Country Focus – USA

Transcription

Country Focus – USA

Industrial Insider Q4, 2015
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,
zu Beginn des Jahres überreichen wir Ihnen gerne unsere aktuelle Zusammenfassung der bedeutendsten M&A-Transaktionen im Bereich der industriellen Fertigung im
4. Quartal 2015 im deutschsprachigen Raum und angrenzenden Ländern sowie in Großbritannien, Italien, Norwegen, Schweden, Türkei, Kanada und den USA.
Die Zusammenfassung basiert auf unserer kontinuierlichen Analyse folgender Branchen:

Antriebstechnik

Maschinen- und Anlagenbau

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
Die Intensivierung der M&A-Aktivitäten im Bereich der industriellen Fertigung hat sich auch im 4. Quartal 2015 fortgesetzt. Mit insgesamt 396 abgeschlossenen Transaktionen verzeichnete das 4. Quartal einen mäßigen Zuwachs von 2% im Vergleich zum Vorquartal.
Transaktionsanzahl im Bereich industrieller Fertigung
Dennoch reichte die durchaus positive Entwicklung
(Deutschland und Nachbarländer sowie Großbritannien, Italien, Norwegen, Schweden, Türkei, Kanada und USA)
des M&A-Marktes in 2015 nicht aus, um an die
Erfolge aus den Vorjahren anzuknüpfen. Wie die
Bereich der industriellen Fertigung seit 2012, sofern
man die Anzahl der abgeschlossenen Transaktionen
als Maßstab ansetzt.
Die M&A-Aktivitäten im Segment der industriellen
Fertigung sind vergleichbar mit dem gesamten M&AMarkt in den beobachteten Regionen, der zwar
durch einige große Transaktionen einen größeren
Wert als im Vorjahr erreichte, aber hinsichtlich der
500
1.944
1.854
2.000
1.503
400
+ 2%
1.500
300
1.000
200
500
100
0
Transaktionsanzahl - Gesamtjahr
Gesamtjahr 2015 als das schwächste M&A-Jahr im
2.500
2.131
Transaktionsanzahl - Quartal
nebenstehende Abbildung zeigt, erwies sich das
600
0
2012
2013
Q1
Q2
2014
Q3
Q4
2015
Gesamtjahr
Einleitung / 1
Anzahl der Transaktionen nicht an das Jahr 2014 heranreichte. So berichtet Merrill Lynch basierend auf Daten von Mergermarket von 16.837 Transaktionenweltweit in
allen Branchen in 2015 mit einem Wert von US$ 4,3 Billionen (im Vorjahr 17.397 Transaktionen mit einem Wert von US$ 3,3 Billionen).
Die USA bleiben im 4. Quartal mit insgesamt 175 Transaktionen und einem Anteil von 44% an der Gesamtanzahl aller Transaktionen in den von uns beobachteten
Ländern der größte Markt. Auch die deutschsprachige Region mit insgesamt 63 Transaktionen (Anteil von 16%) bleibt nach wie vor eine bedeutende M&A-Region. In
Großbritannien und Frankreich (Anteil von jeweils 9% und 6%) mussten wir eine Abschwächung der M&A-Aktivitäten im Vergleich zum vorherigen Quartal feststellen,
der italienischer M&A-Markt (Anteil von 8%) legte dagegen bei der Anzahl der gemeldeten Deals deutlich zu.
Die fortschreitende Globalisierung führt dazu, dass annähernd jede zweite Transaktion grenzüberschreitenden Charakter hat. So stieg der Anteil der grenzüberschreitenden Transaktionen im 4. Quartal auf 49% im Vergleich zu 46% und 39% aus den Vorquartalen. Auch bei den Verkäufen aus der Insolvenz wurde zunehmend auf
internationale Investoren zurückgegriffen. Beispielsweise wurden 50% der von Insolvenzverwaltern verkauften Unternehmen im 4. Quartal von internationalen strategischen Käufern abgewickelt.
Wie in den vorangegangenen Quartalen wurden die Kaufpreise in den meisten Fällen stillschweigend vereinbart. Bei den Übernahmen mit offengelegten Werten (insgesamt 82 Transaktionen) lag der Median der den Transaktionen zugrundeliegenden Unternehmenswerte („enterprise value“) bei € 77 Mio. Dieser Wert liegt geringfügig
unter dem Medianwert des Vorquartals von € 81 Mio. Insgesamt haben wir 8 Transaktionen mit Unternehmenswerten von über € 1 Mrd. registriert, die in den Bereichen
Automotive und Elektronik stattgefunden haben.
Die Übersicht auf der folgenden Seite zeigt die Anzahl der abgeschlossenen Transaktionen nach Unternehmenswerten:
Einleitung / 2
Anzahl Transaktionen mit veröffentlichten
Transaktionswerten
Transaktionswert
Transaktionswert
Transaktionswert
Transaktionswert
Transaktionswert
> € 1 Mrd.
€ 250 Mio. - € 1 Mrd.
€ 100 Mio. - € 250 Mio.
€ 50 Mio. - € 100 Mio.
< € 50 Mio.
Deutschsprachige
Region*
1
3
2
1
7
14
An D
angrenzende
Länder**
2
4
1
5
7
19
Nordics***
UK
Nordamerika
2
0
1
2
1
6
0
0
1
1
5
7
2
8
5
4
12
31
Alle
beobachteten
Länder
7
15
10
13
32
77
* Deutschland, Österreich, Schweiz
** ohne Österreich, Schweiz
*** Dänemark , Norwegen, Schweden
In Bezug auf die Bewertungsparameter lassen sich anhand der wenigen Transaktionen mit offen gelegten Werten keine drastischen Veränderungen im Vergleich zum
vorherigen Quartal feststellen. Bemerkenswert ist dabei eine deutliche Zunahme an kleinen Transkationen im Vereinigten Königreich mit einem aktuellen Median des
Unternehmenswertes von € 34,6 Mio. im Vergleich zu € 122,5 Mio. aus dem Vorquartal. In den an Deutschland angrenzenden Ländern, wie z.B. Frankreich, ist dagegen
eine deutliche Zunahme an großen Transaktionen festzustellen, d.h. der Median des Unternehmenswertes stieg auf € 72,4 Mio. im Vergleich zum vorherigen Wert von
€ 35,7 Mio.
Im Ganzen betrachtet, reduzierte sich der Umsatzfaktor auf 1,3 (1,5 im Vorquartal). Auch der EBITDA-Faktor verzeichnete eine Rückgang um 0,4 auf 8,5.
Medianwerte
Unternehmenswert in € Mio.
Umsatzfaktor
EBITDA-Faktor
Deutschsprachige
Region*
63,4
0,7
n/a
An D
angrenzende
Länder**
72,4
1,5
7,9
Nordics***
UK
Nordamerika
99,3
2,1
9,1
34,6
1,0
7,6
98
1,3
10,0
Alle
beobachteten
Länder
72,4
1,3
8,5
* Deutschland, Österreich, Schweiz
** ohne Österreich, Schweiz
*** Dänemark , Norwegen, Schweden
Einleitung / 3
Der europäische Übernahmemarkt im Bereich der industriellen Fertigung entwickelte sich auch im 4. Quartal durchaus stabil.
Unserer Auswertung des europäischen Übernahmemarktes zufolge, verdienen insHerkunft der Käufer von europäischen Unternehmen
nach Anzahl der Übernahmen im 4. Quartal 2015
besondere die folgenden Trends besondere Aufmerksamkeit:
1.
Starke Zunahme an grenzüberschreitenden Transaktionen mit einem Anteil
von über 63% im Vergleich zu 57% im Vorquartal.
2.
Mit insgesamt 27 abgewickelten Übernahmen waren in Europa die US-Amerikaner die aktivsten Investoren aus Übersee. Im Übernahmefokus der Ame-
Schweiz - 10
Niederlande - 7
Frankreich - 19
rikaner standen dabei Zielgesellschaften aus der Automobilzulieferindustrie,
Maschinen- und Anlagenbau sowie Industrieausrüstung.
3.
Sonstige Länder - 29
Italien - 23
Japan - 4
Ein zunehmendes Übernahmeinteresse bestand seitens asiatischer, insbesondere japanischer und indischer Investoren. Insgesamt wurden im 4. Quartal 12 Übernahmen durch strategische Käufer aus Asien abgewickelt. In den
Indien - 4
Schweden - 24
Asiatische Käufer - 12
meisten Fällen hatten die Zielgesellschaften ihren Sitz in Deutschland und im
Vereinigten Königreich. Die Anzahl der durch Chinesen abgewickelten
Transaktionen blieb dabei eher überschaubar, was offensichtlich auf die ak-
China - 3
USA - 27
Südkorea - 1
tuellen Marktturbulenzen in China zurückzuführen ist.
Deutschland - 32
Die nebenstehende Grafik zeigt die Anzahl der Käufer von europäischen Unternehmen aus dem Bereich der industriellen Fertigung nach Herkunftsländern.
UK - 29
Der deutsche M&A-Markt im Bereich der industriellen Fertigung spiegelte die Entwicklung und Trends des Gesamtmarktes wieder und legte im 4. Quartal bei der Anzahl
der abgeschlossenen Transaktionen um knapp 9% im Vergleich zum Vorquartal zu. Insgesamt wurden hier 50 Transaktionen größtenteils (d.h. 76%) durch strategische
Investoren abgewickelt.
Einleitung / 4
Käuferstruktur in Deutschland nach Herkunftsregion:
Analyse der Verkäuferstruktur in Deutschland:
Industrieunternehmen 32%
Europa - 38%
Finanzinvestoren 24%
Deutschland - 38%
Privatpersonen/Familien 34%
Nordamerika - 14%
Asien - 10%
Insolvenzverwalter 10%
Im 4. Quartal haben wir, Global M&A Partners, im Bereich der industriellen Fertigung die folgenden Transaktionen erfolgreich abgeschlossen:
1.
Veräußerung von Nordic Traction, einem schwedischen Hersteller von Traktionsketten für forst- und landwirtschaftliche Maschinen, an Accent Equity, ein schwedisches Private-Equity-Haus. Weitere Informationen verfügbar hier.
2.
Veräußerung von Specma, Marktführer von Systemen und Komponenten für Hydraulik und Zentralschmierungen, an Hydra Grene, eine Tochter des dänischen
Industriekonglomerats Schouw + Co. Weitere Informationen verfügbar hier.
3.
Veräußerung von Serta, einem französischen Hersteller von Hydraulikzylindern, an MAT Holdings Inc., ein amerikanisches, privat geführtes Familienunternehmen. Weitere Informationen verfügbar hier.
4.
Veräußerung von Fasteners, Inc., einem US-amerikanischen Hersteller von Verbindungselementen, an Fastenal Company, einem US-amerikanischen Distributeur von Industriebedarf. Weitere Informationen verfügbar hier.
5.
Veräußerung einer Minderheitsbeteiligung an mageba Holding, einem weltweit aktiven Hersteller von Brückenlagern, Fahrbahnübergängen und weiteren Produkten für den Hoch- und Tiefbau, an die Deutsche Beteiligungs AG, einem deutschen börsennotierten Private-Equity-Haus. Weitere Informationen verfügbar
hier.
Einleitung / 5
6.
Veräußerung von Reuss-Seifert und Hammerl, deutschen Herstellern von Abstandhaltern, Baufolien und anderer Verbrauchsmaterialien für den Betonbau, an
Aurelius, einer börsennotierten Industrieholding. Weitere Informationen verfügbar hier.
Trotz Unsicherheiten wegen der ruhiger werdenden wirtschaftlichen Entwicklung in China und der nach wie vor ungelösten Staatsschuldenkrise in Europa sind wir
zuversichtlich für unser Geschäft. Dieser Optimismus fußt auf den weiterhin günstigen Finanzierungsbedingungen, hohen Kaufpreisen und dem nach langer Zeit wieder
zunehmenden Interesse von mittelständischen Unternehmern an einem Unternehmensverkauf.
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.

In Europa: Christian Kollmann - [email protected]

In den USA: Andrew Petryk - [email protected]

In Kanada: Ed Giacomelli - [email protected]

In der Türkei: Metin Bonfil - [email protected]
Einleitung / 6
Country Focus – Austria, Germany, Switzerland
Sales
(€ m)
EV
(€ m)
Muffler Plastic
GmbH
n/a
30/12/
2015
Remus & Sebring Holding
AG
23/12/
2015
Date
Target
Bidder
Seller
Deal Description
31/12/
2015
n/a
Cosmos Group
Administrator
Cosmos Group (Spain), engaged in manufacturing and supply of components and
assemblies in automotive industry, through its acquisition vehicle SPV COSMOS
Pfullendorf GmbH, has acquired Muffler Plastic GmbH (Germany), engaged in
manufacturing of plastics components and supplies to leading German automotive
manufactuers with injection-moulded parts, in an insolvency transaction, for an undisclosed consideration. On July 17th, 2014 Muffler filed for insolvency proceeding.
60,0
n/a
Hans Peter Haselsteiner (Private Investor);
Stephan Zoechling (Private investor)
Kresch family
Hans Peter Haselsteiner and Stephan Zoechling, Austria-based private individuals, have acquired an undisclosed majority stake in Remus & Sebring Holding AG
(Austria), holding company through its subsidiaries engaged in manufacturing automobile exhaust equipment and components, from Kresch family, Austria-based
family, for an undisclosed consideration. Remus & Sebring recorded revenues of
EUR 60m in 2014 and currently have 600 employees.
Spheros GmbH
250,0
n/a
Valeo SA
DBAG Fund V
Deutsche Beteiligungs AG (DBAG) (Germany), a private equity firm along with
other co-investors and Spheros’ management has sold Spheros GmbH (Germany), engaged in the development, manufacture and supply of heating systems,
air conditioners and roof hatches for bus climate control applications, to Valeo SA
(France), engaged in the design, production and sales of components, integrated
systems and modules for cars and trucks, for an undisclosed consideration.
Spheros has approximately 1,100 employees.
23/12/
2015
HeiDrive GmbH
26,9
20,0
Allied Motion
Technologies
Inc
Palero Capital
GmbH
Allied Motion Technologies Inc (USA), manufacturer and seller of motion control
products, has agreed to acquire HeiDrive GmbH & Co. KG (Germany), engaged
in developing, manufacturing and distributing drive technologies, from Palero Capital GmbH (Germany), a private equity firm, for a consideration of EUR 20m.
Heidrive expects to generate revenue of approximately EUR 29m for 2015 with a
workforce of 220 employees. In February 2014, Palero Capital GmbH acquired
HeiDrive GmbH & Co. KG for an undisclosed consideration.
22/12/
2015
Luitpoldhuette
GmbH
n/a
n/a
Ogepar S.A.
Administrator
Ogepar S.A. (Luxembourg), manufacturer and developer of turbochargers, machines and engines, has agreed to acquire Luitpoldhuette GmbH (Germany), manufacturer and supplier of castings, for an undisclosed consideration. Luitpoldhutte
had reported revenues of EUR 85m in 2013. In August 2015, Luitpoldhuette had
filed for insolvency. In June 2008, Traktornye Zavody had acquired a 74% stake
in Luitpoldhuette, from Farinia Group, the France-based owner and operator of
cast iron companies, for an undisclosed consideration.
1
Sales
(€ m)
EV
(€ m)
Cedes AG
55,7
n/a
17/12/
2015
Trans Adriatic
Pipeline AG
(20% Stake)
n/a
650,0
15/12/
2015
ES Automobilguss GmbH
n/a
15/12/
2015
ZZ-Antriebe
GmbH
14/12/
2015
Prazisionstechnik Reichenbach
GmbH
Date
Target
21/12/
2015
Bidder
Seller
Deal Description
ASSA ABLOY
AB
n/a
ASSA ABLOY AB (Sweden), developer, manufacturer and supplier of locks and
security systems, has agreed to acquire Cedes AG (Switzerland), engaged in
providing sensor technology to the door and elevator industry, for an undisclosed
consideration. Cedes has a workforce of approximately 340 employees and expects to reach a turnover of CHF 60m (EUR 55,68m).
Snam SpA
Statoil ASA
Snam SpA (Italy), a natural gas supplier, has acquired a 20% stake in Trans Adriatic Pipeline AG (TAP) (Switzerland) a company that develops, builds, and operates a natural gas pipeline from Statoil ASA (Norway), engaged in the exploration,
production, transportation, refining, and marketing of petroleum and petroleumderived products. Snam will pay a consideration of EUR 130m. BP, SOCAR and
Snam will hold a 20% stake and Fluxys, Enagas and Axpo will hold 19%, 16% and
5% stakes respectively in TAP.
n/a
Prevent DEV
GmbH
n/a
Prevent DEV GmbH (Germany), engaged in the business of supplying interior
components, seat structures, seat covers and brake systems to major global
OEMs, has acquired ES Automobilguss GmbH (Germany), manufacturer of automotive components, for an undisclosed consideration. ES Automobilguss GmbH,
founded in the 16th century, is a family owned foundry facility with a workforce of
320 employees.
10,0
n/a
CT Group
Administrator
CT Group (Italy), mechanical engineering company, has agreed to acquire ZZAntriebe GmbH (Germany), engaged in the design and construction of gearboxes,
for an undisclosed consideration. ZZ-Antriebe GmbH generated revenues of approximately EUR 10m and has a workforce of approximately 70 employees. In
January 2015, ZZ-Antriebe had filed for insolvency.
n/a
n/a
MAT Holdings,
Inc.
Administrator
MAT Holdings, Inc. (USA), manufacturer and distributor of products in the automotive, hardware, and power equipments sector, has acquired Prazisionstechnik
Reichenbach GmbH (Germany), supplier of automotive components, for an undisclosed consideration. Prazisionstechnik had filed for bankruptcy in August 2013.
2
Sales
(€ m)
EV
(€ m)
Balda AG (Operational Units)
n/a
11/12/
2015
LAP GmbH Laser Applikationen
09/12/
2015
Date
Target
Bidder
Seller
Deal Description
14/12/
2015
80,0
Stevanato
Group S.p.A.
Balda AG
Stevanato Group S.p.A. (Italy), engaged in manufacturing of packaging containers
from glass tubing for the pharmaceutical industry, has agreed to acquire entire
operating business of Balda AG (Germany), developer and manufacturer of high
performance plastic, metal and electronic components, for a consideration of EUR
80m. Balda currently has 800 employees. Prior to this transaction, Balda also received offers for its operational businesses from Paragon Partners GmbH for a
consideration of EUR 62.9m (later increased to EUR 65.9m) and from Heitkamp &
Thumann KG for a consideration of EUR 70m (later increased to EUR 74m).
34,0
n/a
capiton AG
Several private
individuals incl.
management
capiton AG (Germany), a private equity firm, along with the management of LAP
GmbH Laser Applikationen (Germany), engaged in development of laser-based
projection and measuring systems for medical and industrial applications, has
agreed to acquire the company, for an undisclosed consideration. LAP employs a
workforce of around 250 people.
Eichenberger
Gewinde AG;
Eichenberger
Motion AG
n/a
n/a
Festo AG & Co.
KG
Kurt Husistein
(Private Investor)
Festo AG & Co. KG (Germany), engaged in manufacturing factory and process
automation technologies to industries and offering pneumatic and electrical control
and drive technologies, has agreed to acquire Eichenberger Gewinde AG (Switzerland), manufacturer of linear power transmission products, and Eichenberger
Motion AG (Switzerland), engaged in manufacturing, production and distribution of
screw drives with rolled threads, from Kurt Husistein (Switzerland), private individual, for an undisclosed consideration. Eichenberger Gewinde and Eichenberger
Motion together have a work force of 130 employees.
09/12/
2015
MDM Diels
GmbH
9,0
n/a
Stiebel Eltron
GmbH & Co. KG
Diels Family
Stiebel Eltron GmbH & Co. KG (Stiebel) (Germany), a company that develops and
manufactures appliances for heating, ventilation, air-conditioning and refrigeration,
renewable energy, has agreed to acquire MDM Diels GmbH (Germany), manufacturer of aluminium products, from Diels family, Germany-based family, for an undisclosed consideration. MDM Diels reported revenues of EUR 9m in 2014.
04/12/
2015
battenfeld-cincinnati
n/a
n/a
Zweite VR Trust
Beteiligungs UG
Triton Partners
Zweite VR Trust Beteiligungs UG (Germany), engaged in providing principal finance, has acquired battenfeld-cincinnati (Germany), engaged in extrusion technology, which develops, designs, manufactures and distributes extruders and extrusion equipment for plastics processing, from Triton Partners (UK), private equity
firm, for an undisclosed consideration. In 2007, battenfeld-cincinnati was acquired
by Triton Partners from SMS AG for a total consideration of EUR 87m.
3
Sales
(€ m)
EV
(€ m)
Baltic Elektronik
GmbH
n/a
03/12/
2015
Hahl Filaments
GmbH
02/12/
2015
Date
Target
Bidder
Seller
Deal Description
03/12/
2015
n/a
Prettl Electronics Luebeck
GmbH
Koerber AG
Prettl Electronics Luebeck GmbH (Germany), a company that develops, manufactures and integrates electronic assemblies and complete systems, and a subsidiary of Prettl Group, (Germany), companies engaged in the automotive, electronics, consumer and home appliances business, has agreed to acquire Baltic
Elektronik GmbH (Germany), engaged in manufacturing electronic printed circuit
boards and devices, from Koerber AG (Germany), a company that operates in the
areas of automation, intralogistics, machine tools, pharma systems, tissue, tobacco and others, for an undisclosed consideration. Baltic Elektronik reported
workforce of 137 employees.
130,0
n/a
Serafin Unternehmensgruppe
GmbH
A consortium
led by Global
Equity Partners
Serafin Unternehmensgruppe GmbH (Germany), a private equity firm, has acquired Hahl Filaments GmbH (Germany), manufacturer of filaments from an Austria-based consortium led by Global Equity Partners Beteiligungs-Management
GmbH, a private equity and venture capital firm, for an undisclosed consideration.
Hahl Filaments recorded revenues of EUR 130m in 2014 and has 660 employees.
Laetus Gmbh
22,0
37,5
Danaher Corporation
Coesia S.p.A.
Danaher Corporation (USA), engaged in designing, manufacturing and marketing
professional, medical, industrial and commercial products and services, has acquired Laetus GmbH (Germany), manufacturer of packaging security systems,
from Coesia S.p.A. (Italy), provider of automated machinery, quality inspection and
printing systems and precision gears, for an undisclosed consideration. The deal
is estimated to be valued at EUR 37,5m.
02/12/
2015
ATM GmbH
22,5
n/a
Verder International B.V.
n/a
Verder International B.V. (Netherlands), engaged in the production and sale of liquids handling, process handling, and laboratory equipment, has acquired ATM
GmbH (Germany), producer of machines for metallography and materialography,
for an undisclosed consideration. ATM has a workforce of 150 employees.
02/12/
2015
Carlsson Autotechnik GmbH
18,0
n/a
Sambo Motors
co., ltd.
n/a
Sambo Motors co., ltd. (South Korea), engaged in providing IT solutions for business automation as well as manufacturing of automotive parts, has acquired Carlsson Autotechnik GmbH (Germany), a Mercedes automobiles tuning company for
an undisclosed consideration. The deal is a result of bankruptcy proceedings
which was filed by Carlsson in April this year. Carlsson realized a turnover of EUR
30m in 2013 which was reduced to EUR 18m 2014.
4
Sales
(€ m)
EV
(€ m)
SINGLE Temperiertechnik
GmbH (90%
Stake)
31,0
30/11/
2015
Schwinn Beschlaege GmbH
30/11/
2015
30/11/
2015
Date
Target
Bidder
Seller
Deal Description
02/12/
2015
21,1
Single Holding
GmbH
Looser Holding
AG
Single Holding GmbH (Germany), holding company having interest in companies
engaged in development, production and selling of temperature control systems,
has agreed to acquire 90% stake in SINGLE Temperiertechnik GmbH (Germany),
a company that develops, produces, and sells temperature control systems, from
Looser Holding AG (Switzerland), investment holding company with interests in
industrial services and coatings, for a consideration of EUR 19m. Looser Holding
will continue hold 10% stake in Temperiertechnik. Temperiertechnik reported sales
of EUR 31m and an EBITDA of EUR 2,50m.
25,0
n/a
Deutsche Unternehmensbeteiligungen AG
Finatem Fonds
Management
Verwaltungs
GmbH
Deutsche Unternehmensbeteiligungen AG (Germany), a private equity firm, has
acquired Schwinn Beschläge GmbH (Germany), engaged in developing, manufacturing, and selling technical and decorative furniture fittings, from Finatem
Fonds Management Verwaltungs GmbH (Germany), a private equity firm, for an
undisclosed consideration. Schwinn reported turnover of EUR 25m and has
around 250 employees.
Tridonic Tridonic
GmbH & Co KG
(LED signage
business)
20,0
n/a
AgiLight, Inc.
Tridonic GmbH
& Co KG
AgiLight, Inc. (USA), a commercial and signage LED lighting company and a subsidiary of General LED Inc. (USA), a company which provides broad range of LED
products has acquired the LED signage business of Tridonic GmbH & Co KG (Austria), engaged in designing, manufacturing and sale of lighting components and
management systems and a subsidiary of Zumtobel Group (Austria) for an undisclosed consideration. The acquired LED signange business reported annual revenue of almost EUR 20m.
Delta Systemtechnik GmbH;
KaMo Systemtechnik
33,0
n/a
Uponor Corporation
Thomas Geck,
Susanne
Schwarz
Uponor Corporation (Finland), manufacturer of plastic piping systems, household
appliances and floor coverings, has agreed to acquire Delta Systemtechnik GmbH
(Germany), a company that develops and manufactures fresh water units for central domestic hot water systems, heating transfer stations and components for hot
water heating systems, and KaMo Systemtechnik (Germany), engaged in manufacturing of system components for the manifold technology used in heating and
cooling and in the development and distribution of systems for local and central
heating and domestic hot water preparation, for an undisclosed consideration. In
2014, Delta and KaMo have generated a total turnover of EUR 32.8m and have a
combined workforce of 119 employees.
5
Sales
(€ m)
EV
(€ m)
Constantia Flexibles Group
GmbH (11%
Stake)
n/a
24/11/
2015
PE Automotive
GmbH & Co. KG
24/11/
2015
Date
Target
Bidder
Seller
Deal Description
26/11/
2015
133,6
Maxburg Capital
Partners GmbH
Wendel SA
Maxburg Capital Partners GmbH (Germany), a private equity house focused on
small and medium-sized companies in Germany and German-speaking markets,
has acquired a 11% stake in Constantia Flexibles Group GmbH (Austria), provider
of packaging solutions for human and pet food production, pharmaceuticals, and
beverage industries, from Wendel SA (France), a private equity firm, for a EUR
100m consideration. Following this capital increase, Wendel’s total investment in
Constantia Flexibles now amounts to EUR 571m and Wendel remains the controlling shareholder of company with 61,4% of its capital.
42,0
n/a
BPW Bergische
Achsen Kommanditgesellschaft
Freitag family
BPW Bergische Achsen Kommanditgesellschaft (BPW) (Germany), engaged in
manufacturing axles and running gear systems for trailers and semi trailers, has
agreed to acquire an undisclosed majority stake in PE Automotive GmbH & Co.
KG (PE) (Germany), a company that develops, manufactures, and markets automotive spare parts and accessories, from Freitag Family, a German family, for an
undisclosed consideration. PE currently has 135 employees.
REVENTA
GmbH & Co. KG
14,0
n/a
Munters AB
Thomas Pollmeier (Private
investor)
Munters AB (Sweden), provider of products and services for humidity control in
industrial, commercial, residential and agricultural applications, and a portfolio
company of Nordic Capital (Sweden), a private equity firm, has acquired
REVENTA GmbH & Co. KG (Germany), engaged in providing climate control systems like filters, distribution, heating/cooling, draining and air cleaning, from
Thomas Pollmeier, a German private individual, for an undisclosed consideration.
Previously in 2010, Nordic Capital had acquired Munters for a consideration of
SEK 5,625bn (EUR 614,4m).
23/11/
2015
epis Automation
GmbH & Co. KG
15,0
n/a
BPE Private
Equity GmbH
Family Seyler
BPE Private Equity GmbH (Germany), a private equity firm, has acquired epis Automation GmbH & Co. KG (Germany), a company engaged in providing automation technology, for an undisclosed consideration.
23/11/
2015
STRIEBEL &
JOHN GmbH &
Co. KG (49%
Stake)
60,0
n/a
ABB Ltd
Striebel Family
ABB Ltd (Switzerland), has acquired a 49% stake in STRIEBEL & JOHN GmbH &
Co. KG (S&J) (Germany), manufacturer of energy-distribution systems and provider of software solutions for the planning and implementation of complex projects
for energy distribution, from Striebel family, a Germany family, for an undisclosed
consideration. With this acquisition, ABB’s stake in S&J will increase to 100%. ABB
acquired 51% stake in S&J in 1993 from Striebel family, for an undisclosed consideration.
6
Sales
(€ m)
EV
(€ m)
O&K Antriebstechnik GmbH
(55% Stake)
40,0
20/11/
2015
EPSa GmbH
20/11/
2015
19/11/
2015
Date
Target
Bidder
Seller
Deal Description
23/11/
2015
46,7
Bonfiglioli Riduttori S.p.A.
Carraro SpA
Bonfiglioli Riduttori S.p.A. (Italy), engaged in designing and manufacturing of
gears, drive and industrial automation systems, inverters and solutions for photovoltaics and gearmotors, has agreed to acquire a 55% stake in O&K Antriebstechnik GmbH (Germany), engaged in designing and manufacturing of planetary gears
for track machines and cranes, mining machines and marine applications, from
Carraro SpA (Italy), manufacturer of transmissions and specialty components for
industrial and agricultural equipment, for a cash consideration of EUR 25.7m. Carraro will retain 45% stake as a strategic partnership with Bonfiglioli Riduttori. O&K
Antriebstechnik is estimated to have a turnover of approximately EUR 40m in 2015
and has workforce of 160 employees.
27,0
n/a
Sued Beteiligungen GmbH; Ali
Sahin (Private
Investor)
n/a
Sued Beteiligungen GmbH (Germany), an equity firm and a subsidiary of Landesbank Baden-Wurttemberg, and Ali Sahin, a Germany private individual, have acquired EPSa GmbH (Germany), engaged in development, manufacture, and marketing of electronic systems and devices, for an undisclosed consideration. EPSa
GmbH was formed in 1992 through a management buyout from Jenoptik Carl
Zeiss Jena and has around 200 employees.
Oerlikon Leybold Vacuum
GmbH
374,8
485,0
Atlas Copco AB
OC Oerlikon
Corporation AG
Atlas Copco AB (Sweden), a group engaged in the development, manufacture and
marketing of compressors, construction and mining equipment, power tools and
assembly systems, has agreed to acquire Oerlikon Leybold Vacuum GmbH (Germany), vacuum business segment of OC Oerlikon Corporation AG (Switzerland),
manufacturer of specialized equipment for information technology, surface components and special systems, for a consideration worth CHF 525m (EUR 485m).
In 2014, Oerlikon Leybold Vacuum recorded revenues for CHF 390m (EUR 375m)
and had 1,646 employees worldwide.
Bombardier
Transportation
GmbH (30%
Stake)
n/a
4.694
Caisse de Depot
et Placement du
Quebec
Bombardier Inc.
Caisse de Depot et Placement du Quebec (CDPQ) has agreed to acquire 30%
stake in Bombardier Transportation GmbH (BT) from Bombardier Inc. CDPQ (Canada), is a private equity and fund management firm. BT (Germany), is engaged in
developing, designing and manufacturing of light rail vehicles, metro cars, commuter and regional trains, intercity and high-speed trains. Bombardier Inc. (Canada), is engaged in manufacturing of equipment and systems for the aerospace
and railway industry. CDPQ will pay total consideration of USD 1,5bn in convertible
shares. The deal values BT to USD 5bn and has 39.700 employees.
7
Sales
(€ m)
EV
(€ m)
Aumann GmbH
(75% Stake)
23,0
17/11/
2015
Aventics GmbH
(Tooth Chain
Business)
16/11/
2015
13/11/
2015
Date
Target
Bidder
Seller
Deal Description
19/11/
2015
n/a
MBB SE
Ingo Wojtynia
(Private Investor)
MBB SE (Germany), a private equity firm, has acquired 75% stake in Aumann
GmbH (Germany), machine manufacturers in the sector of wire enamelling and
coil winding technology, from Mr. Ingo Wojtynia, a German private individual, for
an undisclosed consideration. Aumann has approximately a headcount of 160
employees.
9,0
6,3
Renold Plc
Aventics GmbH
Renold Plc has agreed to acquire the Tooth Chain Business of Aventics GmbH.
Renold Plc (UK), is a precision engineering company, involved in manufacturing
of engineered precision products. Aventics’s Tooth Chain (Aventics TC) Business
(Germany), is involved in the manufacture of inverted tooth chain for industrial applications. Aventics GmbH (Germany), is involved in manufacturing of pneumatic
components and systems. The total cash consideration for the transaction is EUR
6,3m. The acquisition is on a cash and debt free basis. On a proforma basis, Aventics TC made an operating profit before exceptional items of EUR 1,1m in 2014
and had Gross assets of EUR 1,7m.
NCA Containerund Anlagenbau
GmbH
16,0
n/a
Yesiltepe Arif
(Private Investor); SC Verwaltungs & Beteiligungs GmbH
Administrator
Mr. Yesiltepe Arif (Austria), a private individual and Mr. Christian Schrammel,
through SC Verwaltungs & Beteiligungs GmbH (Austria), an investment holding
company, have acquired NCA Container- und Anlagenbau GmbH (Austria), engaged in the steel-making, special steel and machine manufacturing industry, for
an undisclosed consideration. Mr. Arif and Mr. Schrammel will hold 75% and 25%
stakes respectively in NCA. NCA filed for insolvency on 29 July 2015. Prior to this
deal, Stugeba Mobile Raumsysteme GmbH solely owned NCA. NCA generated
annual revenue of EUR 16m in 2014 and has accumulated debt of over EUR 10m.
VTN Beteiligungs GmbH
(100% Stake)
30,0
n/a
IHI Corporation
BPE Private
Equity GmbH
IHI Corporation (Japan), engaged in energy & resources operations, ships & offshore facilities operations, social infrastructure operations, logistics systems & industrial machinery operations, rotating equipment & mass-production machinery
operations, aero engine & space operations, and other operations, has agreed to
acquire VTN Witten GmbH (Germany), engaged in providing heat treatment services, from BPE Private Equity GmbH (Germany), a private equity firm, for an undisclosed consideration. VTN Witten GmbH generated net sales of approximately
EUR 30m for the year ending 2014.
8
Date
Target
Sales
(€ m)
EV
(€ m)
13/11/
2015
Metabo AG
360,0
10/11/
2015
Wickeder Westfalenstahl Gmbh
(cold rolled steel
strip activities)
10/11/
2015
Bidder
Seller
Deal Description
165,1
Hitachi Koki Co
Ltd
Chequers Capital; Investor
Group Led by
Horst Garbrecht
Hitachi Koki Co Ltd (Japan), manufacturer of power machine tools, has agreed to
acquire Metabo AG (Germany), engaged in manufacturing electric tools and machines, from Chequers Capital (France), private equity firm having interest in industry distribution and services, hotels, restaurants and leisure, and an investor
group led by Horst Garbrecht for a cash consideration of EUR 165,1m (USD
177,53m). The investor group led by Horst Garbrecht is consisted of 33 private
investors including the Germany-based private investor, the CEO of power tools
maker Metabo, Horst Garbrecht.
n/a
n/a
C.D. Waelzholz
KG
"C.D. Waelzholz KG (Germany), producer of rolled and tempered steel strip and
profiles has agreed to acquire cold rolled steel strip activities of Wickeder Westfalenstahl GmbH (Germany), manufacturer of metal strips also operating steel processing, cladding and cold rolling mills for an undisclosed consideration. The cold
rolled steel strip activities of Wickeder Westfalenstahl Gmbh has a workforce of
nearly 300 employees and has annual sales volume of over 50,000 tons.
Trenew Electronic AG
16,0
n/a
Elma Electronic
AG
Peter Hotz (Private Investor)
Elma Electronic AG (Switzerland), manufacturer and developer of housing electronic systems, has acquired Trenew Electronic AG (Switzerland) provider for Embedded Computing Systems, Power Supplies, Electronic Packaging, Electronic
Engineering and Assembling & Testing services, from Mr. Peter Hotz,a Switzerland private individual, for an undisclosed consideration. Trenew has approximately 40 employees and reported revenues of CHF 19m (EUR 15,8m) in 2014.
09/11/
2015
IPP van Triel
GmbH
n/a
n/a
IPP Group
n/a
IPP Group (UK), engaged in supplying of premium-quality pipes, tubes, fittings,
flanges and specialist forgings for the gas, petrochemical, oil and nuclear industries, has acquired Hans van Triel GmbH & Co. KG (Germany) engaged in manufacturing of stainless steel flanges, rings, discs and special forged parts, for an
undisclosed consideration.
09/11/
2015
Gebr. Reinfurt
GmbH & Co. KG
48,0
n/a
Kaman Corporation
Avedon Capital
Partners B.V.
Kaman Corporation (USA), manufacturer of aircraft structures and components
and distributor of industrial components, has agreed to acquire Gebr. Reinfurt
GmbH & Co. KG (GRW) (Germany), engaged in the development and manufacturing of high-precision miniature ball bearings, from Avedon Capital Partners B.V.
(Netherlands), private equity firm, for an undisclosed consideration. GRW is expected to generate an annual turnover of EUR 48m for the year 2015.
9
Sales
(€ m)
EV
(€ m)
Lehnhoff Hartstahl GmbH &
Co. KG
35,0
08/11/
2015
ENTECCOgrou
p gmbh & Co.
KG (44% Stake)
05/11/
2015
Date
Target
Bidder
Seller
Deal Description
09/11/
2015
n/a
Komatsu Ltd
Lehnhoff family
Komatsu Ltd (Japan), manufacturer of construction and mining equipment, industrial machinery, vehicles and electronics products, has agreed to acquire Lehnhoff
Hartstahl GmbH & Co. KG (Germany), manufacturer and supplier of construction
equipments, from Lehnhoff family, a German family, for an undisclosed consideration. Lehnhoff Hartstahl reported annual revenue of EUR 35m and has a workforce of approximately 180 people.
n/a
n/a
Mountain Cleantech Fund II
n/a
Mountain Cleantech Fund II, fund of Mountain Cleantech AG (Switzerland) a private equity firm, has acquired a 44% stake in ENTECCO Group GmbH & Co. KG
(Germany), manufacturer of industrial filters and provider of industrial dust removal
and flue gas cleaning services, for an undisclosed consideration.
Tribotecc GmbH
85,0
n/a
Treibacher Industrie AG
Albemarle Corporation
Treibacher Industrie AG (Austria), an industrial conglomerate engaged in chemistry and metallurgy including production of rare earths and chemicals, ceramic materials, has agreed to acquire Tribotecc GmbH (Austria), a metal sulphides business manufacturer, from Albemarle Corporation (USA), producer of specialty
chemicals for consumer electronics, transportation, industrial products pharmaceuticals, agricultural products, construction and packaging materials, for an undisclosed consideration.
04/11/
2015
Imtech Automotive Testing Solutions
n/a
n/a
Weiss Umwelttechnik GmbH
Administrator
"Weiss Umwelttechnik GmbH (Germany), a company that designs, manufactures,
and installs standard and custom testing chambers and systems for environmental
simulation, stability testing, and emission testing and is a subsidiary of the Schunk
Group, has acquired Imtech Automotive Testing Solutions (ATS) (Germany), manufacturer of environmental chambers for vehicle emission and performance testing, test beds for vehicle air conditioning and engine cooling, and engine test beds,
for an undisclosed consideration. ATS employs around 90 people in Germany and
approximately 60 in subsidiaries in China and Thailand. Imtech Deutschland had
filed for insolvency on 06 August 2015.
03/11/
2015
Carrosserie
Gangloff AG
n/a
n/a
Calag Carrosserie Langenthal
AG
Gangloff AG
"Calag Carrosserie Langenthal AG (Switzerland), engaged in business of manufacturing carrosseries, trailers and cabins, has acquired Carrosserie Gangloff AG
(Switzerland), engaged in business of manufacturing of carrosseries, trailers and
cabins from Gangloff AG (Switzerland), the holding company, for an undisclosed
consideration.
10
Sales
(€ m)
EV
(€ m)
Weiss Kessel-,
Anlagen- und
Maschinenbau
GmbH
n/a
n/a
Viessmann
Werke GmbH &
Co. KG
30/10/
2015
Visteon Corporation (Automotive interiors
business in Berlin)
n/a
n/a
APCH Automotive Plastic
Components
Holding GmbH
28/10/
2015
Sias AG
n/a
23,0
Tecan Group
Ltd
26/10/
2015
AL-KO Vehicle
Technology
115,6
372,2
DexKo Global
Inc.
Date
Target
01/11/
2015
Bidder
Seller
Deal Description
Viessmann Werke GmbH & Co. KG (Germany), manufacturer of heating, cooling
and climate control technology, has acquired Weiss Kessel-, Anlagen- und Maschinenbau GmbH (Germany), engaged in producing boiler plants for biomass
power stations and offering designated know how in development and design of
customized boiler plants, for an undisclosed consideration.
Visteon Corporation
APCH Automotive Plastic Components Holding GmbH (APCH) (Germany), an investment holding company having interest in automotive sector, has agreed to acquire automotive interiors business of Visteon Corporation (USA), automotive
components manufacturer supplying climate control systems, instrument panels,
suspension systems, automotive glass and powertrain control systems, for an undisclosed consideration. The acquired automotive interiors business based in Berlin has a workforce of 400 employees.
Tecan Group Ltd (Switzerland), engaged in the development, production and distribution of advanced automation and detection solutions for the life science laboratories, has agreed to acquire Sias AG (Switzerland), OEM supplier of laboratory
automation solutions. Tecan has agreed to pay CHF 25m (EUR 22.995m) in cash
for the acquisition of Sias. Sias has around 80 employees and supplies customers
in Europe, US and China.
AL-KO Kober
SE
Dexter Axle Company, Inc. (USA), engaged in designing and manufacturing axles,
wheels, brakes and other running gear components for the trailer industry and a
portfolio company of The Sterling Group, L.P. (USA), a private equity firm, has
agreed to acquire AL-KO Vehicle Technology (AL-KO VT) (Germany), a designer
and manufacturer of trailer axles, trailer and caravan components, chassis and
motorized chassis from AL-KO Kober SE (Germany). Dexter will acquire AL-KO
VT for a consideration of USD 410m. Dexter and AL-KO VT will generate an annual turnover of around EUR 850m together. The purchase price represents an
implied 7,5x multiple of standalone EBITDA of approximately USD 55m. AL-KO
VT reported LTM EBITDA of approximately USD 130m. In 2012 a US-based fund
of The Sterling Group, L.P. acquired Dexter Axle, from Tomkins Ltd, for cash consideration of USD 360m.
11
Sales
(€ m)
EV
(€ m)
REUM Kunststoff- und Metalltechnik
GmbH
130,0
15/10/
2015
Aluca GmbH
13/10/
2015
Date
Target
Bidder
Seller
Deal Description
22/10/
2015
n/a
Grammer AG
HTP Investments B.V.; Palatium Beteiligungsgesellschaft UG (haftungsbeschrankt)
Grammer AG (Germany), a company that develops and manufactures components and systems for car interiors as well as driver and passenger seats for off
road vehicles, trucks, buses, and trains has acquired REUM Kunststoff- und
Metalltechnik GmbH (Germany), a company engaged in development and manufacturing of interior components and control systems from HTP Investments B.V.
(Netherland) and Palatium Beteiligungsgesellschaft UG (Germany), both private
equity firms, for an undisclosed consideration. REUM currently has 950 employees
and generated sales of EUR 130m.
n/a
n/a
PON Automotive Products &
Services B.V.
n/a
PON Automotive Products & Services B.V. (Netherland), wholesaler and retailer
for tyres and wheels, has acquired Aluca GmbH (Germany), an aluminum in-vehicle racking systems manufacturer, for an undisclosed consideration. Aluca GmbH
has a workforce of about 120 employees.
Winkler+Dunnebier GmbH
n/a
n/a
Barry-Wehmiller
Companies Inc.
Koerber AG
Barry-Wehmiller Companies Inc. (USA), engaged in providing engineering consulting and manufacturing technology, has agreed to acquire Winkler+Dunnebier
GmbH (W+D) (Germany), manufacturer of integrated system solutions for the mail
and postal industry and the tissue and hygiene industry, from Koerber AG (Germany), a company that operates in the areas of automation, intralogistics, machine
tools, pharma systems, tissue, tobacco and others, for an undisclosed consideration. W+D currently employs 359 associates internationally.
06/10/
2015
LAPP Insulators
Holding GmbH
n/a
n/a
PFISTERER
Group
Quadriga Capital
PFISTERER Group (Germany), a company engaged in manufacturing cable assemblies and overhead line accessories for sensitive interfaces in energy networks, has acquired LAPP Insulators Holding GmbH (Germany), engaged in research, development, manufacture, testing, and supply of high voltage ceramic
and composite insulators for the electric utility industry, from Quadriga Capital Beteiligungsberatung GmbH (Germany), private equity firm, for an undisclosed consideration. LAPP Insulators has staff of 1200 employee. In 2011, Quadriga Capital
had acquired LAPP Insulators, for an undisclosed consideration.
02/10/
2015
Whitesell Germany GmbH &
Co. KG
n/a
n/a
Lamistahl Gmbh
Administrator
Lamistahl GmbH (Germany), engaged in the line of business that includes the operation of blast furnaces and steel mills, has agreed to acquire Whitesell Germany
GmbH & Co. KG (Germany), manufacturer of cold formed parts and CNC precision
components for automotive manufacturers and suppliers, for an undisclosed consideration. In January 2015, Whitesell filed insolvency. Whitesell Germany has
around 1.300 employees across four production sites.
12
Sales
(€ m)
EV
(€ m)
punker GmbH
40,0
01/10/
2015
Hosokawa Bepex GmbH
01/10/
2015
TR Kuhlmann
GmbH
Date
Target
02/10/
2015
Bidder
Seller
Deal Description
n/a
Cross Fund
Quadriga Capital
Cross Fund (Switzerland), fund of Cross Equity Partners AG (Switzerland), a private equity firm, has agreed to acquire majority stake in punker GmbH (Germany),
manufacturer of fan wheels and blowers, from Quadriga Capital Beteiligungsberatung GmbH (Germany), a private equity firm, for an undisclosed consideration.
punker GmbH reported revenue of EUR 40m for the year 2014 and currently has
approximately 300 employees.
25,0
n/a
Buehler AG
HOSOKAWA
ALPINE Aktiengesellschaft
Buehler AG (Switzerland), manufacturer and supplier of food processing equipment and machinery, has acquired Hosokawa Bepex GmbH (Germany), manufacturer of production systems for confectionery, bars and baked goods, from HOSOKAWA ALPINE Aktiengesellschaft (Germany), engaged in the development,
design, and manufacture of components and turnkey systems to produce powders,
granules, and bulk materials, and a subsidiary of Hosokawa Micron Corporation,
for an undisclosed consideration. Hosokawa Bepex employs 153 people and reported revenues of EUR 25m in 2014.
6,7
8,5
Trifast Plc
Frank Niggebrügge (Private
Investor); Eric
Hutter (Private
Investor) ; Peter
Henning (Private Investor)
Trifast Plc (UK), manufacturer and distributor of industrial fastenings has acquired
Kuhlmann Befestigungselemente GmbH & Co. KG (Germany), manufacturer and
distributor of industrial fastenings from Frank Niggebruugge, Peter Henning, and
Eric Hutter, Germany private individuals, for a cash and stock consideration of
EUR 8,5m (USD 9,55m). Kuhlmann, which employs a staff of 18 people, reported
revenue of EUR 6,7m and pre-tax profit of EUR 1,74m for the year ended 30 June
2015.
13
Country Focus – Benelux
Sales
(€ m)
EV
(€ m)
Dimenco Holding B.V. (91%
Stake)
n/a
23/12/
2015
Enovos International S.A.
(28.36% Stake)
16/12/
2015
14/12/
2015
Date
Target
Bidder
Seller
Deal Description
24/12/
2015
12,8
Jiangsu Kangde
Xin Composite
Material Co.,
Ltd.
n/a
Jiangsu Kangde Xin Composite Material Co., Ltd. (China), engaged in the development, production and distribution of laminating films and laminating equipment,
has agreed to acquire a 91% stake in Dimenco Holding B.V. (Netherlands), autostereoscopic product design and sales company, for a consideration of USD
12,74m.
1.777
n/a
Ardian; Societe
Nationale de
Credit et d'Investissement;
Banque et
Caisse
d'Epargne de
l'Etat de, Luxembourg; State
of Luxembourg;
City of Luxembourg
RWE AG; E.ON
SE
A group of investors, has agreed to acquire a 28,36% stake in Enovos International
S.A. (Luxembourg), engaged in distributing and transmitting gas and electricity,
from E.ON SE (Germany) and RWE AG (Germany) for an undisclosed consideration. The group of investors includes: Ardian (France), independent private equity
firm, City of Luxembourg, Societe Nationale de Credit et d'Investissement (Luxembourg), bank State of Luxembourg, the Luxembourg government and Banque et
Caisse d'Epargne de l'Etat de Luxembourg. In 2014 and 2013, Enovos had reported revenues of EUR 1777,4m and EUR 1993m, respectively. In July 2012,
Ardian purchased 23,48% stake in Enovos International from ArcelorMittal SA for
EUR 330m
Picanol NV (Industrial activities)
n/a
811,6
Tessenderlo
Chemie NV
Picanol NV
Picanol NV (Belgium), a textile machinery producer, has decided to place its industrial activities to Picanol Tessenderlo Group NV (Belgium), engaged in manufacturing diversified chemical products, for EUR 811,6. The new Picanol Tessenderlo Group NV will have more than 7,000 employees. Picanol will own a 57% stake
in Tessenderlo Chemie. Picanol Tessenderlo Group will consist of four segments;
agro, bio-valorisation and industrial solutions from Tessenderlo, and machines and
technologies segment from Picanol.
SPX Corporation (Dry Cooling business)
n/a
43,7
Paharpur Cooling Towers Ltd
SPX Corporation
Paharpur Cooling Towers Ltd has agreed to acquire dry cooling business of SPX
Corporation. Paharpur Cooling Towers Ltd (India) manufactures and markets process cooling equipment. SPX Corporation (USA), is a provider of engineering solutions and various other industrial services. SPX Corporation will pay approximately USD 48m in consideration.
14
Sales
(€ m)
EV
(€ m)
NV Bekaert SA
(Ropes and Advanced Cords
business); Bridon International Ltd
(Ropes and Advanced Cords
business)
n/a
02/12/
2015
Type22 B.V.
30/11/
2015
Overeem BV
Date
Target
06/12/
2015
Bidder
Seller
Deal Description
n/a
Bridon Bekaert
Ropes Group
Bridon International Ltd; NV Bekaert SA
NV Bekaert SA and Bridon International Ltd have agreed to form a joint venture
company Bridon Bekaert Ropes Group in a 67:33 partnership. NV Bekaert SA
(Belgium) provides solutions based on advanced metal transformation and coatings, and manufactures drawn steel wire products worldwide. Bridon International
Ltd (UK), is engaged in manufacturing wires and cables, and a subsidiary of Ontario Teachers' Pension Plan (OTPP) a Canada-based pension fund engaged in
managing equity, fixed income and alternative investment portfolios. The new
company will have approximately 3.000 employees. The JV will generate estimated revenues of approximately EUR 600m annually.
4,0
10,0
SITA
VDL Participatie
B.V.; TIIN Capital B.V.; Percival
Participations
B.V.
SITA has acquired Type22 B.V. from TIIN Capital B.V., Percival Participations B.V.
and VDL Participatie B.V. SITA (Switzerland) is a provider of air transport communications and information technology consulting solutions, and a subsidiary of
Suez (France), engaged in the drinking water distribution, wastewater treatment
and waste management activities through its subsidiaries. Type22 B.V. (Netherlands) is a developer and provider of baggage handling solutions for airports and
airlines. TIIN TechFund 2, fund of TIIN Capital B.V. (both Netherlands), is a private
equity and venture capital firm such as Percival Participations B.V. (Netherlands).
VDL Participatie B.V. (Netherlands) is a company having interest in the automotive
industry and a part of VDL Groep B.V. (Netherlands) engaged in the development,
production and sales of semi finished metal and plastic products, buses and
coaches and other finished products. SITA has acquired Type22 for an undisclosed consideration. The deal is estimated to be valued at a minimum price of
EUR 10m. Type22 reported revenues of EUR 4m in 2014 with a workforce of 30
employees.
16,0
n/a
Hadley Group
PLC
n/a
Hadley Group PLC (UK), independent manufacturer of cold rolled metal profiles,
has acquired Overeem BV (Netherlands) a company that develops, manufactures,
and markets thin-walled roll formed metal profiles, for an undisclosed consideration. Overeem reported revenues of EUR 16m and has a workforce of 60 employees.
15
Sales
(€ m)
EV
(€ m)
Bollegraaf Recycling Solutions
n/a
n/a
21/11/
2015
Meat Processing Systems Holding
B.V.
n/a
20/11/
2015
CMOSIS nv
07/11/
2015
IMT BV
Date
Target
23/11/
2015
Bidder
Seller
Deal Description
ABN AMRO
Participaties
B.V.
Heiman Bollegraaf (Private
Investor)
"ABN AMRO Participaties B.V. (Netherlands), private equity arm of ABN AMRO
Bank N.V. (Netherlands) a financial services company, has acquired an undisclolsed majority stake in Bollegraaf Recycling Solutions (Netherlands), engineer
and manufacturer of turnkey recycling solutions and recycling equipment, from
Heiman Bollegraaf (Netherlands), private individual for an undisclosed consideration. BRS reported revenues and EBITDA of EUR 58m and EUR 1.7m respectively in 2013. It has a workforce of 200 employees.
382,0
Marel Food Systems
Equistone Partners Europe Limited
Marel Food Systems (Iceland), supplier of high-tech food processing equipments,
has signed a definitive agreement to acquire Meat Processing Systems Holding
B.V. (MPS) (Netherlands), a red meat processing systems designer and producer.
from Equistone Partners Europe Limited (UK), private equity firm. Marel will acquire MPS, for a consideration of EUR 382m on a debt-free and cash-free basis.
MPS is expected to generate an annual turnover of approximately EUR 150m and
EBITDA of approximately EUR 40m in 2015. It employs a workforce of around 670
people. In 2010, Barclays Private Equity Limited had acquired more than 75%
stake in MPS for an estimated consideration between EUR 150m and EUR 200m.
54,9
220,0
ams AG
TA Associates
Management,
L.P.
ams AG have agreed to acquire a 100% stake in CMOSIS nv, from TA Associates
Management, L.P. for a consideration of EUR 220m. ams AG (Austria), is engaged
in design and manufacture of high performance analogue and mixed signal solutions. CMOSIS nv (Belgium), is engaged in the development and supplies high
performance standard, customized area and line scan CMOS image sensors. TA
Associates Management, L.P. (USA), is a private equity firm. Post acquisition,
CMOSIS is expecting a turnover of approximately EUR 60m for the year 2015.
CMOSIS reported revenues of EUR 54,9m and profit after tax of EUR 9,5m. It has
more than 110 employees.
n/a
n/a
Tideland Signal
Corporation
Participatiemaatschappij
Oost Nederland
NV
Tideland Signal Corporation (US), engaged in developing, manufacturing, and selling marine aids to navigation equipment to the offshore oil and gas industry and a
portfolio of Rock Hill Capital (USA), private equity firm, has agreed to acquire IMT
BV (Netherlands), engaged in developing innovative lighting, navigation and signalization products and systems, from Participatiemaatschappij Oost Nederland
NV a private equity firm, for an undisclosed consideration.
16
Sales
(€ m)
EV
(€ m)
Zwart Techniek
B.V.
n/a
IMT Solutions
B.V.
n/a
Date
Target
02/11/
2015
05/10/
2015
Bidder
Seller
Deal Description
n/a
Power Generation B.V.
J.H. Zwart
Beheer B.V.
Power Generation B.V. (Netherlands), a company having interest in companies
engaged in manufacturing, supplying and installation of energy supply equipments, along with the current shareholder and director, have acquired Zwart Techniek B.V. (Netherlands), engaged in manufacturing, supplying and installation of
energy supply equipments, from J.H. Zwart Beheer B.V. (Netherlands), engaged
in providing actuarial and pension consultancy, and management services, and
other group of vendors, for an undisclosed consideration. Power Generation B.V.,
the current shareholder and director of Zwart Techniek B.V have acquired 81%,
14% and 4,99% of the company respectively.
n/a
General Electric
Company
n/a
General Electric Company (USA), diversified technology and financial services
company, has agreed to acquire IMT Solutions B.V. (Netherlands), manufacturer
of ultra filtration and microfiltration membranes for water treatment, for an undisclosed consideration.
17
Country Focus – Czech Republic
Sales
(€ m)
EV
(€ m)
FIOMO, a.s.
21
04/12/
2015
Multi-VAC spol.
s.r.o.
20/11/
2015
Date
Target
Bidder
Seller
Deal Description
23/12/
2015
28
Huhtamaki Flexible Packaging
Germany GmbH
& Co. KG
n/a
Huhtamaki Flexible Packaging Germany GmbH & Co. KG (Germany), engaged in
manufacturing and providing consumer and specialty plastic packaging products
and a subsidiary of Huhtamaki Oyj (Finland), a consumer and specialty packaging
company, has agreed to acquire FIOMO, a.s. (Czech Republic), manufacturer of
flexible packaging foils and labels, for a debt free consideration of EUR 28m. FIOMO employs approximately 120 people and recorded an annual turnover of approximately EUR 21m for the financial year 2014.
n/a
n/a
France Air
Ventilation Investments B.V.
France Air (France) that design and distribute air quality and HVAC equipment for
service buildings, hospitals, industrial structures, council housing and professional
kitchens, has acquired Multi-VAC spol. s.r.o. (Czech Republic), engaged in warm
air heating and air conditioning, from Ventilation Investments B.V. (Netherlands),
engaged in providing accounting consultancy, bookkeeping, tax records, registry
keeping, production, trade and services, for an undisclosed consideration.
Europe Easy
Energy
n/a
n/a
Bohemia Energy
Entity s.r.o
n/a
Bohemia Energy Entity s.r.o. (Czech Republic), supplier of gas and electricity, has
agreed to acquire Europe Easy Energy (Czech Republic), engaged in energy distribution business, for an undisclosed consideration.
16/11/
2015
LDS Sever,
spol. s r.o.
n/a
4,8
Ceskomoravska
Energeticka
n/a
Ceskomoravska Energeticka (Czech Republic), electricity supplier and a subsidiary of Unicapital, a.s. (Czech Republic), investment company, has acquired LDS
Sever, spol. s r.o. (Czech Republic), engaged in electricity distribution business,
for an undisclosed consideration. The deal is estimated to be valued at CZK 130m
(USD 4,81m).
11/11/
2015
Harding Safety
Czech s.r.o.
16,2
n/a
LICEHAMR &
partners Corporate Group,
s.r.o.
Harding Safety
AS
"LICEHAMR & partners Corporate Group, s.r.o. (Czech Republic), investment
company, has acquired Harding Safety Czech s.r.o. (Czech Republic), manufacturer of marine and mining equipments, from Harding Safety AS (Norway), a company which supplies lifeboats and other life-saving equipment to the shipping and
offshore markets and a portfolio company of Herkules Capital AS (Norway), private
equity firm, for an undisclosed consideration.
18
Country Focus – Denmark
Sales
(€ m)
EV
(€ m)
Nikodan Conveyor Systems
A/S (80% Stake)
15,9
16/12/
2015
Marimatech AS
06/11/
2015
27/10/
2015
Date
Target
Bidder
Seller
Deal Description
29/12/
2015
n/a
Lagercrantz
Group AB
n/a
"Lagercrantz Group AB (Lagercrantz) (Sweden), engaged in the provision of products and solutions in the electronics and communications industry, has acquired a
80% stake in Nikodan Conveyor Systems A/S (Nikodan) (Denmark), a company
which develops, sells and manufactures belt conveyors and other product handling
solutions, for an undisclosed consideration. Nikodan generated annual revenues
of more than SEK 150m (EUR 15,94m). The management of Nikodan will continue
to own 20% stake in the company.
5,3
n/a
Trelleborg Offshore and
Construction
Port of Milford
Haven ; NJV
Holding ApS
Trelleborg Offshore and Construction (UK), engaged in the manufacturing and
supply of polymer-based critical solutions and a subsidiary of Trelleborg AB (Sweden), engaged in the development, manufacture and marketing of polymer solutions, has acquired Marimatech AS (Denmark), engaged in supply of hi-tech maritime laser docking systems, from NJV Holding ApS (Denmark), investment holding company engaged in renting and operating of real estate and Port of Milford
Haven (UK) and members of the management, for an undisclosed consideration.
Marimatech global sales totaled approximately to SEK 50m in 2014.
Flux A/S
11,9
5,2
Acal Plc
Niels Overgaard
Christensen
Holding A/S
Acal Plc (UK), engaged in the distribution of sales and marketing services in the
fields of electronic components, industrial controls, IT products and IT parts services, has acquired Flux A/S (Denmark) a company that designs and manufactures custom magnetic components and power supplies for the high technology
electronics industry, from Niels Overgaard Christensen Holding A/S (Denmark),
investment holding company having interest in the electronics industry, for a consideration of DKK 39m (EUR 5,23m) on debt free cash free basis. A. Flux reported
revenues of DKK 89m (EUR 11.95m) with gross assets of DKK 53m (EUR 7,12m)
for the year ended 31 December 2014.
Welltec A/S
(26% Stake)
285,1
1019
7-Industries Holding B.V.
Summit Partners LLP
7-Industries Holding B.V. (Netherlands), investment company having interest in
companies engaged in Chemicals and materials and energy sector, has acquired
a 26% stake in Welltec A/S (Denmark), provider of robotic solutions for the oil and
gas industry, from Summit Partners LP (USA), private equity firm, an estimated
consideration of DKK 1,5bn (USD 221,584m). Welltec reported revenues of USD
345m and an EBITDA of USD 145,3m for 2014.
EV = Enterprise value
Source: Mergermarket, Capital IQ & InterFinanz GmbH
19
Country Focus – France
Date
Target
Sales
(€ m)
EV
(€ m)
18/12/
2015
Pack'R
14,5
17/12/
2015
PSB Industries
(34% Stake)
16/12/
2015
14/12/
2015
Bidder
Seller
Deal Description
n/a
Didier Bessard
(Private Investor)
Pierre Guillon
(Private Investor); Christine
Guillon (Private
Investor)
Didier Bessard (France), private individual, has acquired Pack'R (France), automatic filling and capping machines designer and manufacturer, from Christine Guillon and Pierre Guillon, the France-based private individuals, for an undisclosed
consideration. Pack'R has workforce of 100 employees and reported revenues of
EUR 14,5m in 2014.
262,0
210,8
Union Chimique
Participation;
Provendis; Entremont family
Cachat Family;
Wirth Family
Union Chimique Participation, Provendis and the Entremont family, all having interest in companies engaged in the business of packaging and specialty chemicals, together acquired 34% stake in PSB Industries SA (PSB) from Cachat and
Wirth families. PSB Industries SA (France) is a listed entity engaged in the production of cosmetics and perfume packaging. Union Chimique Participation (France)
is an investment holding company managed by Jean Guittard, Frenche private
individual. Provendis is a France-based investment holding company managed
and controlled by Rosnoblet family. Cachat and Wirth families are France-based
families having interest in the companies engaged in the business of packaging
and specialty chemicals. The implied equity value of the transaction is EUR
211,68m. Union Chimique Participation, Provendis and Entremont family combined will own 85,85% stake.
Group Sicame
326
n/a
Groupe Siparex;
Banque Tarneaud SA;
Etoile ID
Equistone Partners Europe Limited (UK), private equity firm, has acquired an undisclosed majority stake in Group Sicame (France), engaged in designing, manufacturing, and selling equipment for the construction of electricity transmission and
distribution systems, and street lighting and telecommunications from Banque Tarneaud SA (France), Groupe Siparex (France), private equity firm and Etoile ID
(France), private equity arm of Credit du Nord SA (France), financial group, for an
undisclosed consideration. Group Sicame reported revenues of EUR 326m for the
year 2014 and employs workforce of 2.500 people.
Global Closure
Systems
590,5
650,0
RPC Group Plc
PAI Partners
SAS
RPC Group Plc has agreed to acquire Global Closure Systems from PAI Partners
SAS, for EUR 650m. RPC Group Plc (UK), is a manufacturer and supplier of rigid
plastic packaging to the food and non-food, consumer and industrial markets.
Global Closure Systems (GCS) (France) is a designer, manufacturer and seller of
plastic closures for consumer packaging primarily for the personal care, food, beverage, pharmaceutical and industrial end markets. PAI Partners SAS (France) is
a private equity firm.
20
Sales
(€ m)
EV
(€ m)
Guichon Valves
SA
10,0
n/a
Valco Group
France SAS
n/a
Valco Group France SAS (France), a company that manufactures cryogenic
valves for the liquefied natural gas industry and industrial expertise in the nuclear
field, has acquired Guichon Valves SA (France), industrial valves and fittings manufacturer, for an undisclosed consideration. Guichon employs 75 collaborators for
a turnover of around EUR 10m.
02/12/
2015
Segepo Group
36,2
n/a
Capextens
Philippe Chapeaux (Private
Investor)
Capextens (France), venture capital arm of Dentressangle Initiatives SAS (France)
engaged in real estate and private equity investments, has acquired majority stake
in Segepo Group (France), a company providing industrial services to automotive,
construction and energy companies, from Philippe Chapeaux (France) private individual, for an undisclosed consideration. Segepo has 250 employees and reported revenue of EUR 36,2m in 2014 and expects to generate revenues of EUR
37,1m in 2015. Prior to the deal, Philippe Chapeaux, CEO of Segepo held 77%
stake in the company, which has been reduced to 25% post transaction.
01/12/
2015
JRI
12,0
n/a
InnovaFonds
SAS; BPI
France SA;
Turenne Capital
Sante
Thierry Vayssette (Private Investor); Anne
Beaufils (Private
Investor)
Turenne Capital Sante (France), investment fund of Turenne Capital Partenaires
(France), private equity firm, BPI France SA (France), principal investment firm,
and InnovaFonds SAS (France) venture capital firm, along with Mr. Pascal Vermeersch, Mr. Eric Cartalas and Mr. Andre Grezel, French private individuals, have
acquired JRI (France), developer of monitoring systems for for measurements and
products, from Mr. Thierry Vayssette, and Mr. Anne Beaufils, in an management
buy-in transaction, for an undisclosed consideration. JRI generated turnover of
EUR 12m in year 2014 and has 82 employees.
26/11/
2015
SYCLEF Group
n/a
n/a
Latour Capital
FCPR
Edmond de
Rothschild Investment Partners, S.A.S.
Latour Capital FCPR (France), private equity and venture capital firm, has acquired
a majority stake in SYCLEF Group (France), engaged in selling, designing, engineering, installation and maintenance of commercial refrigeration systems, food
processing and air conditioning, from Edmond de Rothschild Investment Partners,
S.A.S. (EdRIP) (France), private equity and venture capital firm, for an undisclosed
consideration.
13/11/
2015
Societe
d’Etudes et de
Constructions
Aeero-Navales
SAS
36,0
n/a
Quantum Capital Partners AG
Honeywell International Inc.
Quantum Capital Partners AG (Germany), private equity firm, has acquired Societe d’Etudes et de Constructions Aeero-Navales SAS (SECAN) (France), a company engaged in development and production of heat exchangers, and cooling
steam systems for the aviation, aerospace and automotive industry, from Honeywell International Inc. (USA), diversified technology and manufacturing company,
for an undisclosed consideration. SECAN reported an annual turnover of EUR 36m
in 2014. It employs a workforce of about 212 people.
Date
Target
14/12/
2015
Bidder
Seller
Deal Description
21
Sales
(€ m)
EV
(€ m)
COBRA Group
82,6
n/a
REMA TIP TOP
AG
n/a
REMA TIP TOP AG (Germany) manufacturer and marketer of automotive and industry products, has acquired significant interest in COBRA Europe SAS Group
(France), manufacture of conveyor belts and accessories, for an undisclosed consideration. In 2014, COBRA had reported revenues of USD 100m and employs
approximately 500 employees.
02/11/
2015
Monosem Inc
n/a
n/a
Deere & Company
Caroline Bergere (Private Investor); Dominique Bergere
(Private Investor)
Deere & Company (USA), provider of farm, construction, forestry and power systems equipments has agreed to acquire Monosem Inc (France) a company that
designs, manufactures, markets and distributes precision planters, from Caroline
Bergere and Dominique Bergere, Frenche private individuals, for an undisclosed
acquisition. Monosem has a workforce of about 350 employees worldwide.
01/11/
2015
Serta SAS
61,0
n/a
Unexo; MAT
Holdings, Inc.;
Stags participations
CM-CIC Investissement;
Audureau Family
MAT Holdings, Inc. (USA), manufacturer and distributor of products in the automotive, hardware, and power equipments sector along with Stags participations
(France), holding company of Philippe Louis-Dreyfus and Unexo (USA), private
equity firm, has acquired Serta SAS (France), engaged in designing and manufacturing hydraulic cylinders from CM-CIC Investissement (France), private equity
firm and the Audureau Family, a Frenche family, for an undisclosed consideration.
Serta employs 750 employees and achieved turnover of EUR 70m in 2015 and
EUR 61m in 2014.
28/10/
2015
Flexitech Europe SAS
n/a
72,4
Sun European
Partners, LLP
Flexitech Holding KK
Sun European Partners, LLP (UK) and an affiliate of Sun Capital Partners, Inc.
(USA), both private equity firms, has acquired Flexitech Europe SAS (Flexitech)
(France), designer and manufacturer of automotive hydraulic brake hoses, from
Flexitech Holding KK (Japan) holding company of Mitsubishi Corporation (Japan)
and Meiji Rubber & Chemical Co. Ltd (Japan), industrial rubber maker, for an undisclosed consideration. The deal is estimated to be valued at USD 80m. Flexitech
has a workforce of 1,200 employees.
27/10/
2015
Micropross SAS
n/a
95,0
National Instruments Corporation
Ardian
National Instruments Corporation (NI) (USA), developer of instrumentation and
graphical development software for data acquisition, instrument control, and machine vision systems, has acquired Micropross SAS (France), a company that develops, and supplies test and personalization solutions for radio-frequency identification (RFID), near field communications (NFC), smart cards, and wireless charging test systems, from its management and Ardian (France), private equity firm, for
a cash and stock consideration of approximately EUR 95m, net of cash and debt
assumed.
Date
Target
06/11/
2015
Bidder
Seller
Deal Description
22
Sales
(€ m)
EV
(€ m)
Groupe OXA
6,7
16/10/
2015
Francaise de
Roues S.A.S.U.
15/10/
2015
Groupe Genoyer
15/10/
2015
Montupet SA
13/10/
2015
Sofinther
Date
Target
21/10/
2015
Bidder
Seller
Deal Description
n/a
Groupe OXA
(management)
Alexandre
Chatain (Private
Investor)
Groupe OXA (France), B-to-B HVAC and clean energy materials distributor, has
been sold by its founder Alexandre Chatain to the management team, for an undisclosed consideration. The new managers are now Gilbert Hirigaray, Pascal
Marruedo et Pascal Andrault. Groupe OXA has annual revenues of around EUR
10m and three offices in France.
73,4
n/a
TM France
n/a
TM France (France) holding company of Thierry Morin (France), private individual
having interest in biotech industry and automotive components, has acquired Francaise de Roues S.A.S.U. (France), manufacturer of aluminum wheel rims and cylinder heads for the automotive industry, for an undisclosed consideration. Francaise de Roues currently has about 500 employees and is in receivership since
April 2014 being reviewed by the commercial court. Prior to going into receivership
Francaise de Roues reported revenue of EUR 73,4m and Net loss of EUR 1,2m.
292,0
n/a
Naxicap Partners
Qualium Investissement
Naxicap Partners (France), a private equity firm, has acquired an undisclosed majority stake in Groupe Genoyer (France), engaged in designing, engineering, production and distribution of piping equipment to transport oil, gas, water, and petrochemical products, from Qualium Investissement (France), a private equity firm,
for an undisclosed consideration. Genoyer reported revenues of EUR 292m in
2014 and has a workforce of 1,000 employess. In 2007, Qualium Investissement
acquired Genoyer from The Carlyle Group and management, for a consideration
of approximately EUR 142m.
n/a
836,2
Linamar Corporation
n/a
Linamar Corporation ("Linamar") [TSX:LNR] (Canada), automotive company, has
made an offer to acquire Montupet S.A. ("Montupet") [EPA:MON] (France), automotive component producer. The transaction will be structured as a cash public
takeover offer. Linamar intends to acquire all Montupet's existing issued and to be
issued ordinary shares in cash. The offer price is at EUR 71,53 per MON share in
cash. The offer price represents a 15,5% premium over MON closing price of EUR
61,93 as of 14 October 2015. The offer values the entire equity of Montupet at
EUR 771m.
106,0
n/a
Rexel SA
n/a
Rexel SA (France), engaged in the distribution of electrical solutions, has agreed
to acquire Sofinther (France), distribution company specializing in thermal, heating
and control solutions, for an undisclosed consideration. In 2014, Sofinther posted
sales of EUR 106m.has 206 employees and 24 branches spread across the country.
23
Date
Target
Sales
(€ m)
EV
(€ m)
07/10/
2015
AMR
11,3
n/a
Gert Unterreiner
Forstgerate
GmbH
n/a
Gert Unterreiner Forstgerate GmbH (Germany), forestry and agricultural equipment and machinery manufacturer along with the group of managers of AMR
(France), agricultural equipment manufacturer, has acquired the company in a
management buyout transaction, for an undisclosed consideration. AMR reported
revenues of EUR 11,3m for the financial year ended 2014 and has workforce of 50
employees.
06/10/
2015
Faiveley Transport SA
1.048
1.675
Wabtec Corporation
n/a
Wabtec Corporation (“Wabtec”) [NYSE:WAB] (USA), provider of technology based
products to the transport industry, has entered into exclusive negotiations regarding a proposed acquisition of Faiveley Transport SA (“Faiveley”) [EPA:LEY]
(France), manufacturer and systems provider for the rail industry. Wabtec intends
to enter a definitive share purchase agreement regarding 51% shares owned by
the Faiveley family. The definitive share purchase is structured with 25% cash and
75% share components. The offer price is EUR 100 (ex-div) per LEY share which
values the entire equity of LEY at EUR 1,46bn. The transaction is expected to
realise at least EUR 40m in annual pre-tax synergies and is expected to be accretive to earnings in 2016. Expected to have combined post-deal revenues of USD
4,5bn.
05/10/
2015
S.A. Martin Emballages
n/a
n/a
Jean-Luc Baley
(Private Investor)
n/a
Jean-Luc Baley, a Frenche private individual, has acquired S.A. Martin Emballages (France) wooden packaging manufacturer, for an undisclosed consideration. S.A. Martin Emballages last reported revenues of EUR 9m.
02/10/
2015
3CB SAS
n/a
45,0
Direct Energie
SA
Alpiq Holding
Ltd
Direct Energie SA (France), engaged in production and supply of electricity and
gas, has agreed to acquire 3CB SAS (France), a company that owns and operates
the combined cycle gas turbine near Bayet in the Allier region, from Alpiq Holding
Ltd. (Switzerland) electric power production and distribution utility. The purchase
will be made through a cash consideration of EUR 45m.
Bidder
Seller
Deal Description
24
Country Focus – Italy
Sales
(€ m)
EV
(€ m)
GPP Industrie
Grafiche S.r.l.
n/a
7
29/12/
2015
Gruppo Marzocchi S.p.A.
n/a
23/12/
2015
Riello S.p.A
(70% Stake)
21/12/
2015
17/12/
2015
Date
Target
Bidder
Seller
Deal Description
30/12/
2015
Cartotecnica
Goldprint S.p.a.
Astra
Cartotecnica Goldprint S.p.a. (Italy), engaged in providing packaging services, has
acquired GPP Industrie Grafiche S.r.l. (Italy), engaged in providing packaging services, from Astra (Italy), holding company having interest in companies engaged
in providing packaging services, for an undisclosed consideration. The deal is estimated to be valued at EUR 7m.
n/a
VRM SpA
Tenneco Inc
VRM SpA (Italy), motorcycle component producer, has acquired Gruppo Marzocchi S.p.A. (Italy), a company that designs and manufactures motorbike and
mountain bike suspensions and gear pumps for hydraulic systems, from Tenneco
Inc (USA), designer, manufacturer and distributor of automotive ride control and
emission control products and systems for the automotive original equipment market, and the repair and replacement market, or aftermarket, for an undisclosed
consideration. Marzocchi currently has 120 employees.
500
n/a
United Technologies Holdings
Italy srl
Riello family
United Technologies Holdings Italy srl (Italy), a subsidiary of United Technologies
Corporation (USA), provider of technology products and services to the aerospace
and commercial building industries, has agreed to acquire approximately 70%
stake in Riello S.p.A (Italy), a company that manufactures and markets heating
and air conditioning systems, from Riello family, Italian family, for an undisclosed
consideration. Riello reporated revenues of EUR 500m, EBITDA of EUR 59m and
has debt of EUR 340m. Riello operates in over 60 countries and has 2.000 employees and consist of brands like Riello, Beretta, Thermital, Sylber, Vokera, Fontecal and FIT Service. Riello family will retain the remaining 30% stake.
Controls S.r.l.
40
n/a
Wise SGR
S.p.A.
Abacus Invest
S.C.A.
Wise SGR S.p.A. (Italy), a private equity firm, along with existing investors Emdin
Family and Di Iorio family, Italy-based families, have agreed to acquire Controls
S.r.l. (Italy), manufacturer and supplier of testing equipment for the construction
industry, from Abacus Invest S.C.A. (Luxembourg), private equity firm, for an undisclosed consideration. Controls reported revenues of over EUR 40m in 2014 and
has a workforce of around 135 employees. Earlier in 2006, Abacus acquired 56%
stake in Controls, for a consideration of EUR 12.88m.
Mauri Elettroforniture S.p.A.
96
n/a
Comoli Ferrari &
C. S.p.A.
n/a
Comoli Ferrari & C. S.p.A. (Italy), engaged in distribution of electrical materials,
automation items, conductors, security, and lighting systems, has acquired Mauri
Elettroforniture S.p.A.(Italy), distributor of electrical equipment, for an undisclosed
cash consideration. Mauri Elettroforniture generated revenues of EUR 96m in
2014 and has a workforce of around 300 employees.
25
Sales
(€ m)
EV
(€ m)
Heat & Power
s.r.l
16,3
16/12/
2015
Roen Est s.r.l.
14/12/
2015
10/12/
2015
Date
Target
Bidder
Seller
Deal Description
16/12/
2015
n/a
E.ON SE
n/a
E.ON SE (Germany) has acquired Heat & Power s.r.l (Italy), engaged in producing
energy, for an undisclosed consideration. Heat & Power recorded revenues for
EUR 16,3m as of 31 December 2014.
n/a
n/a
D E Shaw & Co
Synergo SGR
S.p.A.
D E Shaw & Co (USA), private equity firm, has acquired Roen Est s.r.l. (Italy),
manufacturer of refrigerator and heating equipment, from Synergo SGR S.p.A. (Italy), private equity firm for an undisclosed consideration. Roen Est has a workforce
of 390 employees. In 2007, Sofipa SGR SpA had acquired 60% stake in Roen Est
for a consideration of EUR 13,5m. In 2009, Synergo SGR S.p.A. had acquired 37%
stake in Roen Est for a consideration of EUR 8,3m. In 2013, Bain, Cuneo e Associati (Italy), a consultancy firm, and Synergo SGR S.p.A. had acquired Sofipa SGR
SpA from UniCredit Group, and integrated into Synergo SGR S.p.A.
Pininfarina
S.p.A.
81,9
94,9
Mahindra & Mahindra Ltd.;
Tech Mahindra
Limited
Pincar Srl
Mahindra & Mahindra Ltd and Tech Mahindra Limited has agreed to acquire
76,06% stake in Pininfarina S.p.A. from Pincar Srl, and will subsequently launch a
takeover bid to acquire the remaining 23,94% stake. Mahindra & Mahindra Ltd
(M&M) (India), is engaged in the manufacture, distribution, and sale of tractors,
multi-utility vehicles, light commercial vehicles, and three wheelers through its subsidiaries. Tech Mahindra Limited (Tech Mahindra) (India), is a provider of information technology solutions. Pininfarina S.p.A (Pininfarina) (Italy), is a company
that offers design, engineering and manufacturing of vehicles. Pincar Srl (Pincar)
(Italy), is an investment holding company having interest in companies that are
engaged in designing, engineering and manufacturing of vehicles. The implied equity value of the transaction is approx EUR 33,183m. This investment is made by
Tech Mahindra and M&M via a joint venture company, whose ownership shall be
held 60% by Tech Mahindra and 40% by M&M.
DL Radiators srl
63,2
82,7
Veneto Sviluppo
S.p.A.
DeLclima S.p.A
"Veneto Sviluppo S.p.A (Italy), fund created for SMEs, acquired DL Radiators srl
(Italy), engaged in manufacturing and distribution of heating radiators and air conditioning, from DeLclima S.p.A (Italy), engaged in manufacturing and distribution
of air conditioning and heating products, for a consideration worth EUR 15m. As
of 31 December 2014, DL Radiators recorded revenues of EUR 63,24m and a
negative EBITDA of EUR 46,96m.
26
Sales
(€ m)
EV
(€ m)
Societa Elettrica
Ferroviaria S.r.l.
n/a
09/12/
2015
Varisco Group
S.p.a.
03/12/
2015
CMFIMA S.r.l.
(50% Stake);
Carle&Montanari-OPM
S.P.A. (50%
Stake)
03/12/
2015
Ferrari SpA
Date
Target
09/12/
2015
Bidder
Seller
Deal Description
757
Terna SpA
Ferrovie dello
Stato SpA
Terna SpA has agreed to acquire Societa Elettrica Ferroviaria S.r.l. from Ferrovie
dello Stato SpA, for EUR 757m. Terna SpA (Italy) is an electricity transmission
company which includes other operations such as plant engineering, power plant
and line operation and management, and grid automation. Societa Elettrica Ferroviaria S.r.l. (Italy) is the electricity transmission network of Ferrovie dello Stato SpA.
Ferrovie dello Stato SpA (Italy) is a state owned rail company. The transaction will
not involve the transfer of staff and financial liabilities.
30
n/a
Atlas Copco AB
Sovema Spa
Atlas Copco AB (Sweden), a group engaged in the development, manufacture and
marketing of compressors, construction and mining equipment, power tools and
assembly systems, has agreed to acquire Varisco Group S.p.a. (Italy), a company
that produces, sells and rents industrial pumps, from Sovema Spa (Italy), supplier
of machinery for lead-acid battery production, for an undisclosed consideration.
Varisco employs 135 people and had revenues of EUR 30m in 2014.
n/a
51
Sacmi Imola
S.C.
IMA S.p.A.
Sacmi Imola S.C. (Italy), engaged in manufacturing of machines and plants for the
ceramics, beverage and packaging, food processing, has agreed to acquire a 50%
stake in both Carle&Montanari-OPM S.P.A. and CMFIMA S.r.l. (Italy), both engaged in designing and building machinery and equipment for the transformation
of cocoa and the processing, moulding and packaging of chocolates, from IMA
S.p.A. (Italy), manufacturer of automatic packaging machines for the tea, pharmaceutical and cosmetic industries, for a consideration of EUR 25,5m. Sacmi will own
a 100% stake in the acquired companies. CMH reported revenues of EUR 113m
and EBITDA of EUR 8,2m in 2014.
2.762
8.093
Fiat Chrysler
Automobiles
N.V. (Shareholders)
Fiat Chrysler
Automobiles
N.V
Fiat Chrysler Automobiles N.V. has agreed to spin off its Ferrari business, as a
separate publicly listed company. Ferrari N.V. common shares will be listed on the
Mercato Telematico Azionario (MTA) and the New York Stock Exchange. FCA will
distribute its ownership interest of 80% to holders of FCA shares and mandatory
convertible securities. S.p.A. Ferrari common shares will start trading on the MTA
on 4 January 2016, under the RACE ticker symbol and the ISIN code
NL0011585146. Ferrari N.V. got listed on New York Stock Exchange on 21 October 2015.
27
Sales
(€ m)
EV
(€ m)
Acciaierie di Verona S.p.A.
n/a
26/11/
2015
Bari Fonderie
Meridionali
S.p.A.
25/11/
2015
Date
Target
Bidder
Seller
Deal Description
01/12/
2015
n/a
Gruppo Pittini
S.p.A
Gruppo Riva
Gruppo Pittini S.p.A (Italy), engaged in manufacturing steel products, and a subsidiary of FIN FER S.p.A. (Italy), engaged in trading and processing of metal and
aluminium, has acquired a plant in Verona for the production of steel, wire rod,
rebar for reinforced concrete, coils and arc-welded meshes, from Gruppo Riva (Italy), iron and steel producer, for an undisclosed consideration. The Verona plant
has a workforce of 418 employees.
n/a
6,5
Rete Ferroviaria
Italiana Spa
n/a
Rete Ferroviaria Italiana Spa (RFI (Italy), a company that provides railway infrastructure management services, and a subsidiary of Ferrovie dello Stato SpA (Italy), a rail company, has acquired Bari Fonderie Meridionali S.p.A.(BFM) (Italy),
manufacturer of cast manganese steel crossings and mobile point crossings for
railway turnouts, for an approximate consideration of EUR 6,5m. Since November
2014, BFM, due to the high procurement costs, partially stopped the operations
and has agreed with its creditors, to continue the activity, avoiding the status of
default.
CCRE Spa
(50% Stake)
27
15
Descours et
Cabaud S.A.
n/a
Descours et Cabaud S.A.(France), engaged in distribution of building and public
works, industrial products and services, has acquired 50% stake in CCRE Spa
(Italy), a company that manufactures industrial supplies, bearings, mechanical
drives, pneumatics, conveyor components, adhesives, and lubricants, for an undisclosed consideration. The deal is estimated to be valued at EUR 7,5m. CCRE
Spa reported revenues of EUR 27m in the year 2014.
25/11/
2015
Delta OHM s.r.l.
n/a
n/a
GHM Messtechnik GmbH
n/a
GHM Messtechnik GmbH (Germany), engaged in supply of measurement technology, has acquired Delta OHM s.r.l. (Italy), manufacturer of weather and lighting
measurement equipment, for an undisclosed consideration.
24/11/
2015
Oli SpA (80%
Stake)
n/a
71,4
Wolong Electric
Group Co Ltd
WAM SpA; Giorgio Gavioli (Private investor)
Wolong Electric Group Co Ltd, via its wholly-owned subsidiary, Wolong Italy Holding Group S.r.l., has agreed to acquire a 80% stake in Oli SpA from WAM SpA and
Giorgio Gavioli. Wolong Electric Group Co Ltd (China) is an electric motors manufacturer engaged in design and sale of control equipment, transformers and storage batteries. Oli SpA (Italy) is engaged in designing, producing and marketing
vibrators. WAM SpA (Italy) manufacturer and supplier of equipment for Bulk Material Handling, Dust Filtration, Waste Water, Mixing and Vibration Technology. Giorgio Gavioli is an Italian private investor and the CEO of the target. Terms: Cash
consideration of EUR 54,11m (USD 57,90m). IEV is valued at EUR 71,39m (USD
76,39m). Post transaction, Wolong Electric Group may acquire the remaining 20%
stake in the following years.
28
Sales
(€ m)
EV
(€ m)
Goldoni S.p.A.
n/a
15/11/
2015
Valmex SpA
(40% Stake)
10/11/
2015
03/11/
2015
Date
Target
Bidder
Seller
Deal Description
20/11/
2015
n/a
Lovol Europe
Heavy Industries Engineering S.r.l.
n/a
Lovol Europe Heavy Industries Engineering S.r.l. (Italy), engaged in manufacturer
of agricultural machinery, and a subsidiary of Foton Lovol International Heavy Industry Co Ltd, (China), manufacturer of heavy machinery and vehicles, has agreed
to acquire Goldoni S.p.A. (Italy), manufacturer of two-wheeled tractors, utility vehicles, motocultivators, and motor mowers, for an undisclosed consideration. Goldoni, which has 270 employees, was put into administration in June 2015 on request of its creditors.
50
n/a
Orkli S.Coop
Capodagli family
Orkli S.Coop (Spain), engaged in the manufacture and sale of components for
central heating, domestic hot water, water heating, and domestic appliances, has
acquired a 40% stake in Valmex SpA (Italy), manufacturer of heat exchangers for
heating, cooling and air-conditioning systems, cold pressed metal parts, assembly
and subgroups related equipment and automations, from Capodagli family, an Italian family, for an undisclosed consideration. Orkli is a subsidiary of Mondragon S.
Cooperativa (Spain), engaged in the financial, industrial, retail, and knowledge and
education businesses. Valmex has generated revenues of EUR 50m and has a
workforce of 200 employees.
Emmeti s.p.a.
(91% Stake)
78,5
n/a
Rettig Group
Ltd.
PM & Partners
SGR S.P.A.;
Mario Martin
(Private investor)
Rettig Group Ltd. (Finland), operating in hydronic and electrical heating and indoor
climate regulation, has agreed to buy 91% stake of Emmeti s.p.a. (Italy), manufacturer of heating and refrigeration equipment, from PM & Partners SGR S.P.A. (Italy), private equity firm and Mario Martin, the co-founder and CEO of Emmeti, for
an undisclosed consideration, that has been reported to be a minimum of EUR
100m. Mario Martin will retain 9% of the shares in Emmeti, whereas PM&Partners
is selling 65% stake, bought in 2008 for a minimum deal value worth 120m.
Gianetti Ruote
S.r.l. (70%
Stake)
33,4
28,2
Accuride Corporation
MW Italia SpA
Accuride Corporation (USA), engaged in manufacturing and supplying of commercial vehicle components, has acquired 70% stake in Gianetti Ruote S.r.l. (Italy),
manufacturer of steel wheels for trucks, buses, and off-the-road vehicles, from MW
Italia SpA (Italy), engaged in designing, developing, manufacturing, and supplying
of wheels to various vehicle manufacturing companies and subsidiary of Coils
Lamiere Nastri SpA (Italy), producer and distributor of steel strip, sheet iron and
steel plates for the automotive industry, for a consideration of EUR 19,75m. MW
Italia will retain the remaining 30% stake in Gianetti Ruote. Gianetti Ruote reported
revenues of USD 37,6m with a negative EBITDA of USD 2,2m for the twelve
months ended 30 September 2015.
29
Sales
(€ m)
EV
(€ m)
GE Transportation Systems
S.r.l.
n/a
30/10/
2015
Askoll Sei Srl
29/10/
2015
29/10/
2015
Date
Target
Bidder
Seller
Deal Description
02/11/
2015
n/a
Alstom Ferroviaria S.p.A.
GE Italia Holding S.p.A
Alstom Ferroviaria S.p.A. (Italy), manufacturer of rail transport equipment, trains,
systems for railway signaling, and rolling stock and associated equipment, and a
subsidiary of Alstom SA (France), engaged in the manufacture of transport and
energy infrastructure, has acquired GE Transportation Systems S.r.l. (Italy), manufacturer of components and equipment for rail vehicles and railway signaling, from
GE Italia Holding S.p.A (Italy), holding company having interest in manufacturer of
components and equipment for rail vehicles and railway signaling, for an undisclosed consideration.
15
n/a
Taco Inc.
Askoll Holding
S.r.l.
Taco Inc. (USA), manufacturer of heating, ventilation and air-conditioning equipment, through its subsidiary Taco Comfort Solutions (Italy), manufacturer of HVAC
heating, cooling, and plumbing products, has acquired Askoll Sei Srl (Italy), manufacturer of heating pumps, from Askoll Holding S.r.l. (Italy), pump manufacturer
and producer of engines for washing machines and dishwashers, for an undisclosed consideration.
Techno Plastic
srl
n/a
n/a
Dietze + Schell
Maschinenfabrik
GmbH & Co. KG
n/a
Dietze + Schell Maschinenfabrik GmbH & Co. KG (Germany), manufacturer of precision winding and finishing systems that are used in the textile, plastics and fiberglass production industries, has acquired Techno Plastic srl (Italy), engaged in the
field of twisters, rope layers and extrusion systems for strapping, monofilaments
and tapes, for an undisclosed consideration.
Comecer S.P.A.
(45% Stake)
57
48,9
Principia SGR
Fondo Italiano
d'Investimento
SGR S.P.A.;
Zanelli family
Principia SGR (Italy), private equity firm has acquired a 45% stake in Comecer
S.P.A. (Italy), provider of protection technologies in the field of nuclear medicine,
isolation technology and nuclear power plant equipment from Fondo Italiano d'Investimento SGR S.P.A. (Italy), private equity firm and the Zanelli family, an Italian
family, for an undisclosed consideration. The deal value is estimated to be EUR
22m. Principia will acquire a 33% stake from Fondo Italiano and 12% stake from
the Zanelli family, which will continue to own a majority stake of 55% in Comece.
Comecer is expected to generate revenue of EUR 65-70m and EBITDA of over
EUR 10m for the year 2015. In March 2011, Fondo Italiano acquired a 32,90%
stake in Comecer for a consideration of EUR 7,5m.
30
Sales
(€ m)
EV
(€ m)
Saipem SpA
(12.5% Stake)
12.873
9.484
26/10/
2015
Edipower SpA
(20.5% Stake)
n/a
23/10/
2015
Ferroli SpA
450
Date
Target
27/10/
2015
Bidder
Seller
Deal Description
Fondo Strategico Italiano
S.p.A.
Eni S.p.A.
Fondo Strategico Italiano S.p.A. has agreed to acquire a 12.5% stake in Saipem
SpA from Eni S.p.A, a subsidiary of Cassa depositi e Prestiti S.p.A. Fondo Strategico Italiano S.p.A. (FSI) (Italy), holding company for equity investments. Saipem
SpA (Italy), is engaged in engineering, construction, and drilling businesses. Eni
S.p.A. (Italy) is engaged in the exploration and production, gas and power, refining
and marketing, engineering and construction, and chemicals and other activities.
Cassa depositi e Prestiti S.p.A. (Italy) is engaged in the provision of financing services for public sector investments. FSI acquired 12,5% of Saipem at a price of
EUR 463.238.681,60 (price per share EUR 8.3956, which represents a premium
of 1,5% over Saipem closing share price of EUR 8,27 on 26 October 2015). Saipem employs 46.500 workers worldwide.
n/a
A2A SpA
Mediobanca
S.p.A.; Banca
Popolare di Milano Scarl;
Fondazione
CRT; Societa
Elettrica Altoatesina S.p.A.
A2A SpA (Italy), multi utility company, has agreed to acquire a 20.5% stake in
Edipower SpA (Italy), owner and operator of thermal, hydro-electric and photovoltaic power plants, from Societa Elettrica Altoatesina S.p.A. (SEL) (Italy), electricity
producer and operator, Banca Popolare di Milano Scarl (BPM) (Italy), Mediobanca
S.p.A (Italy) and Fondazione CRT (Italy), non-profit entity that provides finance to
projects with philantropic mission, for an undisclosed consideration. Upon completion of the transaction, Edipower will be entirely owned by A2A.
n/a
Oxy Capital Sociedade de
Capital de Risco
SA; Attestor
Capital LLP
n/a
Attestor Capital LLP (UK), investment advisory firm along with Oxy Capital - Sociedade de Capital de Risco SA (Portugal), private equity and venture capital firm
specializing in mezzanine investments, has agreed to acquire Ferroli SpA (Italy),
producer of ventilation and heating systems, from Ferroli Family, the Italy-based
family, for an undisclosed consideration. As per the terms of the agreement, Ferroli
will receive an investment of EUR 60m, of which EUR 30m new finance will be
paid immediately. The deal is a result of EUR 395m debt restructuring plan which
was instigated when Ferroli ran into insolvency proceedings. The Ferroli Group
employs more than 1,000 people in Italy. Ferroli posted a turnover of EUR 450m
in 2014 and EUR 252m in 2013.
31
Date
Target
23/10/
2015
Titan Brakes
S.r.l. (50%
Stake)
19/10/
2015
Hydro Aluminium Slim S.p.A.
02/10/
2015
02/10/
2015
Sales
(€ m)
EV
(€ m)
n/a
Bidder
Seller
Deal Description
12
LPR s.r.l
Titan Italia SpA
LPR s.r.l (Italy), engaged in manufacturing and markets brake friction, brake hydraulics, and clutch hydraulics, has agreed to acquire 50% stake in Titan Brakes
S.r.l. (Italy), engaged in manufacturing and commercialization of industrial brakes,
from Titan Italia SpA (Italy), manufacturer of engineering and automotive wheels,
brakes and idlers, and a subsidiary of Titan Europe Plc (UK), manufacturer of
wheels for agricultural vehicles and construction industries, for an undisclosed
consideration. The deal is estimated to be valued at EUR 6m. Lpr S.r.l. intends to
purchase the remaining 50% stake in Titan Brakes S.r.l., from Titan Italia S.p.A.
the by 31 July 2017.
175,9
n/a
Rolling Mills International
GmbH
Norsk Hydro
ASA
Norsk Hydro ASA (Norway), producer of aluminum materials, has agreed to sell
Hydro Aluminium Slim S.p.A. (Italy), a rolling mill, which produces aluminium rolled
products and plain foil, to Rolling Mills International GmbH (Germany), an aluminium production company, for an undisclosed consideration. Hydro Aluminium has
approximately 430 employees and a production capacity of around 92.000 metric
tonnes rolled products per year. At the 31 December 2014, Hydro Aluminium reported revenues worth EUR 175,9m and net income of EUR -14,1m.
Free Energia
SpA (97.6%
Stake)
n/a
17,9
Sistematica
S.p.a.; Energetica Invest SpA;
BA & Partners
S.p.A.
TerniEnergia
S.p.A.
BA & Partners S.p.A. (Italy), holding alternative energy company active in energy
trading and the realization of green power plants, Energetica Invest SpA (Italy),
investment holding company interested in energy sector and Sistematica S.p.a.
(Italy), engaged in offering energy-trading services, have agreed to acquire 97,6%
stake in Free Energia SpA (Italy), alternative energy company active in energy
trading and the realization of green power plants, from TerniEnergia S.p.A. (Italy),
engaged in the design, marketing and installation of industrial photovoltaic systems, a subsidiary of ITALEAF SpA (Italy), for a consideration of EUR 17,5m.
Koch Heat
Transfer Company S.r.l.
n/a
n/a
VRV S.p.A.
Koch Heat
Transfer Company, LP
VRV S.p.A. (Italy), engaged in the design and manufacture of pressure equipment
and plants, has acquired Koch Heat Transfer Company S.r.l. (IMB Industrie Meccaniche di Bagnolo) (taly), manufacturer of heat transfer equipment, from Koch
Heat Transfer Company, LP (USA), a company that designs and fabricates specialty heat exchangers, and a subsidiary of Koch Chemical Technology Group LLC
(USA), engaged in the design, manufacture, sale, installation, and service of process and pollution-control equipment, for an undisclosed consideration. IMB has
120 employees.
32
Country Focus – Norway
Sales
(€ m)
EV
(€ m)
Wellbore AS
10,5
18/12/
2015
Auto-Maskin AS
18/11/
2015
16/11/
2015
Date
Target
Bidder
Seller
Deal Description
31/12/
2015
n/a
Lime Rock Partners VII, L.P.
n/a
Lime Rock Partners VII, L.P. (USA), private equity fund of Lime Rock Partners
(USA), private equity firm, through Eclipse Intervention Holdings Limited (UK),
holding company has acquired Wellbore AS (Norway), oil service company specializing in the downhole service segment and providing state-of-the-art technology, primarily in the slot recovery area, for an undisclosed consideration. Wellbore
reported an annual turnover of NOK 95,079m (EUR 10,53m) and net earnings of
NOK 2,973m (EUR 0,32m) for the year 2014.
11,7
n/a
Lifco AB
n/a
Lifco AB (Sweden) manufacturer of dental products, machinery and tools, sawmill
equipment, contract manufacturing, interiors for vehicles, and environmental technology, has agreed to acquire Auto-Maskin AS (Norway), producer of diesel control units for environmentally friendly marine applications, for an undisclosed consideration. Auto-Maskin currently has 65 employees.
OK Marine AS
3,7
n/a
Egersund Group
AS
Lillehavn Invest
AS; Vraget Invest AS
Egersund Group AS (Norway), engaged in supplying trawling equipment to fishing
fleets and fish farming industry, has acquired OK Marine AS (Norway), engaged in
supplying equipments for the fishing and aquaculture industry, from Lillehavn Invest AS and Vraget Invest AS (Norway), holding companies having interest in companies engaged in supplying equipments for the fishing and aquaculture industry,
for an undisclosed consideration. OK Marine AS reported revenue of NOK
33,317m (EUR 3,6924m).
Premier Oil
Norge AS
n/a
111,4
Det Norske
Oljeselskap
ASA
Premier Oil Plc
Det Norske Oljeselskap ASA (Norway), oil and gas company, has agreed to acquire Premier Oil Norge AS (PONAS) (Norway), subsidiary of Premier Oil Plc (UK),
oil and gas exploration and production company, for a cash consideration of USD
120m, on a cash free debt free basis. As of 30 June 2015, PONAS had net assets
of USD 146,3m. For the year ended 31 December 2014, PONAS reported an operating loss of USD 17,4m.
33
Country Focus – Norway
Sales
(€ m)
EV
(€ m)
Gas & Diesel
Power AS
9,2
30/10/
2015
Advantec AS
02/10/
2015
Skagerak
Elektro AS (51%
Stake)
Date
Target
13/11/
2015
Bidder
Seller
Deal Description
n/a
Mitsubishi Turbocharger and
Engine Europe
B.V.
Ulstein Marine
Technology AS;
Lokke Invest AS
Mitsubishi Turbocharger and Engine Europe B.V. (MTEE) (Netherlands), provider
of diesel and gas engine solutions and generator sets for marine applications, industrial, construction and agricultural industry and a subsidiary of Mitsubishi Heavy
Industries Ltd, a listed Japan-based conglomerate, has acquired Gas & Diesel
Power AS (G&DP) (Norway), designer and manufacturer of gas and diesel gensets
for marine and land based power generation, as well as engines for marine propulsion, from Ulstein Marine Technology AS (Norway), engaged in providing specialised marine technologies for rigs and ships and Lokke Invest AS (Norway),
investment holding company, for an undisclosed consideration. G&DP has reported revenues of NOK 83,31m (EUR 9,23m) and NOK 111,35m (EUR 13,33m)
in 2014 and 2013 respectively.
n/a
n/a
GE Oil & Gas
Norvestor V,
L.P.
GE Oil & Gas (UK), a company that develops, manufactures and delivers technology equipment and services for the oil and gas industry and a subsidiary of General Electric Company (USA), a diversified technology and financial services company, has agreed to acquire Advantec AS (Norway), supplier of electro-hydraulic
Installation & Workover Control Systems and associated life-of-field service for the
global subsea industry, from Norvestor V, L.P.(Norway), a fund managed by private equity firm Norvestor Equity AS (Norway), a private equity firm, for an undisclosed consideration. Advantec has 370 employees.
19,9
n/a
Telemark Group
A.S
Skagerak Energi
AS
Telemark Group A.S (Norway), investment holding company having interest in
companies engaged in energy, health & care and infrastructure sector, has acquired 51% stake in Skagerak Elektro AS (Norway), provider of network infrastructure, electrical installations, transport - lighting and energy conservation services,
from Skagerak Energi AS (Norway), engaged in production and distribution of electrical power, for an undisclosed consideration. Skagerak Energi will retain the remaining 49% stake in Skagerak Elektro. Skagerak Elektro reported revenues of
approx. NOK 179,229m (EUR 19,8634m) and has 125 employees.
34
Country Focus – Poland
Sales
(€ m)
EV
(€ m)
ZREW Transformatory S.A.
n/a
27/11/
2015
CSY SA
(82.48% Stake)
15/10/
2015
06/10/
2015
Date
Target
Bidder
Seller
Deal Description
22/12/
2015
n/a
Rauscher &
Stoecklin AG
Highlander Partners, L.P.
Rauscher & Stoecklin AG (R&S) (Switzerland), manufacturer of transformers, electrical equipment and switchgear, and portfolio company of CGS Management AG
(Switzerland), private equity firm, has acquired ZREW Transformatory S.A. (Poland), engaged in manufacturing, renovating and repairing power transformers,
from Highlander Partners, L.P. (USA), private equity firm, for an undisclosed consideration. ZREW has 190 employees.
n/a
12,7
Zastal SA
Omegia SA
Zastal SA (Poland), engaged in steel constructions, has acquired 82.48% stake in
CSY SA (Poland), engaged in producing spare parts for vehicles and machinery,
from Omegia SA (Poland), the holding company. Zastal will pay PLN 44,541m
(EUR 10,45m) for the acquisition of 82,48% of the share capital of CSY SA.The
offer provides a premium of 22.9% based on CSY’s closing share price on 26 November 2015. The implied equity value of the transaction is approximately PLN
54m (EUR 12,67m).
Medcom sp.
z.o.o. (49%
Stake)
53,7
n/a
Mitsubishi
Electric Corporation
n/a
Mitsubishi Electric Corporation (Japan), engaged in manufacturing and selling of
electric and electronic equipment, has agreed to acquire 49% stake in Medcom
sp. z.o.o. (Poland), manufacturer of railcar electrical equipment, for an undisclosed
consideration. In 2014, Medcom had reported revenues of USD 65m and employs
over 200 employees.
PPHU Pabex
Sp. J.
n/a
n/a
Marpol S.A.
n/a
Marpol S.A. (Poland), flexible packaging manufacturer, has acquired PPHU Pabex
Sp. J. (Poland), engaged in manufacturing packaging material, for an undisclosed
consideration.
35
Country Focus – Sweden
Sales
(€ m)
EV
(€ m)
Axipto AB
26,6
16/12/
2015
REC Indovent
AB
15/12/
2015
Date
Target
Bidder
Seller
Deal Description
17/12/
2015
n/a
Inducore AB
Bert Ovesson
(Private Investor)
Inducore AB (Sweden), an industrial group specialized in truck bodies, systems
solutions, and component manufacturing, has acquired Axipto AB (Sweden), subcontractor to the heavy truck and construction equipment industry, from Mr. Bert
Ovesson, a Swedish private individual, for an undisclosed consideration. In 2014,
Axipto reported revenue of approximately SEK 250m (USD 26,58m) and has a
workforce of about 100 employees.
9,6
n/a
Ernstromgruppen AB
Elof Hansson
AB
Ernstromgruppen AB (Sweden), holding company engaged in owning and operating businesses in technical trading and real estate sector, has acquired REC Indovent AB (Sweden), manufacturer of ventilation and industrial products, from Elof
Hansson AB (Sweden), private company engaged as business facilitator for forestry, construction, electronic and industrial, for an undisclosed consideration.
REC has a workforce of 40 employees and reported revenues of SEK 95m (EUR
10,1m).
PIAB Invest AB
n/a
n/a
EQT Partners
AB
Altor Equity
Partners AB
EQT Partners AB (Sweden), private equity firm, has agreed to acquire the majority
stake in PIAB Invest AB (Sweden), provider of vacuum products and system solutions, from Altor Equity Partners AB (Sweden), private equity firm, for an undisclosed consideration. PIAB has a workforce of 270 employees.
02/12/
2015
Brodd Sweden
AB
n/a
n/a
Epoke A/S
Per-Olov Brodd
(Private Investor)
Epoke A/S (Denmark), engaged in manufacturing and distribution of machinery
and equipment for icy and slippery roads and a portfolio company of Erhvervsinvest Management A/S (Denmark), private equity firm, has acquired Broddsweden
AB (Sweden), sweeping equipment manufacturer from Per-Olov Brodd (Sweden),
private individual, for an undisclosed consideration. Brodd employs a total of 42
employees.
02/12/
2015
Akers AB
n/a
75,5
Ampco-Pittsburgh Corporation
Altor Equity
Partners AB
Ampco-Pittsburgh Corporation (USA), plastic manufacturer, specialized in forged
and cast rolls, air and liquid processing and plastics processing machinery has
agreed to acquire Akers AB (Sweden), producer of rolls for the iron and steel industry from Altor Equity Partners AB (Sweden), private equity firm, for a consideration of USD 80m. The deal excludes Akers’s operations in France and Belgium.
36
Sales
(€ m)
EV
(€ m)
8,5
PMC Group AB
Powermec AB
Date
Target
30/11/
2015
Akerstroems
Bjoerbo AB
17/11/
2015
13/11/
2015
Bidder
Seller
Deal Description
n/a
Smarteq Wireless AB
Verdane Capital
Advisors AS
Smarteq Wireless AB (Sweden), a company developing, designing, and manufacturing access products and systems for wireless telecommunications, has agreed
to acquire Akerstroems Bjoerbo AB (Sweden), a company that develops, produces, markets, and services products for industrial remote control of cranes, mobile industrial vehicles, door-opening systems, and locomotives, from Verdane
Capital Advisors AS (Norway), private equity firm, for an undisclosed consideration. Smarteq and Aakerstroems Bjoerbo shareholders will own 52% and 48%
stakes respectively in new group company. In 2014, Akerstroems Bjoerbo reported revenue of SEK 80m and has workforce of 60 employees.
190,9
n/a
Nordstjernan AB
PMC Group AB
(Creditors)
Nordstjernan AB (Sweden), a private equity firm, has acquired PMC Group AB
(Sweden), manufacturer of hydraulic systems for original equipment manufacturers in the manufacturing industry, goods handling, forest industry, and for marine
applications, from a consortium led by Nordea AB (Sweden), financial services
group, for an undisclosed consideration. PMC, which has approximately 1,000 employees, reported revenues of SEK 1,800m (EUR 190,91m) and an EBITDA of
SEK 63m (EUR 6,68m) in 2014. Segulah bought PMC Group in June 2005 for a
consideration of SEK 1.153m (EUR 124,8m). On 23 September 2015, Nordea took
ownership of PMC from the private equity firm Segulah.
15,9
n/a
Addtech AB
n/a
Addtech AB (Sweden), a company that develops and sells components and systems, has acquired Powermec AB (Sweden), a company that develops and sells
customized solutions within power supplies, electrical motors and electro mechanical components, for an undisclosed consideration. Powermec generates an annual turnover of approximately SEK 150m (EUR 16,1m) and employs a workforce
of 26 people.
37
Date
Target
Sales
(€ m)
EV
(€ m)
09/11/
2015
Specma AB
144,1
05/11/
2015
TechROi Fuel
Systems AB
(30% Stake)
02/11/
2015
21/10/
2015
Bidder
Seller
Deal Description
87,1
Hydra-Grene
A/S
Investment AB
Latour
Hydra-Grene A/S has agreed to acquire Specma AB from Investment AB Latour.
Hydra-Grene A/S (Denmark) manufactures and supplies hydraulic components,
pumps, motors, valves, fittings, and hoses, and is a subsidiary of Schouw & Co
A/S. Schouw & Co A/S (Denmark), is a developer, manufacturer and marketer of
wind turbines and packaging for consumer products. Specma AB (Sweden), is engaged in designing and manufacturing hydraulic systems and components to
OEM, industry and marine, and aftermarket customers. Investment AB Latour
(Sweden), is a mixed investment company operating in industrial operations. Hydra-Grene has agreed to acquire Specma for an enterprise value of DKK 650m
(EUR 87,15m) on a debt-free basis. For the last twelve months, Specma reported
net sales of SEK 1.355m (EUR 182m), operating profit of SEK 67m (EUR 9m) and
has a workforce of 755 employees.
n/a
n/a
Fouriertransform
AB
n/a
Fouriertransform AB (Sweden), private equity and venture capital firm, has acquired 30% stake in TechROi Fuel Systems AB (Sweden), a company engaged in
providing automotive fuel tank systems, for an undisclosed consideration. Post
transaction, TechROi AB, Fouriertransform and other investors will hold 45%, 30%
and 25% stakes in Fouriertransform.
Goldcup Sweden AB
n/a
n/a
Orbit One AB
Flextronics International Sweden AB
Orbit One AB (Sweden), engaged in contract manufacturing circuit boards, and
unit-assembled electronics and electro mechanics, has acquired Goldcup Sweden
AB, engaged in manufacturing services and logistics for electronics, from Flextronics International Sweden AB, provider of design and electronics manufacturing facilities, and a subsidiary of Flex, engaged in providing design and electronics manufacturing services to original equipment manufacturers, for an undisclosed consideration. Goldcup Sweden has workforce of 220 employees.
SafeLine Sweden AB (75%
Stake)
12,2
n/a
J2L Holding AB
Lars Gustafsson
(Private investor)
J2L Holding AB (Sweden), an investment company, has acquired 75% stake in
SafeLine Sweden AB (Sweden), a company that develops, manufactures and sells
high quality electronics for the elevator industry, from Lars Gustafsson a Swedish
private individual, for an undisclosed consideration. Lars Gustafsson will remain a
co-owner of SafeLine holding the remaining 25% stake. SafeLine recorded sales
of SEK 112,3m (EUR 12,2m) in June 2015.
38
Sales
(€ m)
EV
(€ m)
Goodtech
Intressenter AB
172,4
15/10/
2015
Nordic Traction
AB
12/10/
2015
02/10/
2015
Date
Target
Bidder
Seller
Deal Description
18/10/
2015
n/a
Eitech Holding
AB
Goodtech ASA
Eitech Holding AB (Sweden), a company having interest in companies providing
installation, repair and maintenance services of electrical equipments, has agreed
to acquire Goodtech Intressenter AB (GIAB) (Sweden), engaged in providing installation of electrical equipments, automation machinery and repair & maintenance services, from Goodtech ASA (Norway), engaged in developing products
and services related to industrial, electrical and environmental technologies. Eitech
will pay total consideration of NOK 250m (EUR 27,16m). In October 2010,
Goodtech acquired GIAB for NOK 358m (EUR 45,23m). GIAB currently has approximately 1.100 employees and reported revenues and net income of NOK
1,386bn (EUR 145,64m) and NOK 9,91m (EUR 1,04m) as of 30 September 2015.
Prior to the transaction, Eitech held a 29,67% stake in Goodtech.
21,3
n/a
Accent Equity
Partners AB
Gunnebo Industrier AB
Accent Equity Partners AB (Sweden), private equity firm, has agreed to acquire
Nordic Traction AB (Sweden), a company that manufactures traction chains and
tracks for forestry and agricultural machinery, from Gunnebo Industrier AB (Sweden), a company which develops, manufactures and markets chain and lifting components, fastening systems, for an undisclosed consideration. Nordic Traction reported revenues of SEK 200m (EUR 21.26m) in 2014.
PMC Group AB
190,9
n/a
PMC Group AB
(Creditors)
n/a
The creditors of PMC Group AB, a consortium of banks led by Nordea, have
agreed to enter a debt-for-equity swap with PMC Group AB (Sweden), manufacturer of hydraulic systems for original equipment manufacturers. As a result of this
transaction, PMC Group will now be owned by a banking consortium. The previous
owner, Oidun AB, has filed for bankruptcy as a consequence of the banks taken
over PMC Group.
Motala Train AB
15,0
n/a
Alstom SA
AB Motala Verkstad
Alstom SA (France), engaged in providing electric power generation, power transmission and rail infrastructure, has acquired Motala Train AB (Sweden) a company
specialising in refurbishment, heavy maintenance and repair of passenger trains,
from AB Motala Verkstad, (Sweden), a company involved in manufacturing mechanical products and services, for an undisclosed consideration. Motala Train reports yearly revenues of approximately EUR 15m and has workforce of 73 employees. The employee base of Alstom in Sweden will increase to over 350 people.
39
Country Focus – Turkey
Sales
(€ m)
EV
(€ m)
Dasa Milas Ambalaj (Milas
packaging business)
25,0
27/10/
2015
DAF Enerji Tic.
ve San A.S.
(60% Stake)
14/10/
2015
02/10/
2015
Date
Target
Bidder
Seller
Deal Description
03/12/
2015
n/a
DS Smith Plc
Dasa Milas Ambalaj
DS Smith Plc (UK), supplier of corrugated and plastic packaging, and paper, from
recycled waste, and the wholesaler of office products, has agreed to acquire Milas
packaging business of Dasa Milas Ambalaj (Turkey), producer of specialist corrugated packaging and displays, for an undisclosed consideration. Milas packaging
business has reported revenue USD 25m and approximately 240 employees.
n/a
n/a
Danfoss A/S
n/a
Danfoss A/S (Denmark), engaged in research, development, production, sale and
service of mechanical and electronic components and solutions, has agreed to
acquire 60% stake in DAF Enerji Tic. ve San A.S. (Turkey), engaged in manufacturing and selling heat stations, heat flow meters, heat cost allocators, and hot and
cold water meters, for an undisclosed consideration. DAF Energy has workforce
of 55 employees.
Cukurova Group
(Greek packaging business)
80
n/a
DS Smith Plc
Cukurova Group
DS Smith (UK), supplier of corrugated and plastic packaging, and paper, from recycled waste, and the wholesaler of office products has acquired Greek packaging
business of Cukurova Group ( Turkey), conglomerate, for an undisclosed consideration. The acquired business has generated revenues of EUR 80m in 2014. Concurrently, DS Smith has agreed to sell its minority shareholding in Cukurova
Group's Turkish corrugated paper and packaging entities to the Cukurova Group,
for an undisclosed consideration.
Key Teknik Yapi
Malzemleri San.
Ve Ticaret A.S.
n/a
17,9
Fluidmaster, Inc.
n/a
Fluidmaster, Inc. (USA), a company which manufactures and supplies toilet repair
products, has agreed to acquire Key Teknik Yapi Malzemleri San. Ve Ticaret A.S.
(doing business as Wilco) (Turkey), a company that develops and manufactures
solutions for bathroom plumbing industry, for an undisclosed consideration. The
deal is estimated to be valued at USD 20m.
40
Country Focus – UK
Sales
(€ m)
EV
(€ m)
UK Energy Partners Limited;
Net Zero Buildings Limited
n/a
21/12/
2015
Aero Stanrew
Limited
15/12/
2015
Gledhill Spare
Parts Limited;
Gledhill Response Limited;
Gledhill Building
Products Limited; Gledhill (International) Limited; Xpress Cylinder Spare
Parts Limited
Date
Target
23/12/
2015
Bidder
Seller
Deal Description
n/a
Cabot Square
Capital LLP
n/a
Cabot Square Capital LLP (UK), a private equity firm, has agreed to acquire UK
Energy Partners Limited (UK), a company that designs, finances, and delivers
building energy solutions to reduce and control energy costs and Net Zero Buildings Limited (UK), a company engaged in providing designing, project management, planning, building, installation and maintenance for buildings to improve their
energy efficiency, from a group of various individuals, for an undisclosed consideration.
22.8
57.9
TT Electronics
Plc
WestBridge Capital LLP
"TT Electronics Plc (UK), engaged in the design, manufacture and sale of electronic components and sensor technologies for the defense, aerospace, medical,
transportation and industrial electronics markets has acquired Aero Stanrew Limited (UK), designer and manufacturer of specialist electromagnetic components
and electronic systems from WestBridge Capital LLP (UK), a private equity firm,
for a consideration of GBP 42.2m on a cash and debt free basis. Aero Stanrew
has projected revenues of GBP 18m and adjusted EBITDA of GBP 3.7m for 2015.
In January 2012, WestBridge Capital LLP had acquired Aero Stanrew Limited in a
management buy-out transaction for a consideration of GBP 8.5m. WestBridge
Capital LLP exited Aero Stanrew at a 4.3x money multiple. Aero Stanrew recorded
revenues of GBP 16.532m and earnings of GBP 2.406m for the year ended 28
February 2015.
n/a
n/a
Atlantic Group
Gledhill Family
Atlantic Group (France), manufacturer of electric water heaters and heating appliances, has acquired Gledhill companies (UK) from Gledhill Family, for an undisclosed consideration. Gledhill Building Products Limited is a manufacturer of
vented and unvented hot water cylinders and tanks for domestic, commercial and
industrial use. Gledhill Response Limited is engaged in providing specialist maintenance and breakdown services.Gledhill Spare Parts Limited is operating as a supplier and dealer of Gledhill cylinder and appliance spares to the trade. Gledhill (International) Limited is operating as wholesaler of hardware, plumbing and heating
equipment and supplies. Xpress Cylinder Spare Parts Limitedis engaged in retailing business.
41
Sales
(€ m)
EV
(€ m)
Cobham Plc Metelics Business
n/a
09/12/
2015
Acorn Industrial
Services Ltd
28/11/
2015
27/11/
2015
Date
Target
Bidder
Seller
Deal Description
14/12/
2015
34.6
M/A-COM Technology Solutions
Holdings, Inc.
Cobham Plc
M/A-COM Technology Solutions Holdings, Inc. (USA), developer and manufacturer of high-performance analog semiconductor solutions has acquired 100%
stake in Metelics Business (UK), Metelics unit which is a part of Cobham's Advanced Electronic Solutions division from Cobham Plc (UK), engaged in the development, delivery and support of edge aerospace and defence systems for a consideration of USD 38m.
26.1
n/a
Axel Johnson
International AB
n/a
Axel Johnson International AB (Sweden), supplier of industrial products, automotive components, medical equipment and lifting & lashing equipment and subsidiary of Axel Johnson AB (Sweden), a company that builds, transforms, and develops businesses within retail trade and trade-related services has acquired Acorn
Industrial Services Ltd (UK), supplier of bearings, linear systems, power transmission and related services for an undisclosed consideration. Acorn reported annual
sales of GBP 20m and an EBITDA of GBP 2.26m in 2014 and employs approximately 100 people.
Caparo Tubular
Solutions
n/a
n/a
Gupta Family
n/a
Gupta Family (India), a family having interest in steel, metals and commodities
business, has acquired Caparo Tubular Solutions (UK), a steel tubing group, for
an undisclosed consideration. Caparo Tubular Solutions includes Caparo Accles
and Pollock, Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo
Tubes Tredegar and Hub Le Bas. Caparo Tubular Solutions had entered into administration in October 2015.
Apex Stainless
Holdings Limited
30.3
37.7
Bufab Holding
AB
n/a
Bufab Holding AB (Bufab) (Sweden), manufacturer and supplier of nuts, screws,
washers, bolts, rivets and other fasteners, has acquired Apex Stainless Holdings
Limited (Apex) (UK), holding company having interest in companies engaged in
the manufacture and distribution of stainless steel fasteners, for a total consideration of SEK 349m (EUR 37.67m). Apex reported revenues of GBP 23.56m in 2014
with a workforce of 110 employees.
42
Sales
(€ m)
EV
(€ m)
AIM Aviation Limited
154.9
23/11/
2015
Caparo Wire Ltd
18/11/
2015
Americk Advantage Limited
Date
Target
23/11/
2015
Bidder
Seller
Deal Description
n/a
AVIC International Holdings Limited
TowerBrook
Capital Partners
L.P.
AVIC International Holdings Limited (China), engaged in high-tech electronics,
high-ended consumables, mining resources, logistics, property and hotel development, has agreed to acquire AIM Aviation Limited (UK), engaged in the design,
development, manufacture and installation of aircraft interior equipments, from
TowerBrook Capital Partners L.P. (USA), a private equity firm, for an undisclosed
consideration. Earlier in 2013, TowerBrook Capital Partners acquired controlling
stake in AIM Aviation from LDC (Managers) Limited for a consideration of GBP
160m and the remaining stake was held by other co-investors. AIM Aviation reported revenues of GBP 112.23m and loss of GBP 10.28m for the year ended 30
April 2015.
n/a
n/a
RCapital Partners LLP
n/a
RCapital Partners LLP (UK), a private equity firm along with the management of
Caparo Wire Ltd (UK), manufacturer of Cold Heading, Bedding and Seating, Galvanised and Engineering steel wire, has acquired the company in a management
buyout transaction, for an undisclosed consideration. Caparo Wire filed for insolvency and was acquired from its administrato.
n/a
n/a
Americk Packaging
Adare Group Limited
Americk Packaging (UK), provider of carton, label and flexible packaging solutions,
has acquired Adare Advantage Limited (Adare Advantage) (UK), provider of endto-end design, digital brand management and packaging solutions, from Adare
Group Limited (Adare) (UK), provider of marketing and customer communications
solutions, for an undisclosed consideration. Adare Advantage has a workforce of
110 production, sales and office staff. The transaction will increase Americk’s revenues to GBP 140m. In April 2015, Endless along with the management of Adare,
had acquired the company, in a management buy-out transaction, from Caird Capital LLP.
43
Sales
(€ m)
EV
(€ m)
Energy Technique plc
14.8
06/11/
2015
Apex Linvar Limited
06/11/
2015
Worldmark International Limited
Date
Target
11/11/
2015
Bidder
Seller
Deal Description
9.2
Volution Group
plc
n/a
Volution Group plc (UK), engaged in manufacturing and distributing ventilation
products, has signed a definitive agreement to acquire Energy Technique plc (UK),
engaged in manufacturing and distribution of fan coils and commercial heating
products. Volution will acquire 2,390,516 shares of Energy Technique. The offered
price per shar represents a premium of 15% to the closing share price of Energy
Technique on 10 November 2015, one day prior to the announcement, The implied
equity value of the transaction is GBP 8.25m. Along with the issued shares, Volution will also acquire to be issued ordinary share capital which will value the acquisition at approximately GBP 9.25m on a fully diluted basis. Energy Technique reported an annual turnover of GBP 10.775m and net earnings of GBP 0.695m for
the year ended 31 March 2015.
27.2
n/a
Whittan Storage
Systems Limited
Chamonix Private Equity LLP
Whittan Storage Systems Limited (UK), manufacturer of storage products such as
pallet racking, shelving, mezzanine floors & lockers, and portfolio company of Bregal Capital LLP (UK), private equity firm, has acquired Apex Linvar Limited (UK),
engaged in manufacturing and marketing of adjustable pallet racking solutions and
shelving systems, from Chamonix Private Equity LLP (UK), private equity firm, for
an undisclosed consideration. Apex reported revenues of GBP 21m in 2014. In
December 2010, Chamonix acquired Apex, for an undisclosed consideration.
n/a
176.2
CCL Industries
Inc.
CCL Industries Inc. (Canada), engaged in specialty packaging solutions for the
consumer products and healthcare industries, has agreed to acquire Worldmark
International Limited, (UK), supplier of product identification systems, components
and service solutions to the electronics and telecoms industries, from Equistone
Partners Europe Limited (UK), private equity firm, for an enterprise value of CAD
252m (GBP 124.9m). Worldmark has 1,900 employees. It's 2015 turnover is forecast at approximately CAD 210m (GBP 104.1m), entirely focused on customers in
the technology sector: smart phones, personal computers & tablets, servers, routers and new concept developments. However, the current year's EBITDA, forecast
at approximately CAD 35m (GBP 17.3m), is expected to rise to CAD 40m (GBP
19.8m) in 2016.
44
Sales
(€ m)
EV
(€ m)
Axis Elevators
Ltd
18
02/11/
2015
First Hose Ltd
29/10/
2015
Date
Target
Bidder
Seller
Deal Description
05/11/
2015
n/a
Otis Elevator
Company
Meridian Equity
LLP
Otis Elevator Company (USA), engaged in manufacturing, installation, and maintenance of elevators, escalators, and moving walkways, has acquired Axis Elevators
Ltd (UK), engaged in manufacturing, installation, and maintenance of commercial
lifts, from Meridian Equity LLP (UK), private equity firm, for an undisclosed consideration. Axis Elevators has reported revenues of GBP 11m and net profit of GBP
0.60m for the year ended 31 December 2014.
10.8
6.3
GS-Hydro Oy
n/a
GS-Hydro Oy (Finland), a company that manufactures and supplies non-welded
piping systems and components and a subsidiary of Ratos AB (Sweden), private
equity firm, has acquired First Hose Ltd (UK), provider of offshore rig supply hoses,
hydraulic hoses, instrumentation, adapters and fittings to the oil and gas industry,
for a consideration of GBP 4.5m. In 2014, First Hose's revenue amounted to GBP
8.4m and EBITDA to GBP 0.9m.
Broadcrown Ltd
n/a
n/a
JCB Power Products Limited
n/a
JCB Power Products (UK), power generation business of J C Bamford Excavators
Limited (UK), manufacturer and distributor of construction and agricultural equipment, has acquired Broadcrown Ltd (UK), engaged in design and manufacturing
of diesel generators and power generation systems, for an undisclosed consideration. Broadcrown has a workforce of 100 employees.
27/10/
2015
DataLase Ltd
(30% Stake)
6.9
24.9
Sato Holdings
Corporation
n/a
Sato Holdings Corporation (Japan), engaged in the manufacture and sale of electronic printers, hand labelers and other products, has agreed to acquire a 30%
stake in DataLase Ltd (UK), provider of materials for laser coding and marketing
of products and packaging, for a cash consideration of JPY 1bn (USD 8.2m). The
Implied Equity Value of DataLase is JPY 3.33bn (USD 27.33m). The acquisition is
expected to bring the revenue of Sato up to JPY 2bn (USD 16.4m) by 2020. DataLase generated a revenue of JPY 1bn (USD 8.2m) through fiscal year 2014.
27/10/
2015
Norsk Alloys
LTD
5
n/a
Raccortubi
S.p.A.
Peter Ray (Private Investor)
Raccortubi S.p.A. (Italy), engaged in manufacturing of steel pipes, forged fittings,
flanges, gaskets, bolts, and nuts, has acquired Norsk Alloys LTD (UK), supplier of
pipeline equipments, from Mr. Peter Ray, British private individual, for an undisclosed consideration. Norsk Alloys has generated revenues of approximately EUR
5m in 2014.
45
Sales
(€ m)
EV
(€ m)
MB Aerospace
Holdings Limited
34.6
12/10/
2015
Peter Brotherhood Ltd
09/10/
2015
09/10/
2015
Date
Target
Bidder
Seller
Deal Description
26/10/
2015
n/a
Blackstone
Group LP
Arlington Capital
Partners
Blackstone Group LP (USA), a private equity firm, has agreed to acquire MB Aerospace Holdings Limited (UK), aerospace engineering provider of complex engineering solutions, from Arlington Capital Partners (USA), a private equity firm, for
an undisclosed consideration. MB Aerospace generated an annual turnover of
GBP 26.897m, EBIT of 2.837m and net earnings of GBP 2.073m for the year end
2014. Earlier in 2013, Arlington had acquired MB Aerospace in a management
buyout transaction, from LDC (Managers) Limited, a British private equity firm, for
an undisclosed consideration.
38.6
13.2
Hayward Tyler
Group Plc
Dresser-Rand
Group, Inc.
Hayward Tyler Group Plc (UK), involved in the design and manufacture of specialised motors and pumps, has agreed to acquire Peter Brotherhood ltd (UK), focused
on designing and manufacturing of steam turbines and reciprocating gas compressors, gas engine and gearboxes, from Dresser-Rand Group, Inc. (USA), supplier
of custom-engineered rotating equipment solutions for long-life, critical applications in the oil, gas, petrochemical, and process industries, for USD 15m. On 31
December 2014, Peter Brotherhood reported revenues of USD 46.7m and an operating profit of USD 3.2m.
FP&S Parts and
Service Limited
29.4
n/a
BPW Limited
Retlan Manufacturing Ltd
BPW Limited (UK), seller of axle and suspension products for trailers and semitrailers, has acquired FP&S Parts and Service Limited (UK), supplier of trailer parts
and truck parts for transport and haulage industries, from Retlan Manufacturing
Ltd (UK), holding company engaged in manufacture and sale of commercial trailers
as well as the sale of commercial vehicle and trailer parts, for an undisclosed consideration.
Anstee & Ware
Limited
21.8
n/a
Parsons
Peebles Generation Limited
n/a
Parsons Peebles Generation Limited (PPGL) (UK), a company that manufactures
and markets high voltage electric motors and generators, and a portfolio company
of Clyde Blowers Capital (UK), private equity arm of Clyde Blowers Ltd (UK), engaged in the power, materials handling, pump technologies, and inter modal
transport, and logistics businesses, has acquired Anstee & Ware Limited (UK),
supplier of motor, pump and gearbox repair and maintenance services to the water
and rail industries, for an undisclsoed consideration. PPGL employees will increase from 120 to 270. Previously in January 2013, Clyde Blowers acquired
PPGL for a consideration of USD 23.7m. Anstee & Ware reported revenues of
GBP 16.92 for the year ended 31 December 2014.
46
Sales
(€ m)
EV
(€ m)
e2v technologies plc (Argus
thermal imaging
camera business)
6.9
07/10/
2015
Blade Dynamics
Limited
02/10/
2015
01/10/
2015
Date
Target
Bidder
Seller
Deal Description
09/10/
2015
4.8
Avon Rubber
Plc
e2v technologies plc
Avon Rubber Plc (UK), manufacturer of high technology rubber products, has acquired the "Argus" thermal imaging camera business of e2v technologies plc (UK),
a company that designs and manufactures radio frequency, microwave, switching,
sensing and imaging components and subsystems, for a cash consideration of
GBP 3.5m. The business acquired is a designer and manufacturer of thermal imaging cameras, which generated GBP 5m revenues last year.
8.3
n/a
General Electric
Company
Dow Venture
Capital
General Electric Company (USA), a company that operates as an infrastructure
and financial services company has acquired Blade Dynamics Limited (UK), a
company that designs, develops, and manufactures wind turbine blades from one
of the investor Dow Venture Capital (USA), venture capital firm, for an undisclosed
consideration. Blade Dynamics Limited reported revenue of GBP 6.45m for the
year 2014. In August 2010, American Superconductor Corporation had acquired
25% stake in Blade Dynamics, for a consideration of USD 8m.
Stadco Limited
299.2
n/a
Magna International Inc
n/a
Magna International Inc. (Canada), manufacturer and supplier of automotive systems and components, has agreed to acquire Stadco Limited (UK), supplier of
steel and aluminum stampings as well as complex vehicle assemblies to customers such as Jaguar Land Rover, Ford Motor Company and General Motors, for an
undisclosed consideration. Stadco generated a turnover of GBP 232.4m for the
year end Dec 2014 and has an employee base of approximately 1400 people.
Calder Limited
35.2
n/a
PG Flow Solutions AS
n/a
PG Flow Solutions AS (Norway), provider of offshore oil and gas pumps and pumping systems, and a portfolio company of Norvestor VI, L.P. (Norway), private equity
fund of Norvestor Equity AS (Norway), private equity firm, has acquired Calder
Limited (UK), engaged in design, manufacture, install and service a range of high
and ultra high pressure pressure pumping products, for an undisclosed consideration.
47
Country Focus – Canada
Sales
(€ m)
EV
(€ m)
Thermal Dynamics, LLC
42.1
22/12/
2015
Westech Vac
Systems Ltd.
30/11/
2015
26/11/
2015
Date
Target
Bidder
Seller
Deal Description
29/12/
2015
51.6
YLSQ Holdings
Inc
Evergreen Pacific Partners
YLSQ Holdings Inc (China), holding company having interest in companies engaged in manufacturing heat exchangers and fluid cooling components for the automotive industry, and a subsidiary of Zhejiang Yinlun Machinery Co., Ltd (China),
engaged in manufacturing and selling heat-exchangers, has agreed to acquire
Thermal Dynamics, LLC (Canada), engaged in manufacturing heat exchangers
and fluid cooling components for the automotive industry, heavy truck, bus and
military markets, for a consideration of USD 56.65m. Thermal Dynamics reported
revenues of USD 50.958m and an EBITDA of USD 5.7m.
n/a
n/a
Federal Signal
Corporation
Advance Engineered Products
Limited
"Federal Signal Corporation (USA), engaged in providing safety and security products of environmental solutions, safety and security systems and fire rescue, has
agreed to acquire Westech Vac Systems Ltd. (Canada), engaged in manufacturing
high-quality rugged vacuum truck, from Advance Engineered Products Limited
(Canada), engaged in manufacturing specialized truck tanks, trailers and vacuum
truck systems and a portfolio company of Ironbridge Equity Partners Limited (Canada), private equity firm, for an undisclosed consideration. Federal Signal expects
the acquisition to contribute revenues of approximately CAD 10m (USD 7.09m) in
2016 and to be accretive by 2017.
GJ Vis Enterprises Inc.
n/a
10.6
Ag Growth International
n/a
Ag Growth International Inc. (Canada), manufacturer of portable grain handling
and conditioning equipment, has acquired GJ Vis Enterprises Inc. (Canada), engaged in business of manufacturing material handling equipment used in the fertilizer, feed and grain sectors, for a total consideration of CAD 15m (USD 11.22m).
The consideration represents a valuation of approximately 4.5 times GJ Vis’ trailing
twelve month normalized EBITDA.
Flint Field Services (TIM and
Global Poly
businesses)
n/a
25
ShawCor Ltd
Flint Field Services Ltd.
ShawCor Ltd (Canada), an energy services company specializing in products and
services for the pipeline and pipe services, and petrochemical and industrial segments of the oil and gas industry and other industrial markets, has acquired Canada-based Tubular Inspection and Management and Global Poly businesses of
Flint Field Services Ltd. (Canada), a company providing midstream services, and
oil sands equipment fabrication and related services and a subsidiary of Flint Energy Services (Canada), provider of integrated products and services for the oil
and gas industry, for a total consideration of CAD 35.5m (USD 26.60m). The estimated revenue in 2015 of these acquired businesses is approximately CAD 46m
(USD 34.48m).
48
Sales
(€ m)
EV
(€ m)
DynaVenture
Corp.
24.9
09/11/
2015
Canadian Natural Resources
(royalty assets)
05/11/
2015
Date
Target
Bidder
Seller
Deal Description
19/11/
2015
17.6
Westcap Mgt.
Ltd.
n/a
Westcap Mgt. Ltd. (Canada), venture capital and private equity firm, through its
funds Golden Opportunities Fund Inc and Westcap MBO Investment LP, along
with the management of DynaVenture Corp. (Canada), engaged in the provision
of engineering services, has acquired the company via a management buy-out
transaction, for a consideration of CAD 25m (USD 18.763m). DynaVenture was
founded in 1947 and today employs roughly 150 people and generates approximately CAD 35m (USD 30.176m) in annual sales.
n/a
1,259
PrairieSky Royalty Ltd.
Canadian Natural Resources
Limited
PrairieSky Royalty Ltd (Canada), investing in oil and gas properties, has agreed to
acquire royalty assets from Canadian Natural Resources Limited (Canada), a
crude oil and natural gas producer. The offer represents a purchase price of CAD
1.8bn
COM DEV International Ltd
n/a
318.2
Honeywell Aerospace Inc.
n/a
COM DEV International Ltd has signed a definitive agreement to be acquired by
Honeywell Aerospace, the subsidiary of Honeywell International Inc., via a scheme
of arrangement. Honeywell Aerospace Inc. (USA) is a supplier of avionics and
electronics products and systems for aircraft manufacturers, airlines, business and
general aviation, military, space, and airport operations. COM DEV International
Ltd. (Canada) is engaged in the design, manufacture, and distribution of spacebased wireless communications products and subsystems, as well as space science and optical instruments. Honeywell International Inc. (USA) is a diversified
technology and manufacturing company. Honeywell Aerospace will acquire all the
outstanding shares of COM DEV International Ltd at an offered price that provides
a discount of 3.2% based on COM DEV’s closing share price on 04 November
2015, one day prior to announcement. The implied equity value of the transaction
is CAD 414m (USD 316.11m).
04/11/
2015
2072906 Ontario Limited
n/a
25.5
CardioGenics
Inc.
A.C. Simmonds
and Sons Inc.
CardioGenics Inc. (Canada) manufactures and markets technology and products
targeting the immunoassay segment of the In-Vitro Diagnostic testing market and
has agreed to acquire 2072906 Ontario Limited (Plasticap (Canada), manufacturer
of specialty caps and closures, from A.C. Simmonds and Sons Inc. (Canada), a
business development company. CardioGenics will pay total equity consideration
of USD 15.74 for the acquisition of Plasticap. A.C. Simmonds had acquired
2072906 Ontario Limited in 2014.
31/10/
2015
Midvalley Rebar
Ltd.
n/a
n/a
Salit Myer Ltd.
n/a
Salit Myer Ltd. (Canada), engaged in marketing of semi finished metal products,
has agreed to acquire Midvalley Rebar Ltd. (Canada), engaged in reinforcing steel
products and services, for an undisclosed consideration.
49
Sales
(€ m)
EV
(€ m)
Crompton
Greaves Limited
(Canadian
Power Transformer (CPT)
Business)
n/a
Aeryon Labs
Inc.
n/a
Date
Target
26/10/
2015
23/10/
2015
Bidder
Seller
Deal Description
13.8
PTI Holdings
Corporation
Crompton
Greaves Limited
PTI Holdings Corporation (Canada), a company that manufactures and services
liquid filled distribution, small and medium size power transformers, has agreed to
acquire Canadian Power Transformer (CPT) Business, business of manufacturing
medium and large power transformers for Utilities, from Crompton Greaves Limited
(India), a company involved in designing, manufacturing and marketing electrical
products and services, for an enterprise value of CAD 20m (USD 15.19m). CPT
employs around 200 people.
n/a
Summit Partners LLP
n/a
Summit Partners LLP (USA), a private equity firm, has acquired an undisclosed
stake in Aeryon Labs Inc. (Canada), designer and manufacturer of small unmanned aerial vehicle (UAV) systems for aerial sensing applications, for a consideration of CAD 60m (USD 46.06m).
50
Sales
(€ m)
EV
(€ m)
Load King Trailers, Inc.
15.3
30/12/
2015
Spectrum Technologies
24/12/
2015
Emerald Oil, inc
(certain production from nonoperated wells
and 9,750 net
acres in North
Dakota and
Montana)
24/12/
2015
Canberra Industries, Inc.
Date
Target
30/12/
2015
Bidder
Seller
Deal Description
6.0
Utility One
Source
Manitex International Inc.
Utility One Source (USA), holding company engaged in selling and distributing
construction equipment and providing railroad vehicles and renting, selling and
leasing rail equipment, and a subsidiary of Blackstone Group L.P. (USA), private
equity firm, has acquired Load King Trailers, Inc. (USA), engaged in manufacture
and marketing of trailers, from Manitex International Inc. (USA), a company which
provides engineered lifting solutions including cranes, reach stackers and associated container handling equipments, for a consideration of USD 6.53m. Load King
had posted revenues of USD 18.5m and EBITDA of USD 0.8m during 2014. The
acquisition will result in an estimated after-tax book loss of approximately USD 1m
for Manitex. In January 2010, Manitex has acquired Load King from Genie Industries, for a consideration of USD 3.1m.
4.8
10.7
Transcat, Inc.
n/a
Transcat, Inc. (USA), manufacturer of industrial testing and measurement instruments, has acquired Spectrum Technologies, Inc. (USA), an industrial equipment
calibration and repair company, for a cash consideration of USD 11.25m. Spectrum has an annualized revenue of approximately USD 5.8m.
n/a
8.9
Angelus Private
Equity Group
LLC
Emerald Oil, Inc.
Angelus Private Equity Group LLC (USA), investment holding company having interest in companies engaged in oil and gas exploration and production, has agreed
to acquire certain production from non-operated wells and several acres of Emerald Oil, inc. (USA), oil and gas assets of Emerald Oil, Inc, independent exploration
and production company, for approximately consideration of USD 9.75m.
180.0
n/a
Mirion Technologies, Inc.
AREVA S.A.
Mirion Technologies, Inc. (USA), a company that provides radiation detection,
measurement, and monitoring products and services to the nuclear power, defense, and medical industries, and a portfolio company of Charterhouse Capital
Partners LLP (UK), private equity firm, has agreed to acquire Canberra Industries,
Inc. (USA), engaged in providing measurement solutions for nuclear safety and
security applications, from AREVA S.A. (France), provider of technological solutions for nuclear power generation, electricity transmission and distribution, for an
undisclosed consideration. Canberra reported revenue of approximately EUR
180m in 2014 and employs over a thousand employees. In 2014, Charterhouse
Capital Partners LLP has acquired Mirion Technologies Inc, from American Capital
Ltd, for a consideration of USD 750m.
51
Sales
(€ m)
EV
(€ m)
GT Exhaust,
Inc.; Silex Innovations Inc.
n/a
22/12/
2015
Red Valve Company, Inc.
22/12/
2015
22/12/
2015
Date
Target
Bidder
Seller
Deal Description
23/12/
2015
n/a
Nelson Global
Products Inc.
IAC America Inc
"Nelson Global Products Inc. (USA), a company that designs, manufactures and
markets fabricated tube and pipe assembly products and a portfolio company of
Wind Point Partners (USA), private equity firm, has agreed to acquire Silex Innovations Inc. (Canada), manufacturer and supplier of silencers and emission control
products and GT Exhaust, Inc. (USA), engaged in manufacturing and selling sound
and emissions solutions, from IAC America Inc (USA), a company that provides
products designed to suppress noise and to condition the acoustical environment
inside enclosed spaces, for an undisclosed consideration. Prior in September
2012, IAC America Inc has acquired Maxim Silencers, Inc and Silex Innovations
Inc. In the same month, IAC America had also acquired GT Exhaust, Inc. from CID
Equity Partners for a consideration of USD 49m.
36.5
121.2
Hillenbrand Inc
n/a
Hillenbrand Inc (USA), provider of funeral services and producer of equipment and
systems used in processing applications, has agreed to acquire Red Valve Company, Inc. (USA), a company manufacturing highly-engineered valves, for a consideration of USD 131.86m in cash. Red Valve reported revenues of approx. USD
38.6m and EBITDA of approx. USD 10.2m for the year ended 30 November 2015.
Neptune Regional Transmission System,
LLC
n/a
93
Ridgewood Private Equity Partners, LLC
n/a
Ridgewood Private Equity Partners, LLC (RPEP) (USA), private equity firm, has
acquired an undisclosed stake in Neptune Regional Transmission System, LLC
(Neptune) (USA), a company that develops, builds, owns and operates a transmission line, for an approximate consideration of USD 100m. RPEP's investment in
Neptune was made on behalf of entities representing the State of Michigan Retirement Systems and a major family office.
Arkos Field Services, LP (40%
Stake)
50.6
n/a
Burckhardt
Compression
AG
n/a
Burckhardt Compression AG (Switzerland), manufacturer of reciprocating compressors, has acquired a 40% stake in Arkos Field Services, LP (USA), a company
engaged in installation, operations, maintenance, monitoring and servicing equipment for natural gas and oilfield companies, for an undisclosed consideration. Arkos generated a turnover of approximately USD 75m in 2014 and has a workforce
of 300 employees.
52
Sales
(€ m)
EV
(€ m)
Environmental
Air Systems,
Inc.
n/a
21/12/
2015
Robertson Fuel
Systems, LLC
21/12/
2015
Hussmann Corporation
Date
Target
21/12/
2015
Bidder
Seller
Deal Description
n/a
Comfort Systems USA, Inc.
n/a
Comfort Systems USA, Inc. (USA), provider of commercial and industrial heating,
ventilation and air conditioning equipment services, has agreed to acquire a 40%
stake in Environmental Air Systems, Inc. (USA), full-service mechanical contractor
and custom-built HVAC equipment manufacturer, for an undisclosed consideration. In November 2011, Comfort Systems acquired a 60% stake in Environmental
Air Systems for a total consideration of USD 30.4m and an option to purchase the
remaining 40% stake beginning in late 2016.
n/a
234.8
HEICO Electronic Technologies Corp.
American
Securities LLC
HEICO Electronic Technologies Corp. has signed a definitive agreement to acquire
Robertson Fuel Systems, LLC (USA), designer, developer and manufacturer of
auxiliary fuel systems for aircrafts, from American Securities LLC (USA), a private
equity firm, for a total cash consideration of USD 255m. HEICO Electronic Technologies Corp. (ETG) (USA) is a designer, manufacturer and distributor of electronic, microwave and electro-optical products, and a subsidiary of Heico Corporation (Heico) (USA), aviation and defense products manufacturer. Robertson reported USD 25m EBITDA in 2014, with a workforce of 125 employees in Tempe,
Arizona and Bluffdale, Utah regions.
896.2
1,422
Panasonic Corporation
Clayton, Dubilier
& Rice, LLC;
Ingersoll-Rand
Plc
Panasonic Corporation has agreed to acquire a 100% stake in Hussmann Parent
Inc. from Clayton, Dubilier & Rice, LLC and Ingersoll-Rand Plc for a cash consideration of USD 1.55bn. Panasonic Corporation (Japan), is engaged in producing
and selling electronics and electric products. Hussmann Corporation (USA), is engaged in manufacturing, selling, installing, and services of refrigeration systems
and merchandising equipment. Clayton, Dubilier & Rice, LLC (USA), a private equity firm. Ingersoll-Rand Plc (Ireland), is engaged in the design, manufacturing,
sells and services of industrial and commercial products. The transaction values
the IEV of Hussmann Parent at USD 1.55bn. Prior to transaction, the stockholding
ratio in Hussmann was 61.9% by Clayton, Dubilier & Rice and 36.7% by IngersollRand. Clayton, Dubilier & Rice acquired a 60% stake in Hussmann from IngersollRand for a cash consideration of USD 370m on 08 August 2011.
53
Sales
(€ m)
EV
(€ m)
Erick Flowback
Services, LLC;
Rod's Production Services,
LLC
n/a
16/12/
2015
Pressure-Pro,
Inc.
15/12/
2015
14/12/
2015
Date
Target
Bidder
Seller
Deal Description
16/12/
2015
40.9
Erick's Holdings,
LLC
New Source Energy Partners
L.P.
Erick's Holdings, LLC (USA), investment holding company having interest in companies providing services to oil and natural gas exploration and production companies, has acquired Erick Flowback Services, LLC (USA), engaged in providing
services ranging from drilling to production for the oil and gas industry, and Rod's
Production Services, LLC (USA), engaged in providing well site services for the
energy exploration industry, from New Source Energy Partners L.P. (USA), engaged in the development and production of onshore oil and natural gas projects,
for a consideration of USD 44.9m. In 2014, New Source Energy Partners L.P. had
acquired Erick Flowback Services, LLC and Rod's Production Services, LLC (RPS)
for a total consideration of USD 120m.
33.1
28.2
Nilfisk A/S
Dale Reed (Private Investor);
Ryan Reed (Private Investor)
Nilfisk A/S (Denmark), manufacturer and supplier of professional cleaning equipment and a subsidiary of NKT Holding A/S (Denmark), holding company engaged
in manufacture and sale of power cables, professional cleaning equipment and
fiber optical products, has agreed to acquire Pressure-Pro, Inc. (USA), engaged in
manufacturing high-pressure washers and wholesale distribution of related machinery and equipment, from Dale Reed and Ryan Reed (USA), private individuals,
for a total consideration of USD 31m. In 2014, Pressure-Pro recorded revenues of
USD 40m and currently has approximately 90 employees.
Stress-Tek Inc.
n/a
18.2
Vishay Precision
Group, Inc.
n/a
Vishay Precision Group, Inc. (USA), designer, manufacturer and marketer of foil
technology products, has agreed to acquire Stress-Tek Inc. (USA), a company designing and manufacturing both custom and high volume weighing, force measurement, pressure, and deflection sensors, for a total consideration USD 20m. It is
expected that Stress-Tek will achieve approximately USD 9.0m in annual net sales
and approximately USD 1.1m in annual EBITDA in 2015.
Self Industries
Inc.
23.1
n/a
Ringmetall AG
n/a
Ringmetall AG (Germany), engaged in investments in medium-sized manufacturing companies, has acquired Self Industries Inc (USA), manufacturer and supplier
of sealing and closure systems, for an undisclosed consideration. Self Industries
recorded revenues of USD 28m and currently has 120 employees.
54
Sales
(€ m)
EV
(€ m)
Blount International, Inc.
(85.1% Stake)
780.8
10/12/
2015
Cenveo, Inc.
(Packaging unit)
09/12/
2015
07/12/
2015
Date
Target
Bidder
Seller
Deal Description
10/12/
2015
778.8
Blount International Consortium
n/a
American Securities LLC (USA), mid-market private equity firm, and P2 Capital
Partners, LLC (USA), hedge fund sponsor, have agreed to acquire an 85.1% stake
in Blount International, Inc. (USA), engaged in the manufacture, marketing, sale,
and distribution of equipment, accessories, and replacement parts for the forestry,
yard care, and general contractor industries. The deal will be valued at USD
783.102m and the enterprise value of USD 855m. The implied equity value of the
transaction is USD 482.52m. The offer price represents a premium of 85.9% based
on Blount’s closing price of USD 5.38 on 09 December 2015, one day prior to the
announcement.
n/a
96.0
WestRock Company
Cenveo, Inc.
WestRock Company (USA), manufacturer of packaging products, recycled paperboard, containerboard, bleached paperboard and merchandising displays, has
agreed to acquire the packaging unit of Cenveo, Inc. (USA), printing company engaged in forms and labels manufacturing, packaging and publisher offerings, envelope production and commercial printing, for a USD 105m consideration.
Tek-Cast
Inc./MH Machining Group
n/a
n/a
Dynacast International Inc.
n/a
Dynacast International Inc. (USA), engaged in manufacturing of small, engineered
metal components and precision die cast components and a portfolio company of
Kenner & Company Inc, American Industrial Partners (USA), private equity firms
and Partners Group Holding AG (Switzerland), alternative asset management
company and private equity firm, has agreed to acquire Tek-Cast Inc./MH Machining Group (USA), a company that manufactures zinc and aluminum castings, for
an undisclosed consideration. In December 2012, Partners Group Holding AG and
Kenner & Company along with the management of Dynacast International had acquired the company in a management buyout transaction for USD 707m.
Wire Company
Holdings, Inc.
n/a
8.1
Phifer Incorporated
n/a
Phifer Incorporated (USA), engaged in production of aluminum and fiberglass insect screening, has agreed to acquire Wire Company Holdings, Inc. (doing business as New York Wire) (USA), engaged in manufacturing industrial wire mesh
and wire products for various industries and applications, for an undisclosed consideration. The deal value is estimated to be USD 8.8m. In October 2015, New
York Wire filed for Chapter 11 bankruptcy. New York Wire’s is seeking nearly USD
3.7m in Chapter 11 financing and has more than USD 12.2m in secured debt, plus
USD 3.4m in other obligations.
55
Sales
(€ m)
EV
(€ m)
Hill Phoenix Inc
(Walk-Ins business)
78.5
07/12/
2015
Kysor Panel
Systems Inc
07/12/
2015
04/12/
2015
Date
Target
Bidder
Seller
Deal Description
07/12/
2015
n/a
D Cubed Group,
LLC
Hill Phoenix,
Inc.
D Cubed Group, LLC (USA), private equity firm, has along with the management
of the ‘Walk In Business’ of Hill Phoenix Inc’s acquired the business in a management buyout transaction for an undisclosed consideration. Hill Phoenix, Inc. (USA)
designs, manufactures, sells and installs refrigerated display cases, refrigeration
systems, power systems and walk-in-coolers. The walk in business of Hill Phoenix
is involved in the design and manufacture of custom walk-ins for the refrigeration
industry and had estimated annual revenue of USD 95m in 2014.
86.8
n/a
D Cubed Group,
LLC
Manitowoc
Company Inc.
D Cubed Group LLC along with the management of Kysor Panel Systems Inc
(USA), a company that designs, manufactures, and supplies insulated panel and
refrigeration systems, has acquired the company in management buyout transaction from Manitowoc Company Inc, for a total consideration of USD 85m. Manitowoc Company Inc. (USA9, is manufacturer of cranes and foodservice equipment.
Kysor Panel Systems had estimated annual revenue of USD 105m in 2014.
Tall Oak Midstream, LLC
n/a
1,425
Enlink Midstream LLC
EnCap Flatrock
Midstream
Enlink Midstream LLC (USA), engaged in providing midstream energy services
including gathering, transmission, processing, fractionation, and marketing services to producers of natural gas, natural gas liquids, crude oil and condensate,
has agreed to acquire Tall Oak Midstream, LLC (USA), engaged in providing oil
and gas midstream services, from EnCap Flatrock Midstream (USA), a private equity firm focused on oil and gas midstream. The total consideration is USD 1.55bn,
subject to certain adjustments and payable in two installments.
Linear Mold &
Engineering,
Inc.
18.7
n/a
Moog Inc.
n/a
Moog Inc. (USA), designer, manufacturer and integrator of precision control components and systems has acquired 70% stake in Linear Mold and Engineering,
Inc. (USA), engaged in providing metal additive manufacturing services and also
provides engineering, manufacturing, and production consulting services to customers in the aerospace, defense, energy, and industrial sectors, for an undisclosed consideration. Linear Mold had reported a turnover of USD 21 m for the
year ended 30 September 2015 and has 120 employees. Moog has an option to
acquire the remaining 30% stake in Linear Mold in the future.
56
Sales
(€ m)
EV
(€ m)
Coating
Excellence International LLC
n/a
01/12/
2015
TGC Components, LLC
01/12/
2015
NRG Energy,
Inc. (525 MW
Seward power
plant); NRG Energy, Inc. (352
MW Shelby
County power
plant)
01/12/
2015
Tubular Steel
Inc.
Date
Target
03/12/
2015
Bidder
Seller
Deal Description
n/a
ProAmpac
Mason Wells
Buyout Fund II,
Limited
"ProAmpac (USA), flexible packaging company, and a portfolio company of Wellspring Capital Management (USA), private equity firm, has agreed to acquire Coating Excellence International (CEI) (USA), flexible packaging and technical products
company specialized in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens, from Mason Wells Buyout Fund II, Limited (USA), fund
of Mason Wells, private equity firm, for an undisclosed consideration. In March
2008, Mason Wells Buyout Fund II acquired Coating Excellence for a consideration
of USD 160m. ProAmpac was formed by Wellspring Capital by merging Prolamina
Corporation and Ampac Packaging LLC.
n/a
n/a
Wheel Pros,
LLC
Gemini Investors Inc.; Timepiece Capital Inc
Wheel Pros, LLC (USA), manufacturer and distributor of wheels, tires, and related
accessories for cars, sport utility vehicles, and truck and a portfolio company of
Audax Private Equity Group (USA), private equity firm having interest in the lower
middle market companies, has acquired TGC Components, LLC (doing business
as Colorado Components) (USA), a company that manufactures wheel alloys,
tires, and accessories for all-terrain vehicles, utility-terrain vehicles, low speed vehicles, recreational vehicles, side x sides, and golf carts, from Gemini Investors
Inc. and Timepiece Capital Inc (USA), private equity firms, for an undisclosed consideration. In July 2014, Audax acquired Wheel Pros from Platinum Equity, for an
estimated consideration of USD 238m.
n/a
130.5
Rockland Capital Energy Investments LLC;
Robindale Energy Services,
Inc.
NRG Energy,
Inc.
Robindale Energy Services, Inc.(USA), engaged in providing energy and mining
services, and Rockland Capital Energy Investments LLC (USA), private equity firm,
have agreed to acquire the 525 MW Seward power plant and the 352 MW Shelby
County power plant respectively, from NRG Energy, Inc. (USA), engaged in wholesale power generation and in the ownership, development, construction, and operation of power generation facilities, for a combined consideration of USD 138m.
Both the acquired facilities are owned by NRG's subsidiary, GenOn Energy, Inc.
185.0
n/a
Reliance Steel &
Aluminum Co.
n/a
Reliance Steel & Aluminum Co. (NYSE: RS) (USA), metals service center company, has agreed to acquire Tubular Steel Inc. (USA), distributor and processor of
carbon, alloy and stainless steel pipe, tubing and bar products, for an undisclosed
consideration. TSI's net sales were approximately USD 200m as of 31 December
2014.
57
Sales
(€ m)
EV
(€ m)
The Delta Rubber Company
n/a
25/11/
2015
Systems 3, Inc.
25/11/
2015
25/11/
2015
Date
Target
Bidder
Seller
Deal Description
30/11/
2015
n/a
Hutchinson SA
NN Inc
"Hutchinson SA (France), acompany that designs, develops and manufactures
sealing systems; vibration, acoustic, and thermal insulation systems; fluid transfer
systems and transmission and mobility systems and a subsidiary of Total S.A.
(France), has acquired The Delta Rubber Company (USA) provider of rubber molding, compounding and bonding services to the automotive and heavy truck industries, from NN Inc (USA), manufacturer and supplier of precision components, for
an undisclosed consideration. Delta Rubber employs approximately 65 employees. In 2001, NN Inc acquired Delta Rubber, for a cash consideration of USD
22.5m.
n/a
n/a
Stevens Manufacturing Company, Inc.
n/a
Stevens Manufacturing Company, Inc. (USA), manufacturer and supplier of precision parts, flight-critical components and complete sub-assemblies to the aerospace industry, and a portfolio company of J.H. Whitney & Co., LLC (USA), private
equity firm, has acquired Systems 3, Inc. (USA9, supply chain partner to OEMs
and Tier II manufacturers in the aerospace and defense industry, for an undisclosed consideration. Systems 3 has a workforce of 110 employees. In 2014, J.H.
Whitney acquired Stevens Manufacturing, for an undisclosed consideration.
Rondo-Pak Inc.
n/a
n/a
Contemporary
Graphic Solutions
Rondo AG
Contemporary Graphic Solutions has agreed to acquire Rondo-Pak Inc. from
Rondo AG for an undisclosed consideration. Contemporary Graphic Solutions
(CGS) (USA), is a provider of packaging and printed components for the pharmaceutical industry. Rondo-Pak Inc. (USA), is a provider of packaging systems for
the pharmaceutical industry. Rondo AG (Switzerland), is a provider of packaging
solutions for the pharmaceutical industry and a subsidiary of Koerber Medipak Systems AG. Koerber Medipak Systems AG (Switzerland), engaged in providing integrated packaging systems to the pharmaceutical industry and a subsidiary of Koerber AG. Koerber AG (Germany), is a company that operates in the areas of automation, intralogistics, machine tools, pharma systems, tissue, tobacco and others.
Flow Smart Inc.
n/a
8.1
Spirax-Sarco
Engineering Plc
Lee O’Hara (Private Investor);
Lou Bongiorno
(Private Investors)
Spirax-Sarco Engineering Plc (UK), a steam and fluid control components manufacturer, has acquired Flow Smart Inc. (USA), engaged in the design and manufacture of high purity sanitary gaskets, silicone transfer tubing and reinforced silicone hoses for the bioprocessing and pharmaceutical industries, from Lee O’Hara
(USA), private individual, for a consideration of GBP 5.7m.
58
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
EMCO High Voltage Corporation
6.5
11.3
XP Power Plc
n/a
XP Power Limited (UK), provider of power supply solutions, has acquired EMCO
High Voltage Corporation (USA), designer and manufacturer of high voltage power
modules, for a cash consideration of USD 12m. EMCO reported revenues of USD
7.9m for the fiscal year ended 31 December 2014.
24/11/
2015
Halco Lighting
Technologies
n/a
n/a
Summer Street
Capital Partners, LLC
Lineage Capital,
LLC
Summer Street Capital Partners, LLC (USA), private equity firm, has acquired
Halco Lighting Technologies (USA), manufacturer of lamps, fixtures and ballasts
for the commercial, industrial, residential and specialty lighting markets, from Lineage Capital, LLC (USA) private equity firm, for an undisclosed consideration. In
January 2013, Lineage Capital, LLC had acquired Halco Lighting Technologies
from Allan Nelkin, for a consideration of USD 21.5m.
24/11/
2015
Dynojet Research, Inc.
n/a
n/a
Irving Place
Capital; New
Value Capital
American Capital, Ltd.
Irving Place Capital and New Value Capital (USA), private equity firms, have acquired Dynojet Research, Inc. (USA), manufacturer of aftermarket engine performance enhancement products for motorcycles and ATVs, as well as engine testing
equipment for motorcycles and powersports vehicles, from American Capital, Ltd.
(USA), private equity firm, for an undisclosed consideration. Earlier in 2011, American Capital along with management had acquired Dynojet Research for a consideration of USD 118m.
23/11/
2015
Taylor-Wharton
International
LLC (CryoScience business
and certain
other assets of
cryogenic industrial and LNG
markets)
n/a
31.2
Worthington Industries, Inc.
n/a
Worthington Industries, Inc. (USA), diversified metals processing company focused on steel value-added steel processing and manufactured metal products,
has agreed to acquire US-based CryoScience business and certain other assets
of cryogenic industrial and LNG markets of Taylor-Wharton International LLC
(USA), a company that designs and manufactures stationary bulk and portable
cryogenic storage systems for gas and liquid applications, for a consideration of
USD 33.25m. Taylor-Wharton filed for bankruptcy on 07 October 2015.
Date
Target
25/11/
2015
59
Sales
(€ m)
EV
(€ m)
JW Aluminum
Company
n/a
n/a
19/11/
2015
Breeze-Eastern
Corporation
83.3
19/11/
2015
Steico Industries
Inc.
30.5
Date
Target
19/11/
2015
Bidder
Seller
Deal Description
GSO Capital
Partners, LP;
Franklin Square
Capital Partners
Wellspring Capital Management
LLC
A group of investors led by Franklin Square Capital Partners (USA), investment
management firm, and GSO Capital Partners, LP (USA), hedge fund manager and
investment advisor, an affiliate of Blackstone Group LP (USA), private equity firm,
have acquired a majority stake in JW Aluminum Company (USA), manufacturer of
specialty flat-rolled aluminum products, from Wellspring Capital Management LLC
(USA), private equity firm, for an undisclosed consideration. Prior in 2003, Wellspring had acquired JW Aluminum for a consideration of USD 125m and sold in
2004 to Superior Plus LP (Canada), a fund, for a consideration of USD 350m.
Wellspring again acquired JW Aluminum in 2006 for a consideration of USD 310m.
193.4
TransDigm
Group Inc.
Tinicum Incorporated
TransDigm Group Inc. has signed a definitive agreement to acquire Breeze-Eastern Corporation from Tinicum Incorporated and other shareholders of the company. TransDigm Group Inc. (USA), is enaged in designing, manufacturing and
supplying business of aircraft and aerospace components for commercial and military aircraft. Breeze-Eastern Corporation (USA), is engaged in designing and
manufacturing of lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. Tinicum
Incorporated (USA), is a private equity firm. The offered price values the transaction at USD 185.51m and represents a discount of 6.6% over Breeze-Eastern closing share price on 18 November 2015, one day prior to the announcement. The
implied equity value of the transaction is USD 185.51m. Prior to this transaction,
Tinicum Incorporated held a 34.92% stake in the company. Wynnefield Capital,
Inc., the US-based employee owned hedge fund sponsor, is also selling its 10.61%
stake in the company. Breeze-Eastern reported revenue of USD 89.78m and net
profit of 14.91m for the year ending 31 March 2015.
84.5
Senior Plc
n/a
Senior Plc (UK), a manufacturer of high technology components and systems, has
agreed to acquire Steico Industries Inc (USA), manufacturer of tube and weld assemblies, for a consideration worth USD 90m. Steico, as of 31 December 2014,
recorded evenues for USD 36.9m, EBITDA of USD 6.6m and gross assets, including properties, of USD 32.7m.
60
Sales
(€ m)
EV
(€ m)
Pangborn Corporation
n/a
12/11/
2015
Hydro Tek Systems, Inc.
12/11/
2015
10/11/
2015
Date
Target
Bidder
Seller
Deal Description
13/11/
2015
41.8
United Generations, LLC
Atlas Holdings
LLC
"United Generations, LLC (USA), family holding company formed to make longterm investments in highly-engineered, mission-critical product and services, has
acquired Pangborn Group (USA), manufacturer and supplier of surface preparation equipment and solutions, from Atlas Holdings LLC (USA), private equity and
venture capital investment firm, for an undisclosed consideration. The deal is estimated to be valued at USD 45m. Pangborn as a workforce of 250 people. It was
acquired by Atlas in June 2006.
9.9
n/a
Nilfisk A/S
n/a
Nilfisk A/S (Denmark), manufacturer and supplier of professional cleaning equipment and a subsidiary of NKT Holding A/S (Denmark), holding company engaged
in manufacture and sale of power cables, professional cleaning equipment and
fiber optical products, has acquired Hydro Tek Systems, Inc. (Hydro Tek) (USA),
engaged in the development, manufacturing and sales of commercial pressure
washers, for an undisclosed consideration. Hydro Tek reported revenues of USD
12m in 2014.
Qualmark Corporation
10.9
11.7
Espec Corp.
Roser Ventures
LLC
Espec Corp. has agreed to acquire Qualmark Corporation from Roser Ventures
LLC. Espec Corp. (Japan) is engaged in providing environmental testing equipment maker, semiconductor inspection equipments. Qualmark Corporation (USA),
is engaged in manufacturing of accelerated reliability test equipments. Roser Ventures LLC (USA), is a venture capital firm. The implied equity value of the transaction is JPY 1.540bn (USD 12.5m). In 2014, Qualmark reported revenues of USD
13.154m and EBIT of 0.6m. Previously Roser Ventures held a 42% stake in
Qualmark.
Diablo Valley
Packaging, Inc.
103.3
n/a
Berlin Packaging, LLC
n/a
Berlin Packaging, LLC (UA), engaged in manufacturing, distribution and supply of
packaging products, and a portfolio company of Oak Hill Capital Partners LP
(USA), private equity firm, has acquired Diablo Valley Packaging, Inc. (UA), provider of food, beverage, beer, liquor, and wine packaging solutions, for an undisclosed consideration. Diablo generated revenues of USD 125m for the fiscal year
2014. In August 2014, Oak Hill acquired Berlin Packaging in a management buyout
transaction from Investcorp, for a consideration of USD 1.43bn.
61
Sales
(€ m)
EV
(€ m)
Motor Coach Industries International, Inc.
n/a
09/11/
2015
TE Connectivity
Ltd. (Circuit Protection Devices
Business)
06/11/
2015
06/11/
2015
Date
Target
Bidder
Seller
Deal Description
10/11/
2015
423.0
New Flyer Industries Inc.
KPS Capital
Partners, LP
New Flyer Industries Inc. (Canada), manufacturer of heavy-duty transit buses, has
agreed to acquire Motor Coach Industries International, Inc. (USA), engaged in
designing, manufacturing and marketing intercity coaches, from KPS Capital Partners, LP (USA), a private equity firm, for USD 455m. The combined entity will employ approximately 4,800 people. As of 30 September 2015, Motor Coach reported
revenues of USD 443m for a period of 9 months. Motor Coach employs over 1,500
associates.
176.4
326.0
Littelfuse, Inc.
TE Connectivity
Ltd.
Littelfuse, Inc. has agreed to acquire Circuit Protection Devices (CPD) business of
TE Connectivity Ltd. Littelfuse, Inc. (USA), a circuit protection products and solutions provider. TE Connectivity Ltd. (Switzerland), manufacturer of electronics
components, cable equipment, wireless and undersea communication products.
Littelfuse will pay a cash consideration of USD 350m. TE's CPD business has a
broad presence in serving communications, mobile computing, industrial, automotive and battery industries. TE's CPD business had revenues of approximately
UDS 190m and EBITDA of USD 38m for the year ended 31 March 2015. It employs
1500 employees. The TE's Circuit Protection Devices business is headquartered
in Menlo Park, California and has manufacturing facilities in Japan and China.
Justrite Manufacturing Company, L.L.C.
n/a
n/a
Audax Group,
Inc.
JZ Capital Partners Limited;
Triangle Capital
Corporation;
Baird Capital
Partners V, L.P.
Audax Group, Inc. (Audax) (USA), a financial service firm, through its private equity
arm Audax Private Equity Group, Franklin Square Capital Partners (FSCP) (USA),
an investment management firm, and the management of Justrite Manufacturing
Company, L.L.C. (Justrite) (USA), manufacturer of storage, handling and security
products, acquired the company, from Baird Capital Partners (USA), private equity
fund, JZ Capital Partners Limited (UK) and Triangle Capital Corporation (TCC)
(USA), both private equity firms. JZ Capital sold its stake in Justrite for USD 21.4m.
In July 2011, JZ Capital and BCP along with the management of Justrite, had acquired the company, in a management buy out transaction, from The Riverside
Company. Later in February 2014, TCC invested USD 14.8m in Justrite.
W&H Systems
Acquisition
Corp.
26.6
12.9
Hubei
Huachangda Intelligent Equipment Co Ltd
An investment
group led by
Donald Betman
Hubei Huachangda Intelligent Equipment Co Ltd (China), enagged in the R&D and
manufacturing of intelligent automation equipment systems, via its wholly-owned
subsidiary, Dearborn Mid-West Company, LLC, has agreed to acquire W&H Systems Acquisition Corp. (USA), warehouse material handling systems integrator,
from an investment group led by Donald Betman for cash consideration of USD
14m.
62
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
CanGen Holdings, Inc.
16.5
20.7
Milacron LLC
CHB Capital
Partners III, L.P.
Milacron Holdings Corp. (USA), provider of plastics processing technologies, metalworking fluids, and precision machining services, has agreed to acquire CanGen
Holdings, Inc. (USA), engaged in the supply of engineered replacement parts to
extruders and injection molders of plastic and rubber products, from CHB Capital
Partners III, L.P. (USA), fund of CHB Capital Partners (USA), private equity firm,
for a consideration of USD 22.5m. CanGen Holdings operates through its subsidiaries Genca Engineering Inc. and Canterbury Engineering Company, Inc. and generated a turnover of USD 20m in 2014. CHB Capital Partners acquired CanGen
Holdings in 2005.
05/11/
2015
SencorpWhite
Holdings LLC
n/a
n/a
Connell Limited
Partnership
Wynnchurch
Capital, Limited;
Great Lakes Equity Partners
LLC
Connell Limited Partnership (USA), investment firm having interest in companies
serving customers in the field of automotive, energy, mining, construction and agriculture industries, has acquired SencorpWhite Holdings LLC (USA), manufacturer of thermoforming machinery, blister packaging and sealing equipment and
automated equipment for storage and handling, from Wynnchurch Capital, Limited
and Great Lakes Equity Partners LLC (USA), both private equity firms, for an undisclosed consideration. Earlier in 2009, Great Lakes Equity Partners and
Wynnchurch Capital had acquired SencorpWhite, for a consideration of USD 43m,
in an insolvency transaction.
04/11/
2015
voestalpine Precision Strip WI,
Inc.
13.0
n/a
voestalpine Precision Strip
GmbH
voestalpine Precision Strip GmbH (Austria), producer of cold rolled strip steel and
a subsidiary of Voestalpine AG (Austria), has agreed to acquire Wickeder Steel
Company (USA), engaged in heat treating and hardening carbon steels for the
manufacture of saws, hand tools, and flapper valves, from Wickeder Westfalenstahl GmbH (Germany), manufacturer of metal strips also operating steel processing, cladding and cold rolling mills, for an undisclosed consideration. Wickeder
Steel Company was founded in August 2002, reported revenues of EUR 13m in
2014 and has a strength of 50 employees.
Date
Target
06/11/
2015
63
Sales
(€ m)
EV
(€ m)
DRS Technologies, Inc. (Aviation and Logistics business
and Tactical
Communications & Network
Solutions business)
n/a
04/11/
2015
Lincoln Laser
Company
03/11/
2015
03/11/
2015
Date
Target
Bidder
Seller
Deal Description
04/11/
2015
n/a
IAP Worldwide
Services, Inc.
DRS Technologies, Inc.
IAP Worldwide Services, Inc. (USA), logistics and procurement contractor, has acquired the Aviation and Logistics (A&L) business and Tactical Communications &
Network Solutions (TCNS) business from DRS Technologies, Inc. (USA), defense
technology company engaged in the development, manufacturing and support of
integrated systems for both military and homeland markets, and a subsidiary of
Finmeccanica SpA (Italy), aerospace and transport technology provider, for an undisclosed consideration. The Aviation and Logistics (A&L) business provides aircraft repair management, logistics and mission support services and the Tactical
Communications & Network Solutions business (TCNS) provides engineering, information technology, and communications support solutions. In October 2008,
Finmeccanica SpA had acquired DRS Technologies, for approximately USD
4.896bn.
n/a
10.0
GSI Group Inc.
Glenn Stutz (Private Investor);
Robert Nehrbas,
Jr. (Private Investor)
GSI Group Inc. (USA), engaged in designing, developing, manufacturing and sale
of lasers, laser systems, precision motion devices, associated precision motion
control technology and systems, has agreed to acquire Lincoln Laser Company
(USA), provider of ultrafast precision polygon scanners and other optical scanning
solutions for the medical, food processing and advanced industrial markets, from
Glenn Stutz and Robert Nehrbas (USA), private individuals, for a cash consideration of USD 11m.
Kennametal Inc.
(11 manufacturing plants and
seven other facilities)
181.8
63.5
Madison Capital
Partners Corp
Kennametal Inc.
Madison Capital Partners Corp (USA), private equity firm, has agreed to acquire
11 manufacturing plants and seven other facilities of Kennametal Inc. (USA), supplier of tooling, engineered components and advanced materials consumed in production processes, for a consideration of USD 70m. The transaction is set to incur
an after-tax loss on the sale, in the region of approximately USD 100m to USD
120m.
Parker Hannifin
Corporation
(Tolleson, Arizona facility)
n/a
n/a
TriMas Corporation
Parker Hannifin
Corporation
TriMas Corporation (USA), provider of transportation accessories, packaging systems, fastening systems, and industrial specialty products for the commercial, industrial and consumer markets, has acquired the Tolleson, Arizona facility of Parker Hannifin Corporation (USA), a company that manufactures fluid power systems, electromechanical controls, and related components, for an undisclosed
consideration. The Tolleson, Arizona facility manufactures complex machined
parts for the aerospace industry. The transaction is expected to add approximately
USD 12m to USD 15m incremental annual revenue of Trimas.
64
Sales
(€ m)
EV
(€ m)
RJM Manufacturing, Inc.
16.5
02/11/
2015
KSP Co. Ltd.
(95% Stake)
02/11/
2015
Century Inc.
02/11/
2015
02/11/
2015
Date
Target
Bidder
Seller
Deal Description
03/11/
2015
10.0
Intertape Polymer Group Inc.
n/a
Intertape Polymer Group Inc. (IPG) (Canada), manufacturer of specialised polyolefin plastic and paper based packaging products and complementary packaging
systems for industrial and retail use, has acquired RJM Manufacturing, Inc.
(TaraTape) (USA), a company that develops, manufactures and sells pressure
sensitive adhesive (PSA) tapes primarily used for industrial packaging, for a consideration of USD 11m. TaraTape reported revenue of approximately USD 20m for
the year ending 2014 and currently has 55 employees.
41.3
n/a
Mondi Plc
n/a
Mondi Plc (UK), paper and packaging group, has agreed to acquire a 95% stake
in KSP Co. Ltd. (USA), engaged in the production of high-quality spouted and retort
stand-up pouches for the food, pet food and beverage industries, for an undisclosed consideration. KSP reported revenues of approximately USD 50m for 2014.
n/a
9.1
Gunite Corporation
n/a
Gunite Corporation (USA), engaged in designing, developing and manufacturing
wheel-end components for heavy-duty trucks and a subsidiary of Accuride Corporation (USA), engaged in manufacturing and supplying of commercial vehicle components, has acquired Century-3 Plus, L.L.C. (USA), engaged in designing and
manufacturing lightweight metal brake components for military and commercial vehicles, for consideration USD 10m, including earnouts.
Hutchinson
Technology Incorporated
224.9
198.3
TDK Corporation
n/a
TDK Corporation has agreed to acquire Hutchinson Technology Incorporated. TDK
Corporation (Japan), is a company that manufactures electronic components and
ICs, wireless computer networking products, magnetic heads for HDD, digital recording hardware and advances digital recording media. Hutchinson Technology
Incorporated (HTI) (USA), is a designer and manufacturer of suspension assemblies for hard disk drives. TDK will acquire a 100% stake. The offered share price
represents a premium of 106%, based on HTI’s closing share price on 30 October
2015, one day prior to the date of announcement. The implied equity value of the
transaction is approx USD 126m.
TopTier Inc
(51% Stake)
14.9
n/a
Aetna Group
SPA
n/a
Aetna Group SPA (Italy), producer of stretch wrapping machines, taping machines
and wrappers, has acquired a 51% stake in TopTier Inc (USA), producer of palletizers for automated end-of-line packaging operations, for an undisclosed consideration. TopTier reported revenues of USD 18m in 2014 and has a workforce of
70 employees. Aetna aims to achieve revenue of EUR 150m by 2018.
65
Sales
(€ m)
EV
(€ m)
The Reading
Group LLC
n/a
02/11/
2015
Needham
Electric Supply
29/10/
2015
Date
Target
Bidder
Seller
Deal Description
02/11/
2015
109.1
J.B. Poindexter
& Co., Inc.
LLR Partners
Inc.; GoldPoint
Partners
J.B. Poindexter & Co., Inc. (JBPCO) (USA), manufacturer of truck bodies, specialty
vehicles and pickup truck accessories, has acquired The Reading Group LLC
(USA), manufacturer and distributor of truck equipment products, from LLR Partners Inc and GoldPoint Partners (USA), private equity firms, for an undisclosed
consideration. The deal is estimated to be valued minimum at USD 120m. Reading
Group reported EBITDA of approximately USD 15m for the year 2014 and deal
value is estimated to be 8x times of EBITDA. In 2008, The Reading Group LLC
acquired America's Body Company Inc for USD 25m.
95.0
n/a
WESCO Distribution, Inc.
n/a
WESCO Distribution, Inc. (USA), engaged in distribution of electrical construction
products and electrical and industrial maintenance, repair, and operating products
and a subsidiary of WESCO International Inc. (USA), distributor of MRO (maintenance, repair, and operating) products, construction materials, and advanced integrated supply procurement outsourcing services, has acquired Needham Electric Supply (USA), electrical supply distributor, for an undisclosed consideration.
Needham operates its business from 24 locations in USA and has generated revenues of approximately USD 115m in 2014.
Juno Lighting,
Inc
190.1
348.9
Acuity Brands,
Inc.
Schneider
Electric SA
"Acuity Brands, Inc. (USA), a company that designs, produces and distributes lighting equipments, has agreed to acquire Juno Lighting, Inc (USA), engaged in designing, manufacturing, and marketing of lighting fixtures for commercial and residential use, from Schneider Electric SA (France), a company involved in electricity
distribution and energy automation, for a cash consideration worth USD 385m.
29/10/
2015
NYX Inc. (35%
Stake)
252.4
126.0
Shanghai
Shenda Co Ltd
n/a
Shanghai Shenda Co Ltd (China), engaged in international and domestic trading
of textile products, has agreed to acquire 35% stake in NYX Inc. (USA), a company
that designs, develops, and manufactures interior, under-hood, and technology solutions to the automotive industry, for a cash consideration of USD 48.66m. The
IEV is valued at USD 139.03m.
28/10/
2015
Aqua-Aerobic
Systems
56.9
78.7
Metawater Co
Ltd
Robert J. Wimmer (Private Investor); John D.
Brubaker (Private Investor)
Metawater Co Ltd (Japan), manufacturer of water and sewage treatment systems,
has agreed to acquire Aqua-Aerobic Systems (USA), engaged in wastewater treatment, for a cash consideration of USD 87m. The sellers Robert J. Wimmer and
John D. Brubaker are US private investors. The transaction valued the IEV of
Aqua-Aerobic Systems at USD 87m. Metawater has revenue of JPY 2bn (USD
16.5m) overseas alone.
66
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
Encon Incorporated
90.9
49.8
Amcor Limited
n/a
Amcor Limited (Australia), engaged in providing packaging solutions, has acquired
Encon, Inc. (USA), engaged in designing, development and manufacturing of custom PET preforms for the two-stage bottle-making process-injection molding, for a
consideration of USD 55m. Encon generated revenues of USD 110m 2014 and
operates from four manufacturing sites.
27/10/
2015
Exterran Corporation
n/a
598.6
Exterran Holdings, Inc.
(Shareholders)
Exterran Holdings, Inc.
Archrock, Inc. (previously known as Exterran Holdings, Inc.) has demerged its international contract operations, international aftermarket services and global fabrication businesses into a new publicly traded company Exterran Corporation. Exterran Corporation got listed on New York Stock Exchange under ticker symbol
EXTN. Archrock, Inc. (USA) is engaged in natural gas compression business. Exterran Corporation (USA) is engaged in oil and natural gas business, providing
compression and processing equipment for oil and gas production, maintenance,
overhaul, and reconfiguration services, and manufactures, installs, and markets
compression equipment and packages. The implied equity value of the transaction
is EUR 660.43m. Exterran Corporation will operate with approximately 7,000 employees.
25/10/
2015
North Star
BlueScope
Steel, LLC (50%
Stake)
1.049
1.314
BlueScope Steel
Limited
Cargill, Incorporated
BlueScope Steel Limited (Australia), manufacturer and distributor of steel and
building products, has agreed to acquire a 50% stake in North Star BlueScope
Steel, LLC (USA), provider of hot rolled bands to coil processors, cold rolled strip
producers, pipe and tubers, original equipment manufacturers and steel service
centers, from Cargill, Incorporated (USA), engaged in producing and marketing of
food and agricultural products and providing financial and industrial products and
services. BlueScope will pay USD 720m to Cargill and assume USD 40m of debt,
thereby valuing the transaction at USD 760m. The deal value implies a multiple of
7.1 times EBIDTA of North Star for financial year 2015. North Star is a 50-50 joint
venture between Cargill and BlueScope. In 2015, North Star had reported revenues of AUD 1.525.3m (USD 1102.43m) North Star employs 380 employees.
Date
Target
28/10/
2015
67
Sales
(€ m)
EV
(€ m)
Bidder
Seller
Deal Description
Diebold Incorporated (Electronic
Security business in North
America)
334.5
310.7
Securitas AB
Diebold Incorporated
Securitas AB (Sweden), engaged in providing security services and solutions, has
signed a definitive agreement to acquire the North American electronic security
business of Diebold Incorporated (USA), a provider of integrated self-service delivery and security systems that includes ATMs, electronic voting systems and
other card-based electronic transaction systems, and security and safety systems
for an approximate consideration of USD 350m, on a debt-free basis. The purchase price represents a multiple of approximately 11x estimated EBITDA for
2015. The acquired business reported revenues of SEK 2.76bn (EUR 334.468) for
the year ended 30 June 2015 and has approximately 1,100 employees.
21/10/
2015
Fairchild Controls Corporation
n/a
n/a
Triumph Group,
Inc.
Airbus Defense
and Space, Inc.
Triumph Group, Inc. (USA), engaged in supplying and overhauling aerospace systems and components, has acquired Fairchild Controls Corporation (USA), provider of proprietary thermal management systems, auxiliary power generation systems and related aftermarket spares and repairs for commercial aircraft and military platforms, from Airbus Defense and Space, Inc. (USA), manufacturer of
transport and surveillance aircrafts, multi-role/wing-role combat aircrafts, unmanned aircrafts, and military trainer aircrafts, for an undisclosed consideration.
Fairchild Controls has a workforce of 150 employees.
20/10/
2015
Gala Industries,
Inc.
n/a
112.4
Dover Corporation
n/a
"Dover Corporation (USA), diversified manufacturer of industrial equipment and
components, has agreed to acquire Gala Industries (USA), manufacturer of underwater pelletizing systems and solutions serving the plastics compounding industry,
for a consideration worth USD 127m. Along with this transaction, Dover has also
acquired JK Group S.p.A. (Italy), manufacturer of innovative inks and consumables, for a total consideration of approximately EUR 346.5m. JK and Gala are expected to have combined 2016 revenue of about USD 165m.
20/10/
2015
Diehl Steel Co
Ltd
n/a
11.1
Hitachi Metals
Ltd
n/a
Hitachi Metals Ltd (Japan), manufacturer of metal casting components, has agreed
to acquire Diehl Steel Co Ltd (USA), supplier of tool steel, alloy steel other specialty
steel products, for a cash consideration of JPY 1.5bn (USD 12.6m). The Implied
Equity Value is JPY 1.5bn (USD 12.6m).
Date
Target
25/10/
2015
68
Sales
(€ m)
EV
(€ m)
Hillside Plastics,
Inc.
n/a
15/10/
2015
Sakti3, Inc.
14/10/
2015
13/10/
2015
Date
Target
Bidder
Seller
Deal Description
19/10/
2015
n/a
Carr Management, Inc.
Haas family
Carr Management, Inc. (CMI) (USA), manufacturer of blow-molded, high-density
polyethylene bottles, and a portfolio of Behrman Capital (USA), private equity firm,
has acquired Hillside Plastics, Inc. (USA), manufacturer and decorator of standard
and custom blow-molded HDPE and polypropylene containers, form Haas family
(USA) for an undisclosed consideration. Hillside Plastics has workforce of 150 employees. In October 2014, Behrman Capital has acquired Carr Management from
Nautic Partners, LLC in a management buy-out transaction.
n/a
n/a
Dyson Limited
Beringea LLP;
Khosla Ventures; ITOCHU
Technology
Ventures Inc;
General Motors
Ventures, LLC
Dyson Limited (UK), manufacturer and supplier of vacuum cleaners, fans and heaters, hand dryers, accessories and groom tools, has acquired a majority stake in
Sakti3, Inc. (USA), developer of advanced solid state rechargeable lithium-ion battery technology, from a group of sellers, for an undisclosed consideration. The deal
is estimated to be valued at USD 90m. The group of sellers include Beringea LLP
(UK), private equity firm, Khosla Ventures (USA), private equity firms, General Motors Ventures, LLC (USA), investment arm of General Motors Company and ITOCHU Technology Ventures Inc (Japan), venture capital firm.
Furnace Parts
LLC
n/a
10.6
Ultra Electronics
Holdings Plc
Takoda Group,
LLC
Ultra Electronics Holdings Plc (UK), engaged in providing solutions and products
in the defense, security, transport and energy company, has acquired Furnace
Parts LLC (USA), a company that designs and manufactures specialty industrial
thermocouples for temperature measurement applications, from Takoda Group,
LLC (USA), private equity firm, for a cash consideration of USD 12m. Furnace
Parts has a workforce of 28 employees.
FX Energy, Inc.
31.4
104.6
ORLEN Upstream Sp z o.o.
n/a
ORLEN Upstream Sp z o.o. (Poland), engaged in oil and gas exploration and a
subsidiary of Polski Koncern Naftowy Orlen SA (PKN ORLEN) (Poland), manufacturer and distributer of refined petrochemical products, has agreed to acquire FX
Energy, Inc (USA), engaged in the exploration, development and production of
petroleum and natural gas. ORLEN will acquire a 100% equity stake in FX Energy
and 9.25% Series B Cumulative Convertible Preferred Stock, at an offer price of
USD 1.15 (PLN 4.27) per equity share and USD 25m (PLN 92.87) per preference
share, valuing the transaction at approximately USD 83.10m. The total transaction
value will amount to approximately USD 119m for FX Energy’s equity and convertible preference share and assumption of debt of approximately USD 36m. FX energy reported revenues of USD 38.03m and USD 34.53m for the year ended 31
December 2014 and 2013 respectively.
69
Sales
(€ m)
EV
(€ m)
290.9
Casper Crude to
Rail LLC
08/10/
2015
08/10/
2015
Date
Target
Bidder
Seller
Deal Description
13/10/
2015
Wausau Paper
Corp.
601.0
Svenska Cellulosa Aktiebolaget SCA
n/a
Svenska Cellulosa Aktiebolaget SCA (Sweden), engaged in the development, production, and marketing of personal care products, tissues, forest products, and
packaging solutions worldwide, has agreed to acquire Wausau Paper Corp (USA),
engaged in the production of specialty paper and products for fine printing and
writing, technical specialties, and towel and tissue papers, for a cash consideration
of USD 513.34m. The implied equity value of the transaction is USD 513.34m. The
offer price represents a premium of 40.6% on WPP's closing share price on 12
October 2015. Wausau employs approximately 900 people. Wausau's brands include Artisan, DublNature, DublSoft, and EcoSoft.
12/10/
2015
n/a
198.1
USD Partners
LP
Cogent Energy
Solutions, LLC;
Stonepeak Infrastructure Partners; Granite
Peak Development LLC
USD Partners LP (USA), engaged in acquiring, developing and operating rail terminals and other midstream infrastructure assets and businesses has acquired
Casper Crude to Rail LLC (USA), crude oil loading rail terminal from Stonepeak
Infrastructure Partners (USA), private equity firm , Cogent Energy Solutions (Australia), specialized company in commercial property build, own, operate and maintain (BOOM) and precinct trigeneration solutions, and Granite Peak Development
LLC (USA), full service real estate company, for a total cash and stock consideration of USD 225m. For the full year 2016, the Casper terminal is expected to contribute minimum contracted Adjusted EBITDA of approximately USD 26m.
Classic Envelope Inc.
10.7
n/a
Supremex Inc.
n/a
Supremex Inc. (Canada), manufacturer and marketer of a range of stock and custom envelopes and a provider of packaging and specialty products, has acquired
Classic Envelope, Inc. (USA), manufacturer and printer of envelopes and letterhead, for an undisclosed consideration. Classic Envelope reported revenues of
USD 13m in 2014 and has a workforce of 85 employees.
Rhode Island
State Energy
Center
n/a
434.9
Cogentrix Energy Power
Management,
LLC
Entergy Corporation
Cogentrix Energy Power Management, LLC (USA), power producer and power
generation company, and a portfolio company of The Carlyle Group (USA), private
equity firm, has agreed to acquire Rhode Island State Energy Center (RISEC)
(USA), operator of natural-gas fired power plant, from Entergy Corporation (USA),
engaged in power production, distribution and related services, for a consideration
of USD 490m. Entergy had acquired RISEC for USD 346m in December 2011.
Carlyle acquired Cogentrix for USD 200m in August 2012.
70
Sales
(€ m)
EV
(€ m)
Encana Oil &
Gas (USA) Inc.
(Denver Julesburg Basin assets)
n/a
07/10/
2015
Butler Auto
Sales and Parts,
Inc.
06/10/
2015
06/10/
2015
Date
Target
Bidder
Seller
Deal Description
08/10/
2015
798.9
Canada Pension
Plan Investment
Board; Broe
Group
Encana Oil &
Gas (USA) Inc.
Canada Pension Plan Investment Board (CPPIB), a state-owned pension fund
sponsor, and Broe Group (USA), private equity firm, have signed an agreement
with Encana Oil & Gas (USA) Inc. (EOGI), provider of oil and gas exploration and
production services and a subsidiary of EnCana Corporation (Canada), oil and gas
exploration and production company, to acquire Colorado-based Denver Julesberg Basin oil and gas assets (DJ Basin oil & gas assets). CPPIB and Broe Group
will pay a consideration of approximately USD 900m. CPPIB will own 95% stake
in DJ Basin oil & gas assets while Broe Group will own remaining 5% stake.
8.2
8.0
Fenix Parts, Inc.
Brent Butler
Fenix Parts, Inc. (USA), recycler and reseller of original equipment manufacturer
(OEM) automotive products, has acquired Butler Auto Sales and Parts, Inc.
(BASP) (USA), engaged in recycling and reselling OEM automotive parts, from
Brent R. Butler (USA), private individual, for a consideration of USD 8.996m. The
equity consideration is valued at approximately USD 0.696m based on closing
price of USD 6.51 per share on 06 October 2015. BASP reported revenues of USD
9m for the year ended 31 July 2015.
Timken Alcor
Aerospace
Technologies,
Inc
16.5
n/a
Kaman Corporation
The Timken
Company
Kaman Corporation (USA), manufacturer of aircraft structures and components
and distributor of industrial components has acquired Timken Alcor Aerospace
Technologies, Inc. (TAAT) (USA), a company that produces and supplies direct
replacement parts for gas turbine engines and components in the aviation industry,
from The Timken Company (USA), steel and bearing manufacturer and supplier
for an undisclosed consideration. TAAT had annual sales of approximately USD
20m for 2014.
Firetrace USA,
LLC
40.7
98.0
Halma Plc
n/a
Halma Plc (UK), engaged in safety, health and environmental technology, has acquired Firetrace International, LLC (USA), fire suppression systems maker, for a
cash consideration of USD 110m, subject to adjustement. Firetrace audited accounts ending on 31 December 2014 recorded revenues for USD 49.2m. Unaudited accounts for the 8 months to the end of August 2015 show revenue of USD
23m. Firetrace gross assets at the end of December 2014 amounts to USD 25.3m.
In the past 10 years Halma has spent over GBP 550m acquiring more than 30
businesses with deal sizes ranging from less than GBP 1m to GBP 75m.
71
Sales
(€ m)
EV
(€ m)
Pinon Gathering
Company LLC
n/a
01/10/
2015
Sealed Air Corporation (Food
Trays Business)
01/10/
2015
Date
Target
Bidder
Seller
Deal Description
05/10/
2015
112.4
SandRidge
Energy, Inc.
EIG Global
Energy Partners
SandRidge Energy, Inc. (USA), engaged in oil and natural gas development and
production activities, has agreed to acquire Pinon Gathering Company LLC (USA),
gas gathering company that owns and operates approximately 370 miles of gas
gathering lines from EIG Global Energy Partners (USA), private equity firm, for a
total consideration of USD 126m. Prior, in 2009 TCW Energy & Infrastructure
Group acquired Pinon Gathering Company LLC from SandRidge Energy Inc in a
deal worth USD 200m.
58.7
n/a
Faerch Plast
A/S
Sealed Air Corporation
Faerch Plast A/S (Denmark), producer of rigid plastic packaging for ready meals
and protein food trays, and a portfolio company of EQT Partners AB (Sweden),
private equity firm, has agreed to acquire Europe-based food trays business of
Sealed Air Corporation (USA), provider of protective food and specialty packaging
materials and systems, for an undisclosed consideration. Sealed Air's European
food trays businesses reported revenue of USD 71m, in 2014 and employs 250
people at manufacturing sites.
Maas-Hansen
Steel Corporation
n/a
n/a
Triple-S Steel
Holdings, Inc.
Hansen Family
"Triple-S Steel Holdings, Inc. (USA), a company that manufactures and supplies
steel products, has acquired Maas-Hansen Steel Corporation (USA), engaged in
producing and distributing sheet and slit coiled carbon steel products, from Hansen
family, a US family, for an undisclosed consideration. Maas-Hansen Steel has a
workforce of approximately 50 employees.
01/10/
2015
Liqui-Box Corporation
n/a
266.8
Olympus Partners
The Sterling
Group, L.P.
Olympus Partners (USA), private equity firm, has acquired Liqui-Box Corporation
(USA), supplier of bag-in-box flexible packaging to the global dairy, beverage and
bulk food markets, from The Sterling Group, L.P. (USA), private equity firm, for an
undisclosed consideration. The deal is estimated to be valued at approximately
USD 300m. Previously in December 2011, Sterling acquired the Liqui-Box through
its fund Sterling Group Partners III, L.P. from E. I. du Pont de Nemours and Company.
01/10/
2015
Northlake Engineering, Inc.
8.9
12.0
Standex International Corporation
n/a
Standex International Corporation (USA), diversified manufacturing and marketing
company with operations in: Industrial Products, Food Service, and Consumer
Products, has acquired Northlake Engineering, Inc. (USA), engaged in designing,
manufacturing and distribution of electromagnetic products and solutions, for an
cash consideration of USD 13.5m. Northlake reported revenues of approximately
USD 10m for the year ending 31 August 2015.
72
Date
Target
01/10/
2015
American Fabricators, Inc.
Sales
(€ m)
EV
(€ m)
24.8
n/a
Bidder
Seller
Deal Description
Kloeckner Metals Corporation
n/a
Kloeckner Metals Corporation (USA), engaged in processing and distributing steel
and nonferrous metals, and a subsidiary of Kloeckner & Co SE (Germany) a steel
and metals distributor, has acquired American Fabricators, Inc. (AFI) (USA), engaged in sheet metal fabrication services, for an undisclosed consideration. In
2014, AFI reported revenue of approximately USD 30m and has a workforce of
150 employees.
73
Introducing Global M&A Partners
Global M&A Partners is one of the world’s leading independent
M&A advisory firms. Specialized in the middle market, we provide
support and opportunities locally and internationally for clients buying or selling companies as well as financings, corporate restructurings and other corporate finance transactions.
•
•
•
•
•
•
Sales and Divestitures
Acquisitions
Financing and IPO’s
Corporate Restructuring
Strategic Advisory Services
Succession Planning
For further information please visit www.globalma.com












German speaking region
Benelux
Czech Republic
Denmark
France
Italy
Norway
Poland
Spain
Sweden
Turkey
UK


Canada
USA
Within the broad field of Industrials, Global M&A Partners’ sector team is following
market trends in the following segments:
Product and Service Categories
Automotive Components
& 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
Power Transmission
Power Generation
Generators
Generators
Uninterruptible Power
Substation Equipment
Hydraulics & Fluid Power
Pumps & Motors
Actuators & Cylinders
Instrumentation
Sensors, Relays & Switches
Encoders & Tachometers
RFID, Meters
Power Conversion
Global M&A Germany
Applications
• Aerospace & Defense
• Appliances
• Assembly & Test Systems
• Automated Inspection
• Automotive
• Food Processing
• Glass Making
• Machine Tools & CNC Systems
• Machinery
• Material Handling
• Medical
Country Focus:
• Metals & Wire
• Pharmaceutical
• Plastics & Rubber
• Printing & Labeling
• Pulp & Paper
• Renewable Energies
• Robotics
• Safety & Security
• Transportation
• Utilities
• Water & Wastewater
InterFinanz, Global M&A Partners Germany, has been active in the
field of mergers and acquisitions since it was established in 1958.
Since then, InterFinanz has initiated, mediated and advised on several hundred transactions. The firm concentrates on medium-sized
businesses and is a founding member of Global M&A Partners.
For further information contact:
In Europe:
In USA:
In Canada:
In Turkey:
[email protected]
[email protected]
[email protected]
[email protected]
74

Country Focus – USA

Transcription

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