family.

18/05/2018

Emoss Mobile Systems B.V. (51% Stake)

5.9 n/a Precision Cams-hafts Limited

n/a Precision Camshafts Limited,a listed India-based company engaged in man-ufacturing & supplying of camshafts to automotive sector, has acquired a 51% stake in Emoss Mobile Systems BV, a Netherlands-based manufacturer & supplier of integrated electric drivelines for trucks & buses.

17/05/2018

Vasco Group Nv 90.0 n/a Arbonia AG Vaessen Industries nv

Arbonia AG, the listed Switzerland-based company provides construction related material and manufactures electrical equipment, has acquired Vasco Group NV, the Belgium-based supplier of heating and ventilation solutions, from Vaessen Industries NV, a Belgium-based company providing construc-tion, designing and building services.


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04/05/2018

Heliox BV 20.0 n/a Waterland Pri-vate Equity In-vestments B.V.

n/a Waterland Private Equity Investments B.V., the Netherlands-based private equity firm, through its Waterland Private Equity Fund VI B.V. fund, has ac-quired an undisclosed majority stake in Heliox BV, the Netherlands-based company that manufactures customized power solutions.

03/05/2018

MAK Aandrijvin-gen B.V.

15.0 n/a Axel Johnson International AB

n/a Axel Johnson International AB, a Sweden-based distributor of steel wires, pumps, bearings and heavy-duty vehicle components, has acquired MAK A and rijvingen B.V., the Netherlands-based supplier of power transmission technology, for an undisclosed consideration.

02/05/2018

ASCO Industries nv/sa

n/a 542.3 Spirit Aerosys-tems Holdings Inc

n/a Spirit Aerosystems Holdings Inc, the listed US-based aircraft large compo-nent parts supplier and assembling services provider, headquartered in Wichita, Kansas, has agreed to acquire ASCO Industries nv/sa, a Belgium-based developer and manufacturer of aerospace products and aeroplane components, headquartered in Zaventem.

01/05/2018

ConTeyor Multi-bag Systems NV (64% Stake)

66.0 n/a Gilde Equity Management Benelux B.V.

Down2Earth Capital NV

Gilde Equity Management Benelux B.V., a Netherlands-based private equity firm, has acquired a 64% stake in ConTeyor Multibag Systems NV, a Bel-gium-based company that designs and manufactures industrial packaging systems for the automobile industry from Down2Earth Capital NV, a Bel-gium-based private equity firm, for an undisclosed consideration.

30/04/2018

Alvey Group a.s. n/a 12.1 Scott Technology Limited

Maarten van Leeuwen (Private In-vestor); Fre-deric Her-mier (Private Investor)

Scott Technology Limited, the listed New Zealand-based designer and manufacturer of automated production and process machinery, has ac-quired Alvey Group a.s., the Belgium-based company specialized in palletis-ing, conveying, warehouse automation systems and related industrial ser-vices, from Maarten van Leeuwen and Frederic Hermier, the Belgium-based private investors, for a consideration of EUR 12.1m.


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26/04/2018

T-Power N.V. (80% Stake)

69.0 362.5 Tessenderlo Chemie NV

Itochu Corp; Siemens Project Ven-tures GmbH; Tokyo Gas Co., Ltd.

Tessenderlo Chemie NV, the listed Belgium-based company engaged in manufacturing diversified chemical products, headquartered in Brussels, has agreed to acquire an 80% stake in T-Power N.V., a Belgium-based company engaged in power and electricity production using natural gas, headquar-tered in Brussels from Itochu Corporation, Siemens Project Ventures GmbH and Tokyo Gas Co., Ltd.

23/04/2018

Wendt Boart SPRL

n/a n/a Altifort 3M Com-pany

Altifort, a France-based company engaged in construction, decoration, en-ergy & services, environment and other sectors, has agreed to acquire Wendt Boart SPRL, a Belgium-based manufacturer of precision grinding tools used for grinding, cutting and finishing of glass, hard materials and steel, from 3M Company, the listed US-based diversified technology compa-ny, for an undisclosed consideration.

19/04/2018

Lumi Parts B.V. n/a n/a S. de Leeuw Holding B.V.

n/a S. de Leeuw Holding B.V., the Netherlands-based holding company, has acquired an undisclosed majority stake in Lumi Parts B.V., the Netherlands-based manufacturer of LED products, for an undisclosed consideration.

12/04/2018

Airborne Oil & Gas B.V.

n/a n/a Sumitomo Cor-poration

n/a Sumitomo Corp, a listed Japan-based company engaged in the import & export, trilateral trade, domestic and international investment and other business activities has acquired a significant stake in Airborne Oil & Gas B.V. (AOG), the Netherlands-based manufacturer of composite spoolable pipe solutions for offshore applications, for an undisclosed consideration.

05/04/2018

Gillain & Co n/a n/a Heleon Group BV

Gillain fa-mily

Heleon Group BV, the Netherland-based supplier of purity systems, equip-ment has acquired, Gillain & Co, the Belgium-based distributor of stainless steel components and equipment for food and life science industries, for an undisclosed consideration.

04/04/2018

Veco B.V. 60.0 n/a Gilde Buy Out Partners BV

SPGPrints B.V.

Gilde Buy Out Partners BV, the Netherlands-based private equity firm, has acquired Veco B.V., the Netherlands-based manufacturer of precision metal products, from SPGPrints B.V., the Netherlands-based company engaged in developing and manufacturing screens and printing systems for the textile


EV (€ m)




and graphic printing industry and a portfolio company of Investcorp, a listed Bahrain-based private equity firm, for an undisclosed consideration.

01/04/2018

Rudico Holding B.V.

n/a n/a DJV Holding B.V.

n/a DJV Holding B.V., a Netherlands-based company providing packaging products, has acquired Rudico Holding B.V., a Netherlands-based company providing packaging, printing and other manufacturing services, for an un-disclosed consideration.


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Country Focus – Czech Republic

19/04/2018

MESIT holding, a.s.

43.1 n/a OMNIPOL a.s. n/a OMNIPOL a.s., a Czech Republic-based integrator, and supplier of defense and security technology, has acquired, MESIT holding, a.s., a Czech Repub-lic-based company engaged in developing and manufacturing products and systems in aviation, cosmonaut, defense, and security sector, for an undis-closed consideration.

12/04/2018

Poldi Hutte s.r.o. n/a 10.3 Compagnia del mediterraneo Steel s.r.o.

n/a Compagnia del mediterraneo Steel s.r.o., a Switzerland-based investment holding company, is headquartered in Lugano, has agreed to acquire Poldi Hutte s.r.o., a Czech Republic-based company that manufactures and sells alloyed steel and its subsidiary, in an insolvency transaction, via an auction.


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Country Focus – Denmark

19/06/2018

Duelco A/S 14.8 n/a Addtech Energy & Equipment AB

n/a Addtech Energy & Equipment AB, a Sweden-based company engaged in the distribution of electronic parts and electronic communications equipment, and a subsidiary of Addtech AB, a listed Sweden-based company that de-velops and sells components and systems, has agreed to acquire Duelco A/S, a Demark-based company engaged in development, sale and distribu-tion of solutions relating to electrical and automation equipment, for an undisclosed consideration.

23/05/2018

Handelsaktie-selskabet B.F.C

n/a n/a FluoroSeal Inter-national Hol-dings Inc.

Thomas Ven-nick Christen-sen (Private Investor); Kurt Erling Bang Christensen (Private Inves-tor)

FluoroSeal International Holdings Inc., a Canada-based company engaged in manufacturing and customizing valves, parts, and accessories for various industries, has acquired Handelsaktieselskabet B.F.C, a Denmark-based producer of various metal works, from Thomas Vennick Christensen and Kurt Erling Bang Christensen, the Denmark-based private investors, for an undisclosed consideration.

09/05/2018

Kongskilde In-dustries A/S

n/a n/a Green Park Partners Ltd

Dansk Land-brugs Grovva-reselskab a.m.b.a.

Green Park Partners, the UK-based PE firm, has agreed to acquire Kongskilde Industries A/S, the Denmark-based company providing grain handling equipment and solutions for transportation, drying, storage & sorting of grain and other crops and drying of big bales, from Dansk Land-brugs Grovvareselskab a.m.b.a., the listed Denmark-based cooperative company.

08/05/2018

NGI A/S (70% Stake)

n/a n/a Habasit AG Adelis Equity Partners AB

Habasit AG, a Switzerland-based company engaged in the production and supply of power transmission and conveyor belts, has acquired a 70% stake in NGI A/S, a Denmark-based manufacturer of stainless steel machine feet, from Adelis Equity Partners AB, the Sweden-based private equity firm, for an undisclosed consideration.

07/05/2018

Graintec A/S (47.5% Stake)

35.3 n/a Henrik Hougaard (Pri-vate Investor)

n/a Mr. Henrik Hougaard, a Denmark-based private investor, has acquired a 47.5% stake in Graintec A/S, a Denmark-based company engaged in sup-plier of production facilities and processing lines for the manufacture of aqua feed and pet food, for an undisclosed consideration.


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Country Focus – Denmark

02/05/2018

Elogic Systems A/S

n/a n/a VIA Equity A/S Micro Matic A/S

VIA Equity A/S, a Denmark-based multi-stage PE and VC firm and the man-agement of Elogic Systems A/S, a Denmark-based company engaged in production of electrical panels and high-quality enclosures for power, communication and fiber, has acquired the company from Micro Matic A/S, a Denmark-based company engaged in manufacturing and sale of beer dispensing solutions, for an undisclosed consideration.

25/04/2018

Mobile Industrial Robots ApS

10.4 222.0 Teradyne, Inc. n/a Teradyne, Inc., the listed US-based supplier of automatic test equipment, interconnection products, and total systems integration services, has ac-quired Mobile Industrial Robots ApS (MIR), the Denmark-based manufactur-er of autonomous mobile robots, for a cash consideration of EUR 222m.


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Country Focus – France

27/06/2018

SA Rafaut 50.0 n/a Groupe HLD; Etoile ID

ACE Ma-nagement SA

Groupe HLD, a Luxembourg-based private equity firm and Etoile ID, a France-based private equity firm, along with the management of SA Rafaut, a France-based company engaged in the manufacturing of military and civilian aerospace equipments, has agreed to acquire the company, in a management buyout transaction, for an undisclosed consideration.

27/06/2018

Etanco Group n/a n/a Intermediate Capital Group Plc

3i Group Plc; Five Arrows Principal Investments

Intermediate Capital Group, the listed UK-based VC firm, along with the management of Etanco Group, the France-based provider of fixing and fastening solutions for waterproofing, roofing, cladding and facade, have agreed to acquire the company, in a management buyout transaction, from 3i Group Plc, the listed UK-based PE and VC firm and Five Arrows Principal Investments, the France-based PE business of Rothschild, UK-based invest-ment banking firm, for an undisclosed consideration.

20/06/2018

Integrale-Moto SARL

8.6 n/a MotoBlouz.com David Tac-coni (Private Investor)

MotoBlouz.com, a France-based online retailer of motorcycle equipment and accessories has acquired, Integrale-Moto SARL, a France-based retailer of motorbike equipments from David Tacconi, a France-based private indi-vidual, for an undisclosed consideration.

19/06/2018

Prodem; PMA Bonnans SA

n/a n/a Satys Bonnans SA Satys, a France-based company engaged in providing services to aviation and rail industry, especially in sealing & painting, interiors, electric and sur-face treatment, has acquired Prodem, a France-based company that pro-vides aerospace parts surface treatment services, and PMA Bonnans SA, a France-based company specializing in surface treatment for shipyards, from Bonnans SA, a France-based company, for an undisclosed consideration.

15/06/2018

BeAM S.A.S. n/a n/a AddUp, SAS n/a AddUp, SAS, the France-based designer and producer of 3D printing ma-chines and production lines, has acquired BeAM S.A.S., the France-based manufacturer of metal additive manufacturing machines, for an undisclosed consideration.


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30/05/2018

Holweg Weber 50.0 n/a Motion Equity Partners; Arkea Capital

Azulis Capi-tal; Unigrains SA; BNP Paribas Pri-vate Equity

Motion Equity Partners and Arkea Capital, France-based private equity firms, along with the management of Holweg Weber, a France-based manufactur-er of paper converting machines, has acquired the company in a manage-ment buyout transaction from Azulis Capital, BNP Paribas Private Equity and Unigrains SA, France-based private equity firms, for an undisclosed consid-eration.

29/05/2018

Outilacier SAS 30.4 n/a Industrial Parts Holdings S.A.S

Dzeta Con-seil; Pierre-Yves Levy (Private In-vestor)

Industrial Parts Holdings S.A.S (IPH), the France-based distributor of indus-trial supplies for maintenance and production applications, has acquired Outilacier SAS, a France-based company engaged in technical trading and distribution of tools and industrial supplies, from Dzeta Conseil, a France-based private equity firm, and Pierre-Yves Levy, the France-based private individual, for an undisclosed consideration.

29/05/2018

NEXTEAM Group

150.0 n/a Tikehau Capital Partners

n/a Tikehau Capital Partners, a France-based private equity firm, has acquired an undisclosed minority stake in NEXTEAM Group, a France-based company engaged in machining of complex and hard metal parts for the aerospace market, for a consideration of EUR 114m.

24/05/2018

Sedicam S.A. 5.0 n/a Groupe Climater SAS

n/a Groupe Climater SAS, a France-based company engaged in providing elec-trical and climatic engineering services, and a portfolio company of Sagard Private Equity Partners, a France-based private equity firm, has acquired Sedicam S.A., a France-based engaged in manufacturing and installation work for thermal equipment and air conditioning, for an undisclosed con-sideration.

24/05/2018

Groupe EFM 9.0 n/a Groupe Climater SAS

n/a Groupe Climater SAS, the France-based company providing electrical and climatic engineering services, and a portfolio company of Sagard Private Equity Partners, a France-based private equity firm, has acquired Groupe EFM, the France-based company that provides HVAC and electrical engi-neering solutions and services through its subsidiaries, for an undisclosed consideration.


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22/05/2018

Societe Tech-nique d’Etirage de Precision

10.0 n/a Mannesmann Stainless Tubes GmbH

Orium SA; Gabriel Pons (Private in-vestor); Pas-cal Lebas (Private in-vestor)

Mannesmann Stainless Tubes GmbH, a Germany-based manufacturer of seamless stainless steel and nickel-based alloy tubes & pipes, has acquired Societe Technique d’Etirage de Precision, a France-based company engaged in manufacturing of precision metal tubes, from Orium SA, a France based PE firm, Gabriel Pons & Pascal Lebas, a France-based private investors and founders of SOTEP, for an undisclosed consideration.

22/05/2018

Schrader-Bridgeport Inter-national Inc.; Schrader SAS

n/a 147 Pacific Industrial Co., Ltd.

Sensata Technologies Holding Plc

Pacific Industrial Co., Ltd. has agreed to acquire Schrader-Bridgeport Inter-national Inc. and Schrader SAS from Sensata Technologies Holding Plc.

18/05/2018

Technoplast Industries (49% Stake)

17.0 n/a Euro Capital SAS, SCR; Bpifrance SA

Ciclad, SAS Bpifrance SA and Euro Capital SAS, SCR, the France-based venture capital and private equity firms, have acquired a 49% stake in Technoplast Indus-tries, a France-based manufacturer of industrial parts, from Ciclad, SAS, a France-based private equity firm, for an undisclosed consideration.

16/05/2018

Virojanglor Sarl (51% Stake)

n/a n/a Pusterla 1880 S.P.A.

n/a Pusterla 1880 S.P.A., the Italy-based packaging company, has acquired a 51% stake in Virojanglor Sarl, the France-based supplier of metal packaging for the premium cosmetics, wines and spirits markets, for an undisclosed consideration.

02/05/2018

Reboul SAS n/a 23.0 AptarGroup, Inc. Vacheron Industries SAS

AptarGroup, the listed US-based company engaged in providing dispensing systems for the fragrance, cosmetic, personal care, pharmaceutical, house-hold, food & beverage markets, has acquired Reboul SAS, a France-based producer of metal components, metal-plastic sub-assemblies and packaging solutions, from Vacheron Industries, a France-based company engaged in packaging services and producer of metal components and metal-plastic sub-assemblies, for a total consideration of EUR 23m.


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24/04/2018

Avignon Cera-mic SAS

7.5 n/a Ouest Crois-sance SCR; Adaxtra Capital

Detroyes Industries

Adaxtra Capital, a France-based investment firm & Ouest Croissance SCR, a France-based private equity firm, along with the management of Avignon Ceramic SAS, a France-based company engaged in manufacturing of porcelain and technical ceramics, have acquired the company in a man-agement buyout transaction from Detroyes Industries, a France-based hold-ing company of Detroyes family, for an undisclosed consideration.

20/04/2018

Kallista Energy Investment SAS

n/a 223.4 Boralex Inc. Ardian Boralex Inc., the listed Canada-based company engaged in development and operation of power stations that generate renewable energy, has agreed to acquire Kallista Energy Investment SAS, a France-based owner and operator of wind farms, from Ardian, a France-based private equity, for a consideration of EUR 129.4m.

19/04/2018

Dimeco Alipres-se

n/a n/a Centrale d'Achat Francaise pour l'Outre Mer SA

n/a Centrale d'Achat Francaise pour l'Outre Mer SA (CAFOM), the France-based listed company engaged in the wholesale distribution of household goods has acquired Dimeco Alipresse, the French-based electrical household prod-ucts retailer for an undisclosed consideration.

18/04/2018

Groupe GAMI 25.0 n/a Nicolas Gicquel (Private investor)

Patrice Rault (Private in-vestor)

Nicolas Gicquel, a France-based private investor, has acquired Groupe GAMI, the France-based company specializing in the construction of indus-trial equipment, from Patrice Rault, a France-based private investor, for an undisclosed consideration.

18/04/2018

Dagard SAS n/a n/a Grupo Purever Initiative & Finance

Grupo Purever, the UK-based company engaged in Agro-Food Industry and Logistics, manufacturers of catering equipment, providing clean rooms for medical companies, and in Modular Building, has acquired Dagard SAS, the France-based company that manufactures, markets and installs modular coldrooms, insulated structures and cleanroom envelops, from Initiative & Finance, a France-based private equity firm, for an undisclosed considera-tion.


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18/04/2018

Direct Energie SA

1,966 2,607 Total S.A. n/a Total [EPA:FP] the French based and listed energy company has entered into an agreement with the controlling shareholders of Direct Energie [EPA:DIREN], the French based and listed energy supplier, for the proposed acquisition of 74.33% followed by a mandatory offer.

17/04/2018

Gimaex Interna-tional SAS

75.0 n/a Groupe Desautel

n/a Groupe Desautel, a France-based company involved in fire safety, has ac-quired Gimaex International SAS, a France-based manufacturer of vehicles for fire control, technical assistance, rescue and evacuation, and chemical decontamination, for an undisclosed consideration.

16/04/2018

Pourtier; Setic 50.0 n/a Sampsistemi S.r.l.

Gauder Group

Sampsistemi S.r.l., the Italy-based company manufacturer of quality wire and cable solutions has acquired Setic and Pourtier, the French-based com-panies engaged in designing and manufacturing of high-tech rotating ma-chines for the production of industrials wires and cables from Gauder Group, the French-based manufacturer of new machines and secondhand equipment for the wire and cable industry for an undisclosed consideration.

11/04/2018

Klac Industrie SAS

n/a 10.0 Adaxtra Capital Groupe Fa-depro

Adaxtra Capital, the France-based investment firm, has agreed to acquire Klac Industrie SAS, the France-based company engaged in the manufacture of accessories for excavators and mini excavators, from Groupe Fadepro, the France-based investment holding company having interest in company engaged in the manufacture of accessories for excavators and mini excava-tors, for a consideration of EUR 10m.

10/04/2018

Cepa SAS n/a n/a Sodero Gestion Jean-Yves Braguier (Private In-vestor)

Sodero Gestion, a France-based private equity firm, and Mr. Philippe Ma-linvaud, a France-based private investor, along with the management of Cepa SAS, a France-based manufacturer of electrical and electronic assem-blies and sub-assemblies, have acquired the company, in a Buy-in Man-agement Buy-Out transaction, from Mr. Jean-Yves Braguier, a France-based private investor, for an undisclosed consideration.


EV (€ m)




06/04/2018

Parc Eolien du Melier SAS; Parc Eolien de la Vallee de Torfou SAS; Epuron Energies Renou-velables

n/a 57.0 ERG Power Ge-neration S.p.A.

Impax Asset Management Group Plc

Epuron Energies Renouvelables SAS, an Italy-based owner & operator of power plant has agreed to acquire France-based wind farms; Parc Eolien du Melier SAS, Parc Eolien de la Vallee de Torfou SAS and Epuron Energies Renouvelables SAS, a US-based company which owns a pipeline from Impax New Energy Investors II L.P., the UK-based fund of Impax Asset Management Group, the listed UK-based asset management company that manages listed and PE funds.

05/04/2018

Orca Sacria Group

28.0 n/a San Sac Group AB

Jean Fran-cois Bedos (Private in-vestor)

San Sac Group AB, the Sweden-based company engaged in providing solu-tions for sorting & recycling waste materials and a portfolio company of Accent Equity Partners AB, the Sweden-based private equity firm, has ac-quired Orca Sacria Group, the France-based company engaged in design-ing, manufacturing and distribution of balers and compactors

02/04/2018

Reydel Automo-tive France SAS

873.3 112.1 Samvardhana Motherson Au-tomotive Systems Group B.V.

Cerberus Capital Manage-ment, L.P.

Samvardhana Motherson Automotive Systems Group B.V. (SMRPBV), the Netherlands-based company engaged in offering rear view vision systems and a subsidiary of Motherson Sumi Systems Limited, the listed India-based supplier of components, modules and systems to the automotive industry, has agreed to acquire Reydel Automotive France SAS , the France-basedw designer, developer and manufacturer of complete modular interior systems, from Cerberus Capital Management, the US-based PE firm, for a cash con-sideration of USD 201m.

01/04/2018

Transept Giltec n/a n/a Elcom SAS n/a Elcom SAS, a France-based designer and manufacturer of modular alumini-um equipment s, has acquired Transept Giltec, a France-based manufactur-er of conveyors and assembly lines, for an undisclosed consideration.


EV (€ m)



Country Focus – Italy

29/06/2018

Coldline Srl (80% Stake)

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

Gianluca Bagante (Private In-vestor); A-lessandro Bagante (Private In-vestor)

Gradiente II, an Italy-based fund of Gradiente SGR S.p.A., an Italy-based private equity firm, along with the management of Coldline Srl, an Italy-based manufacturer of refrigeration equipment, have acquired the compa-ny, in a management buyout transaction, from Alessandro and Gianluca Bagante, the Italy-based private investors, for an undisclosed consideration.

28/06/2018

Olsa SpA n/a 230.0 Magna Interna-tional Inc

n/a Magna International Inc, the US listed, Canada-based manufacturer and supplier of automotive systems and components, has agreed to acquire Olsa SpA, an Italy-based supplier of innovative rear lamps and lighting devices to the automotive industry, for a consideration of EUR 230m on a debt free cash free basis.

26/06/2018

ANTIL SpA (70% Stake)

18.0 n/a Bystronic Laser AG

Agostino Zanella (Pri-vate Investor)

Bystronic Laser AG, a Switzerland-based company manufacturing and sell-ing systems for sheet processing and subsidiary of Conzzeta Holding AG, a listed Switzerland-based company engaged in Chemicals, machinery and systems engineering, has agreed to acquire 70% stake in ANTIL SpA, an Italy-based company engaged in designing and manufacturing machines and sub-assemblies, from Agostino Zanella, the Italy-based private individu-al, for an undisclosed consideration.

21/06/2018

EDIF S.p.A (Pu-glia-based busi-ness unit)

20.0 n/a Sonepar Italia SpA

EDIF S.p.A Sonepar Italia SpA, an Italy-based company engaged in distribution of elec-trical products, has acquired the Puglia-based business unit of EDIF S.p.A, an Italy-based company engaged in the wholesale distribution of electrical products, for an undisclosed consideration.

14/06/2018

Ferrosider SpA 120.0 n/a ORI Martin S.p.A.

Mauro Stef-ana (Private Individual); Quinto Stef-ana (Private Individual)

ORI Martin S.p.A., the Italy-based company engaged in steel production and long steel products for mechanical and special applications, has acquired majority stake of Ferrosider SpA, the Italy-based producer of hot-rolled steel merchant bars, for an undisclosed consideration.


EV (€ m)




13/06/2018

Novimpianti Drying Technol-ogy S.r.l.

10.0 n/a Andritz AG Novigroup SRL

Andritz AG, the Austria-based company engaged in supplying customized plant, systems and services for hydropower, pulp and paper, steel, and other specialized industries, has agreed to acquire Novimpianti Drying Technology S.r.l., the Italy-based supplier of engineered equipment and services for air and energy systems to manufacturers in the paper industry, from Novigroup SRL, the Italy-based holding company, for an undisclosed consideration.

12/06/2018

Induplast SpA 14.0 n/a Europe Capital Partners VI

n/a Europe Capital Partners VI, the Luxembourg-based investment fund whose business consists in acquiring qualified holdings, especially in leading Italian companies in its market sector, with industrial projects and development potential, has acquired Induplast SpA, the Italy-based company engaged in packaging production, for an undisclosed consideration.

11/06/2018

ACM Srl 17.0 11.9 Nice S.p.A. Lanzoni Fa-mily

Nice S.p.A., a listed Italy-based company specialized in home automation systems, has agreed to acquire ACM Srl, an Italy-based provider of automa-tion solutions for roller shutters and awnings, from the Lanzoni family, for a consideration of EUR 11.9m.

09/06/2018

Alfa Trafili Srl 0.2 n/a Icel SCpA n/a Icel SCpA, an Italy-based low voltage, power, control, signaling, data, fire resistant and low smoke cables (LSOH) producer, has agreed to acquire Alfa Trafili Srl, an Italy-based monofilament, drawn conductors and cords in copper and its alloys, aluminum and its alloys and aluminum-steel producer, for an undisclosed consideration.

08/06/2018

Finver S.P.A; VI.BE.MAC. S.P.A (30% Stake); Vinco S.R.L (95% Stake)

n/a n/a Jack Sewing Machine Co., Ltd.

n/a Jack Sewing Machine Co., Ltd., the China-based SHSE-listed company headquartered in Taizhou, Zhejiang province, is engaged in manufactory and sales of industrial sewing machines, has agreed to acquire 100% stake in Finver S.P.A, the Italy-based investment holding company, 30% stake in VI.BE.MAC. S.P.A, the Italy-based cloth machine manufacturer and 95% stake in Vinco S.R.L., the Italy-based textile production and sewing machines assembly services provider from 5 Italy-based private investors.


EV (€ m)




08/06/2018

Schmucker S.r.l. 10.5 n/a Marchesini Group S.p.A.

n/a Marchesini Group S.p.A., the Italy-based manufacturer of packaging ma-chinery and lines for the pharmaceutical and cosmetic industry, has acquired Schmucker, the Italy-based manufacturer of stickpack packaging machinery for the food industry, for an undisclosed consideration.

07/06/2018

Interpack S.p.a. 4.0 n/a GPACK S.p.a. n/a GPACK S.p.a., an Italy-based company engaged in providing packaging services, has agreed to acquire Interpack S.p.a., an Italy-based company engaged in production of packaging for pharmaceutical industry, for an undisclosed consideration.

07/06/2018

MF Inox S.r.l n/a n/a Vimi Fasteners S.p.A

Meroni Fa-mily

Vimi Fasteners S.p.A, the Italy-based company engaged in production and marketing of mechanical fasteners, has acquired MF Inox S.r.l, the Italy-based producer of nickel alloys and stainless steel bolt, nut, studbolt and eyebolt for the oil & gas, energy, piping, engineering, infrastructure and naval sector, from Meroni Family, the Italy-based family, for an undisclosed consideration.

07/06/2018

Novero S.p.A (80% Stake)

20.0 n/a Marcegaglia SpA

Novero Fa-mily

Marcegaglia SpA, an Italy-based manufacturer and distributer of stainless steel, has acquired 80% stake in Novero S.p.A, an Italy-based producer of steel tubes, from Novero Family, an Italy-based family, for an undisclosed consideration.

04/06/2018

Clamp s.r.l. n/a n/a Ideal Clamp Products, Inc.

Matteo Giuffrida (Private In-vestor)

Ideal Clamp Products, the US-based designer & manufacturer of specialty clamps and couplings used in the industrial, heavy duty, plumbing, irriga-tion, marine and automotive applications, and a portfolio of Snow Phipps Group, the US-based PE firm, has acquired Clamp s.r.l., an Italy-based manufacturer & distributer of clamps, clips and solutions for fastening & cabling applications from Mr. Matteo Giuffrida, an Italy-based private inves-tor, for an undisclosed consideration.


EV (€ m)




04/06/2018

STLA s.r.l. 18.0 13.2 Lippert Compo-nents, Inc.

n/a Lippert Components, Inc., the US-based manufacturer of recreational vehicle components, and a subsidiary of LCI Industries, the listed US-based manu-facturer of recreational vehicles and equipment, has acquired STLA s.r.l., an Italy-based manufacturer of bed-lifts and other recreational vehicle compo-nents, for a consideration of EUR 13.2m.

02/06/2018

Sotemapack Srl (60% Stake)

10.0 n/a Aetna Group SPA

n/a Aetna Group SPA, an Italy-based producer of stretch wrapping machines, taping machines and wrappers, has acquired a 60% stake in Sotemapack Srl, an Italy-based company engaged in designing and manufacturing of packaging machines for local and export markets, for an undisclosed con-sideration.

29/05/2018

C.M.I. Group (91.5% Stake)

n/a n/a Guangdong SACA Precision Manufacturing Co., Ltd.

Guangdong Xingye In-vestment Co., Ltd.

Guangdong SACA Precision Manufacturing Co., Ltd., the China-based SZSE-listed company engaged in the R&D, design, manufacture and distri-bution of precision metal fittings, has agreed to acquire a 91.5% stake in C.M.I. Group, the Italy-based company engaged in manufacture of me-chanical hinges for household appliances from Guangdong Xingye Invest-ment Co., Ltd., the China-based investment company.

28/05/2018

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

7.0 n/a IMA S.p.A. Brenna fa-mily

IMA S.p.A., the listed Italy-based manufacturer of automatic packaging ma-chines for the tea, pharmaceutical and cosmetic industries, has agreed to acquire a 70% stake in Ciemme s.r.l., an Italy-based designer and manufac-turer of carton packaging machines and automatic systems, from Brenna family, an Italy-based family, for a consideration of EUR 14m.

28/05/2018

INCAS S.p.A. n/a n/a SSI Schaefer GMBH

n/a SSI Schaefer GMBH, a Germany-based company that designs and manufac-tures logistic systems, storage and conveying systems, work stations, and waste management solutions, has acquired INCAS S.p.A., an Italy-based company engaged in manufacturing general industrial machinery for logis-tics and producing monitoring sectors, for an undisclosed consideration.


EV (€ m)




25/05/2018

Lafert SpA 145.5 172.7 Sumitomo Heavy Industries, Ltd.

n/a Sumitomo Heavy Industries, Ltd., the listed Japan-based manufacturer of industrial machinery, ships, bridges and steel structure, equipment for envi-ronmental protection, has agreed to acquire Lafert SpA, the Italy-based pro-ducer of transmission systems, for a consideration of EUR 172.65m (USD 201.71m).

23/05/2018

Pibiplast S.p.A. 70.0 n/a L Catterton; Ambienta Sgr SpA

The Bosi family

Ambienta Sgr SpA, the Italy-based private equity firm and L Catterton, the US-based private equity, have acquired an undisclosed majority stake in Pibiplast S.p.A., the Italy-based producer of plastic packaging for cosmetics and standard products for skincare, make-up and tubes and develop custom products, from The Bosi family, the Italy-based private family, for an undis-closed consideration.

23/05/2018

Parcol S.p.A. n/a n/a KOSO Italy S.r.l. n/a Nihon KOSO Co., the Japan-based company engaged in manufacturing, marketing, and field servicing automatic control valves, through KOSO Italy S.r.l., its Italy-based subsidiary, has acquired Parcol S.p.A., the Italy-based company engaged in manufacturing of valves, pressure reducing and su-perheating stations, and other industrial automation products, for an undis-closed consideration, in an insolvency auction.

18/05/2018

Acciaierie e Ferriere di Piombino S.p.A.,; GSI Lucchini S.p.A (69.27% Stake); Piombino Logis-tics S.p.A

n/a 55.0 JSW Steel Ltd. Groupe Cevital

JSW Steel Ltd., a listed India-based company engaged in the business of manufacture and sale of iron and steel products, has agreed to acquire a 100% stake in AFERPI, an Italy-based steel company, part of Lucchini group and Piombino Logistics, the Italy-based company headquartered in Piombino, is a logistics firm as well as a 69.27% stake in GSI Lucchini.


EV (€ m)




17/05/2018

Westport Fuel Systems (CNG compressor business)

n/a 12.5 Snam SpA Westport Fuel Systems Inc.

Snam SpA, a listed Italy-based company engaged in the transport and dis-patching, regasification, storage, and distribution of natural gas, has agreed to acquire Westport Fuel Systems Inc. (WFS), a listed Canada-based devel-oper of engines and fuel injection systems that utilize alternative gaseous fuels, such as natural gas, propane or hydrogen, for a cash consideration of EUR 12.5m.

11/05/2018

Nocoat SpA n/a n/a Surfaces Tech-nological Abra-sives S.p.A.

n/a Surfaces Technological Abrasives S.p.A., an Italy-based manufacturer of abrasive products for the treatment of lapping of the ceramics, has acquired Nocoat SpA, an Italy-based company engaged in the design, development and production of materials and equipment for the surface treatment of ceramic and stone products, for an undisclosed consideration.

09/05/2018

Esso Italiana S.r.l. (Augusta refinery in Sicily and three fuel terminals)

n/a n/a SONATRACH S.p.A.

Esso Italiana S.r.l.

SONATRACH S.p.A., a state owned Algeria-based company engaged in exploration, production and transportation of oil and gas, has agreed to acquire an Augusta refinery in Sicily from Esso Italiana S.r.l., an Italy-based company engaged in the extraction and refining of crude petroleum and natural gas, and a subsidiary of Exxon Mobil Corporation, a listed US-based energy company, for an undisclosed consideration.

09/05/2018

Sadel SpA (84.05% Stake)

n/a n/a Almaviva Tech-nologies Srl

n/a AlmavivA Technologies Srl, an Italy-based business process outsourcing and customer relationship management solutions provider, has acquired 84.05% stake in Sadel SpA, an Italy-based that manufacture onboard passenger information system products, for an undisclosed consideration.

09/05/2018

Arbo S.p.A n/a n/a Luxempart SA; Giubergia Fa-mily

Gruppo Ersel Luxempart SA, a Luxembourg-based private equity and venture capital firm, along with the Giubergia family and the management of Arbo S.p.A, an Italy-based distributor of components and spares for heating systems, has agreed to acquire the company in a management buy-out transaction, from Gruppo Ersel, an Italy-based private equity firm, for an undisclosed consid-eration.


EV (€ m)




07/05/2018

Genfin Srl 55.0 n/a Autodis Italia Holding Srl

Carini Family Autodis Italia Holding Srl, an Italy-based distributor of car and other auto-motive components has acquired Genfin Srl, doing business as G-Group, an Italy-based distributor of car and other automotive components from the Carini family, for an undisclosed consideration.

03/05/2018

Green Box Srl n/a 15.0 Frigel Firenze SpA

Spiandorello family

Frigel Firenze SpA, the Italy-based company engaged in designing, manu-facturing, and selling process cooling systems, has acquired Green Box Srl, the Italy-based company engaged in developing, designing and manufac-turing cooling and temperature control equipment for industrial process cooling, from the Spiandorello family, for an estimated consideration of EUR 15m.

03/05/2018

Nadella Srl n/a 170.0 Intermediate Capital Group Plc; ICG Capital Partners, LLC

21 Partners S.p.A.

Intermediate Capital Group Plc, the UK-based venture capital firm, along with the management of Nadella Srl, an Italy-based company engaged in designing, manufacturing, distributing, and integrating systems in the linear and motion solutions market, have acquired the company from 21 Partners S.p.A., an Italy-based private equity firm in a management buyout transac-tion, for an estimated enterprise value of over EUR 170m.

30/04/2018

Anteo S.p.A (40% Stake)

24.0 n/a Woodbine Ma-nufacturing Co. Inc.

Ilmer Maietti (Private In-vestor)

Woodbine Manufacturing Co. Inc. (dba Tommy Gate), the US-based manu-facturer of tailgate, has acquired a 40% stake in Anteo SpA, an Italy-based liftgate manufacturer, from Mr. Ilmer Maietti, an Italy-based private individ-ual having interest in liftgate manufacturing, for an undisclosed considera-tion.

24/04/2018

Magex SRL 26.2 n/a Hangzhou Zhongya Ma-chinery Co., Ltd.

n/a Hangzhou Zhongya Machinery Co., Ltd., the China-based SZSE-listed com-pany engaged in manufactures and sales of liquid food packaging equip-ment, has agreed to acquire Magex SRL, the Italy-based company engaged in manufacture of vending machines, from two Italy-based private investors for a cash consideration of EUR 8.29m (USD 10.2m).


EV (€ m)




23/04/2018

Tissue Machi-nery Company (82.5% Stake)

n/a n/a IMA S.p.A. Matteo Gen-tile (Private Investor)

IMA S.p.A., the listed Italy-based manufacturer of automatic packaging ma-chines for the tea, pharmaceutical & cosmetic industries, has agreed to ac-quire 82.5% stake in Tissue Machinery Company SpA (TMC), Italy-based company engaged in manufacturing and marketing of automatic machines for packaging and management of tissue and personal care products from Mr.Matteo Gentile, Italy-based private investor for a consideration EUR 58.5m.

19/04/2018

Tecnopool spa (60% Stake)

n/a n/a Xenon Private Equity S.a.r.l.

n/a Xenon Private Equity S.a.r.l., an Italy-based private equity firm, has acquired a 60% stake in Tecnopool spa, an Italy-based company that designs, manu-factures and installs machinery for the treatment and processing of food products, for an undisclosed consideration.

18/04/2018

DA-TOR SpA 40.0 n/a Technoprobe SpA

n/a Technoprobe SpA, an Italy-based manufacturer of semiconductors and re-lated products, has acquired DA-TOR SpA, an Italy-based company en-gaged in manufacturing of bolts, nuts, rivets, and washers, for an undis-closed consideration. DA-TOR has 150 employees and reported revenues of EUR 40m in 2017.

16/04/2018

Guala Closures SpA (81.22% Stake)

534.8 1,019 Peninsula Capi-tal S.a.R.L.; Space4 S.r.l.

aPriori Capi-tal Partners L.P.; Swan-Cap Partners GmbH; NB Renaissance Partners

Space4 S.r.l., an Italy-based SPV formed for acquisition in manufacturing of bottles cap and Peninsula Capital S.a.R.L., the UK-based principal investor and independent advisory company, has agreed to acquire Guala Closures SpA, an Italy-based company involved in designing, manufacturing, and marketing non-refillable closures for spirits, beverages, pharmaceutical products, and edible oils, from aPriori Capital Partners L.P, the US-based PE firm, NB Renaissance Partners, an Italy-based PE firm and SwanCap Part-ners GmbH, a Germany based investment management consulting firm.

16/04/2018

La Genovese Gomme SpA

11.7 n/a Fintyre S.p.A. Balduzzi family

Fintyre SpA, an Italy-based company engaged in wholesale distribution of tyres has agreed to acquire La Genovese Gomme SpA (LGg), an Italy-based company engaged in wholesale distribution, retail and tire retreading and assistance services from Balduzzi family, an Italy-based family investing in companies engaged in wholesale distribution, retail and tire retreading and assistance services, for an undisclosed consideration.


EV (€ m)




06/04/2018

Metania S.r.l; Melfi Reti Gas Srl

n/a n/a ESTRA S.P.A. Gruppo Alexa

ESTRA S.P.A., an Italy-based company engaged in supplying natural gas, LPG, electricity and providing telecommunications and energy services, has acquired Metania S.r.l, an Italy-based company engaged in the distribution of electricity and gas, and Melfi Reti Gas Srl, an Italy-based company en-gaged in the distribution of gas, from Gruppo Alexa, an Italy-based multi utility services provider, for an undisclosed consideration.

05/04/2018

Petroncini Im-pianti S.p.A (31% Stake)

15.0 n/a GIMA TT S.p.A. Giberti fa-mily

IMA S.p.A., the listed Italy-based manufacturer of automatic packaging ma-chines for the tea, pharmaceutical and cosmetic industries, through its sub-sidiary GIMA TT S.p.A., the listed Italy-based packaging machinery and products manufacturer, has agreed to acquire a 31% stake in Petroncini Impianti S.p.A., the Italy-based company that designs, manufactures, and installs machinery for the production of coffee, from the Giberti family, for a total consideration of EUR 8.60m.

04/04/2018

Alfa Laval AB (commercial tubular heat exchanger busi-ness)

12.3 n/a Bitzer SE Alfa Laval AB Bitzer SE, a Germany-based company engaged in research, development and manufacture of compressors, condensing units and pressure vessels for refrigeration and air-conditioning applications, has agreed to acquire com-mercial tubular heat exchanger business of Alfa Laval AB, a Sweden-based company that develops and supplies heat transfer, separation and fluid handling solutions, for an undisclosed consideration.

03/04/2018

Firex srl 16.7 52.6 The Middleby Corporation

n/a The Middleby Corporation, the listed US-based company engaged in de-signing, manufacturing, marketing, distributing and servicing an array of cooking equipment and related products, has acquired Firex srl, an Italy-based manufacturer of steam cooking equipment for the commercial food service industry, for an undisclosed consideration.


EV (€ m)



Country Focus – Norway

21/06/2018

Istad AS (49% Stake)

n/a n/a Tussa Kraft AS Statkraft AS Tussa Kraft AS, the Norway based company engaged in production and distribution of electricity, has agrred to acquire a 49% stake in Istad AS, the Norway-based company engaged in electrical power distribution, from Statkraft AS, Norway-based company engaged in generating energy through renewable resources, for an undisclosed consideration.

20/06/2018

A/S Norske Shell (Draugen field) (44.56% Stake); A/S Norske Shell (Gjoa field) (12% Stake)

n/a n/a OKEA AS A/S Norske Shell OKEA AS, a Norway-based hydrocarbon development company, has signed an agreement to acquire a 44.56% stake in Draugen field, and a 12% stake in Gjoa field, Norway-based oil producing fields, from A/S Norske Shell, a Norway-based company engaged in producing oil and gas and operates as a subsidiary of Royal Dutch Shell plc, the listed UK-based oil and gas producing company, for a total consideration of NOK 4.52bn (EUR 477.007m).

20/06/2018

PowerTech AS 40.7 n/a Midroc Electro AB

Arve Syvertsen (Private Inves-tor); Atle Stenes-to (Private Inves-tor); Bjornar Sonsterud (Pri-vate Investor)

Midroc Electro AB, a Sweden-based provider of electrical installation ser-vices for security equipment, and a subsidiary of Midroc AB, a Sweden-based company engaged in property development and management, con-struction, industry, and environmental technology business, has agreed to acquire PowerTech AS, a Norway-based electrical contractor, from Arve Syvertsen, Atle Stenesto and Bjornar Sonsterud, the Norway-based private investors, for an undisclosed consideration.

19/06/2018

AKOFS Offshore AS (50% Stake)

n/a n/a Mitsui & Co., Ltd.; Mitsui O.S.K. Lines, Ltd.

Akastor ASA Mitsui & Co., Ltd., a listed Japan-based conglomerate and Mitsui O.S.K. Lines, Ltd., a listed Japan-based company engaged in marine transporta-tion, warehousing and cargo handling services, have agreed to acquire 50% stake in AKOFS Offshore AA, the Norway-based provider of vessel-based subsea well construction and intervention services from Akastor ASA, a listed Norway-based company engaged in the provision of engineering & construction services, technologies and product solutions.


EV (€ m)




13/06/2018

Hafslund Pro-duksjon Holding (10% Stake)

19.9 n/a Keskusosuuskun-ta Oulun Seu-dun Sahko; Vantaan Energia Oy; Oy Turku Energia-Abo Energi AB

Fortum Oyj AB Keskusosuuskunta Oulun Seudun Sahko, Vantaan Energia Oy and Oy Turku Energia-Abo Energi AB, the Finland-based companies engaged in production & distribution of electricity & heat, has agreed to acquire a 10% stake in Hafslund Produksjon Holding, a Norway-based company engaged in the generation, transmission & distribution of electric energy from For-tum Oyj AB, a listed Finland-based energy group engaged in producing power for a consideration of approximately EUR 160m.

11/06/2018

Kleven Maritime Technology AS; Kleven Verft AS; Kleven Maritime Contracting AS

400.0 n/a Hurtigruten AS Kleven Maritime AS

Hurtigruten AS , a Norway-based company engaged in the marine trans-portation services, has agreed to acquire Kleven Verft AS, a Norway-based company that offers module based shipbuilding services, Kleven Maritime Technology AS, a Norway-based operator of maritime automation and maritime communication and Kleven Maritime Contracting AS, a Norway-based company engaged in the marine transportation services, from Kleven Maritime AS, a Norway-based technology company focused on developing, building and delivery of specialised ships, for an undisclosed consideration.

08/06/2018

HiLoad LNG AS (95% Stake)

5.2 n/a Sembcorp Ma-rine Integrated Yard Pte. Ltd.

Sevan Marine ASA

Sembcorp Marine Integrated Yard Pte. Ltd., a subsidiary of SembCorp Ma-rine Limited, a listed Singapore-based marine engineering group, has agreed to acquire the intellectual property & proprietary business, including a 95% stake in HiLoad LNG AS, a Norway-based company headquartered in Arendal from Sevan Marine ASA, a listed Norway-based company, is a developer of offshore loading of LNG and regas solutions.

28/05/2018

Norisol Norge A/S

n/a n/a ISO Manage-ment A/S

Norisol A/S ISO Management A/S, a Norway-based company engaged in providing services to oil and gas industries, has acquired, Norisol Norge A/S, a Nor-way-based company engaged in providing insulation, scaffolding, and surface treatment services, from Norisol A/S, a Denmark-based provider of insulation, scaffolding, surface treatment, asbestos removal, accommoda-tion work, design and outfitting, and facade contract services, for an undis-closed consideration.


EV (€ m)




16/05/2018

Saferoad Hol-ding ASA (70.78% Stake)

615.1 304.7 FSN Capital Partners AS

n/a FSN Capital Partners AS, a Norway-based private equity firm, headquar-tered at Oslo, has made an offer to acquire 70.78% of Saferoad Holding ASA, a listed Norway-based company engaged in designing, manufactur-ing and installation of a full range of products and solutions that improve the standard of road safety and road infrastructure, headquartered at Os-lo.

03/05/2018

Teknisk Ventilas-jon AS

5.6 n/a Instalco Intres-senter AB

n/a Instalco Intressenter AB, the listed Sweden-based company engaged in providing installation and maintenance of plumbing, electrical, heating, cooling and ventilation systems for construction and industrial sectors, has agreed to acquire Teknisk Ventilasjon AS, the Norway-based ventilation company for an undisclosed consideration.

02/05/2018

Norwegian Elec-tric Systems AS (49.5% Stake)

n/a n/a Havyard Group ASA

Jan Berg (Private investor)

Havyard Group ASA, the listed Norway-based company engaged in ship-building, engineering, ship design, and development of systems for fish handling on board fishing vessels and on on-shore facilities, has agreed to acquire a 49.5% stake in Norwegian Electric Systems AS (NES), a Norway-based developer and producer of diesel electric and hybrid electric systems for the marine and offshore industries, from Jan Berg, a Norway-based private investor, for an undisclosed consideration.

26/04/2018

Oppdal Everk AS (49.9% Sta-ke)

n/a n/a TronderEnergi AS

Oppdal Munici-pality

TronderEnergi AS, the Norway-based company engaged in environmental-ly friendly production and distribution of energy, through its subsidiaries, has agreed to acquire 49.9% stake in Oppdal Everk AS, the Norway-based power distribution company, from Oppdal Municipality, the Norway-based municipality, for an undisclosed consideration.

13/04/2018

Seaproof Soluti-ons AS

n/a n/a Balmoral Offs-hore Enginee-ring

n/a Balmoral Offshore Engineering, an UK-based cost-effective technology-led composite and polymer solutions for the subsea and deepwater oil and gas sector, has acquired Seaproof Solutions, a Norway-based designer and manufacturer of cable protection systems, bend stiffeners and flexible J-tubes, for an undisclosed consideration.


EV (€ m)




09/04/2018

KRV AS 5.2 n/a Addtech AB n/a Addtech AB, a listed Sweden-based company that develops and sells com-ponents and systems to industrial companies and service industry, has ac-quired KRV AS, a Norway-based supplier and installer of sprinkler systems, for an undisclosed consideration.


EV (€ m)



Country Focus – Poland

25/06/2018

Fortech Poland Sp. z o.o. sp. komandytowa

n/a n/a Phillips Connect Technologies

n/a Phillips Connect Technologies (PCT), the US-based company that provides a platform for consolidating smart-trailer sensors into a central hub to deliver alerts to the driver and customizable fleet management dashboards to the fleet’s operations and a subsidiary of Phillips Industries, Inc., the US-based manufacturer and supplier of advanced electrical and air brake system components for the commercial truck and trailer industry, has acquired For-tech Poland Sp. z o.o. sp. Komandytowa, a Poland-based manufacturer and distributor of quality 24v electrical connectors and cables for commercial vehicles, for an undisclosed consideration.

25/05/2018

PESA Bydgoszcz SA

n/a n/a Polish Develop-ment Fund S.A.

n/a Polish Development Fund S.A., a Poland-based investment fund, has agreed to acquire all shares of PESA Bydgoszcz SA, a Poland-based company en-gaged in designing, manufacturing and servicing railway vehicles, for an undisclosed consideration.

24/05/2018

FERRUM S.A. (34.18% Stake)

59.1 74.3 Watchet Sp. z o.o.

n/a Watchet Sp. z o.o., a Poland-based investment holding company having interest in companies engaged in manufacturing of steel pipes and other products, and a subsidiary of Polish Development Fund S.A., Mezzanine FIZAN and MW Asset Management Sp. z o.o., has agreed to acquire a 34.18% stake in FERRUM S.A., a listed Poland-based manufacturer of steel pipes and other products, headquartered in Katowice.

22/05/2018

Polenergia SA (Polish Energy Partners SA)

663.7 143.7 PGE Polska Grupa Energety-czna S.A.

n/a PGE Polska Grupa Energetyczna S.A., a listed Poland-based company en-gaged in functioning of generation of power from conventional and renew-able sources, as well as electricity trading and distribution, has announced a tender offer to acquire all outstanding shares of Polenergia SA (Polish Energy Partners SA), headquartered in Warsaw.


EV (€ m)



Country Focus – Sweden

27/06/2018

Stena Renewable AB (30% Stake)

n/a n/a Kommunal Landspensjons-kasse

Stena Adac-tum

Kommunal Landspensjonskasse (KLP), a Norway-based company that pro-vide pension, finance, banking, asset management, property and insurance services, has agreed to acquire 30% stake in Stena Renewable AB, a Swe-den-based company engaged in developing and managing wind power generating plants, from Stena Adactum, a Sweden-based private equity firm.

27/06/2018

Stena Renewable AB (35% Stake)

n/a n/a AMF Pensions-forsakring AB

Stena Adac-tum

AMF Pensionsforsakring AB (AMF), a Sweden-based life insurance company and also offers direct savings in mutual funds, headquartered in Stockholm, has agreed to acquire 35% stake in Stena Renewable AB, a Sweden-based company engaged in developing and managing wind power generating plants, headquartered in Gothenburg from Stena Adactum, a Sweden-based private equity firm, headquartered in Gothenburg.

25/06/2018

Powerbox Inter-national AB (94.4% Stake)

41.8 n/a Cosel Co., Ltd. Industrifon-den; Alder AB

Cosel Co., Ltd., the listed Japan-based manufacturer of electrical compo-nents and power supply equipment has agreed to acquire a 94.4% stake in Powerbox International AB, the Sweden-based company engaged in devel-oping, manufacturing, marketing, and selling power supply solutions, head-quartered in Gnesta from Industrifonden, the Sweden-based venture capital firm, headquartered in Stockholm and Alder AB, the Sweden-based private equity firm, headquartered in Stockholm.

19/06/2018

Sandvik Materi-als Technology AB (Stainless wire businesses)

31.7 17.9 Zapp AG Sandvik Ma-terials Tech-nology AB

Zapp AG, a Germany-based supplier of advanced metal products, has agreed to acquire the Sweden-based stainless wire business units of Sandvik Materials Technology AB, a Sweden-based manufacturer of stainless steels, special alloy materials & advanced value-added products and a subsidiary of Sandvik AB, the listed Sweden-based engineering group engaged in providing mining and rock excavation, metal-cutting and materials technol-ogy, for an enterprise value of SEK 183m (EUR 17.884m).


EV (€ m)




15/06/2018

Persson Innova-tion AB

8.2 n/a Ceder Capital Connecting Capital

Ceder Capital, a Sweden-based private equity firm, along with the man-agement of Persson Innovation AB, a Sweden-based manufacturer of paper and plastic carrying handles and handle applicator machines, has acquired the company from Connecting Capital, a Sweden-based venture capital and private equity firm, in a management buyout transaction, for an undisclosed consideration.

06/06/2018

MPT Sweden Aktiebolag

33.0 n/a Holta Invest AS CapMan Plc Holta Invest AS, a Norway-based principal investment firm, has agreed to acquire Metals & Powders Trading AB, a Sweden-based producer and sup-plier of metal powders and crushed metals for metallurgical and welding industry, from CapMan Plc, a listed Finland-based private equity firm, for an undisclosed consideration.

04/06/2018

VSM Entrepre-nad AB

56.9 30.5 Bellman Group AB

n/a Bellman Group AB, a Sweden-based company providing construction ser-vices, headquartered in Saltsjo-Boo has agreed to acquire VSM Entreprenad AB, a Sweden-based contracting machine company, headquartered in Jar-falla on a debt-free basis.

31/05/2018

Universal Power Nordic AB

13.3 n/a Duroc AB Malte Man-son Verkst-ader AB

Duroc AB, a listed Sweden-based company engaged in the acquisition, de-velopment and sale of industry and trade activities, has agreed to acquire Universal Power Nordic AB (UPN), a Sweden-based supplier of diesel en-gines for industrial and marine applications, from Malte Manson Verkstader AB, a Sweden-based provider of repairing services of trucks, for an undis-closed consideration.

24/05/2018

Veoneer,Inc. 1,935 n/a Autoliv, Inc. (Shareholders)

Autoliv, Inc. Autoliv, Inc., is a listed Sweden-based manufacturer of automotive safety systems, headquartered at Stockholm, has agreed to spinoff its electronic business (Veoneer, Inc.), a Sweden-based company engaged in electronic safety products such as automotive radars, night vision systems, cameras with driver assist systems and positioning systems, restraint control systems and brake control systems, headquartered at Stockholm.


EV (€ m)




16/05/2018

STIGA Sports AB 40.9 n/a Staffan Persson (Private Inves-tor); Fredrik Persson (Private Investor)

Escalade Incorporated

Mr. Staffan Persson and Mr. Fredrik Persson, the Sweden-based private indi-viduals having interest in companies manufacturing sports equipment, have acquired a 50% stake in STIGA Sports AB, a Sweden-based wholesaler and distributer of sports equipment and accessories from Escalade Incorporated, the listed US-based manufacturer and distributor of sporting goods, for an undisclosed consideration.

15/05/2018

Fagersta Stain-less AB (50% Stake)

150.0 n/a Outokumpu Oyj Sandvik AB Outokumpu Oyj, a listed Finland-based stainless-steel company providing metal products, technologies and services has agreed to acquire a 50% stake in Fagersta Stainless AB, a Sweden-based company engaged in pro-ducing rust-free metal wire, from Sandvik AB, a listed Sweden-based engi-neering group engaged in providing mining and rock excavation, metal-cutting and materials technology for a cash consideration of EUR 18m.

09/05/2018

Bruks AB; Siwer-tell AB

n/a n/a Bruks Siwertell Group

JCE Group AB; Cargotec Corporation

Cargotec Corporation, the listed Finland-based company engaged in providing cargo handling solutions for industrial & consumer goods and JCE Group AB, the Sweden-based diversified investment company have formed a joint venture named Bruks Siwertell Group, the Sweden based mechanical engineering company which develops, manufactures and markets machines and systems for the wood-processing industry, headquartered in Arbraa.

07/05/2018

Smederna Sveri-ge AB

14.5 n/a Storskogen In-dustrier AB

n/a Storskogen Industrier AB, the Sweden-based investment firm, has acquired an undisclosed majority stake in Smederna Sverige AB, the Sweden-based company engaged in the manufacture, delivery and assembly of steel struc-tures and welded profiles, for an undisclosed consideration.

04/05/2018

Tele Radio AB 25.7 33.0 Allgon AB Arctos Equity Partner

Allgon AB, the listed Sweden-based company developing, designing, and manufacturing access products and systems for wireless telecommunications, has agreed to acquire Tele Radio AB, a Sweden-based company that devel-ops, manufactures and markets radio control systems, from Arctos Equity Partner, the Sweden-based investment company, for a total consideration of SEK 350m (EUR 32.99m).


EV (€ m)




02/05/2018

Plathuset in Ma-lardalen AB

31.8 n/a Storskogen In-dustrier AB

Cavig Mon-tage AB

Storskogen Industrier AB, a Sweden-based company engaged in acquiring and developing small and medium-sized industrial enterprises has acquired Plathuset in Malardalen AB, a Sweden-based provider of steel halls and sheet metal products from Cavig Montage AB, a Sweden-based construction service company for an undisclosed consideration.

30/04/2018

PIAB Invest AB 116.9 662.6 Patricia Indust-ries

EQT Partners AB

Patricia Industries, a Sweden-based investment holding company having interest in Healthcare, Engineering, Financial service and Technology com-panies, has agreed to acquire PIAB Invest AB,Sweden-based developer and manufacturer of gripping and moving parts solutions from EQT Partners AB, a Sweden-based private equity firm, for a consideration of SEK 6.95bn (EUR 662.61m).

27/04/2018

ChargeStorm AB 4.1 n/a CTEK Sweden AB

n/a CTEK Sweden AB, a Sweden-based manufacturer and designer of battery chargers, has acquired ChargeStorm AB, a Sweden-based developer of intelligent charging stations for electric vehicles, for an undisclosed consid-eration.

24/04/2018

Epiroc Ab 3,211 n/a Atlas Copco AB (Shareholders)

Atlas Copco AB

Atlas Copco AB (Shareholders), the Sweden-based shareholders of Atlas Copco AB, has acquired Epiroc Ab from Atlas Copco AB, the Sweden-based Industrial company which develop and produce innovative drill rigs, rock excavation and construction equipment, headquartered at Stockholm.

16/04/2018

Danfoss Varme-pumpar AB

68.4 n/a Stiebel Eltron GmbH & Co. KG

Danfoss A/S Stiebel Eltron GmbH & Co. KG, a Germany-based manufacturer central heating products, has acquired Danfoss Varmepumpar AB (dba., Thermia), a Sweden-based company that designs and manufactures heating products and appliances, from Danfoss A/S, a Denmark-based company engaged in research, development, production, sale and service of mechanical and electronic components and solutions, for an undisclosed consideration.


EV (€ m)




09/04/2018

P.J. Jonsson och Soner AB

36.2 n/a Metso Oyj n/a Metso Oyj, a Finland-based provider of equipment and services for mining, aggregates, recycling, oil, gas, pulp, paper, and process industries has agreed to acquire P.J. Jonsson och Soner AB, a Sweden-based provider of mobile provider crushing and screening plants, for an undisclosed consider-ation.

03/04/2018

Trioplast Indust-rier AB

438.1 n/a Altor Equity Partners AB

Bo Larsson (Private In-vestor)

The management of Trioplast Industrier AB, a Sweden-based company that develops, manufactures, and distributes packaging materials backed by Altor Equity Partners AB, a Sweden-based private equity firm, have agreed to acquire the company in a management buyout transaction, from Mr. Bo Larsson, the Sweden-based private investor, for an undisclosed considera-tion.


EV (€ m)



Country Focus – UK

29/06/2018

EDF Renewables Limited (550MW of UK wind farms) (49% Stake)

n/a n/a Dalmore Capital Limited; The Pensions Infra-structure Plat-form

EDF Rene-wables Li-mited

Dalmore Capital Limited, the UK-based fund management company and Pensions Infrastructure Platform, the UK-based infrastructure investment platform that facilitates long term investment into UK infrastructure by pen-sion schemes, have agreed to acquire 49% stake in a portfolio of 24 UK-based wind farms of EDF Renewables Limited, the UK-based 50:50 joint venture between EDF Energy and EDF Energies Nouvelles engaged in re-newable energy development, for a cash consideration of GBP 701m.

26/06/2018

Specialist Fixings and Construc-tion Products Limited

34.9 33.7 Primary Capital Partners LLP

SIG Plc Primary Capital Partners LLP, the UK-based private equity firm has agreed to acquire VJ Technology Ltd (VJT), the UK-based manufacturers of fasteners and fixings to the construction industry from SIG Plc, the listed UK-based specialist distributor of insulation, ceilings, partitioning and related products, for a consideration of approximately GBP 29.7m.

18/06/2018

Solwaybank wind farm pro-ject

n/a 93.7 The Renewables Infrastructure Group Limited

Renewable Energy Sys-tems Ltd.

The Renewables Infrastructure Group Limited (TRIG), a Channel Islands-based UK-listed closed ended investment company having interest in on-shore wind farms and solar PV park assets, has acquired the Solwaybank wind farm, from Renewable Energy Systems Ltd. (RES), the UK-based com-pany that develops, engineers, constructs and operates onshore and off-shore wind, solar, power transmission and energy storage projects, for a consideration GBP 82m (USD 108.6m).

12/06/2018

Tevva Motors Limited (35.26% Stake)

n/a n/a Bharat Forge Ltd n/a Bharat Forge Ltd, the listed India-based manufacturer of automotive compo-nents, has acquired 35.26% stake in Tevva Motors Limited, the UK-based company engaged in developing and producing hybrid range extended electric trucks, for a consideration if GBP 10.094m.

11/06/2018

The Cardboard Box Company Ltd.

18.0 n/a Logson Limited Peter Street (Private Indi-vidual)

Logson Limited, the UK-based company engaged in the corrugated packag-ing business, has agreed to acquire The Cardboard Box Company Ltd., the UK-based manufacturer of corrugated board, from Peter Street, the UK-based private individual, for an undisclosed consideration.


EV (€ m)




08/06/2018

Northern Aeros-pace Limited

n/a 50.1 Gardner Aeros-pace Holdings Limited

Better Capi-tal LLP

Gardner Aerospace Holdings Limited, the UK-based manufacturer of metal-lic aerospace detailed parts, and a subsidiary of Shaanxi Ligeance Mineral Resources Co., Ltd., a listed China-based company engaged in the exploita-tion, smelting and trading of non-ferrous metal ores, has agreed to acquire Northern Aerospace Limited, the UK-based manufacturer of aerospace parts, from Better Capital LLP, the UK-based PE firm of Better Capital PCC Limited for an enterprise value of GBP 44m.

07/06/2018

Hydram Engine-ering Ltd.

n/a n/a Dynamic Aero-space and De-fence Ltd.

J R Young (Private in-vestor)

Dynamic Aerospace and Defence Ltd., the UK-based company engaged in metal forming and fabrication and a subsidiary of Dynamic Metals, LLC (doing business as Dynamic Aerospace and Defense Inc.), the US-based company engaged in metal forming and fabrication, has acquired Hydram Engineering Ltd., the UK-based supplier of sheet metal components, assem-blies and light fabrications, from J R Young, the UK-based private investor, for an undisclosed consideration.

04/06/2018

The Brock Metal Company Lim-ited

n/a n/a NFM GROUP S.A.

Chelyabinsk Zinc Plant OJSC (ChZP)

NFM GROUP S.A., a Luxembourg-based company engaged in producing Zinc products, has acquired, The Brock Metal Company Limited, the UK-based company engaged in supplying zinc die-casting and galvanizing al-loys, from Chelyabinsk Zinc Plant OJSC (ChZP), a Russia-based zinc manu-facturing plant, for an undisclosed consideration.

04/06/2018

CMR Surgical Limited

n/a n/a Escala Capital S.L.; Cambridge Innovation Capi-tal plc; Watrium AS; LGT Global Invest Ltd.; Zhejiang Silk Road Fund

n/a A group of investors includes Zhejiang Silk Road Fund, a China-based in-vestment holding company, Escala Capital S.L., a Spain-based financial advisor, Cambridge Innovation Capital plc, the UK-based venture capital firm, Watrium AS, a Norway-based investment company. LGT Global Invest Ltd., a Liechtenstein-based private banking and asset management compa-ny, have acquired an undisclosed stake in CMR Surgical Limited, the UK-based developer surgical robot, for a consideration of USD 100m.


EV (€ m)




04/06/2018

A&A Electrical Distributors Ltd.

n/a 13.7 Dewhurst plc n/a Dewhurst plc, the listed UK-based manufacturer of electrical components and control equipment for the elevator and rail industries, has acquired A&A Electrical Distributors Ltd., the UK-based lift and electrical distribution com-pany, for a cash consideration of GBP 12m.

31/05/2018

UK Power Reser-ve Limited

n/a 246.1 SembCorp In-dustries Limited

Equistone Partners Europe Lim-ited; Inflex-ion Private Equity Part-ners LLP

SembCorp Industries Limited, a Singapore-based engineering services com-pany engaged in utilities, engineering & construction, environmental engi-neering, logistics and marine engineering businesses, has signed an agree-ment to acquire UK Power Reserve, the UK-based company that develops, distributes energy and operates power plant, headquartered in West Mid-lands.

29/05/2018

TotalKare Li-mited

n/a n/a Management Vehicle

Michael Gilliam (Pri-vate inves-tor); Tim Jackson (Private in-vestor)

The management team of TotalKare Limited, an UK-based provider of heavy-duty vehicle lifting solutions, has acquired the company, from Tim Jackson and Michael Gilliam, the UK-based private investors, for an undis-closed consideration.

29/05/2018

Altek Europe Ltd n/a 51.6 Harsco Corpo-ration

n/a Harsco Corporation, the US-based company providing diversified industrial services, has acquired Aletek Europe Ltd, the UK-based company specialized in design, manufacture and installation of aluminum dross and scrap pro-cessing systems, for a consideration of GBP 45m, on a debt free cash free basis.

29/05/2018

Cutwel Limited 18.2 n/a NorthEdge Ca-pital LLP

n/a NorthEdge Capital LLP, the UK-based private equity firm, along with man-agement has acquired Cutwel Limited, the UK-based supplier of engineering cutting tools & machine tool accessories, in a management buyout transac-tion, for an undisclosed consideration.


EV (€ m)




23/05/2018

KMG UK Limited n/a 6.4 Haarslev Indust-ries A/S

n/a Haarslev Industries A/S, the Denmark-based manufacturer of processing equipment for the food industry, has acquired KMG UK Limited, the UK-based holding company through its subsidiaries engaged in manufacture and distribution of food processing equipment, for a consideration of USD 7.5m.

23/05/2018

Acrol Holdings Limited

35.2 47.8 Zhejiang Tian-cheng Controls Co., Ltd.

Zhejiang Tiancheng Ketou Co., Ltd.

Zhejiang Tiancheng Controls Co., Ltd., the China-based SHSE-listed com-pany engaged in manufacture and sales of vehicle seats, has agreed to acquire Acrol Holdings Limited, the UK-based company having interest in Acro Aircraft Seating Limited, the UK-based company engaged in design and manufacture of aircraft seating, from Zhejiang Tiancheng Ketou Co., Ltd., the China-based investment firm having interest in vehicle seat making business, for a total consideration of CNY 480m (USD 75.17m).

16/05/2018

TGW (Holdings) Limited

n/a n/a Blue Wolf Capi-tal Partners LLC

Richard Wolstenhol-me (Private investor)

Blue Wolf Capital Partners LLC, the US-based private equity firm, through its Blue Wolf Capital Fund IV, L.P. fund, has acquired a majority stake in TGW (Holdings) Limited, the UK-based industrial knife manufacturer, from Richard Wolstenholme, the UK-based private investor, for an undisclosed considera-tion.

15/05/2018

Alpine Fire Engi-neers Limited

16.9 n/a Core Capital Partners LLP

n/a Core Capital Partners LLP, the UK-based private equity firm, along with Mr Steven Nanda, the UK-based private investor and the management of Al-pine Fire Engineers Limited, the UK-based company that designs and project manages fire suppression systems, have acquired the company, for an un-disclosed consideration, in a buy in management buy out transaction.

15/05/2018

TPS Rental Sys-tems Ltd (35% Stake)

n/a n/a Kirk Kapital A/S n/a Kirk Kapital A/S, a Denmark- based investment firm, has acquired a 35% stake in TPS Rental Systems Ltd, the UK-based supplier of intermediate bulk container totes to rent or buy, for an undisclosed consideration. TPS Rental Systems Ltd press release (Danish)


EV (€ m)




14/05/2018

McLaren Tech-nology Group Limited (10% Stake)

n/a n/a Michael Latifi (Private investor)

n/a Mr. Michael Latifi, the British Virgin Islands-based private investor, through Nidala (BVI) Limited, a BVI-based investment holding company, has ac-quired a 10% stake in McLaren Technology Group Limited, the UK-based company that designs and manufactures automobiles and accessories, for a consideration of GBP 203.8m.

14/05/2018

AB 2000 Ltd n/a n/a The Quattro Group Limited

n/a The Quattro Group Limited, the UK-based supplier of operated road rail plants and operator of environmental machines has acquired AB 2000 Ltd, the UK-based company that provides industrial equipment including mobile cranes, excavators for hire, for an undisclosed consideration.

14/05/2018

JLA Limited n/a n/a Cinven Partners LLP

HgCapital Cinven Partners LLP, the UK-based PE firm, has agreed to acquire JLA Lim-ited, the UK-based based company engaged in supplying and servicing commercial and industrial laundry solutions, from HgCapital, the UK-based private equity firm and a subsidiary of HgCapital Trust plc, the listed UK-based private equity investment trust, for an undisclosed consideration.

08/05/2018

Precision UK Ltd 12.4 n/a Indutrade AB n/a Indutrade AB, the listed Sweden-based manufacturer and marketer of indus-trial components and systems has acquired Precision UK Ltd, the UK-based manufacturer and suppliers of medical gas pipeline equipment for an undis-closed consideration.

08/05/2018

McPhee Bros (Blantyre) Li-mited

n/a n/a Elaghmore Part-ners LLP

Lorna McFarlane (Private In-vestor)

Elaghmore Partners LLP, the UK-based private equity firm, has acquired McPhee Bros (Blantyre) Limited, the UK-based designer and manufacturer of truck-mounted concrete mixer units, from Lorna McFarlane, the UK-based private investor, for an undisclosed consideration.

03/05/2018

Mainstream Renewable Pow-er Limited (Neart na Gaoithe wind farm)

n/a 500.0 EDF Renewables Limited

Mainstream Renewable Power Li-mited

EDF Energy Renewables Limited, the UK-based engaged in renewable ener-gy development and a subsidiary of Electricite de France S.A., a listed France-based company has acquired the 450 megawatts (MW) Neart na Gaoithe wind farm from Mainstream Renewable Power Limited, an Ireland-based renewable energy company that engages in the development, build-ing and operation of renewable energy plants in Ireland and internationally, for a estimated consideration of GBP 441m.


EV (€ m)




02/05/2018

Packaging Lo-gistics Services Ltd.

5.4 n/a Contraload NV Bibby Line Group Li-mited

Contraload NV, the Belgium-based company engaged in providing pooling & rental services for plastic pallets & bins, has acquired Packaging Logistics Services Ltd. (PLS), the UK-based company that designs and manufactures plastic packaging products, from Bibby Line Group Limited, the listed UK-based group of companies involved in the ownership, operation and man-agement of ships, floating accommodation, offshore oil services and finan-cial services for an undisclosed consideration.

02/05/2018

EU Fire & Securi-ty Limited

13.5 n/a Newbury In-vestments (UK) Limited

n/a Newbury Investments (UK) Limited, the UK-based investment holding com-pany having interest in companies engaged in the manufacture and distribu-tion of CCTV, IP video, access control, intruder detection equipment, batter-ies, torches, electrical products and kitchen appliances, has acquired EU Fire & Security Limited, the UK-based fire alarm distributor, for an undisclosed consideration.

02/05/2018

Vacgen Limited n/a n/a Agathos Ma-nagement LLP

Scienta Sci-entific AB

Agathos Management LLP, the UK-based private equity firm, has acquired Vacgen Limited, the UK-based supplier of vacuum components and manipu-lation devices to industry, education, research & development, and the scien-tific community, from Scienta Scientific AB, a Sweden-based company en-gaged in the development of Ultra High Vacuum (UHV) research and analy-sis equipment, for an undisclosed consideration.

30/04/2018

IsoCool Ltd n/a n/a Eurochiller S.r.l Mr Nigel Hallett (Pri-vate Investor)

Eurochiller S.r.l, the Italy-based company engaged in industrial refrigeration and thermo-regulation field and providing cooling systems to the plastics industry has acquired IsoCool Ltd, the UK-based company engaged in dis-tribution, maintenance, installation of cooling equipment from Mr Nigel Hallett, the UK-based private investor, for an undisclosed consideration.

26/04/2018

PEL Services Ltd. n/a n/a Boston Networks Ltd.

n/a Boston Networks Ltd., an UK-based company that designs, manages and maintains multi-site, multi-service IT network infrastructure, focusing on fire, security and smart building systems, and a portfolio company of Aliter Capi-tal LLP, an UK-based private equity firm, has acquired PEL Services Ltd., an UK-based fire, security and audio-visual solutions provider, for an undis-closed consideration.


EV (€ m)




25/04/2018

Cerberus Securi-ty and Monitor-ing Services Limited

n/a n/a Clearway Envi-ronmental Ser-vices (U.K.) Ltd

Stephen Hardcastle (Private In-vestor)

Clearway Environmental Services (U.K.) Ltd, the UK-based company that provides vacant property services including security, protection and environ-mental waste clean up and a portfolio company of Business Growth Fund plc, the UK-based PE firm, has acquired Cerberus Security and Monitoring Services Limited, the UK-based provider of security systems and monitoring solutions, from Stephen Hardcastle, the UK-based private investor, for an undisclosed consideration.

24/04/2018

John Guest Hol-dings Ltd.

189.9 n/a Reliance World-wide Corporati-on

n/a Reliance Worldwide Corporation, the US-based Australia listed, manufactur-er of push to connect plumbing fittings and specialist water control valves, is headquartered in Atlanta, Georgia, has agreed to acquire John Guest Lim-ited, the UK-based company designs, manufactures, and distributes plastic push-fit fittings, headquartered in West Drayton.

24/04/2018

Precision Micro Limited

16.9 25.7 LDC (Managers) Limited

Meggitt Plc LDC (Managers) Limited, the UK-based PE firm and a subsidiary of Lloyds Banking Group, the listed UK-based financial services group along with the management of Precision Micro Limited, the UK-based company engaged in designing and manufacturing of photo etching metal components, has ac-quired the company in a management buyout transaction, from Meggitt Plc, the listed UK-based global engineering group for a consideration of GBP 22.5m.

17/04/2018

Burntisland Fabrications Ltd

n/a n/a Government of Scotland ; D.F. Barnes Limited

JCE Group AB

JV Driver Group, a Canada-based company engaged in providing contrac-tor & fabrication services in the industrial, commercial, multi-unit residential & industrial buildings, marine, environmental and public infrastruc-ture/institutions space, through its Canada based subsidiary D.F. Barnes Limited has acquired Burntisland Fabrications Ltd (BiFab), a UK-based com-pany engaged in providing fabrication solutions for oil and gas, renewable and infrastructure industries, from JCE Group AB, the Sweden-based diversi-fied investment comp, for undisclosed consideration.


EV (€ m)




17/04/2018

Atlantica Yield plc (16.47% Stake)

840.3 6,097 Algonquin Power & Utilities Corp.

Abengoa, S.A.

Algonquin Power & Utilities Corp, a listed Canada-based renewable energy and regulated utility company investing in hydroelectric, wind & solar power facilities, and sustainable utility distribution businesses, headquartered in Oakville, has agreed to acquire a 16.47% stake in Atlantica Yield plc, the listed UK-based company that owns, manages and acquires renewable en-ergy, conventional power and electric transmission lines and other contract-ed revenue-generating assets from Abengoa, S.A., a listed Spain-based technology company.

11/04/2018

Thermotech Solutions Limited

n/a n/a Atalian Global Services

Foresight Group

Atalian Global Services, a France-based company engaged in providing outsourced hygiene, multi-technique and facility management services, has agreed to acquire Thermotech Solutions Limited, the UK-based company engaged in designing, installation of fire sprinklers and air conditioning systems, from Foresight Group, the UK-based private equity, for an undis-closed consideration.

06/04/2018

Servest Group Limited

518.7 618.7 Atalian Global Services

n/a Atalian Global Services, a France-based company headquartered in Paris, is engaged in providing outsourced hygiene, multi-technique and facility man-agement services in areas of reception, security, landscaping, cleaning, con-struction and transport, has agreed to acquire Servest Group Limited, the UK-based company headquartered in Bury St. Edmunds, is engaged in providing facility management services.

05/04/2018

Precision Tech-nology Supplies Ltd

n/a 12.6 Trifast plc Jason Colly-er (Private Investor); Andy Knight (Private In-vestor); Andy Edwards (Private In-vestor)

Trifast plc, the listed UK-based manufacturer and distributor of industrial fastenings, headquartered in Uckfield, has acquired Precision Technology Supplies Ltd, the UK-based supplier and distributor of stainless steel fasten-ings, headquartered in East Grinstead from UK-based private investors; Mr. Jason Collyer, Mr. Andy Edwards, and Mr. Andy Knight.


EV (€ m)




04/04/2018

HEL Group Ltd n/a n/a Connection Ca-pital LLP

n/a Connection Capital LLP, the UK-based private equity firm has acquired an undisclosed stake in HEL Group Ltd, the UK-based supplier of custom-made modular lab instruments and testing equipment, for a consideration of GBP 5.9m.

04/04/2018

Priden Enginee-ring Ltd.

n/a n/a Elaghmore Part-ners LLP

n/a Elaghmore Partners LLP, the UK-based private equity firm, through its Elaghmore I Fund, has acquired Priden Engineering Ltd., the UK-based pro-vider of engineering solutions for Pneumatic Vehicles, Commercial Bodies, Truck and Bus, Food Industrial Engineering, for an undisclosed considera-tion.

03/04/2018

Amdyte BV. ; Delta Rent BV; Already Hire Limited

n/a n/a Boels Rental B.V. n/a Boels Rental B.V., a Netherlands-based company engaged in providing commercial & industrial machinery and equipment rental & leasing services has acquired Amdyte BV, a Netherlands-based company engaged in rental of temporary fencing, Already Hire Limited, the UK-based company en-gaged in hire & sale business of resale products, compressors, air tools, decorating, painting equipment, cooling/heating, drying equipment and various other equipment and Delta Rent BV, a Netherlands-based company engaged in equipment renting business, for an undisclosed consideration.


EV (€ m)



Country Focus – Canada

28/06/2018

Alga Microwave Inc.

9.8 17.5 Baylin Techno-logies Inc.

n/a Baylin Technologies Inc., a listed Canada-based company, headquartered in Markham, is a manufacturer of passive and active radio frequency products and services, has agreed to acquire Alga Microwave Inc, a Canada-based company headquartered in Kirkland, is engaged in engineering, design and development of radio frequency and microwave components.

22/06/2018

TM4 Inc. (55% Stake)

n/a n/a Dana Incorpo-rated

Hydro Quebec

Dana Incorporated, the listed US-based designer and manufacturer of cars, automotive components and technologies, has agreed to acquire a 55% stake in TM4 Inc., a Canada-based designer and manufacturer of motors, power inverters, and control systems for electric vehicles, from Hydro Que-bec, a Canada-based company engaged in the generation, transmission and distribution of electricity across Quebec, for a consideration of CAD 165m (USD 123.94m).

13/06/2018

Forrest Kerr Hydroelectric Facility (35% Stake); McLy-mont Creek Hydroelectric Facility (35% Stake); Volcano Creek Hydroe-lectric Facility (35% Stake)

n/a n/a Manulife Finan-cial Corpora-tion; Axium In-frastructure Inc.

AltaGas Ltd. Axium Infrastructure Inc., a Canada-based independent investment firm dedicated to investing in core infrastructure assets in energy, transportation & social sector and Manulife Financial Corporation, a Canada-based HKEx-listed financial services group engaged in providing financial products and services & asset management services, have agreed to acquire 35% stake in Canada-based hydroelectric plants; Forrest Kerr Hydroelectric Facility, Vol-cano Creek Hydroelectric Facility and McLymont Creek Hydroelectric Facility, from AltaGas Ltd., a Canada-based energy infrastructure company engaged in acquiring and growing gas and power infrastructure.

11/06/2018

Cuda Energy Inc.

2.5 21.4 Junex Inc. n/a Junex Inc., a listed Canada-based oil and gas exploration company and Cuda Energy Inc., a Canada-based company engaged in the business of exploring for, developing and producing oil and natural gas, have agreed to merge to form Cuda Oil and Gas Inc. (New Cuda)


EV (€ m)




06/06/2018

LDetek Inc. n/a n/a Process Sensing Technologies Ltd.

n/a Process Sensing Technologies Ltd. (PST), the UK-based provider of instru-ments and analyzers for precision measurements used for industrial process control, and a portfolio company of Battery Ventures, the US-based private equity and venture capital firm, has agreed to acquire LDetek Inc., a Cana-da-based company engaged in manufacturing, distributing and integrating online gas analyzers, gas chromatograph systems and related accessories, for an undisclosed consideration.

05/06/2018

Xtreme Drilling & Coil Services

32.1 136.4 AKITA Drilling Ltd.

n/a AKITA Drilling Ltd., the listed Canada-based company engaged in providing contract drilling services to independent and multinational oil and gas com-panies, and potash producers, headquartered in Calgary, has agreed to acquire Xtreme Drilling Corp., the listed Canada-based provider of contract drilling services and tools to oil and gas companies, headquartered in Cal-gary.

29/05/2018

Trans Mountain Pipe Line Com-pany Ltd

n/a 2,994 Government of Canada

Kinder Mor-gan Canada Ltd.

The Government of Canada has agreed to acquire Trans Mountain Pipe Line Company Ltd, a Canada-based company distributes crude oil & refined products, from Kinder Morgan Canada Ltd., a listed Canada-based compa-ny that transports petroleum products to the petroleum transportation indus-try, is headquartered in Calgary and is a subsidiary of Kinder Morgan, Inc., the listed US-based energy infrastructure company.

29/05/2018

Iron Bridge Re-sources Inc.

21.8 66.9 Velvet Energy Ltd.

n/a Velvet Energy Ltd. is a Canada-based company engaged in oil and gas exploration and production, headquartered in Calgary, has agreed to ac-quire Iron Bridge Resources Inc. (IBR) is a listed Canada-based company engaged in the production and exploration of oil and gas, headquartered in Calgary, through an unsolicited tender offer.

29/05/2018

Artis Exploration Ltd.

n/a n/a Warburg Pincus LLC

n/a Warburg Pincus LLC, the US-based private equity and venture capital firm, has acquired undisclosed stake in Artis Exploration Ltd., a Canada-based oil and gas exploration and production company, for an consideration of CAD 180m (USD 138.557m).


EV (€ m)




18/05/2018

Monarch Plastics Limited

n/a n/a Wentworth Technologies Co. Ltd

Monarch Plastics, Inc.

Wentworth Technologies Co. Ltd, the Canada-based manufacturer of plastic packaging, supplier of packaging molds and high precision molds, has acquired Monarch Plastics Limited, the Canada-based manufacturer of blow molded plastic parts, from Monarch Plastics, Inc., the US-based company engaged in designing and blow molding of plastic bottles and containers, for an undisclosed consideration.

11/05/2018

AECOM (Ca-nadian Industrial Services Divi-sion)

n/a n/a Mullen Group Ltd.

AECOM Mullen Group Ltd., the Canada-based transportation and services company, has agreed to acquire Canadian Industrial Services Division of AECOM, the listed US-based provider of technical and management support services, for an undisclosed consideration.

09/05/2018

Quickthree Solu-tions, Inc.

n/a 25.3 Smart Sand Inc n/a Smart Sand Inc., the US-based company, headquartered in The Woodlands, Texas, is a producer of Northern White raw frac sand, which is a preferred proppant used to enhance hydrocarbon recovery rates in the hydraulic frac-turing of oil & natural gas wells, has agreed to acquire Quickthree Solutions, Inc., a Canada-based company, manufacturer of portable vertical frac sand storage equipment at the wellsite.

08/05/2018

B3CG Inter-connect Inc.

23.2 12.8 AQ Group AB n/a AQ Group AB, a listed Sweden-based company engaged in manufacturing and development of products for industrial automation has agreed to ac-quired B3CG Interconnect Inc., a Canada-based supplier of complex electri-cal harnesses, high voltage cables, and electromechanical assemblies, for a consideration of CAD 19.6m (USD 15.235m).

02/05/2018

Weatherford International plc (sucker rod ser-vice business)

n/a 20.9 Undisclosed bidder

Weatherford International plc

An undisclosed bidder, has acquired the sucker rod service business of Weatherford International plc, the listed Switzerland-based company provid-ing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide, for a cash consideration of USD 25m.


EV (€ m)




01/05/2018

Plains Midstream Canada ULC (Steelman and Glen Ewen Gas plant)

n/a n/a Steel Reef Infra-structure Corp

Plains Mid-stream Can-ada ULC

Steel Reef Infrastructure Corp, the Canada-based company engaged in pro-duction and processing of gas, has acquired Steelman and Glen Ewen Gas plants owned by Plains Midstream Canada ULC, the Canada-based com-pany that owns, operates, acquires, and develops a portfolio of midstream energy assets, for an undisclosed consideration.

01/05/2018

Groupe Deux Printing Inc.

8.0 7.3 SupremeX Inc. n/a Supremex Inc, a listed Canada-based manufacturer and marketer of a range of stock and custom envelopes and a provider of packaging and spe-cialty products has acquired Groupe Deux Printing Inc. (G2 Printing), a Canada-based folding carton packaging and labels primarily for the phar-maceutical industry, for a consideration of CAD 11.25m (USD 8.76m).

24/04/2018

Mitel Networks Corporation

882.6 1,586 Searchlight Cap-ital Partners, L.P.

n/a Searchlight Capital Partners, L.P. is a US-based private equity firm, head-quartered in New York, New York, has agreed to acquire Mitel Networks Corporation, a listed Canada-based company headquartered in Kanata, is engaged in manufacturing and providing telecommunication equipment and software solutions.

18/04/2018

HPC Energy Services Ltd.

n/a n/a TriWest Capital Partners Inc.

EnerTech Capital; BDC Capital; Tandem Expansion Fund; 32 Degrees Capital

TriWest Capital Partners Inc., a Canada-based PE firm, along with the man-agement and existing shareholders of HPC Energy Services Ltd., a Canada-based oil & gas product and service company, has acquired the company in a management buyout transaction, from investors including 32 Degrees Capital, Tandem Expansion Fund, BDC Capital, the Canada-based PE firms and EnerTech Capital, the US-based VC firm for an undisclosed considera-tion.

17/04/2018

Instrumar Lim-ited (Emergency Locator Trans-mitter Beacon Product Line)

n/a n/a Dukane Sea-com, Inc.

Instrumar Limited

Dukane Seacom, Inc., the US-based designer and manufacturer of under-water locator beacons, and subsidiary of HEICO Corporation, a listed US-based aviation and defense products manufacturer, has acquired the Emer-gency Locator Transmitter beacon business (ELT Product Line) of Instrumar Limited, a Canada-based manufacturer of emergency becaons, fiber detec-tion equipment, oil and ice detection equipment, for an undisclosed consid-eration.


EV (€ m)




11/04/2018

Maksteel n/a n/a Union Partners LLC

Welded Tube of Canada Corp

Union Partners LLC, the US-based private equity firm, has acquired Mak-steel, the Canada-based operator of steel service center, toll processor and logistics solutions provider from Welded Tube of Canada Corp, the Canada-based producer of steel pipe and tube, for an undisclosed consideration.

09/04/2018

Genesis Robotics n/a n/a Koch Industries, Inc.

Genesis Advanced Technology

Koch Industries, Inc., the US-based conglomerates, has acquired a control-ling stake in, Genesis Robotics, a Canada-based research and development company focused on developing new solutions to some of the significant challenges through robotics technology innovations, from Genesis Advanced Technology, a Canada-based research and development company engaged in providing inventive mechanical designs, for an undisclosed consideration.

09/04/2018

Accucam Ma-chining

n/a n/a Fulcrum Capital Partners Inc.

n/a Fulcrum Capital Partners Inc., a Canada-based private equity firm, through its Fulcrum Capital Private Equity Fund V, has acquired an undisclosed stake in Accucam Machining, a Canada-based supplier of steel parts to heavy equipment OEMs, for an undisclosed consideration.

05/04/2018

Canadian con-tinuous rod ser-vice assets

n/a n/a Lifting Solutions Inc.

n/a Lifting Solutions Inc., a Canada-based company producer of artificial lift and production solutions focused oilfield services company, has acquired Cana-dian continuous rod service assets from a multinational oil field company, for an undisclosed consideration.

03/04/2018

Die-Mold Tool Ltd

n/a 10.2 Mueller Indust-ries Inc.

n/a Mueller Industries Inc., a listed the US-based producer and distributor of copper and brass products, has acquired Die-Mold Tool Ltd, a Canada-based manufacturer of plastic PEX fittings and plastic injection tooling, for a cash consideration of approximately USD 12.5m.

02/04/2018

Plasticase, Inc. n/a n/a Walter Capital Partners

n/a Walter Capital Partners, a Canada-based private equity firm, has acquired, Plasticase, Inc., a Canada-based company engaged in designing and man-ufacturing plastic injection molded cases for businesses, for an undisclosed consideration.

I

92

INTERFINANZ

Global M&A Partners is one of the world's leading partnerships of independent M&A advisory firms. Specialised in the middle market, we provide

support and opportunities locally and internationally for clients buying or selling companies as well as financings, corporate restructurings and other

corporate finance transactions.

Contact Details

InterFinanz

Key contact:

Christian Kollmann

Phone +49 211 16802 23

Cell +49 172 200 2957

Email: [email protected]

Address

Tersteegenstraße 28

40474 Düsseldorf

Germany

Fax +49 211 906 2028

Brown Gibbons Lang & Co

Key contact:

Andrew Petryk

Phone +1 216 241 2800

Cell +1 216 244 3649


Address

1375 East 9th Street,

Suite 2500,

Cleveland, OH 44114

USA

Fax +1 216 241 7417

Crosbie & Company

Key contact:

Ed Giacomelli

Phone +1-416-362-0020

Cell +1-416-402-5907


Address

Sun Life Financial Tower

150 King St. W.

15th Floor, P.O. Box 95

Toronto, Ontario

M5H 1J9

Canada

Fax +1 416 362 3447

Total Finans

Key contact:

Metin Bonfil

Phone +90 212 275 0175

Cell +90 532 236 3536


Address

Kasap Sok. Konak Azer Is Hani No:12 Kat:9, 34394 Esentepe

Istanbul

Turkey

Fax +90 212 211 4001

mailto:[email protected]




ABOUT Global M&A Partners

Established in 1999, Global M&A Partners is one of the world's leading partnerships of independent M&A firms gathered to-

gether to offer to their respective clients premium services for their goals completion. Operating through over 200 M&A advi-

sors, the company serves sectors including Consumer Products, Business Services, Energy & Mining, Healthcare & Pharmaceuti-

cals, Industrials, Packaging, Leisure & Retail and IT. The company operates in over 50 countries and has completed over 1,500

transactions with a combined value in excess of EUR 4.2bn over the last 5 years.

ViSdP: InterFinanz GmbH, Christian Kollmann

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