Industrial Insider Q1, 2016 - InterFinanz · PDF fileIndustrial Insider Q1, 2016 Country Focus: • German speaking region • Benelux • Czech Republic • Denmark • France •

Industrial Insider Q1, 2016

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

• Canada • USA

Industrials

Introduction / 1

Dear Reader,

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

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

Turkey, Canada and USA in the following segments:

Machinery & Specialty Equipment Instrumentation Power Generation & Transmission

Machine Tools Measuring, Analyzing & Controlling Instruments Substation Equipment

Mechanical Power Transmission Sensors, Relays & Switches Grid Managament Products

Industrial Automation Optical Instruments & Lenses Switchgear

Relays & Industrial Controls Tactile Measurement Equipment SCADA & Remote Monitoring

Hydraulics & Fluid Power Tools and other Industrial Equipment Building Products

Pumps, Motors & Compressors Hand Tools Insulation Materials

Actuators, Cylinders, Pistons Fasteners & other Fixing Material Concrete and Wood Materials

Valves Bearings and Gears Fittings

Automotive Parts, Components & Systems Electrical Equipment Rubber & Miscellaneous Plastics Products

Metal & Plastic Parts and Components Motors, Generators, Transformators Tubes, Films, Foils

Electrical and Electronic Components & Systems Electricity Distribution and Control Sealings

Drive Components & Systems Cables and Installation Material Pipes

Building Automation & Lighting Equipment

In the first quarter 2016, which accounts for 362 transactions (389 in Q1, 2015) in the analysed countries, we were facing a rather sluggish development of M&A activities

in the industrial segment. The total volume (number of deals) declined by approx. 9% compared to the preceding quarter and by approx. 7% compared to the first quarter

2015. This downward development is clearly visible in the chart on the next page:

Introduction / 2

Out of 362 industrial deals registered for the first quarter 2016, 42% were closed in North America (i.e. Canada and USA), which still remains the most important M&A

region with unchanged market share compared to the first quarter of the previous year. The German-speaking region was ranked #2 with a share of approx. 15% of the

number of closed deals in the industrial sector, France (approx. 10%) ranked third followed by UK and Italy with a share of approx. 9% respectively.

As usual, for most transactions no purchase prices were disclosed, so that valuation and pricing data is only available for about one third (117) of all published transactions

in the industrial sector. Although limited in its statement due to the small sample size, the analysis shows, however, that the median valuation indicators such as sales

multiples and EBITDA multiples decreased for the second quarter in a row. The median enterprise values for all transactions with published values dropped to approx. €

57m compared to the median enterprise value of € 77m from the previous quarter. Comparing to long-term historical valuation levels, the currently observed valuation

indicators are still average.

0

100

200

300

400

500

600

2012 2013 2014 2015 2016

Nu

mb

er

of

tra

nsa

ctio

ns

Q1 Q2 Q3 Q4

Quarterly development of transaction volume in the industrial sector

- 9%

Introduction / 3

The following table summarises some important findings and valuation indicators:

The breakdown of transactions into cross-border and domestic deals remained with a ratio of cross-border to domestic transactions of 51% to 49% almost unchanged

compared to the first quarter of 2015 (48% to 52%) and the last quarter of 2015 (49% to 51%).

Number of transactions with disclosed values

German

speaking

region

Germany's

neighbour

countries*

Nordics** UK North America Total

Enterprise value > € 1 bn 2 1 - 1 8 12

Enterprise value € 250 m - € 1 bn 4 2 2 - 10 18

Enterprise value € 100 m - € 250 m 3 3 - - 13 19

Enterprise value € 50 m - € 100 m 2 5 2 - 6 15

Enterprise value < € 50 m 6 9 6 8 24 53

Total 17 20 10 9 61 117

Median

German

speaking

region

Germany's

neighbour

countries*

Nordics** UK North America Overall median

Enterprise value in € m 62.5 57.2 31.8 16.5 113.0 57.2

Sales multiple 1.2 0.7 0.6 1.6 1.3 1.2

EBITDA multiple 6.7 5.0 6.1 6.5*** 10.8 6.5

* Except Austria, Switzerland and Liechtenstein

** Denmark, Norway, Sweden

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

Introduction / 4

The European M&A market saw 210 deals in the first quarter 2016, whereas buyers were targeting companies especially in Germany (altogether 43 takeovers), France

(36), UK and Italy (29 deals for each country).

Cross-border transactions dominated the European M&A market during the first quarter

2016 with a share of the total deal volume of approx. 61%. The distribution of the 209

transactions in the European industrial sector during the first quarter 2016 by geographic

origin shows a very similar picture compared to previous quarters. Again, buyers from

the USA represented the biggest group of overseas buyers. Remarkable is the high num-

ber of Chinese buyers. Ten transactions by Chinese buyers is the highest number of

transactions per quarter from Chinese companies in Europe that we have ever recorded.

The same applies to the number of transactions carried out by buyers coming from Asia

as a region.

The chart to the right shows the geographic origin of buyers of European industrial com-

panies.

Germany - 35France - 31

USA - 22

Sweden - 19

Italy - 19

UK - 18

Switzerland - 8Netherlands - 8

Other countries - 31

China - 10

Japan - 6

India - 1

Thailand - 1

Asian buyers - 18

Introduction / 5

The German M&A market was able to disconnect itself from the downward development in other regions during the first quarter 2016. With 43 deals the German market

saw exactly the same number of transactions as in the first quarter of the previous year. Compared to the preceding quarter, the number of deals decreased by 14%,

which can be explained by the seasonal pattern. Usually, the first quarter of a year sees significantly less M&A activity than the last quarter.

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

Also in Germany we observed a higher share of Asian buyers compared to previous quarters. Out of

the 43 industrial transactions in Germany five were made by Chinese buyers. Thus, Germany is the

most attractive M&A market to Chinese buyers accounting for 50% of Chinese acquisitions in Europe.

As the following chart shows, the market in Germany was again dominated by strategic buyers:

Types of sellers Types of buyers

Germany - 46.5%

Europe - 23.3%

Asia - 16.3%

North America -14.0%

Private individuals / Families - 33%

Industrial companies -44%

Financial investors - 12%

Insolvency administrators - 7%

Stock exchanges - 5%

Private individuals / Families - 12%

Industrial companies -65%

Financial investors - 23%

Introduction / 6

In the first quarter 2016 we, Global M&A Partners, advised on and successfully closed the following transactions:

1. Sale of Industri Verktøy AS, a leading manufacturer of diamond blades and machines for stone working and cutting, located in Nesttun, Norway, to Indutrade

AB, an international industrial group, headquartered in Kista, Sweden. For more information, please click here.

2. Acquisition of 100% in LED Linear GmbH, a German supplier of high-quality linear LED lighting solutions, located in Neukirchen-Vluyn, Germany, by Fagerhult

AB, a listed Swedish group and European market leader for professional lighting installations for indoor and outdoor applications. For more information, please

click here.

3. Acquisition of 100% in Carlo Salvi S.p.A., an Italian manufacturer of cold forming machines, located in the Province of Lecco, region of Lombardy, Italy, by the

Swiss company Hatebur Umformmaschinen AG, a worldwide developer and distributor of hot and cold forming machines. For more information, please click

here.

4. Acquisition of 100% in Jiffy-tite Group, a leading US manufacturer of engineered fluid connection parts, located in Lancaster, New York, USA, by the Swiss

Oetiker Group, one of the leading suppliers of connecting technology to the automotive industry. For more information, please click here.

Global M&A Partners is one of the world’s leading independent M&A advisory firms. Specialised in the middle market, we provide support and opportunities locally and

internationally for clients buying or selling companies as well as financings, corporate restructurings and other corporate finance transactions.

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

� In Europe: Christian Kollmann – [email protected]

� In the USA: Andrew Petryk – [email protected]

� In Canada: Ed Giacomelli – [email protected]

� In Turkey: Metin Bonfil – [email protected]

For further information please visit www.globalma.com

Country Focus – Austria, Germany, Switzerland

Date Target Sales (€ m)

EV (€ m)

Bidder Seller Deal Description

1

31/03/2016

Metalsa Auto-motive Haini-chen GmbH

n/a n/a SUMEC Ma-chinery & Elec-tric Co., Ltd.

Metalsa, S.A. de C.V.

SUMEC Machinery & Electric Co., Ltd., engaged in manufacturing machines and a subsidiary of China National Machinery Industry Corporation (both China), state owned company engaged in the research and development and manufacture of machinery equipment, project contracting and trade and service businesses, has agreed to acquire Metalsa Automotive Hainichen GmbH (MAHG) (Germany), man-ufacturer of automotive components, from Metalsa, S.A. de C.V. (Mexico), en-gaged in providing structural component solutions for light and heavy vehicles, for an undisclosed consideration. MAHG has reported revenues of EUR 90m in 2014.

31/03/2016

Boshoku Auto-motive Europe GmbH; Boshoku Automotive Czech S.R.O.; Boshoku Auto-motive Poland SP. Z O.O.; Toyota Boshoku Europe N.V. Munich Branch (Auto interior components business ex-cluding seats)

n/a n/a Megatech In-dustries AG

Toyota Boshoku Corporation

Megatech Industries AG (Austria), auto parts company, has agreed to acquire Boshoku Automotive (Germany), Boshoku Automotive (Poland), Boshoku Auto-motive (Czech), all auto parts maker, and the auto interior components business excluding seats of Toyota Boshoku Europe N.V. Munich Branch, engaged in de-velopment, design and sales of seats and interior components, from Toyota Boshoku Corporation (Japan), engaged in the manufacturing and sales of auto-mobile parts and textile products, for an undisclosed consideration. Boshoku Au-tomotive Europe had 2,000 employees as of May 2012

31/03/2016

AICON 3D Sys-tems GmbH

19.0 n/a Hexagon AB AICON Metro-logy GmbH

Hexagon AB (Sweden), provider of design, measurement and visualization tech-nologies, has acquired AICON 3D Systems GmbH (Germany), provider of optical and portable non-contact 3D measuring systems, for an undisclosed considera-tion. AICON 3D reported an annual turnover of EUR 19m for the year 2015 and employs a workforce of over 140 people.



EV (€ m)


2

30/03/2016

Fischer IMF GmbH & Co. KG

30.0 n/a Adval Tech Hol-ding AG

Eberhard Fi-scher (Private Investor)

Adval Tech Holding AG (Switzerland), operating in the technology sectors of stamping, forming and injection molding, has agreed to acquire Fischer IMF GmbH & Co. KG (Germany), engaged in developing and producing press tools, metal components and the assembly of modules for automotive industry, from Eberhard Fischer (Germany), private individual and his wife, for an undisclosed considera-tion. Fischer IMF reported revenues of approximately EUR 30m in 2015 and has a workforce of around 280 employees.

29/03/2016

Mobotix AG (65% Stake)

80.1 247.9 Konica Minolta, Inc.

Investor Group Led by Ralf Hin-kel (Private In-vestor)

Konica Minolta, Inc. (Japan), engaged in business technologies, optics, medical and graphic imaging, and sensing operations, has agreed to acquire Mobotix AG (Germany), engaged in producing video surveillance systems, from a Germany-based investor group led by Dr. Ralf Hinkel, the chairman of Mobotix, for a cash consideration of JPY 20bn (USD 176m). The transaction values the implied equity value of Mobotix at JPY 30.77bn (USD 270.77m).

25/03/2016

Green Motion SA (42.87% Stake)

1.1 25.7 Anhui Zhong-ding Sealing Parts Co Ltd

n/a Anhui Zhongding Sealing Parts Co Ltd (China), engaged in manufacture of rubber components for automobile and other industrial use, has agreed to acquire a 42.87% stake in Green Motion SA (Switzerland), engaged in manufacturing charg-ing systems for electric vehicles, for a cash consideration of CHF 12.01m (USD 12.28m). The transaction values the implied equity value of Green Motion at CHF 28m (USD 28.65m).

21/03/2016

Norafin Indust-ries (Germany) GmbH

29.0 n/a VR Equi-typartner GmbH

PINOVA Capital GmbH

VR Equitypartner GmbH (Germany), based private equity and venture capital firm, has agreed to acquire a majority stake in Norafin Industries (Germany) GmbH, manufacturer of specialty and technical nonwovens and composites, from PINOVA Capital GmbH, the Germany-based private equity and venture capital firm, for an undisclosed consideration. In May 2012, PINOVA acquired Norafin together with management for an undisclosed consideration. Norafin has 160 employees and generated revenues of EUR 29m.

18/03/2016

Airbus Group (defense elec-tronics busi-ness)

1000 1100 Kohlberg Kravis Roberts & Co. L.P.

Airbus Group Kohlberg Kravis Roberts & Co. L.P. (US), private equity firm, had agreed to acquire the defense electronics business of Airbus Group (France) at an enterprise value of approximately EUR 1.1bn. The defense electronics business of Airbus Group is based in Germany and had reported revenues of approximately EUR 1bn in 2015 with a workforce of 4,000 employees worldwide.



EV (€ m)


3

15/03/2016

LED Linear GmbH

21.0 61.0 AB Fagerhult Dr. Michael Kra-mer, Carsten Schaffarz

AB Fagerhult (Sweden), engaged in the development, manufacturing and market-ing of lighting systems, has acquired LED Linear GmbH (Germany), a company that produces and sells light emitting diodes based linear lighting solutions, for a consideration of EUR 61m on a cash and debt free basis. LED Linear reported an annual turnover of approximately EUR 21m for the year ending 31 December 2015. It employs a workforce of 110 people.

14/03/2016

Komax Systems LCF SA; Komax Systems Rock-ford Inc.; Komax Systems Malay-sia Sdn.Bhd (76% Stake)

n/a n/a Gima SpA Komax AG IMA S.p.A. (Italy), manufacturer of automatic packaging machines for the tea, pharmaceutical and cosmetic industries, through its subsidiary Gima SpA (Italy), producer of machinery and products for the packaging industry, has agreed to ac-quire Medtech business of Komax AG (Switzerland), provider of wire-processing systems and assembly automation equipment. The Medtech business comprises of three companies all engaged in design, production and commercialisation of machines for assembling medical products for self-medication. IMA will pay CHF 7m (EUR 6.38m) for the equity value of all the three companies and CHF 21.3m (EUR 19.45m) to take over outstanding loans between three companies and Ko-max AG. IMA will also pay an additional payment of CHF 6m as earnouts. Medtech business is expected to generate consolidated revenues of CHF 84m (EUR 76.17m) and EBITDA of CHF 5.6m (EUR 5.11m). The businesss currently employs about 250 people.

10/03/2016

Mould & Matic Solutions GmbH

n/a n/a Kiefel GmbH Haidlmair GmbH Kiefel AG (Germany), producer of machines for processing plastic materials, has agreed to acquire Mould & Matic Solutions GmbH (Austria), engaged in produc-tion, sale and service of injection- and die-casting moulds, from Haidlmair GmbH (Austria), tools and profile shape company, for an undisclosed consideration.In 2015, Mould & Matic employed 110 people. Haidlmair acquired the first 50% stake in May 2004, and the second 50% in May 2014, both for an undisclosed consider-ations.

10/03/2016

Poppe Ahrens-bok GmbH

32.1 n/a Callista Private Equity GmbH & Co. KG

Poppe GmbH & Co. KG

Callista Private Equity GmbH & Co. KG (Germany), private equity firm has agreed to acquire Poppe Ahrensbok GmbH (Germany), a company that manufactures elastomer and rubber seals, gaskets for the automotive industry from Poppe GmbH & Co. KG (Germany), manufacturer of rubber products and plastics, for an undisclosed consideration. Poppe Ahrensbok reported revenues of approximately EUR 32.1m and also has 276 employees, of which 41 are temporary.



EV (€ m)


4

08/03/2016

SSW Pearlfoam GmbH

n/a 21.6 Izo-Blok S.A. SSW Industries GmbH

Izo-Blok S.A. (Poland), engaged in processing and selling of plastic products for automotive and logistics industries, has agreed to acquire SSW Pearlfoam GmbH (Germany), producer of petroleum derivatives and automotive components, from SSW Industries GmbH (Germany), engaged in manufacturing of automotive com-ponents, for a consideration of PLN 93.15m (EUR 21.579m). In the year 2013, SSW Industries has acquired SSW Pearlfoam GmbH.

04/03/2016

Schmid Amrhein AG

13.9 n/a BKW ISP AG n/a BKW ISP AG (Switzerland), provider of electric contracting services, and a sub-sidiary of BKW Energie AG, (Switzerland), engaged in the production, transmis-sion, distribution and sale of electricity, has acquired Schmid Amrhein AG (Swit-zerland), provider of heating, ventilation and sanitation solutions, for an undis-closed consideration. Schmid Amrhein has 90 employees and reported turnover of CHF 15m (USD 15.135m).

28/02/2016

Manz AG (29.9% Stake)

n/a 355.6 Shanghai Elec-tric Group Com-pany Limited

n/a Shanghai Electric Group Company Limited (China), engaged in design, manufac-ture and distribution of electric power and industrial equipment, has agreed to ac-quire 29.9% stake in Manz AG (Germany), engaged in manufacturing technology products for use in automation, through new shares issue.The transaction is val-ued at EUR 92.9m. The offer price represents a premium of 7.8% over Manz's closing share price per share on 26 February 2016, one day prior to announce-ment. The implied equity value of the transaction is EUR 310.778m.

22/02/2016

MineWolf Sys-tems AG

n/a n/a Pearson Engi-neering Limited

n/a Pearson Engineering Limited (UK), provider of counter-mine, counter-IED, route opening and proving, combat earth moving and assault bridge launching equip-ment, has acquired MineWolf Systems AG (Switzerland), a company manufactur-ing mine clearance machines and mechanical demining technologies, for an un-disclosed consideration. In June 2015, MineWolf Systems filed for bankruptcy. In August 2010, MineWolf Systems was acquired by J. Hirsch through its fund ILP III, for an undisclosed consideration.



EV (€ m)


5

22/02/2016

Albert Hacker-odt Maschinen- und Werkzeug-bau GmbH & Co. KG

n/a n/a KS HUAYU Alu-Tech GmbH

Günter Hacker-hodt

KS HUAYU AluTech GmbH (Germany), engaged in business of engineering and casting of innovative aluminum cylinder crankcases for automobiles operating as a subsidiary of KSPG AG (Germany), manufacturer of engine components, has acquired Albert Hackerodt Maschinen- und Werkzeugbau GmbH & Co. KG (Ger-many), engaged in providing industrial machinery and machine tools, for an undis-closed consideration. Hackerodt employs a workforce of 113. In September, 2015, Hackerodt file for bankruptcy after which the business operations went into self-administration.

19/02/2016

Hans und Ott-mar Binder GmbH Oberflae-chenveredelung

290.0 64.0 Bregal Unter-nehmerkapital GmbH

Hans Binder (Private Inves-tor); Ottmar Bin-der (Private In-vestor)

Bregal Unternehmerkapital GmbH (Germany), private equity fund of Bregal Invest-ments LLP (UK), private equity firm, has acquired Hans und Ottmar Binder GmbH (Binder Group) (Germany), manufacturer of auto parts, from Mr. Hans Binder and Mr. Ottmar Binder, Germany private individuals, for an undisclosed consideration. Binder group has reported an annual revenue of EUR 290m for the year ended 2015 and has a workforce of 1,800 employees.

19/02/2016

Grundgruen Energie GmbH (core business)

n/a n/a EnBW Energie Baden-Wuert-temberg AG

Grundgruen Energie GmbH

EnBW Energie Baden-Wuerttemberg AG (Germany), electricity supplier has agreed to acquire core business of Grundgrun Energie GmbH (Germany), en-gaged in generation, transmission and distribution of electric energy, for an undis-closed consideration. Grundgrun Energie GmbH has generated revenues of EUR 160m in 2015.

12/02/2016

Stamm AG 13.9 n/a SFS Group AG Andreas Stamm (Private Inves-tor)

SFS Group AG (Switzerland), a company that develops and manufactures me-chanical fastening systems and precision formed components, has acquired Stamm AG (Switzerland), a company that designs and manufactures micro injec-tion moulding, from Andreas Stamm (Switzerland), private individual, for an undis-closed consideration. Stamm AG employs a workforce of 60 people and reported sales of approximately CHF 15m (EUR 13.85m) for the in 2015.

09/02/2016

WABCO Ver-triebs GmbH & Co. KG

n/a n/a WABCO Hol-dings Inc.

Elisabeth Suto-rius

WABCO Holdings Inc. (US), producers of electronic braking, stability, suspension and transmission control systems for heavy duty commercial vehicles, has ac-quired Trans-Safety LOCKS GmbH (Germany), engaged in manufacturing me-chanical and electronic locking systems for a broad range of transport vehicles, for an undisclosed consideration.



EV (€ m)


6

08/02/2016

TMD Friction Holdings GmbH (rail transport activities)

n/a n/a Knorr-Bremse AG

TMD Friction Holdings GmbH

Knorr-Bremse AG (Germany), manufacturer of braking systems for rail and com-mercial vehicles, has acquired rail transport activities of TMD Friction Holdings GmbH (Germany), engaged in the development, production and marketing of brake friction materials and a subsidiary of Nisshinbo Holdings Inc (Japan), textiles and industrial products group engaged in textiles, automotive parts, machine tools, papers, and chemical products, for an undisclosed consideration.

02/02/2016

Eisenwerk Boehmer & Co. KG

n/a n/a Boehmer family n/a Boehmer family (Germany), has acquired Eisenwerk Boehmer & Co. KG (Ger-many), engaged in manufacturing steel casing parts, for an undisclosed consider-ation. Eisenwerk Boehmer entered insolvency in early December 2015. Post ac-quisition, Eisenwerk Boehmer has been divided into three companies – Boehmer Gusstechnik, Boehmer Zerspanungstechnik and Eisenwerk Boehmer & Co. KG. Eisenwerk Boehmer had 200 employees, of which 150 will be retained post acqui-sition.

01/02/2016

Erwin Büchele GmbH & Co. KG.

n/a n/a Würth Elektronik iBE GmbH

n/a Wuerth Elektronik iBE GmbH (Germany), engaged in designing and manufactur-ing custom-specific rod core chokes and standardized portfolio of EMC compo-nents and power inductors for automotive applications, and a subsidiary of Wuerth Elektronik eiSos GmbH & Co. KG (Germany), has acquired Erwin Buechele GmbH & Co. KG (Erwin) (Germany), manufacturer of electronic EMC components for automotive industry, for an undisclosed consideration. Erwin reported revenues of EUR 16.2m in 2014 and currently has a workforce of 40 employees in Esslingen and 120 people in Kladno via a subcontractor.

01/02/2016

TechniSat Auto-motive

450.0 n/a Preh GmbH; Ningbo Joyson Electronic Corp

Technisat Digital GmbH

Ningbo Joyson Electronic Corp (China), manufacturer and seller of automobile parts and components, and Preh GmbH (Germany), manufacturer of vehicle inte-rior control systems, sensor systems, electronic control units, and assembly sys-tems for vehicle manufacturers, have agreed to acquire TechniSat Automotive (Germany), manufacturer of automotive electronics components, from Technisat Digital GmbH (Germany), engaged in producing consumer electronics products such as digital receivers, multi-switches, head stations, accessories for installation. Ningbo Joyson Electronic and Preh GmbH will each acquire 50% stake in Tech-niSat Automotive. TechniSat Automotive generated revenue of EUR 450mn in 2015 and currently has 1,200 employees. In December 2012, Liaoyuan Joyson Electronic had acquired Preh GmbH for EUR 238.67m.



EV (€ m)


7

01/02/2016

Clean Energy Sourcing AG (87.5% Stake)

520.0 34.3 Innowatio S.p.A.

n/a Innowatio S.p.A. (Italy), an alternative energy and system Integrator Company, has acquired 87.5% stake in Clean Energy Sourcing AG (CLENS) (Germany), energy company that markets electricity from renewable sources and supplies green elec-tricity to industrial, commercial, and household customers, for an undisclosed con-sideration. The deal is estimated to be valued at EUR 30m. CLENS reported rev-enues of EUR 520m for the year ending 2015. The combined EBITDA of the merged entity will be EUR 10m. As part of the deal Clens' shareholders will also take a 5.75% stake in Innowatio. The acquisition has resulted in the creation of the first European energy company of a new generation with EUR 1.5bn in revenues, 230 employees. In August 2015, Innowatio purchased 12.5% of shares in CLENS as part of a capital increase.

29/01/2016

Moelle GmbH n/a n/a ERNST & CIE Die Unterneh-mer AG

Stefan Moelle (Private Inves-tor)

ERNST & CIE Die Unternehmer AG (Germany), a company that invests in me-dium-sized industrial operations, has acquired Moelle GmbH (Germany), engaged in providing packaging solutions, from Stefan Molle (Germany), private investor, for an undisclosed consideration.

28/01/2016

Hymmen GmbH n/a n/a Rene Pankoke (Private Inves-tor); Thomas Ei-kelmann (Pri-vate Investor)

n/a Rene Pankoke and Thomas Eikelmann (Germany), private individuals, have ac-quired Hymmen GmbH (Germany), producer of presses, laminating lines, lines for the application of liquid media, and automation and control technology, for an un-disclosed consideration. Mr. Rene Pankoke will acquire 55% stake and Mr. Thomas Eikelmann will acquire 45% stake. Hymmen Group consists of Hymmen Industrieanlagen GmbH, Technikum Hymmen Industrieanlagen GmbH and Hym-men EMC Pressentechnik GmbH. Hymmen Group currently has approximately 300 employees. Hymmen Industrieanlagen filed for preliminary insolvency pro-ceedings on 01 December 2015 followed by Technikum Hymmen and Hymmen EMC Pressentechnik on 11 December 2015.

27/01/2016

Elatec GmbH n/a n/a DPE Deutsche Private Equity GmbH

n/a DPE Deutsche Private Equity GmbH (Germany), private equity firm investing in small and medium-sized enterprises, will acquire an undisclosed controlling stake in Elatec GmbH (Germany), RFID manufacturer, for an undisclosed consideration. Elatec generated a turnover of EUR 22m in the year 2014 and has approximately 70 employees.



EV (€ m)


8

27/01/2016

Rail Power Sys-tems GmbH; Balfour Beatty Rail Signal GmbH; Tianjin Balfour Beatty Electric Co., Ltd. (49% Stake)

n/a n/a Tianjin Keyvia Electric Co., Ltd.

Balfour Beatty Plc

Tianjin Keyvia Electric Co., Ltd. (China), engaged in manufacture of railway prod-ucts, has agreed to acquire Rail Power Systems GmbH, operator of contact net-work and power supply system businesses, Balfour Beatty Rail Signal GmbH (both Germany), engaged in designing and installation of railway signal equipment, and a 49% stake in Tianjin Balfour Beatty Electric Co., Ltd. (China), a DC switch cabi-net manufacturer for railway transportation, from Balfour Beatty Plc. (UK), a com-pany that provides engineering, construction and investment services. Total con-sideration of ERU 13.25m (USD 14.33m). Of which, Rail Power Systems and Tian-jin Balfour Beatty Electric are valued at EUR 13.15m (USD 14.22m). Balfour Beatty Rail Signal is valued at EUR 0.1m (USD 0.11m). Rail Power Systems had a turn-over of EUR 129.7m (USD 141.47m), EBIT of EUR -1.99m (USD -2.17m), and net loss of EUR 1.55m (USD 1.69m). Balfour Beatty Rail Signal had a turnover of EUR 10.06m (USD 10.97m), EBIT of EUR -0.51m (USD -0.55m), and net loss of EUR -0.51m (USD -0.55m).

25/01/2016

Habegger Ma-schinenfabrik AG

n/a n/a Jakob AG Peter Habegger (Private Inves-tor)

Jakob AG (Switzerland), engaged in manufacturing and marketing of hoisting and lifting technology products, has acquired Habegger Maschinenfabrik AG (Switzer-land), manufacturer of wire rope hoist products, from Peter Habegger (Switzer-land), private individual, for an undisclosed consideration.

25/01/2016

TRW Automo-tive Electronics & Components GmbH

430.2 416.8 Illinois Tool Works Inc.

TRW Automo-tive Holdings Corp.

Illinois Tool Works Inc. (US), engaged in manufacturing of industrial products, equipment and specialty systems, has agreed to acquire TRW Automotive Elec-tronics & Components GmbH (Germany), engaged in manufacturing and supply of engineered fasteners and components, from ZF TRW Automotive Holdings Corp. (US), engaged in manufacture and supply of automotive safety products, including active systems in braking, steering and suspension, airbags, seat belts, and steering wheels and a wholly owned subsidiary of ZF Friedrichshafen AG (Germany), manufacturer of automotive components. ITW will acquire TRW EF&C for a consideration of approximately USD 450m. TRW EF&C generated revenues of approximately USD 470m in 2015, operates 13 manufacturing facilities globally, and employs approximately 3500 people. In 2014, TRW Automotive was acquired by ZF Friedrichshafen for a consideration of USD 11.74bn.



EV (€ m)


9

25/01/2016

MegaPlast GmbH

61.0 200.0 AptarGroup, Inc. n/a AptarGroup, Inc. (US), engaged in providing dispensing systems for the fragrance, cosmetic, personal care, pharmaceutical, household, food and beverage markets, has agreed to acquire Mega Airless (Germany), engaged in the manufacturing of innovative airless dispensing systems for the beauty, personal care and pharma-ceutical products, for a cash consideration of EUR 200m (USD 215.94m). Airless projected revenues for 2015 of approximately EUR 61m.

21/01/2016

NKE Austria GmbH (49% Stake)

22.0 n/a Fersa Bearings, S.A.

n/a Fersa Bearings, S.A. (Spain), a company that designs and manufactures bearings for automotive applications, has acquired 49% stake in NKE Austria GmbH (Aus-tria), a company that develops, manufactures, and markets standard and special bearings for industrial applications, for an undisclosed consideration. NKE is esti-mated to have a turnover of EUR 22m. The company’s products are distributed through 15 international representative offices and more than 240 distribution out-lets in over 60 countries. NKE has employed a workforce of 150 people.

21/01/2016

Woelco AG 20.5 17.0 CCL Industries Inc.

Dieter Woelfle (Private inves-tor)

CCL Industries Inc. (Canada), engaged in specialty packaging solutions for the consumer products and healthcare industries, has acquired Woelco AG (Ger-many), manufacturer of nameplates and self-adhesive labels for industrial applica-tions, from Dieter Woelfle (Germany), private individual, for a consideration of CAD 27m (18.61m), including Net cash. Woelco reported sales of CAD 31m (USD 22.35m) and an adjusted EBITDA of approximately CAD 4.5m (USD 3.25m) for 2015. Concurrently, CCL also acquired Ireland-based companies - Label Art and Label Art Digital, for a consideration of CAD 15m (USD 10.34m) as well as 25% stake in the tube manufacturing joint venture in Bangkok, Thailand, with Taisei Kako of Japan for a consideration of CAD 6m (USD 4.14m).

19/01/2016

Rolf Kind GmbH (40% Stake)

20.0 n/a BWK GmbH n/a BWK GmbH (Germany), private equity firm, has acquired a 40% stake in Rolf Kind GmbH (Germany), manufacturer of large open-die forging products, for an undis-closed consideration. Rolf Kind reported revenues of EUR 20m in 2015 and em-ploys around 70 people.



EV (€ m)


10

18/01/2016

KUNZMANN Maschinenbau GmbH

n/a n/a Eisler family Gerd Siebler (Private Inves-tor); Andreas Kachel (Private Investor)

The Eisler family (Germany) has acquired KUNZMANN Maschinenbau GmbH (Germany), a company that manufactures and sells manual and CNC-controlled general-purpose milling machines, machining centres and supplementary automa-tion solutions from Andreas Kachel and Gerd Siebler (Germany), private investors, for an undisclosed consideration. Eisler family already owns WEILER Werkzeug-maschinen GmbH (Germany), a company that manufactures engine lathes, radial drilling machines, and machine tools. KUNZMANN has a workforce of 110 employees.

15/01/2016

ROBA Piping Projects GmbH

n/a n/a Schrader Appa-ratebau GmbH

n/a Schrader Apparatebau GmbH (Germany), engaged in process engineering, vessel manufacturing, piping construction and industrial services, has acquired ROBA Piping Projects GmbH (Germany), engaged in manufacturing, assembling, and suppling piping systems and components for power stations and industrial plants, for an undisclosed consideration, in an insolvency transaction.

15/01/2016

SEIDEL Holding GmbH

90.0 n/a SVI Public Com-pany Limited

n/a SVI Public Company Limited (SVI) (Thailand), manufacturer and distributor of elec-tronic manufacturing services and electronic equipment, has agreed to acquire SEIDEL Elektronik GmbH Nfg. KG (SEIDEL) (Austria), manufacturer of electronic and mechatronic products. SVI has agreed to acquire Seidel Elektronik Hungaria Elektronikai Kft., Seidel Slovakia, s.r.o. and Seidel Holding GmbH, the manufac-turing facilities of SEIDEL located in Hungary, Slovakia and Austria. It also ac-quired SEIDEL’s minority interests in two product design and development com-panies located in Austria and Slovenia. SEIDEL reported revenues of approxi-mately USD 100m in 2014 and EUR 90m in 2015 with a workforce of over 700 employees.

15/01/2016

airinotec GmbH n/a n/a Abacus Alpha GmbH

SISU Capital Li-mited

Abacus Alpha GmbH (Germany), investment company, via its holding subsidiary company airinotec Verwaltungs GmbH has acquired airinotec GmbH (Germany), a company that manufactures air conditioning and process air systems for food, tobacco, paper, textile, and other industries, from SISU Capital Limited (UK), hedge fund and private equity firm, for an undisclosed consideration.

14/01/2016

puracon GmbH n/a n/a SHS Gesell-schaft fur Betei-ligungsmanage-ment mbH

n/a SHS Gesellschaft fur Beteiligungsmanagement mbH (Germany), venture capital firm, has acquired puracon GmbH (Germany), engaged in sterile assembly and packaging of medical devices and implants in GMP certified clean rooms, for an undisclosed consideration. puracon has approximately 62 employees and it went into administration on 13 October 2015.



EV (€ m)


11

14/01/2016

Sahlberg GmbH & Co. KG

50.0 n/a Haberkorn Hol-ding AG

n/a Haberkorn Holding AG (Austria), engaged in supplying technical products for maintenance work, protection at the workplace, and operational facilities has agreed to acquire Sahlberg GmbH & Co. KG (Germany), engaged in providing technical products, personal protective equipment, for an undisclosed considera-tion. Sahlberg has approximately 200 employees and generates an annual turno-ver of roughly EUR 50m.

14/01/2016

Elumatec AG n/a n/a Emmegi S.p.a. n/a Emmegi S.p.a. (Italy), manufacturer of machining systems for aluminium and light alloy profiles and a subsidiary of Cifin Holding S.r.l. (Italy), investment company, has acquired Elumatec AG (Germany), manufacturer of machines for processing aluminium, PVC and steel profiles, for an undisclosed consideration. Elumatec has over 700 employees, and reported consolidated sales of about EUR 120m in 2014. Elumatec and Emmegi will have a combined workforce of around 1,200 employees and total turnover of approximately EUR 225m. Elumatec had to file for bankruptcy in July 2013.

14/01/2016

Mikrotron GmbH 9.0 9.0 Ambienta SgR SpA

n/a Ambienta SgR SpA (Italy), private equity firm, has acquired Mikrotron GmbH (Ger-many), manufacturer of high speed camera systems for applications in industry, engineering, science and sports, for an undisclosed consideration. The deal is es-timated to be valued at EUR 9m. It is expected that Mikrotron will boasts EUR 9m in revenues and double-digit EBITDA margins for Ambienta.

13/01/2016

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

CGS Manage-ment AG

Quantum Capital Partners AG (Germany), private equity firm, has acquired mdexx GmbH (Germany), a company that develops and produces power transformers, power supplies, chokes, filters and fans for industrial use, from CGS Management AG (Switzerland), private equity firm and the management of the company, for an undisclosed consideration. Mdexx has a workforce of 500 employees. Mdexx was acquired by CGS Management AG and CRG Capital in a management buyout transaction from Siemens AG in 2009.



EV (€ m)


12

12/01/2016

Wilhelm Alten-dorf GmbH & Co. KG

n/a n/a Altendorf family AF Eigenkapital-fonds fur deut-schen Mittel-stand GmbH & Co. KG

Altendorf family (Germany) has acquired an undisclosed minority stake in Wilhelm Altendorf GmbH & Co. KG (Germany), developer and manufacturer of sliding table saws for woodworking, metalworking, and plastics processing industries, form AF Eigenkapitalfonds fuer deutschen Mittelstand GmbH & Co. KG (Germany), private equity fund of Afinum Management GmbH (Germany), private equity firm, for an undisclosed consideration. With the acquisition, Altendorf family will hold 100% stake in Wilhelm Altendorf GmbH & Co. KG. Previously in January 2012, AF Eigen-kapitalfonds fuer deutschen Mittelstand acquired an undisclosed minority stake in Wilhelm Altendorf for an undisclosed consideration.

12/01/2016

Apparatebau Kotters GmbH

n/a n/a Kotters Maschi-nenbau GmbH

n/a Kotters Maschinenbau GmbH (Germany), a company having interest in companies that supply transmissions, drive elements and machine components for special purpose mechanical engineering, has acquired Apparatebau Kotters GmbH (Ger-many), supplier of transmissions, drive elements and machine components for special purpose mechanical engineering, for an undisclosed consideration. Appa-ratebau Kotters had filed for insolvency on 01 October, 2015. It generated revenue of less than EUR 10m over the last three years and employs approximately 50 people.

10/01/2016

KraussMaffei Technologies GmbH

n/a 925.0 China National Chemical Cor-poration ; Guoxin Interna-tional Invest-ment Corpora-tion Limited; AGIC Capital

Onex Corpora-tion

China National Chemical Corporation (ChemChina) (China), engaged in manufac-turing of chemicals products; AGIC Capital (China), private equity firm; and Guoxin International Investment Corporation (Hong Kong), investment holding company, have agreed to acquire KraussMaffei Group (Germany), plastics and rubber pro-cessing machinery manufacturer, from Onex Corporation (Canada), private equity and asset management company, for cash consideration of EUR 925m (USD 1bn). In September 2012, Onex Corporation agreed to acquire KraussMaffei AG from Madison Capital Partners for EUR 568m. KraussMaffei, which employs 4,500 peo-ple, reported revenues of EUR 1.11bn in 2014.

09/01/2016

Rala GmbH & Co. KG

65.0 n/a Dc Netherlands B.V.

Lampert family Dc Netherlands B.V. (Netherlands), wholesaler of iron and metal goods, and a subsidiary of Descours et Cabaud S.A. (France), engaged in distribution of building and public works, industrial products and services, has acquired Rala GmbH & Co. KG (Germany), a company that provides rubber and synthetic industrial products, and occupational safety products, from Lampert family (Germany) for an undis-closed consideration. Rala generated annual revenues of EUR 65m and has bout 275 employees.



EV (€ m)


13

08/01/2016

Glaswerk Ernstt-hal GmbH & Co. KG

n/a n/a Wiegand-Glas GmbH

n/a Wiegand-Glas GmbH (Germany), manufacturer and seller of glass containers, has acquired Glaswerk Ernstthal GmbH & Co. KG (Germany), engaged in the business of producing liquor bottles, water bottles, designer glass bottles as well as glass packaging for food and beverage industry, for an undisclosed consideration.

07/01/2016

P-WELL GmbH 200.0 n/a Model Holding AG

n/a Model Holding AG (Switzerland), manufacturer and supplier of corrugated board, cardboard, litho-laminated, offset printed corrugated board packaging products and related services, has agreed to acquire P-WELL GmbH (Germany), a com-pany specialized in the production and sale of corrugated board formats and pack-aging, for an undisclosed consideration. P-WELL has a workforce of 880 employ-ees and reported turnover of approximately EUR 200m for 2015.

05/01/2016

N2telligence GmbH (70% Stake)

n/a 11.0 Fuji Electric Co., Ltd.

n/a Fuji Electric Co., Ltd. (Japan), engaged in manufacturing electrical equipment in-cluding pressure transmitters, flowmeters, gas analyzers, controllers, inverters, pumps, generators, ICs, motors, and power equipment, has agreed to acquire a 70% stake in N2telligence GmbH (Germany), engaged in the planning and imple-mentation of fire prevention facilities, for an estimated cash consideration of JPY 1bn (USD 8.3m). The transaction values the IEV of N2telligence at JPY 1.43bn (USD 11.85m).

01/01/2016

Montalpina AG 8.0 n/a Industrial Parts Holdings S.A.S

Montalpina Hol-ding AG

Industrial Parts Holdings S.A.S (France), distributor of industrial supplies, has ac-quired Montalpina AG (Switzerland), technical distributor offering bearings, power transmission and sealings to the point of special tools and measuring equipment, from Montalpina Holding AG (Switzerland), investment holding company having interest in the companies engaged in distribution of bearings, sealing, and power transmission, for an undisclosed consideration. Montalpina reported revenue of EUR 8m for the year 2015.

Country Focus – Benelux


EV (€ m)


14

25/03/2016

Alliance Tire Group

484.2 1056 The Yokohama Rubber Co., Ltd.

Kohlberg Kravis Roberts & Co. L.P.; Yogesh Agencies and Investments Pri-vate Limited

The Yokohama Rubber Co., Ltd. (Japan), engaged in manufacturing and selling of tires and wheels, has agreed to acquire Alliance Tire Group (Netherlands), en-gaged in the development, manufacture, and sale of agricultural, forestry, indus-trial, and OHT tires, from Kohlberg Kravis Roberts & Co. L.P. (US), private equity firm, Yogesh Agencies and Investment Private Limited (India), engaged in busi-ness, real estate and financial investment, for a total consideration of USD 1.18bn. The transaction values the implied equity value of Alliance Tire at USD 1.18bn. In 2007, Warburg Pincus LLC (US), private equity firm, backed a USD 150m MBO by Yogesh Mahansaria to acquire Alliance Tire. In 2013, Kohlberg Kravis Roberts acquired a 90% stake in Alliance Tire Group from Warburg Pincus LLC and Yogesh Mahansaria for a cash consideration of 500m.

14/03/2016

Asset Rail B.V. n/a n/a Arcadis NV; Dura Vermeer Groep NV

Egeria B.V. Arcadis NV (Netherlands), engineering and consultancy company providing con-sultancy, design, engineering and management services for infrastructure, water, environment, and buildings; and Dura Vermeer Groep NV (Netherlands), engaged in providing construction and infrastructure services, have acquired a 40% stake in Asset Rail B.V. (Netherlands), a company that maintains, manages, and moni-tors railway tracks, from Egeria B.V. (Netherlands), private equity firm, for an un-disclosed consideration. Following the transaction, Arcadis and Dura Vermeer's stake will increase from 20% and 40% to 40% and 60% respectively in Asset Rail.

10/03/2016

Punch Power-train nv

326.0 1000 Yinyi Real Es-tate Co., Ltd.

LRM nv; Capri-corn Cleantech Fund; New Hori-zon Capital; Gimv-XL Fund

Yinyi Real Estate Co., Ltd. (China), engaged in real estate, equity investment, dis-play trade, industrial zone development and catering, has signed a definitive agreement to acquire Punch Powertrain nv (Belgium), a manufacturer and supplier of fuel efficient powertrains, from Gimv NV (Belgium), private equity and venture capital firm, LRM nv, Capricorn Venture Partners (both Belgium), private equity firms, and New Horizon Capital (Hong Kong), venture capital and private equity firm, for an enterprise value of EUR 1bn. The enterprise valuation is based on the 2016 sales forecast of EUR 500m and expected EBITDA of over EUR 100m. Punch Powertrain has a turnover of EUR 326m and more than 1,200 employees.



EV (€ m)


15

09/03/2016

Loggers B.V. 11.8 n/a Trelleborg AB n/a Trelleborg AB (Sweden), engaged in the development, manufacture and market-ing of polymer solutions through its subsidiary Trelleborg Industrial Solutions (Swe-den), engaged in developing solutions for seal, damp, and protect applications in industrial environments, has acquired Loggers B.V. (Netherlands), engineering company engaged in offering specially engineered anti-vibration solutions, princi-pally within marine applications, for an undisclosed consideration. Loggers had posted revenues of SEK 110m (EUR 11.81m) for the year 2015.

07/03/2016

Dutch Power Company

n/a n/a ABN AMRO Participaties B.V.

Bert Mouthaan (Private Inves-tor)

ABN AMRO Participaties B.V. (Netherlands), private equity firm, has acquired an undisclosed majority stake in Dutch Power Company (DPC) (Netherlands), en-gaged in business of production of machines for agricultural purposes from Bert Mouthaan (Netherlands), private individual, for an undisclosed consideration. The DPC had revenues of EUR 38m and made a net profit of EUR 1.7m in 2014, it employs over 170 people.

02/03/2016

VCST Industrial Products N.V.

169.0 118.0 BMT Group Gimv NV; Ave-don Capital Partners B.V.

BMT Group (Belgium), industrial conglomerate, has agreed to acquire VCST In-dustrial Products N.V. (Belgium), engaged in the design and supply of engine, driveline, and technology components for the automotive industry, from Gimv NV (Belgium), private equity and venture capital firm; Avedon Capital Partners B.V (Netherlands), private equity firm, and other shareholders, for an undisclosed con-sideration. The transaction is estimated to be valued at EUR 118m. VCST has a workforce of 1,250 employees and reported revenues of EUR 169m for 2015.

26/02/2016

Heli NV 18.0 n/a Koiba NV n/a Koiba NV (Belgium), holding company having interest in companies engaged in sale and rental of industrial equipment and machinery, has acquired Heli NV (Bel-gium), engaged in sale and rental of industrial equipment and machinery, for an undisclosed consideration. Heli generated revenues of EUR 18m for the year ended 2015.

23/02/2016

Solland Solar Cells BV

n/a n/a Trina Solar Netherlands

n/a Trina Solar Netherlands (Netherlands), subsidiary of Trina Solar Limited (China), photovoltaic cell producer, has acquired Solland Solar Cells BV (Netherlands), en-gaged in manufacturing solar-cells, for an undisclosed consideration. Solland was declared bankrupt in August 2015



EV (€ m)


16

12/02/2016

Brabant Alucast The Nether-lands, Site Oss B.V.

185.0 n/a Endless LLP Janivo Holding BV

Endless LLP (UK), private equity firm, has acquired Brabant Alucast The Nether-lands, Site Oss B.V., engaged in designing, developing, and manufacturing of high-pressure die cast aluminum and magnesium components for automotive in-dustry, from Janivo Holding BV, (Netherlands), private equity firm, for an undis-closed consideration. Brabant Alucast has an annual turnover of EUR 185m and employs 1,200 people.

02/02/2016

Allard-Europe NV

n/a n/a DIHAG Holding GmbH; Royal IHC

n/a Royal IHC (Netherlands), a company that designs, develops and manufactures dredging and mining vessels and equipment for dredging operators, oil and gas corporations, offshore contractors and government authorities, and DIHAG Hold-ing GmbH (Germany), holding company through its subsidiaries, develops, manu-factures and supplies cast components for wind turbines, have acquired Allard-Europe NV (Belgium), a company that casts steel and iron components, for an undisclosed consideration. Under the terms, IHC and DIHAG have acquired 40% and 60% stakes respectively in Allard.

01/02/2016

Curtec Internati-onal B.V.

28.0 n/a Bencis Capital Partners BV

Gilde Equity Management Benelux B.V.

Bencis Capital Partners B.V. (Netherland), private equity firm, has acquired Curtec International B.V. (Netherlands), a company that develops and produces synthetic packaging products from Gilde Equity Management Benelux B.V. (Netherland), private equity firm, for an undisclosed consideration. Curtec reported revenues of EUR 28m and EBITDA of EUR 15m for the financial year 2015. Curtec employed more than 130 employees.

01/02/2016

Bosch Sprang B.V.

n/a n/a Kiefel GmbH n/a Kiefel GmbH (Germany), engaged in design and manufacturing of machines used to process plastic film materials and a subsidiary of Bruckner Group GmbH (Ger-many), supplier of film stretching lines, cast film lines, service products and pro-ducer of biogas plants, has agreed to acquire Bosch Sprang B.V. (Netherlands), developer and manufacturer of tilting moulds for use in the production of plastic cups, for an undisclosed consideration. Bosch Sprang has around 100 employees.

01/02/2016

MAG45 B.V. 44.2 8.0 Solar A/S Varova BV Solar A/S (Denmark), wholesalers of electrical and and provision of related ser-vices, has agreed to acquire MAG45 B.V. (Netherlands), industrial integrator for the high tech, advanced electronics, food processing and medical industries, from Varova BV (Netherlands), private equity, for a consideration of DKK 60m (EUR 8.04m) on a debt free cash free basis. MAG45 operates in 9 countries with a staff of approximately 160. The company generated revenue of DKK 330m (EUR 44.22m) in 2015. Varova BV had invested in MAG45 in 2004.



EV (€ m)


17

08/01/2016

Woltman Piling Equipment b.v.

12.0 6.0 Dieseko Group B.V.

Woltman Family Dieseko Group B.V. (Netherlands), engaged in manufacturing and supplies of hy-draulic vibratory hammers and other foundation equipment and a portfolio com-pany of NPM Capital N.V. (Netherlands), private equity firm, has agrred to acquire Woltman Piling Equipment b.v. (Netherlands), engaged in designing, manufactur-ing and supplying range of foundation rigs and additional equipment, from Wolt-man Family (Netherlands) for an undisclosed consideration. The transaction is es-timated to be valued at EUR 6m. Woltman Piling Equipment generated revenues of EUR 12m and EBITDA of EUR 1.2m for the year 2015. NPM Capital had ac-quired Dieseko Group, from Greenfield Capital Partners BV, in November 2013.

08/01/2016

Itho Daalderop; Klimaatgarant B.V.

n/a n/a Gimv NV Bencis Capital Partners BV

Gimv NV (Belgium), private equity and venture capital firm, along with the man-agement of Itho Daalderop (Netherlands), a company that develops, manufactures and sells heating, domestic hot water, ventilation, and control technology solutions, and Klimaatgarant B.V. (Netherland), a company that develops energy-neutral housing projects, has acquired the companies in a management buy-out transac-tion, for an undisclosed consideration. Itho Daalderop was owned by Bencis Cap-ital Partners BV (Netherlands), private equity firm. Gimv and the management have acquired 76% and 24% stakes respectively in the acquired companies. The two companies had a combined turnover of around EUR 78m in 2015.

Country Focus – Czech Republic


EV (€ m)


18

30/03/2016

RETIA, a.s. 20.0 n/a Czechoslovak Group, a.s.

n/a Czechoslovak Group, a.s. (Czech Republic), engaged in field of defense and civil-ian industrial production, has acquired RETIA, a.s. (Czech Republic), manufac-turer of military electronics and military software, for an undisclosed consideration. RETIA reported a turnover of CZK 540m (EUR 19.99m) and EBITDA of CZK 127m (EUR 4.7m) for the year 2015. It has a workforce of more than 200 employees.

11/03/2016

Ceskomoravska distribuce, s.r.o. (50% Stake)

n/a 14.8 UNICAPITAL a.s.

E.ON SE UNICAPITAL, a.s. (Czech Republic), investment firm through its subsidiary UNI-CAPITAL ENERGY, a.s., has acquired 50% stake in Ceskomoravska distribuce, s.r.o. (Czech Republic), engaged in electricity and gas distribution, from E.ON SE (Germany), engaged in field of electricity, oil and gas, for an estimated considera-tion of CZK 200m (EUR 7.39m). Ceskomoravska reported EBITDA of approxi-mately CZK 80m (EUR 2.96m). Earlier in August 2014, Unicapital acquired 50% stake in Ceskomoravska distribuce from E.ON SE, for an undisclosed considera-tion.

03/03/2016

Detail Plus s.r.o.; Detail Produkt s.r.o.; Detail CZ s. r. o.

15.0 n/a Wikov Industry a.s.

n/a Wikov Industry a.s. (Czech Republic), engaged in manufacturing mechanical gear-boxes and precision gears, has acquired Detail Plus s.r.o., Detail CZ s.r.o. and Detail Produkt s.r.o. (all Czech Republic), engaged in supply of components for trucks and construction machinery, for an undisclosed consideration. Detail Plus, Detail CZ and Detail Produkt reported revenues of CZK 400m (EUR 14.8103m) in 2015 and employ approximately 210 employees.

Country Focus – Denmark


EV (€ m)


EV = Enterprise value Source: Mergermarket, Capital IQ & InterFinanz GmbH

19

18/03/2016

Senmatic A/S 16.1 n/a Indutrade AB Micro Matic A/S Indutrade AB (Sweden), industrial trading group, selling components, systems and services to industrial customers within selected niches, has agreed to acquire Sen-matic A/S (Denmark), manufacturer of standard and customized sensors for meas-urement of temperature and relative humidity, from Micro Matic A/S (Denmark), engaged in manufacturing and sales of beer dispensing solutions to the brewing industry, for an undisclosed consideration. Senmatic reported revenue of DKK 120m (EUR 16.09m) for the year 2015.

07/03/2016

J. Hvidtved Larsen A/S

59.1 n/a Bucher Munici-pal AG

LD Equity II Bucher Municipal AG, automotive manufacturing company and a subsidiary of Bucher Industries AG (both Switzerland), operating in engineering and automotive industries, has acquired J. Hvidtved Larsen A/S (JHL) (Denmark), sewer cleaning vehicle manufacturer, from LD Equity II, fund of private equity firm Maj Invest Eq-uity A/S (both Denmark), private equity firm, for an undisclosed consideration.

15/02/2016

Airteam A/S 60.1 77.0 Ratos AB n/a Ratos AB (Sweden), private equity firm, along with the management of Airteam A/S (Denmark), engaged in providing ventilation solutions, has agreed to acquire the company, in a management buyout transaction. Ratos and management will acquire Airteam for an enterprise value of DKK 575m (EUR 77.04m). Ratos will acquire approximately 70% stake in Airteam and will inject equity of approximately DKK 250m (EUR 33.49m). Airteam’s management and current owners will retain a combined 30% stake in Airteam. Airteam reported revenues of DKK 448m (EUR 60.05m) for the year ended 30 September 2015. Airteam has a workforce of 150 employees.

10/02/2016

Welltec A/S (13% Stake)

n/a 794.6 Exor S.p.A. 7-Industries Hol-ding B.V.

Exor S.p.A. (Italy), investment company, has agreed to acquire 13% stake in Well-tec A/S (Denmark), provider of intervention tools and services for the oil and gas industry from 7-Industries Holding B.V. (Netherlands), investment company, for a total consideration of EUR 103.3m.Post acquisition, Exor and 7-Industries Group, a company owned by EXOR Board Member Ruthi Wertheimer, will hold 13% stake each in Welltec as long-term shareholders and Jorgen Hallundbæk CEO of Welltec will continue to remain a majority owner of the company.In October 2015, 7-Indus-tries Holding B.V acquired 26% stake in Welltec with an intetion to sell 13% stake of Welltec to Exor in 2016. Earlier in 2007, Summit Partners acquired Welltec in a management buyout transaction from The Riverside Company (US), private equity firm, for a consideration of DKK 3.84bn (EUR 516.01m).



EV (€ m)



20

04/02/2016

BB Electronics A/S

56.6 n/a Skovbit Axcel Industriin-vestor A/S

Skovbit (Denmark), holding company having interests in provider of electronics manufacturing services, along with the management of BB Electronics A/S (Den-mark), provider of electronics manufacturing services, has acquired the company in a management buyout transaction, from Axcel Industriinvestor A/S (Denmark), private equity firm, for an undisclosed consideration. Skovbit is owned by Mr. Per Blinkenberg-Thrane, a Denmark-based businessman who is also one of the origi-nal founders of BB Electronics. Prior to this transaction, Skovbit held a minority stake in BB Electronics, while the remaining was held by Axcel. BB Electronics has a workforce of 500 employees and reported revenues of DKK 422.69m (EUR 56.64) and EBITDA of 23.811m (EUR 3.19m) for the year ended December 2015.

01/02/2016

Nordic Air Filtra-tion A/S

15.0 10.2 Hengst SE & Co. KG

MFRI, Inc. Hengst SE & Co. KG (Germany), a company that develops and manufactures fil-tration and fluid management products for automobile manufacturers, has ac-quired Nordic Air Filtration A/S (Denmark), air filter manufacturer, from MFRI Inc. (US), manufacturer and supplier of pre-insulated piping systems, air filtration ele-ments, energy efficient liquid chillers and plant circulating systems, for a total ap-proximately consideration of USD 11m. Nordic Air has a workforce of around 100 employees and reported sales of over EUR 15m in 2015.

01/02/2016

MAG45 B.V. 44.2 8.0 Solar A/S Varova BV Solar A/S (Denmark), wholesalers of electrical and and provision of related ser-vices, has agreed to acquire MAG45 B.V. (Netherlands), industrial integrator for the high tech, advanced electronics, food processing and medical industries, from Varova BV (Netherlands), private equity, for a consideration of DKK 60m (EUR 8.04m) on a debt free cash free basis. The total price including earn outs is ex-pected to be approximately DKK 100m (EUR 13.4m). MAG45 operates in 9 coun-tries with a staff of approximately 160. The company generated revenue of DKK 330m (EUR 44.22m) in 2015.

01/02/2016

SVM Automatik A/S (65% Stake)

n/a n/a Stevanato Group S.p.A.

n/a Stevanato Group S.p.A. (Italy), manufacturer of packaging containers from glass tubing for the pharmaceutical industry, has acquired 65% stake in SVM Automatik A/S (Denmark), engaged in designing customized equipment and machines within the areas of process, assembly and packaging of pharmaceutical products and medical devices, for an undisclosed consideration. SVM Automatik has approxi-mately 80 employees and reported revenues of EUR 19m in 2014.



EV (€ m)



21

29/01/2016

GPV Internatio-nal A/S

113.9 53.6 Schouw & Co A/S

n/a Schouw & Co A/S (Denmark), developer, manufacturer and marketer of wind tur-bines and packaging for consumer products, has acquired GPV International A/S (Denmark), engaged in developing, manufacturing and marketing mechanical Schouw & Co A/S (Denmark), industrial conglomerate engaged in making long-term investments and developing ownership in the portfolio businesses, has ac-quired GPV International A/S (Denmark), provider of Electronic Manufacturing Ser-vices (EMS), valuing the company at DKK 400m (EUR 53.602m) on a debt free basis. GPV employs about 1,000 employees and reported revenues of about DKK 850m (EUR 113.9m), an EBITDA of DKK 80m (EUR 10.72m) and an EBIT of DKK 54m (EUR 7.23m) in 2015.

18/01/2016

CIDAN Machin-ery Denmark A/S

n/a n/a Pilen Holding ApS

CIDAN Machi-nery Sweden AB

Pilen Holding ApS (Sweden), investment holding company, has acquired CIDAN Machinery Denmark A/S (Denmark), manufacturer of sheet metal working ma-chines, from CIDAN Machinery Sweden AB (Sweden), manufacturer of machines within the sheet metal industry, for an undisclosed consideration.

15/01/2016

Dantherm A/S (HVAC opera-tions and EMEA region Telecom business)

41.5 22.0 Procuritas Capi-tal Investors V LP

Dantherm A/S Procuritas Capital Investors V LP (Sweden), private equity fund of Procuritas AB (Sweden) private equity firm, has acquired Heating, Ventilation and Air Condition-ing (HVAC) operations and EMEA region of Telecom business segment of Dan-therm A/S (Denmark), manufacturer and distributor of climate control products. Procuritas will pay a total consideration of DKK 164m (EUR 21.97m), on a debt-free basis. The sale will reduce Dantherm’s net debt from DKK 214m (EUR 28.68m) to around DKK 80m (EUR 10.72m) quarterly. Dantherm will continue to divest its other loss making and debt bearing companies and assets. The divested businesses reported revenues of approximately DKK 310m (EUR 41.54m) in 2015 and has a workforce of 240 employees.

13/01/2016

FFV El A/S; FFV Energi A/S

n/a 41.6 Energi Fyn A/S Faaborg Midtfyn Kommune

Energi Fyn A/S (Denmark), an Energy Company that distributes and transmit elec-tricity, has agreed to acquire FFV Energi A/S and FFV El A/S (both Denmark), suppliers of electricity, from Faaborg Midtfyn Kommune (Denmark), municipality, for a consideration of DKK 310m (EUR 41.60m). In 2014 FFV Energi has reported a net loss of DKK 1.77m (EUR 0.238m) and FFV El has reported net profit of DKK 4.14m (EUR 1.95m).

Country Focus – France


EV (€ m)



22

30/03/2016

Euro Protection SAS (58% Stake); SACLA S.A (58% Stake); Gante-line Kft (58% Stake)

n/a n/a Capextens Groupe Siparex; Edmond de Rothschild In-vestment Part-ners, S.A.S.

Capextens (France), venture capital firm, and a subsidiary of Dentressangle Initi-atives SAS (France), engaged in real estate and private equity investments, has acquired 58% stake in Euro Protection SAS, SACLA S.A (both France) and Gan-teline Kft (Hungay), all engaged in designing, manufacturing and distribution of personal protective equipment, from Edmond de Rothschild Investment Partners, S.A.S. and Groupe Siparex (both France), private equity firms, for an undisclosed consideration. The deal is estimated to be valued at EUR 60m. The founding family of Worldwide Euro Protection has also sold a part of its stake in the company, retaining a 48% stake. In September 2011, Groupe Siparex and Edmond de Roth-schild Investment has acquired 25% stake in Euro Protection SAS.

23/03/2016

Chatal SAS 40.0 n/a Farella Mecani-que De Preci-sion

n/a Farella Mecanique De Precision (France), precision mechanical and tooling com-pany, has acquired Chatal SAS (France), engaged in manufacturing screw ma-chine products, for an undisclosed consideration. Chatal reported revenues of EUR 40m, for year ended 2015 and employs approximately 360 employees.

18/03/2016

ATI Environne-ment

n/a n/a Vespa Capital LLP; Cathay Capital Private Equity; Perspec-tives et Innova-tion

Philippe Berchon (Pri-vate Investor)

Vespa Capital LLP (UK), private equity firm, Cathay Capital Private Equity (France), private equity firm, and Perspectives et Innovation (France), investment holding company, has agreed to acquire ATI Environnement (France), manufac-turer of cremation ovens, filtration systems and waste incinerators, from Mr. Philippe Berchon (France), private individual, for an undisclosed consideration. Vespa will hold the majority stake in ATI. ATI is expected to generate annual rev-enue of EUR 25m in 2016.

17/03/2016

SKF AB (fly-by-wire business)

37.0 39.0 Lord Corpora-tion

SKF AB Lord Corporation (US), engaged in providing adhesive, coating, and motion man-agement technologies, has agreed to acquire the fly-by-wire business of SKF AB (Sweden), manufacturer and distributor of rolling bearings, seals, mechatronics, and lubrication systems, for a consideration worth EUR 39m, on a cash and debt free basis. The fly-by-wire business will continue to operate in France while retain-ing its current workforce. In 2015, the fly-by-wire employed 150 people and rec-orded revenues of EUR 37m, operating as part of SKF AB aerospace business.



EV (€ m)



23

14.03.2016

Geothermie Bouillante SA (79.6% Stake)

n/a 27.6 Ormat Techno-logies Inc

Bureau de Re-cherches Geolo-giques et Minie-res

Ormat Technologies Inc (US), primarily engaged in the geothermal and recovered energy power business, has agreed to acquire a 79.6% stake in Geothermie Bouil-lante SA (GBS) (France), a geothermal power station that generates and supplies electricity, from Bureau des Recherches Geologiques et Minieres (BRGM) (France), a mine and geological research bureau, for a cash consideration of EUR 22m.

11/03/2016

Delair-Tech SAS

n/a 13.0 Andromede S.A. n/a Andromede S.A. (France), investment holding company owned by the Heriard Du-breuil family, has acquired an undisclosed stake in Delair-Tech (France), engaged in providing professional drones, supports corporate decision-making with its long-range drones and unique processing of their images, for a consideration of USD 14.5m. The Heriard Dubreuil family will acquire a 22% stake in Delair-Tech follow-ing the transaction.

11/03/2016

Groupe MG (in-dustrial fluids and piping busi-ness)

n/a n/a Spie Batignolles SA

Groupe MG Spie Batignolles SA (France), construction company, has acquired the industrial fluids and piping business of Groupe MG (France), involved in industrial piping, for an undisclosed consideration. In 2015, the industrial fluids and piping business of Groupe MG employed 106 people.

10/03/2016

VM Industries 31.0 n/a Acto Mezzanine, FCPR

H.I.G. Capital, LLC

Acto Mezzanine, FCPR (France), mezzanine investments arm of ACG Capital (France), private equity firm, along with the management of VM Industries (France), engaged in manufacturing connector elements for the automotive and rail industry, acquired the company from H.I.G. Capital, LLC (US), private equity firm, for an undisclosed consideration. VM Industries reported an annual turnover of EUR 31m for the year 2015 and employs a workforce of 270 people.

07/03/2016

CDH Group n/a n/a Werner Co. n/a Werner Co. (US), engaged in manufacturing and marketing of ladders and climb-ing equipment, has acquired CDH Group (France), manufacturer and distributor of access products and wheelbarrows, for an undisclosed consideration. CDH Group combines three recognized brands: Centaure, Duarib and Haemmerlin.

03/03/2016

Sarl Charriton 15.0 n/a Groupe Lauak n/a Groupe Lauak (France), aerospace equipment maker, has agreed to acquire Sarl Charriton (France), aerospace equipment maker, for an undisclosed considera-tion. Charriton generated annual revenues of EUR 15m in 2015, compared to Lauak’s revenues of EUR 85m.



EV (€ m)



24

01/03/2016

RSI Video Tech-nologies S.A.

n/a 112.6 Honeywell Inter-national Inc.

n/a Honeywell International Inc. (US), diversified technology and manufacturing com-pany which provides aerospace products and services, control, sensing and secu-rity technologies and turbochargers, performance material has acquired RSI Video Technologies (France), developer of wireless and self-powered security solutions for the total consideration of approximately USD 123m. RSI has approximately 110 employees in U.S. and in France.

25/02/2016

MNR Group SA (43.12% Stake)

n/a 60.7 Societe Nou-velle d'Alsace

Nexter Systems SA; Sofired

Societe Nouvelle d'Alsace (France) has acquired a 43.12% stake in MNR Group SA (France) from Sofired and Nexter Systems SA (both France). Societe Nouvelle d'Alsace has interest in companies engaged in design, development, manufactur-ing and installation of ammunition production equipment, wholly owned by Mr. Nguyen and Mr. Thannberger, both French private individuals.MNR Group SA is engaged in design, development, manufacturing and installation of ammunition production equipment. Sofired is engaged in providing finance for industrial and defence sector and a subsidiary of BPI France SA (France), principal investment firm. Nexter Systems SA is engaged in manufacturing land defense systems for army and other forces. The implied equity value of the transaction is EUR 60.732m.

17/02/2016

Modularis Group S.r.l (51% Stake)

10.0 n/a EDF Fenice Monique Ma-rechal (Private Investor); Marc Gerardi (Private Investor)

EDF Fenice (Italy), a subsidiary of Electricite de France SA (France), has acquired 51% stake in Modularis Group S.r.l. (France), manufacturer of modular thermo-dynamics refrigeration systems and HVAC (Heating, Ventilating, Air Conditioning) solutions, from Mr. Monique Marechal and Mr. Marc Gerardi (France), private in-dividuals, for an undisclosed consideration. Modularis reported revenue of EUR 10m in 2014 and currently operates in Russia, Italy, Poland and France, with over 150 employees.

16/02/2016

All Packaging Solutions

n/a n/a Saccof Packa-ging SA

Roullier Group Saccof Packaging SA (France) has agreed to acquire All Packaging Solutions (France), both packaging solutions manufacturer and distributor, from Roullier Group (France), engaged in the production and chemical processing of nutrients and food for plants, animals and men for an undisclosed consideration. The value of the combined entity will be more than EUR 35m. In 2014, APS has generated EUR 15m turnover and employed around 30 employees.

16/02/2016

Almae Techno-logies SAS (70% Stake)

n/a n/a Dalian Canglong Optoelectronic Technology Ltd

n/a Dalian Canglong Optoelectronic Technology Ltd (China), optical fibre and cable products manufacturer, has acquired 70% stake in Almae Technologies SAS (France), manufacturer of photonic products, for an undisclosed consideration. Almae Technologies was incorporated in 2015.



EV (€ m)



25

15/02/2016

Feu Vert SAS 1000 n/a Alpha Group Groupe Monnoyeur; Qualium Inves-tissement

Alpha Group (France), private equity firm, has agreed to acquire Feu Vert SAS (France), a company that owns and operates a chain of vehicle servicing and maintenance workshops and also offers car accessories, from Qualium Investisse-ment (France), private equity firm and Groupe Monnoyeur (France), a company that distributes earthmoving and electro-mechanical equipment, for an undisclosed consideration. Feu Vert recorded revenues of more than EUR 1bn in 2015 and currently has 7,720 employees.

11/02/2016

Orolia SA n/a 100.0 Eurazeo PME n/a Eurazeo PME (France), a subsidiary of Eurazeo SA (France), both private equity firms, along with the management of Orolia SA (France), provider of high-precision electronics equipment, have agreed to acquire the company in a management buyout transaction. The implied equity value of the transaction is EUR 75.1m. The transaction is carried out through an investment vehicle, Financiere Orolia in which Eurazeo PME hold 50.1% interest and remaining will be held by one of the two co-founders and management of Orolia, by 40% and 9.9% respectively.

11/02/2016

Cordia S.A. 12.0 n/a Rexel SA n/a Rexel SA (France), engaged in the distribution of electrical solutions, has acquired Cordia S.A. (France), engaged in providing fire security products and solutions, for an undisclosed consideration. Cordia reported revenues of EUR 12m in 2015 with a workforce of 40 employees.

05/02/2016

AML Systems SAS

99.6 65.0 Johnson Electric Holdings Limited

Syntegra Capital Limited; Picardie Investissement S.A.

Johnson Electric Holdings Limited (Hong Kong), a designer and manufacturer of electric micro motors and integrated motor systems for customers in the automo-tive, home appliance, power tool, business equipment and personal care indus-tries, has agreed to acquire AML Systems SAS (France), manufacturer of head-lamp levelers, smart actuators and headlamp cleaning systems for the automotive industry, form Picardie Investissement S.A. (France), private equity and venture capital firm, Syntegra Capital Limited (UK), private equity firm, and group of inves-tors for a cash consideration of EUR 65m. AML reported revenues of EUR 99.6m for the year ended 30 June 2015 and has a workforce of 500 employees.



EV (€ m)



26

03/02/2016

Etablissements Daniel Cousso S.A.S.

n/a n/a Grand Sud Ouest Capital SA; Multicrois-sance Toulouse-Pyrenees SAS, SCR; Mecapole

n/a A group of investors has acquired Etablissements Daniel Cousso S.A.S. (EDCS) (France), high precision machining and boiler provider for the aerospace and nu-clear sectors, for an undisclosed consideration. Group of investors include: Me-capole (France), engaged in providing engineering, forging and machining of metal parts, design and manufacturing of metal and plastic technical fasteners for the nuclear, aerospace, chemical, shipbuilding and railway industries, design and pro-duction of printed circuits and control devices and coating solutions, and a portfolio company of Michel Fraisse Gestion & Investissement (France), private equity firm. BPI France SA (France), principal investment firm. Grand Sud Ouest Capital (France), private equity firm. Multicroissance Toulouse-Pyrenees SAS, SCR (France), private equity firm. Mr. Christian Lameloise (France), private individual. EDCS has reported revenues of EUR 19.4m in 2014.

02/02/2016

Constellium Avi-atube SAS

n/a n/a Leichtmetall Alu-minium GmbH

Constellium Leichtmetall Aluminium GmbH (Germany), a company that manufactures hard al-uminium alloys for the aerospace industry, and a portfolio company of Quantum Capital Partners AG (Germany), private equity firm, has acquired Constellium Avi-atube SAS (France), manufacturer of aluminium bars, rods, tubes, billets and ex-trusions, from Constellium (Netherlands), manufacturer and marketer of engi-neered materials and solutions, for an undisclosed consideration. Aviatube has a workforce of 116 employees and reported revenues of EUR 13m for 2014.

02/02/2016

Sira Groupe 45.8 n/a Aequs Private Limited

MBO Parte-naires; Alain Blevin (Private Investor)

Aequs Private Limited (India), engaged in precision machining, sheet metal fabri-cation, assembly, forging, and special processing for the aerospace, automotive, and oil & gas industries, has acquired Sira Groupe (France), engaged in prototyp-ing, developing, improving, and manufacturing critical prismatic parts or mechani-cal sub-assemblies, or welded sub-assemblies for aerospace industry, from Alain Blevin (France), private individual and MBO Partenaires (France), private equity firm, for an undisclosed consideration. Sira Groupe reported revenues of approxi-mately EUR 50m in 2015 and has a workforce of 300 employees. MBO Partenaires held 31% stake in Sira Groupe. Alain Blevin is a majority shareholder of Sira.



EV (€ m)



27

25/01/2016

Mecaplast Group (75% Stake)

700.0 n/a Equistone Part-ners Europe Fund V

Thierry Manni (Private Inves-tor)

Equistone Partners Europe Fund V (UK), private equity fund of Equistone Partners Europe Limited (UK), private equity firm, has agreed to acquire 75% stake in Mec-aplast Group (Monaco), manufacturer of plastic modules and filtration system com-ponents for the automotive industry, from Thierry Manni, a private individual, for an undisclosed consideration. Mecaplast has 6000 employees and reported reve-nues of more than EUR 700 in 2015. Thierry Manni, Chairman of Mecaplast, Bpifrance, and management of Mecaplast will hold the remaining stake in com-pany. In August 2009, Bpifrance through its Fonds de Modernisation des Equipe-mentiers Automobiles invested in Mecaplast.

22/01/2016

Proplast Group (37% Stake)

105.0 n/a CM-CIC Inves-tissement

n/a CM-CIC Investissement (France), private equity and venture capital firm, has ac-quired a 37% stake in Proplast Group (France), a company that manufactures and sells packaging solutions for food products, for an undisclosed consideration. Pro-plast posted revenues of EUR 105m in 2015 and has a workforce of 420 employ-ees.

21/01/2016

Technology Lu-minaires SAS

20.0 n/a Ledpower France

Bavaria Indust-riekapital AG

Ledpower France, engaged in developing, producing and selling of lighting equip-ment, has acquired Technology Luminaires SAS (France), engaged in designing and manufacturing of luminaire indoor and outdoor lighting products, from BA-VARIA Industries Group AG (Germany), industrial holding and investment com-pany engaged in the takeover and re-organization of earning or unprofitable enter-prises, for an undisclosed consideration. In 2015, Technology Luminaires reported revenues of EUR 20m and employs approximately 83 employees.

21/01/2016

NEXTEAM Group

130.0 n/a Prodways Group

n/a Prodways Group (France), manufacturer of 3D printing machinery, and a subsidi-ary of Groupe Gorge (France), engaged in the robotics industry and production of automated systems for various industrial purposes, has agreed to acquire NEXTEAM Group (France), engaged in machining of complex and hard metal parts for the aerospace market, for an undisclosed consideration. NEXTEAM re-ported revenues of EUR 130m in 2015.



EV (€ m)



28

20/01/2016

SERTA AeroS-pace & Defence

20.0 n/a Industries & Fi-nances Parten-aires SA

Alain Delugin (Private Inves-tor)

Industries & Finances Partenaires SA (IFP) (France), private equity firm, has ac-quired SERTA AeroSpace & Defence (France), manufacturer and supplier of aer-onautics components to the aerospace & defense industries, from Alain Delugin (France), private individual having interest in companies engaged in manufacturing and supplying of aeronautics components to the aerospace & defense industries, for an undisclosed consideration. SERTA reported turnover of EUR 20m and em-ploys a total of 240 people across France, Poland and India.

18/01/2016

Ipelec 27.0 n/a Naxicap Part-ners

Joel Dubosc (Private Inves-tor); Jean-Louis Robert (Private Investor); Michel Francais (Pri-vate Investor)

Naxicap Partners (France), venture capital firm, has acquired majority stake in Ipe-lec (France), electric, sanitary and heating cabling as well as commercial buildings equipment manufacturer, from Jean-Louis Robert, Michel Francais and Joel Dubosc (France), private individuals, for an undisclosed consideration. Ipelec op-erates two production sites with a workforce of 120 employees and reported reve-nue of EUR 27m in 2015. Jean-Louis Robert, Michel Francais and Joel Dubosc will retain a minority stake in Ipelec.

13/01/2016

Mecadaq 20.0 n/a Activa Capital Fund III

n/a The management of Mecadaq (France), aircraft component manufacturer, has ac-quired the company, in a management buyout transaction, backed by Activa Cap-ital Fund III (France), fund of Activa Capital (France), private equity firm, for an undisclosed consideration. Mecadaq has a workforce of 100 employees and posted revenues of approximately EUR 20m for 2015.

12/01/2016

Fermatic n/a n/a Initiative & Fi-nance FPCI II

n/a The management of Fermatic (France), manufacturer of gates, fences, railings, shutters, and garage doors, has acquired the company in a management buyout transaction, backed by Initiative & Finance FPCI II, the fund of Initiative & Finance Investissement SAS (France), private equity firm, for an undisclosed considera-tion.

12/01/2016

Jean Chereau SAS

170.0 n/a Edmond de Rothschild In-vestment Part-ners, S.A.S.; Miura Private Equity

n/a The management team of Jean Chereau SAS (Chereau) (France), manufacturer of refrigerated vehicles along with Miura Private Equity (Spain), private equity firm, has acquired the company in a management buyout transaction. Chereau, which has a workforce of 850 people, reported revenues of EUR 170m for the year 2015.



EV (€ m)



29

07/01/2016

Groupe EVAS 80.0 n/a iXO 3; Salicetti family

n/a iXO 3 (France), private equity fund of iXO Private Equity SAS (France), private equity and venture capital firm, along with the management of Groupe EVAS (France), a company that provides fire safety products and Salicetti family (France) has agreed to acquire the company in a management buyout transaction, for an undisclosed consideration. EVAS is estimated to generate annual revenue of EUR 80m in 2015, and has 520 employees. iXO will hold a majority stake, management will hold a 35% stake, and Salicetti family will hold a minority stake in EVAS.

Country Focus – Italy


EV (€ m)



30

31/03/2016

Carlo Salvi S.p.A

25.0 n/a Hatebur Um-formmaschinen AG

Sergio Ziotti (Private Inves-tor)

Hatebur Umformmaschinen AG (Switzerland), developer and distributor of hot and cold forming machines, has agreed to acquire Carlo Salvi S.p.A (Italy), engaged in the production and supply of high-precision machines for cold and semi-hot form-ing with a wide range of fastener products, from Sergio Ziotti (Italy), private indi-vidual, for an undisclosed consideration. Carlo Salvi had reported revenues of EUR 25m in 2015 with a workforce of 92 employees.

31/03/2016

Ciocca Lamiere S.r.l.

n/a n/a ArcelorMittal CLN Dis-tribuzione Italia srl

Ciocca family ArcelorMittal CLN Distribuzione Italia srl (Italy), processor and distributor of flat carbon steel products, has acquired Ciocca Lamiere S.r.l., (Italy), engaged in pro-duction of steel and pre-processing of coils, from Ciocca family (Italy), for an un-disclosed consideration. Ciocca Lamiere’s current turnover is approximately 50,000 tons/year.

31/03/2016

System Logis-tics S.p.A. (60% Stake)

100.0 n/a Krones AG System S.p.A Krones AG (Germany), manufacturer of machinery for filling, cleaning and trans-porting bottles and cans for the drinks and non-beverage industry, has agreed to acquire 60% stake in System Logistics S.p.A. (Italy), engaged in manufacturing automated material handling systems for warehouses, distribution centers, and manufacturing operations, from System S.p.A, (Italy), specialized in the production of machinery for decorating tiles and for the automation of end-of-line systems and storage, for an undisclosed consideration. In 2015, System Logistics SpA gener-ated revenue of approximately EUR 100m and employed approximately 250 peo-ple.

21/03/2016

IDS - Ingegneria dei sistemi SpA (GeoRadar divi-sion)

18.0 n/a Hexagon AB IDS - Ingegneria dei sistemi SpA

Hexagon AB (Sweden), provider of design, measurement and visualization tech-nologies, has agreed to acquire the GeoRadar division of IDS - Ingegneria dei sistemi SpA (Italy), systems engineering company that provides high technology services and integrated system solutions, for an undisclosed consideration. The division provides the mining and geospatial industries with innovative radar solu-tions for structural health monitoring and underground utility mapping. The GeoRa-dar division reported a turnover of approximately EUR 18m in the year 2015 and has a workforce of approximately 60 employees.

08/03/2016

Giesse Group 80.8 78.9 Tyman Plc n/a Tyman Plc (UK), supplier of building products to the door and window industry, has agreed to acquire Giesse Group (Italy), manufacturer of hardware for aluminum windows, for EUR 78.9m. The acquisition multiple of Giesse for the year ended 31 December 2015 would have been 7.31x adjusted EBITDA. In 2015, Giesse em-ployed nearly 673 employees and recorded unaudited revenues for EUR 80.8m.



EV (€ m)



31

05/03/2016

Breviglieri S.p.A. 12.0 n/a Agrimaster S.p.A.

Veneta Famliy Agrimaster S.p.A. (Italy), manufacturer of agricultural machinery, and a portfolio company of B4 Investimenti S.p.A. (Italy), private equity firm, has acquired Brevi-glieri S.p.A. (Italy), producer of equipment for the agricultural sector, for an undis-closed consideration.

04/03/2016

Linea Group Holding SpA (51% Stake)

n/a 221.6 A2A SpA AEM Cremona S.p.a.; ASM PA-VIA S.p.A.; Cogeme SpA; SCS Crema; As-tem S.p.A srl

A2A SpA (Italy), a multi-utility firm, has agreed to acquire a 51% stake in Linea Group Holding SpA (LGH) (Italy), involved in the waste management cycle, pro-duction and distribution of electricity and telecommunication, from AEM Cremona S.p.a., a provider of utility services such as electricity, gas, water, wastewater treat-ment, and district heating, ASM PAVIA S.p.A., distributor of methane and natural gas, Astem S.p.A srl, engaged in providing the utility services, Cogeme SpA, an energy and utilities group, and SCS Crema (all Italy), a holding company. A2A SpA will pay a total consideration of EUR 113m. LGH generated annual revenue of EUR 610.62m and EUR 692.24m on 31 December 2014 and 2013, respectively.

03/03/2016

Gruppo Giunti n/a n/a IMI Fondi Chiusi SGR SpA

Mr. Pietro Giunti (Private inves-tor)

Pietro Giunti (Italy), private investor and CEO of Gruppo Giunti (Italy), a company that manufactures irrigation systems, has acquired the company in a management buyout transaction, backed by IMI Fondi Chiusi SGR SpA (Italy), private equity and venture capital firm, for an undisclosed consideration. IMI Fondi Chiusi will acquire 75%, while Pietro Giunti will reinvest in 25% of Gruppo Giunti. In 2014, Gruppo Giunti employed nearly 130 people, recording revenues of EUR 85m.

01/03/2016

Petrolvalves S.r.L. (40% Stake)

n/a n/a TBG Holdings NV

Lualdi Family TBG Holdings NV (Netherland), holding company of the Thyssen Family, has ac-quired the remaining 40% stake in Petrolvalves S.r.L. (Italy), manufacturer of valves for the oil and gas industry, from the Lualdi Family (Italy), for an undisclosed consideration. Petrolvalves will be completely owned by TBG. In May 2015, TBG acquired a 60% stake in Petrolvalves at an estimated enterprise value of EUR 1bn.

26/02/2016

LARGA S.r.l. n/a n/a Voss Fluid Gmbh

n/a Voss Fluid GmbH (Germany), engaged in providing hydraulic coupling technology and a subsidiary of Voss Holding GmbH + Co. KG (Germany), through its subsid-iaries, manufactures automobile components and hydraulic connection technol-ogy, has acquired LARGA S.r.l. (Italy), engaged in developing and manufacturing hydraulic fittings, for an undisclosed consideration.



EV (€ m)



32

16/02/2016

Worgas Brucia-tori S.r.l.

n/a n/a Beckett Gas Inc. n/a Beckett Gas, Inc. (US), manufacturer of gas combustion products and compo-nents, has acquired Worgas Bruciatori S.r.l. (Italy), manufacturer of gas burners, for an undisclosed consideration. The combined companies would have about 500 employees.

15/02/2016

Dierre S.p.A. (40% Stake)

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

n/a Gradiente SGR S.p.A. (Italy), private equity firm, has acquired a 40% stake in Dierre S.p.A. (Italy), designer and producer of aluminum guards, for an undis-closed consideration. In 2015, Dierre recorded 100 employees and revenues of EUR 15m.

15/02/2016

PR INDUS-TRIAL s.r.l

n/a n/a Generac Power Systems, Inc.

n/a Generac Power Systems, Inc. (US), manufacturer of power generation equipment and other engine powered products, has agreed to acquire an undisclosed majority stake in PR INDUSTRIAL s.r.l (trading as Pramac) (Italy), manufacturer of station-ary and mobile generators, for an undisclosed consideration. Pramac has a work-force of over 600 people across its 4 manufacturing plants and 14 commercial branches.

15/02/2016

Bolzoni SpA n/a 144.4 Hyster-Yale Materials Hand-ling, Inc.

n/a Hyster-Yale Materials Handling, Inc. (Hyster-Yale) (US), engaged in the manufac-turing of lift trucks, tractors, trailers, and stackers, has agreed to acquire Bolzoni SpA (Italy), engaged in the design, production and distribution of lift truck attach-ments and industrial material handling equipment, for EUR 144.4m. Hyster-Yale has agreed to acquire a 50.4% stake, held by Penta Holding S.p.A. in Bolzoni, for an aggregate purchase price of EUR 53.5m. The implied equity value amounts to EUR 111.8m, based on an offer price of EUR 4.3 per share representing a 3.1% premium on Bolzoni' s closing share price of EUR 4.17 on 12 February 2016, one day prior to the announcement. As of 30 September 2015, Bolzoni recorded, for the last twelve months, revenues of EUR 133.9m.

09/02/2016

Tecno Poultry Equipment SpA

n/a n/a Agco Corpora-tion

Cauzzo Family Agco Corporation (US), manufacturer of agricultural equipment and related re-placement parts offering a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements, has acquired Tecno Poultry Equipment SpA (Italy), engaged in equipment manufacture for the poultry sector, from Cauzzo Family (Italy), for an undisclosed consideration.Tecno Poultry Equip-ment SpA reported revenues of EUR 71m in 2014.



EV (€ m)



33

03/02/2016

Imaforni Int'l S.p.A.

85.0 n/a GEA Group AG Ugo Giorgio Ba-demer (private investor); Hol-ding Verona

GEA Group AG (Germany), supplier of equipment for the food industry and wide range of other process industries, has agreed to acquire Imaforni Int'l S.p.A. (Italy), supplier of demanding industrial processing equipment and solutions for the bis-cuits industry, from Holding Verona (Italy), investment holding company, and Ugo Bademer (Italy), private individual, for an undisclosed consideration. Imaforni re-ported revenues of EUR 85m in 2015 and has a workforce of 210 employees.

01/02/2016

Bassi S.r.l. 14.6 18.1 Sevcon, Inc. Andrea Bassi (Private Inves-tor); Tiziana Ri-mini (Private In-vestor); Bruno Bassi (Private Investor)

Sevcon, Inc. (US), engaged in design and manufacture of controls for zero emis-sion electric and hybrid vehicles, has acquired Bassi S.r.l. (Italy), designing and manufacturing battery chargers for electric vehicles, power management and un-interrupted power source (UPS) systems, from Mr. Andrea Bassi, Mr. Bruno Bassi and Mrs. Tiziana Rimini (Italy), private investors, via a scheme of merger. The pur-chase price of the acquisition will comprise of EUR 10m in cash and 500,000 shares of Sevcon’s common stock.

29/01/2016

Grafiche Seven S.p.A.

12.5 n/a Groupe Autajon Venturi family Groupe Autajon (France), engaged in manufacturing and marketing of cardboard boxes and labels, has acquired Grafiche Seven S.p.A. (Italy), manufacturer of la-bels, from Venturi Family (Italy) for an undisclosed consideration. Grafiche gener-ated revenues of EUR 12m for the fiscal year 2015 and has a workforce of around 78 employees.

27/01/2016

Phoenix Holding S.p.A

66.0 70.0 Chequers Capi-tal

Quadrivio SGR SpA; Opera Sgr SpA

Chequers Capital (France), private equity firm and the management of Phoenix Holding S.p.A (Italy), engaged in producing aluminum extrusion dies, have ac-quired the company in the management buy-out transaction, from Opera Sgr SpA and Quadrivio SGR SpA (Italy), private equity firm, for a minimum consideration of EUR 70m.Opera Sgr and Quadrivio held 46.4% and 4.6% stake repectively in Phoenix, whereas remaining stake was sold by private individuals.

27/01/2016

F.lli Ferrari Ven-tilatori Industriali SpA

31.0 n/a Soler & Palau Ventilation Group

n/a Soler & Palau Ventilation Group (Spain), designer, manufacturer and distributor of ventilation products, has acquired F.lli Ferrari Ventilatori Industriali SpA (Italy), in-dustrial fan manufacturer company, for an undisclosed consideration. Ferrari Ven-tilatori reported annual sales of EUR 31m in 2015 and employs 180 workers.



EV (€ m)



34

26/01/2016

F.I.A.C. SpA n/a n/a Atlas Copco AB n/a Atlas Copco AB (Sweden), engaged in the development, manufacturing and mar-keting of compressors, construction and mining equipment, power tools and as-sembly systems, has agreed to acquire F.I.A.C. SpA (Italy), manufacturer of air compressors, for an undisclosed consideration. As of 31 December 2014, F.I.A.C. recorded revenues for EUR 69m and 400 em-ployees.

21/01/2016

Packaging Imo-lese SpA

n/a n/a Deco Industrie SpA

Galassi family Deco Industrie SpA (Italy), engaged in manufacturing detergents as well as in the business of consumer food sector, has acquired Packaging Imolese SpA (Italy), engaged in assembly and packaging of liquid products, deodorants and powders, from Galassi family (Italy) for an undisclosed consideration. The combined entity will have an annual turnover of EUR 170m and employs a workforce of 480 people.

21/01/2016

Beta Utensili S.P.A

120.0 200.0 Tamburi Invest-ment Partners SpA

Ciceri Family Tamburi Investment Partners SpA (Italy), investment and merchant bank, has agreed to acquire Beta Utensili S.P.A (Italy), a company that designs, manufac-tures and markets professional hand tools, from Ciceri Family (Italy) for a consid-eration of approximately EUR 200m. Beta Utensili currently operates 3 production sites with 530 employees and reported revenue of EUR 120m for the year 2015.

18/01/2016

Weissenfels tech-chains S.p.A

8.5 6.5 Kito Corpora-tion

n/a Kito Corporation (Japan), engaged in manufacturing hoists and crane products used for various industrial applications, as well as the designs and produces of automated warehouses and sorters including facility-wide material handling sys-tems, has agreed to acquire Weissenfels tech-chains S.p.A (Italy), engaged in manufacturing lifting chains, for a cash consideration of EUR 6.5m via auction. Prior to the transaction, Weissenfels was owned by the Court of Udine, which took control of Weissenfels through bankruptcy proceedings in May 2014.

18/01/2016

Crown Special-ity Packaging Italia, Srl

20.0 n/a Asa Italia Spa Crown Cork & Seal Company Inc

Asa Italia Spa (Italy), packaging company, has acquired Crown Speciality Pack-aging Italia, Srl (Italy), packaging company, from Crown Cork & Seal Company Inc (US), manufacturer of packaging products and a subsidiary of Crown Equity Hold-ings, Inc. (US), packaging company, for an undisclosed consideration.The acqui-sition will enable Asa to reach its goal of a total turnover of over EUR 100m. Crown Speciality Packaging has generated revenues of EUR 20m in 2015 and has a workforce of approximately 80 employees.



EV (€ m)



35

15/01/2016

Lames S.P.A. n/a 18.4 Hi-Lex Corpora-tion

Nicola Pellegri (Private Inves-tors); Luca Pel-legri (Private In-vestor); Fe-derica Pellegri (Private Inves-tor); Paolo Mar-cionne (Private Investor)

Hi-Lex Corporation (Japan), engaged in the manufacture and sale of remote-con-trolling cables and accessories for two-and four-wheel vehicles, industrial machin-ery, household appliances and vessels, has agreed to acquire Lames S.P.A. (It-aly), engaged in manufacturing window regulators and automotive door systems, from Luca Pellegri, Nicola Pellegri, Federica Pellegri and Paolo Marcionne, private investors, for a cash consideration of EUR 18.4m (USD 19.94m). Cash consider-ation of EUR 18.4m (USD 19.94m). The transaction values the IEV of Lames at EUR 18.4m (USD 19.94m).

Country Focus – Norway


EV (€ m)



36

01/03/2016

Ishavskraft AS (50% Stake)

n/a n/a Troms Kraft AS Alta Kraftlag SA; Repvag Kraftlag AS; Luostejok Kraftlag AS; Ymber AS; Nordkyn Kraft-lag SA

Troms Kraft AS (Norway), engaged in generating and distributing electricity, has agreed to acquire a 50% stake in Ishavskraft AS (Norway), engaged in the distri-bution of electricity, from a group of investors, wich includes: Alta Kraftlag SA, Lu-ostejok Kraftlag AS, Repvag Kraftlag AS, Ymber AS, Nordkyn Kraftlag SA (all Nor-way), all engaged in supply of electricity, for an undisclosed consideration. Troms Kraft held 50% stake in Ishavskraft prior to this transaction. Ishavskraft has a work-force of 30 employees. In 2011, Alta Kraftlag, Ymber, Repvag Kraftlag and Lu-ostejok Kraftlag had acquired 24.5% stake in Ishavskraft from Fortum Oyj, for an undisclosed consideration. Ishavskraft reported revenues of NOK 1.29bn (EUR 140.7290m) for the year 2014.

19/02/2016

Bramo Glass og Klima AS

7.0 n/a JET Gruppe n/a JET Tageslicht & RWA GmbH (JET Group) (Germany), engaged in installing smoke and heat exhaust ventilation systems, has acquired Bramo Glass og Klima AS (Norway), engaged in providing fire protection and smoke ventilation services, for an undisclosed consideration.

12/02/2016

Heis1 AS n/a n/a Grupo Orona n/a Grupo Orona (Spain), engaged in the manufacturing, installation and maintenance of elevators has acquired, Heis1 AS (Norway), a company that distributes eleva-tors, escalators, and walkways, for an undisclosed consideration. With this acqui-sition, Orona expands its presence in Norway, with 8 offices and a team of 80 professional staff, which will lead to over USD 160m in revenue.

08/02/2016

Ganger Rolf ASA (37.34% Stake)

n/a 273.1 Bonheur ASA n/a Bonheur ASA (Norway), engaged in providing shipping and offshore services, has agreed to acquire remaining 37.34% stake in Ganger Rolf ASA (Norway), engaged in providing shipping and offshore services for a total consideration of NOK 527.137m (USD 55.54m). Bonheur ASA already owns 62.66% stake in Ganger Rolf ASA, whereas Ganger Rolf owns 20.70% in Bonheur.

08/02/2016

Wellbore AS n/a n/a Ardyne Techno-logies Limited

n/a Ardyne Technologies Limited (UK), oilfield services company, and a portfolio com-pany of Lime Rock Partners (US), private equity firm, has acquired Wellbore AS (Norway), oil service company specializing in the downhole service segment, for an undisclosed consideration.Wellbore has approximately 29 employees and re-ported revenues of NOK 95m (EUR 10.53m) in 2014.

Country Focus – Norway


EV (€ m)



37

22/01/2016

Cenika AS 16.7 n/a Lifco AB n/a Lifco AB (Lifco) (Sweden), provider of dental products, machinery and tools, sawmill equipment, contract manufacturing, interiors for vehicles, and environmen-tal technology through its subsidiaries, has agreed to acquire Cenika AS (Norway), supplier of low voltage electrical equipments, for an undisclosed consideration. Cenika reported revenue of NOK 160m (EUR 16.66m) for the year 2015.

Country Focus – Poland


EV (€ m)



38

01/03/2016

DRUK Markus-zewscy Sp z oo

n/a n/a Graf-Poz SA n/a Graf-Poz SA (Poland), manufacturer of solid board boxes, has agreed to acquire DRUK Markuszewscy Sp z oo (Poland), manufaturer of packaging boxes, for an undisclosed consideration.

18/02/2016

Techmatik S.A n/a n/a Columbia Ma-chine Inc.

n/a Columbia Machine Inc. (US), concrete products machines manufacturer, has ac-quired, Techmatik S.A. (Poland), concrete products machines manufacturer, for an undisclosed consideration. Techmatik has 400 employees. Columbia and Tech-matik have been partners for almost 10 years.

02/02/2016

JENNMAR Eu-rope

n/a n/a DYWIDAG-Sys-tems Internatio-nal

JENNMAR Cor-poration

DYWIDAG-Systems International (DSI) (Luxembourg), manufacturer and supplier of post-tensioning and geotechnical systems to the construction and mining indus-tries, and a portfolio company of Triton Partners (UK), private equity firm, has agreed to acquire JENNMAR Europe (Poland), engaged in the manufacturing of ground control products for the mining, civil construction and tunneling industries, form JENNMAR Corporation (US), engaged in the manufacturing of ground control products for the mining, civil construction and tunneling industries, for an undis-closed consideration. Previously in March 2011, Triton Partners acquired DYWIDAG-Systems International for consideration of EUR 370m.

Country Focus – Sweden


EV (€ m)



39

07/03/2016

Alab Alumini-umsystems AB

10.1 n/a P. Wikstrom J:r AB

Midway Holding AB

P. Wikstrom J:r AB (Sweden), a company, which through its subsidiaries, develops aluminium based opening systems and track products and cutting edges, has ac-quired Alab Aluminiumsystems AB (Sweden), aluminium products manufacturer and supplier, from Midway Holding AB (Sweden), conglomerate, for an undis-closed consideration. Alab reported a turnover of SEK 93m (EUR 10.13m) and operating profit of SEK 3.3m (EUR 0.39m) in 2015.

03/03/2016

Dalco Elteknik AB

n/a n/a SYSTRA Group n/a SYSTRA Group (France), engaged in mass transit and rail engineering, has ac-quired Dalco Elteknik AB (Sweden), engineering company that specialises in rail-way systems and signaling, for an undisclosed consideration. Dalco Elteknik AB employs 52 people, working in 9 offices throughout Sweden. The company has managed more than 1,200 projects for its main clients.

03/03/2016

ASSA Abloy (Car Access Se-curity Business)

n/a 17.1 ALPHA Corpo-ration

ASSA ABLOY AB

ALPHA Corporation (Japan), ngaged in manufacturing automobile parts, housing hardware and coin-operated locker, has agreed to acquire the car access security business of ASSA Abloy from ASSA ABLOY AB (Sweden), engaged in developing, manufacturing and supplying locks and security systems for residential, industrial and institutional customersfor a cash consideration of EUR 17m (USD 18.54m). The transaction values the Implied Equity Value of the car access security busi-ness at EUR 17m (USD 18.54m).

29/02/2016

Nordomatic AB n/a n/a Adelis Equity Partners Fund I

Sobro AB Adelis Equity Partners Fund I (Sweden), fund of Adelis Equity Partners (Sweden), private equity firm, has agreed to acquire a majority stake in Nordomatic AB (Swe-den), developer of building automation control systems, from Sobro AB (Sweden), private equity firm, for an undisclosed consideration. Nordomatic has a workforce of 140 employees and reported revenues of SEK 247.64m (EUR 26.33m) and net profit of SEK 4.94m (EUR 0.53m) for the year ended 31 December 2014. Prior to the transaction, Sobro held 55% stake in Nordomatic. Earlier in November 2010, Sobro AB had acquired a majority stake in Nordomatic AB in a buy in management buy out transaction, for a consideration of SEK 45m (EUR 4.81m).

26/02/2016

Safegate Group 141.0 n/a ADB bvba Fairford Group PAI Partners SAS (France), private equity firm, has acquired Safegate Group (Sweden), airport guidance and docking systems company, from Fairford Group (Lebanon), private equity firm, for an undisclosed consideration. In 2015, Safegate recorded revenues for SEK 1.3bn (EUR 141m). In 2013, ADB Airfield Solutions was acquired by PAI Partners for EUR 200m.



EV (€ m)



40

16/02/2016

Silver Weibull Sweden AB

9.8 n/a Small Cap Part-ners II

n/a Small Cap Partners II (Sweden), fund of Small Cap Partners (Sweden), private equity firm, along with the management of Silver Weibull Sweden AB (Sweden), engaged in manufacturing sugar process equipments, has acquired the company in a management buyout transaction, for an undisclosed consideration. Silver Weibull Sweden has a turnover of around SEK 90m (USD 9.80m) with 36 employ-ees in Hassleholm and three employees in Brazil.

08/02/2016

Scana Machi-ning AB

n/a n/a AB Motala Verk-stad

Scana Industrier ASA

AB Motala Verkstad (MVG) (Sweden), engaged in manufacturing of mechanical products and services, has agreed to acquire Scana Machining AB (Sweden), sub-contracting engineering company engaged in heavy machining, welding, assem-bling and surface treatment of components and system for the heavy industry, from Scana Industrier ASA (Norway), industrial company engaged in the steel, marine, oil and gas industries, for an undisclosed consideration. In 2014, Scana Machining reported revenues of NOK 64m and a loss before tax of NOK 35m.

08/02/2016

LabRum AB 7.8 4.9 ADDvise Group AB

n/a ADDvise Group AB (Sweden), engaged in supply of fittings, equipment and safety ventilation for laboratory environments, has agreed to acquire LabRum AB (La-bRum) (Sweden), manufacturer of laboratory furniture, safety ventilation and la-boratory equipment, for a consideration of SEK 46m (EUR 4.887m). ADDvise will also assume ownership in LabRum’s subsidiaries - 100% of LabRum AS, 80% of LabRum Klimat Oy and 20% Kinda Fastighets AB. LabRum reported revenues of SEK 72.5m (EUR 7.799m) and EBITDA of SEK 7.4m (EUR 0.796m) for the year ended April 2015 and has 20 employees.

06/02/2016

Intermercato AB n/a n/a Idun Handel & Industri AB

n/a Idun Handel & Industri AB (Sweden), investment holding company having interest in the companies which offers lifting equipment for forestry, transport, construction and recycling, has agreed to acquire Intermercato AB (Sweden), a company that offers lifting equipment for forestry, transport, construction and recycling, for an undisclosed consideration.



EV (€ m)



41

25/01/2016

Signal Pro-cessing Devices Sweden AB

n/a 13.0 e2v technolo-gies plc

n/a e2v technologies plc (UK), listed company engaged in designing and manufactur-ing of components and subsystems that relates to radio frequency, microwave, switching, sensing and imaging, has agreed to acquire Signal Processing Devices Sweden AB (Sweden), engaged in providing high performance sub-system solu-tions for analogue to digital conversion applications. e2v will pay a total consider-ation of maximum USD 18m. SP Devices reported revenue of approximately USD 4m in 2015.

Country Focus – Turkey


EV (€ m)



42

24/03/2016

Celik Sinai Urunler A.S. (48.81% Stake)

n/a 44.8 Cansu Family Gozde Private Equity Inc.

Cansu Family (Turkey), having interest in companies which are engaged in the manufacturing of metal products, lighter and shaving equipment, has agreed to acquire a 48.81% stake in Celik Sinai Urunler A.S (Turkey), engaged in the man-ufacturing of metal products, from Gozde Private Equity Inc. (Turkey), private eq-uity and venture capital firm, for a consideration of USD 24.4m. Concurrent to this transaction, Gozde has agreed to acquire a 48.81% stake in Azmusebat Celik Sa-nayi ve Ticaret A.S. from Cansu family for USD 24.4m.

15/01/2016

TOLON GLOBAL Makina Sanyi ve Tikaret Sirketi A.S. (30% Stake)

n/a n/a Jensen-Group N.V.

n/a Jensen-Group N.V. (Belgium), engaged in the engineering, production, purchase and sale, distribution, import, export and representation of laundry machines and systems, has agreed to acquire 30% stake in TOLON GLOBAL Makina Sanyi ve Tikaret Sirketi A.S. (TOLON) (Turkey), manufacturer and distributor of laundry equipment, for an undisclosed consideration. Under the terms of agreement, Jen-sen has acquired 30% participation in TOLON and agreed to acquire up to 49% in the next three years. TOLON reported revenue of TRY 30m (USD 12.88m) in 2014.

Country Focus – UK


EV (€ m)



43

31/03/2016

Fianium Hol-dings Limited

9.8 26.6 NKT Photonics A/S

n/a NKT Photonics A/S (NKT) (Denmark), lasers manufacturer, has acquired Fianium Holdings Limited (Fianium) (UK), supplier of high-power laser systems, for a total consideration of GBP 21m. As of 31 October 2015, Fianium achieved GBP 7m of revenue with 54 employees.

24/03/2016

TRM Packaging Limited

56.6 n/a DS Smith Plc n/a DS Smith Plc (UK), supplier of corrugated and plastic packaging, and paper, from recycled waste, and the wholesaler of office products, has acquired TRM Packag-ing Limited (UK), manufacturer of corrugated packaging and retail ready packag-ing, for an undisclosed consideration. TRM Packaging has a workforce of about 270 people and reported turnover of GBP 41.19m and net profit of GBP 2.34m for the year ended 31 August 2015.

17/03/2016

Bromford In-dustries Limited

n/a n/a Liberty Hall Capital Part-ners, L.P.

Darwin Private Equity LLP

Liberty Hall Capital Partners, L.P (US), private equity firm, has acquired Bromford Industries Limited (UK), services provider of precision machining, testing and as-sembly of engine components from Darwin Private Equity LLP (UK), private equity firm, for an undisclosed consideration. In 2009, Darwin Private Equity LLP, had acquired Bromford Industries Limited, for a total consideration of GBP 23.7m in-cluding debt. Bromford was founded in 2009 through the acquisition of Hampson Aerospace Machining.

09/03/2016

Cablecraft Li-mited

21.1 33.6 Diploma Plc King-Lee family; Jenart family

Diploma Plc (UK), engaged in providing technical products and services, has ac-quired Cablecraft Limited (UK), supplier of cable identification, termination and management products, from Jenart family and King-Lee family (UK) for a consid-eration of GBP 26m. Cablecraft Limited currently employs 98 staff across its three locations in the UK and reported revenues of GBP 15.37m for year ending 31 March 2015.

03/03/2016

Hesco Bastion Limited

n/a n/a Betafence Cor-porate Services NV

Heselden Fa-mily

Betafence Corporate Services NV (Belgium), manufacturer of fencing, access con-trol and detection products for perimeter protection, and a portfolio company of CVC Capital Partners Limited (UK), private equity firm, has agreed to acquire Hesco Bastion Limited (UK), engaged in design, development and manufacture of deployable protective barrier systems, secure bunkers and body armor, from UK-based Heselden Family, for an undisclosed consideration. Hesco had revenue of GBP 25.235m for the year 2015 and employee strength of over 150 people.



EV (€ m)



44

29/02/2016

T&R Test Equip-ment Ltd; Trans-formers & Recti-fiers Ltd.

n/a n/a Cranwell Invest-ments Limited

n/a Cranwell Investments Limited (UK), investment company, has acquired Trans-formers & Rectifiers Ltd. (UK), engaged in manufacturing power transformers, volt-age stabilisers, voltage regulators, rectifiers, and high voltage electrical test equip-ments and T&R Test Equipment Ltd (UK), engaged in manufacturing of high volt-age electrical test equipment, power transformers, specialist transformers, for an undisclosed consideration. Transformers & Rectifiers Ltd. has reported revenue of GBP 7.11m for the year ended 31 December 2015.

29/02/2016

Dantec Ltd. 8.2 n/a Elaflex-Gummi Ehlers Gmbh

Maven Capital Partners UK LLP

Elaflex-Gummi Ehlers GmbH (Germany), engaged in refuelling equipment and safe connections for the transfer of dangerous goods and sensitive fluids, has ac-quired Dantec Ltd. (UK), manufacturer of composite hoses, from Maven Capital Partners UK LLP (UK), private equity firm, for an undisclosed consideration. Maven had acquired Dantec in September 2011 in a management buyout transaction.

26/02/2016

Midland Preci-sion Limited

n/a 10.9 Waters Corpora-tion

Gabbro Preci-sion Limited

Waters Corporation (US), supplier of ultra performance liquid chromatography, high performance liquid chromatography, mass spectrometry, thermal analysis and rheology instrumentation and consumables, has acquired Midland Precision Limited (UK), manufacturer of MS instrumentation components, from Gabbro Pre-cision Limited (UK), a company offering integrated metals and component solu-tions to companies involved in gas or oil drilling and exploration and a portfolio company of Baird Capital Partners (US), private equity firm, for a consideration of USD 12m. On 9 February 2012, Midland was acquired by Gabbro Precision for GBP 10m.

25/02/2016

SAS Autoparts Limited

13.6 n/a The Parts Alli-ance Limited

n/a The Parts Alliance Limited (TPA) (UK), engaged in distribution of automotive parts and a portfolio company of HgCapital (UK), private equity firm, has acquired SAS Autoparts Limited, (UK), engaged in distribution of automotive parts, for an undis-closed consideration. SAS Autoparts has reported a revenue of GBP 10m in 2015.

23/02/2016

Mettis Aeros-pace Limited

n/a n/a Stirling Square Capital Partners LLP

Chamonix Pri-vate Equity LLP

Stirling Square Capital Partners LLP (UK), private equity firm, has acquired Mettis Aerospace Limited (UK), manufacturer of precision forged and machined compo-nents for the aerospace industry, from Chamonix Private Equity LLP (UK), private equity firm, for an undisclosed consideration. Previously in September 2006, Cha-monix Private Equity LLP had acquired Mettis Aerospace Limited, for an undis-closed consideration. Mettis Aerospace Limited reported workforce of 500 employees.



EV (€ m)



45

18/02/2016

CoolLED Li-mited

3.6 5.8 Judges Scienti-fic plc

n/a Judges Scientific plc (UK), engaged in designing and manufacturing of scientific instruments has acquired CoolLED Ltd. (UK), designer and manufacturer of illumi-nation systems for fluorescence microscopy, for the total consideration of GBP 4.5m (USD 6.4323m). CoolLED has reported annual turnover of GBP 2.5301m with the net earnings of GBP 0.4694m for the year ended 30 June 2015.

11/02/2016

Astech Projects Ltd (80% Stake)

n/a n/a Schauenburg Service GmbH

n/a Schauenburg Service GmbH (SSG) (Germany), engaged in production and design of machinery and equipments, has acquired an 80% stake in Astech Projects Ltd (UK), engaged in supplying robotic and automation solutions, for an undisclosed consideration.

03/02/2016

CWind Limited 35.1 n/a Global Marine Systems Ltd

n/a Global Marine Systems Ltd (GMSL) (UK), provider of submarine cable installation and maintenance services and a subsidiary of HC2 Holdings, Inc. (US), investment holding company, has acquired a majority stake in CWind Limited (UK), provider of offshore renewables services, for an undisclosed consideration. CWind reported revenues of GBP 26m for the year ended 30 September 2015.

01/02/2016

Plastique Li-mited

32.0 n/a ESCO Techno-logies Inc

Business Growth Fund plc

ESCO Technologies Inc (US), a manufacturing company, has acquired Plastique Limited (UK), designer and manufacturer of thermoformed packaging, from Busi-ness Growth Fund plc (UK), private equity firm, for an undisclosed consideration. In 2015, Plastique Limited reported revenues of USD 35m. In July 2014, Business Growth Fund had invested USD 5 m in Plastique Limited.

30/01/2016

GB Willbond Li-mited

28.5 n/a Marlowe Hol-dings Limited

n/a Marlowe Holdings Investments Limited (UK), engaged in distribution of electrical products, has acquired GB Willbond Limited (UK), engaged in manufacturing build-ing products, for an undisclosed consideration. GB Willbond had posted revenues of GBP 21m for the year 2016.

25/01/2016

Pump House n/a n/a DiversiTech Corporation

n/a DiversiTech Corporation (US), manufacturer and supplier of heating, ventilating, air conditioning and refrigeration products for the repair, replacement and installa-tion markets and a portfolio company of The Jordan Company, L.P. (US), private equity firm, has acquired Pump House (UK), supplier of condensate removal pumps and supporting accessories for the air conditioning, refrigeration, heating & renewable and boiler markets, for an undisclosed consideration.



EV (€ m)



46

25/01/2016

Calorex Heat Pumps Limited

18.3 n/a Procuritas Capi-tal Investors V LP

RHP Group Ltd. Procuritas Capital Investors V LP (Sweden), private equity fund of Procuritas AB (Sweden), private equity firm, has acquired Calorex Heat Pumps Limited (UK), manufacturer of swimming pool heat pumps, dehumidifiers, commercial heat pumps and heat recovery and building dryers, from RHP Group Ltd. (UK), invest-ment holding company, for an undisclosed consideration. The acquisition comple-ments Procuritas recent acquisition of Heating, Ventilation and Air Conditioning (HVAC) operations of Dantherm A/S on 15 January 2016. The combined entity will have revenues of approximately DKK 430m. Calorex has a workforce of approxi-mately 120 employees.

15/01/2016

Cobham Plc (Surveillance business)

n/a 9.2 Marlin Equity Partners, LLC

Cobham Plc Marlin Equity Partners, LLC (US), private equity firm, has acquired the UK-based surveillance business of Cobham Plc (UK), engaged in the development, delivery and support of edge aerospace and defense systems, for a total consideration of USD 10m.

14/01/2016

Hiflex Europe Li-mited

n/a n/a Alfagomma S.p.a.

n/a Alfagomma S.p.a. (Italy), manufacturer of hydraulic products including hoses, fit-tings, adapters, valves, has acquired Hiflex Europe Limited (UK), manufacturer of hydraulich hoses and tubes, for an undisclosed consideration. Hiflex reported rev-enues of GBP 33.27m (EUR 42.67m) for the year ended 31 December 2014 and has a workforce of employs 320 people.

13/01/2016

Precision Tech-nologies Inter-national Limited

n/a n/a Panoramic Growth Equity (Fund Manage-ment) LLP

n/a The management of Precision Technologies International Limited (PTI) (UK), man-ufacturer of specialist precision components, backed by Kevin Parkin and Pano-ramic Growth Equity (Fund Management) LLP (UK), private equity firm, has ac-quired the company in a buy-in management buyout transaction, for an undis-closed consideration. Panoramic Growth Equity has invested GBP 2.2m as part of the transaction. The deal has been supported with GBP 1.2m mezzanine financing from Finance Birmingham and additional funding from Santander Invoice Finance.

13/01/2016

Paul MacArthur Limited

22.6 n/a Hexagon AB n/a Hexagon AB (Sweden), provider of design, measurement and visualization tech-nologies, has acquired Paul MacArthur Limited (SCCS) (UK), supplier of surveying equipment to the engineering and infrastructure market, for an undisclosed con-sideration. SCCS reported revenues of GBP 16.0877m for the year ended 30 June 2015.



EV (€ m)



47

13/01/2016

Accutronics Ltd 11.0 10.1 Ultralife Corpo-ration

Catapult Ven-ture Managers Limited

Ultralife Corporation (US), developer and manufacturer of energy power systems, including a wide range of non-rechargeable and rechargeable batteries, charging systems and communications accessories, has acquired Accutronics Ltd (UK), a company that develops and manufactures rechargeable batteries for professional applications, from Catapult Venture Managers Limited (UK), private equity firm, for a cash consideration of GBP 7.575m. Accutronics generated revenue in excess of GBP 8m for the fiscal year ended August 31, 2015. Accutronics was originally bought out of administrative receivership, in September 2009 by Catapult Venture Managers and Intrinsic Equity, the UK-based investment vehicle.

08/01/2016

Contour Electro-nics Limited

15.1 24.3 Acal Plc Nick Foster (Pri-vate Investor); Ian Aldridge (Private Inves-tor)

Acal Plc (UK), engaged in the distribution of sales and marketing services in the fields of electronic components, industrial controls, IT products and IT parts ser-vices, has acquired Contour Electronics Limited (UK), designer and manufacturer of custom cabling and connector products, from Nick Foster and Ian Aldridge (both UK), private individuals, for a total consideration of GBP 18m. Contour generated revenues of GBP 10.7m for the year ended 30 June 2015.

07/01/2016

Dearman En-gine Company Limited

n/a n/a Park Vale Capi-tal Limited

n/a Park Vale Capital Limited (UK), private equity firm, has acquired an undisclosed stake in Dearman Engine Company Limited (UK), engaged in developing and de-livering technologies that harness liquid air to engines delivering zero-emission power and cooling, for a consideration of GBP 16m. Dearman secured GBP 19.5m of funding in 2015.

07/01/2016

Newson Gale Li-mited

n/a n/a Hoerbiger Hol-ding AG

Kochmann Fa-mily

Hoerbiger Holding AG (Switzerland), provider of compression technology, automa-tion technology and drive technology solutions, has acquired Newson Gale Limited (UK), engaged in manufacturing static grounding equipment for hazardous area industries, from Kochmann Family (UK) for an undisclosed consideration. Newson Gale reported revenues of GBP 8.17m in 2014.

05/01/2016

Stevenson Grantech Li-mited

n/a n/a Trend Technolo-gies, LLC

n/a Trend Technologies, LLC (US), mechanical solutions provider of metal stamping, metal fabrication and injection molding, through its subsidiary Trend Technologies Mullingar Limited (Ireland), manufacturer of thermoplastic and thermosetting plas-tic parts, has acquired an undisclosed majority stake in Stevenson Grantech Lim-ited (UK), manufacturer of precision sheet metal, for an undisclosed consideration.

Country Focus – Canada


EV (€ m)



48

17/03/2016

Paramount Re-sources Ltd. (sour natural gas processing assets)

n/a 370.1 Pembina Pipe-line Corp

Paramount Re-sources Ltd.

Pembina Pipeline Corp (Canada), engaged in transporting light conventional and synthetic crude oil, condensate and natural gas liquids, has agreed to acquire sour natural gas processing assets of Paramount Resources Ltd. (Canada), engaged in the exploration and production of oil and gas, for a cash consideration of CAD 556m (USD 417.1m).

14/03/2016

Camus Hydro-nics Ltd

n/a n/a Cleaver-Brooks, Inc.

n/a Cleaver-Brooks, Inc. (US), engaged in manufacturing boiler room equipment and a portfolio company of Harbour Group Industries, Inc. (US), private equity firm, has acquired Camus Hydronics Ltd (Canada), engaged in designing and manufactur-ing condensing hydronic boilers and water heaters, for an undisclosed considera-tion. Earlier in November 2012, Harbour Group Industries acquired Cleaver-Brooks, Inc., from Wellspring Capital Partners, for an undisclosed consideration.

13/03/2016

NuVision Indust-ries Inc.

21.1 8.1 Ag Growth Inter-national

HTC Purenergy Inc.

Ag Growth International Inc. (Canada), engaged in manufacturing portable grain handling and conditioning equipment, has agreed to acquire NuVision Industries Inc. (Canada), engaged in manufacturing grain auger products, from HTC Purenergy Inc. (Canada), enagaged in developing proprietary technologies, relat-ing to carbon dioxide capture, storage and hydrogen production utilizing carbon dioxide for an initial consideration of CAD 12m (USD 9.04m) and earnouts of CAD 14m (USD 10.55m). The purchase price is five times NuVision's average EBITDA for the financial years 2015 to 2018. NuVision reported revenues and normalized EBITDA of approximately CAD 32m (USD 23.07m) and CAD 6.6m ( USD 4.75m) in 2015. Its sales and adjusted EBITDA over the previous four years has averaged approximately CAD 18m (USD 12.97m) and CAD 3.4m (USD 2.45m).

23/02/2016

Roadtrek Mo-torhomes Inc.

86.0 66.8 Erwin Hymer Group

Industrial Op-portunity Part-ners LLC

Erwin Hymer Group (EHG) (Germany), manufacturer of caravan and motor homes, has acquired Roadtrek Motorhomes Inc. (Canada), manufacturer of motor homes and vans, from Industrial Opportunity Partners LLC (IOP) (US), private equity firm, for an undisclosed consideration. The deal is estimated to be valued at USD 74m. Roadtrek has 300 employees and reported revenues of USD 96m.

Country Focus – Canada


EV (€ m)



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12/02/2016

Opta Minerals, Inc.

n/a 38.3 Speyside Equity, LLC

SunOpta, Inc. Speyside Equity, LLC, private equity firm, through Speyside Equity Fund I LP (both US), has signed an agreement to acquire Opta Minerals, Inc. (Canada), vertically integrated provider of custom process solutions and industrial mineral products, from SunOpta, Inc. (Canada), a company focussed on natural, organic, and spe-cialty foods products, any other shareholder of the company in a management buy transaction. The implied equity valued of the transaction is approximately CAD 9.43m (USD 6.78m).

29/01/2016

Great Lakes Power Trans-mission LP.

n/a 242.4 Hydro One Li-mited

Brookfield Infra-structure Part-ners L.P.

Hydro One Limited (Canada), engaged in electricity transmission and distribution, has agreed to acquire Great Lakes Power Transmission LP. (Canada), engaged in electricity transmission business, from Brookfield Infrastructure Partners L.P. (Canada), investor and operator of utility businesses, transport and energy busi-nesses and timber assets, for a total consideration of CAD 373m (USD 264.46m).

04/01/2016

Continuous Co-lour Coat Li-mited

n/a n/a Material Sci-ences Corpora-tion

n/a Material Sciences Corporation (MSC) (US), engaged in the designing, manufac-turing, and marketing of material-based solutions for acoustical and coated appli-cations, has acquired Continuous Colour Coat Limited (trading as Metal Koting) (Canada), manufacturer of custom coil coated products, for an undisclosed con-sideration.

04/01/2016

Mabel's Labels Inc.

n/a 11.0 CCL Industries Inc.

n/a CCL Industries Inc. (Canada), engaged in specialty packaging solutions for the consumer products and healthcare industries, has agreed to acquire Mabel's La-bels Inc. (Canada), engaged in designing, manufacturing, marketing and selling stylish waterproof labels to identify personal belongings, for a cash consideration of approximately USD 12m on a debt free basis. Mabel's combined entities’ sales and adjusted EBITDA forecast for 2016 is USD 9.5m and USD 2.8m respectively.

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

In Turkey: [email protected]

Hydraulics & Fluid Power

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

Automotive Parts, Components & Systems

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

Instrumentation

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

Building Products

Insulation Materials, Concrete and Wood Materials, Fittings

Tools and other Industrial Equipment

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

Electrical Equipment

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

Rubber & Miscellaneous Plastic Products

Tubes, Films, Foils, Sealings, Pipes

Machinery & Specialty Equipment

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

Power Generation & Trans-mission

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

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

Product and Service Categories

Country Focus: • German speaking region • Benelux

• Czech Republic • Denmark • France • Italy • Norway • Poland • Spain • Sweden • Turkey • UK

• Canada • USA

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

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

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

For further information please visit www.globalma.com

Documents

Industrial Insider Q1, 2016 - InterFinanz · PDF fileIndustrial Insider Q1, 2016 Country Focus: • German speaking region • Benelux • Czech Republic • Denmark • France •