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MERGERS &
ACQUISITIONS
MEXICO
ANNUAL ISSUE
2020
Seale & AssociatesCreative Solutions. Trusted Advice.
In 2020, 122 transactions were announced in Mexico, representing a decrease of 27.8% in
terms of volume versus the prior year. The total disclosed transaction value was of US$3.1
billion (only considering disclosed amounts).
Mexico M&A 2020 1Seale & Associates
Creative Solutions. Trusted Advice.
SUMMARY OF MERGERS & ACQUISITIONS IN MEXICO
Disclosed YTD
Deal Volume in
Mexico
# of Transactions
per Month
Disclosed Deal
Volume and
Value in
Mexico
Annual
Transactions
(US$ billion)
Disclaimer: the data presented in this report is comprised of transactions of mature-stage companies and excludes
venture capital and capital raises
Sources: Capital IQ, Companies’ Press Releases
9
14 13
6
9
12 12
89 8 8
14
Jan
20'
Feb
20'
Mar
20'
Apr
20'
May
20'
Jun
20'
Jul
20'
Aug
20'
Sep
20'
Oct
20'
Nov
20'
Dec
20'
240
$8.6
$11.4
$8.6
$15.4
$3.1
2016
2017
2018
2019
2020
210
212
122
169
In 2020, 24 transactions were announced by Mexican companies abroad, representing a
decrease of 40.0% in terms of volume versus the prior year. The total disclosed transaction
value was of US$1.5 billion (only considering disclosed amounts).
2
SUMMARY OF MERGERS & ACQUISITIONS BY
MEXICAN COMPANIES ABROAD
Seale & AssociatesCreative Solutions. Trusted Advice.
Disclosed YTD
Deal Volume # of
Transactions
per Month
Disclosed Deal
Volume and
ValueAnnual
Transactions
(US$ billion)
Mexico M&A 2020
Disclaimer: the data presented in this report is comprised of transactions of mature-stage companies and excludes
venture capital and capital raises
Sources: Capital IQ, Companies’ Press Releases
2
6
1
0
1
3
0
2
1
4
2 2
Jan
20'
Feb
20'
Mar
20'
Apr
20'
May
20'
Jun
20'
Jul
20'
Aug
20'
Sep
20'
Oct
20'
Nov
20'
Dec
20'
$9.6
$8.9
$5.2
$2.5
$1.5
2016
2017
2018
2019
2020
49
39
40
24
29
25
17
13
11
10
8
6
3
Others
Mining
Industrial
Financial
TI
Real Estate
Consumer
Health
Infrastructure
The Industrial sector remained the leader in M&A activity by Mexican companies abroad in
2020, with 11 transactions, representing 45.8% of the total announced transactions in the
period.
YTD 2020 Transactions: 122
*Energy, Oil & Gas, Telecommunications, and others
3
The Mining sector remained the leader in domestic M&A activity during 2020, with 25
announced transactions, representing 20.5% of the total announced transactions in the
period.
Seale & AssociatesCreative Solutions. Trusted Advice.
Deals in Mexico by Industry
SUMMARY OF MERGERS & ACQUISITIONS BY INDUSTRY
*
Mexico M&A 2020
YTD 2020 Transactions: 24
Representative Acquisitions by Mexican Companies Abroad
8.3%
REAL ESTATE45.8%
INDUSTRIAL
12.5%INFRASTRUCTURE
12.5%
CONSUMER
8.3%OTHER
4.2%OIL & GAS
HEALTH4.2%
4.2% MINING
Sources: Capital IQ, Companies’ Press Releases
KITES RISE HIGHEST
AGAINST THE WIND, NOT
WITH ITWINSTON CHURCHILL
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
Transaction Summary Buyer Target
On January 7th, Canadian mining company,
Goldplay Exploration Ltd., announced the
acquisition of the Mexican silver mining
company, Minera La Rastra
Minera
La Rastra
On January 27th, Despegar.com, Corp.,
Argentinian company that offers diverse
travel products, announced the acquisition of
Viajes Beda S.A. de C.V., a Mexican travel
agency, for US$76.5 million
On January 20th, Mexican silver mining
company, Carrizal Mining, announced the
acquisition of La Pechuga Property, a mining
property in Mexico
La Pechuga
Property
On January 22nd, DILA Capital, a venture
capital, announced the acquisition of
Soluciones Integrales Jazove, S.A.P.I. de
C.V., a Mexican financial consultant
Soluciones
Integrales
Jazove
On February 10th, Quad/Graphics, Inc., an
American marketing company, announced the
acquisition of Apple 3 Group S.A. de C.V., a
Mexican advertising company
On February 20th, Grupo Axo, a clothing
store operator in Latin America, announced
the acquisition of C&A México S. de R.L., a
fashion clothing distributor in Mexico
On February 20th, GoGold Resources Inc., a
Canadian mining company that specializes in
silver and gold, announced the acquisition of
5 new mining concessions in the Los Ricos
district
Mining
concessions in
Los Ricos
5
REPRESENTATIVE TRANSACTIONS IN MEXICO
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On February 24th, Banco Santander México,
S.A., a multiple banking institution in Mexico,
announced the acquisition of Elavon
Merchant Services México S. de R.L., a
Mexican company that offers payment
solutions, for US$83.6 million
On February 28th, Grupo Herdez, S.A.B. de
C.V., a Mexican company that engages in the
production and marketing of canned and
packaged food products, announced the
acquisition of the Mexican ice cream parlor
chain, Gastronómica Algodón Suave, S.A.
de C.V. (Moyo), for US$10.1 million
On March 2nd, the American steel company,
Steel Dynamics, Inc., announced the
acquisition of Zimmer S.A. de C.V., Mexican
company that engages in metal recycling, for
US$59.0 million
On March 6th, Canadian mining company,
Magna Gold Corp, announced the
acquisition of the San Francisco Mine,
located in Mexico, for US$6.6 million
San Francisco
Mine
On March 30th, the British investment firm,
NextEnergy Capital Limited, announced the
acquisition of a 36.1 MW Photovoltaic Solar
Project located in Guanajuato, for US$19.0
million
36.1 MW
Photovoltaic Solar
Project
On April 6th, FIBRA Prologis, a Mexican real
estate investment trust (REIT), announced the
acquisition of the Premier Logistics Park, a
real estate property in Mexico that consists of
389.9 thousand ft2, for US$353.0 million
Premier
Logistics Park
On April 21st, Magma Partners, a Chilean
venture capital firm, announced the
acquisition of Rampa Ventures, a Mexican
start-up accelerator
6Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On May 6th, Stingray Business Inc., a
Canadian media company, announced the
acquisition of Marketing Sensorial de
México, S.A.P.I. de C.V., a Mexican company
that offers marketing solutions for POS
Marketing Sensorial
de México,
S.A.P.I. de C.V.
On May 7th, GF Bepensa SA de CV, a Mexican
company that offers credit services,
announced the acquisition of a 85.0% stake in
AB&C Leasing de México S.A.P.I. de C.V.,
Mexican leasing company, for US$41.3
million
On May 12th, French oil company, TOTAL S.A.,
announced the acquisition of the remaining
40.0% stake in an Oil field in Mexico, from
Royal Dutch Shell plc
Oil field
from
On June 2nd, CMPC Biopackaging, a Mexican
company that offers fiber-based packaging
services, announced the acquisition of
Samcarsa de México, S.A. de C.V., a Mexican
company that manufactures packaging
products, for US$13.0 million
On June 15th, Jaguar Transport Inc., an
American transport company, announced the
acquisition of the Businesses and operations
of Celadon Group, Inc. in Mexico, which
engage in land transportation, for US$5.7
million
On June 22nd, Canadian mining company,
Southern Silver Exploration, announced the
acquisition of the Cerro Las Minitas Project,
which consists of silver deposits, for US$15.0
million
Cerro Las Minitas
Project
7Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On July 10th, CIBanco S.A., Institución de
Banca Múltiple, a Mexican financial
institution, announced the acquisition of the
Trust business of Evercore Casa de Bolsa, an
investment services provider
Trust business
of
On July 14th, Solenis, LLC, an American
chemical industry for water-intensive
industries, announced the acquisition of
Poliquímicos S.A. de C.V., a Mexican
company that engages in the production of
specialty chemicals
On July 28th, Canadian mining company,
Santacruz Silver Mining, through its
subsidiary, Carrizal Mining S.A. de C.V.,
announced the acquisition of the Zimapan
mining assets from Grupo Peñoles, which
include a mill installation, infrastructure, and
34 mining concessions, for US$20.0 million
Mining assets in
Zimapan
from
On July 31st, Hill-Rom Holdings, Inc., an
American medical technology company,
announced the acquisition of Connecta Soft,
S.A. de C.V., a Mexican company that
develops a clinical communication platform
for patient monitoring, for US$11.5 million
On August 3rd, Openpay SAPI de C.V., a
Mexican company that engages in the
development of payment systems, announced
the acquisition of Adquira México, S.A. de
C.V. (Flap), a Mexican company that engages
in the development of technology for
payment processing
a subsidiary of
On August 10th, Gentera S.A.B. de C.V., a
Mexican financial services provider,
announced the acquisition of an additional
6.0% stake in ConCrédito, a Mexican financial
services provider, increasing its total stake to
51.0%, for US$22.6 million
8Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On August 16th, L.P. Música S.A. de C.V., a
subsidiary of the Mexican radio broadcaster,
Grupo MVS Comunicaciones S.A. de C.V.,
announced the acquisition of Xerc-fm, S.A.
de C.V., a Mexican radio station, from Grupo
Radio Centro, S.A.B. de C.V., for US$15.2
million
L.P. Música
a subsidiary of
Xerc-fm (97.7 FM)
from
On September 10th, FreightCar America,
Inc., an American railway manufacturer,
announced the acquisition of the remaining
50.0% stake in the Castaños Plant, a railway
manufacturing facility in Mexico, from
Fabricaciones y Servicios de México, S.A.
de C.V.
Castaños Plant
from
On September 17th, Grupo Bimbo, S.A.B. de
C.V., a Mexican company that produces,
distributes, and sells diverse bakery products,
announced the acquisition of the remaining
47.6% stake in Blue Label México (Qiubo), a
Mexican fintech that operates as POS, for
US$11.5 million
a subsidiary of
On September 23rd, 2ndsite, Inc.
(Freshbooks, Inc.), a Canadian company that
develops a cloud-based accounting system
for small enterprises, announced the
acquisition of Facturama, a Mexican
company that engages in the development
and operation of an electronic billing software
On October 6th, Jellyfish Group Limited, a
British company that offers digital marketing
services, announced the acquisition of San
Pancho Tech Company, a Mexican company
that also offers digital marketing and advisory
services
9Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On October 20th, PKC Group Oyj, a Finnish
company that specializes in electrical
distribution systems, announced the
acquisition of the Electrical wiring
interconnection systems business from Bt
Ensambles México, S.A. de C.V., a Mexican
company that designs and manufactures
passenger rail vehicles and operates as a
subsidiary of Bombardier Transportation
México, S.A. de C.V., for US$10.0 million
Electrical wiring
interconnection
systems business
from
Bt Ensambles
México
a subsidiary of
On October 26th, CIBanco, S.A., Institución
de Banca Múltiple, a Mexican financial
institution, announced the acquisition of the
Trust business of Deutsche Bank México,
S.A., Institución de Banca Múltiple, which
operates as a subsidiary of Deutsche Bank
Aktiengesellschaft in Mexico and provides
banking products and services
Trust business
from
in Mexico
On November 4th, FIBRA Prologis, a Mexican
real estate investment trust (REIT), announced
the acquisition of two industrial properties
in Monterrey, Mexico, for US$27.2 million
2 industrial
properties in
Monterrey,
Mexico
On November 19th, China Power
International Holding Limited, a subsidiary
of State Power Investment Corporation, a
Chinese company that specializes in energy
projects, announced the acquisition of Zuma
Energía, S.A. de C.V., a Mexican company
that develops, finances, builds, and operates
renewable energy projects
China Power
International
Holding Limited
a subsidiary of
On December 2nd, Sempra Energy, an
American energy-services holding company,
announced the acquisition of an additional
29.8% stake in Infraestructura Energética
Nova, S.A.B. de C.V., a Mexican company
that develops, builds, and operates energy
infrastructure projects, increasing its share to
100.0%, for US$1.8 billion
10Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On December 7th, Konfio Limited, a Mexican
fintech, announced the acquisition of Gx
Technology S.A.P.I. de C.V. (Gestionix), a
Mexican company that develops a cloud-
based enterprise resource planning (ERP)
system
On December 8th, Valtech SE, a British
company that provides digital agency
services, announced the acquisition of
Headways Media, a Mexican company that
provides digital sales and marketing
consultancy
On December 9th, Alianza
Minerometalúrgica Internacional, S.A. de
C.V., a Mexican investment group, announced
the acquisition of a 55.0% stake in Altos
Hornos de México, S.A.B. de C.V., a Mexican
company that manufactures, markets, and
sells flat steel products and structural sections
Alianza
Minerometalúrgica
Internacional
On December 17th, Oatey Company, Inc., an
American company that manufactures and
distributes plumbing products for residential
and commercial industries, announced the
acquisition of Contact Industries, S.A. de
C.V., a Mexican company that manufactures
and distributes plumbing products
11Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS IN MEXICO
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
THE SECRET
OF GETTING
AHEAD IS
GETTING
STARTED
MARK TWAIN
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
Transaction Summary Buyer Target
On January 7th, Inversora Carso, S.A. de C.V.,
a Mexican real estate investment group,
announced the acquisition of the Spanish real
estate company, Quabit Inmobiliaria, S.A.,
for US$5.4 million
On January 22nd, Grupo Energético Del
Sureste, S.A, a Mexican gas station group,
announced the acquisition of Marshall
Distributing Co. Inc., an American gas
distributor, for US$5.4 million
On February 5th, Carso Energy, S.A. de C.V.,
a Mexican company, subsidiary of Grupo
Carso, announced the acquisition of Ideal
Panamá, S.A., a Panama based company that
engages in infrastructure development, for
US$152.6 million
On February 5th, Grupo Lamosa, S.A.B. de
C.V., a Mexican ceramics and coatings
producer, announced the acquisition of
Eurocerámica S.A., a Colombian company
that produces structural clay products, for
US$38.8 million
On February 10th, Compañía Minera Autlán
S.A.B. de C.V., a Mexican steel company,
announced the acquisition of a 50.0% stake in
the Manganese dioxide unit from the
Spanish company, Celaya, Emparanza y
Galdos Internacional S.A., for US$28.7
million
Manganese dioxide
unit
from
On February 26th, Vista Oil & Gas, S.A.B. de
C.V., a Mexican company that explores and
produces oil and gas, announced the
acquisition of Aleph Midstream S.A., an
Argentinian company that offers midstream
services for the oil industry, for US$37.5
million
13Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS BY
MEXICAN COMPANIES ABROAD
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On May 21st, Grupo Caabsa, a Mexican
construction company, announced the
acquisition of a 16.0% stake in the Spanish
construction company, Obrascón Huarte
Lain, S.A., for US$55.2 million
On July 18th, Fomento Económico
Mexicano, S.A.B. de C.V., a Mexican
conglomerate, announced the acquisition of
WAXIE Sanitary Supply and North
American Corporation, American companies
that provide sanitaryware and logistics
services, for US$900.0 million
On August 21st, Zinc Nacional S.A., a
Mexican company that engages in zinc
recycling, along with Jean Goldschmit
International S.A., announced the
acquisition of the Zinc recycling business of
Harz-Metall
Zinc recycling
business
from
On September 9th, Invekra S.A.P.I. de C.V., a
Mexican pharmaceutical conglomerate and
holding company for Laboratorios Sanfer,
among others, announced a majority
acquisition in Laboratorio Pasteur S.A., a
Chilean pharmaceutical company that
manufactures generic and clinical drugs
On October 8th, FEMSA Comercio (OXXO), a
subsidiary of Fomento Económico
Mexicano, S.A.B. de C.V., Mexican company
that operates convenience stores, announced
the acquisition of OK Market, a subsidiary of
SMU, S.A., a Chilean company that operates
convenience stores, for US$54.5 million
a subsidiary of a subsidiary of
On October 19th, Alpek, S.A.B. de C.V., a
Mexican petrochemical company, announced
the acquisition of the Expandable styrenics
business of NOVA Chemicals Corporation, a
Canadian company that produces and sells
plastics and chemicals
Expandable
styrenics business
of
14Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS BY
MEXICAN COMPANIES ABROAD
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Transaction Summary Buyer Target
On October 23rd, Grupo Pochteca, S.A.B. de
C.V., a Mexican company that distributes raw
materials, announced the acquisition of the
Latin American business division, located in
Chile, from Ixom Operations Pty Ltd, an
Australian company that manufactures and
distributes chemicals for water treatment, for
US$20.0 million
Latin American
business division
from
On November 2nd, Ranchero Gold Corp., a
Mexican company that explores silver and
gold mining properties, announced the
acquisition of Melior Resources Inc., a
Canadian company that engages in the
exploration and development of mining
properties in Australia and Canada
On December 16th, Fomento Económico
Mexicano, S.A.B. de C.V., a Mexican
conglomerate, announced the acquisition of
two independent American distribution
companies: Southeastern Paper Group, Inc.
and Southwest Paper Company, Inc.
(SWPlus)
15Seale & Associates
Creative Solutions. Trusted Advice.
REPRESENTATIVE TRANSACTIONS BY
MEXICAN COMPANIES ABROAD
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
YOU NEVER
FAIL UNTIL
YOU STOP
TRYING
ALBERT EINSTEIN
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
REPRESENTATIVE GLOBAL ENGAGEMENTS
Holding company of
has partnered with
a subsidiary of
has sold
to
Its sanitaryware
businesses
and
a business unit of
has sold
Cosmocel Química
to
intelectiva®
has acquired
KFC Costa Rica
from
Grupo Galaz, S.A de C.V.
dealerships from
Workshop and store in
Mexico City from
has acquired
has acquired has been acquired by
has been acquired by
has acquired
has acquired
has been acquired by
has been acquired by
has merged its
beverage division
with
has sold its concrete
pumping business tohas acquired a majority
stake in
Washington, D.C. | Miami | Mexico City | Monterrey
has been acquired by
has been acquired by
Grupo Educativo
IEJV
has acquired
The Zinc Recycling
Business
of
has sold
to
GE Power
Systems
has acquired has acquired has acquired
has sold
to
and
JBI Holding SAS
has been acquired by
a subsidiary of
has sold
to
and
A division of Carrier Commercial Refrigeration, Inc.
has been
recapitalized by
has sold the North
American
guarding business of
to
has acquired
has been acquired by
has sold
to
and
Since 1999, Seale & Associates has been the trusted advisor
to respected public and private companies from around the
world. Seale is a global investment bank with extensive
experience in mergers and acquisitions (M&A), corporate
finance advisory, and enterprise level strategy consulting with
a track record of success in a diverse range of industries. Our
experienced team of professionals are committed to serving
clients with excellence and integrity, while offering innovative
ideas and solutions to address complex transactions.
ADVISOR TO LEADING COMPANIES WORLDWIDE
CONTACT INFORMATION
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Contact Information
James A. Seale
President
Brett M. Carmel
Senior Managing Director
Felipe Bueno Viesca
Senior Director
Sergio Garcia del Bosque
Managing Director
Adan Sierra
Managing Director
Carlos Hernandez
Managing Director
Alejandro Montemayor
Vice President
Armando Rios
Associate
Aaron Garcia
Analyst
Sofia Felix
Business Development
Miguel Leal
Business Development
Andre de Lachica
Junior Analyst
Andre Leroy
Junior Analyst
Carlos Bonilla
Junior Analyst
Daniela Aldasoro
Junior Analyst
Daniela Verdugo
Junior Analyst
Jose Pablo Arronte
Junior Analyst
Regina Labardini
Junior Analyst
www.sealeassociates.com
Seale & AssociatesCreative Solutions. Trusted Advice.
Washington, D.C. | Miami | Mexico City | Monterrey
Headquarters
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APPENDIX
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
USK Urresko Holding S.A.P.I. de C.V.Vehicle steering and suspension
components
Northgate Capital Group, L.L.C.; Alta
Growth Capital, LPMEX - - - -
Guaymas, Mexico Facility of Benchmark
Electronics, Inc.
Assembling and systems
integration facilityLibra Industries, Incorporated USA - 100.0% - -
Viajes Beda S.A. de C.V. Travel agency Despegar.com, Corp. ARG $76.5 100.0% - -
Dabarc SYSTEMS S. De R.L. De C.V.Data management and consulting
servicesData Migration Resources Inc. USA - 100.0% - -
Soluciones Integrales JAZOVE, S.A.P.I.
de C.V.Financial advisory services DILA Capital MEX - - - -
La Pechuga Property Mineral mining property Carrizal Mining, S.A. de C.V. MEX - 100.0% - -
Plata Verde Property Silver deposits Radius Gold Inc. CAN - 100.0% - -
Circus Marketing DF, S.A.P.I. de C.V Digital marketing services MediaMonks B.V. NLD - 100.0% - -
Minera La Rastra, S.A. De C.V. Silver exploration and productionGoldplay Exploration Ltd. (nka:GR
Silver Mining Ltd.)CAN - 100.0% - -
GD/GDI Automotive industry operations Conceria Pasubio S.p.A. ITA - - - -
Naranjillo Property in Mexico Silver and gold reserves Metalurgica Reyna, S.A. De C.V. MEX - 100.0% - -
Elavon Merchant Services Mexico, S. de
R.L. de C.V.
Financial and banking services Banco Santander México, S.A.,
Institución de Banca MúltipleMEX $83.6 100.0% - -
5 New Concessions in Los Ricos District Silver-gold mining project GoGold Resources Inc. CAN - 49.0% - -
Strategic Lithium Property in Mexico Lithium property Asia Metals Inc. USA - 100.0% - -
C&A Mexico S. de R.L. Fashion clothing retail chain Grupo Axo, S.A.P.I. de C.V. MEX - 100.0% - -
Fiesta Americana Hermosillo Hotel Hotel in Hermosillo, Mexico ND - - 100.0% - -
La Trini Property Located in Jaliso, MexicoSilver, gold, and tellurium
resourcesND - - 49.0% - -
Atmosphera Verde SA De Cv (nka:Direct
Pack Recycling)PET plastic recycling solutions Direct Pack, Inc. USA - 100.0% - -
Apple 3 Group S.A. De C.V. Advertising services Quad/Graphics, Inc. USA - 100.0% - -
Laboratorios Dr. Moreira Medical laboratory services Grupo Diagnóstico Aries MEX - 100.0% - -
An Additional Concession in Los Ricos
projectGold-silver mining property GoGold Resources Inc. CAN - 100.0% - -
Footwear Product Line in Mexico of
Henkel AG & Co. KGaAFootwear production facility Worthen Industries, Inc. USA - 100.0% - -
Gastronómica Algodón Suave, S.A. de
C.V.Ice-cream parlor Grupo Herdez, S.A.B. de C.V. MEX $10.1 100.0% - -
ND: Not Disclosed
Target Buyer Financial Information
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
36.1-MWp solar photovoltaic (PV) project
in GuanajuatoSolar power generating project
NextEnergy Capital Limited,
Investment Arm; NextPower III LPGBR $19.0 100.0% - -
Grow MobilityMobile application that offers
electric skates on rentND - - - - -
Book and Learn, SA de CV CRM and booking platform Edvisor Technologies Inc. CAN - 100.0% - -
San Francisco mine Gold mine Magna Gold Corp. CAN $6.6 100.0% - -
Grupo Profesional Planeación y
Proyectos, S.A. de C.V.Industrial and civil projects ND - - 100.0% - -
Distribuidora y Administradora de
Procesos Alimenticios SA. De C.V.Chain of taco restaurants Beer Factory MEX - 100.0% - -
Zimmer S.A. de C.V.Recycling and industrial waste
collection servicesSteel Dynamics, Inc. USA - 100.0% - -
Three Hospitals Located in the South of
Mexico from AmerimedHospitals
RAG Capital Partners, S.A.P.I. de
C.V.MEX $6.4 50.0% - -
Hinds, Eclipsol and Capent brands from
GlaxoSmithKlineBeauty and personal care brands Grisi Hnos. MEX - 100.0% - -
23 Design Design consulting firm Frog Design USA - 100.0% - -
Cuautitlán Industrial Plant Commercial real estate property ND - - 100.0% - -
Rampa Ventures IT consulting services Magma Partners CHL - 100.0% - -
Premier Logistics Park in Mexico City Logistics park property FIBRA Prologis MEX $353.0 100.0% - -
El Sol Mineral Claims Mineral claims Southern Silver Exploration Corp. CAN - 100.0% - -
Block of 23 Claims in Mexico Gold mining properties Midland Exploration Inc. CAN - 100.0% - -
108 Megawatt Solar Power Plant in
MexicoSolar PV project
NextEnergy Capital Limited,
Investment Arm; NextPower III LPGBR - 100.0% - -
Grupo Educativo IEJVHigh schools and higer education
institutionsNacer Global Group MEX - 100.0% - -
36-store independent pawnshops in
central MexicoIndependent pawnshops FirstCash, Inc. USA $6.7 100.0% - -
Evercore Casa de Bolsa, S.A. de C.V. Portfolio management services ND - - 100.0% - -
IoT Labs Mx SAPI IoT technology iQSTEL Inc.; loT Labs, LLC USA - 100.0% - -
Hector Espino baseball stadium Baseball stadium Mexican Federal Government MEX $21.4 100.0% - -
The Essential Guide Book publisher Private investor - - 100.0% - -
Medios de Clasificados S. de R.L. de C.V. Property portals Emerging Markets Property Group ARE - 100.0% - -
ND: Not Disclosed
Target Buyer Financial Information
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
Promeco S.A. de C.V/Boehringer
Ingelheim Promeco S.A. de C.VPharmaceuticals Laboratorios PISA S.A. de C.V. MEX $25.0 100.0% - -
Mexican Oil Field Oil reserves TOTAL S.A. (nka:TOTAL SE) FRA - 40.0% - -
Ike Asistencia GroupTelephone based consumer help
and support servicesND - - - - -
AB&C Leasing de México, S.A.P.I. de
C.V.Equipment leasing services GF Bepensa, S.A. de C.V. MEX $41.3 85.0% - -
Marketing Sensorial México, S.A.P.I. De
C.V.POS marketing solutions Stingray Business Inc. CAN - 100.0% - -
Assets of Durman Gas Conduction
SystemPlumbing products Coflex, S.A. De C.V. MEX - 100.0% - -
Mineral Properties in Mexico Gold-silver deposits Garibaldi Resources Corp. CAN - 100.0% - -
Two Logistics Properties in Mexico City
and GuadalajaraLogistics properties FIBRA Prologis MEX $9.1 100.0% - -
Cerro Las Minitas Project in Durango,
MexicoSilver deposits Southern Silver Exploration Corp. CAN $15.0 60.0% - -
Canplast Mexico Sa De CvWholesale distribution of furniture
productsND - - 50.0% - -
Tenement At San Celso Project Silver mining operations Alien Metals Limited GBR - 100.0% - -
Celadon Mexicana/ Leasing Servicios/
Jaguar Logistics/ STJ/ Servicios
Corporativos
Transportation and logistics
business operationsJaguar Transport Inc USA $5.7 100.0% - -
Gallos Blancos de Querétaro F.C. Soccer club Private investors MEX - 100.0% - -
Santa Teresa Gold Project of El Alamo
Resources LimitedGold project Comet Resources Limited AUS - 100.0% - -
Samcarsa de México, S.A. de C.V. Packaging services CMPC Biopackaging MEX $13.0 100.0% - -
Zimapan Mining Assets of Minera Cedros,
S.A. de C.V.
Zinc, lead, copper, and silver
mining servicesCarrizal Mining, S.A. de C.V. MEX $20.0 100.0% - -
Dassault Systèmes Customers of Tata
Technologies de Mexico
Engineering analysis and design
solutions
Virtual Integrated Analytics Solutions
Inc.USA - 100.0% - -
Two Non-Core Exploration Properties in
MexicoExploration properties ND - - 100.0% - -
Zacatecas Properties Located in the
Zacatecas Mining District, MexicoSilver mining concessions Zacatecas Silver Corp. CAN - 100.0% - -
5 multi-tenant industrial properties Real estate developer O'Donnell MEX - 100.0% - -
Karaokulta Education programs Amber Studio SRL ROM - 100.0% - -
Anionic surfactant business and
associated sulfation assets of Clariant
(Mexico) S.A. de C.V.
Anionic surfactant business and
associated sulfation assetsStepan Company USA - 100.0% - -
Portfolio of 28 Towers in Mexico of Tower
One Wireless Corp.Communication towers ND - - 100.0% - -
ND: Not Disclosed
Target Buyer Financial Information
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
Poliquimicos, S.A. De C.V. Specialty chemicals Solenis LLC USA - 100.0% - -
Trust Business of Evercore Casa de Bolsa Trust businessCIBanco, S. A., Institución de Banca
MúltipleMEX - 100.0% - -
La Chinche Mining ConcessionSilver, zinc, and lead mining
concessionReyna Silver Corp. CAN - 80.0% - -
Ecosistemas de Morelos, S.A. de C.V. Waste water treatment plant Aqualia Intech Sa. ESP - 100.0% - -
Connecta Soft, S.A. de C.V. Clinical communication platform Hill-Rom Holdings, Inc. USA $11.5 100.0% - -
Four Prendamex Stores In Mexico Pawn stores FirstCash, Inc. USA - 100.0% - -
Los Reyes Gold and Silver Property in
Sinaloa, MexicoMineral exploration properties Prime Mining Corp. CAN - 100.0% - -
Six branches of Financiera Finsol, S.A. de
C.V., SOFOM., E.N.R.Microfinance
Financiera Independencia, S.A.B. de
C.V., SOFOM, E.N.R.MEX - 100.0% - -
Adquira Mexico, S.A. de C.V. Electronic payment services Openpay SAPI de C.V. MEX - 50.0% - -
ConCrédito Financial services Gentera, S.A.B. de C.V. MEX $22.6 6.0% - -
38 Megawatt Solar Photovoltaic Power
Plant in MexicoPhotovoltaic power plant Reden Solar FRA $47.6 100.0% - -
3,954 hectare Picachos Gold-Silver
Property of Minera Camargo S.A. de C.V.Gold-silver property Brigadier Gold Limited CAN - 100.0% - -
El Picacho Property of American Metal
Mining, S.A. de C.V.Gold mining property
Compañía Minera La Llamarada, S.A.
de C.V.MEX - 100.0% - -
Prometheus. Biotech Corporation. Stem cell preparations tella, Inc. JPN - 51.0% - -
La Gitana and Pena Blanca Gold-Silver
Projects in MexicoGold and silver claims Inomin Mines Inc. CAN - 100.0% - -
Promecap Acquisition Company, S. A. B.
de C. V.SPAC Grupo Acosta Verde, S.A. de C.V. MEX - 100.0% - -
Xerc-fm, S.a. De C.v. Radio broadcasting LP Música S.A. de C.V. MEX $15.2 100.0% - -
Northland Power Energía, S.A de C.V. Power generators Northland Power Inc. CAN - 100.0% - -
Cerro de Oro Project Gold concessions Minera Alamos Inc. CAN $5.7 100.0% - -
Mani de Ita Abogados Law firm Fegamo & Vasaf MEX - 100.0% - -
Mineral property in Mexico Mineral property Asia Metals Inc. USA - 100.0% - -
Mezcal de Amor S.A.P.I. de C.V. Distilled alcoholic beveragesGlisco Partners Inc.; Glisco Partners
IVMEX - 30.1% - -
Lanix Internacional, S.A. de C.V.Computer equipment
manufacturing
CT Internacional del Noroeste, S.A.
de C.V.MEX - - - -
ND: Not Disclosed
Target Buyer Financial Information
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
Poliquimicos, S.A. De C.V. Specialty chemicals Solenis LLC USA - 100.0% - -
Trust Business of Evercore Casa de Bolsa Trust businessCIBanco, S. A., Institución de Banca
MúltipleMEX - 100.0% - -
La Chinche Mining ConcessionSilver, zinc, and lead mining
concessionReyna Silver Corp. CAN - 80.0% - -
Ecosistemas de Morelos, S.A. de C.V. Waste water treatment plant Aqualia Intech Sa. ESP - 100.0% - -
Connecta Soft, S.A. de C.V. Clinical communication platform Hill-Rom Holdings, Inc. USA $11.5 100.0% - -
Four Prendamex Stores In Mexico Pawn stores FirstCash, Inc. USA - 100.0% - -
Los Reyes Gold and Silver Property in
Sinaloa, MexicoMineral exploration properties Prime Mining Corp. CAN - 100.0% - -
Six branches of Financiera Finsol, S.A. de
C.V., SOFOM., E.N.R.Microfinance
Financiera Independencia, S.A.B. de
C.V., SOFOM, E.N.R.MEX - 100.0% - -
Adquira Mexico, S.A. de C.V. Electronic payment services Openpay SAPI de C.V. MEX - 50.0% - -
ConCrédito Financial services Gentera, S.A.B. de C.V. MEX $22.6 6.0% - -
38 Megawatt Solar Photovoltaic Power
Plant in MexicoPhotovoltaic power plant Reden Solar FRA $47.6 100.0% - -
3,954 hectare Picachos Gold-Silver
Property of Minera Camargo S.A. de C.V.Gold-silver property Brigadier Gold Limited CAN - 100.0% - -
El Picacho Property of American Metal
Mining, S.A. de C.V.Gold mining property
Compañía Minera La Llamarada, S.A.
de C.V.MEX - 100.0% - -
Prometheus. Biotech Corporation. Stem cell preparations tella, Inc. JPN - 51.0% - -
La Gitana and Pena Blanca Gold-Silver
Projects in MexicoGold and silver claims Inomin Mines Inc. CAN - 100.0% - -
Promecap Acquisition Company, S. A. B.
de C. V.SPAC Grupo Acosta Verde, S.A. de C.V. MEX - 100.0% - -
Xerc-fm, S.a. De C.v. Radio broadcasting LP Música S.A. de C.V. MEX $15.2 100.0% - -
Northland Power Energía, S.A de C.V. Power generators Northland Power Inc. CAN - 100.0% - -
Cerro de Oro Project Gold concessions Minera Alamos Inc. CAN $5.7 100.0% - -
Mani de Ita Abogados Law firm Fegamo & Vasaf MEX - 100.0% - -
Mineral property in Mexico Mineral property Asia Metals Inc. USA - 100.0% - -
Mezcal de Amor S.A.P.I. de C.V. Distilled alcoholic beveragesGlisco Partners Inc.; Glisco Partners
IVMEX - 30.1% - -
Lanix Internacional, S.A. de C.V.Computer equipment
manufacturing
CT Internacional del Noroeste, S.A.
de C.V.MEX - - - -
ND: Not Disclosed
Target Buyer Financial Information
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
Facturama Electronic billing software 2ndsite, Inc. CAN - 100.0% - -
Bio Pappel, S.A.B. de C.V. Paper and paper products Enverlis, S.A. de C.V. MEX $42.0 11.8% 3.4x 0.6x
MVZ Silver-Gold Mine Property in
Chihuahua Mexico of Grupo Minero Diflor
S.A. de C.V.
Gold deposits Global Li-Ion Graphite Corp. CAN - 100.0% - -
Neximo Holding SAS Real estate digital platform SAS I@D International FRA - - - -
Blue Label Mexico Payment solutions Grupo Bimbo, S.A.B. de C.V. MEX $11.5 47.6% - -
Castaños Plant in Mexico of
Fabricaciones y Servicios de México, S.A.
de C.V.
Railcar manufacturing facility FreightCar America, Inc. USA $5.0 50.0% - -
Samalayuca Cobre S.A.De C.V. Copper project VVC Exploration Corporation CAN - 25.0% - -
Oil and gas assets in the Shenandoah
Prospect, Gulf of MexicoOil and gas assets Beacon Offshore Energy LLC USA - 100.0% - -
295 hectares of surface rights north of the
Platosa MineSilver mining rights Excellon Resources Inc. CAN - 100.0% - -
Servicios de Tecnología Aeroportuaria,
S.A. de C.V.Airport maintenance services Bagual S.à r.l. LUX - - - -
Trust Business of Deutsche Bank México,
S.A Institución de Banca MúltipleTrust business
CIBanco, S. A., Institución de Banca
MúltipleMEX - 100.0% - -
Electrical wiring interconnection systems
business of Bt Ensambles Mexico S De Rl
De Cv
Electrical wiring interconnection
systemsPKC Group Oyj FIN $10.0 100.0% - 0.4x
Certain Assets Related to the Magistral
del Oro Tailing Processing Plant in
Durango, Mexico
Gold exploration property Tarachi Gold Corp. CAN $8.9 100.0% - -
THIMM Packaging Systems, S. de R.L de
C.V.Corrugated packaging products
TW México Packaging Solutions, S.
de R.L de C.V.MEX - 100.0% - -
Finsol Mexico portfolio Financial servicesTe Creemos, S.A. de C.V. Sociedad
Financiera PopularMEX - 100.0% - -
Administracion de Riesgos, Agente de
Seguros y de Fianzas, S.A.Insurance broker Howden Broking Group Limited GBR - - - -
San Pancho Tech Company Advertising services Jellyfish Group Limited GBR - 100.0% - -
Distillery In Mexico Distiller and vintner William Grant & Sons Holdings Ltd. GBR - 100.0% - -
Nuevo Taxco Silver-Gold Property Silver-gold mining property Red Oak Mining Corp. CAN - 100.0% - -
Portfolio of Industrial Properties in Mexico
from Fibra TerrafinaReal estate properties ND - $127.0 100.0% - -
Zuma Energía S.A. de C.V. Renewable energyChina Power International Holding
LimitedHKG - 100.0% - -
Cerro GordoGold and silver mining
concessionsEndeavour Silver Corp. CAN - 100.0% - -
Margarita Silver Project Silver reservesMolimentales del Noroeste, S.A. de
C.VMEX - 100.0% - -
ND: Not Disclosed
Target Buyer Financial Information
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
DEALS IN MEXICO IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.
Telecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
Mexico M&A 2020
Sources: Capital IQ, Companies’ Press Releases
Name Industry Description Name CountrySize
($USDMM)% Acquired
EV /
EBITDA
EV /
Revenue
Loan portfolio of Banco Ahorro FamsaPortfolio of current credit rights and
overdue loans
Consubanco, S.A., Institución de
Banca MúltipleMEX $42.7 - - -
Two Industrial Properties in Monterrey Real estate properties FIBRA Prologis MEX $27.2 100.0% - -
Dreams Puerto Aventuras Resort & Spa Hotel and resort ND - $34.5 100.0% - -
Global Aftermarket Filters Business of
Tenneco Inc.Auto parts and equipment Premium Guard, Inc. USA - 100.0% - -
Mazda Motor Manufacturing de Mexico,
S.A. de C.V.Car manufacturing Mazda Motor Corporation JAP - 25.0% - -
Minera y Metalurgia Paika SA de CV Mining concessions Ranchero Gold Corp. MEX - 99.9% - -
Two Properties In Monterrey and Ciudad
JuarezReal estate properties FIBRA Prologis MEX $54.4 100.0% - -
Contact Industries, S.A. de C.V. Plumbing products Oatey Company, Inc. USA - 100.0% - -
Banco Forjadores, S.A., Institución de
Banca MúltipleFinancial services
Te Creemos, S.A. de C.V. Sociedad
Financiera PopularMEX - 100.0% - -
Prometheus. Biotech Corporation. Therapeutic stem cell preparations Cenegenics Japan Co., Ltd. MEX - 51.0% - -
Altos Hornos de México, S.A.B. de C.V. Steel productsAlianza Minerometalurgica
Internacional, S.A. de C.V.MEX - 55.0% - -
Six Properties In Northern Mexico Real estate properties ND - $98.8 100.0% - -
Headways MediaDigital sales and marketing
advisory servicesValtech SE GBR - 100.0% - -
Gx Technology S.A.P.I. de C.V.Online platform for business
managementKonfio Limited MEX - 100.0% - -
Millikan S.A. de C.V./Banner Química S.A.
de C.V.
Additives and ingredients for food
products and pharmaceuticsIMCD N.V. NLD - 100.0% - -
Industrial Papelera Venus, S.A. de C.V. Self-adhesive materials Fedrigoni S.p.A. ITA - 100.0% - -
Sesamee Mexicana, S.A. De
C.v./Eberworld, S.A. DE C.V.
Vehicular and industrial
componentsND - - 100.0% - -
Vitamedica S.A de C.V. Medical insuranceBUPA Mexico Compañía de Seguros,
S.A. de C.V.MEX - 100.0% - -
Infraestructura Energética Nova, S.A.B. de
C.V.Energy infrastructure projects Sempra Energy USA $1,824.4 29.8% 10.7x 7.7x
Four Highway Infrastructure Projects in
MexicoHighway infrastructure projects
Mexico Infrastructure Partners;
Fomento a la Energía e Infraestructura
de México
MEX - - - -
ND: Not Disclosed
Target Buyer Financial Information
Buyer
Name Country Industry Description NameSize
($USDMM)
%
Acquired
EV /
EBITDA
EV /
Revenue
Marshall Distributing Co. Inc. USA Fuel delivery servicesGrupo Energético Del Sureste,
S.A. De C.V.$5.4 100.0% - -
Eureka! Restaurant Group, LLC USA Chain of restaurants Carolo Corporation - - - -
Quabit Inmobiliaria, S.A. ESP Real estate development Inversora Carso, S.A. de C.V. $5.4 3.0% - 10.5x
Aleph Midstream S.A. ARG Oil and gas midstream services Vista Oil & Gas, S.A.B. de C.V. $37.5 - - -
Holiday Inn Express El Paso-Central USA Hotel Landstar Hotels - 100.0% - -
Magnanese Dioxide Unit/Portable Energy
CogenerationESP
Magnanese dioxide production
factory and electric power
generation
Compañía Minera Autlán, S.A.B.
de C.V.$28.7 - - -
Nike operations in Argentina, Chile and
UruguayCHL
Footwear and sportswear
operationsGrupo Axo, S.A.P.I. de C.V. - 100.0% - -
Ideal Panamá, S.A. PANDevelopment of physical
infrastructureCarso Energy, S.A. de C.V. $152.6 100.0% - -
Euroceramica S A COL Clay products Grupo Lamosa, S.A.B. de C.V. $38.7 100.0% - -
Eire Born Spirits LLC USA Whiskey Becle, S.A.B. de C.V. - 29.0% - -
Obrascón Huarte Lain, S.A. ESPConstruction and concessions
developmentCaabsa Group $55.2 16.0% 14.3x 0.2x
Aseguradora Vivir, S.A. Seguros de
PersonasSLV Health insurance Perinversiones S.A de C.V. - 100.0% - -
North American Corporation of
Illinois/WAXIE's Enterprises, Inc.USA
Packaging, and marketing
supplies and services
Fomento Económico Mexicano,
S.A.B. de C.V.$900.0 100.0% - -
Check Movilidad S.A. ARG Purchase and sale of used cars UVI Tech S.A.P.I. - 100.0% - -
Zinc Recycling Business of Harz-Metall DEU Metal recyclingZinc Nacional S.A.; Jean
Goldschmidt International S.A.- 100.0% - -
Laboratorio Pasteur S.A. CHL Generic and clinical drugs Invekra S.A.P.I. de C.V. - - - -
Lightbox OOH Video Network USA Outdoor advertising Medios Cattri S.A. de C.V. - 100.0% - -
Latin American business division of Ixom
Operations Pty LtdCHL Chemical manufacturing Grupo Pochteca, S.A.B. de C.V. $20.0 100.0% - -
Expandable Styrenics Business of NOVA
Chemicals CorporationCAN Plastics and chemicals ALPEK, S.A.B. de C.V. - 100.0% - -
OK Market CHL Convenience stores Femsa Comercio S.A. de C.V. $54.5 100.0% - -
Melior Resources Inc. CANExploration and development of
mineral propertiesRanchero Gold Corp. - 100.0% - -
Southeastern Paper Group, Inc. USA Cleaning suppliesFomento Económico Mexicano,
S.A.B. de C.V.- 100.0% - -
Southwest Paper Company, Inc. USAChemical products and cleaning
supplies
Fomento Económico Mexicano,
S.A.B. de C.V.- 100.0% - -
Target Financial Information
DEALS BY MEXICAN COMPANIES ABROAD IN 2020
Seale & AssociatesCreative Solutions. Trusted Advice.Mexico M&A 2020
Sources: Capital IQ, Companies’ Press ReleasesTelecommunications IT Oil & Gas
EnergyMining Real Estate Others Financial Consumer Industrial Infrastructure Healthcare
