Industrials Insider Q1, 2015

Transcription

Country Focus:
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German speaking region
Benelux
Czech Republic
Denmark
France
Italy
Norway
Poland
Industrials
Sweden
Turkey
UK
 Canada
 USA
Sehr geehrte Leserin, sehr geehrter Leser,
nachfolgend finden Sie unsere aktuelle Zusammenfassung der bedeutendsten M&A-Transaktionen im Bereich der industriellen Fertigung im 1. Quartal
2015 im deutschsprachigen Raum und angrenzenden Ländern sowie in Großbritannien, Norwegen, Schweden, Türkei, Kanada und den USA. Die
Zusammenfassung basiert auf unserer kontinuierlichen Analyse der folgenden Branchen:
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Antriebstechnik
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Maschinen- und Anlagenbau
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Automobil
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Metallbe- und -verarbeitung
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Elektrotechnik
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Mess- und Regeltechnik
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Energieerzeugung und -übertragung
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Pumpen/Kompressoren/Fluidtechnik
Trotz der durchaus positiven Stimmung auf dem M&AMarkt und vielversprechenden Aussichten für das Jahr
2015, beobachteten wir im 1. Quartal dieses Jahres im Bereich der industriellen Fertigung eine signifikante Abschwächung der M&A-Aktivitäten: die Anzahl der abgeschlossenen und veröffentlichten Transaktionen ging in
der beobachteten Branche im Vergleich zur Vorjahresperiode um 24% zurück:
Insgesamt wurden in den beobachteten Regionen im 1. Quartal dieses Jahres 389
Transaktionen abgeschlossen, davon 41% in Nordamerika. Das Verhältnis von rein
inländischen zu grenzübergreifenden Transaktionen lag bei 52% zu 48%. Mehr als die
Hälfte der Transaktionen wurde von strategischen Investoren abgewickelt.
Von den 389 veröffentlichen Transaktionen sind bei 122 Deals die Unternehmenswerte bekannt. Der Median für das Transaktionsvolumen lag bei € 59 Mio.
Trotz der relativ großen Zahl an veröffentlichten Transaktionswerten, sind die aus
dieser Stichprobe abgeleiteten Bewertungsniveaus nicht repräsentativ, weil die dafür
erforderlichen Ertragskennzahlen der gekauften Unternehmen häufig nicht veröffentlicht wurden.
Die nebenstehende Tabelle zeigt die Bewertungsfaktoren in den beobachteten Regionen. Wie bereits erwähnt, sind die Werte
auf Grund der kleinen Stichprobe statistisch
nicht repräsentativ.
Auf dem europäischen Übernahmemarkt waren insbesondere Käufer aus Deutschland (45 Übernahmen) aktiv, gefolgt von UK (34 Übernahmen) und
Frankreich (19 Übernahmen). Amerikanische Investoren haben in Europa 18 Übernahmen getätigt, Asiatische 16 (davon 7 Übernahmen durch chinesische Käufer, 3 von Japanern, 2 von Südkoreanern, und jeweils 1 von Investoren aus Hong Kong, Indien, Taiwan und Malaysia). Das Verhältnis von
grenzüberschreitenden („Cross-border“) zu rein inländischen Transaktionen („Domestic“) betrug dabei 66% zu 34%.
Auch in Deutschland wurden im 1. Quartal 2015 im Bereich der industriellen Fertigung weniger Transaktionen abgeschlossen: mit insgesamt 43 abgewickelten Übernahmen verzeichnete der deutsche M&A-Markt im Bereich der industriellen Fertigung einen Rückgang von 22% im Vergleich zum Vorjahreszeitraum.
Bei 53% der analysierten Transaktionen in Deutschland kamen die Käufer aus der Industrie (im Vergleich zu 76% im Vorjahreszeitraum).
Käuferstruktur in Deutschland nach Herkunftsregion
Analyse der Verkäuferstruktur in Deutschland
Mit 8 Transaktionen im Bereich der industriellen Fertigung, haben wir, Global M&A Partners, ein durchaus zufriedenstellendes 1. Quartal 2015 erlebt. Wir
haben die folgenden Transaktionen begleitet und erfolgreich abgeschlossen:
1. Erwerb von 80% der Anteile an den operativen Gesellschaften Benhil, Erca, Hassia, Hamba und Gasti des weltweit führenden Anbieters für Lebensmittelverpackungstechnik mit Sitz in Deutschland - Oystar Gruppe, durch I.M.A. Industria Macchine Automatiche S.p.A., einem börsennotierten, weltweit führenden Hersteller von Verpackungsmaschinen mit Sitz in Italien, von Odewald & Compagnie Gesellschaft für Beteiligungen mbH, einer Private
Equity Gesellschaft mit Sitz in Deutschland.
Weitere Informationen abrufbar unter: http://www.interfinanz.com/de/news/news-archiv.php?id=266
2. Veräußerung von 87,5% der MWF Roland Friedrich GmbH, einem deutschen Hersteller von kundenspezifischen hochpräzisen Messmaschinen, Prüfmitteln und Automatisierungslösungen für die industrielle Serienfertigungen, an die Carl Mahr Holding GmbH, eine weltweit operierende Gruppe im
Bereich der Messtechnik.
Weitere Informationen abrufbar unter: http://www.interfinanz.com/de/news/news-archiv.php?id=262
3. Veräußerung von Burton Saw and Supply, einem US-amerikanischen Hersteller von Verbrauchsmaterialien und Ausrüstungen für Sägewerke und
Holzwerkstoffhersteller, an Pfingsten Partners, L.L.C, eine US-amerikanische Private Equity Gesellschaft.
Weitere Informationen abrufbar unter: http://www.meridianllc.com/meridian_capital_stays_sharp_advising_burton_sa
4. Erwerb von Givon USA, einem führenden US-amerikanischen Hersteller von Flugzeugteilen für die Luft- und Raumfahrtindustrie, durch H.R. Givon,
ein Portfoliounternehmen von FIMI Opportunity Funds, einer Private Equity Gesellschaft mit Sitz in Israel.
Weitere Informationen abrufbar unter: http://www.meridianllc.com/meridian_capital_takes_flight_advises_leading_a
5. Veräußerung von Matti Technology AG, einem führenden Hersteller von integrierten Lösungen für den Digitaldruck im Hochgeschwindigkeitsbereich
mit Sitz in der Schweiz, im Rahmen einer Nachfolgeregelung an einen Privatinvestor (Management Buy-InTransaktion).
Weitere Informationen abrufbar unter: http://www.zetra-international.com/en/track-record/mergers-acquisitions-real-estate-management/unternehmensverkauf-fuehrender-entwickler-und-produzent-von-hochgeschwindigkeits-digitaldruckmaschinen/
6. Veräußerung von Sonnek Engineering, einem der größten Hersteller von Pumpen- und Anlagetechnik Österreichs, an Sterling Grace Investment Group
LLC, eine amerikanische Private Equity Gesellschaft;
Weitere Informationen abrufbar unter: http://www.cdiconsult.com/en/referenz/sonnek-engineering-gmbh-en/
7. Veräußerung von Svenska Industriborstar i Västerås AB (SIB), einem führenden Anbieter von Systemen und Lösungen zur Reinigung von Start- und
Landebahnen auf Flughäfen mit Sitz in Schweden, an Lagercrantz, einem börsennotierten Technologiekonzern mit Sitz in Schweden.
Weitere Informationen abrufbar unter: http://www.valentum.se/referenser/svenska-industriborstar-sib/
8. Abspaltung von Tomra Compaction Group, einem führenden Anbieter von Recycling-Anlagen für die Industrie, durch den börsennotierten, multinationalen Industriekonzern Tomra Systems ASA mit Sitz in Norwegen, an die schwedische Private Equity Gesellschaft, San Sac Group.
Weitere Informationen abrufbar unter: http://www.valentum.se/referenser/orwak-tomra-compaction/
Country Focus – Austria, Germany, Switzerland
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
Global M&A Partners ist eine international tätige exklusive Partnerschaft von M&A-Beratungsgesellschaften mit Büros in knapp 40 Ländern. Wir sind
spezialisiert auf den mittelständischen Markt und unterstützen unsere Kunden national und international beim Kauf und Verkauf von Unternehmen und
Beteiligungen sowie Finanzierungsmaßnahmen.
Global M&A Partners und InterFinanz stehen Ihnen gerne zur Verfügung, um Sie bei der Umsetzung Ihrer strategischen Pläne zu unterstützen.
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In Mitteleuropa: Christian Kollmann – [email protected]
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In Nordeuropa: Per Erik Sandersen – [email protected]
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In Nordamerika: Ed Giacomelli – [email protected]
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In der Türkei: Metin Bonfil – [email protected]
EV = Enterprise value
Source: Mergermarket, Capital IQ & InterFinanz GmbH
8
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
30/03/
2015
EDI.SON
Energietechnik
GmbH
20.0
n/a
Eltel AB
Ralph Sonntag
(Private
Investor)
Eltel AB, the Finland-based company engaged in constructing and maintaining
power transmission and telecommunications networks has acquired EDI.SON
Energietechnik GmbH, the Germany-based company engaged in construction of
overhead power lines, their maintenance and service from Mr. Ralph Sonntag,
the Germany-based private investor, for an undisclosed consideration.
23/03/
2015
Leeser GmbH &
Co. KG
37.0
n/a
Semperit AG
Holdings
Hans Hlatky
(Private
Investor)
Semperit AG Holdings, the listed Austria-based manufacturer of rubber and plastics products, which operates as an affiliate of B&C Industrieholding, the Austriabased company, acquired Leeser GmbH & Co. KG, the Germany-based manufacturer and distributor of rubber products and plastic seals, for an undisclosed
consideration. Leeser has approx. 200 employees in 2014.
20/03/
2015
Komptech
GmbH
(80% Stake)
100.0
n/a
Hirtenberger
AG
Heissenberger
& Pretzler
Beteiligungs
GmbH
Hirtenberger AG, the Austria-based provider of automotive safety, artillery shells
and tank ammunition products, acquired an 80% stake in Komptech GmbH, the
Austria-based company manufacturing machinery and systems for the mechanical and mechanical-biological treatment of solid waste; and treatment of biomass
as a renewable energy source, from the management of the company and
Heissenberger & Pretzler Beteiligungs GmbH, the Austria-based holding company, for an undisclosed consideration. Komptech employs approximately 560
employees across its locations Austria, Slovenia and Germany. Earlier in the
year 2004, the management of Komptech along with Heissenberger & Pretzler
Beteiligungs, acquired a 75% stake in the company in a MBO transaction, for an
undisclosed consideration.
18/03/
2015
Amberger
Kuehltechnik
GmbH
n/a
n/a
von der Heydt
Industriekapital
GmbH
Klaus Schmidt
(Private
Investor)
von der Heydt Industriekapital GmbH, the Germany-based principal investment
firm, along with other private investors, acquired Amberger Kuehltechnik GmbH,
the Germany-based company manufacturing refrigeration air conditioning and
electrical switchgear, from Klaus Schmidt, Germany-based private individual having interest in companies manufacturing refrigeration air conditioning and electrical switchgear and modular space rental, for an undisclosed consideration. Amberger Kuehltechnik has a workforce of 100 employees.
12/03/
2015
Heycoustics
GmbH
22.3
12.6
Hanwha
Advanced
Materials
Corporation
Nord Holding
Hanwha Advanced Materials Corporation, the South Korea-based manufacturer
of plastic foam and related materials, acquired a Heycoustics GmbH, the Germany-based auto parts maker for an undisclosed consideration. Hanwha Advanced Materials Corporation will hold a 100% stake in Heycoustics GmbH.
9
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
11/03/
2015
Koller Gruppe
(75% Stake)
63.0
n/a
HANNOVER
Finanz GmbH
Thomas and
Max Koller
(Private
Investors)
HANNOVER Finanz GmbH, the Germany-based private equity firm, has acquired 75% stake in Koller Gruppe, the Germany-based automotive components
company, from Mr. Thomas Koller and Mr. Max Koller, the Germany-based private individuals having interest in automobile component companies, for an undisclosed consideration. Koller Gruppe employs 830 people.
10/03/
2015
Durotherm
Kunststoffverarbeitung GmbH
22.0
n/a
SINGLE
Temperiertechnik GmbH
Andreas Hartl
SINGLE Temperiertechnik GmbH, the Germany-based company that produces
temperature control systems, and a subsidiary of Looser Holding AG, the listed
Switzerland-based investment holding company with interests in industrial services and coatings, acquired Durotherm Kunststoffverarbeitung GmbH, the Germany-based company manufacturing high-quality thermoformed components
made of plastic, for an undisclosed consideration. Durotherm has workforce of
200 employees. Durotherm will be merged into Single Distribution GmbH.
03/03/
2015
Schrack Technik
GmbH
200.0
n/a
Industrieliegenschaftenverwaltung AG
HANNOVER
Finanz GmbH;
REXEL Austria
GmbH
The management of Schrack Technik GmbH, the Austria-based company engaged in distribution of energy, data, and lighting systems to electricians, enclosure specialists, OEMs, energy companies, etc., along with Industrieliegenschaftenverwaltung AG, the Austria-based investment holding company, acquired the
company in a MBO transaction, from HANNOVER Finanz GmbH, the Germanybased private equity firm and REXEL Austria GmbH, the Austria-based company
company engaged in the sale of electrical installation products, for an undisclosed consideration. Schrack has a workforce of 700 employees. In August
2005, HANNOVER Finanz GmbH acquired Schrack in a MBO transaction, for an
02/03/
2015
EVANTEC
GmbH
60.0
n/a
Palero Capital
GmbH
E.ON SE
Palero Capital GmbH, the Germany-based private equity firm, acquired
EVANTEC GmbH, the Germany-based provider of technical infrastructure and
nuclear services, from E.ON SE, the listed Germany-based company engaged in
field of electricity, oil and gas, for an undisclosed consideration. EVANTEC has
around 1200 employees.
10
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
Knape Gruppe
Holding GmbH;
Martin Rose
Gleisbau GmbH
& CO KG
Insolvency
Administrator
Martin Rose GmbH & Co. KG, the Germany-based provider of track construction
services, and Knape Gruppe Holding GmbH, the Germany-based company engaged in design, maintenance, renewal, and construction of various railway systems, acquired Strukton Rails GmbH & Co. KG, the Germany-based company
engaged in construction and maintaineance of railway tracks, for an undisclosed
consideration. Strukton has a workforce of 61 employees. The transaction forms
a part of insolvency process claimed by Strukton Rails at district court of Kassel.
Pursuant to the acquisition, the purchasers will retain together 33 employees.
01/03/
2015
Strukton Rail
GmbH & Co. KG
16.0
n/a
28/02/
2015
Albert Ziegler
GmbH & Co.
KG.
(40% Stake)
n/a
140.9
China Fire
Safety
Enterprise
Group Limited
China
International
Marine
Containers
(Group) Ltd.
(CIMC)
China Fire Safety Enterprise Group Limited acquired 40% stake in Albert Ziegler
GmbH & Co. KG from China International Marine Containers Ltd. China Fire
Safety Enterprise Group Limited, the listed Hong Kong-based company engaged
in installation and maintenance of fire prevention and fighting systems. Albert
Ziegler GmbH & Co. KG., the Germany-based company, is engaged in production of fire-fighting vehicles, pumps and other releated components. China International Marine Containers Ltd., the listed China-based company, manufacturing
transportation equipment. CFSE will pay a total consideration of $ 63.1m. The
amount includes the payment for 40% of stake in Ziegler and 40% of total sale
loan owed by CIMC to Ziegler which represents € 10.4m. Ziegler will be known
as an associate company of CFSE, while CIMC will be controlling shareholder of
Ziegler. In November 2013, CIMC acquired Ziegler, for a consideration of € 55m.
Prior to getting acquired by CIMC, Ziegler filed for insolvency in August 2011.
Ziegler had total assets of worth € 36.5m as of 31.12. 2013.
27/02/
2015
Constantia
Flexibles Group
GmbH
(25% Stake)
1,691.
0
(2013)
960.0
Herbert
Turnauer
Foundation
Herbert
Turnauer
(Private
Investor);
Wendel
Herbert Turnauer Foundation, the Austria-based holding company having interest in companies engaged in providing packaging solutions, agreed to acquire an
approximate 25% stake in Constantia Flexibles Group GmbH, the Austria-based
provider of packaging solutions for human and pet food production, pharmaceuticals, and beverage industries, from Wendel, the listed France-based private equity firm. Constantia Flexibles has a workforce of over 8,000 employees and
owns 43 manufacturing sites in 18 countries. In 2014, Wendel acquired a majority stake in Constantia Flexibles from One Equity Partners and Herbert Turnauer,
in a deal that values Constantia Flexibles at € 2.3bn. Wendel intends to bring
other minority shareholders on Constantia Flexibles' board.
11
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
25/02/
2015
Heidelberg
Instruments
Mikrotechnik
GmbH
30.0
n/a
RAG-Stiftung
Private
Investors
RAG-Stiftung, the Germany-based company engaged in managing the spin-off
and mine closures of coal mining divisions, acquired Heidelberg Instruments
Mikrotechnik GmbH, the Germany-based company that manufactures laser
based maskless lithography systems, for an undisclosed consideration. Heidelberg Instruments had a workforce of 120 employees in 2014.
25/02/
2015
MSL Schloss
und
Beschlaegefabrik AG
18.2
n/a
Assa Abloy
AB
Private
Investors
Assa Abloy AB, the listed Sweden-based manufacturer of locks and security systems for residential, industrial and institutional customers, acquired MSL Schloss
und Beschlaegefabrik AG, the Switzerland-based manufacturer of locks and security systems, for an undisclosed consideration. MSL employs 106 people.
23/02/
2015
DILAX Intelcom
GmbH
18.0
10.9
VR Equitypartner GmbH;
OMOS Equity
Partners GmbH
Uwe Hinrichsen
(Private
Investors)
VR Equitypartner GmbH and OMOS Equity Partners, both the Germany-based
private equity firms, acquired DILAX Intelcom GmbH, the Germany-based company engaged in producing automated people counting systems used for counting passengers in the local public transport sector, in a MBO transaction, for an
undisclosed consideration. DILAX has a workforce of around 120 employees.
Pursuant to transaction, VR Equitypartner will hold 65% stake in DILAX.
23/02/
2015
Duropack
Group
273.0
300.0
DS Smith Plc
One Equity
Partners LLC;
Christine de
Castelbajac
(Private
Investor)
DS Smith Plc, the listed UK-based manufacturer of corrugated cardboard and
plastic packaging. Duropack Group, the Austria-based recycled corrugated board
packaging producer. One Equity Partners LLC, the US-based private equity firm.
Christine de Castelbajac, the Austrian investor. One Equity acquired 75% in Duropack as part of taking over the Constantia Packaging AG in 2009-2010, while
Christine de Castelbajac retained 25% in the company. Duropack generated
EBITDA of € 41m and EBIT of € 22m in 2014 and employs 2,600 people.
23/02/
2015
Magna Steyr AG
(battery pack
business)
n/a
n/a
Samsung SDI
Co Ltd
Magna Steyr
AG
Samsung SDI Co Ltd, the listed South Korea-based manufacturer of digital display products, acquired battery pack business of Magna Steyr AG, the Austriabased company, providing vehicle engineering and contract manufacturing services for the automotive industry and a subsidiary of Magna International Inc, the
listed Canada-based manufacturer of automotive systems and components, for
an undisclosed consideration. The acquired business employs 264 employees.
12
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
23/02/
2015
Janzhoff
Aufzuege GmbH
11.0
n/a
Kone Oyj-B
Kapp
Family
KONE Oyj, the listed Finland-based company that manufactures elevators, escalators and autowalks, acquired Janzhoff Aufzuege GmbH, the Germany-based
company providing elevators, maintenance and modernization services, from the
Germany-based Kapp family, for an undisclosed consideration. Janzhoff
Aufzuege has a workforce of approximately 100 employees.
13/02/
2015
E.I.S. Aircraft
GmbH
40.0
n/a
EQT Mid Market
GP BV
Private
Investors
EQT Partners AB, the Sweden-based private equity firm through its private equity fund, EQT Mid Market GP BV, acquired E.I.S. Aircraft GmbH, the Germanybased product and service provider for the aerospace sector, for an undisclosed
consideration. E.I.S. Group, which also includes DEVA Kunststofftechnik, an acquisition made in 2013, provides an attractive target because of its exposure to
the high-growth aerospace market. E.I.S. employs a staff of 300 people.
12/02/
2015
Innojet Herbert
Huettlin e.K.
8.0
n/a
Romaco
Pharmatechnik
GmbH
Herbert Hüttlin
(Private
Investor)
Romaco Pharmatechnik GmbH, the Germany-based manufacturer of machines
for packaging and processing applications, and a portfolio company of Deutsche
Beteiligungs AG, the Germany-based private equity firm, acquired Innojet Herbert Huettlin e.K., a German developer of systems for granulating and coating
solids, for an undisclosed consideration. Innojet has 55 employees.
10/02/
2015
MWF Roland
Friedrich GmbH
(87.52% Stake)
8.5
n/a
Mahr GmbH
Monika Friedrich
(Private
Investor);
Roland Friedrich
(Private
Investor)
Mahr GmbH, the Germany-based manufacturer of production dimensional measuring technology solutions, and a subsidiary of Carl Mahr Holding GmbH, the
Germany-based company that manufactures dimensional metrology instruments,
has acquired 87.52% stake in MWF Roland Friedrich GmbH, the Germanybased manufacturer of high-precision measuring machines, measuring and test
equipment and automation solutions for industrial series production, from Monika
Friedrich and Roland Friedrich, the Germany-based private individuals having interest in companies manufacturing high-precision measuring machines, measuring and test equipment and automation solutions for industrial series production,
for an undisclosed consideration. MWF Roland employs 35 people.
10/02/
2015
Sonnek
Engineering
GmbH
21.0
n/a
Sterling Grace
Investment
Group LLC
Private
Investors
Sterling Grace Investment Group LLC, the Switzerland-based holding company
acquired Sonnek Engineering GmbH, the Austria-based company engaged in
pump technology development, pump service, plant construction, flowmeters,
from Josef Niaghi, Karl-Heinz Pichler and Werner Wieseneder, the Austria-based
private individuals, for an undisclosed consideration.
13
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
06/02/
2015
328 Support
Services GmbH
n/a
n/a
Sierra Nevada
Corporation
328 Group Ltd.
Sierra Nevada Corporation, the US-based electronic systems provider and systems integrator specializing in microsatellites, energy, telemedicine, nanotechnology and commercial orbital transportation services, acquired 328 Support Services GmbH, the Germany-based company engaged in design, engineering,
manufacture, modification, repair and maintenance of Jet and turboprop aircrafts,
from 328 Group Ltd., the UK-based holding company providing private jets
maintenance, manufacture, and completion services through its subsidiaries, for
an undisclosed consideration. 328 Support Services employs more than 150 aviation experts. Earlier in December 2002, AvCraft had agreed to acquire the 328
Support Services GmbH from Fairchild Dornier, for an undisclosed consideration.
06/02/
2015
MICRODYNNADIR GmbH
(50% Stake)
15.3
n/a
MANN+HUMMEL GMBH
SH+E GmbH
MANN+HUMMEL GMBH is a Germany-based designer and manufacturer of filtration solutions and equipment to automotive and mechanical engineering industries. MICRODYN-NADIR GmbH is a Germany-based manufacturer and supplier of micro, ultra and nano-filtration membranes and filter modules for process,
water and waste water applications. Upon completion, MICRODYN will operate
as a wholly owned subsidiary of MANN+HUMMEL. MICRODYN has a workforce
of 100 employees. In May 2014, MANN+HUMMEL had acquired 50% stake in
MICRODYN, for an undisclosed consideration.
06/02/
2015
iNDAT Robotics
GmbH
15.0
n/a
NSM
Magnettechnik
GmbH
Private
Investors
NSM Magnettechnik GmbH, the Germany-based company manufacturing handling systems and machines for metals and a subsidiary of M.A.X. Automation
AG, the listed Germany-based holding company, acquired iNDAT Robotics
GmbH, the Germany-based robotics and assembly automation company, for an
undisclosed consideration. The target employs 80 people and is debt free.
04/02/
2015
RENA GmbH
314.4
(2012)
n/a
Capvis Equity
Partners AG
Insolvency
Administrator
CapvisCapvis Equity Partners AG, the Switzerland-based private equity firm, acquired RENA GmbH, the Germany-based company manufacturing production
equipment and technology for wet chemical applications, for an undisclosed consideration. RENA has a workforce of 510 employees. In March 2014, Rena had
filed for the opening of its insolvency proceedings under self-administration.
04/02/
2015
EHT Werkzeugmaschinen
GmbH
27.0
n/a
Trumpf GmbH +
Co. KG
Theisen
Family
Trumpf GmbH + Co. KG, the Germany-based company manufacturing machine
tools, laser technology, electronics, and medical technology products, acquired
EHT Werkzeugmaschinen GmbH, the Germany-based manufacturer of press
brakes and guillotine shears, from Theisen family, the Germany-based family, for
an undisclosed consideration. EHT employs 130 employees.
14
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
04/02/
2015
PRAE-TURBO
GmbH & Co. KG
53.9
n/a
Halder
Beteiligungsberatung GmbH
Dr. Jung
Technologiegruppe;
Reiner Wahlers
(Private
Investor)
Halder Beteiligungsberatung GmbH along with the management of PRAETURBO GmbH & Co. KG acquired the company, in a MBO transaction, from
Reiner Wahlers and Dr. Jung Technologiegruppe. Halder-GIMV Germany II, the
Germany-based fund of Halder Beteiligungsberatung GmbH, the Germanybased private equity firm. PRAE-TURBO GmbH & Co. KG is a Germany-based
manufacturer of compressor wheels for the automotive industry. Reiner Wahlers,
the Germany-based private individual. Dr. Jung Technologiegruppe, the Ger
many-based holding company formed by the founding members of PRAETURBO GmbH & Co. KG is interest in companies manufacturing compressor
wheels for the automotive industry.
04/02/
2015
WEGU Holding
GmbH
n/a
95.0
Anhui
Zhongding
Sealing Parts
Co Ltd
DMB 1.Invest
Gmbh & Co KG;
Equitrust
Beteiligungen
GmbH;
Horst
Zimmermann
Anhui Zhongding Sealing Parts, the listed China-based company, is engaged in
manufacture of rubber components for automobile and other industrial use.
WEGU Holding GmbH, the Germany-based company, is engaged in providing
car noise-reducing solutions. DMB 1 Invest GmbH & Co KG, the Germany-based
company, is engaged in equity investment. Equitrust Beteiligungen GmbH, the
Germany-based company, is engaged in equity investment. Mr. Horst Zimmermann is the Germnay-based private investor. In H1 2014, WEGU has a turnover
of € 267.1m, EBITDA of € 61.9m and Net Earnings of € 39.8m.
03/02/
2015
KRESS-elektrik
GmbH & Co. KG
13.5
n/a
Callista Private
Equity GmbH &
Co. KG
Private
Investors
Callista Private Equity GmbH & Co. KG, the Germany-based private equity firm,
acquired KRESS-elektrik GmbH & Co. KG, the German-based developer of
power tools for professional and semi-professional requirements, for an undisclosed consideration. KRESS-elektrik has a workforce of 90 employees.
03/02/
2015
Kolb Elektro AG;
Elektro SBW
AG;
Kolb Elektro
SBW AG;
Kolb el-Consult
AG
15.8
n/a
Burkhalter
Holding AG
Kolb Holding AG
Burkhalter Holding AG, the listed Switzerland-based company, is engaged in the
distribution and installation of electrotechnical and telecommunication engineering systems, including computer networks. Kolb Elektro AG, the Switzerlandbased firm, is an electrical installation company. Elektro SBW AG, the Switzerland-based firm, is an electrical installation company. Kolb el-Consult AG, the
Switzerland-based firm, is an electrical installation company. Kolb Elektro SBW
Aktiengesellschaft, the Switzerland-based firm is an electrical installation company. Kolb Holding AG is the Switzerland-based holding company interested in
companies engaged in electrical installation and mechanical engineering services.The acquired four companies has jointly a workforce of 110 employees.
15
Date
Target
Sales
(€ m)
EV
(€ m)
125.2
Bidder
Seller
Deal Description
n/a
Sonepar S.A.
Solar A/S
Sonepar S.A., the France-based company engaged in distribution of electrical
products and provision of related services, acquired Solar Deutschland GmbH,
Germany based distributor of electrical, heating, plumbing, and ventilation products, from Solar A/S, Denmark based wholesalers of electrical and HWS, for an
undisclosed consideration. Solar Deutschland employs 360 employees.
7.0
n/a
Quadriga
Capital
M&R Holding
AG
Quadriga Capital Beteiligungsberatung GmbH, the Germany-based private equity firm acquired majoirty stake in Alicona Imaging GmbH, the Austria-based
supplier of optical 3D surface measurement solutions for quality assurance, for
an undisclosed consideration. Simultaneously, Quadriga Capital has also agreed
to acquire M&R Automation GmbH from M&R Holding AG.
03/02/
2015
Solar
Deutschland
GmbH
29/01/
2015
Alicona Imaging
GmbH
29/01/
2015
M&R
Automation
GmbH
50.2
(2013)
n/a
Quadriga
Capital
M&R Holding
AG
Quadriga Capital Beteiligungsberatung GmbH, the Germany-based private equity firm along with management of M&R Automation GmbH, the Austria-based
company manufacturing custom-made production lines and testing systems for
automotive, electronics, consumer goods, pharmaceutical, and medical industries, acquired the company in a MBO transaction, from M&R Holding AG, the
Austria-based provider of integrated automation solutions, for an undisclosed
consideration. M&R Automation has a workforce of 300 employees.
22/01/
2015
Francesconi
Technologie
GmbH
10.0
(2013)
n/a
GE Jenbacher
GmbH
Francesconi
Private
Foundation
GE Jenbacher GmbH, the Austria-based gas engines and cogeneration plants
manufacturer, and a subsidiary of General Electric Company, the listed USbased diversified company, acquired Francesconi Technologie GmbH, the Austria-based manufacturer of precision components for measuring technology,
medical technology, microsystems technology, precision mechanics and sensor
technology, from Francesconi Private Foundation, the Austria-based holding
company with interest in manufacturing precision components for measuring
technology, medical technology, microsystems technology, precision mechanics
and sensor technology, for an undisclosed consideration.
16
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
22/01/
2015
Senvion SE
1,806.
0
760.3
Centerbridge
Partners, L.P.
Suzlon Energy
Limited
Suzlon Energy Limited, the listed India-based wind power company. Centerbridge Partners, L.P., the US-based private equity firm. Senvion SE, the Germany-based manufacturer and supplier of wind powered generating facilities.
Earlier in February 2007, Suzlon Energy Limited made a take over offer to acquire Senvion at € 126/share, valuing Senvion at approx. € 1.31bn. In May 2007,
the take offer was completed with Sulzon owning majority stake in Senvion. In
June 2008, Suzlon acquired 30% stake in Senvion from AREVA S.A. In June
2009, Suzlon acquired 22.48% stake in Senvion from Martifer SGPS SA. In April
2011, Suzlon acquired the 4.80% stake in Senvion and acquired remaining stake
via squeeze out in October 2011 and became 100% stakeholder in Senvion.
21/01/
2015
DMG MORI
SEIKI AG
(75.7% Stake)
2,229.
0
2,026.
5
DMG Mori Seiki
Company
Limited
Stock
Exchange
DMG Mori Seiki Co Ltd, the Japan-based and listed machine tools manufacturing
company, announced a public offer for DMG Mori Seiki AG, the Germany-based
and listed, machine tools manufacturing company. The offer price is cash offer of
€ 27.5 per DMG AG share, representing a 7.46% premium to GIL closing share
price (€ 25.59/share) as of 21.01.2015, 1 day prior to announcement date. The
offer price values the entire equity of GIL at € 2.17bn, based on 78.81m outstanding shares at the indicative offer price. Update: 09.03.2015 - DMG AG and
DMG CO agreed on the reduction on minimum acceptance level from 50% + 1 to
40% and increased the offer price to € 30.55, representing a 19.4% premium to
GIL closing share price as of 1 day prior to announcement date.
20/01/
2015
Vossloh AG
(70.01% Stake)
1,324
918.3
KB Holding
GmbH
Stock
Exchange
KB Holding GmbH, a Germany based private company controlled by Mr. Heinz
Hermann Thiele, made a voluntary public takeover offer to the shareholders of
Vossloh AG, a Germany based and listed railroad equipment company. The offer
price is € 48.5 per share, representing a discount of 10.5% to Vossloh’s closing
share price of € 54.4 as of 19.01.2015, 1 day prior to the announcement date.
The offer price values the entire equity of Vossloh at € 646.3m, based on 13.33m
outstanding shares. Update as of 26.02.2015: Board of Vossloh recommended
shareholders not to accept KB Holding offer.
16/01/
2015
Heuschkel
Druckguss
GmbH
12.0
n/a
Auxeos
GmbH
Rauch
Family
Auxeos GmbH, the Germany-based investment firm, acquired Heuschkel Druckguss GmbH, the Germany-based company engaged in production of die-cast aluminium for automobile, from the Germany-based Rauch family, for an undisclosed consideration. Heuschkel has 80 employees.
17
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
15/01/
2015
FLABOFORM
GmbH
(95% Stake)
32.0
n/a
Grupo Cunado
Wilhelm Maass
GmbH;
Flaboform
Essen
Grupo Cunado, the Spain-based company manufacturing pipes, valves, accessories and related products, acquired 95% stake in FLABOFORM GmbH, the
Germany-based company manufacturing flanges, bends and industrial fitting instruments, from Wilhelm Maass GmbH, the Germany-based company manufacturing flange, valve and pipe fitting forgings and Flaboform Essen, a Germanybased holding company with interest in manufacturing flanges, bends and industrial fitting instruments, for an undisclosed consideration.
13/01/
2015
Profilator GmbH
& Co. KG
37.7
n/a
Dieter Murmann
Beteiligungsgesellschaft
mbH
Hermann
Werner GmbH &
Co. KG
Dieter Murmann Beteiligungsgesellschaft mbH, the Germany-based investment
holding company controlled by Dr. Dieter Murmann family, acquired Profilator
GmbH & Co. KG, the Germany-based manufacturer of metal-cutting machines,
from Hermann Werner GmbH & Co. KG, the Germany-based manufacturer of
screwdrivers and machine tool, for an undisclosed consideration. Profilator has a
workforce of 100 employees.
13/01/
2015
BU Buecker &
Essing;
BU Turbo
Systems GmbH
n/a
n/a
SERCOO
Group GmbH
BU Buecker
Unternehmensgruppe
SERCOO Group GmbH, the Germany-based investment holding company with
interest in mechanical engineering companies, and a portfolio company of DPE
Deutsche Private Equity GmbH, the Germany-based private equity firm, acquired
BU Buecker & Essing, the Germany-based mechanical engineering company
and BU Turbo Systems, the Germany-based remanufacturer of engines and machine components, from BU Buecker Unternehmensgruppe, the Germany-based
manufacturer of auto parts, for an undisclosed consideration. The acquired companies have a combined workforce of 150 employees.
13/01/
2015
HPT
Hochwertige
Pharmatechnik
GmbH & Co. KG
33.0
n/a
Rochling
Engineering
Plastics KG
HEINZ
Holding GmbH
Rochling Engineering Plastics KG, the Germany based manufacturer of engineering plastics and a subsidiary of Rochling SE & Co. KG, the Germany-based
manufacturer of high-performance plastics, automotive plastics, and technical
plastic parts, acquired HPT Hochwertige Pharmatechnik GmbH & Co. KG, the
Germany-based manufacturer of plastic containers to the pharmaceutical and diagnostic industries, from HEINZ Holding GmbH, the Germany-based manufacturer of small glass bottles for perfume and cosmetic industries, for an undisclosed consideration. HPT has a workforce of 250 employees.
18
Date
Target
Sales
(€ m)
EV
(€ m)
n/a
Bidder
Seller
Deal Description
n/a
Monimentum
GmbH
Insolvency
Administrator
Monimentum GmbH, the Germany-based company having interest in manufacturing packaging products, acquired Ommer GmbH, the Germany-based manufacturer of packaging products, for an undisclosed consideration. Ommer reported workforce of 100 employees. Previously, Ommer had filed for insolvency
on 21.01.2014.
101.9
(2013)
n/a
Technische
Werke
Ludwigshafen
AG
Suewag Energie
AG;
KE Power
GmbH
Technische Werke Ludwigshafen AG, the Germany-based company that provides utility services, acquired Ensys AG, the Germany-based provider of electric
utility service, from Suewag Energie AG, the Germany-based company engaged
in supply of natural gas, electricity and water, KE Power GmbH, the Germanybased private equity fund of Capiton AG, the Germany-based private equity firm,
for an undisclosed consideration. The company has workforce of 600 employees.
Prior to the transaction, KE Power GmbH held 36.75% stake, Suewag Energie
held 24.99% and rest was held by the management of Ensys AG.
KnorrBremse AG
Serena
Capital
Knorr-Bremse AG, the Germany-based manufacturer of braking systems for rail
and commercial vehicles, acquired Selectron Systems AG, the Switzerlandbased manufacturer of rail automation solutions, from Serena Capital, the
France-based private equity firm, for an undisclosed consideration. Selectron
Systems AG has a workforce of over 100 employees. In 2009, Selectron was
aquired in a MBO transaction backed by Serena capital.
09/01/
2015
Ommer GmbH
08/01/
2015
Ensys AG
08/01/
2015
Selectron
Systems AG
n/a
n/a
07/01/
2015
Baltic 2
(49.89% Stake)
n/a
1,442.
8
Macquarie
Capital (Europe)
Limited
EnBW Energie
Baden-Wuerttemberg AG
Macquarie Capital (Europe) Limited, the UK-based company, is a corporate finance and fund management arm of Macquarie Group, the Australia-based listed
private equity firm. EnBW Energie Baden-Wuerttemberg AG, the listed Germanybased company, is an energy company that supplies electricity, gas, water and
energy-related products and services. Baltic 2 is a Germany-based offshore wind
farm located in the Baltic Sea.
06/01/
2015
17 transmission
grid systems
n/a
244.4
Swissgrid AG
n/a
Swissgrid AG, the Switzerland-based company that owns and operates electricity
grids, acquired 17 transmission grid systems, for a consideration of $ 291.6m.
Concurrently, Swissgrid also acquired Elektrizitaetswerk der Stadt Zuerich, the
Switzerland-based company that operates as an energy company and owns
power stations. The shareholders of Elektrizitaetswerk der Stadt Zuerich will hold
a 9.6% stake in Swissgrid.
19
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
05/01/
2015
Stahlhammer
Bommern
GmbH
14.7
29.2
Columbus
McKinnon
Corporation
Private
Investors
Columbus McKinnon Corporation, the listed US-based manufacturer of hoists,
rigging tools, cranes, actuators, and other material handling products, acquired
Stahlhammer Bommern GmbH, the Germany-based iron and steel forging manufacturer.
02/01/
2015
Honasco
Kunststofftechnik GmbH &
Co. KG.
25.0
n/a
Jumps Auto
Industries
Limited
Joerg
Schwarzbich
Investment
GmbH
Jumps Auto Industries Limited, the India-based manufacturer of specialised auto
electrical products, acquired Honasco Kunststofftechnik GmbH & Co. KG., the
Germany-based company manufacturing complex plastic components, including
hybrid parts, thermosetting parts and filtration systems, from Jorg Schwarzbich
Investment GmbH, the Germany-based investment holding company with interest in manufacturing auto parts, for an undisclosed consideration. Honasco has a
20
Country Focus – Benelux
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
Groupe Altrad
NPM Capital
N.V.;
Sofinim NV
Hertel Holding B.V. is a Netherlands-based industrial company, providing customised services around access solutions, insulation, corrosion protection mechanical services and specialist solutions. Groupe Altrad is a France-based scaffolding solutions provider. NPM Capital N.V. and Sofinim NV are Netherlandsbased private equity firms. The combined entity, which will employ 17,000 people, is expected to have an annual turnover of € 1.6bn.
17/03/
2015
Hertel Holding
B.V.
815.0
230.0
09/03/
2015
Acta Marine
Wind Services
n/a
n/a
Acta Marine
Koninklijke
Doeksen B.V.;
Workships
Contractors B.V.
Acta Marine, the Netherland-based owners and operators of tugs, survey vessels, crew tenders, barges, and multipurpose workboats, acquired Offshore Wind
Services B.V., the Netherlands-based company engaged in providing wind farm
services vessels and crew transfer vessels to offshore wind sector, from Koninklijke Doeksen B.V., the Netherlands-based company, providing ferry and ship
transport services to passengers and Workships Contractors B.V., the Netherlands-based company, providing provides offshore marine management and
consulting services for the oil and gas industry, for an undisclosed consideration.
06/03/
2015
Indaver NV
(74.99% Stake)
526.0
842.0
Katoen Natie
N.V.
Delta N.V.
Indaver NV, is a Belgium-based company, providing waste management services. Katoen Natie N.V. is a Belgium-based company providing warehousing &
logistics services. Delta N.V. is a Netherlands-based company providing grids
energy, and waste management services. Katoen Natie agreed to pay € 416m
for the acquisition of 74.99% stake in Indaver NV. Previously, Indaver was
owned to 75% by Delta, 16% by Vlaamse Milieuholding NV and 9% by Janssen
Pharmaceutica NV, BASF Antwerpen NV, Solvay NV, Tessenderlo Chemie NV,
Bayer Global Investments B.V., Borealis Polymers NV.
03/03/
2015
GL Precision
B.V.
(80% Stake)
37.0
n/a
VDL Groep
B.V.
Private
Investors
VDL Groep B.V., the Netherlands-based company manufacturing semi finished
metal and plastic products, acquired 80% stake in GL Precision B.V, the Netherlands-based supplier of high precision mechanical parts and modules, for an undisclosed consideration.The remaining 20% will be progressively transferred to
VDL over next 5 years. GL has a workforce 150 employees.
03/03/
2015
Printing
Systems Group
130.0
n/a
Heidelberger
Druckmaschinen AG
CoBe
Capital LLC
Heidelberger Druckmaschinen AG, the listed Germany-based company that develops and distributes technology for commercial and packaging printing, acquired Printing Systems Group, the Netherlands-based company providing print
services and software solutions, from CoBe Capital LLC, the US-based private
equity firm, for an undisclosed consideration. PSG employs 400 people.
21
Country Focus – Benelux
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/02/
2015
Bekaert
(Carding
Solutions)
26.0
n/a
Groz-Beckert
KG
NV Bekaert
SA
Groz-Beckert KG, the Germany-based manufacturer of knitting and hosiery machine needles for textile applications, acquired the Carding Solutions activities of
NV Bekaert SA, the Belgium-based company providing solutions based on advanced metal transformation and coatings, for an undisclosed consideration.
Bekaert's Carding Solutions business has a workforce of 350 employees.
25/02/
2015
Contronics
Engineering BV
n/a
n/a
Condair Group
AG
Private
Investors
Condair Group AG, the Switzerland-based manufacturer of commercial and industrial humidification and evaporative cooling products and systems, acquired
Contronics Engineering BV, the Netherlands-based manufacturer of ultrasonic
humidifiers, water treatment systems and controllers, for an undisclosed consideration. Contronics Engineering BV employs 34 people.
20/02/
2015
Oiltanking
Terneuzen B.V.
(45% Stake);
Oiltanking
Ghent N.V.
(45% Stake)
n/a
246.7
3i Infrastructure plc
Oiltanking
GmbH
3i Infrastructure plc, the listed UK-based private equity firm, acquired a 45%
stake in Oiltanking Ghent N.V. and Oiltanking Terneuzen B.V., the Belgium and
Netherlands-based companies engaged in storage and related services for refined oil products, chemicals and biofuels, from Oiltanking GmbH, the Germanybased company, providing oil, chemicals and gas storage services, and a subsidiary of Marquard & Bahls AG, the Germany-based petroleum company.
16/02/
2015
PET Power B.V.
n/a
n/a
RPC Group Plc
Private
Investors
RPC Group Plc, the listed UK-based manufacturer of rigid plastic packaging to
the food and non-food, consumer and industrial markets, acquired, PET Power
B.V., the Netherland-based manufacturer of plastic bottles, jars & caps, for an
undisclosed consideration. PET Power has a workforce of 200 employees. RPC
Group Plc plans to merge PET Power with its subsidiary M&H Plastics.
29/01/
2015
Vanas NV
14.0
n/a
Cebeo NV
Private
Investors
Cebeo NV, the Belgium-based electrical apparatus and equipment, wiring Supplies, and related equipment merchant wholesalers, and a subsidiary of Sonepar
S.A., the France-based company engaged in distribution of electrical products
and provision of related services, acquired Vanas NV, the Belgium-based specialty distributor of tooling and lifting accessories, for an undisclosed consideration. Vanas has a workforce of 125 employees.
20/01/
2015
Aeroworks
International
Holdings B.V.
(80% Stake)
30.0
n/a
Heico
Corporation
Private
Investors
Heico Corporation, the US-based aviation and defense products manufacturer,
acquired an 80% stake in Aeroworks International Holdings B.V, the Netherlands-based company manufacturing composite and metal parts used primarily
in aircraft interior applications, including seating, galleys, lavatories, doors, and
overhead bins, for an undisclosed consideration.
22
Country Focus – Czech Republic
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
02/03/
2015
Plzen West A,
s.r.o.
n/a
n/a
Deutsche
Alternative
Asset
Management
(Global) Ltd
NBGI SII
Real Estate
Fund LP
Deutsche Alternative Asset Management (Global) Ltd, the UK-based asset management company, acquired Plzen West A, s.r.o., Czech Republic-based company engaged in distribution of automotive parts, from NBGI SII Real Estate
Fund LP, the UK-based fund of NBGI Private Equity Limited, for an undisclosed
consideration.
23/01/
2015
Ekol, spol. s r.o
30.5
48.0
Xi'an Shaangu
Power Co Ltd
Private
Investors
Xi'an Shaangu Power Co Ltd, the listed China based company manufacturing
turbine compressors, industrial processes and energy recovery turbine blower
groups, acquired Ekol, spol. s r.o, the Czech Republic based steam and gas turbine manufacturer, for a consideration of $ 55.6m.
05/01/
2015
FORMEX, s.r.o.
903.1
n/a
KOH-I-NOOR
Holding a.s.
GCT a.s.
KOH-I-NOOR holding a.s., the Czech Republic-based holding company with interest in shaping of plastic materials, manufacturing plastic injection molds and
stationaries along with the distribution of liquefied gases, acquired FORMEX,
s.r.o., the Czech Republic-based company that develops and manufactures plastic injection molds and parts for automotive and electronics industries, from GCT
a.s., the Czech Republic-based investment holding company, for an undisclosed
consideration. Formex has a workforce of 175 employees.
23
Country Focus – Denmark
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
25/03/
2015
Miitors ApS
n/a
7.0
Apator
Powogaz SA
Group of
Investors
Apator Powogaz S.A., Poland-based company manufacturing water meters, heat
meters, and heat meter volume parts, and a subsidiary of Apator SA, the listed
Poland-based company manufacturing metering systems and switchgear equipment, acquired Miitors ApS, the Denmark-based company engaged in development of water meters based on ultrasound for meter manufacturers, from a group
of investors (i.e. Insero Horsens; Borean, Innovation A/S, J. Drachmann Holding
ApS, Styrelsen for Forskning og Innovation, Vallenus AS, Longbus Holding ApS).
05/03/
2015
BACH
Composite
Industry A/S
47.9
n/a
Odin Equity
Partners
Geert Winther
Skovsgaard
(Private
Investor)
Odin Equity Partners, the Denmark-based private equity firm, acquired majority
stake of BACH Composite Industry A/S, the Denmark-based company manufacturing composite products for wind energy, off-shore and transportation industries, from Geert Winther Skovsgaard, the Denmark-based private individual, for
an undisclosed consideration. BACH Composite employs 500 people.
04/03/
2015
PCH
Engineering A/S
2.2
n/a
Erhvervsinvest
Management
A/S
Carsten Holm
(Private
Investor)
Erhvervsinvest Management A/S, the Denmark-based private equity firm, along
with the management of PCH Engineering A/S, the Denmark-based company
manufacturing permanent vibration and condition monitoring equipment, acquired the company in a MBO transaction, from Carsten Holm, the Denmarkbased individual investor, for an undisclosed consideration.
12/02/
2015
Novenco Building & Industry
A/S (Denmark)
29.9
(2013)
n/a
Schako
(Switzerland)
SA
Novenco
Building &
Industry A/S
Schako (Switzerland) SA, the Switzerland-based subsidiary of Schako KG, the
Germany-based inventor of the swirl diffuser, produces components and systems
for ventilation and air conditioning, acquired Denmark-based building and industry division of Novenco Building & Industry A/S, the Denmark-based manufacturer of equipment for heating, ventilation, air conditioning and refrigeration, and
a subsidiary of Novenco A/S, the Denmark based company manufacturing heating, ventilation, air-conditioning, and refrigeration solutions for land and marine
applications, for an undisclosed consideration. The acquired division employs
150 employees.
02/02/
2015
Bramidan A/S
20.2
16.8
SE Blue
Equity
Industri
Udvikling A/S
SE Blue Equity, the Denmark-based private equity firm, alongwith the management of Bramidan A/S, the Denmark-based company that produces reliable and
user-friendly balers and compactors for cardboard, plastic and other recyclable
materials, acquired Bramidan A/S, the Denmark-based company that produces
reliable and user-friendly balers and compactors for cardboard, plastic and other
recyclable materials, from Industri Udvikling A/S, the the Denmark-based private
equity firm. Bramidan has an employee base of 80 employees.
24
Country Focus – France
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/03/
2015
Marais
Technologies
SAS
27.0
14.0
Tesmec SpA
Ouest Croissance SCR;
Qualium
Investissement
Tesmec SpA, a listed Italy-based company manufacturing integrated systems for
construction and maintenance of aerial and underground networks and pipelines,
acquired Marais Technologies SAS, the France-based manufacturer of construction work equipment, from Ouest Croissance SCR and Qualium Investissement,
the France-based private equity firms. Earlier in February 2009, Ouest Croissance and Qualium Investissement had acquired Marais in a MBO transaction.
25/03/
2015
Dassault
Aviation SA
(5% Stake)
3,680
6,633
Dassault
Aviation SA
Airbus Group
Dassault Aviation SA has buyback 460,687 of its own shares (=5% stake), from
Airbus Group. Dassault Aviation, the listed France-based company manufacturing combat aircrafts and executive jets. Airbus is a listed France-based aerospace company. Dassault will buyback the shares at an offer price of €
980/share, valuing the transaction at € 451.47m; the implied equity value is €
9.029bn. The offer represents a discount of 21% based on Dassault closing
share price of € 1,240 on 24.03.2015, 1 day before the announcement date. The
total number of Dassault' shares sold by Airbus in this transaction represents a
17.50%. The remaining 12.50% stakes were sold to institutional investors
through at an offer price of € 1,030 per share. Airbus holds now a 24.61% stake
in Dassault and a 26.03% of its voting rights. Dassault employs 11,600 staff.
17/03/
2015
Groupe SATIF;
Fire & Security
CO;
Ceulemans
Security BVBA
n/a
n/a
Groupe Scutum
SA
Private
Investors
Groupe Scutum SA, the France-based company providing security systems, acquired Groupe SATIF, the France-based company providing industrial engineering and assistance, along with Fire & Security CO, the France-based company
providing fire safety solutions and Ceulemans Security BVBA, the Belgian-based
company providing electronic security and fire safety solutions, for an undisclosed consideration. SATIF has a revenue of € 12.5m and employs 160 people,
Fire & Security CO has a revenue of € 2.6m and employs 33 people and
Ceulemans Security has a revenue of € 3.2m and employs 30 people.
11/03/
2015
DTP Plastibell
SAS
50.0
n/a
PSB
Industries
Group of
Investors
PSB Industries, the listed France-based packaging company which produces
plastic packaging products, signed an agreement to acquire DTP Plastibell SAS,
the France-based company engaged in production of plastic products, from
Michel Maradan, the France-based private individual, Fonds de Consolidation et
de Developpement des Entreprises SA, the France-based fund of Consolidation
et Developpement Gestion SAS, the France-based private equity firm and CMCIC Investissement SA, the France-based private equity firm, for an undisclosed
consideration.
25
Date
Target
Sales
(€ m)
EV
(€ m)
06/03/
2015
Goiffon
9.0
04/03/
2015
Metaltemple
Aquitaine
03/03/
2015
Bidder
Seller
Deal Description
n/a
Promens hf.
Insolvency
Administrator
Promens hf., the Iceland-based manufacturer of rotational moulding plastics, acquired Goiffon, the France-based plastic packaging manufacturer, for an undisclosed consideration. Goiffon was placed in receivership January 4, 2013. Prior,
Goiffon was owned by Soupletube SAS, the France-based manufacturer of flexible tubes and plastic bottles. Goiffon has a workforce of 97 employees.
15.0
n/a
Francis Pozas
(Private
Investor);
Alain Royer
(Private
Investor)
Insolvency
Administrator
Francis Pozas and Alain Royer, the France-based private individuals having interest in investing in companies engaged in manufacture of steel and cast iron
parts for the mechanics industry, have acquired Metaltemple Aquitaine, the
France-based manufacturer of steel and cast iron parts for the mechanics industry, for an undisclosed consideration. The acquisition will cause a loss of 106 out
of 136 of Metaltemple's employees. The acquisition is a part of receivership procedure of Metaltemple parent company of Metaltemple Aquitaine, which was declared insolvent by the commercial court of Chambery. Metaltemple Aquitaine
had filed for bankruptcy filling in 2003 and 2009 and as well as in 2013
PCI Scemm
n/a
5.7
Tongtai Machine
& Tool Co., Ltd.
PSA
PeugeotCitroen SA
Tongtai Machine & Tool Co., Ltd., the listed Taiwan-based company providing
machine tools acquired PCI Scemm, the France-based producer of machining
systems for the automotive and aircraft industry, from PSA Peugeot-Citroen SA,
the listed France-based car manufacturer. PCI Scemm reported workforce of 120
employees.
23/02/
2015
Gentilin SA
23.0
n/a
Grand Sud
Ouest Capital
SA;
Multicroissance
ToulousePyrenees SAS,
SCR;
Groupe
Asquini-SOFOP
Aeronautique
Jean-Louis
Gentilin
Groupe Asquini-SOFOP Aeronautique, the France-based precision engineering
services provider for aviation and aerospace sectors, a portfolio company of ACE
Management SA, the France-based private equity firm, and Grand Sud Ouest
Capital SA and Multicroissance Toulouse-Pyrenees SAS, SCR, the Francebased private equity firm, acquired Gentilin SA, the France-based company engaged in hard metals machining business, for an undisclosed consideration. Post
acquisition, the combined entity will be named as Nexteam Group. Gentilin has
100 employees.
18/02/
2015
Averys SA
360.0
280.0
Equistone
Partners Europe
Limited
LBO France
Equistone Partners Europe Limited, the UK-based private equity firm, acquired
Averys SA, the France-based manufacturer of steel products for the industrial
and retail industry, from LBO France, the France-based private equity. Earlier in
May 2008, Averys was acquired by LBO France, for a consideration of € 180m.
26
Date
Target
Sales
(€ m)
EV
(€ m)
17/02/
2015
SLETI
13.0
13/02/
2015
Lamberet SAS
10/02/
2015
Bidder
Seller
Deal Description
n/a
Cockerill
Maintenance &
Ingenierie S.A.
Private
Investors
Cockerill Maintenance & Ingenierie S.A., the Belgium-based company that designs and services industrial complexes and equipment, acquired SLETI (Soc Lyonnaise Equip Tech Industriels), the France-based company manufacturing
equipment for electrolytic and chemical surface treatment, for an undisclosed
consideration. SLETI has a work force of 40 employees.
140.0
n/a
AVIC Electromechanical
Systems Co.,
Ltd.
Caravelle,
SA
AVIC Electromechanical Systems Co., Ltd., the listed China-based transportation
equipment maker, acquired Lamberet SAS, the France-based company manufacturing temperature-controlled road transport vehicles, from Caravelle, SA, the
France-based private equity firm, for an undisclosed consideration. Lamberet
employs 600 people. In April 2009, Caravelle acquired Lamberet for € 19.5m.
Duerr
Automation
S.A.S.
26.0
n/a
Automation
Holding GmbH
Duerr AG;
Duerr Ecoclean
GmbH
Automation Holding GmbH, the Germany-based holding company and a subsidiary of Quantum Capital Partners AG, the Germany-based private equity firm, acquired Duerr Automation S.A.S., the France-based company developing conveyor systems and techniques as well as storage solutions and equipment for the
automotive and manufacturing industries, from Duerr Ecoclean GmbH, the Germany-based company manufacturing innovative solutions for industrial part
cleaning and surface processing, and a subsidiary of Duerr AG, the listed Germany-based manufacturer of industrial surface treatment equipment, for an undisclosed consideration. Duerr Automation has a workforce of 180 employees.
09/02/
2015
ScopusOmnibadges,
S.A.S.
7.0
n/a
Argos
Expansion;
Xpansion 2
Horosmart S.A.
Argos Expansion, the France-based investment fund of Argos Soditic SA,
France-based private equity firm and Xpansion 2, the France-based development
capital fund of Xange private equity, the France-based private equity firm along
with the management acquired Scopus-Omnibadges,S.A.S., the France-based
company providing card printing services and mobile ID card solutions, from
Horosmart S.A., the France-based company providing time management and access control system implementation services and a subsidiary of Amano Corporation, the Japan-based manufacturer of measuring and controlling devices, in a
MBO transaction, for an undisclosed consideration. Scopus has 40 employees.
09/02/
2015
Groupe Sabe
16.7
n/a
BNP Paribas
Developpement
SA, SCR;
Unexo
Yves Brochard
(Private
Investor)
The management of Groupe Sabe, the France-based process engineering and
bulk production equipment manufacturer, acquired the company, in a BIMBO
transaction, backed by Unexo and BNP Paribas Developpement SA, SCR, the
France-based private equity firms, from Yves Brochard, the France-based private
individual, for an undisclosed consideration.Sabe employs 87 people.
27
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
HLD
21 Centrale
Partners
The management of Coyote System SAS, the France-based company manufacturing systems, which provide motorists with real-time safety and traffic information, acquired the company in a MBO transaction backed by HLD, the Francebased private equity firm, from 21 Centrale Partners, the France-based private
equity firm and Mr. Jacques Essebag (Arthur), the France based private investor.
06/02/
2015
Coyote System
SAS
105.0
120.0
04/02/
2015
Hydromeca SA
15.0
n/a
SainteLizaigne S.A.
Private
Investors
Sainte-Lizaigne S.A., the France-based manufacturer of taps and valves, and a
portfolio of Industries & Finances Partenaires SA, the France-based private equity firm, acquired a majority stake in Hydromeca, the France-based manufacturer of water treatment equipment, for an undisclosed consideration.
02/02/
2015
DS Smith
Packaging
Papeterie de
Nantes SAS
n/a
n/a
OpenGate
Capital, LLC
DS Smith Plc
OpenGate Capital, LLC, the US-based private equity firm, acquired DS Smith
Packaging Papeterie de Nantes SAS (The Nantes mill), the France-based producer of white top testliner paper, from DS Smith Plc, the listed UK-based supplier of corrugated and plastic packaging, for an undisclosed consideration. The
Nantes mill has approx. 70 employees.
02/02/
2015
Groupe Altia
(Saint-Pierre-enFaucigny site)
21.4
(2012)
n/a
Walor SA
Insolvency
Administrator
Walor SA, the France-based company that manufactures screw machining, acquired Saint-Pierre-en-Faucigny site of Groupe Altia, the France-based company
providing turning, micro turning, machining, cold forging, plastics injection and
moulding, metal-plastic process, wire forming, stampings, cabin assembly and
welding services, for an undisclosed consideration. The Saint-Pierre-en-Faucigny
site is engaged in automotive parts manufacturing and has a workforce of 131
employees. Earlier in August 2014, Groupe Altia went under compulsory liquidation and filed for bankruptcy on 22 October 2014.
29/01/
2015
Vitembal
45.0
n/a
Sirap Gema
SpA
Insolvency
Administrator
Sirap Gema SpA, the Italy-based manufacturer of thermoformed packaging and
a subsidiary of Italmobiliare s.p.a., the listed Italy-based holding company, acquired Vitembal, the France-based manufacturer of packaging for food products,
for an undisclosed consideration. Vitembal has been in receivership since July
2013. Sirap will retain 117 of the 198 employees of Vitembal.
28
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
28/01/
2015
Dufieux
Industrie SA
29.0
n/a
Groupe Aries
BNP Paribas
Developpement
SA, SCR;
Evolem SA
Groupe Aries, the France-based investment holding company, acquired Dufieux
Industrie SA, the France-based company manufacturing machines and machine
tools, from BNP Paribas Developpement SA, SCR and Evolem SA, the Francebased private equity firms, for an undisclosed consideration. In 2010, Evolem
and BNP had acquired Dufieux alongwith its management in a MBO transaction,
for an undisclosed consideration.
14/01/
2015
JF CESBRON
SAS
95.0
n/a
Dalkia S.A.S.
Private
Investors
Dalkia S.A.S., the France-based provider of energy management services and a
subsidiary of Electricite de France SA, the listed France-based company producing and transmitting electricity, acquired Jf Cesbron SAS, the France-based company manufacturing refrigeration and air treatment equipment, for an undisclosed
consideration. Cesbron has a workforce of 700 employees.
07/01/
2015
Clesse
Industries
30.0
n/a
Andlinger &
Company, Inc.
Aalberts
Industries NV
Andlinger & Company, Inc., the US-based private equity firm, acquired Clesse Industries, the France-based company manufacturing and supplying products for
LP, Natural, Biogas and Synthetic Natural Gas installations, from Aalberts Industries NV, the listed Netherlands-based industrial company operating in the industrial services and flow control sectors, for an undisclosed consideration.
06/01/
2015
CIAT S.A.
(46.1% Stake)
253.0
n/a
United
Technologies
Corporation
Somfy SA
United Technologies Corporation, the listed US-based provider of technology
products and services to the aerospace and commercial building industries, acquired a 46.1% stake of CIAT S.A., the France-based manufacturer of air conditioning, heating, refrigeration, and air handling equipment for service, health, residential, and industrial markets, from Somfy Participations, the Switzerland-based
private equity firm, for a consideration of approx. € 117m.
CIAT has workforce of 2084 employees. In July 2008, Somfy had acquired a
40% stake in CIAT, for a total consideration of € 33.6m.
02/01/
2015
Mecanique
Generale
Langroise SA
n/a
11.8
CDP Bharat
Forge GmbH
Private
Investors
CDP Bharat Forge GmbH, the Germany-based company manufacturing forged
chassis, engine components and non-automotive systems, and a subsidiary of
Bharat Forge Limited, the listed India-based company manufacturing forged
chassis and engine components, acquired Mecanique Generale Langroise, the
France-based company engaged in precision machining and other high value
processes like cladding for critical application in the oil and gas industry.
29
Country Focus – Italy
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
26/03/
2015
Vimec Spa
60.0
42.0
Iniziativa
Gestione
Investimenti
SGR SpA
PM & Partners
SGR S.P.A.;
Siparex Italia
Iniziativa Gestione Investimenti SGR SpA, the Italy-based private equity firm, acquired Vimec Spa, the Italy-based company building stairlifts, chairlifts, stairclimbers, and lifts, from PM & Partners SGR S.P.A., the Italy-based private equity
firm and Siparex Italia, the Italy-based private equity fund of Siparex. In 2006, PM
& Partners and Siparex acquired Vimec for a consideration of € 38.46m.
25/03/
2015
Pavan Srl
158.0
n/a
Alpha Group
Idea Cinquanta
Srl
Alpha Group, the France-based private equity firm, acquired Pavan Srl, the Italybased company offering industrial equipment for cereal manufacturing, from Idea
Cinquanta Srl, the Italy-based investment vehicle formed by Mr. Andrea
Cavagnis, Mr. Angelo Ferro and IMI Investimenti SpA, for an undisclosed consideration. Hereupon, Alpha Group will hold 60% stake of Pavan with the remaining
held by Idea Cinquanta Srl. Idea Cinquanta is an investment vehicle owned by
Pavan’s Chairman Mr. Andrea Cavagnis, Pavan’s CEO Mr. Angelo Ferro and IMI
Investimenti SpA, the Italy-based venture capital arm of Intesa Sanpaolo SpA.
23/03/
2015
Pirelli & C.
S.p.A.
6,018
8,116
Consortium
led by
ChemChina
Camfin SpA
A consortium led by China National Chemical Corporation, a China state-owned
chemical products producer, launched an offer on Pirelli & C. S.p.A., an Italy
based and listed tire maker. ChemChina will acquire 26.2% stake in Pirelli. Hereupon, the consortium will launch a mandatory tender offer on the remaining
shares of Pirelli. The consortium will also launch a voluntary tender offer on the
entire saving share capital of Pirelli subject to reaching at least 30% of the saving
share capital. ChemChina will acquire Camfin stake in Pirelli at € 15/share. The
offer represents a 1.5% discount over PC's closing share price of € 15.23 as of
20.03.2015, 1 day before the announcement. The offer values the entire equity of
Pirelli at € 7.14bn and the 26.2% Camfin stake at € 1.87bn.
20/03/
2015
Bimal Testing
Machines S.p.A.
15.0
n/a
Equilybra
Capital Partners
S.p.A.
Private
Investor
Equilybra Capital Partners S.p.A., the Italy-based private equity firm, acquired Bimal Testing Machines S.p.A., the Italy-based manufacturer of testing equipment
for engineering, mobile phone, aeronautics and hydraulics sectors, for an undisclosed consideration.
19/03/
2015
Compagnia
Italiana Rimorchi S.R.L.
36.3
(2013)
n/a
Wielton S.A.
Margaritelli Italia
s.p.a.;
Coils Lamiere
Nastri;
Acerbi-Viberti
S.p.A
Wielton S.A., the listed Poland-based manufacturer of trailers and semitrailers,
acquired Compagnia Italiana Rimorchi Srl, the Italy-based company manufacturing trailer, for an undisclosed consideration. Compagnia Italiana Rimorchi
employs 400 people.
30
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
17/03/
2015
Franco Tosi
Meccanica
S.p.A.
40.0
7.0
Bruno Presezzi
S.p.A.
Insolvency
Administrator
Bruno Presezzi S.p.A., the Italy-based engineering, mechanical processing and
construction company, acquired Franco Tosi Meccanica S.p.A., the Italy-based
company manufacturing machinery, industrial equipment, steam turbines, heat
exchange apparatuses. Tosi Meccanica has been in receivership since September 2013. Previously, Tosi Meccanica was acquired by Gammon Group in 2008.
17/03/
2015
Inoxihip S.r.l.
(52.72% Stake)
10.8
16.3
Interpump
Group S.p.A.
Private
Investor
Interpump Group S.p.A., the listed Italy-based manufacturer of high pressure piston plunger pumps, acquired 52.72% stake in Inoxihip S.r.l., the Italy-based manufacturer of high pressure water systems and provider of steel applications.
17/03/
2015
C Blade S.pA.
Forging &
Manufacturing
24.8
25.0
SIFCO
Industries, Inc.
Riello
Investimenti
SpA;
Riello
Investimenti
Partners Sgr
SIFCO Industries, Inc., the US-based provider of forgings and machined components for aerospace and energy markets, acquired C Blade S.pA. Forging &
Manufacturing, the Italy-based company manufacturing forged turbine blades,
form Riello Investimenti Partners Sgr, the Italy-based holding company of Riello
Investimenti SpA, Italy based private equity firm. C Blade employs 150 people.
03/03/
2015
Walmec S.p.A.
31.6
n/a
RUD Ketten
Rieger & Dietz
GmbH u. Co.
KG
Zanetti
Family
RUD Ketten Rieger & Dietz GmbH u. Co. KG, the Germany-based company
providing chain system solutions, acquired Walmec S.p.A., the Italy-based manufacturer of industrial chains and specialized in producing snow chains for cars
and trucks, from the Italy-based Zanetti Family, for an undisclosed consideration.
22/02/
2015
Azienda
Energetica SpA
Etschwerke AG
n/a
n/a
Societa Elettrica
Altoatesina
S.p.A.
Municipality of
Bolzano;
Municipality of
Merano
Societa Elettrica Altoatesina S.p.A., the Italy-based electricity producer, and an
affiliate of Autonomy Province of Bolzano, the Italy based municipality owned organization and Selfin Srl, the Italy-based holding company acquired Azienda Energetica SpA Etschwerke AG, the Italy-based energy distribution company, from
Municipality of Bolzano and Municipality of Merano, the Italy based municipality
owned organizations, for an undisclosed consideration. The combined entity is
estimated to generate revenues of € 1.5bn, EBITDA of € 260m, net profit of €
100m and employs approx. 1,000 people.
20/02/
2015
E.ON Climate &
Renewables
Italia Solar Srl
n/a
n/a
F2i Fondi Italiani
per le
infrastrutture
SGR SpA
E.ON SE
F2i Fondi Italiani per le infrastrutture SGR SpA, the Italy-based private equity, acquired E.ON Climate & Renewables Italia Solar Srl, the Italy-based company engaged in production of electricity using solar energy, from E.ON SE, the listed
Germany-based company engaged in field of electricity, oil and gas, for an undisclosed consideration.
31
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
19/02/
2015
Ancora Group
23.0
n/a
SITI - B&T
Group S.p.A
Private
Investor
SITI - B&T Group S.p.A, the Italy-based company manufacturing machinery for
ceramics industry, acquired Ancora Group, the Italy-based company manufacturing ceramic finishing machinery, for an undisclosed consideration.
12/02/
2015
Dolci Bielloni
SpA
20.0
6.0
Amut SpA
Private
Investor
Amut SpA, the Italy-based manufacturer of extruders and plastic extrusion machines, and a portfolio company of Fondo Italiano d'Investimento SGR S.p.A, the
Italy-based private equity firm, acquired Dolci Bielloni SpA, the Italy-based company manufacturing plastic extrusion lines.
05/02/
2015
Gallazzi
Tradate;
Gallazzi
Gallarate
n/a
n/a
Tekni-Plex
Europe N.V
Insolvency
Administrator
Tekni-Plex Europe N.V, the Belgium-based manufacturer of packaging products
for food and consumer industries and subsidiary of Tekni-Plex, Inc., the USbased company manufacturing packaging and tubing products, acquired Gallazzi
Tradate, the Italy-based plant manufacturing polyvinyl and polyvinylidene chloride coated barrier films and Gallazzi Gallarate, the Italy-based plant manufacturing polyvinyl chloride films for adhesive-tape substrates, from Gallazzi SpA, the
Italy-based producer and seller of rigid PVC film for the packaging industry, for
an undisclosed consideration. Tradate and Gallarate plants have 150 and 60
people respectively. Gallazzi SpA filed for insolvency in July 2013.
30/01/
2015
Presider SpA
(48% Stake);
Metallurgica
Piemontese
Lavorazioni Srl
(48% Stake)
99.0
n/a
Feralpi Group
Gruppo
Ferrero SpA
Feralpi Group, the Italy-based company that manufactures reinforcing steel in
bars and coils, wire rod, electro-welded mesh and other derivatives, acquired
48% stakes each in Presider SpA, the Italy-based company that manufactures
rebar for building and public works and Metallurgica Piemontese Lavorazioni Srl,
the Italy-based company engaged in processing of steel products, accessories
for the construction industry, from Gruppo Ferrero SpA, the Italy-based investment holding company, for an undisclosed consideration. Metallurgica Piemontese has workforce of 19 people. Presider has workforce of 59 people.
25.1
JVC Kenwood
Corporation
Private
Investors
JVC Kenwood Corporation, the listed Japan-based company, is engaged in car
electronics, professional systems, home and mobile electronics, and entertainment businesses. ASK Industries S.p.A., the Italy-based company manufacturing
car audio and antennas systems - loudspeakers, subwoofer boxes, amplifiers,
antennas, and cables. ASK Industries employs 1,500 people.
30/01/
2015
ASK Industries
S.p.A.
(Presider)
7.4
(Metallurgica)
149.0
32
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
29/01/
2015
Teknoweb
Converting S.r.l
(60% Stake)
12.0
10.0
IMA S.p.A.
Teknoweb
s.r.l.
IMA S.p.A., the listed Italy-based manufacturer of automatic packaging machines, acquired a 60% stake Teknoweb Converting S.r.l, the Italy-based company engaged in production and selling of machines required for production of
wet wipes machines, from Teknoweb s.r.l., the Italy-based company producing
machines for the production of wet wipes.
28/01/
2015
Italpresse
Industrie Spa
87.0
n/a
AUCTUS
Capital
Partners AG
Industrie
Saleri Italo SpA
AUCTUS Capital Partners AG, the Germany-based private equity firm, acquired
Italpresse Industrie Spa, the Italy-based manufacturer of equipment for highpressure die casting, from Industrie Saleri Italo SpA, the Italy-based company
manufacturing water pumps for automotive industry, for an undisclosed consideration. The target employs 200 people.
26/01/
2015
LU-VE S.p.A.
210.0
53.1
Industrial Stars
of Italy S.p.A.
Finami Sr;
G4 S.r.l.
Industrial Stars of Italy S.p.A., the listed Italy-based special purpose acquisition
company, acquired LU-VE S.p.A., the Italy-based company manufacturing heat
exchangers, refrigeration and air conditioning products. Under the terms of
agreement, the shareholders of LU-VE will be entitled to received the shares of
Industrial Stars of Italy in 1:1 ratio. Post acquisition, LU-VE will be listed on the
Italian Stock Exchange at the Aim Italia market. LU-VE employs 1400 people.
15/01/
2015
TE4I SrL
n/a
11.1
Verint
Systems Inc.
Private
Investor
Verint Systems Inc., the US-based provider of analytic software solutions for
communications interception, digital video security and surveillance, and enterprise business intelligence, acquired TE4I SrL, the Italy-based software and
hardware engineering and development company focusing on system and network security, digital forensic analysis, for an undisclosed consideration.
13/01/
2015
Baglioni SpA
(40% Stake)
86.0
25.0
IDeA Energy
Efficiency
Sustainable
Growth Fund
Franco
Tartaglino;
Maura Baglioni
(Private
Investors)
IDEA Energy Efficiency Sustainable Growth Fund, the fund of Idea Capital Funds
S.G.R. S.p.A , the Italy-based private equity firm, acquired a 40% stake in
Baglioni SpA, Italy-based manufacturer of vessels and pressure equipment. Post
acquisition, Franco Tartaglino and Maura Baglioni will continue to be majority
shareholders. Baglioni employs 700 people.
12/01/
2015
E.ON SE (Italian
coal and gas
generation
assets)
n/a
500.0
Energeticky a
Prumyslovy
Holding, a.s.
E.ON SE
Energeticky a Prumyslovy Holding, a.s., the Czech Republic-based company
providing coal mining, electricity and heat production and distribution as well as
electricity and gas trading services, acquired the Italian coal and gas generation
assets of E.ON SE, the listed Germany-based company engaged in field of electricity, oil and gas.
33
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
12/01/
2015
voestalpine
Trafilerie
Industriali S.p.A.
43.8
n/a
Voestalpine
Wire
Technology
GmbH
Private
Investors
Voestalpine Wire Technology GmbH, the Austria-based company that manufactures seamless tubes, welding consumables, and a subsidiary of Voestalpine
AG, the listed Austria-based manufacturer of steel for automotive and auto supply industries, rail, refrigeration and cooling, and furniture industries, acquired
Trafilerie Industriali S.p.A., the Italy-based company engaged in producing drawn
polished wires, galvanised, copper and nickel plated wires, for an undisclosed
consideration. Trafilerie employs 80 people. Post acquisition, Trafilerie will be renamed as voestalpine Trafilerie Industriali S.p.A.
08/01/
2015
Bocchiotti
Industrial Group
SpA
130.0
n/a
Hager SE
Domenico
Bocchiotti
(Private
Investor);
Cesare
Bocchiotti
(Private
Investor)
Hager SE, the Germany-based supplier of solutions and services for electro technical installation in residential and commercial buildings and industrial applications, acquired Bocchiotti Industrial Group SpA, the Italy-based company manufacturing cable trunks, from Mr. Cesare Bocchiotti and Mr. Domenico Bocchiotti,
the Italy-based private individuals, for an undisclosed consideration. Bocchiotti
employs 400 people.
07/01/
2015
MaterMacc
S.p.A.
n/a
n/a
Lovol Europe
Heavy
Industries
Engineering
S.r.l.
Fiorido
Family
Lovol Europe Heavy Industries Engineering S.r.l., Italy-based holding company
and a subsidiary of Foton Lovol International Heavy Industry Co Ltd, the Chinabased manufacturer of heavy machinery and vehicles, acquired majority stake in
MaterMacc S.p.A., the Italy-based company manufacturing tractors, from the Italy-based Fiorido Family, for an undisclosed consideration. MaterMacc has workforce of 75 people.
34
Country Focus – Norway
Date
Target
Sales
(€ m)
EV
(€ m)
23.3
Bidder
Seller
Deal Description
n/a
Nordic Capital
Fund VIII
Group of
Investors
Nordic Capital, the Sweden-based private equity firm, acquired Resman AS, the
Norway-based company, which provides downhole wireless inflow monitoring for
oil wells, from group of vendors (i.e. Statoil Technology Invest AS, the Norway
based private equity arm of Statoil ASA, Verdane Capital Advisors AS, the Norway-based private equity firm and Sintef Venture AS, the Norway private equity
arm of SINTE. Resman employs approx. 65 people.
26/03/
2015
Resman AS
12/03/
2015
Citroen Norge
AS
88.4
(2013)
n/a
Bertel O. Steen
AS
PSA
Peugeot-Citroen
SA
Bertel O. Steen AS, the Norway-based car importer, acquired Citroen Norge AS,
the Norway-based company engaged in wholesale and retail trade, and maintenance and repair of cars and light motor vehicles, from PSA Peugeot Citroen SA,
the listed France-based manufacturer of passenger cars, light commercial vehicles, motorcycles, related spare parts, for an undisclosed consideration.
10/03/
2015
GasSecure AS
n/a
58.3
Draeger Holding
International
GmbH
Group of
Investors
Draeger Holding International GmbH, the German-based company and a subsidiary of Draegerwerk AG & Co. KGaA, the listed Germany based company engaged in the production of medical and safety technology, acquired GasSecure
AS, the Norway-based company manufacturing wireless gas detector, from Viking Venture AS, Sintef Venture AS, ProVenture Management AS and Investinor
AS, the Norway-based private equity firms.
25/02/
2015
Nordic Shelter
AS
8.9
n/a
BNS Holding
AS
Private
Investors
BNS Holding AS, the Norway-based provider of containers, acquired Nordic
Shelter AS, the Norway-based company offering customized container solutions
for military and industrial purposes, for an undisclosed consideration. BNS Holding employs 40 people. As part of the transaction, BNS will also acquire Nordic
shelter’s sister companies in Sweden - Gothenburg and Estonia -Tallinn.
23/02/
2015
Nordisk Aviation
Products, AS;
n/a
638.8
TransDigm
Group Inc.
AAR
Corp
TransDigm Group Inc., the listed US-based manufacturer of aircraft and aerospace components. AAR Cargo Systems, the US-based freight carrier and supplier of containerized cargo handling systems. Nordisk Aviation Products, AS, the
Norway-based manufacturer of servicing containers and pallets for air cargo. Telair International GmbH, the Germany-based manufacturer of baggage and cargo
handling systems for the aerospace industry. AAR Corp, the listed US-based
supplier of commercial aviation and defense industries. Telair is expected to generate revenues of $ 300m and EBITDA of 20% ($ 60m) for the year ending May
2015 and employs approx. 600 people.
Telair International GmbH;
AAR Cargo Systems
35
Country Focus – Norway
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
06/02/
2015
Norsk Stal As
(50% Stake)
192.0
n/a
Leif Hubert As
SSAB
Leif Hubert As, the Norway-based wholesaler of steel and metal products, acquired 50% interest in Norsk Stal, the Norway-based distributor of steel and
metal products, from SSAB, the listed Sweden-based steel producer, for an undisclosed consideration. The acquisition is part of divestment remedies that the
European Commission deemed necessary for the combination of Rautaruuki Oyj
with SSAB. The other 50% stake of Norsk Stal is owned by Tata Steel.
02/02/
2015
Fjell Industries
AS
n/a
n/a
Bergen Group
Services AS
BR Industrier
AS
Bergen Group Services AS, the Norway-based company providing maritime support services, and subsidiary of Bergen Group ASA, the listed Norway-based
company offering products to the offshore and maritime industry, acquired Fjell
Industries AS, the Norway-based company manufacturing industrial equipments,
from BR Industrier AS, the Norway-based company manufacturing machines and
electrical automation products for oil exploration and production, metal engineering, agriculture, for an undisclosed consideration. The target employs 40 people.
14/01/
2015
Norwegian Deck
Machinery AS
8.7
n/a
Palfinger Marine- und Beteiligungs- GmbH
VNE Holding AS
Palfinger Marine- und Beteiligungs-GmbH, the Austria-based company manufacturing marine cranes and wind cranes, and a subsidiary of Palfinger AG, the
listed Austria-based company manufacturing hydraulic lifting solutions, acquired
Norwegian Deck Machinery AS, the Norway-based company engaged manufacturing marine and offshore mechanical equipment, from VNE Holding AS, the
Norway-based investment holding company, for an undisclosed consideration.
07/01/
2015
Foss AS
Fiberoptisk
Systemsalg
14.0
12.9
Acal Plc
Skjelsbaek
Invest AS
Acal Plc is the listed UK-based manufacturer and distributor of customised electronics products and solutions. Foss AS Fiberoptisk Systemsalg is the Norwaybased manufacturer of customised fibre optic solutions. Skjelsbaek Invest AS is
the Norway-based investment company owned by Mr Runar Skjelsbaek. Foss
employs a staff of over 100 people in Norway and Slovakia.
06/01/
2015
Parker
Scanrope AS
n/a
n/a
Bridon
International
Ltd
Parker Hannifin
Corporation
Bridon International Ltd, the UK-based company manufacturing wires and cables,
acquired Parker Scanrope AS, the Norway-based manufacturer of cable and
mooring products for offshore energy production applications, from Parker Hannifin Corporation, the listed US-based company manufacturing fluid power systems, electromechanical controls, and related components, for an undisclosed
consideration. The target employs 1,700 people.
36
Country Focus – Poland
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/03/
2015
Fugo Spolka
z o.o.
n/a
11.3
Zamet Industry
S.A.
Fugo SA
Zamet Industry S.A., the Poland based manufacturer of industrial steel structures, machinery and castings, acquired Fugo Spolka z o.o., the Poland-based
plant producing large scale equipment and offshore machinery, from Fugo SA,
the Poland-based manufacturer of mechanical equipment, spare parts, and steel
structures. TDJ S.A., the Poland-based investment company owns a 50% stake
in Zamet Industry and a 100% stake in Fugo SA.
13/02/
2015
GROCLIN
Wiring Sp. z o.o.
56.0
50.0
PKC
Group Oyj
Groclin S.A.
PKC Group Oyj is the listed Finland-based company, that offers design and contract manufacturing services for wiring harnesses, cabling and electronics.
GROCLIN Wiring Sp. z o.o., the Poland-based manufacturer of cable harnesses,
steering harnesses, and cabinets. Groclin S.A., the Poland-based manufacturer
of car seat upholstery. The deal is accomplished via a new company that is
owned 80% by PKC and 20% by the management team of GROCLIN Wiring. In
2013, Groclin acquired Kabel-Technik-Polska from Gerstner Managementholding
GmbH and Kabelconcept Hornig GmbH, for € 23.1m.
11/02/
2015
Plastwag S.A.
8.3
n/a
Schweiter
Technologies
AG
Private
Investors
Schweiter Technologies AG, the listed Switzerland-based manufacturer of textile
and semiconductor machinery, acquired Plastwag S.A., the Poland-based manufacturer of quality fiber reinforced and thermoformed plastic components for the
mass transportation sector, for an undisclosed consideration.
10/02/
2015
Graf-Poz
Printing House
16.2
n/a
Abris CEE
Mid-Market
Fund II LP
Marek
Przybylski
(Private
Investor)
Abris CEE Mid-Market Fund II LP, the Poland-based fund of Abris Capital Partners, the Poland private equity firm, acquired Graf-Poz Printing House, the Poland-based company manufacturing solid board boxes, form Marek Przybylski,
the Poland-based private individual, for undisclosed consideration.
37
Country Focus – Sweden
Date
Target
Sales
(€ m)
EV
(€ m)
16.5
46.0
Bidder
Seller
Deal Description
n/a
US Natural
Resources, Inc.
Cellwood
Group
US Natural Resources, Inc. is the US-based supplier of technologies and equipment for the sawmill industry. Soderhamn Eriksson is the Sweden-based provider of technologies and equipment for sawmills. Cellwood Group, the Swedenbased company manufacturing machinery and installations for the pulp and paper and bioenergy industries.
n/a
Fluxys G SA;
Enagas S.A.
EQT Partners
AB
Enagas S.A. is the listed Spain-based energy company engaged in transportation, storage and operation of natural gas. Fluxys G SA is the listed Belgiumbased operator of the natural gas transportation infrastructure. Swedegas AB,
the Sweden-based operator of gas transmission network. EQT Partners AB, is a
Sweden-based private equity firm. Both the bidders will invest € 100m in equity
each and will both assume a 50% ownership in Swedegas. In February 2010,
Swedegas was acquired by EQT Partners for € 107.2m.
Consortium led
by Borealis
Infrastructure
Management
Inc.
Fortum Oyj
AB
Fortum Distribution AB is the Sweden-based operator of electricity distribution
business. Fortum Oyj AB is the listed Finland-based energy group. The consortium consists of: Borealis Infrastructure Management Inc., the Canada-based infrastructure investment arm of Ontario Municipal Employees Retirement System,
the Canada-based pension fund; Forsta AP-fonden and Tredje AP-fonden, the
Sweden-based national pension funds; Folksam AB, the Sweden-based company offering insurance, savings and loan products. Forsta AP-fonden, Tredje
AP-fonden, Folksam and Borealis will hold 12.5%, 20%, 17.5% and 50% stake in
Fortum, respectively. Fortum employs 390 people. Fortum reported sales of €
634m, EBIT of € 235m, EBITDA of € 365m for the FY 2014.
Suzo-Happ
Group, Inc.
Segulah IV,
L.P.
Suzo-Happ Group, Inc., the US-based company manufacturing gaming, amusement, and industrial, vending, interactive/kiosk, and PC arcade parts and accessories and portfolio company of ACON Investments L.L.C., the US-based private
equity firm, acquired Scan Coin AB, the Sweden-based company manufacturing
machines for coins and bank notes, from Segulah IV, L.P., the Sweden-based
private equity fund of Segulah Advisor AB, the Sweden based private equity firm,
Ovin Family, the Sweden-based family, for an undisclosed consideration. Scan
Coin has approx. 420 employees and had EBITA of € 14.9m in 2014.
25/03/
2015
Soderhamn
Eriksson
23/03/
2015
Swedegas AB
13/03/
2015
Fortum
Distribution AB
634.0
6,636
13/03/
2015
Scan Coin AB
83.3
n/a
(2013)
38
Country Focus – Sweden
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/02/
2015
Tele & Datanat
Fiberoptik i
Orebro AB
13.3
8.4
Hexatronic
Scandinavia AB
Private
Investors
Hexatronic Scandinavia AB, the listed Sweden-based company offering products,
components and solutions existing infrastructure for broadband over fiber, acquired Tele & Datanat Fiberoptik i Orebro AB, the Sweden-based company manufacturing fiber optic products. Tele & Datanat Fiberoptik reported EBITDA margin of 12 % for the FY 2014 and employs currently 50 people.
18/02/
2015
Rapid
Granulator AB
31.9
n/a
Lifco AB
IPEG, Inc.
Lifco AB, the listed Sweden-based manufacturer of dental products, machinery
and tools, sawmill equipment, acquiredRapid Granulator AB, the Sweden-based
company producing granulators for in-house direct recycling of plastic waste to
the plastics industry, from IPEG, Inc., the US-based company offering business
support services for plastics and recycling markets, for an undisclosed consideration. Rapid Granulator has a workforce of 160 employees.
12/02/
2015
SSAB AB
(strip products
service centres
in Sweden and
Finland);
Norsk Stal
Tynnplater AS
(50% Stake)
n/a
n/a
Tata Steel
Europe Limited
SSAB
Tata Steel Europe Limited, the UK-based steel manufacturer, and a part of Tata
Steel Limited, the listed India-based conglomerate, acquired SSAB's strip products service centres in Halmstad, Sweden and Naantali, Finland, and a 50%
stake in Norsk Stal Tynnplater AS, the Norway-based steel service center and
distributor, from SSAB, the listed Sweden-based steel producer, for an undisclosed consideration. The acquired facilities have a combined workforce of 180
employees. Post acquisition, Tata Steel Europe will be the sole owner of Norsk
Stal Tynnplater, as it alread held 50% stake in the JV company.
11/02/
2015
Mankan Hiss
AB
8.1
6.2
Sdip
Cocello AB
Private
Investors
Sdip Cocello AB, the Sweden-based investment holding company of Serendipity
Innovations AB, manufacturing elevators, acquired Mankan Hiss AB, the Sweden-based company manufacturing elevators.
09/02/
2015
Voestalpine
Rotec AB
16.5
n/a
Stalror AB
Voestalpine
AG
Stalror AB, the Sweden-based wholesaler of steel tubing, acquired Voestalpine
Rotec AB, the Sweden-based supplier of precision steel tubes, from Voestalpine
AG, the listed Austria-based manufacturer of steel, for an undisclosed consideration. Voestalpine Rotec has a workforce of 27 employees. Post this transaction,
Voestalpine Rotec will be rebranded as Rotec AB.
27/01/
2015
AB Ernst Hj.
Rydahl
Bromsbandfabrik
12.8
n/a
OEM
International AB
Private
Investors
OEM International AB, the listed Sweden-based hydraulics and industrial trading
company, acquired AB Ernst Hj. Rydahl Bromsbandfabrik, the Sweden-based
company manufacturing spare parts, brake systems and friction solutions for
heavy vehicles and machines, for an undisclosed consideration. Rydahls has a
39
Country Focus – Turkey
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
26/02/
2015
Rozak
Demir-profil
Ticaret ve
Sanayi A.S.;
RZK Celik
Servis Merkezi
San ve Tic A.S.
n/a
n/a
OR Steel
Company
Limited
ArcelorMittal
OR Steel Company Limited, the UK-based investment holding company acquired
Rozak Demir-profil Ticaret ve Sanayi A.S., the Turkey-based iron-steel manufacturer and RZK Celik Servis Merkezi San ve Tic A.S., the Turkey-based company
providing broad range of strategic steel solutions to an extensive and diversified
client base, from ArcelorMittal, the listed Luxembourg-based steel producer and
mining company, for an undisclosed consideration.
11/02/
2015
Arvento Mobile
Tracking and
Fleet
Management
Systems
n/a
n/a
Investcorp
Private
Investors
Investcorp, the listed Bahrain-based private equity firm, acquired Arvento Mobile
Tracking and Fleet Management Systems, the Turkey-based company specialized in manufacturing mobile tracking technologies, telematics products and
M2M solutions, in a MBO transaction, for an undisclosed consideration.
02/02/
2015
OneFlex
9.2
n/a
Armacell International S.A.
Private
Investor
Armacell International S.A., the Luxembourg-based technical foam manufacturer,
acquired OneFlex, the Turkey-based manufacturer of elastomeric rubber sponge
used in mechanical installments sector for heat insulation, for an undisclosed
consideration.
29/01/
2015
Krone Dogus
Treyler Sanayi
A.S.
(48% Stake)
9.0
18.8
Fahrzeugwerk
Bernard KRONE
GmbH
Dogus
Otomotiv
Fahrzeugwerk Bernard KRONE GmbH, the Germany-based company manufacturing commercial trailers and agricultural machinery, acquired 48% stake in
Krone Dogus Treyler Sanayi A.S., the Turkey-based company manufacturing
commercial trailers and agricultural machinery, from Dogus Otomotiv, the listed
Turkey-based company importing, marketing, and selling automobiles, commercial vehicles, and spare parts. Upon completion, Dogus Otomotiv will hold no
stake in Krone Dogus.
40
Country Focus – Turkey
Date
13/01/
2015
Target
Advansa Sasa
Polyester
Sanayi
(51% Stake)
Sales
(€ m)
EV
(€ m)
160.0
242.6
Bidder
Seller
Deal Description
Erdemoglu
Group
Haci Omer
Sabanci
Holding AS
Erdemoglu Group, signed a share purchase agreement, to acquire a 51% stake
in Advansa Sasa Polyester Sanayi, from Haci Omer Sabanci Holding AS. Erdemoglu Group, is a Turkey-based company operating as a group of machine woven carpet manufacturers, also engaged in the furniture, home textile, yarn and
logistics sectors. Advansa Sasa Polyester Sanayi is a listed Turkey-based company engaged in production of polyester fiber, yarn and related products and pet
chips. Haci Omer Sabanci Holding AS, is a listed Turkey-based conglomerate.
Erdemoglu will acquire 110,313,000 SASA shares at an offer price of $
0.9246/share. The offer represents a premium of 2.91% over SASA’s closing
share price of $ 0.9/share as on 12.01. 2015, 1 day prior to the announcement,
and a premium of 16.29% over SASA’s closing share price of $ 0.8/share as on
12.12. 2014, a month prior to the announcement. The implied equity value of the
transaction is $ 200m. Previously, on 10.04. 2014, Indorama Netherlands B.V.,
the Netherlands-based manufacturer of PET chip and polyester filament yarns
and a subsidiary of Indorama Ventures Public Company Limited, a listed Thailand-based company, had signed an agreement to acquire a 51% stake in SASA,
from Sabanci Holding, thereby triggering a mandatory offer for the remaining
shares. However, Istanbul Tekstil ve Hammaddeleri Ihracatcilari Birligi, the Istanbul Textile and Raw Materials Exporters’ Association, contested the sale with
Turkey's Competition Authority, believing that the price was too low. The Turkey's
Competition Authority launched a probe and finally approved the transaction. But
Sabanci Holding and Indorama Netherlands B.V. mutually agreed to terminate
the agreement.
41
Country Focus – UK
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
30/03/
2015
Oxford
Diffraction
Limited
n/a
n/a
Rigaku
Corporation
Agilent
Technologies,
Inc
Rigaku Corporation is the Japan-based manufacturer of analytical and industrial
instruments. Oxford Diffraction Limited is the UK-based manufacturer and supplier of analytical instrumentation for X-ray crystallography. Agilent Technologies,
Inc, the listed US-based measurement company providing bio-analytical and
electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries. Previously, in April 2008, Varian Inc. acquired Oxford, for a total consideration of $ 39m. As a result of Varian, Inc.'s acquisition by Agilent on May 14, 2010, Oxford was merged into Agilent.
24/03/
2015
International
Safety Products
Ltd
11.2
n/a
Safety and
Survival
Systems
International Ltd
n/a
Safety and Survival Systems International Ltd (3Si), the UK-based provider of
marine safety products and services, backed by August Equity LLP, the UKbased private equity firm, acquired International Safety Products Ltd, the UKbased marine safety equipments manufacturer, for an undisclosed consideration.
ISP has a workforce of 100 employees.
23/03/
2015
Renewable
Energy Systems
Ltd (4 Burrows
Solar Park)
n/a
8.6
The Renewables Infrastructure Group Limited
Renewable Energy Systems
Ltd
The Renewables Infrastructure Group Limited, the UK-listed, Channel Islandsbased closed ended investment company, acquired the Four Burrows Solar Park,
from Renewable Energy Systems Ltd, the UK-based company engaged in generating renewable energy.
23/03/
2015
EMRISE
Electronics Ltd.
17.2
(2013)
20.3
Data Device
Corporation
EMRISE
Corporation
Data Device Corporation is the US-based company manufacturing high-reliability
data bus, motion control, and solid-state power controller products for defense,
aerospace, and industrial automation applications. EMRISE Electronics Ltd. is
the UK-based wholly-owned subsidiary of MRISE Corporation and provides
standard and custom power conversion products. EMRISE Corporation is the
listed US-based manufacturer of defense and aerospace electronic devices and
communications equipment.
22/03/
2015
FMC
Technologies;
Technip SA
(Technical
capabilities,
products and
systems)
n/a
n/a
Forsys
Subsea
Technip SA;
FMC
Technologies,
Inc.
FMC Technologies, Inc., the listed US-based global provider of technology solutions for the energy industry and Technip, the listed France-based company engaged in project management, engineering and construction for the energy industry, and holds a portfolio of solutions and technologies agreed to set-up a
50:50 joint venture under the name Forsys Subsea, a company engaged in frontend engineering and design which will reduce the cost of subsea field development. Following the transaction, Forsys Subsea will have a workforce of 320 people and will be headquartered in London, with regional hubs in Oslo, Houston,
Paris, Rio de Janeiro and Singapore.
42
Date
Target
Sales
(€ m)
EV
(€ m)
94.6
Bidder
Seller
Deal Description
55.3
Better Capital
PCC Limited
Celtic
Aerospace
Ventures
Limited
Better Capital PCC Limited, the UK-based private equity firm, acquired CAV Aerospace Limited, the UK-based company manufacturing ice protection systems
and aerostructures.
Kone Oyj-B
Private
Investors
Kone Oyj-B, the listed Finland-based elevator manufacturing company, acquired
Express Elevators Ltd, the UK-based company providing specialized services in
maintenance and repairs of elevators, for an undisclosed consideration. Express
has a workforce of 100 employees.
20/03/
2015
CAV Aerospace
Limited
18/03/
2015
Express
Elevators
Limited
n/a
n/a
17/03/
2015
Wanfeng MLTH
Holdings Co.,
Ltd
n/a
207.8
Zhejiang
Wanfeng Auto
Wheel Co Ltd
Wanfeng Auto
Holding Group
Co Ltd
Zhejiang Wanfeng Auto Wheel Co Ltd is the China based company engaged in
production of aluminum alloy wheels. Wanfeng MLTH Holdings Co Ltd is the UK
based magnesium alloy auto parts maker. Wanfeng Auto Holding Group Co Ltd,
the China based company engaged in operation of auto parts, mechanical equipment and investment business sectors.
11/03/
2015
Northern
Packaging Ltd.
15.5
n/a
CorpAcq Ltd.
Phil Bunting
(Private
Investor)
CorpAcq Ltd, the UK-based investment company, acquired Northern Packaging
Ltd., the UK-based manufacturer of corrugated packaging, from Phil Bunting, the
UK-based private individual and members of his family, for an undisclosed consideration. Northern Packaging has a workforce of 80 employees.
10/03/
2015
Stake in NorthWest shale gas
and assets
n/a
n/a
INEOS Group
AG
IGas Energy
PLC
INEOS Group AG, acquired significant stakes in the North-West shale gas and
assets of IGas Energy PLC. INEOS Group AG is the Switzerland-based company manufacturing PVC and UPVC formulations for buildings, cables, medical
and packaging applications. IGas Energy PLC is the listed UK-based onshore oil
and gas company developing gas from coal bed methane on commercial scale.
The acquired assets are: PEDL 133 (Higher horizon); PEDL189 (50% Stake);
PEDL145 (60% Stake); PEDL184 (50% Stake); PEDL190 (50% Stake);
PEDL193 (60% Stake); EXL 273 (60% Stake); PEDL147 (50% Stake); PEDL 133
(Lower horizon) (49% Stake).
10/03/
2015
Athena SCS
Limited
11.0
n/a
NXP
Semiconductors
N.V.
n/a
NXP Semiconductors N.V., the listed Netherlands-based semiconductor supplier
company, acquired Athena SCS Limited, the UK-based company developing
smart card operating systems and applications, for an undisclosed consideration.
05/03/
2015
Billington
Bioenergy Ltd
n/a
4.5
Drax Group Plc
Private
Investors
Drax Group Plc, the listed UK-based coal-fired power station, acquired Billington
Bioenergy Ltd, the UK-based wood pellet distributor, for an undisclosed consideration. The deal is estimated to be valued at £ 4.5m.
(2013)
43
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
03/03/
2015
Mach-Aire
Limited
10.3
n/a
Atlas Clean
Air Limited
Insolvency
Administrator
Atlas Clean Air Limited, the UK-based company engaged in installation, commissioning and validation of bespoke clean environments, acquired Mach-Aire Limited, the UK-based company manufacturing fume cupboards and air control products, for an undisclosed consideration. On February 2015, Mach-Aire was declared insolvent. Following the acquisition, Mach-Aire’s approx 70 employees will
loose their employment and the company will continue to operate as independent
subsidiary of Atlas Clean Air Limited.
02/03/
2015
Rushlift Limited
63.9
n/a
Doosan
Industrial
Vehicle UK Ltd.
The Specialist
Hire Group
Limited
Doosan Industrial Vehicle UK Ltd., the UK-based forklift truck manufacturer and a
subsidiary of Doosan Corporation, the listed South Korea-based conglomerate,
acquired Rushlift Limited, the UK-based provider of contract hire, fleet management and servicing of materials handling and aviation support equipments, from
The Specialist Hire Group Limited, the UK-based holding company engaged in
hire and fleet management of materials handling, ground support equipment and
mobile cranes, for an undisclosed consideration.
27/02/
2015
Hempel Wire
Limited
11.6
n/a
Central Wire
Industries Ltd.
Hempel Special
Metals Holdings
GmbH
Central Wire Industries Ltd., the Canada-based manufacturer of stainless steel,
nickel, copper, brass, bronze and zinc alloy wire products, acquired Hempel Wire
Limited, the UK-based manufacturer of stainless and nickel alloy wire from
Hempel Special Metals Holdings GmbH, Germany-based distributor of specialty
metals and a subsidiary of F.W. Hempel & Co. Erze und Metalle (GmbH & Co.)
KG, the Germany-based company engaged in recycling, processing, and distribution of metals and metal products, for an undisclosed consideration. Hempel
Wire employs 45 people.
26/02/
2015
George Wilson
Industries
Limited
(50% Stake)
n/a
14.8
Apator Metrix
S.A.
National
Industry Group
(Guersney)
Apator Metrix, the Poland-based maker of metering equipment and a subsidiary
of Apator S.A., the listed Poland-based company engaged in production of metering systems and switchgear equipment, acquired 50% stake in, George Wilson
Industries Limited, the UK-based manufacturer of gas meters and regulator kits,
from National Industry Group, the Channel Islands-based subsidiary of National
Industries Group Holding, the listed Kuwait-based company engaged in asset
management and investment activities. Earlier in 2012, Apator Metrix acquired
50% stake in George Wilson Industries Limited for £ 2m.
44
Date
Target
Sales
(€ m)
EV
(€ m)
191.7
Bidder
Seller
Deal Description
n/a
Bregal Capital
LLP
Stirling Square
Capital
Partners LLP
Bregal Capital LLP, the UK-based private equity firm, acquired Whittan Storage
Systems Limited, the UK-based manufacturer of storage products such as pallet
racking, shelving, etc., from Stirling Square Capital Partners LLP, the UK-based
private equity firm, for an undisclosed consideration. Whittan has a workforce of
750 employees. In February 2006, Stirling acquired Whittan in a MBO transaction
from Permira Advisers LLP, for a consideration of £ 90m.
25/02/
2015
Whittan Storage
Systems Limited
25/02/
2015
MTL Group
Limited
n/a
n/a
WEC Group Ltd
Insolvency
Administrator
WEC Group Ltd, the UK-based company providing fabrication, laser cutting, precision machining services and manufacturing camera mounting poles, vacuum
coolers, furniture products, stoves and flues, acquired MTL Group Limited, the
UK-based company providing component laser cutting, pressing, machining,
welding and fabricating services, for an undisclosed consideration. MTL Group
has currently 135 employees. MTL Group filed for insolvency in early February
2015. In February 2006, Caird Capital LLP acquired MTL Group Limited in a
BIMBO transaction.
23/02/
2015
Marel Food
Systems (High
Speed Slicing
business)
10.0
n/a
The Middleby
Corporation
Marel Food
Systems
The Middleby Corporation, the listed US-based company manufacturing an array
of cooking equipment and related products, acquired High Speed Slicing business of Marel Food Systems, the UK-based deli and bacon slicing business of
Marel Food Systems, from Marel Food Systems, the listed Iceland-based supplier of high-tech food processing equipments, for an undisclosed consideration.
23/02/
2015
Aspen Pumps
Limited
28.1
n/a
3i Group Plc
Inflexion Private
Equity Partners
LLP
3i Group Plc, the listed UK-based private equity firm acquired an undisclosed
stake in Aspen Pumps Limited, the UK-based manufacturer of pumps and condensers for the air conditioning industry, from Inflexion Private Equity Partners
LLP, the UK-based private equity firm. Aspen achieved a CAGR of 12% between
2009 and 2014, and EBITA of £ 10m in the year 2014.
19/02/
2015
Delphi
Automotive Plc
(Thermal
systems
business)
1,322
638.6
MAHLE GmbH
Delphi
Automotive Plc
Delphi Automotive Plc is the listed UK-based automotive parts manufacturer.
MAHLE GmbH is the Germany-based automotive systems developer and manufacturer. The transaction value represents an EBITDA multiple of circa 9.5x.
45
Target
Sales
(€ m)
EV
(€ m)
19/02/
2015
Rexam Plc
4,934
18/02/
2015
Manor Concepts
Ltd.
18/02/
2015
Gwynt y Mor
Offshore
Transmission
Project (OFTO)
17/02/
2015
Sceptre Leisure
Plc
Date
Bidder
Seller
Deal Description
7,520
Ball
Corporation
Stock
Exchange
Ball Corporation, a US based and listed packaging products company made a
voluntary recommended public offer for Rexam plc, a UK based and listed packaging products company. Ball will perform the acquisition through Ball UK Acquisition Limited ("Bidco"), a newly incorporated English private limited company,
wholly-owned subsidiary of Ball. The Rexam Board intends to recommend unanimously that Rexam shareholders vote in favour of the offer. The offer price is £
6.28 per Rexam share, representing a 16.9% premium over Rexam's closing
share price as of 18.02.2015, 1 day prior to the announcement date. The offer
price values the entire equity of at £ 4.4bn. After de-listing, Rexam will be registered as a private company under the relevant provisions of the Companies Act.
17.8
n/a
Arneg S.p.A.
David Winstanley;
Neville Ball;
David Graham
Wright
(Private
Investors)
Arneg S.p.A., the Italy-based company engaged in production of refrigeration
systems, acquired Manor Concepts Ltd., the UK-based company manufacturing
refrigerated retail display cabinets, for an undisclosed considerarion.
n/a
476.3
Balfour Beatty
Plc;
Equitix Limited
Siemens AG;
Stadtwerke
Muenchen
GmbH;
RWE Innogy
(UK) Limited
Balfour Beatty Plc, the listed UK-based company providing engineering, construction and investment services and Equitix Limited, the UK-based asset management company, acquired Gwynt y Mor Offshore Transmission Project, the
high-voltage electricity transmission system, from RWE Innogy (UK) Limited, the
UK-based company that owns and operates solar, wind, and biomass plants,
Stadtwerke Muenchen GmbH, the Germany-based municipal utilities company
and Siemens AG, the listed Germany-based diversified electronics and electrical
engineering company operating in the industrial, energy and healthcare sectors.
In June 2010, OFTO was formed as a jJV between, Siemens AG, Stadtwerke
Muenchen GmbH and RWE Innogy Cogen GmbH.
39.0
n/a
Gauselmann
AG
Private
Investors
Gauselmann AG, the Germany-based company manufacturing and operaing
amusement machines, amusement with prize machines, and SWP’s, acquired
Sceptre Leisure Plc, the UK-based operator of amusement machines, lottery
ticket vending machines and supplier of indoor gaming products, for an undisclosed consideration.
(2013)
46
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
16/02/
2015
Thanet Offshore
Transmission
Project
(80% Stake)
n/a
67.6
Equitix
Limited
Balfour
Beatty Plc
Equitix Limited, the UK-based asset management company, acquired an 80%
stake in Thanet Offshore Transmission Project, the UK-based wind farm project,
from Balfour Beatty Plc, the listed UK-based company that provides engineering,
construction and investment services. Balfour Beatty acquired Thanet Offshore
Transmission Project for £ 164m on 17.12.2014 from Vattenfall AB.
13/02/
2015
Portfolio of
seven solar
parks in UK
n/a
67.7
Capital Stage
AG
n/a
Capital Stage AG acquired a portfolio of 7 solar parks in UK. Capital Stage is the
listed Germany-based private equity firm focusing on renewable technologies.
11/02/
2015
Pirtek (UK) Ltd
23
n/a
The Halifax
Group
Vision Capital
LLP
The Halifax Group, the US-based private equity firm, acquired Pirtek UK Ltd, the
UK-based industrial services company providing emergency, on-site replacement
of hydraulic hoses, in a MBO transaction, from Vision Capital LLP, the UK-based
private equity firm for an undisclosed consideration. In March 2014, Pirtek generated revenue of £ 16.8m.
10/02/
2015
National
Hyperbaric Centre Limited
n/a
4.5
James Fisher &
Sons Plc
David Smith
(Private
Investor)
James Fisher and Sons plc, the listed UK-based company, offering marine and
specialist engineering services, acquired National Hyperbaric Centre Limited, the
UK-based company providing diver and subsea training, hyperbaric welding, subsea testing, diving medical emergency, and consulting services to subsea pressure-related industries, form David Smith, the UK-based private individual.
09/02/
2015
Allied Textiles
Limited
26.9
n/a
Consilia
Partners Limited
Chamonix
Private Equity
LLP
Consilia Partners Limited, the UK-based private equity firm along with management of Allied Textiles Limited, the UK-based company manufacturing synthetic
fiber and textile, acquired the company in a MBO transaction, from Chamonix Private Equity LLP, the UK-based private equity firm.
09/02/
2015
Environmental
Evaluation
Limited
n/a
n/a
Exova Group
Limited
Private
Investors
Exova Group Limited, the listed UK-based company providing testing, calibration,
advising and related services, acquired Environmental Evaluation Limited, the
UK-based company engaged in environmental testing, inspection and consulting
services, for an undisclosed consideration. EEL employs 83 people.
06/02/
2015
Hi-Level
Enterprises Ltd
10.5
n/a
Arrowhead
Electrical
Products Inc.
Levine
Family
Arrowhead Electrical Products Inc., the US-based company manufacturing rotating electrical parts, and a portfolio company of Pfingsten Partners, LLC, the USbased private equity firm, acquired Hi-Level Enterprises Ltd, the UK-based motorcycle parts distributor, from the Levine Family, the UK-based family having interest in the distribution of motorcycle parts, for an undisclosed consideration.
47
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
IHS Inc.
Private
Investors
IHS Inc., the listed US-based company that provides critical information and insight on products and services, acquired Rushmore Reviews Ltd., the UK-based
company providing offset well data services to exploration and production operators in the oil and gas industry, for an undisclosed consideration.
05/02/
2015
Rushmore
Reviews Ltd.
n/a
n/a
05/02/
2015
Soil Machine
Dynamics
Limited
128.7
160.6
Zhuzhou CSR
Times Electric
Company
Limited
Inflexion Private
Equity Partners
LLP
Zhuzhou CSR Times Electric Company Limited, the listed China-based company
manufacturing train-borne electrical systems. CSR Corporation, the listed Chinabased company manufacturing locomotives, passenger carriages, freight wagons
and related activities. Soil Machine Dynamics Limited, the UK-based manufacturer of subsea vehicle systems. Inflexion Private Equity Partners LLP is the UKbased private equity firm. SMD has a workforce of 350 employees. In 2008, Inflexion acquired SMD along with its management team in a MBO transaction.
04/02/
2015
API Group Plc
(67.68% Stake)
138.3
52.8
Cedar 2015
Limited
Stock
Exchange
Cedar 2015 Limited, UK-based Company incorporated in England and Wales by
CoSine Communications, Inc. for the purpose of acquisition of API Group Plc.
API Group Plc is the listed UK-based cmanufacturer of foils, films, and laminates
that are used in the consumer packaging, printed media, and secure documents
applications. CoSine Communications, Inc. is the listed US-based investment
holding company. CoSine launched an offer to acquire 51,941,527 equity shares,
representing 67.68% stake, at a cash offer price of £ 0.60/share, valuing the
transaction at £ 31.16m. The offer price represents a premium of 1.7% over closing share price of £ 0.59/share on 03.02.2015, last trading day prior to announcement. The implied equity is valued at £ 46.04m. Cedar intent to delist the company. Prior to transaction, CoSine held 32.32% stake in API Group.
04/02/
2015
Auger Torque
Europe Limited
12.9
n/a
Kinshofer
GmbH
Alister Rayner
(Private
Investors)
Kinshofer GmbH, the Germany-based manufacturer of hydraulic lifting equipment
for cranes, and a subsidiary of Lifco AB, the Sweden-based manufacturer of dental products, machinery and tools, sawmill equipment, contract manufacturing,
etc., acquired Auger Torque Europe Limited, the UK-based manufacturer of earth
drills and other attachments for cranes and excavators, for an undisclosed consideration. Auger Torque has workforce of 107 employees.
48
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
03/02/
2015
Polamco Ltd.
14.6
n/a
TE Connectivity
Ltd.
Private
Investors
TE Connectivity Ltd., the listed Switzerland-based manufacturer of electronics
components, cable equipment, wireless and undersea communication products,
acquired Polamco Ltd., the UK-based company engaged in designing and manufacturing interconnect accessories, for an undisclosed consideration. Polamco
had a turnover of £ 11.9m and earnings of £ 0.4m in 2014, and a turnover of £
11.9m and earnings of £ 0.7m in 2013.
03/02/
2015
Burgess Marine
Ltd
30.6
n/a
RJD Burgess
Investment LP
David Warren
(Private
Investor)
RJD Burgess Investment LP, the UK-based acquisition vehicle formed by RJD
Partners Limited, the UK-based private equity firm, acquired Burgess Marine Ltd,
the UK-based marine engineering company providing structural repairs and renewal services, and above and below the waterline mechanical repair services,
in a MBO transaction, from David Warren, the UK-based private individual, for an
02/02/
2015
S. MacNeillie &
Sons Limited
41.7
n/a
Babcock Critical
Services Limited
Keith Bradley
(Private
Investor)
Babcock Critical Services Limited, the UK-based company providing engineering
services and a subsidiary of Babcock International Group Plc, the listed UKbased engineering support services provider, acquired S. MacNeillie & Sons Limited, the UK-based manufacturer of armoured vehicles, from Mr. Keith Bradley,
the UK based private investor, for an undisclosed consideration.
30/01/
2015
Sofa Brands
International
Limited
89.4
n/a
Promethean
Investments
LLP
Private
Investors
Promethean Investments LLP, the UK-based private equity firm, acquired Sofa
Brands International Limited, the UK-based sofa manufacturer, along with its
management team, in a MBO transaction, for an undisclosed consideration. Sofa
Brands employs 750 people, plus more than 300 workers are employed in the
Sofa Brands' wholly owned facility in Alytus, Lithuania.
28/01/
2015
Countrywide
Waste
Management
Limited
14.1
n/a
Reconomy UK
Ltd.
Private
Investors
Reconomy UK Ltd., the UK-based company providing waste management and
recycling services, and a portfolio company of Bregal Capital LLP, the UK-based
private equity firm, acquired Countrywide Waste Management Limited, the UKbased company providing waste analysis and removal services, for an undisclosed consideration. The revenue of the combined companies is expected to be
in excess of £ 80m.
49
Target
Sales
(€ m)
EV
(€ m)
22/01/
2015
Constar
International UK
Limited
95.8
(2013)
22/01/
2015
Armfield Limited
14/01/
2015
Encirc Limited
14/01/
2015
Burt Boulton &
Haywood
Limited
Date
14.6
Bidder
Seller
Deal Description
n/a
Esterform
Packaging
Limited
Sherburn
Acquisition
Limited
Esterform Packaging Limited, the UK-based manufacturer of polyethylene
terepthalate bottles, acquired Constar International UK Limited, the UK-based
manufacturer of polyethylene terephthalate plastic containers, from Sherburn Acquisition Limited, the UK-based investment holding company, for an undisclosed
consideration. Constar UK has a workforce of 140 employees. Post this transaction Constar UK will merge into the Esterform group.
12.8
Judges
Scientific plc
Private
Investors
Armfield Limited is the UK-based company engaged in production and sale of engineering equipment and teaching instruments. Judges Scientific plc, the listed
UK-based listed company engaged in designing and manufacturing scientific instruments. Armfield reported revenues of £ 12.2m, EBIT of £ 1.2m and an
EBITDA of £ 1.4m for the year 31 December 2013.
406.8
Inverbeira
Sociedad de
Promocion de
Empresas S.A
Aventas
Manufacturing
Group Limited
Inverbeira Sociedad de Promocion de Empresas S.A, the Spain-based holding
company, and a subsidiary of Vidrala SA, the listed Spain-based manufacturer of
glass bottles and containers, acquired Encirc Limited, the UK-based manufacturer of container glass and provides filling facilities, to warehousing & logistics,
from Aventas Group, the UK-based company that produces rigid and flexible
packaging products and manufactures and distributes a range of building products. Encirc rhas a workforce of 1,200 employees.
n/a
ScanPole Ltd.
Metsaliitto
Group
ScanPole Ltd., the UK-based pole producer, and a subsidiary of Iivari Mononen
Oy, the Finland-based company emanufacturing impregnated wood products, acquired Burt Boulton & Haywood Limited, the UK-based timber company that
manufactures telephone poles, power transmission poles, sleepers and crossing
timbers, from Metsaliitto Group, the Finland-based forestry group specializing in
selected wood and fiber based products and services, for an undisclosed consideration. Burt Boulton has workforce of 29 employees.
(2013)
236.8
(2013)
19.4
50
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
14/01/
2015
Gaskell Mackay
Carpets Limited;
Whitestone
Weavers
Limited; Thomas
Witter Carpets
Limited;
Carpet Line
Direct Limited;
View Logistics
Limited
n/a
n/a
Victoria PLC
Private
Investors
Victoria PLC acquired Gaskell Mackay Carpets Limited, Whitestone Weavers
Limited, Thomas Witter Carpets Limited, Carpet Line Direct Limited and View Logistics Limited. Victoria PLC is the listed UK-based manufacturer of design-led
carpets and other floor coverings. Gaskell Mackay Carpets Limited is the UKbased manufacturer and distributor of woven and tufted carpets. Whitestone
Weavers Limited is the UK-based manufacturer and distributor of woven and
tufted carpets. Thomas Witter Carpets Limited is the UK-based manufacturer and
distributor of woven and tufted carpets. Carpet Line Direct Limited is the UKbased distributor of woven and tufted carpets. View Logistics Limited is the UKbased distributor of woven and tufted carpets.
13/01/
2015
Douglas Equipment
Limited
n/a
n/a
Textron Ground
Support
Equipment UK
Limited
Curtiss-Wright
Flow Control
(U.K.) Limited
Textron Ground Support Equipment UK Limited, the UK-based holding company
and a subsidiary of Textron Inc., the listed US-based multi-industry company acquired Douglas Equipment Limited, the UK-based manufacturer of aviation towing tractors, ground support vehicles, port tractors, distribution and yard shunting
tractors from Curtiss-Wright Flow Control (U.K.) Limited, the UK-based manufacturer of engineered valves, pumps and related products and a subsidiary of
Curtiss-Wright Corporation, the listed US-based company providing engineered
products and services, for an undisclosed consideration. DEL has a workforce of
around 90 employees. In 2011, Curtiss-Wright acquired Douglas Equipment for a
cash consideration of $ 20m.
13/01/
2015
Oxalis Group
Limited
10.3
n/a
Eaton
Corporation
n/a
Eaton Corporation, the US-based diversified power management company and
manufacturer of electrical components and systems, hydraulics components, aerospace fuel and pneumatic systems for commercial and military use, acquired
Oxalis Group Limited, the UK-based manufacturer of security, communication,
electrical and networks solutions, for an undisclosed consideration. Oxalis has
51
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
13/01/
2015
OCHL (Globe)
Limited
n/a
n/a
Northstar
Investments
Limited
n/a
Northstar Investments Limited, the UK-based company engaged in private banking for international clients, owned by KKR Management Holdings L.P., the USbased acquisition vehicle created by Kohlberg Kravis Roberts & Co. L.P, the
listed US-based private equity firm, acquired OCHL (Globe) Limited, the UKbased company engaged in support activities for petroleum and natural gas extraction such as sale and rental of specialist offshore containers, baskets and
equipments rooms all for use in offshore oil and gas and renewable energy industries, for an undisclosed consideration. Upon the completion, OCHL (Globe)
Limited will be controlled by KKR Management Holdings L.P.
12/01/
2015
Survitec Group
Limited
268.1
574.4
Onex
Corporation
Warburg Pincus
LLC
The management team of Survitec Group Limited, the UK-based provider of mission-critical marine, defence and aerospace survival equipment, backed by Onex
Corporation, the listed Canada-based private equity firm, acquired Survitec, from
Warburg Pincus LLC, the US-based private equity firm, in a MBO transaction.
The target has more than 2,000 employees and operates 7 manufacturing facilities around the world. Warburg Pincus acquired a majority stake in Survitec from
Montagu Private Equity LLP back in 2010, for a consideration of £ 280m.
09/01/
2015
Imprint Group
12.9
n/a
Pureprint
Group Ltd.
Private
Investors
Pureprint Group Ltd., the UK-based company offering commercial printing services, and a portfolio company of Business Growth Fund plc, the UK-based private equity firm, acquired an undisclosed majority stake in Imprint Group, the UKbased manufacturer of point of sale, point of purchase and large format outdoor
media, for an undisclosed consideration. Imprint Group has aworkforce of 100
employees. Previously in December 2014, Business Growth Fund acquired minority stake in Pureprint for an undisclosed consideration.
08/01/
2015
Beacon Security
and
Communications Limited
n/a
n/a
Convergint
Technologies
LLC
Private
Investors
Convergint Technologies LLC, the US-based company engaged in integration,
design, installation and maintenance of facility systems, and a portfolio company
of KRG Capital Partners, the US-based private equity firm, acquired Beacon Security and Communications Limited, the UK-based provider of security solutions
and security services, for an undisclosed consideration. Beacon has a workforce
of over 50 employees.
52
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
05/01/
2015
Ideal Boilers
Limited
257.5
n/a
Atlantic Group
Bregal
Capital LLP
Atlantic Group, the France-based manufacturer of electric water heaters and
heating appliances, acquired Ideal Boilers Limited, the UK-based company manufacturing boilers, from Bregal Capital LLP, the UK-based private equity firm, for
an undisclosed consideration. Ideal Boilers has workforce of 500 employees. In
August 2013, Bregal Capital LLP acquired Ideal Stelrad for £ 230m.
05/01/
2015
Multi Labels Ltd
12.8
n/a
Multi-Color
Corporation
Monk
Family
Multi-Color Corporation, the listed US-based provider of packaging services and
decorating solutions, acquired Multi Labels Ltd, the UK-based company specialized in premium alcoholic beverage labels, from the UK-based Monk Family, for
an undisclosed consideration.
05/01/
2015
Prior Diesel
Limited
17.0
n/a
Suretank Group
Limited
Archie MacLean
(Private
Investor)
Suretank Group Ltd., the Ireland-based company manufacturing cargo carrying
units for offshore oil and gas industry, acquired Prior Diesel Limited, the UKbased company manufacturing power generation products, fire pumps, zone II
powerpacks, hydraulic powerpacks, and compressors, for an undisclosed consideration.
53
Country Focus – Canada
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/03/
2015
Alpac Forest
Products Inc
(70% Stake);
Alpac Pulp
Sales Inc
n/a
n/a
Hokuetsu Kishu
Paper Co Ltd
Mitsubishi
Corporation
Alpac Forest Products Inc, the Canada-based company, is engaged in pulp manufacture and Alpac Pulp Sales Inc. is engaged in pulp sales. Hokuetsu Kishu Paper Co Ltd, the listed Japan-based company, is engaged in paper manufacture.
Before, Mitsubishi wholly owned Alpac Pulp Sales and held a 70% stake in Alpac
Forest Products. Hokuetsu Kishu Paper Co Ltd acquired a 30% stake in Alpac
Forest Products from Oji Holdings Corporation, the listed Japan-based company
that operates in the pulp and paper products.
27/03/
2015
Alpac Forest
Products Inc
(30% Stake)
n/a
56.6
Hokuetsu Kishu
Paper Co Ltd
Oji Holdings
Corporation
Hokuetsu Kishu Paper Co Ltd acquired a 30% stake in Alpac Forest Products Inc
from Oji Holdings Corporation. Prior to transaction, Oji held a 30% stake in Alpac.
Concurrently, Hokuetsu Kishu Paper Co Ltd acquired a 70% stake in Alpac Forest Products from Mitsubishi Corporation, the listed Japan-based conglomerate.
23/03/
2015
Fortis Generation Inc;
n/a
n/a
Energy Ottawa
Fortis Inc.
Energy Ottawa, the Canada-based company generating green power and offering an extensive range of energy management and procurement services, acquired Fortis Generation Inc. the Canada-based company operating hydroelectric
power plant and generating electricity and FortisOntario District Heating Inc, the
Canada-based company engaged in generation, transmission and distribution of
hydro-elecric energy, from Fortis Inc., the listed Canada-based electricity and
natural gas distribution company, for an undisclosed consideration.
n/a
344.4
Midwestern Oil
and Gas
Company
Limited
Stock
Exchange
Midwestern Oil and Gas Company Limited, the Nigeria-based company, is engaged in the exploration and production of oil and gas. Mart Resources Inc., the
listed Canada-based independent oil and gas company focused on production
and development opportunities in the Niger Delta region of Nigeria. The offer
price will be $ 0.6261/share and the deal value will be $ 332.6m. The implied equity value of the transaction will be $ 223.5m. The offer price represents a premium of 42.1% over last trading day closing share price of $ 0.44 on 13.03.2015.
Midwestern will hold a 100% stake in Mart Resources. Mart Resources will discontinue from trading their shares on the Toronto Stock Exchange.
FortisOntario
District Heating
Inc
16/03/
2015
Mart Resources
Inc.
54
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
12/03/
2015
NBS
Technologies
Inc.
n/a
19.1
Ai Holdings
Corporation
Brookfield
Private Equity
Direct
Investments
Holdings LP
NBS Technologies Inc. provides equipment for card personalization, EMV compliance/migration, smart card manufacturing, and semiconductor handling equipment. It offers desktop card printers, desktop card embossers, high-volume card
issuance solutions, and smart card manufacturing equipment. The company also
provides card software, such as card issuance software, card design software
(for card printers), machine control software, and software tools. The company is
based in Toronto, Canada.
09/03/
2015
Consolidated
Lift Inc.
n/a
n/a
Integrated Supply
Network, Inc.
Private
Investors
Integrated Supply Network, Inc., the US based distributor of tools and equipment
for the automotive market and also offers supply chain and marketing services,
and a portfolio of Audax Private Equity Group, the , the US-based private equity
firm, acquired Consolidated Lift Inc., the Canada-based company manufacturing
automotive lifting products, for an undisclosed consideration.
09/03/
2015
Distech
Controls, Inc.
49.9
232.5
Acuity Brands,
Inc.
Group of
Investors
Acuity Brands, Inc. is the listed US-based company that produces lighting equipments. Distech Controls, Inc., the Canada-based company, is manufacturing
building automation and energy management solutions. The group of investors
are: Technovator International Limited, the listed Singapore-based company, is
manufacturing integrated building automation and energy management systems;
Caisse de Depot et Placement du Quebec, Fonds de Solidarite FTQ and W2 Investments, the Canada-based private equity firms; Samsung Venture Investment
Corporation is South Korea-based venture capital firm; EnerTech Capital, the
US-based venture capital partnership. Distech employs of 190 people.
09/03/
2015
Harvestec Inc.
n/a
n/a
Linamar Corp.
n/a
Harvestec Inc. manufactures and distributes corn heads for harvesting. The company was founded in 1972 and is based in Oakville, Canada.
06/03/
2015
Clemro Western
(1996) Ltd
n/a
n/a
Superior
Industries
International,
Inc.
n/a
Clemro Western (1996) Ltd. manufactures aggregate and mining equipment in
Canada. Its products include cone crushers, jaw crushers, horizontal and incline
screens, vibratory grizzly feeders, belt feeders, material/radial stackers, and control towers and vans, as well as conveyor components, i.e. troughing idlers,
troughing impact idlers, return and steel rollers, self-cleaning return rollers, drum
and wing pulleys, and impact rollers and beds.
55
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
02/03/
2015
Tectrol Inc.
n/a
4.6
CUI Global, Inc.
Insolvency
Administrator
CUI Global, Inc., the listed US-based electronics platform company focused on
acquisition, development and commercialization of new, innovative electronic
technologies and products, acquired Tectrol Inc., the Canada-based designer
and manufacturer of standard and custom power solutions. The transaction
forms a part of Tectrol’s insolvency proceedings.
26/02/
2015
Envirosystems
Incorporated
n/a
n/a
TorQuest
Partners, Inc.
Thornridge
Holdings
Limited
Envirosystems Incorporated is a Canada-based company that provides various
environmental, industrial, and robotic services and project management. The
company serves aerospace, commercial, manufacturing, marine, oil and gas,
pharmaceutical, and pulp and paper industries; auto, cement, petrochemical, and
steel plants; utilities and mining sites; and federal, provincial, and municipal government agencies in Canada and the United States.
26/02/
2015
St. Anthony
Cold Storage
Ltd.,
Cold Storage
Operation
n/a
n/a
Eimskipafélag
Íslands hf.;
Harbour Grace
Shrimps
Company Ltd.
St. Anthony
Cold Storage
Limited
St. Anthony Cold Storage Ltd., Cold Storage Operation comprises a seafood cold
storage facility and is located in Canada.
23/02/
2015
PaperNuts
Corporation
(95.6% Stake)
n/a
17.2
Axiom Corp.
n/a
Axiom Corp., the listed Canada-based company, is engaged in providing environmentally friendly packaging solutions. PaperNuts Corporation, the Canada-based
company, is engaged in providing packaging solutions. Axiom Corp. acquired PaperNuts Corp. at an exchange ratio of 42.617187019 shares for each share of
PaperNuts Corp. The deal is valued at $ 19.5m, based on the closing share price
of $ 0.375/share of Axiom as of 20.02.2015. Axiom will be renamed to PaperNuts
Limited.
20/02/
2015
Enerplus Corp.
(Non-core
waterflood
assets based in
Pembina)
n/a
121.8
Bonterra Energy
Corp. (formerly
known as
Bonterra Oil &
Gas Ltd.)
Enerplus
Corp.
Bonterra Energy Corp. acquired Pembina waterflood non-core asset of Enerplus
Corp. for a purchase consideration of $ 138.6m. Bonterra Energy Corp., the
listed Canada-based company, is engag in oil and gas production. Enerplus
Corp., the listed Canada-based company, is an open ended investment trust.
56
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
09/02/
2015
IPICO Inc.
n/a
n/a
ACTIVE
Network, LLC
Trilon Bancorp,
Inc.
ACTIVE Network, LLC, the US-based provider of software and marketing solutions and trainings for sport events and a portfolio of Vista Equity Partners, the
US-based private equity firm, acquired IPICO Inc., the Canada-based supplier of
radio frequency identification solutions, from Trilon Bancorp, Inc., the Canada
based provider of corporate financial and brokerage services and a subsidiary of
Brookfield Asset Management Inc., the listed Canada based asset management
firm, for an undisclosed consideration. In September 2013, Vista Equity Partners
acquired ACTIVE Network, for a consideartion of $ 917m. In April 2011, Trilon
Bancorp, Inc acquired IPICO Inc., in a debt-equity swap transaction.
26/01/
2015
Bombardier Inc.,
Military Aviation
Training
n/a
14.2
CAE Inc.
Bombardier Inc.
Bombardier Inc., Military Aviation Training comprises military aviation training activities. The asset is located in Canada.
23/01/
2015
CBF Telecom
Limited
n/a
n/a
C3F Telecom,
Inc.
n/a
CBF Telecom Ltd. specializes in construction and installation of private fiber optic
networks. The company designs, constructs, and maintains telecommunication
networks for school boards, municipalities, private telecom service providers, and
private institutions. The company is based in Laval, Canada.
12/01/
2015
PearceWellwood Inc.
n/a
n/a
Menasha
Corporation
Pearce
Group
Menasha Corporation, the US-based company manufacturing packaging products, acquired PearceWellwood Inc., the Canada-based company manufacturing
corrugated displays for the retail industry and offers fulfilment and distribution
services, for an undisclosed consideration. PearceWellwood employs of 140 people. Consequently, Menasha also acquired a 33% interest in Tencorr Packaging,
a corrugated sheet manufacturer from Pearce Group. PearceWellwood employs
140 people.
12/01/
2015
Northland
Power
(Frampton Wind
Project)
(66.7% Stake)
n/a
12.3
Boralex Inc.
Northland
Power Inc
Boralex Inc. is a listed Canada-based company engaged in development and operation of power stations that generate renewable energy. Northland Power Inc is
a listed Canada-based company with interest in power generation facilities in
Canada, the United States and Germany. Boralex will hold a 66.7% stake in
Frampton Wind Project and the remaining 33% stake will be held by the municipality of Frampton. The the project is expected to generate earnings before interest, taxes, depreciation and amortization of approx. $ 7.6m annually.
57
Date
08/01/
2015
Target
Alterra Power
Corp.
(15 MW Soda
Lake
geothermal
facility)
Sales
(€ m)
EV
(€ m)
n/a
7.2
Bidder
Seller
Deal Description
Cyrq Energy
Alterra Power
Corp.
Cyrq Energy, the US-based renewable energy company focused on geothermal
power development, acquired a 15MW Soda Lake geothermal facility from Alterra Power Corp., the listed Canada-based company engaged in developing, exploring and acquiring geothermal energy projects.
58
Country Focus – USA
Date
Target
Sales
(€ m)
EV
(€ m)
n/a
n/a
244.3
491.3
Bidder
Seller
Deal Description
NGP Natural
Resources XI,
L.P.
Private
Investors
NGP Natural Resources XI, L.P., the US-based private equity fund of Natural
Gas Partners LLC, US based private equity firm, acquired undisclosed stake in
Kinetics Energy Services, LLC, the US-based company acquiring, integrating and
growing energy services and equipment companies providing well completions
and production enhancement, for a consideration of $ 100m.
Fortune Brands
Home &
Security, Inc.
Stock
Exchange
Fortune Brands Home & Security, Inc., the listed US-based home security and
products manufacturer acquired Norcraft Companies, Inc., the listed US-based
wholesale kitchen and bathroom cabinet manufacturer. The offer price represents a premium of 11.4% on NCFT's closing share price on 27.03.2015, 1 day
prior to the announcement, and a premium of 23.7% on its closing share price on
27.02.2015, 1 month prior to the announcement. Once the tender offer is completed, Norcraft will become a part of Fortune's cabinets division.
31/03/
2015
Kinetics Energy
Services, LLC
30/03/
2015
Norcraft Companies, Inc.
27/03/
2015
AM
Conservation
Group, Inc.
n/a
n/a
Kohlberg &
Company,
L.L.C.
Trivest
Partners, L.P.
Kohlberg Investors VII, L.P., the US-based private equity fund of Kohlberg &
Company, L.L.C., the US-based private equity firm along with the management
of AM Conservation Group, Inc., the US-based manufacturer of energy and water
conservation products, acquired the company, in a MBO transaction, from Trivest
Partners, L.P. the US-based private equity firm, for an undisclosed consideration.
MG expects to post revenues of minimum $ 80m in 2015.
26/03/
2015
Checkview
Corporation
n/a
n/a
Iverify.us Inc.
Platinum Equity,
LLC
Iverify.us Inc., the US-based company engaged in designing security solutions
and a portfolio of Driehaus Private Equity, LLC, the US-based private equity firm,
acquired Checkview Corporation, the US-based provider of loss prevention and
security services, from Platinum Equity, LLC, the US-based private equity firm,
for an undisclosed consideration. CheckView employs 170 people. In March
2013, Platinum acquired the US and Canadian CheckView business of Checkpoint Systems, Inc., for a total cash consideration of $ 5.4m.
26/03/
2015
Sargent
Aerospace &
Defense Inc.
160.4
456.2
RBC Bearings
Inc.
Dover
Corporation
RBC Bearings Inc., the listed US-based manufacturer of bearings for industrials
sector, acquired Sargent Aerospace & Defense Inc., the US-based manufacturer
of precision-engineered components for aerospace and defense sectors, from
Dover Corporation, the listed US-based diversified manufacturer of industrial
equipment and components. Sargent employs 750 people.
(2013)
59
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
25/03/
2015
Superwinch,
LLC
n/a
n/a
Kinderhook
Industries LLC
Islington Capital
Partners, LLC
Kinderhook Industries LLC a US-based private equity firm through its private equity fund Kinderhook Capital Fund IV, LP, acquired Superwinch, LLC, the USbased manufacturer of winches, from Islington Capital Partners, LLC, the US
based private equity firm, for an undisclosed consideration.
24/03/
2015
Advantage
Industrial
Automation, Inc.
n/a
n/a
Graybar Electric
Company, Inc.
Private
Investors
Graybar Electric Company, Inc., the US-based company engaged in supply of
chain management services and distribution of high-quality components for the
electrical and telecommunications industry acquired Advantage Industrial Automation, Inc., the US-based company, providing control and automation solutions
to industrial users, OEMs and system integrators for an undisclosed consideration. The target will operate under Graybar with the same name.
24/03/
2015
Protective
Industries, Inc.
n/a
n/a
Berwind
Corporation
Windjammer
Capital
Investors LLC
Berwind Corporation, the US-based private equity firm, acquired Protective Industries, Inc., the US-based manufacturer of plastic moulded, injection-moulded,
and vinyl dip-moulded and extruded products, from Windjammer Capital Investors LLC, the US-based private equity firm, for an undisclosed consideration.
Protective Industries reported EBITDA of $ 63m in 2014.
23/03/
2015
EMRISE
Electronics Ltd.
n/a
20.3
Data Device
Corporation
EMRISE
Corporation
Data Device Corporation isa US-based manufacturer of high-reliability data bus,
motion control, and solid-state power controller products. EMRISE Electronics
Ltd. Is a UK-based, wholly-owned subsidiary of EMRISE Corporation, providing
standard and custom power conversion products. EMRISE Corporation is a listed
US-based manufacturer of defense and aerospace electronic devices.
23/03/
2015
Devon Energy
Corporation
(Victoria
Express
Pipeline)
n/a
165.7
EnLink
Midstream
Partners LP
Devon Energy
Corporation
EnLink Midstream Partners is the listed US-based company providing midstream
energy services, including gathering, processing, transmission and marketing, to
producers of natural gas, natural gas liquids (NGLs) and crude oil. Devon Energy
Corporation, the listed US-based company, is engaged in exploration, development, and production of oil, natural gas, and natural gas liquids.
23/03/
2015
Sunoco
Partners LLC
(31.58% Stake)
n/a
751.2
Sunoco LP
Energy Transfer
Partners L.P.;
ETP Retail
Holdings
Sunoco LP, the US-based company is engaged in the wholesale distribution of
motor fuels. Sunoco Partners LLC is the US-based general partner of US-based
Sunoco Logistics Partners, engaged in the transportation, purchase, sale, terminalling, and storage of crude oil and refined fuel products. ETP Retail Holdings,
the US-based affiliate of Energy Transfer Partners L.P. Sunoco LP will acquire a
31.58% stake in Sunoco Partners LLC for a total deal value of $ 815.8m.
60
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
20/03/
2015
Digi-Star
Investments Inc
43.7
123.8
Topcon
Corporation
Robert W. Baird
& Co.
Incorporated
Topcon Corporation is the listed Japan-based company manufacturing machine
control system, medical and measuring equipment, industrial machinery and optical devices. Digi-Star Investments Inc is the US-based company manufacturing
electronic weighing systems. Robert W. Baird & Co. Incorporated is the USbased investment bank and financial advisor. Post transaction, Digi-Star Investments Inc will be wholly owned by Topcon Corporation.
20/03/
2015
Marathon
Heater Inc
7.4
n/a
NIBE
Industrier AB
Private
Investor
NIBE Industrier AB, the listed Sweden-based company engaged in provision of
heating components for both industrial and home users, acquired Marathon
Heater Inc, the US-based manufacturer of electric heating elements and sensors,
for an undisclosed consideration. Marathon Heater employs 130 people.
19/03/
2015
Southwestern
Energy
Company (gas
gathering
assets)
n/a
466.1
Howard
Midstream
Energy
Partners, LLC
Southwestern
Energy
Company
Howard Midstream Energy Partners, LLC, the US-based company that owns and
operates natural gas pipelines and provides pipeline and plant construction, plant
maintenance and oil field leasing services, acquired the gas gathering assets of
Southwestern Energy Company, the listed US-based company engaged in exploration and production of natural gas, for a consideration of $ 500m.
19/03/
2015
UtilX
Corporation
n/a
32.6
Novinium, Inc.
Willbros
Group Inc
Novinium, Inc., the US-based provider of cable rejuvenation products to circuit
owners and service suppliers, acquired UtilX Corporation, the US-based provider
of power cable life-extension technologies, delivering services and technologies
to diverse worldwide markets, from Willbros Group, Inc., the listed US-based engineering company, for a consideration of minimum $ 35m.
18/03/
2015
Hexacomb
Corporation
(European and
Mexican
operations)
n/a
n/a
Smurfit Kappa
Benelux
Hexacomb
Corporation
Smurfit Kappa Benelux, the Ireland-based investment holding company and a
subsidiary of Smurfit Kappa Group Plc, the listed Ireland-based manufacturer of
container boards and paper based packaging products, acquired the European
and Mexican operations of Hexacomb Corporation, the US-based manufacturer
of protective packaging products, a subsidiary of Packaging Corporation of America, the listed US-based producer of container board and corrugated packaging
products, for an undisclosed consideration. The target employs 215 people.
18/03/
2015
Precisive, LLC
n/a
12.3
MKS
Instruments, Inc.
n/a
MKS Instruments, Inc., the listed US-based provider of instruments acquired Precisive, LLC, the US-based developer of optical analyzers for the natural gas and
hydrocarbon processing industries, for a cash consideration of $ 13m.
61
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
18/03/
2015
Buck's Engines,
LP
n/a
9.2
Power Solutions
International,
Inc.
United
Engines, LLC
Power Solutions International, Inc., the listed US-based company manufacturing
power systems for OEMs acquired Buck's Engines, LP, the US-based company
manufacturing alternative-fuel engines for industrial markets, from United Engines, LLC, the US-based distributor of transportation, energy, agriculture and
power generation technologies and a subsidiary Kirby Corporation, the listed USbased domestic tank barge operator engaged in transporting bulk liquid products,
for a consideration of approx. $ 9.7m.
18/03/
2015
Falcon
ndustries, Inc.
n/a
n/a
The Visuality
Corporation
Private
Investors
The Visuality Corporation, the Spain-based company providing visual merchandising products to the retail sector, and a portfolio company of Miura Private Equity, the Spain-based private equity firm, acquired Falcon Industries, the USbased manufacturer of high-quality, bespoke PoP metal fixtures for the retail industry, for an undisclosed consideration. Falcon Industries employs 100 people.
17/03/
2015
Moda
Midstream, LLC
n/a
708.3
EnCap Flatrock
Midstream
Private
Investors
EnCap Flatrock Midstream, the US-based private equity firm focused on oil and
gas midstream, invested in a $ 750m MBO of Moda Midstream, LLC, the USbased company providing independent storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids.
17/03/
2015
JR Automation
Technologies
n/a
n/a
Crestview
Partners LP
Huizenga
Group
Crestview Partners LP, the US-based private equity firm, alongwith the management of JR Automation Technologies, the US-based company manufacturing industrial machines, acquired the company in a MBO transcation, from Huizenga
Group, the US-based private equity firm, for an undisclosed consideration. JR
Automation has a workforce of 400 people.
17/03/
2015
Pelagic Tank,
LLC
n/a
n/a
Legacy
Measurement
Solutions, Inc.
Private
Investors
Legacy Measurement Solutions, Inc., the US-based company manufacturing gas
measurement equipment, supplies and services for oil and natural gas industry
and portfolio company of White Deer Energy LLC, the US-based private equity
firm, acquired Pelagic Tank, LLC, US-based company manufacturing oil and gas
process equipments and providing engineering and vessel fabrication services to
oil and gas industry, for an undisclosed consideration.
62
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
16/03/
2015
DualTemp
Companies Inc.
24.8
n/a
Clauger SA
Private
Investors
Clauger SA, the France-based company that manufactures industrial refrigeration and process air conditioning applications, acquired DualTemp Companies
Inc, the US-based company engaged in installation, maintenance of industrial refrigeration and supplier of refrigeration parts and equipment, for an undisclosed
consideration. DualTemp Companies employs 80 people.
16/03/
2015
Novariant, Inc.
24.8
22.2
AgJunction, Inc.
Growth
Capital
AgJunction, Inc. is the US-based provider of cloud-based data management software platform and wireless hardware to precision agriculture retailers and growers. Novariant, Inc. is the US-based provider of precision steering and machine
control solutions for the agriculture, automotive, construction and other control
technology. Novariant employs 55 people.
13/03/
2015
Inspection
Oilfield Services
99.2
161.3
L.B. Foster
Company
Calvert Street
Capital
Partners, Inc.
L.B. Foster Company is the listed US-based materials supplier to transportation,
construction, utility, and agriculture markets. Inspection Oilfield Services, the USbased company providing testing and inspection services for tubular products
used in critical oil and gas applications. Calvert Street Capital Partners, Inc., the
US-based company, is a private equity firm. IOS employs 600 people.
13/03/
2015
Phillips & Temro
Industries, Inc.
n/a
n/a
Harbour Group
Industries, Inc.
Audax Private
Equity Fund III,
L.P.
Harbour Group Industries, Inc., the US-based private equity firm, acquired Phillips & Temro Industries, Inc., the US-based manufacturer of heating, cooling, silencing, emission and hybrid/electric vehicle technology products, from Audax
Private Equity Fund III, L.P., the US-based private equity fund of Audax Private
Equity Group, the US-based private equity firm, for an undisclosed consideration.
13/03/
2015
Global OLED
Technology LLC
(32.73% Stake)
n/a
143.5
LG Display
Co Ltd
LG Electronics
Inc
LG Display Co Ltd, the listed South Korea-based manufacturer of TFT-LCD panels, acquired a 32.73% stake in Global OLED Technology LLC, the US-based
company engaged in organic electroluminescent business, from LG Electronics
Inc, the listed South Korea-based manufacturer of electronic products. Post
transaction, LG Display will hold a 65.46% stake in Global OLED Technology.
Prior to the transaction, Global OLED Technology was 32.73% held by LG Display and 32.73% by LG Electronics.
63
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
12/03/
2015
Wisconsin Oven
Corporation
n/a
n/a
Thermal Product
Solutions, Inc.
PLC
Holding
Thermal Product Solutions, Inc., the US-based manufacturer of industrial and laboratory ovens, environmental temperature cycling & stability test chambers and
a portfolio of Resilience Capital Partners LLC, the US-based private equity firm,
acquired Wisconsin Oven Corporation, the US-based manufacturer of industrial
ovens and heating equipments, from PLC Holding, the France-based holding
company, for an undisclosed consideration. Wisconsin employs 150 people.
12/03/
2015
Timco Services,
Inc.
n/a
70.9
Frank’s
International
N.V.
Private
Investors
Frank’s International N.V., the listed Netherlands-based provider of tubular technologies to the oil and gas industry, acquired Timco Services, Inc., the US-based
provider of hammer, casing, and tubing services for the oil and gas industry, for
an undisclosed consideration. The deal is estimated to be valued at $ 75m.
11/03/
2015
Skorpios
Technologies,
Inc.
n/a
n/a
Cisco Systems,
Inc.;
Semtech
Corporation
Private
Investors
Cisco Systems, Inc., the listed US-based provider of networking products to the
communications and IT industry, Semtech Corporation, the listed US-based supplier of analog and mixed-signal semiconductor devices and existing investor and
Sun Mountain Capital, the US-based private equity firm, acquired undisclosed
stake in Skorpios Technologies, Inc., the US-based manufacturer of composite
silicon photonic technology for opto-electronic modules for development of next
generation communications ecosystems, for an undisclosed consideration.
10/03/
2015
SPR Packaging,
LLC
35.0
n/a
Armando
Alvarez Group
n/a
Armando Alvarez Group, the Spain-based holding company providing industrial
plastic packaging products, acquired SPR Packaging, LLC, the US-based Provider of flexible packaging solutions to the food, industrial, and garden markets,
for an undisclosed consideration. SPR Packaging, LLC employs 70 people.
10/03/
2015
ASES LLC
n/a
n/a
Field Aviation
Inc.
Rockwell
Collins, Inc.
Field Aviation Inc. the US-based company providing aircraft modification services
and a subsidiary of Amavco, Inc., the US-based aviation holding company, acquired ASES LLC, the US-based company providing military aircraft integration
and modifications, maintenance, logistics and support, from Rockwell Collins,
Inc., the listed US-based manufacturer of aviation electronics and communication
equipment for commercial and military aircrafts, for an undisclosed consideration.
ARINC employs 230 people. Post acquisition, ASES will operate as Field Aerospace. The sale of ASES was a part of the divestment plan announced by Rockwell Collins in 2012 as operations of ASES does not suit well with their long-term
strategy. In August 2013, Rockwell Collins acquired ASES LLC which was a part
of ARINC Incorporated from The Carlyle Group.
64
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
10/03/
2015
EQT
Corporation
(Northern West
Virginia
Marcellus
Gathering
System)
69.1
974.6
EQT Midstream
Partners, LP
EQT
Corporation
EQT Midstream Partners, LP, a listed US-based company, that acquires and develops midstream assets and provides natural gas transmission, storage, and
gathering services. EQT Corporation, the listed US-based company, is an integrated energy company involved in natural gas supply, transmission and distribution.
10/03/
2015
Midstates
Petroleum
Company LLC
(Dequincy
assets)
n/a
40.8
Pintail Oil and
Gas LLC
Midstates
Petroleum
Company LLC
Pintail Oil and Gas LLC, the US-based company focused on acquiring and developing oil and gas properties, a portfolio company of Ridgemont Equity Partners,
the US-based private equity firm, acquired Dequincy assets of Midstates Petroleum Company LLC, the US-based company that explores and produces oil, natural gas and natural gas liquids, a subsidiary of Midstates Petroleum Company,
Inc., the listed US-based company engaged in oil and gas exploration and development.
09/03/
2015
Auto Customs
n/a
n/a
Tectum
Holdings, Inc.
Private
Investors
Tectum Holdings, Inc., the US-based manufacturer of soft and hard bed covers
and a portfolio company of TA Associates Management, L.P., the US-based private equity firm, acquired Auto Customs, the US-based distributor and retailer of
atomotive components and accessories, for an undisclosed consideration.
09/03/
2015
EnviroStar, Inc.
(40.35% Stake)
24.7
9.0
Henry M.
Nahmad
(Private
Investor)
Michael S. and
Robert M.
Steiner
(Private
Investors)
Mr. Robert M. Steiner, Mr. Michael S. Steiner and Mr. Henry M. Nahmad are the
US-based private individuals. EnviroStar, Inc., is a US-based company engaged
in distribution of commercial and industrial laundry and dry cleaning equipment
and steam boilers. The offer price of $ 2.15/share represents a discount of approx. 7.7% over EnviroStar’s closing share price of $ 2.33 on 06.03.2015, 1 day
prior to the announcement. The implied equity value of the transaction is $
15.12m. Michael Steiner and Robert Steiner owned an aggregate of 50.3% stake
in EnviroStar prior to this transaction.
09/03/
2015
RTI International
Metals, Inc.
655.9
1,280
Alcoa, Inc.
Stock
Exchange
RTI is a listed US-based supplier of titanium and specialty metal products and
services for the defense, energy, commercial aerospace, and medical device
markets. Alcoa is a listed US-based supplier of aluminum. The implied equity
value of the transaction is $ 1.261bn. The implied offer price of $ 41/share represents a premium of 50.3% based on RTI's closing price of $ 27.28/share on
06.03.2015, the last trading day prior to the announcement. The target is expected to contribute $ 1.2bn in revenues to Alcoa in 2019 In 2019.
65
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
06/03/
2015
Capital
Equipment &
Handling, Inc
18.2
7.6
UniCarriers
Americas
Corporation
Private
Investors
UniCarriers Americas Corporation, a US-based company manufacturing material
handling equipment and a subsidiary of UniCarriers Corporation, the Japanbased manufacturer of forklift and container carrier, acquired Capital Equipment
& Handling, Inc, the US-based provider of material handling and floor maintenance equipment, for an undisclosed consideration. CEH employs 85 people.
05/03/
2015
Avery Dennison
Corporation
(Industrial Print
and Apply
division -IPA)
50.0
n/a
Possehl
Mittetandsbeteiligungen
GmbH & Co. KG
Avery Dennison
Corporation
Possehl Mittelstandsbeteiligungen GmbH & Co. KG, the Germany-based company, providingconveying systems and a subsidiary of L. Possehl & Co. MbH, the
Germany-based company operating in construction, metals, electronics, and machinery businesses, acquired the Industrial Print and Apply division of Avery Dennison Corporation, the listed US- based company, engaged in the production and
sales of pressure-sensitive materials, for an undisclosed consideration.
Industrial Print and Apply division employs 210 people.
05/03/
2015
Evraz Oregon
Steel Structural
Tubing
n/a
46.2
Maruichi Steel
Tube Co Ltd
EVRAZ North
America, Inc.
Maruichi Steel Tube Co Ltd, the listed Japan-based steel tube and pipe producer,
acquired the Evraz Oregon Steel Structural Tubing business from EVRAZ North
America, Inc., the US-based steel manufacturing company and a subsidiary of
EVRAZ Plc, the listed Russia-based steel and mining company, for a total cash
consideration of $ 51m. Evraz Oregon employs 50 people.
04/03/
2015
Medbox, Inc.
n/a
n/a
Lizada Capital
L.L.C.
P. Vincent
Mehdizadeh
(Private
Investor)
Medbox, Inc., the listed US-based company, provides patented biometrically controlled medicine storage and dispensing systems to the medical and retail industries. Lizada Capital L.L.C., is a US-based company with interest in companies
developing, selling, and servicing automated, biometrically controlled dispensing
and storage systems for medicine and merchandise. P. Vincent Mehdizadeh is a
US-based private investor.
04/03/
2015
Triune Systems,
L.L.C.
n/a
40.7
Semtech
Corporation
Ross Teggatz
(Private
Investor)
Semtech Corporation is a listed US-based supplier of analog and mixed-signal
semiconductor devices. Triune Systems, L.L.C. is a US-based semiconductor
company, manufacturing analog and mixed-signal integrated circuit. Triune Systems employs 35 people.
03/03/
2015
TGR Industrial
Services
n/a
n/a
Merit Capital
Partners;
24/6 Capital
Partners
Pete Moss
(Private
Investor)
Merit Capital Partners and 24/6 Capital Partners, the US-based private equity
firms, have acquired Tulsa Gamma Ray and Texas Gamma Ray, US-based provider of non-destructive testing & heat treating services, from Mr. Pete Moss, the
US-based private individual having, for an undisclosed consideration. The target
will be renamed as TGR Industrial Services.
66
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
03/03/
2015
Anadarko
Petroleum
Corporation
(Delaware
Basin gathering
system)
(50% Stake)
n/a
n/a
Western Gas
Partners, LP
Anadarko
Petroleum
Corporation
Western Gas Partners, LP, the listed US-based oil and gas company that acquires, owns, operates and develops midstream energy assets, acquired 50%
stake in US-based Delaware Basin gathering system, from Anadarko Petroleum
Corporation, the listed US-based oil and gas exploration and production company, for an undisclosed consideration. The future consideration price is estimated to be $ 283m of which the net present value is assumed at $ 176m, and
the acquired stake in basin is expected to generate EBITDA of $ 15m to $ 25m in
2015. Delaware Basin gathering is a 50:50 joint venture between Anadarko Petroleum Corporation and Access Midstream Partners, LP. Anadarko holds 39.2%
stake in Western Gas Partners, LP.
02/03/
2015
Tallgrass Pony
Express
Pipeline, LLC
(33.3% Stake)
n/a
1,879
Tallgrass PXP
Holdings, LLC
Tallgrass
Development,
LP
Tallgrass PXP Holdings, LLC is the US-based company, which owns and leases
real estate properties, and a subsidiary of Tallgrass Energy Partners LP, the
listed US-based company, that owns, acquires, develops and operates oil exploration and drilling assets. Tallgrass Pony Express Pipeline, LLC is the US-based
company, which develops an oil pipeline project, which transports domestic light
crude. Tallgrass Operations, LLC is the US-based operator of natural gas transmission pipelines, and a subsidiary of Tallgrass Development, LP, the US-based
company, that owns and operates gas pipelines and midstream facilities.
02/03/
2015
Leon Interiors
Inc.
n/a
n/a
Motus
Integrated
Technologies
Private
Investors
Motus Integrated Technologies, the US-based manufacturer of automotive interior products, and portfolio company of Atlas Holdings LLC, the US-based private
equity firm, acquired Leon Interiors Inc., the US-based manufacturer of automobile interior components and products, for an undisclosed consideration.
02/03/
2015
Pulse
Electronics
Corporation
(31.3% Stake)
n/a
227.2
Oaktree Capital
Management,
L.P.
Stock
Exchange
Oaktree Capital Group, LLC is a US-based private equity firm. Pulse Electronics
Corporation is a listed US-based global producer of precision-engineered electronic components and modules that operates in network products, power products, and wireless products. The offer price is $ 1.5 per Pulse share representing
a premium of 30.4% based on Pulse’s closing share price of $ 1.15/share on
27.02.2015, 1 day prior to the announcement date. The implied equity value is $
26.2m. Oaktree already own 68.7% stake in Pulse, prior to this transaction. Earlier in 2012, Oaktree acquired a 45.98 % stake in Pulse Electronics, for a consideration of $ 21.9m.
67
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
02/03/
2015
Mechanical
Servants, LLC
n/a
n/a
The Weinberg &
Bell Group;
F.N.B. Capital
Partners, LP
David A. Baum
(Private
Investor)
Weinberg Capital Group, the US-based private equity firm, along with the management of Mechanical Servants, LLC, the US-based company offering products
in a blister packed format, acquired the company from Mr. David Baum, the USbased private investor via a MBO transaction, for an undisclosed consideration.
02/03/
2015
Dexter Magnetic
Technologies,
Inc.
n/a
n/a
Robert Family
Holdings, Inc.
Levine Leichtman Capital
Partners, Inc.
Robert Family Holdings, Inc., the US-based company manufacturing products
with highly engineered solutions to a wide range of industries, acquired Dexter
Magnetic Technologies, Inc., the US-based manufacture of magnetic products
and assemblies, from Levine Leichtman Capital Partners, Inc., the US-based private equity firm, for an undisclosed consideration. In the year 2007, Mr. Levine
Leichtman Capital Partners along with the management of the company acquired
Dexter in a MBO transaction.
27/02/
2015
Sterling
Engineering
Corporation
n/a
5.5
Air Industries
Group
Private
Investors
Air Industries Group, the US-based integrated manufacturer of precision components and a provider of supply chain services for the aerospace and defense industry, acquired Sterling Engineering Corporation, the US-based company manufacturing precision machine parts and assemblies for aerospace, power generation, semiconductor machinery, industrial machinery, and other high technology
markets worldwide, for a consideration of $ 6.11m. Sterling employs 55 people.
27/02/
2015
FWT, LLC
n/a
n/a
Sabre
Industries, Inc.
Satori Capital,
L.L.C.
Sabre Industries, Inc., the US-based producer of utility structures, communication
towers, shelters and building systems and tower accessories, acquired FWT,
LLC, the US-based company that designs and fabricates custom steel products
for various applications in transmission and distribution industries, for an undisclosed consideration. In August 2012, Sabre Industries was acquired by Kohlberg & Company, L.L.C., the US-based private equity firm. FWT has been a portfolio company of Satori Capital since 2010.
27/02/
2015
2G Cenergy
Power Systems
Technologies
Inc.
(51% Stake)
n/a
n/a
2G Energy AG
Private
Investors
2G Energy AG, the listed Germany-based company supplying cogeneration systems for decentralized energy supply, acquired 51% stake in 2G Cenergy Power
Systems Technologies Inc., the US-based company manufacturing combined
heat and power systems and clean energy power generation systems to customers in North and South American markets, for an undisclosed consideration. 2G
Energy will hold 100% of the shares in the target upon the completion.
68
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/02/
2015
FuelCell Energy,
Inc. (University
of Bridgeport
Fuel Cell
project) ;
Invenergy LLC
(Spring Canyon
Wind facilities)
n/a
n/a
NRG Yield,
Inc.
FuelCell Energy,
Inc.;
Invenergy LLC
NRG Yield, Inc, the US-based company that owns, operates and acquires contracted renewable and conventional generation and thermal infrastructure assets,
acquired Fuel Cell Energy, Inc.'s University of Bridgeport Fuel Cell project and a
majority stake in Invenergy LLC's Spring Canyon Wind facilities, for a combined
cash consideration of $ 41m. FuelCell Energy, Inc. is the listed US-based manufacturer of hydrogen fuel cells for electric power generation. Invenergy LLC is the
US-based company engaged in renewable and other clean energy generation.
The acquisitions are expected to contribute adj. EBITDA of $ 3m and CAFD of $
3m on an annualized basis.
26/02/
2015
Zero
International,
Inc.
n/a
n/a
Schlage Lock
Company LLC
Private
Investors
Schlage Lock Company LLC, the US-based manufacturer of home security and
hardware products and a subsidiary of Allegion plc, the listed Ireland-based provider of security products and solutions, acquired Zero International, Inc., the USbased manufacturer of sealing systems for doors and windows, for an undisclosed consideration.
26/02/
2015
LiveWatch
Security, LLC
n/a
59.2
Monitronics
International,
Inc.
Private
Investors
Monitronics International, Inc., the US-based provider of security alarm monitoring and related services to residential and business subscribers and a subsidiary
of Ascent Capital Group Inc, the listed US-based provider of fully integrated, endto-end services for the global digital media supply chain, acquired LiveWatch Security, LLC, the US-based DIY home security provider offering interactive and
home automation services.
26/02/
2015
UIL Holdings
Corporation
1,349
4,135
Iberdrola USA,
Inc.
Stock
Exchange
Iberdrola USA is a private US-based provider of energy services. UIL Holdings
Corporation is a listed US-based energy delivery company. Iberdrola will acquire
UIL through vehicle, Green Merger Sub, Inc., and create a newly listed US company for a consideration of $ 2.99bn of both cash and equity. The transaction has
an implied equity value of $ 2.99bn. The offer price of $ 52.83 per share represents a premium of 24.8% based on UIL's closing share price of $ 42.33 per
share on 25.02.2015, 1 day prior to the announcement date. Following the transaction, Iberdrola USA shareholders will own 81.5% in the combined company
and UIL will own 18.5%.
69
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
EVRAZ Plc
POSCO
EVRAZ Plc, the UK-listed and Russia-based producer and distributor of vanadium products, steel and related products, acquired a 35% stake in the United
Spiral Pipe, LLC, the US-based producer of large diameter DSAW pipe, from
POSCO, the listed South Korea-based listed steel manufacturer. United Spiral
Pipe, LLC was formed as a 35:35:30 joint venture between POSCO, U.S. Steel
and Seah Steel Corporation.
25/02/
2015
United Spiral
Pipe, LLC
(35% Stake)
n/a
378.8
25/02/
2015
Elkhart Brass
Manufacturing
Company, Inc.
n/a
n/a
Safe Fleet
Holdings LLC
Private
Investors
Safe Fleet Holdings LLC, the US-based holding company and a portfolio company of The Sterling Group, L.P., the US-based private equity firm, acquired
Elkhart Brass Manufacturing Company, Inc., the US-based company manufacturing firefighting and fire protection equipment, for an undisclosed consideration.
25/02/
2015
Gas Transmission Northwest
LLC
(30% Stake)
n/a
1,314.
0
TC PipeLines
LP
TransCanada
Corporation
TC PipeLines LP, the listed US based natural gas pipeline company. Gas Transmission Northwest LLC, the US based owner and operator of natural gas pipelines. TransCanada Corporation is the listed Canada based energy company focused on natural gas transmission and power services. TC PipeLines 30 % stake
in Gas Transmission Northwest reported EBITDA of $ 43m and distributable cash
flow of $ 36m. TC PipeLines acquired a 25% stake in Gas Transmission Northwest in May 2011 and another 45% stake in July 2013.
25/02/
2015
TherMark
Holdings, Inc.
n/a
4.9
Ferro
Corporation
Tech Coast
Angels Inc.;
Pasadena
Angels, Inc.
Ferro Corporation, the listed US-based supplier of technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials, acquired TherMark Holdings, Inc., the US-based company that
develops laser marking technology and materials, from Tech Coast Angels Inc.
and Pasadena Angels, Inc., the US-based private equity firms.
24/02/
2015
M&M
Manufacturing
Company
n/a
n/a
MiTek USA,
Inc.
TGF
Management
Corp
MiTek USA, Inc., the US-based company developing and marketing engineered
connector products, engineering software and services and manufacturing machinery to the building components industry and subsidiary of Berkshire Hathaway Inc., the listed US-based investment management company, acquired M&M
Manufacturing Company, the US-based company manufacturing sheet metal
products for air distribution and ventilation markets, from TGF Management
Corp, the US-based private equity firm, for an undisclosed consideration. M&M
Manufacturing employs 800 people in 6 manufacturing facilities.
70
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
23/02/
2015
Intertech
Corporation
n/a
n/a
Pretium
Packaging, LLC
Private
Investors
Pretium Packaging, LLC, the US-based manufacturer of custom designed specialty plastic bottles and containers, acquired, Intertech Corporation, the USbased company producing blow molded products and plastic containers, for an
undisclosed consideration. Pretium Packaging is a portfolio company of Genstar
Capital, LLC, the US-based private equity firm.
20/02/
2015
AmGulf
Fabrication, LLC
n/a
n/a
Suretank
Group Limited
Lawrence
Detiveaux;
Jason
Underwood
(Private
Investors)
Suretank Group Limited, the Ireland-based manufacturer of cargo carrying units
for offshore oil and gas industry, acquired majority stake in AmGulf Fabrication,
LLC, the US-based manufacturer of cargo carrying units for offshore oil and gas
industry, for an undisclosed consideration.
19/02/
2015
Joliet Bulk,
Barge & Rail
LLC
n/a
189.9
GE Energy
Financial
Services Inc;
Arc Logistics
Partners LP
Centerpoint
Properties Trust
JBBR, the target, is a US-based company, that operates the Joliet Terminal, a
crude oil unloading terminal, and a 4-mile crude oil pipeline. Arc Logistics Partners is a listed US-based terminalling, storage, transloading, and pipeline asset
owner and operator. GE Energy Financial is a US-based energy infrastructure investing business of the General Electric Company, the listed US-based conglomerate. CenterPoint Properties Trust is a US-based a real estate investment trust.
After the completion, JBBR will be 60%-owned by Arc Logistics and 40%-owned
by GE Energy Financial. The purchase price implies an EBITDA multiple of between 8.6x - 9.4x.
19/02/
2015
TS Sports
n/a
n/a
Panasonic
Corporation
Private
Investors
Panasonic Corporation, the listed Japan-based company manufacturing electronics and electrical products, acquired TS Sports, the US-based company providing
electronic video board systems integrator specializing in light-emitting diode display technology solutions, for an undisclosed consideration.
17/02/
2015
EnLink
Midstream
Holdings, LP
(25% Stake)
n/a
3,253
EnLink
Midstream
Partners LP
Enlink
Midstream LLC
EnLink Midstream Partners LP, a listed US-based company providing midstream
energy services, acquired a 25% stake in EnLink Midstream Holdings, LP, the
US-based company engaged in gathering, transmission and processing of natural gas and natural gas liquids, condensate, and crude oil, from Enlink Midstream
LLC, the listed US-based company providing midstream energy services. The
transaction represents estimated adj. EBITDA multiple of 9x of EnLink Midstream
Holdings for 2015.
71
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
17/02/
2015
Monroe Truck
Equipment, Inc.
n/a
n/a
Industrial
Opportunity
Partners LLC
Dave Quade;
Rick Rufenacht;
Greg
Krahenbuhl
(Private
Investors)
Industrial Opportunity Partners LLC, the US-based private equity firm, along with
the management of Monroe Truck Equipment, Inc., the US-based manufacturer
of specialized truck equipment, acquired the company in MBO transaction, for an
undisclosed consideration. The target employs 600 people.
17/02/
2015
Quest Aircraft
Company LLC
n/a
n/a
The Tsuneishi
Group
Private
Investors
The Tsuneishi Group, the Japan-based holding company engaged in shipbuilding, recycling of industrial waste, acquired Quest Aircraft Company LLC, the USbased manufacturer of aircraft, for an undisclosed consideration. Tsuneishi is acquiring Quest Aircraft through its subsidiary Setouchi Holdings Inc.
16/02/
2015
Sonoco
Products
Company (Metal
end and Closure
Facilities)
n/a
n/a
Ball Corporation
Sonoco
Products
Company
Ball Corporation, the listed US-based manufacturer of metal and plastic packaging, acquired the metal end and closure facilities of Sonoco Phoenix, a business
unit of Sonoco Products Company, the listed US-based manufacturer of industrial and consumer packaging products and a provider of packaging services, for
an undisclosed consideration. The metal end and closure facilities have workforce of 100 people.
16/02/
2015
Explorer
Pipeline, Inc.
(19.46% Stake);
DCP Southern
Hills Pipeline,
LLC
(33.34% Stake);
DCP Sand Hills
Pipeline, LLC
(33.34% Stake)
n/a
n/a
Phillips 66
Partners LP
Phillips 66
Phillips 66 Partners LP is a listed US-based company, engaged in the ownership,
and development of fee-based crude oil, refined petroleum product, natural gas
liquids pipelines and terminals. DCP Sand Hills Pipeline, LLC is a US-based
owner of 720 miles of pipeline and is engaged in natural gas liquids transportation from the Permian Basin and Eagle Ford Shale to the Texas Gulf Coast and
the Mont Belvieu. DCP Southern Hills Pipeline, LLC, the US-based owner of 800
miles of pipeline. Explorer Pipeline, Inc. is a US-based owner of 1,830-mile refined petroleum product pipeline, and is engaged in petroleum transportation
from the Texas Gulf Coast to Indiana. Phillips 66, the listed US-based downstream energy company. PSXP agreed to pay a total consideration of $ 1.01bn.
The consideration represents 9.5 times of the expected 2015 EBITDA of $ 115m,
including the non-consolidated debt of Explorer Pipeline valued at $ 65m.
72
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
13/02/
2015
M&W Manufacturing, Co., &
Electrosonics,
Inc.
34.0
30.9
ElringKlinger
AG
Private
Investors
ElringKlinger AG, the listed Germany-based company manufacturing technical
and chemical products for the automotive sector acquired M&W Manufacturing,
Co., & Electrosonics, Inc., the US-based manufacturer of fabricated tubes and
stampings. M&W Manufacturing employs 100 people. The deal value approx.
0.8-times the amount of sales revenues budgeted for 2015 and includes the assumption of financial liabilities totalling € 4.5m.
13/02/
2015
Drew
Technologies,
Inc.
10.7
26.0
Opus
Inspection, Inc.
Private
Investors
Opus Inspection, Inc. is a US-based company engaged in vehicle inspections,
abd a subsidiary of Opus Group AB, the listed Sweden-based provider of products and services for environmental and safety testing of vehicles. Drew Technologies, Inc. is a US-based company, engaged in automobile technology and building in-vehicle communications tools. Drew Tech generated revenues of about $
13m and an EBITDA of about $ 5.4m in 2014.
12/02/
2015
Apex Clean
Energy
Holdings, LLC
(300 MW Balko
Wind Project)
27.8
n/a
D.E.Shaw
Renewable
Investments,
L.L.C.
Apex Clean
Energy
Holdings, LLC
D.E. Shaw Renewable Investments, L.L.C., the US-based hedge fund sponsor
and a subsidiary of D. E. Shaw & Co., L.P, the US-based investment firm, acquired 300 MW Balko Wind Project, the US-based 300 MW wind energy project,
from Apex Clean Energy Holdings, LLC, the US-based company engaged in developing and operating wind energy facilities and subsidiary of Greenlight Energy
Resources, Inc., the US-based company produces clean energy and fuels, for
12/02/
2015
Applimotion, Inc.
n/a
11.5
GSI Group Inc.
Private
Investors
GSI Group Inc., the listed US-based company manufacturing lasers, laser systems, precision motion devices, and associated precision motion control technology, acquired Applimotion, Inc., the US-based provider of advanced precision
motor and motion control technology to original equipment manufacturers.
12/02/
2015
Anixter
International Inc.
(OEM Supply Fasteners
Business
Segment)
775.6
335.0
American
Industrial
Partners
Anixter
International Inc.
American Industrial Partners, the US-based private equity firm, acquired OEM
Supply - Fasteners business segment of Anixter International Inc., the listed USbased company engaged in distribution of communication products, electrical
and electronic wire & cable and fasteners and other small parts. The acquired
business operates in 15 countries and employs more than 1,900 people.
73
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
10/02/
2015
Port Townsend
Holdings
Company, Inc.
n/a
n/a
Crown Paper
Group, Inc.
Goldentree
Asset
Management,
LP
Crown Paper Group, Inc., the US-based holding company formed by Lindsay
Goldberg LLC, the US-based private equity firm, acquired Port Townsend Holdings Company, Inc., the US-based producing pulp and paper products, from
Goldentree Asset Management, LP, the US-based hedge fund, for an undisclosed consideration. PTHC includes Port Townsend Paper Corporation and
Crown Packaging Ltd. PTPC employs 300 people.
10/02/
2015
Air Monitor
Corporation
n/a
n/a
Harbour Group
Industries, Inc.
DeBaun
Family
Harbour Group Industries, Inc., the US-based private equity firm, acquired Air
Monitor Corporation, the US-based company that manufactures flow measurement products for use in measurement and control of airflow and space pressurization in the commercial, industrial, and power industries, for DeBaun Family, the
US-based family, from an undisclosed consideration. Air employs70 people.
09/02/
2015
Engineered
Steel Products,
Inc.
n/a
n/a
New Page
Capital LLC
Rob Braswell;
Richard
Flournoy
(Private
Investors)
New Page Capital LLC, the US-based private equity firm, acquired Engineered
Steel Products, Inc., the US-based structural steel manufacturing company
providing steel fabrication manufacturing services, for an undisclosed consideration.
09/02/
2015
Uni-Select USA,
Inc. (Auto parts
distribution
business)
n/a
300.4
Icahn Enterprises L.P.
Uni-Select
USA, Inc.
Icahn Enterprises L.P. is a US-based listed investment holding company. Federal-Mogul Corporation is a listed US-based company manufacturing components for cars, trucks, and construction vehicles, and subsidiary of Icahn Enterprises L.P. Uni-Select USA, Inc., the US-based company engaged in distribution
of automotive parts, replacement parts, equipment, tools and accessories, and a
subsidiary of Uni-Select Inc. Uni-Select Inc., the listed Canada-based company
engaged in distribution of automotive replacement parts and accessories. The
auto parts distribution has a total workforce of 2,960 people.
09/02/
2015
Glass Mountain
Pipeline, LLC
(50% Stake);
Wattenberg
Holding, LLC
n/a
n/a
Rose Rock
Midstream, L.P.
SemGroup
Corporation
Rose Rock Midstream, L.P., the listed US-based company operating midstream
energy assets. Glass Mountain Pipeline, LLC is a US-based company, that owns
and builds a crude oil pipeline. Wattenberg Holding, LLC, the US-based company
operates crude oil storage and central processing facility. SemGroup Corporation, the listed US-based company, gathering, storing and transporting oil and
natural gases. Rose Rock Midstream will pay a consideration of $ 325m. Rose
Rock Midstream will acquire the remaining crude oil business of SemGroup,
which consist of 50% interest in Glass Mountain Pipeline and a 100% interest in
Watternberg Holding operating crude oil storage.
74
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
06/02/
2015
Vector
Industries, Inc;
Polaris
Machining;
Quality
Manufacturing,
Inc.
n/a
n/a
Jefferson
Capital Partners
II, L.P.
Michael
Bontatibus
(Private
Investor)
Jefferson Capital Partners II, L.P., the US-based fund of Jefferson Capital Partners, Ltd., the US-based private equity firm, acquired Polaris Machining, the USbased aerospace machining and fabrication company, Vector Industries Inc, the
US-based company manufacturer of precision machined parts, and Quality Manufacturing, Inc., the US-based manufacturer of complex, precision turned components, for an undisclosed consideration. The 3 acquired companies will merged
into a single entity named Integrated Aerospace Manufacturing, LLC. The new
company will have a combined turnover of $ 25m and a workforce of 140 people.
06/02/
2015
Rigid Industries,
Inc.
n/a
n/a
Truck-Lite Co.,
LLC
Jason
Christiansen;
Seth and Taylor
Anderson
(Private
Investors)
Truck-LiteTruck-Lite Co., LLC, the US-based manufacturer of LED lighting products used for heavy duty trucks, trailer and commercial industries, and a subsidiary of Penske Corporation, the US-based diversified transportation firm, acquired
Rigid Industries, Inc., the US-based manufacturer of LED lights used for heavy
duty trucks, trailer and commercial industries, from Jason Christiansen, Taylor
Anderson and Seth Anderson, the US-based private individuals, for an undisclosed consideration. Rigid Industries reported workforce of 250 people. Post acquisition, the combined company will have workforce of more than 2,400 people.
06/02/
2015
Exelis Inc
2,708
4,125
Harris
Corporation
Stock
Exchange
Exelis Inc, the listed US-based provider of defense and information solutions for
global military, government and commercial customers. Harris Corporation, the
listed US-based company communications and information technology company.
The transaction has an implied equity value of $ 4,412.58m. The offer price of $
23.75 per share represents a premium of 34.1% based on Exelis' closing share
price of $ 17.71 per share on 05.02.2015, 1 day prior to the announcement date.
Upon completion, Harris shareholders will own 85% of the combined company
and Exelis shareholders will own 15% of the combined company. The combined
company has pro forma revenues of $ 8,000m, with 23,000 people globally.
05/02/
2015
The Flexan
Corporation
n/a
n/a
Golub Capital
Inc; Linden LLC
Private
Investors
Linden LLC, the US-based healthcare and life science private equity firm, and
Golub Capital Inc, the US-based private investment firm, acquired The Flexan
Corporation, the US-based company manufacturing high-precision silicone and
custom molded rubber, rubber molding, and rubber parts, predominately serving
the medical device industry, for an undisclosed consideration. Flexan employs
500 people at 3manufacturing facilities.
75
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
05/02/
2015
ORPD LLC
(40% Stake)
n/a
384.5
Northleaf
Capital Partners
Ormat
Nevada Inc
Northleaf Capital Partners, the Canada-based private equity firm, acquired 40%
stake in, ORPD LLC, the US-based joint venture formed by Ormat Nevada Inc
and Northleaf Capital Partners with a purpose to operate geothermal and recovered energy generation power plants, from Ormat Nevada Inc, the US-based
company engaged in development and operation of geothermal power plants and
a subsidiary of Ormat Technologies Inc., the listed US-based company engaged
in the geothermal and recovered energy power business.
05/02/
2015
Marchi Thermal
Systems, Inc.
14.9
38.2
Ultra Clean
Holdings Inc
Private
Investors
Ultra Clean Holdings Inc, the US-based manufacturer of subsystems for the semiconductor capital equipment industry, acquired Marchi Thermal Systems, Inc.,
the US-based company manufacturing application-specific thermal solutions to
solve temperature management challenges of semiconductor equipments.
04/02/
2015
Valor Security
Services, Inc.;
Brantley
Security
Services, Inc.
107.4
n/a
Universal
Protection
Service, Inc.
SMS Holdings
Corporation
Universal Protection Service, Inc., the US-based company providing security services and a subsidiary of Universal Services of America, Inc., the US-based company providing security and janitorial services, acquired Valor Security Services,
Inc., the US-based company providing security officers and guards for commercial properties, malls, hotels, and Brantley Security Services, Inc., the US-based
company providing security guards and officers, from SMS Holdings Corporation,
the US-based holding company providing maintenance services to public facilities and security services at airports and aboard aircrafts, through its subsidiaries, for an undisclosed consideration. In 2014, the 2 acquired companies generated revenues of $ 130m and employ 5,000 people.
04/02/
2015
Railroad
Controls L.P.
61.7
n/a
Wabtec
Corporation
RCL Services
Group, LLC
Wabtec Corporation, the listed US-based provider of technology based products
and services for the rail industry, acquired Railroad Controls L.P., the US-based
provider of railway signal construction services to freight and passenger railroads
in North America, from RCL Services Group, LLC, the US-based provider of railroad signal construction and signal material integration services to the freight and
passenger rail industry, for an undisclosed consideration. Railroad Controls employs 500 people.
03/02/
2015
Bayonne Energy
Center, LLC
n/a
632.8
Macquarie
Infrastructure
Company
Arclight Energy
Partners Fund
III LP
Macquarie Infrastructure Company LLC is a listed US-based company owning
and operating basic infrastructure businesses. Bayonne Energy Center, LLC is a
US-based 500-MW gas-fired electric power plant engaged in production and supply of electricity. Arclight Energy Partners Fund III LP is a US-based private equity fund of ArcLight Capital Partners, LLC, the US-based private equity firm.
76
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
03/02/
2015
J-Mac Tool, Inc.
n/a
n/a
Forum Energy
Technologies,
Inc.
Private
Investors
Forum Energy Technologies, Inc. is a listed US-based oil field products company
offering technologies and applied products to the energy industry, acquired JMac Tool, Inc., the US-based manufacturer of hydraulic fracturing pumps, power
ends, fluid ends, and other pump accessories, for an undisclosed consideration.
02/02/
2015
Automotive
Climate Control,
Inc.
n/a
n/a
Spheros
GmbH
Private
Investors
Spheros GmbH, the Germany-based company manufacturing heating systems,
air conditioners and roof hatches for bus climate control applications and a portfolio of Deutsche Beteiligungs AG, the listed Germany-based private equity firm,
acquired Automotive Climate Control, Inc., the US-based company manufacturing mobile air conditioning and heating systems, for an undisclosed consideration. ACC employs 140 people.
02/02/
2015
Advanced
Photonix, Inc.
21.0
7.9
Luna
Innovations
Incorporated
Stock
Exchange
Luna Innovations Incorporated signed a definitive agreement to acquire Advanced Photonix, Inc via a scheme of merger. Advanced Photonix, Inc. is a listed
US-based company manufacturing optoelectronic devices and sub-systems and
systems. Luna Innovations Incorporated is a listed US-based company manufacturing fiber optic sensing and test and measurement products. The offer represents a value $ 0.53 for each API share and provides a premium of 59.3% based
on API’s closing share price 31.01.2015 of $ 0.3328 per share, 1 day prior to the
announcement. The implied equity value of the transaction is approx. $ 8.04m.
02/02/
2015
Recurrent
Energy, LLC
908.2
234.1
Canadian Solar
Energy
Acquisition Co
Sharp U.S.
Holding Inc.
Canadian Solar Energy Acquisition Co., the US-based holding company and a
subsidiary of Canadian Solar Inc., a listed Canada-based provider of solar products and solar system solutions for on-grid and off-grid use. Recurrent Energy,
LLC is a US-based solar energy developer. Sharp U.S. Holding Inc. is a USbased holding company headquartered with interest in solar energy development
and a subsidiary of Sharp Corporation, a listed Japan-based electronics manufacturer. Earlier in November 2010, Sharp Corp. acquired Recurrent Energy,
from Hudson Clean Energy Parnters and Mohr Davidow Ventures, the US based
private equity firms, for a consideration of $ 305m.
77
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
02/02/
2015
Coronado
Midstream LLC
n/a
530.0
EnLink
Midstream
Partners LP
Diamondback
Energy, Inc.;
RSP Permian,
Inc.;
Reliance
Energy, Inc.
EnLink Midstream Partners LP is the listed US-based company providing midstream energy services. Coronado Midstream LLC is the US-based company
that owns natural gas gathering and processing facilities. Reliance Energy, Inc. is
a US-based company engaged in exploration, development and operation of
crude oil and natural gas properties and ranching operation and management.
Diamondback Energy, Inc. is the listed US-based oil and natural gas company.
RSP Permian, Inc. is the listed US-based company engaged in development and
production of unconventional oil and associated liquids-rich natural gas reserves.
EnLink will acquire Coronado for a consideration of approximately $ 600m.
31/01/
2015
D&S MAG and
PENN, Inc.
n/a
n/a
Trive Capital
D&S TriProcess, Inc.
Trive Capital, the US-based private equity firm, acquired D&S MAG and PENN,
Inc., the US-based aerospace metal finishing and shot peening company, from
D&S Tri-Process, Inc., the US-based investment holding firm, for an undisclosed
consideration.
29/01/
2015
Lansmont
Corporation;
Team
Corporation
n/a
n/a
Battery
Ventures
Private
Investors
Battery Ventures, the US-based private equity firm, acquired controlling stake in
Lansmont Corporation, the US-based company manufacturing testing equipment
and self-powered field instruments for recording and characterizing distribution
environments and Team Corporation, the US-based company offering high performance vibration testing systems and related components, for an undisclosed
consideration.
27/01/
2015
Elmet
Technologies,
Inc.
41.3
n/a
Anania &
Associates
Investment
Company LLC
Liberty Lane
Partners LLC
Anania & Associates Investment Company LLC, the US-based private equity
firm, along with the management of Elmet Technologies, Inc., the US-based
manufacturer of molybdenum and tungsten metals, acquired the company in a
MBO transaction, from Liberty Lane Partners LLC, the US-based private equity
firm, for an undisclosed consideration. Elmet employs 320.
27/01/
2015
Totem Steel
International,
Inc.
n/a
n/a
Tata
International
Metals Americas
Limited
JR Meyers
(Private
Investor)
Tata International Metals Americas Limited, the US-based steel trading business,
and a subsidiary of Tata International Ltd, the India-based conglomerate, acquired Totem Steel International, Inc., the US-based company trading in steel
and forest products, from JR Meyers, the US-based private individual, for an undisclosed consideration.
78
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
27/01/
2015
TI Automotive
LTD
n/a
1,607
Bain Capital
LLC
Oaktree Capital
Management,
L.P.;
Duquesne
Capital
Management
LLC
Bain Capital, LLC, the US-based private equity firm, acquired TI Automotive LTD,
the US-based manufacturer of automotive fluid storage, carrying and delivery
systems, from Oaktree Capital Group, LLC, the US-based private equity firm, and
Duquesne Capital Management LLC, the US-based investment management
company, for an undisclosed consideration. TI Automotive employs a staff of
23,000 people and is active in 29 different markets.
27/01/
2015
U.S. Water
Services, Inc.
(87% Stake)
98.7
171.8
ALLETE, Inc.
Excellere
Partners LLC
ALLETE, Inc. is a listed US-based holding company with interest to the businesses of energy services, automotive services, investments, and corporate
charges. U.S. Water Services, Inc. is a US-based company providing chemicals
and equipment for water management and treatment to industrial customers. ALLETE, Inc., acquires 87% stake in the U.S. Water Services, Inc., for a consideration of $168m. The remaining 13% stake will be owned by the old shareholders.
27/01/
2015
Alta Devices,
Inc.
n/a
13.3
Hanergy
Hi-Tech Power
(HK) Limited
Hanergy Global
Investment &
Sales Pte. Ltd
Hanergy Hi-Tech Power Limited, the Hong Kong-based investment holding company, and a subsidiary of Hanergy Thin Film Power Group Limited, the listed
Hong Kong-based manufacturer of equipment and turnkey production lines, acquired Alta Devices, Inc. the US-based manufacturer of solar photovoltaic applications for mobile devices that enable the conversion of light into electricity, from
Hanergy Global Investment And Sales Pte. Ltd, the Singapore-based investment
holding company, and a subsidiary of Hanergy Holdings Group Limited, the
China-based company engaged in hydropower, wind power, and solar energy
power generation and conservation activities.
23/01/
2015
Acme Electric,
LLC
n/a
n/a
Hubbell
Incorporated
Power
Products, LLC
Hubbell Incorporated, the listed US-based manufacturer of electrical and electronic products for non-residential and residential construction, industrial and utility applications, through its division RACO, acquired Acme Electric, LLC, the USbased manufacturer of Power Conditioning Equipment for use in industrial, commercial and OEM applications, from Power Products, LLC, the US-based manufacturer of branded electrical tools, consumables, wiring products, harsh-environment power conversion solutions, transformers, inverters, switches and other related electrical products and accessories, for an undisclosed consideration.
79
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
22/01/
2015
Cimarron Acid
and Frac, LLC
n/a
69.3
Quintana Energy
Services
Annapurna
Capital
Management,
LLC
Quintana Energy Services, the US-based investment holding company acquired
Cimarron Acid and Frac, LLC, the US-based company that provides pressure
pumping services to oil and gas industry, from Annapurna Capital Management,
LLC, the US-based company operates as a multi strategy hedge fund.
21/01/
2015
OE Quality
Friction Inc.
n/a
n/a
Brake Parts Inc
Insolvency
Administrator
Brake Parts Inc, the US-based company manufacturing braking systems for the
transportation industry, acquired OE Quality Friction Inc., the US-based company
manufacturing integrally-molded disc brake pads for automotive aftermarket, for
an undisclosed consideration.
21/01/
2015
Turner Electric,
LLC
n/a
n/a
Hubbell
Incorporated
Sentinel Capital
Partners
Hubbell Incorporated, the listed US-based manufacturer of electrical and electronic products for non-residential and residential construction, industrial and utility applications, acquired, Turner Electric, LLC, the US-based company that manufactures air-break switches and accessories, from Sentinel Capital Partners, the
US-based private equity firm, for an undisclosed consideration.
21/01/
2015
Hiland Partners,
LP
n/a
2,592
Kinder Morgan,
Inc.
Harold G Hamm
(Private
Investor)
Kinder Morgan, Inc. is a listed US-based midstream and energy company. Hiland
Partners, LP is a US-based natural gas and crude oil midstream company. Harold G Hamm is a US-based private individual. Hiland employs 430 people.
20/01/
2015
Dearborn
Mid-West
Conveyor Co
(Michigan,
Detroti and New
Jersey business
division)
n/a
46.2
Hubei
Huachangda
Intelligent
Equipment Co
Ltd
Dearborn
Mid-West
Conveyor Co.
Hubei Huachangda Intelligent Equipment Co Ltd acquired Michigan, Detroti and
New Jersey business divison, from Dearborn Mid-West Conveyor Co. for a cash
consideration of $ 53.5m. Hubei is a listed China-based company manufacturing
intelligent automation equipment systems. Dearborn is a USA-based company
manufacturing turnkey conveyor systems to automotive, industrial and parcel
end-markets. From January to September 2014, the target has a turnover of $
66.6m, EBIT of $ 2.4m, EBITDA of $ 2.9m.
20/01/
2015
Koppers Inc.
(Utility pole
business)
35.5
n/a
Cox Industries,
Inc.
Koppers Inc.
Cox Industries, Inc., the US-based manufacturer of pressure treated outdoor
wood products, acquired the Utility pole business of Koppers Inc., the US-based
company engaged in production of carbon compounds and treated wood products, and a subsidiary of Koppers Holdings Inc., the listed US-based company
providing carbon compounds and commercial wood treatment products, for an
80
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
20/01/
2015
Bushwacker, Inc
n/a
n/a
Lund
International
Holdings, Inc.
Gerald Logan
(Private
Investor)
Lund International Holdings, Inc., the US-based company manufacturing automotive accessories and components, and a portfolio company of Highlander Partners, L.P., the US-based private equity firm, acquired Bushwacker Inc, the USbased manufacturer of fender flares and truck accessories, from Mr. Gerald Logan, the US-based private investor, for an undisclosed consideration.
20/01/
2015
John Hassall,
Inc.
n/a
n/a
Novaria Group
Inc.
Private
Investors
Novaria Group Inc., the US-based company manufacturing precision components for the aerospace and defense industry, acquired John Hassall, Inc., the
US-based provider of aircraft engine fasteners, bolts, blade locks and other flight
critical hardware, for an undisclosed consideration. Fololwing the transaction, Novaria has formed a new company, John Hassall, LLC which will operates all business activities of John Hassall, Inc.
20/01/
2015
Space
Exploration
Technologies
Corp.
n/a
n/a
FMR LLC;
Google Inc.
n/a
Google Inc., the US-based operator of a web search engine and a provider of
online media content and FMR LLC, the US-based investment manager, acquired a stake of under 10% of Space Exploration Technologies Corp., the USbased company manufacturing rockets and spacecraft, for a consideration of $
1bn. The transaction values Space Exploration more than $ 10bn.
19/01/
2015
EA
Technologies
LLC
14.0
8.1
Lippert
Components,
Inc.
Private
Investors
Lippert Components, Inc., the US-based manufacturer of components to recreational vehicle, manufactured housing, trailer, and bus industries and a subsidiary
of Drew Industries Incorporated, the listed US-based supplier of components for
recreational vehicles and manufactured homes, acquired EA Technologies LLC,
the US-based company manufacturing custom steel and aluminum parts and
provider of electro-deposition ('e-coat') and powder coating services.
14/01/
2015
M&M
Environmental
Group, LLC
n/a
n/a
Omega Capital
LLC
Sam McFadin
(Private
Investor)
Omega Capital LLC, the US-based private equity firm along with the management of M&M Environmental Group, LLC, the US-based provider of environmental solutions to the oil and gas industry, acquired the company in a MBO transaction, for an undisclosed consideration. M&M Environmental employs 250 people.
14/01/
2015
Rome Strip
Steel Company,
Inc.
50.8
47.1
Worthington
Industries, Inc.
Private
Investors
Worthington Industries, Inc., a listed US-based diversified metals processing
company, acquired Rome Strip Steel Company, Inc., the US-based manufacturer
of precision cold rolled strip steel products. RSSC employs 130 people.
(2013)
81
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
13/01/
2015
Sentry Control
Systems, Inc.
n/a
18.6
SKIDATA AG
Private
Investors
SKIDATA AG, the Austria-based provider of access, management and ticketing
solutions for quick and safe access of people and vehicle and a subsidiary of
Kudelski SA, the listed Switzerland-based provider of digital security and convergent media solutions, acquired a majority stake in Sentry Control Systems, Inc.,
the US-based provider of parking solutions and technology.
12/01/
2015
Rose Polymer
Composites,
Inc.
n/a
n/a
Wisconsin
Thermoset
Molding, Inc.
Private
Investors
Wisconsin Thermoset Molding, Inc., the US-based company manufacturing
molded components acquired Rose Polymer Composites. Inc., the US-based
company manufacturing molded components from all thermosetting polymer
composites, for an undisclosed consideration. Rose Polymer Composites has a
workforce of 40 people.
12/01/
2015
Spectra
Analysis
Instruments, Inc.
n/a
n/a
DANI
Instruments
S.p.A.
Private
Investors
DANI Instruments S.p.A., the Italian-based manufacturer of analytical instrumentation for gas chromatographic analysis, acquired Spectra Analysis Instruments,
Inc., US-based company supplying molecular spectroscopy systems and applications for chromatography, for an undisclosed consideration.
12/01/
2015
U.S. Farathane
Corporation
n/a
n/a
The Gores
Group, LLC;
Evergreen
Capital
Partners, Inc.
Private
Investors
The Gores Group, LLC, the US-based private equity firm, Evergreen Capital
Partners, Inc., the US-based principal investment firm along with the management team of U.S. Farathane Corporation, the US-based manufacturer of plastic
injection-molded components for automobile industry, acquired the company in a
MBO transaction. The deal is estimated to be valued at $ 100m.
12/01/
2015
North American
Breaker Co.,
LLC
n/a
65.9
A consortium
led by PNC
Riverarch
Capital
Signature Group
Holdings, Inc.
A consortium led by PNC Riverarch Capital along with NXT Capital, LLC and the
management of North American Breaker Co., LLC acquired the company, in a
MBO transaction, from Signature Group Holdings, Inc. PNC Riverarch Capital is
a US-based private equity arm of PNC Financial Services Group, Inc., the listed
US-based financial services company. NXT Capital, LLC is a US-based commercial finance company. North American Breaker Co., LLC is a US-based distributor of circuit breaker for industrial, commercial and residential applications. Signature Group Holdings, Inc. is a listed US-based investment company. Signature
estimates the sale of NABCO would result in a pre-tax gain of approx. $ 40m using its 30 September 2014 reported balances. In August 2011, Signature acquired NABCO, for a total consideration of $ 36.9m.
82
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
McClarin
Plastics, Inc.
Blackford
Capital LLC
McClarin Plastics, Inc. is a US-based manufacturer of thermoformed and fiberglass reinforced plastic products. Patriot Capital, L.P. is a US-based private equity firm. Amtech Corporation is a US-based manufacturer of composite-based
products and parts for military and commercial markets. Blackford Capital LLC is
a US-based private equity firm. McClarin acquired Amtech from Blackford for an
undisclosed consideration. The combined entity will be renamed as McClarin
Plastics, LLC with a staff of 150 employees. McClarin expects to have revenues
of more than $ 75m.
11/01/
2015
McClarin
Plastics, LLC
(Former Amtech
Corporation)
31.4
n/a
09/01/
2015
ST Linden
Terminal LLC
(50% Stake)
n/a
240.8
NuStar Energy
L.P.
Linden
Holding Corp
NuStar Energy L.P., the listed US-based company engaged in the terminal ling,
storage and transportation of petroleum products, acquired 50% stake in ST Linden Terminal LLC, US-based company owning petroleum product terminal and
storage facility, from Linden Holding Corp, the US-based holding company and a
subsidiary of NIC Holding Corp, the US-based purchasing petroleum cargoes,
barges, in-tank transfers and pipeline shipments along with marketing of petroleum products. NuStar Energy also expects the acquisition to contribute EBITDA
of approximately $ 20m in 2015. Prior to the acquisition, Linden Terminal operated as 50:50 joint venture between NuStar and Linden Holding.
09/01/
2015
Nomacorc, LLC
n/a
168.9
Triangle Capital
Corporation;
Noel Group,
LLC;
Bespoke Capital
Partners, LLC
Summit
Partners LLP
Bespoke Capital Partners, LLC, the US-based private equity firm, Noel Group,
LLC, the US-based industrial management company and Triangle Capital Corporation, the listed US-based private equity firm along with the management of
Nomacorc, LLC, the US-based company producing extruded synthetic wine closures acquired the company in a buy in MBO transaction, from Summit Partners
LLP, the US-based private equity firm.
08/01/
2015
Carolina
Container Co.
n/a
n/a
New-Indy
Containerboard
LLC
Private
Investors
New-Indy Containerboard LLC, the US-based joint venture company formed by
Schwarz Partners LP, the US-based investment holding company, and The Kraft
Group, the US-based holding company, acquired Carolina Container Co., the
US-based corrugated products company, for an undisclosed consideration. Carolina Container has workforce of 600 people.
08/01/
2015
Cycle Gear, Inc.
n/a
n/a
J.W. Childs
Associates, L.P.
Harvest
Partners, LLC
J.W. Childs Associates, L.P., the US-based private equity firm, acquired majority
stake in Cycle Gear, Inc., the US-based company engaged in the retail of motorcycle parts and apparel, in a MBI transaction, from Harvest Partners, LLC, the
US-based private equity firm, for an undisclosed consideration.
83
Target
Sales
(€ m)
EV
(€ m)
08/01/
2015
Myers Industries
Lawn & Garden
Group
148.8
(2013)
07/01/
2015
Cool Gear
International,
LLC
06/01/
2015
06/01/
2015
Date
Bidder
Seller
Deal Description
93.2
Wingate
Partners V, LP
Myers
Industries Inc
Wingate Partners V, LP, the US-based fund of Wingate Partners, the US-based
private equity firm, acquired Myers Industries Lawn & Garden Group, the USbased company manufacturing pots, carrying trays and seed kits, from Myers Industries Inc, the listed US-based company manufacturing polymer products.
n/a
n/a
Igloo Products
Corp.
RAF
Industries, Inc.
Igloo Products Corp., the US-based manufacturer of ice chests, refrigeration
products and water coolers and a portfolio company of ACON Investments
L.L.C., the US-based private equity firm. Cool Gear International, LLC, the USbased manufacturer of hydration and food storage products for housewares and
hydration industry. RAF Industries, Inc., the US-based private equity firm.
AxleTech
International,
Inc.
n/a
n/a
The Carlyle
Group
General
Dynamics
Corporation
The Carlyle Group, the listed US-based private equity firm, acquired AxleTech International, Inc., the US-based manufacturer of axles, axle components, planetary axles, brakes, and aftermarket parts for commercial vehicles, from General
Dynamics Corporation, the listed US-based aerospace and defense company
that offers a broad portfolio of products and services in business aviation; combat
vehicles, weapons systems and munitions; shipbuilding; and communication and
information technology systems and solutions, for an undisclosed consideration.
Earlier in 2005, Carlyle Group acquired AxleTech in a MBO transaction, for a
consideration of $ 350m.
Precision
Engine Controls
Corporation
n/a
37.1
Meggitt Plc
United
Technologies
Corporation
Precision Engine Controls Corporation is a US-based manufacturer of control
systems, fuel metering valves and actuators for industrial gas turbine engines.
Meggitt Plc is a listed UK-based global engineering group specialising in extreme
environment components and smart sub-systems for aerospace, defence and
energy markets. United Technologies Corporation is a US-based provider of
technology products and services to the aerospace and commercial building industries. The purchase price represents 8.5 times of the EBITDA of the target.
84
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
05/01/
2015
Cruiser RV,
LLC; DRV, LLC
111.6
n/a
Heartland
Recreational
Vehicles, LLC
Group of
Private
Investors
Heartland Recreational Vehicles, LLC is a US-based company manufacturing
recreational vehicles, and a subsidiary of Thor Industries, Inc., the listed USbased company manufacturing ecreational vehicles, related parts and accessories. Cruiser RV, LLC, the US-based company manufacturing towable recreational vehicles. DRV, the Us-based company manufacturing luxury fifth wheel
recreational vehicles. Heartland will pay a cash consideration of $ 44.171m for
the acquisiton of Cruiser RV and DRV. Also, Heartland will pay cash consideration of $ 3.240m for the acquisition of real estate assets used by Cruiser RV and
DRV for its ongoing operations. Cruiser RV and DRV reported combined revenues of approx. $ 135m for the FY 2014 and combined workforce of 300 people.
05/01/
2015
Maudlin & Son
Manufacturing
Company Inc
n/a
n/a
MW Industries,
Inc.
Private
Investors
MW Industries, Inc., the US-based company manufacturing engineered springs,
fasteners, and flat-stamped spring-related products and a portfolio company of
Genstar Capital, LLC, the US-based private equity firm, acquired Maudlin & Son
Manufacturing Company Inc, the US-based manufacturer of slotted shims, coil &
flat shim stock, key stock, feeler gages, drill & threaded rod, and tool room supplies, for an undisclosed consideration.
05/01/
2015
Dallas Clean
Energy
McCommas
Bluff, LLC
(70% Stake)
n/a
52.2
Cambrian
Energy
Developement
LLC
Clean Energy
Fuels Corp.
Cambrian Energy Developement LLC, the US-based energy company acquired
70% stake in Dallas Clean Energy McCommas Bluff, LLC, the US-based company engaged in biomethane production, from Clean Energy Fuels Corp., the
listed US-based company engaged in the natural gas business.
05/01/
2015
ACCEL
Performance
Group
n/a
n/a
MSD
Performance,
Inc.
Private
Investors
MSD Performance, Inc., the US-based performance auto products parts maker
for street and racing use and a portfolio company of Z Capital Partners, L.L.C.,
US-based private equity firm, acquired ACCEL Performance Group, the USbased aftermarket parts manufacturer, for undisclosed consideration.
02/01/
2015
Hose & Fittings,
Inc.
n/a
n/a
GHX Industrial,
LLC
Private
Investor
GHX Industrial, LLC, the US-based manufacturer of industrial gaskets and hoses
and a subsidiary of The United Distribution Group, Inc., the US-based provider of
specific and general line products, acquired Hose & Fittings, Inc, the US-based
distributor of industrial hose products, for an undisclosed consideration.
85
Date
Target
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
02/01/
2015
Patriot Coal
Corporation
(Mining
equipment and
coal reserves)
n/a
17.1
Alliance
Resource
Partners, L.P.
Patriot Coal
Corporation
Alliance Resource Partners, L.P., the listed US-based diversified coal producer,
acquired the mining equipment and coal reserves in western Kentucky of Patriot
Coal Corporation, the listed US-based coal mining company. Concurrently, Alliance Resource has also acquired certain coal supply agreements from Patriot for
a consideration of $ 19.2m.
02/01/
2015
High Pressure
Equipment
Company, Inc.
n/a
133.3
Graco Inc.
Wasserstein
Partners III
Graco Inc., the listed US-based provider of fluid handling solutions, acquired
High Pressure Equipment Company, the US based manufacturer of high pressure valves, fittings, and tubing products for elevated pressure applications, from
Wasserstein Partners III, the US-based fund of Wasserstein & Co., LP, the USbased private equity firm, for a cash consideration of $ 160m. Earlier in September 2012, Wasserstein Partners III backed the management of HiP to acquire the
company, from James family, for an undisclosed consideration.
86
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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 buying or selling companies as well as financings, corporate restructurings and other corporate finance transactions.
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Sales and Divestitures
Acquisitions
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For further information please visit www.globalma.com
Within the broad field of Industrials, Global M&A Partners’ sector team is following
market trends in the following segments:
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Benelux
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Product and Service Categories
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Instrumentation
Sensors, Relays & Switches
Encoders & Tachometers
RFID, Meters
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& Systems Controls
Machinery & Specialty
Equipment
Programmable Logic Controllers
SCADA & Remote Monitoring
Factory & Building Automation
Mechanical Power Transmission Power Supplies & Converters
Ballscrews, Slides & Positioning Ta-Variable Frequency Drives
bles
AC & DC Drives & Systems
Bearings and Gears
Power Distribution
Motors
Circuit Breakers & Switchgear
AC & DC
Motor Relays & Starters
Servo & Stepper
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Generators
Generators
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InterFinanz, Global M&A Partners Germany, has been active in the
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87

Industrials Insider Q1, 2015

Transcription

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