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Table of Contents
Macroeconomic Situation in Europe ................................................................................................................. 4
Industrial Internet of Things – IIoT ................................................................................................................... 10
M&A Trends ................................................................................................................................................. 22
Global M&A Partners – Deals in Q2 2018...................................................................................................... 28
Country Focus .............................................................................................................................................. 29
DACH region .......................................................................................................................................... 38
Benelux................................................................................................................................................... 40
Czech Republic........................................................................................................................................ 46
Denmark................................................................................................................................................. 45
France.................................................................................................................................................... 47
Italy........................................................................................................................................................ 52
Norway................................................................................................................................................... 58
Poland.................................................................................................................................................... 61
Sweden................................................................................................................................................... 62
United Kingdom ...................................................................................................................................... 66
Canada.................................................................................................................................................. 72
Contact Details............................................................................................................................................. 99

4
Macroeconomic Situation in Europe
Economic expansion in the Euro Area is expected to continue over the coming quarters, but at a
slower pace than in 2017. In Q2 2018, the Eurozone grew at the same rate as in Q1 2018
(0.4%), and is expected to remain the same for Q3 2018 before slightly accelerating to +0.5% in
Q4 2018. The main driver behind this expansion in economic activity will be the gross fixed capi-
tal formation, still driven by favourable financing conditions. It is forecasted that the GDP of the
Eurozone will increase by 2.0-2.6% in 2018 and by 1.5-2.3% in 2019, a decline from 2.5%
growth in 2017.
Eurozone GDP Growth
Source: Eurostat and forecasts ifo-Istat KOF
 The global economy continues to grow at a
moderate pace with the support of develop-
ment in world trade
 Similarly, the Euro Area continues to grow
strongly on the back of strong fundamentals.
The consumption growth is expected to in-
crease which will in turn push the GDP growth
in the coming quarters
 The unemployment rate in the Euro Area
continues to slide and in May 2018 stood at
8.4%, the lowest recorded in the past 10 years
 However, higher prices of energy and food
drove the continuous increase in the inflation
rate
 Following from the continued growth in labor
markets employment gained and higher wages
resulting in an overall growth in private con-
sumption
 Additionally, the internal political disputes in
the Euro Area have increased the political chal-
lenges. Currency turbulances around Turkey
add further uncertainties.

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 Inflation to Accelerate
The Harmonised Index of Consumer Prices (HICP) inflation increased to 1.9% in May 2018, from an upwardly revised 1.2% in April, aligning with
the preliminary estimates made. The constant rise in the rate is mainly caused by higher prices of energy and food. Annual core inflation, which ex-
cludes energy and unprocessed food, remained between +1.2% and +1.3% in the initial months of 2018.
Forecasted HICP inflation is expected to stand at around 1.7% each year in the period 2018-2020, with some volatility in its quarterly profile. It is
forecasted to reach 2.0% in Q3 2018, fueled by an upward trending core inflation. In the fourth quarter, inflation is expected to decelerate again to
1.7%. The inflation forecast is based on the technical assumption that the Brent oil price remains stable at USD 75per barrel and that the USD/Euro
exchange rate stays at 1.17 over the forecast horizon.
Eurozone Inflation

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 Strengthening Labour Market
The unemployment rate in the Euro Area stood at 8.4% in May 2018, unchanged from the previous month's revised figure and below 9.2% a year
earlier. This is the lowest rate recorded in the Euro Area since December 2008. In the European Union, the unemployment rate stood at 7.0% in
May 2018, stable compared to the previous month and down from 7.7% compared to May 2017. It was the lowest rate recorded in the EU28 since
August 2008.
The unemployment rate in the Euro Area and in the EU has continued on a downward trend. In fact, the current economic expansion is unprece-
dented in terms of its ability to create jobs, even after considering that comparisons between different phases of business cycles are difficult due to
structural changes.
Euro area and EU28 Unemployment Rates

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 Increase in Private Consumption
Relative to the previous quarter private consumption witnessed an increase of 0.3%, due to the continued improvement in the labor markets (result-
ing in employment gains and higher wages) and higher consumer confidence. In Denmark, the private consumption was higher than expected in
Q1 2018 due to great surges in the demand for cars, following changes in car taxation at the end of the previous year. It is forecasted that the pri-
vate consumption will continue to grow at a solid pace supported by improved economy, labor market and bank lending conditions in the Euro
Area.
However, it is expected that in 2019, the private consumption growth in Luxembourg will decline slightly due to the slow improvement in labor
market conditions.
 European Export Growth
In April 2018 the Euro Area exports of goods to the rest of the world stood at EUR 182.9bn, an increase of 8.0% compared to April 2017. The
imports from the rest of the world amounted to EUR 166.2bn in May 2018 witnessing a rise of 8.1% compared to April 2017.
Within the Euro Area, the UK’s export growth fell in Q2 2018 due to the appreciation of the pound, increasing by 3.7% year-on-year. This is likely
making UK’s exports less appealing to foreign buyers, causing them to look for alternative markets. On the contrary, Spain and Germany were rec-
orded as the top performing exporters among EU’s largest economies.

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International Trade in Goods of the Euro Area, EUR bn
Source: European Commission
 Increasing Political Uncertainty
The economy of the Euro Area witnessed growth at a moderate pace in Q2 2018, but the increasing political challenges threatened the confidence
of the countries. In Italy, although the new government was formed by the populist Five Star Movement (M5S) and right-wing League party, however,
there is a limited probability of these two parties working together. Whereas, after the massive corruption scandal in Spain by Marino Rajoy (former
Prime Minister), a new Prime Minister Socialist Pedro Sánchez was sworn in June 2018. But the new Spain government has weak political capital,
holding only 84 seats out of 350 in parliament, which will constrain policymaking and could limit its tenure in power. Meanwhile, in Germany, the
political uncertainty increased due to the internal dispute within the ruling coalition over migration policy.
Brexit talks made major update and as per the plan, the UK is intended to leave the EU in March 2019, changeing the political ballgame in Europe.
The EU and the UK have agreed to a transition process of 21 months — from 29 March 2019 until the end of 2020 — before the country leaves
the member bloc completely. During the transition period, the UK will not participate in European decision-making procedures.

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Additionally, in June 2018, US President Donald Trump threatened to escalate a trade dispute with the European Union by imposing a 20.0% tariff
on automobiles. Since the automobile industry constitutes a key sector in the Euro Area with the US marking the largest sales market, significant
economic consequences can be expected, if Trump follows through.
 Strong Industrial Production
The industrial production, excluding construction, declined in January and February 2018 by 0.6% and 0.9% respectively due to falling production
in intermediate goods, capital goods, durable and non-durable consumer goods, except energy. It then rose by 0.5% in March followed by a de-
cline in April by 0.9%. In May 2018, the industrial production saw an increase of 2.4% year-on-year, which outperformed the market expectation of
2.1%. The Euro Area witnessed an average annual growth of 1.2% in industrial production from 1991-2018, reaching its peak at 9.2% in Decem-
ber 2010 and bottom at -21.4% in April 2009. The industrial production index is expected to grow at increasing rates over the forecast horizon
(0.3% in Q3 and 0.4% in Q4).
Eurozone Industrial Production Index
Source: European Commission

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Industrial IoT is a network of
physical objects, systems, plat-
forms and applications that
contains embedded technolo-
gy to communicate and share
intelligence with each other,
with the external environment
and with people
Industrial Internet of Things – IIoT
 Overview
The industrial sector is being fundamentally reshaped by the progress of the 4th Industrial Revolution which is
taking place due to the booming growth of Internet of Things (IoT). In today’s competitive global marketplace,
IoT-enabled smart manufacturing is streamlining business operations, optimising productivity and improving
ROI.
With significant advances in computing, analytics & data storage and with a drastic decline in costs for sensors
and networking, Industrial IoT is gaining ground across all sectors. The necessary technologies and resources
for automating and digitalising decade-old production infrastructure are developing rapidly to connect opera-
tional technology (OT) with information technology (IT) in the form of high-end data analytics and decision-
making tools.
Source: GlobeNewsWire Source: PwC Research and Analysis

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Evolution of Industrial IoT
Source: HoneywellProcess

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Major Players towards Industrial IoT
Source: Internet of Things Institute

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Major Players towards Industrial IoT
Source: Internet of Things Institute

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 Market Analysis
According to Technavio, the global IoT market spend should
grow from USD 307.0bn in 2016 to USD 1.1tn by 2020, corre-
sponding to a CAGR of 38.5%. The performance will be mainly
driven by a rise in the number of interconnected devices deriving
from affordable and more powerful sensor technology, favoura-
ble government support for the adoption of IoT in several indus-
tries (e.g. Horizon 2020 in Europe, Made in China Strategy
2025, Internet Plus in China, Industry 4.0 in Germany) and in-
creased industrial pressure for digital transformation.The benefits
of Industrial IoT inherent technology include increased business
productivity, cost reduction and operational efficiency, adding in
total USD 14.2tn to the industrial segment alone by 2030P.
IoT-related benefits worldwide could reach USD 4.0tn to USD
11.0tn per year by 2025, equivalent to roughly 4.0% to 10.0% of
the global GDP. A significant share of 35.0-40.0% (i.e. USD
1.4tn to USD 4.6tn) of these benefits is expected to be generated
in the industrial factory, plant and worksite environment, of which
70.0-75.0% would be achieved through the optimisation of op-
erations and predictive maintenance.
IoT market is set to grow at a CAGR of 38.5%
Source: Commerzbank Research, Technavio
* (includes software, services, devices)
Growing IoT adoption across all segments
Source: Commerzbank Research, Software AG

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 Market Analysis (Cont’d)
The IHS Technology report forecasts that industrial automation will
make up the majority of the IoT by 2025P, accounting for nearly
three-quarters of all connected devices, which could increase by
more than fiftyfold from 2012 to 2025P at a CAGR of 36.3%. Ac-
cording to Grandview Research, the IIoT market is set to reach USD
933.0bn by 2025P at a CAGR of 27.8%. The manufacturing indus-
try dominates the global IoT market – at about a third of the market
– as it was the early adopter of this technology to boost operating
efficiency.
The major factors driving the growth in this market include:
 Technological advancements in semiconductor and electron-
ic devices, availability of automation solutions, improved da-
ta rates and coverage of communication technologies
 Increasing use of the cloud computing platform, growing
adoption of IPv6 and support from governments worldwide
for the adoption of Industrial IoT solutions
 The ability of Industrial IoT to reduce manufacturing costs has also been an important factor for the growth of the global Industrial IoT mar-
ket. Through smart technology and sensors, the Industrial IoT can cut back the overall costs of manufacturing as well as distribution.
 Other drivers include growth in big data analytics, robotics and automation in various industries along with increasing emergence of real-
time supply chain information in the transportation and logistics industry.
However, security-related issues coupled with big data and artificial intelligence are expected to limit the growth of the market. Another factor hin-
dering the growth of the Industrial IoT market is the lack of compatibility between the many technologies functioning in the IoT environment.
Industrial IoT market to reach USD 933.0bn by 2025P
Source: Commerzbank Research, Grandview Research

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 Geographic Overview
The global Industrial IoT market is dominated by the APAC region,
with its total value reaching USD 402.1bn by 2025P, growing at a
CAGR of approximately 30.0% from 2016–2025P. China is fore-
casted to drive the market growth owing to its commitment to spend
more than USD 700.0m on R&D and implementation of IoT. The
Industrial IoT market in North America is set to reach USD 231.0bn
by 2025P, at a CAGR of 27.5%. The US was an early proponent of
the industrial internet, which was fuelled by the formation of an
open membership organisation – called the Industrial Internet Con-
sortium – by Cisco, GE, IBM, AT&T and Intel in March 2014. In
2015, the consortium had 212 members, including many major
companies such as 3M, ABB, Accenture, Pitney Bowes, Oracle,
Samsung and Microsoft.
The Industrial IoT market in Europe is set to expand at CAGR of
25.0% during 2016–2025P, reaching USD 179.0bn. The growth is
supported by favourable government policies. For instance, in Ger-
many, the ongoing initiative ‘Industrie 4.0’ is set to boost market
growth. It is a vision for future smart manufacturing that adopts in-
formation and communications technology in digitising industrial
processes and achieves operational efficiency and improved quality
at lower costs.
Industrial IoT market by 2025
402.1
231.0
179.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
APAC North America Europe
(In$bn)
Source: Commerzbank Research, Technavio

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 Trends
 An increasing number of consolidation is expected for advanced Industrial IoT ca-
pabilities among large OEMs. There is a large appetite from industrial OEMs to
bring advanced digital and analytics capabilities in-house as a means of accelerat-
ing their competitive advantage with peers
 Data centres are transforming into fully autonomous operations. IoT and AI will en-
able data centre issues to be resolved automatically by software. Voice technologies
are also enabling data centre operators to monitor and manage their data centres
from any location. The IT infrastructure gear is being deployed and maintained au-
tonomously
 As IoT is becoming pervasive, people in the industry are expecting their business sys-
tems to be ‘IoT enabled’, just as they expected them to be ‘internet-enabled’ and
‘data-enabled’. People are expecting to access the IoT from within their existing sys-
tems, and IoT technology soon will be used to create an enterprise system that de-
livers business value. There will still be a market for ‘IoT platforms and components’,
but most users will consume them in a packaged form
 Accelerating and automating existing information flows are important, but large op-
portunities exist in the use of IoT for potential new information flows. For example,
feedback from in-service products could help designers tune simulation models,
production engineers improve manufacturing processes and service engineers im-
prove the approach to maintenance
 Enterprise systems will soon be able to automatically discover, link and manage
these devices similar to finding ‘connectivity’ in the form of an internet socket, or Wi-
Fi-capable, in consumer electronics devices
 Industrial IoT spending across the manufacturing, transportation and utilities sectors
alone reached an estimated USD 325.0bn in 2016 and is expected to grow to
nearly USD 600.0bn by 2020

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 Key Collaboration and Consolidation
Industrial IoT is still in its infancy, and while there exists significant potential, technical challenges are considera-
ble. This drives larger players to consolidate in the industry. In addition to developing the underlying infrastruc-
ture of the Industrial IoT, these large firms have become an important source of capital for small, IIoT-focused
innovators and their investors. Aspiring Industrial IoT leaders seem to be using acquisitions instead of traditional
R&D to develop new Industrial IoT solutions. Along with firms such as Intel and Qualcomm, Cisco and GE have
venture capital arms helping to build a pipeline of promising Industrial IoT assets. Sensor designers and manu-
facturers will remain viable investment targets. They are typically more mature than software analytics firms and
may offer more opportunities to grow through operational efficiencies. Along with that, cybersecurity is also be-
coming a pressing Industrial IoT investment priority.
 Building on their respective strengths, GE and SAP plan to focus their efforts on the integration between GE’s
Predix operating system and SAP HANA cloud platform. Additionally, the companies intend to collaborate in
the area of asset management, including SAP Asset Intelligence Network, and to explore and design use
cases to enable the ‘Things to Outcomes’ vision for customers in the oil and gas industry
 GE also works with IBM and Microsoft for cloud hosting and computing, and with PTC Thingworx on other
projects
 Siemens partnered with companies such as Capgemini, which will work with the Siemens Building Technolo-
gies Division to use the Siemens Mindsphere platform to implement cloud-based asset management and an-
alytics technology
 Siemens has also announced a partnership with FPT, a technology, outsourcing and IT services group head-
quartered in Vietnam, to drive digital transformation for businesses in Asia Pacific and Europe
 In May 2017, Google launched IoT Core, a capability in the same category as Microsoft’s Azure IoT Suite.
This will help companies to set up connected devices more easily and securely, and then aggregate and
analyse the data they generate. Hardware partners supporting this effort include chipmakers ARM, Intel and
Marvel
 GE acquired BitStew, an analytics provider for utilities, energy and manufacturing businesses, in late 2016
for USD 153.0m following GE and Cisco’s collaboration on integrating data from Cisco’s networking hard-
ware into GE’s Predix Industrial IoT platform

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 Key Transactions in Industrial IoT
Date Acquirer Target Target Business Description
EV
(€ m)
Deal Value
(€ m)
EV
Sales
(x)
EBITDA
(x)
EBIT
(x)
27/10/2016
Qualcomm Incorpo-
rated
US NXP Semiconductors N.V. NL
Netherlands-based semiconductor &
supplier company
47,609.8 47,610.0 8.51x 20.5x 25.8x
18/07/2016
SoftBank Group
Corp.
JP
ARM Holdings Plc (98.55%
Stake)
GB
UK-based designer of microprocessor
technology for advanced digital products
27,691.4 27,276.0 nm nm nm
04/09/2017
United Technologies
Corporation
US Rockwell Collins, Inc. US
US-based manufacturer of aviation
electronics & communication equipment
for commercial and military aircrafts
25,172.4 25,172.0 5.69x 23.9x 30.0x
01/06/2016
Danaher Corpora-
tion (Shareholders)
US Fortive Corporation US
US-based company engaged in design-
ing, developing, manufacturing profes-
sional instrumentation and industrial
technologies
15,957.3 13,280.0 2.90x na 14.0x
26/07/2016 Analog Devices, Inc. US
Linear Technology Corpora-
tion
US
US-based company that designs, manu-
factures and markets analogue integrat-
ed circuits
11,818.6 11,819.0 9.13x 19.0x 20.5x
18/05/2016
Midea Group Co.,
Ltd.
CN KUKA AG (86.5% Stake) DE
Germany-based company that develops
and operates production systems and
robotics for automobile industry and
develops packaging systems
4,395.7 3,778.0 1.48x 17.0x 32.4x
02/08/2016 Platinum Equity, LLC US Vertiv Co US
US-based provider of thermal manage-
ment, A/C and D/C power, transfer
switches, services and information man-
agement systems
3,573.3 3,573.0 0.9x 8.9x na
21/06/2016 KION Group AG DE Dematic Group US
US-based supplier of integrated auto-
mated technology, software and services
to optimize the supply chain
2,874.6 2,875.0 1.81x na 19.6x
18/08/2016 Emerson Electric Co. US
Pentair Plc (Valves & Con-
trols)
CH
Switzerland-based valves & controls
segment of Pentair that designs, manu-
factures and markets valves, fittings,
automation and controls and actuators
2,615.3 2,615.0 1.61x na na

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Date Acquirer Target Target Business Description
EV
(€ m)
Deal Value
(€ m)
EV
Sales (x) EBITDA (x)
EBIT
(x)
19/03/2018
KLA-Tencor Corpo-
ration
US Orbotech Ltd IL
Israel-based company engaged in de-
signing, developing, manufacturing,
marketing and servicing automated
optical inspection (AOI) systems
2,520.7 2,521.0 3.44x 17.2x 22.8x
07/03/2018
Altra Industrial Mo-
tion Corp
US
Thomson Industries Inc;
Kollmorgen Corporation;
Portescap; Jacobs Vehicle
Systems, Inc.
US
Provides engine breaking technology;
Provides motion control solutions for
medical & industrial applications; De-
signer & developer of motion systems
and components for OEMs; Producer of
linear motion control products
2,385.4 2,385.0 3.26x 13.5x na
01/12/2016
Ingenic Semiconduc-
tor Co., Ltd.
CN
OmniVision Technologies,
Inc.; Superpix Micro Tech-
nology Co., Ltd. (94.29%
Stake)
CN/
US
China based CMOS image sensor and
image processing chip R&D and sales
company; US-based company that de-
signs, develops and markets semicon-
ductor image-sensor devices
1,725.0 1,725.0 na na na
12/09/2016
OpenText Corpora-
tion
CA
Dell EMC (Enterprise Con-
tent Division)
US
Provides the foundation to help modern-
ize, automate and transform data center
with industry-leading servers, storage,
cloud computing solutions and con-
verged infrastructure technology
1,441.8 1,442.0 2.70x na na
01/07/2016
Honeywell Interna-
tional Inc.
US Intelligrated, Inc. US
US-based provider of intelligent auto-
mated material handling solutions
1,349.5 1,350.0 1.97x na na
19/09/2016 Vista Equity Partners US Infoblox Inc. US
US-based company that develops, mar-
kets and sells automated network control
solutions worldwide
1,128.0 1,128.0 3.51x na na
27/07/2017 Schneider Electric SA FR
ASCO Power Technologies,
L.P.
US
US-based company that manufactures
and sells transfer switches, power control
systems, and industrial control products
1,067.9 1,068.0 2.67x na 11.6x
21/12/2016 TDK Corporation JP InvenSense, Inc US
US-based provider of motiontracking
sensor system on chip (SoC) and sound
solutions for consumer electronic devices
1,066.3 1,066.0 2.65x 44.9x nm
Median 2.70x 18.1x 21.7x
Average 3.48x 20.6x 22.1x
High 9.13x 44.9x 32.4x
Source: Mergermarket Low 0.90x 8.9x 11.6x

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 Outlook
The Industrial IoT has the potential to dramatically boost productivity and reduce costs across manufacturing, transportation, logistics and energy. It
could also spur new business models. By building sensors and networking devices into their equipment, vehicles and facilities, industrial companies
can boost their performance. The resulting data can be used to predict their maintenance needs and
sharpen their operations.
Industrial IoT adoption will have positive effects across industries and create value spillover to consumers.
The clearest beneficiaries would be consultants, as well as software and hardware makers who help com-
panies implement Industrial IoT. As we are currently in an early stage of IoT adoption, there are few ‘pure
play’ Industrial IoT companies.
To get the most value from the IoT opportunity and remain competitive, industrial customers across all ver-
ticals will need to accelerate the process of digitalisation. Digital transformation, which requires seamless
integration of big data along the value chain, needs to be done taking into account factors such as safety
of the equipment and people, reliability, data security and, at the same time, ensuring that there is minimal
disturbance to existing systems and infrastructure. This provides an opportunity for key enablers of this digi-
tal transformation, including traditional automation suppliers, software companies and data analytics pro-
viders. However, going forward, we can expect other automation players such as ABB, Emerson and Rock-
well to get more active on the M&A front, beefing up their digital portfolio. At this stage, automation com-
panies are expected to go for more value-added software-based acquisitions such as MES, PLM and Simu-
lation to better compete with the likes of Siemens and Schneider. With the increasing share of software,
there is potential of multiple re-rating for automation companies. For a while now, automation has been
about digitalising existing processes and devices. We are also not far from the next phase with machines
building other machines as they get smarter with intelligent network data linkages.
Predictive maintenance practices will be at the forefront and stand to gain most from Industrial IoT. Downtime might approach zero in future as pre-
scriptive/deductive maintenance models gain prominence with further advances in data analytics, machine learning and artificial intelligence. The
manufacturers of devices and traditional automation equipment would undoubtedly require scale to remain relevant in the IoT world, while software
and services companies will need domain expertise and presumably grow through partnerships with industrial companies.
In Amberg, Siemens primarily
makes programmable logic con-
trollers (PLCs) and Simatic switch-
gears. The plant has gone from
25.0% automated in 1990 to a
current level of 75.0% automation.
Today, it produces one product
per second or a staggering c.12m
control units per year with a pro-
duction quality of 99.99885%, or
in other words a minimal 11.5
defects per million units.

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M&A Trends
Q2 2018 carried over the momentum from Q1 2018. According to Mergermarket, global M&A reached to its highest post crisis value in H1 2018
with USD 1,940.0bn (8,560 deals). Q2 2018 was reported to be the most active quarter with a deal value reaching USD 1,010.0bn. The quarter
recorded six deals above USD 20.0bn mark. The growth in M&A activity was facilitated by availability of cheap finance, tech innovation causing
traditional corporates to fight back against newer, more innovative firms and shareholder pressure leading to more spin-offs, divestitures and trans-
formational sector altering acquisitions. The majority of deals was conducted domestically due to a greater level of protectionism and political inter-
vention. Only 38.2% of the global M&A value was generated by cross-border activity – almost a 6.0% drop compared to H1 2017. The developed
markets are witnessing increased deal volume along with Asia. However, Asia has seen its global share dip from 27.0% in June 2017 to 19.1% in
June this year.
Europe saw a considerable increase in the M&A markets, reaching its highest H1 value since the financial crisis with several big tickets acquisitions.
Q2 2018 was relatively more active compared to Q1 2018 and crossed USD 300.0bn mark first time after Q2 2014 (USD 309.8bn). Asian firms
were more active in Europe achiving the first and the third largest deal in Q2’18. The UK saw 629 transactions worth USD 147.4bn, 50% higher
than both H1 and H2 2017 values and remained the most active country in the region. Private equity activity in Europe remained on the same level,
registering USD 80.7bn (635 buyouts) across the first six months of the year.
While economic growth remained solid, political challenges are emerging and threatening to weigh on confidence in the Eurozone. Italy and Spain
have witnessed political unrest in recent weeks having new but relatively shaky governments. Adding to the internal turbulence, global trade protec-
tionism is also expected to weaken the Eurozone’s outlook.
Additionally, technology continues to play its disruptive role in the industry. There is an increasing trend of non-tech companies acquiring technology
companies, which is expected to accelerate in the future as the larger producers are typically less nimble and innovative.

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 Industrial Manufacturing
According to PwC, a rise in M&A activity for the industrial manufacturing industry is expected throughout 2018 due to several factors, including an
upsurge in repatriation and an increase in GDP growth, as well as record-high stock market levels that could result in a greater use of stock as a
currency to close larger transactions. On the supply side, PwC expects increasing numbers of asset divestitures among large industrial corporations,
due to beneficiary tax treatment, creating higher quality deal flow for other acquirers.
 Industry 4.0
As opposed to the previous revolutions, Industry 4.0 will not require the replacement of existing machinery and assets. Instead, with the implementa-
tion of augmented reality, businesses will experience a new phase of reduced downtime, optimized machinery, and increased productivity of em-
ployees by 25.0%-40.0%. This revolution will have a butterfly effect of reducing the overall headcount while sustaining costs and enabling efficient
industrial production.
The Internet of Things (IoT) and Industry 4.0 technologies are driving a new wave of mergers and acquisitions in the technology sector. Technologies
such as sensors, blockchain, artificial intelligence (AI), machine learning, and big data analytics are the key hotspots across a range of industry ver-
ticals, including automotive, health-tech, and high-tech industrial applications.

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Industrial (in the surveyed countries)
The M&A market in the industrial sector increased slightly in the second quarter, accounting for 496 transactions (vs. 473 in the first quarter of the
same year) registered by Mergermarket in the surveyed countries. The market volume increased in the second quarter by around 4.9% as compared
to the preceding one (i.e. the first quarter 2018) and approximately 8.8% as compared to the second quarter of 2017.
The following figure reflects the quarterly development of the market volumes in the industrial sector over the last 5 years:
Quarterly development of number of transactions in the industrial sector
The second quarter 2018 followed the pattern of the previous year, i.e. the number of recorded transactions in the industrial sector in the observed
regions increased compared to the first quarter of the same year. However, comparing on a y-o-y basis, the number of deals was almost 8.3%
higher than in Q2 2017, signifying a slight improvement over the last year.
A higher number of industrial deals was recorded in Europe than in North-America during the second quarter 2018. Of the 494 transactions in the
observed regions during Q2 2018, 54.0% were recorded in Europe incl. Turkey (4 deals) and 46.0% in North-America.
A comparison of the valuation levels observed during the second quarter and the first quarter of 2018 shows that the overall median for the enter-
prise values increased to EUR 93.0m, due to a significant increase in values in all regions except the UK and North America, where the median rec-
orded enterprise value was lower than in the previous quarter by 45.4%. Valuation multiples for sales increased and that of EBITDA decreased com-

I
25
pared to Q1 2018. The analysis of the limited number of transactions with published valuation data (132 transactions making approx. 26.6% out of
the total) shows that the median multiples during Q2 2018 were 1.3x for sales and 9.5x for EBITDA compared to 1.1x and 11.0x in Q1 2018.
Number of transactions with disclosed values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Total
Enterprise value > € 1 bn 4 3 0 1 14 22
Enterprise value € 250 m - € 1 bn 4 2 2 2 15 25
Enterprise value € 100 m - € 250 m 0 7 1 1 9 18
Enterprise value € 50 m - € 100 m 0 4 0 3 5 12
Enterprise value < € 50 m 4 9 3 6 33 55
Total 12 25 6 13 76 132
Q2 2018
Median values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Overall
median
Enterprise value in € m 562 74 127 50 93 93
Sales multiple 0.9 1.3 0.9 1.3 1.7 1.3
EBITDA multiple 9.5 9.4 8.9 9.8 15.4 9.5
Q1 2018
Median values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Overall
median
Enterprise value in € m 75 50 27 108 170 75
Sales multiple 0.4 1.1 0.6 1.2 1.4 1.1
EBITDA multiple 6.5 11.0 17.8 9.5 11.4 11.0
* Except Austria and Switzerland
** Denmark, Norway, Sweden

I
26
In the European M&A marketplace Germany remained the region with the largest share of all European transactions in the industrial sector. The
share of German transactions in all European industrial sector transactions increased slightly from 21.0% in Q1 2018 to 21.3% in the second quar-
ter of 2018 (57 out of 267 deals registered in Europe). Italy recorded 43 transactions, UK 41, France 32 and Sweden 21 transactions.
On the buyer side, German, US-American, Canadian and Italian buyers completed 32, 31 and 30 transactions respectively in the industrial sector
in Europe, and, thus, were more active than UK investors, who completed 26 takeovers. To compare, the Top 3 acquirers in the previous quarter
were Germany (36 takeovers), USA & Canada (30), and France (23), respectively. At the same time, the number of acquisitions of industrial com-
panies carried out by Asian investors in Europe increased to 27. China was the most active in Europe among the Asian buyers (10 transactions) fol-
lowed by Japan (6 transactions). In Q1 2018 Asian buyers completed 21 industrial transactions (Japan 6, China 2) and North American buyers
completed 30 transactions.
In line with the preceding quarter, the European market was slightly dominated by cross-border transactions (i.e. target and buyer with different
countries of origin), totalling 136 deals in the second quarter of 2018 (i.e. 50.9% out of the total deal number). For the purpose of comparison: in
the previous quarter the split between domestic and cross-border transactions was 49.8% and 50.2%, respectively. The following charts highlight
some relevant findings regarding the target and buyer geographies for the European market:
Breakdown of deals in Europe* by location of target companies
# of deals = 267
Breakdown of deals in Europe* by origin of buyer companies
# of deals = 267
*in countries covered in this report * in countries covered in this report

I
27
With 57 transactions in the industrial sector in Q2 2018 the German market remained strong. The split between “domestic” and “cross-border”
deals saw an increase in cross-border takeovers compared to the previous quarter and accounted for approximately 54.0% out of the total deal
number (vs. 49.0% in Q1 2018). In other words: in Q2 2018 foreign investors acquired more German companies than German buyers did in Eu-
rope.
On the seller side, Industrial companies and financial investors continued to dominate the space as in the first quarter of the same year, although
their contribution plummeted to 39.0% from 43.0% in the previous quarter. The following charts replicate our key findings with regard to the buyers’
geographies as well as buyers’ and sellers’ types in Germany:
Buyer geographies
# of deals = 57
Buyer types
# of deals = 57
Seller types
# of deals = 57

I
28
Global M&A Partners – Deals in Q2 2018
In the second quarter of 2018 we, Global M&A Partners, achieved a good score of the closed transactions. The following have, among others, to
be mentioned:
Blink Tyler Ltd.
Sale of AP2E, a French technology compa-
ny specialised in industrial analysis, to the
German Durag Group.
For more information, please click here.
Sale of Bernd Lindecke Werkzeugbau
GmbH, the German leading tool making
company for automotive speaker covers, to
Xin Point Holding Ltd., a listed Chinese
company.
Sale of Blink Tyler Ltd and Blink Medical
Ltd, dealing in sterile, single use surgical
instruments for outpatient or theatre de-
partments, to Katena Products Inc (a Private
Equity backed, US based company).
For more information, please klick here.

I
29
Country Focus
Country Focus
Deal details

Date Target
Sales
(€ m)
EV
(€ m)
Bidder Seller Deal Description
30 Source: Megermarket
Country Focus – DACH region
21/06
/2018
Max Mothes
GmbH (51%
Stake)
n/a n/a Sumeeko Indus-
tries Co., Ltd.
Mr. Scherm-
bach
Sumeeko Industries Co., Ltd., a Taiwan based manufactures and sells fas-
teners, screws, nuts, bolts, stampings, machining products, and other com-
ponents, has acquired 51% stake in Max Mothes GmbH, a Germany based
manufactures and supplies screws, swivels, and fasteners.
20/06
/2018
MWS Frie-
drichshafen
GmbH
60.0 n/a Oak Hill Advi-
sors, L.P.; Perlitz
Strategy Group
GmbH & Co.
KG
n/a Oak Hill Advisors, L.P., the US-based investment firm, and Perlitz Strategy
Group GmbH & Co. KG (PSG-), a Germany-based strategic consultant,
acquired MWS Friedrichshafen GmbH, a Germany-based manufacturer of
complex, aluminum sand-casted components for the automotive and indus-
trial markets. The transaction will strengthen MWS’ capabilities, while lever-
aging its customer and end-market diversification and growing in the E-
Mobility business.
20/06
/2018
Gimaex GmbH n/a 5.0 Grupo Iturri Gimaex
International
SAS
Grupo Iturri, a Spain-based company engaged in the manufacturing and
distribution of protective and emergency clothing, has acquired Gimaex
GmbH, a Germany-based company that manufactures vehicles and equip-
ment for the use in firefighting and environmental protection, from Gimaex
International SAS, a France-based manufacturer of vehicles for fire control,
technical assistance, rescue and evacuation, for a consideration of EUR 5m.
19/06
/2018
FFT Produk-
tionssysteme
GmbH & Co.
KG
850.0 n/a Fosun Interna-
tional Limited
ATON
GmbH
Fosun International Limited, a China-based Hong Kong-listed company
engaged in industrial operations, investment, asset management and insur-
ance businesses, has agreed to acquire FFT Produktionssysteme GmbH &
Co. KG, a Germany-based company that develops and constructs automat-
ed and flexible production systems, from ATON GmbH, a Germany-based
investment firm.
16/06
/2018
OPTERNA WGD
AG
n/a n/a OPTERNA Wolfgang
Gerlach
(Private In-
vestor)
OPTERNA, the US-based company that manufactures fiber optic and copper
connectivity solutions, has acquired an undisclosed majority stake in WGD
Datentechnik AG, a Germany-based company providing copper and fiber
optic solutions and engaged in the development and installation of complex
cable management systems.

Date Target
Sales
(€ m)
EV
(€ m)
14/06
/2018
Schletter GmbH 270.0 n/a Golden Square
Capital
n/a Golden Square Capital, a Germany-based investment company, along with
the management of Schletter GmbH, the Germany-based company that
develops and produces solar mounting systems and sustainable products
from aluminium and high-grade steel, has agreed to acquire the company.
The transaction was financed by Avenue Capital Group.
14/06
/2018
Reifen Krieg
GmbH
330.0 n/a Fintyre S.p.A. Holger Krieg
(Private In-
vestor);
Tobias Fink
(Private In-
vestor)
Fintyre S.p.A., an Italy-based company engaged in wholesale distribution of
tyres and a portfolio company of Bain Capital LLC, the US-based private
equity firm, has agreed to acquire Reifen Krieg GmbH, the Germany-based
tyre wholesaler from, Mr. Tobias Fink and Mr. Holger Krieg, the Germany-
based private individuals. The combined entity will have more than 1,300
employees, 1.1bn revenue and 16 warehouses.
13/06
/2018
B&W Fahrzeug-
entwicklung
GmbH
n/a n/a FEV Group
GmbH
Haraldo
Branden-
burg, Ma-
nuela Won-
gorski (Pri-
vate Inves-
tors)
FEV Group GmbH, a Germany-based powertrain and vehicle engineering
company, has agreed to acquire B&W Fahrzeugentwicklung GmbH, a Ger-
many-based company engaged in vehicle development and providing pro-
fessional engineering services. The transaction helps FEV to expand its ca-
pacities in the Global Vehicle Development business segment.
13/06
/2018
FAWEMA
GmbH; HDG
Verpackungs-
maschinen
GmbH
n/a n/a HQ Equita
GmbH
Peter Steindl
(Private In-
vestor)
HQ Equita GmbH, a Germany-based private equity firm, along with the
management of FAWEMA GmbH, a Germany-based developer and manu-
facturer of packaging machines and HDG Verpackungsmaschinen GmbH,
the Germany-based companies specializing in the development and manu-
facturing of packaging machines, has acquired the companies, from Peter
Steindl, a Germany-based private investor.
12/06
/2018
Karl Eugen Fi-
scher GmbH
83.0 n/a Deutsche Beteili-
gungs AG
Equistone
Partners
Europe Li-
mited
Deutsche Beteiligungs AG, a Germany-based private equity and venture
capital firm, acquired Karl Eugen Fischer GmbH,a Germany-based compa-
ny engaged in the production, sale, and service of machines for the tire
industry and sheet metal processing, from Equistone Partners Europe Lim-
ited.

Date Target
Sales
(€ m)
EV
(€ m)
11/06
/2018
H & R Industrie-
rohrbau GmbH
16.0 n/a BWK GmbH Alexander
Hock, An-
dreas Rohle-
der (Private
investors)
BWK GmbH, a Germany-based private equity firm, has acquired a majority
stake in H & R Industrierohrbau GmbH, a Germany-based company en-
gaged in the maintenance and construction of pipelines.
08/06
/2018
Krafotec GmbH n/a n/a Ralf Teichmann
GmbH
n/a Ralf Teichmann GmbH, a Germany-based manufacturer and supplier of
cranes, has acquired Krafotec GmbH, a Germany-based manufacturer of
gantry cranes, overhead travelling cranes and container cranes. As part of
the transaction, Teichmann has taken all the employees and production sites
of Krafotec.
08/06
/2018
Intega Innovati-
ve Technologie
fuer Gase und
Anlagenbau
GmbH
n/a n/a Nimbus Support
B.V.
Air Liquide
SA
Nimbus Support B.V., a Netherlands-based private equity firm, has acquired
Intega GmbH, a Germany-based company that develops, manufactures,
installs, and services ultra high-purity supply systems (UHP) for the semicon-
ductor and pharmaceutical industries, from Air Liquide SA, a listed France-
based supplier of gases, technologies and services to a range of industries,
for an undisclosed consideration.
06/06
/2018
RS Roman Seli-
ger Armaturen-
fabrik GmbH
n/a n/a Staubli Internati-
onal AG
Günther
Seliger, Sa-
bine Seliger-
Contreras
(Private In-
vestors)
Staubli International AG, the Switzerland based manufacturer of robotics,
textile machinery and connectors, acquired RS Roman Seliger Armaturenfab-
rik GmbH, the Germany-based company engaged in manufacturing of
standard and safety dry-disconnect couplings and providing related solu-
tions. The acquisition strengthens Staubli's global position in the field of fluid
connectors.
06/06
/2018
PAATZ Viernau
GmbH
n/a n/a Gebr. Heller
Maschinenfabrik
GmbH
n/a Gebr. Heller Maschinenfabrik GmbH, a Germany-based developer and
manufacturer of machining centers, production systems and crankshaft &
camshaft machines for metal-cutting processes, has acquired PAATZ Viernau
GmbH, a Germany-based manufacturer of multi-spindle heads and gripper
systems. The unsecured creditors will receive a recovery disbursement rate of
around 61%.

Date Target
Sales
(€ m)
EV
(€ m)
06/06
/2018
STATEK Stanze-
reitechnik
GmbH
17.2 n/a NORMA Group
AG
Erbenge-
meinschaft
nach Hans
Dieter Anton,
Ulrike Anton,
Family Mön-
ninger
NORMA Group AG, a listed Germany-based provider of metal and plastic
engineered joining technology solutions to a wide range of industries, has
agreed to acquire STATEK Stanzereitechnik GmbH, a Germany-based man-
ufacturer of contact and stamped parts, housings, wave springs and other
products. The acquisition is expected to complete in mid-2018.
01/06
/2018
Motec GmbH n/a n/a AMETEK, Inc. Ferdinand
Graef, Mi-
chael Weber,
Christoph
Loos (Private
Investors)
AMETEK, Inc., the listed US-based manufacturer of electronic instruments
and electromechanical devices, has acquired Motec GmbH, the Germany-
based company engaged in the development and manufacture of camera
systems for commercial vehicles, construction vehicles and agricultural ma-
chines.
01/06
/2018
Frauenthal
Holding AG (U-
Bolts, pin and
screw business
division)
13.0 n/a Hendrickson
USA, L.L.C.
Frauenthal
Holding AG
Hendrickson USA, L.L.C., the US-based company engaged in manufacturing
of automotive components, has acquired U-Bolts, pin and screw business
division of Frauenthal Holding AG, the Austria-based manufacturer and
supplier of automotive components for heavy vehicles and trailers. The
transaction includes the manufacturing facility in Poland, along with 200
employees who will join Hendrickson Commercial Vehicle Systems Europe.
01/06
/2018
Smurfit Kappa
Baden Karton
GmbH
100.0 n/a LIVIA Corporate
Development SE
Smurfit Kap-
pa Group Plc
LIVIA Corporate Development SE, a Germany-based company offering cor-
porate, real estate, art, emerging, agricultural, and opportunistic investment
services, acquired Smurfit Kappa Baden Karton GmbH, from Smurfit Kappa
plc, the Ireland-based manufacturer and supplier of container boards and
other paper based packaging products. The transaction includes acquisition
of Baden Karton's cartonboard mill.

Date Target
Sales
(€ m)
EV
(€ m)
30/05
/2018
MET Holding AG 7,590 n/a Management
Vehicle
MOL Hun-
garian Oil
and Gas
Public Lim-
ited Compa-
ny; WISD
Holding
The management of MET Holding AG, a Switzerland-based company en-
gaged in natural gas distribution, power generation and transmission activi-
ties, agreed to acquire the company from MOL Group, a Hungary-based oil
and gas group engaged in exploration and production, and WISD Holding,
Hungary-based holding company engaged in wholesale and retail trading
of natural gas, in a management buyout transaction.
30/05
/2018
FTCap GmbH 20.0 n/a Mersen S.A. Peter Fischer
(Private In-
vestor); Mi-
chael Tau-
sche (Private
Investor)
Mersen S.A., the listed France-based company engaged in the manufactur-
ing and sale of electrical specialties and advanced materials, has agreed to
acquire FTCap GmbH, the Germany-based company engaged in the devel-
opment and production of capacitors, from Mr. Peter Fischer and Mr. Mi-
chael Tausche, the Germany-based private investors. The acquisition will
enable Mersen to expand its current range of products and strengthen its
position in the global power electronics market.
30/05
/2018
KLINGEL medi-
cal metal GmbH
36.5 n/a IK Investment
Partners Limited
Halder Betei-
ligungsbera-
tung GmbH
IK Investment Partners Limited, UK-based private equity firm, agreed to ac-
quire KLINGEL medical metal GmbH, the Germany-based mechanical engi-
neering firm specializing in precision parts and components, from Halder
Beteiligungsberatung GmbH, the Germany-based private equity firm.
29/05
/2018
Grammer AG 1,787 916.7 Jiye Auto Parts
GmbH
n/a Jiye Auto Parts GmbH, a China-based SPV set up by Ningbo Jihong Invest-
ment, agreed to acquire Grammer AG, a German based and listed auto
supplier. The indicative offer of EUR 60 plus the proposed dividend of EUR
1.25, resulting in a total consideration of EUR 61.25.
28/05
/2018
Sauter Federn
GmbH
n/a n/a PINOVA Capital
GmbH
Sauter family PINOVA Capital GmbH, a Germany-based private equity and venture capi-
tal firm, has acquired an undisclosed majority stake of Sauter Federn
GmbH, a Germany-based designer and manufacturer of customized spring
solutions, from Sauter family, the Germany-based family. The aim is to ex-
pand and diversify Sauter Federn business internationally.

Date Target
Sales
(€ m)
EV
(€ m)
25/05
/2018
Hafner-Muschler
Kaelte- und
Klimatechnik
GmbH & Co.
KG
n/a n/a KONZMANN
Holding GmbH
n/a KONZMANN Holding GmbH, the Germany-based building services compa-
ny, acquired Hafner-Muschler Kaelte- und Klimatechnik GmbH & Co. KG,
the Germany-based refrigeration and air conditioning company. As a part
of the transaction, 71 employees will be taken over by KONZMANN.
23/05
/2018
Geiger Ferti-
gungstechnolo-
gie GmbH
52.0 n/a Zhejiang Tieliu
Clutch Co., Ltd.
KAP Beteili-
gungs AG;
Daun & Cie
AG; ATLAS
TextilVerwal-
tungs GmbH
Zhejiang Tieliu Clutch Co., the China-based company engaged in manufac-
ture and sale of automobile transmission system components, agreed to
acquire 100% stake in Geiger Fertigungstechnologie GmbH from KAP Be-
teiligungs AG, Daun & CIE Aktiengesellschaft, and ATLAS TextilVerwaltungs
GmbH for a total consideration of EUR 38m (USD 44.79m).
18/05
/2018
CEDS DURAD-
RIVE GmbH
n/a n/a BPE Private Equi-
ty GmbH
n/a BPE Private Equity GmbH, a Germany-based private equity firm, acquired
CEDS DURADRIVE GmbH, a Germany-based company engaged in develop-
ing and producing durable customized electrical drives, from a consortium
of investors.
17/05
/2018
Aventics Gmbh 354.2 527.0 Emerson Electric
Co.
Triton Part-
ners
Emerson Electric Co., the listed US-based company engaged in manufactur-
ing and providing products and services in the industrial, commercial, and
consumer markets, has agreed to acquire Aventics Gmbh, a Germany-
based manufacturer of pneumatic components and systems, from Triton
Partners for EUR 527m.
17/05
/2018
Tritron GmbH
(51% Stake);
Atlantic Zeiser
GmbH (Card
personalization
systems and
packaging busi-
ness segments)
n/a n/a Coesia S.p.A. Atlantic Zei-
ser GmbH
Coesia S.p.A., an Italy-based company engaged in the design, manufacture,
and sale of automated packing and packaging machinery, industrial process
solutions, and precision gears, agreed to acquire card personalization sys-
tems and packaging business segment and 51% stake in Tritron GmbH, the
Germany-based producer of special inks for digital industrial printing, from
Germany based Atlantic Zeiser GmbH.

Date Target
Sales
(€ m)
EV
(€ m)
15/05
/2018
NEXTSENSE
GmbH
12.0 n/a Hexagon AB eQventure Hexagon AB, the Sweden-based provider of design, measurement and visu-
alization technologies, has acquired NEXTSENSE GmbH, the Austria-based
company providing profile measuring gauges and surface inspection sys-
tems for the railway, automotive, steel and aerospace industries, from
eQventure, the Austria-based private equity firm, for an undisclosed consid-
eration.
14/05
/2018
Hansel Group
GmbH
47.0 n/a L. Possehl & Co.
mbH
Frank Tem-
me (Private
Investor);
Heiko Kuuhn
(Private In-
vestor)
L. Possehl & Co. mbH, a Germany-based company engaged in the con-
struction, metals, elastomer, electronics, trading and machinery businesses,
has agreed to acquire an undisclosed majority stake in Hansel Group
GmbH, the Germany-based engaged in manufacturing plants and systems
for confectionary industry, from Frank Temme and Heiko Kuuhn, the Ger-
many-based private individuals, for an undisclosed consideration.
11/05
/2018
Knapp AG (30%
Stake)
632.0 n/a Bartenstein fa-
mily; Herbert
Knapp (Private
investor)
Daifuku Co
Ltd
The Austria-based Bartenstein family and Dr. Herbert Knapp, the Austria-
based private individual, have agreed to acquire 30% stake Knapp AG, the
Austria-based company engaged in manufacture and sales of material han-
dling systems, from Daifuku Co Ltd, the listed Japan-based manufacturer
and distributor of industrial automation equipment.
09/05
/2018
Kolbe-Coloco
Spezialdruck
GmbH
n/a n/a H.O.Persiehl
(GmbH & Co.)
KG
HQ Equita
GmbH
H.O.Persiehl (GmbH & Co.) KG, a Germany-based company engaged in
commercial printing services, has acquired Kolbe-Coloco Spezialdruck
GmbH, a Germany-based company engaged in the production and printing
of advertising material and packaging, from HQ Equita GmbH, a Germany-
based private equity firm.
08/05
/2018
Walter Born-
mann GmbH &
Co. KG
n/a n/a BPE Private Equi-
ty GmbH
Hans Ulrich
Bornmann,
Johannes
Walter
Bornmann
(Private In-
vestors)
BPE Private Equity GmbH, a Germany-based private equity firm, has ac-
quired an undisclosed majority stake in Walter Bornmann GmbH & Co. KG,
a Germany-based manufacturer of high-volume aluminum and stainless
steel turned parts and safety valves.

Date Target
Sales
(€ m)
EV
(€ m)
07/05
/2018
SHW Casting
Technologies
GmbH & Co.
KG (Koenigs-
bronn plant)
n/a n/a Rheinische Mit-
telstandsbeteili-
gungs GmbH
n/a Rheinische Mittelstandsbeteiligungs GmbH, a Germany-based private equity
firm, has agreed to acquire Germany-based Koenigsbronn plant of SHW
Casting Technologies GmbH & Co. KG, a Germany-based distributor of
papermaking calendar rolls and heavy-duty casting. The brand name SHW
will be retained and the new company will operate under the name SHW
High Precision Casting Technologies GmbH.
07/05
/2018
Gothaer Fahr-
zeugtechnik
GmbH
n/a n/a Finatem Fonds
Management
Verwaltungs
GmbH
Schwabe
GmbH & Co.
KG, Christi-
na Schwabe
(Private In-
vestor)
Finatem Fonds Management Verwaltungs GmbH, a Germany-based private
equity firm has acquired Gothaer Fahrzeugtechnik GmbH, a Germany-
based developer of highly specialised steel components for the crane and
construction industries.
07/05
/2018
Laser 2000
GmbH (75%
Stake)
n/a n/a Gimv NV Armin Luft
(Private In-
vestor)
Gimv NV, a Belgium-based private equity firm, has agreed to acquire a 75%
stake in Laser 2000 GmbH, a Germany-based provider of laser and pho-
tonics solutions.Post acquisition, Armin Luft, Founder and Managing Director
of Laser 2000 will retain a minority stake in the company.
03/05
/2018
InnoLas Soluti-
ons GmbH
n/a n/a CGS Manage-
ment AG
Richard
Grundmüller
(Private In-
vestor)
CGS Management AG, a Switzerland-based private equity firm acquired an
undisclosed majority stake in InnoLas Solutions GmbH, a Germany-based
designer and producer of laser machines and processing systems for use in
the photovoltaic, semiconductor, and precision engineering industries.
03/05
/2018
IKUMA GmbH &
Co. KG; IKUMA
Verwaltungs
GmbH
8.0 6.3 Cembre GmbH Arndt Ku-
schert, Mar-
kus Maas
(Private In-
vestors)
Cembre GmbH, the Germany-based manufacturer of electrical connectors
and tools, and a subsidiary of Cembre SpA, the listed Italy-based developer
and producer of electrical connectors and related installation tools, has ac-
quired IKUMA GmbH & Co. KG (IKUMA KG), the Germany-based supplier
of cable connectors and related products and IKUMA Verwaltungs GmbH,
the Germany-based provider of consultancy and management services to
IKUMA KG, for a consideration of EUR 6.3m.

Date Target
Sales
(€ m)
EV
(€ m)
03/05
/2018
Katek GmbH 145.0 n/a Primepulse SE Kathrein SE Primepulse SE, the Germany-based investment holding company that oper-
ates in the areas of IT, vision technology, electronics, e-commerce, automo-
tive, air technology through its subsidiaries, has acquired Katek GmbH, the
Germany-based provider of electronics manufacturing services, from
Kathrein SE, the Germany-based company engaged in production of tele-
communication products.
02/05
/2018
SMK Systeme
Metall Kunststoff
GmbH & Co.
KG
71.7 n/a Shenzhen Kai-
zhong Precision
Technology Co.,
Ltd.
n/a Shenzhen Kaizhong Precision Technology Co., Ltd., the China-based SZSE-
listed company engaged in design and manufacture of commutators, slip
rings, and connectors, has agreed to acquire SMK Systeme Metall Kunststoff
GmbH & Co. KG, the Germany-based company engaged in manufacture
and sales of auto heat & air exchange system, from a group of Germany-
based private investors, for cash consideration of EUR 25.37m.
01/05
/2018
O.R. Lasertech-
nologie GmbH
n/a 39.4 Coherent, Inc. Yhushua
Resnik
Coherent, Inc., a listed US-based manufacturer of laser and photonics prod-
ucts for commercial and scientific research markets, has acquired O.R. La-
sertechnologie GmbH, a Germany-based manufacturer of laser-based ma-
terial processing equipment, for an approximate consideration of USD
47.4m.
30/04
/2018
Agram Land-
technik Rollwitz
GmbH; Agram
Landtechnikver-
trieb GmbH
25.0 n/a Titan Machinery
Inc.
Petrick Ga-
ens, Wolf-
gang Locke
(Private In-
vestors)
Titan Machinery Inc., the listed US-based company engaged in operating of
agricultural and construction equipment stores and consumer products deal-
erships, has agreed to acquire Agram Landtechnik Rollwitz GmbH and
Agram Landtechnikvertrieb GmbH, the Germany-based farm equipment
suppliers. The transaction is expected to complete in July 2018.
27/04
/2018
MN Coil Ser-
vicecenter
GmbH
n/a n/a CMP Capital
Management-
Partners GmbH
Sven Be-
chert, Anja
Bechert (Pri-
vate Inves-
tors)
CMP Capital Management-Partners GmbH, a Germany-based private equity
firm, has acquired MN Coil Servicecenter GmbH, a Germany-based com-
pany engaged in the production of design sheet metals.

Date Target
Sales
(€ m)
EV
(€ m)
26/04
/2018
REMAG Stahl
Distribution und
Service GmbH;
REMAG Soest
n/a n/a Steel Mont
GmbH
n/a Steel Mont GmbH, the Germany-based trading and supply of raw materials
to steel and chemical plants, has acquired REMAG Soest, the Germany-
based company specializes in slitting coils and cutting sheet and REMAG
Stahl Distribution und Service GmbH, the Germany-based company en-
gaged in processing and trading in steel and iron.
26/04
/2018
Aluminiumfolie
Merseburg
GmbH
30.0 n/a Slim Aluminium
SpA
n/a Slim Aluminium SpA, the Italy-based company manufacturer of aluminium
rolled products for the packaging, automotive, transport and construction
industries, and a portfolio company of Quantum Capital Partners AG, the
Germany-based private equity firm, has acquired Aluminiumfolie Merseburg
GmbH, the Germany-based manufacturer of aluminum foil for flexible
packaging and technical applications.
26/04
/2018
Mungo Befesti-
gungstechnik
AG
n/a n/a Finatem Fonds
Management
Verwaltungs
GmbH
n/a Finatem Fonds Management Verwaltungs GmbH, a Germany-based private
equity, along with the management of Mungo Befestigungstechnik AG, a
Switzerland-based company that develops, manufactures and distributes
nylon anchor plugs, metal anchor plugs, chemical fasteners, insulating fas-
teners, special fasteners and drill bits, has acquired the company, in a man-
agement buyout transaction.
26/04
/2018
ZKW Group
GmbH
1,260 1,100 LG Electronics,
Inc.; LG Corp
Ulrich Mo-
mmert (Pri-
vate Investor)
LG Corp (30% stake), a listed South Korea-based holding company en-
gaged in the electronics, chemicals, and telecommunications businesses and
LG Electronics, Inc. (70% stake), a listed South Korea-based manufacturer of
electronic products have agreed to acquire ZKW Group GmbH from Ulrich
Mommert for a minimum consideration of EUR 1.1bn.
24/04
/2018
Bahr Modul-
technik GmbH
n/a n/a IK Investment
Partners Limited
Bahr Family IK Investment Partners Limited, the UK-based private equity firm, along with
the management of Bahr Modultechnik GmbH, the Germany-based manu-
facturer of modular positioning systems, have agreed to acquire the compa-
ny in a management buyout transaction, from Bahr Family, the Germany-
based family.

Date Target
Sales
(€ m)
EV
(€ m)
24/04
/2018
Starz GmbH n/a n/a NorthCapital
Holding ApS
n/a NorthCapital Holding ApS, a Denmark-based investment company of
NorthCapital Kontor GmbH, has acquired Starz GmbH, a Germany-based
company manufactures and develops cable harnesses, control electrics and
control panels for special vehicles. Due to the high outflows of liquidity to
China, Starz Group suffered a liquidity crisis which resulted in the filing of
the insolvency petition in mid-January 2018.
20/04
/2018
Knauer Holding
GmbH & Co.
KG
70.0 n/a Blue Cap AG n/a Blue Cap 08 GmbH, a Germany-based subsidiary/fund of Blue Cap AG,
has agreed to acquire Knauer Holding GmbH & Co. KG, a Germany-based
manufacturer of plastic packaging for the food industry.
19/04
/2018
AMMATEC
GmbH
n/a n/a Franke Industrie
AG
Yulla Klyueva
(Private In-
vestors)
Franke Industrie AG, the Switzerland-based company engaged in the pro-
duction of hot gas components for the energy and aerospace industries, has
acquired AMMATEC GmbH, a Germany-based company engaged in pro-
duction of complex precision parts for aerospace OEMs. The acquisition will
allow Franke Industrie to expand its aerospace business segment.
16/04
/2018
PVG Kaltprofile
Verarbeitungs-
technik GmbH
n/a n/a Wickeder Profile
Walzwerk
GmbH
n/a Wickeder Profile Walzwerk GmbH, the Germany-based manufacturer of
metal profile systems and a subsidiary of Wickeder Westfalenstahl Gmbh,
have acquired PVG Kaltprofile Verarbeitungstechnik GmbH, the Germany-
based manufacturer of steel products such as sheet metal products, pipes,
cold rolled and hot rolled profiles and pipe fittings of REMAG Aktiengesell-
schaft, a Germany-based manufacturer of steel products.
16/04
/2018
MAGEBA Textil-
maschinen
GmbH & Co.
KG
n/a n/a Michael Mettler
(Private Investor)
Hans Peter
Stang (Pri-
vate Investor)
Michael Mettler, the Germany-based private individual, has acquired
MAGEBA Textilmaschinen GmbH & Co. KG, the Germany-based manufac-
turer of machinery for the textile industry.The transaction will enable MAGE-
BA to come out of insolvency proceedings which was filed in January 2018

Date Target
Sales
(€ m)
EV
(€ m)
13/04
/2018
Ferrostaal Piping
Supply GmbH
50.0 n/a Van Leeuwen
Pipe and Tube
Group B.V.
Ferrostaal
GmbH
Van Leeuwen Pipe and Tube Group B.V., the Netherlands-based industrial
distributor of steel pipe, valves and fittings, has acquired Ferrostaal Piping
Supply GmbH, the Germany-based company that supplies welded and
seamless pipes, piping accessories and pipeline equipment, from Ferrostaal
GmbH, the Germany-based company engaged in providing project devel-
opment and construction services.
12/04
/2018
Bergauer AG 10.3 n/a Swarco AG n/a Swarco AG, an Austria-based company engaged in manufacturing products
and systems for road safety and intelligent traffic management, has acquired
an undisclosed majority stake in Bergauer AG, a Switzerland-based devel-
oper of intelligent traffic guidance and automation control systems.
11/04
/2018
VDM Metals
GmbH
875.0 596.0 Aperam Lindsay
Goldberg
LLC
Aperam, a listed Luxembourg-based manufacturer of stainless steel, has
agreed to acquire VDM Metals GmbH, a Germany-based company en-
gaged in developing, producing and supplying nickel alloys, titanium and
zirconium alloys, special stainless steels, zirconium and cobalt-based alloys,
from Lindsay Goldberg LLC.
09/04
/2018
Sulzer Manage-
ment Ltd.
(14.59% Stake)
2,606 3,364 Sulzer Manage-
ment Ltd.
Renova
Group of
Companies
Sulzer Management Ltd., the listed Switzerland-based company engaged in
the manufacturing of industrial machinery and equipment, surfacing tech-
nology and equipment maintenance, has agreed to buy-back a 14.59%
stake in the company from Renova Group of Companies, a Russia-based
company engaged in metals mining, oil, machine building, construction,
energy, telecommunications, nanotechnologies, utilities & financial sector.
09/04
/2018
L'Orange GmbH 244.0 700.0 Woodward, Inc Rolls-Royce
Power Sys-
tems AG
Woodward, Inc, the listed US-based designer, manufacturer, and service
provider of energy control and optimization solutions, has agreed to acquire
L'Orange GmbH, a Germany-based designer, manufacturer, and service
provider of control solutions for the aerospace and industrial markets, from
Rolls-Royce Power Systems AG.

Date Target
Sales
(€ m)
EV
(€ m)
06/04
/2018
Matec GmbH 50.0 n/a MSK Group Oy Salzgitter
Maschinen-
bau AG;
Team Indust-
ries Roesela-
re NV
MSK Group Oy, a Finland-based industrial equipment, machinery manufac-
turer and supplier, has acquired Matec GmbH, a Germany-based company
engaged in designing and manufacturing cabins for machinery, from Team
Industries Roeselare NV, a Belgium-based company develops, produces,
and tests electro-mechanical assemblies and Salzgitter Maschinenbau AG, a
Germany-based company engaged in manufacturing grabs and other lifting
accessories.
05/04
/2018
BBS Automation
GmbH
n/a n/a EQT Partners AB n/a EQT Partners AB, a Sweden-based private equity firm, has acquired an un-
disclosed stake in BBS Automation GmbH Germany-based company en-
gaged in developing and manufacturing of innovative and flexible automa-
tion and testing technology.
04/04
/2018
KUMATEC Son-
dermaschinen-
bau & Kunst-
stoffverarbeitung
GmbH
n/a 12.5 AVX Interconnect
Europe GmbH
Joachim
Loeffler,
Dietmar
Flessa, Rei-
ner Bauer-
sachs (Pri-
vate Inves-
tors)
AVX Corporation, the listed US-based company engaged in manufacturer
and supplier of passive electronic components and Interconnects, through its
subsidiary, AVX Interconnect Europe GmbH, has agreed to acquire KU-
MATEC Sondermaschinenbau & Kunststoffverarbeitung GmbH.
03/04
/2018
Aurubis AG (Flat
Rolled Products)
1,500 n/a Wieland-Werke
AG
Aurubis AG Wieland-Werke AG (Wieland Group), the Germany-based manufacturer
and supplier of semi-finished and special products in copper and copper
alloys and other materials, has agreed to acquire the Flat Rolled Products
segment of Aurubis AG, the listed Germany-based provider of non-ferrous
metals and copper recycler, headquartered in Hamburg.

Date Target
Sales
(€ m)
EV
(€ m)
03/04
/2018
AMICRA Micro-
technologies
GmbH
n/a n/a ASM Pacific
Technology Li-
mited
n/a ASM Pacific Technology Limited, the listed Hong Kong-based designer,
manufacturer and marketer of machines, tools and materials used in the
semiconductor industry, has agreed to acquire AMICRA Microtechnologies
GmbH, the Germany-based supplier of ultra-high precision die-attach
equipment specializing in submicron placement accuracy, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Benelux
25/06
/2018
AVT Europe NV n/a n/a VINCI Energies
Belgium NV
n/a VINCI Energies Belgium NV, a Belgium-based company engaged in design,
develop, and market solutions for energy infrastructure, industry, telecom-
munications, and service sector, has acquired AVT Europe NV, a Belgium-
based company engaged in industrial automation, mechanical and other
engineering solution and services, for an undisclosed consideration.
19/06
/2018
Elcee Group B.V. 100.0 n/a Gilde Buy Out
Partners BV
Transequity
Network BV
Gilde Buy Out Partners BV, the Netherlands-based private equity firm, along
with management of Elcee Group B.V, the Netherlands-based company
which, through its subsidiaries, provides customer-specific industrial prod-
ucts, has agreed to acquire the company in a management buyout transac-
tion, from Transequity Network BV, the Netherlands-based private equity
firm, for an undisclosed consideration.
19/06
/2018
REMA Holland
B.V.
8.3 n/a Axel Johnson
International AB
n/a Axel Johnson International AB, the Sweden-based distributor of steel wires,
pumps, bearings and heavy-duty vehicle components, has acquired REMA
Holland B.V., the Netherlands-based supplier of hoisting and lifting equip-
ment, for an undisclosed consideration.
19/06
/2018
Moonen Packa-
ging B.V.
51.0 n/a OptiGroup AB Ge Moonen
(Private In-
vestor)
OptiGroup AB, a Listed Sweden-based manufacturer and supplier of paper
and packaging products, has agreed to acquire Moonen Packaging B.V., the
Netherlands-based company engaged in packaging and distribution, from
Ge Moonen, the Netherland-based private individual, for an undisclosed
consideration.
15/06
/2018
Soliver NV n/a n/a American Glass
Products
n/a American Glass Products (AGP), the Peru-based producer of bullet resistant
glass and specialty glass for automotive applications, has acquired Soliver
NV, the Belgium-based manufacturer of safety glass for auto and construc-
tion industry, for undisclosed consideration.
12/06
/2018
Enecogen (50%
Stake)
n/a n/a Castleton Com-
modities Interna-
tional LLC
Orsted A/S Castleton Commodities International LLC, the US-based global commodities
merchant, has agreed to acquire 50% stake in Enecogen, the Netherlands-
based gas-fired power plant, from Orsted A/S, the Denmark-based compa-
ny engaged in procuring, producing, distributing and trading energy and
related products, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
11/06
/2018
One of a Kind
Technologies
B.V.
8.0 n/a Gimv NV n/a Gimv NV, a listed Belgium-based private equity and venture capital firm has
acquired One of a Kind Technologies B.V., a Netherlands-based group of
companies that develop, build and sell machine vision solutions, for an un-
disclosed consideration.
11/06
/2018
Ammeraal
Beltech Holding
B.V.
385.0 1,000 Partners Group
Holding AG
Advent Inter-
national
Corporation
Partners Group Holding AG, a Switzerland-based private equity firm,
through its fund Partners Group Direct Equity 2016, L.P., has agreed to ac-
quire Ammeraal Beltech Holding B.V., the Netherlands-based manufacturer
of conveyor belts, from Advent International Corporation, the US-based
venture capital and private equity firm.
06/06
/2018
Klevenberg
Shipping Center
B.V.
n/a n/a Ove Wrist & Co.
A/S
n/a Ove Wrist & Co. A/S (Wrist Ship Supply), a Denmark-based general ship
supplier engaged in purchasing, consolidation and distribution of provisions
in ships, has agreed to acquire Klevenberg Shipping Center B.V., a Nether-
lands-based company that offers marine logistics services and transportation
of freight, for an undisclosed consideration.
05/06
/2018
Geevers Auto
Parts BV
67.0 n/a Autodis Group Goof Gijbels
(Private Indi-
vidual)
Autodis Group, a France-based distributor of car and other automotive
components, and a portfolio company of Bain Capital LLC, the US-based
private equity firm, has acquired Geevers Auto Parts BV, a Netherlands-
based distributor of automotive body parts for damage repair, from Mr.
Goof Gijbels, a Netherland-based private investor, for an undisclosed con-
sideration.
01/06
/2018
GustoMSC B.V. n/a n/a National Oilwell
Varco, Inc.
Parcom Cap-
ital Man-
agement
B.V.
National Oilwell Varco, Inc. (NOV), the listed US-based provider of equip-
ment and components used in oil & gas drilling and production operations,
oilfield services and supply chain integration services has acquired Gus-
toMSC B.V, a Netherlands-based company engaged in designing of mobile
offshore units and providing engineering consultancy.
31/05
/2018
ACV Internatio-
nal NV
85.0 n/a Groupe Atlantic Buchet Fa-
mily
Atlantic Group, a France-based manufacturer of electric water heaters and
heating appliances, has agreed to acquire ACV International, Belgium-
based company that designs and manufactures water heaters and boilers,
for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
31/05
/2018
Allego B.V n/a n/a Meridiam SAS Alliander
N.V.
Meridiam SAS, the France-based investor and asset manager specializing in
public and community infrastructure, has acquired Allego B.V, the Nether-
lands-based company that develops charging solutions for electric vehicles,
from Alliander N.V., the Netherlands-based company engaged in transpor-
tation of gas and electricity, for an undisclosed consideration.
28/05
/2018
CSi Industries
B.V.
80.0 n/a itsme B.V. Standard
Investment
Management
B.V.
itsme Group of Companies, the Netherlands-based group of six companies
engaged in offering innovative technology solutions, has acquired CSi Indus-
tries B.V., the Netherlands based company engaged in manufacturing pack-
aging products, from Standard Investment Management B.V., the Nether-
lands-based private equity firm, for an undisclosed consideration.
25/05
/2018
VB-
Airsuspension
B.V.
n/a n/a DexKo Global,
Inc.
n/a DexKo Global, Inc., the US-based company designer and manufacturer of
trailer axles and running gear components, has agreed to acquire VB-
Airsuspension B.V., the Netherlands-based company that manufactures and
sells air suspension systems for light commercial vehicles, for an undisclosed
consideration.
23/05
/2018
Group Claes
CVBA
58.0 n/a Sofindev Claes family Sofindev, the Belgium-based PE firm, through its Sofindev IV fund, has
agreed to acquire an undisclosed majority stake in Group Claes CVBA, the
holding company of Claes Distribution CVBA, the Belgium-based distributor
of food ingredients and Claes Machines NV, the Belgium-based distributor
of food processing and food retail machinery, from the Claes family.
18/05
/2018
Emoss Mobile
Systems B.V.
(51% Stake)
5.9 n/a Precision Cams-
hafts Limited
n/a Precision Camshafts Limited,a listed India-based company engaged in man-
ufacturing & supplying of camshafts to automotive sector, has acquired a
51% stake in Emoss Mobile Systems BV, a Netherlands-based manufacturer
& supplier of integrated electric drivelines for trucks & buses.
17/05
/2018
Vasco Group Nv 90.0 n/a Arbonia AG Vaessen
Industries nv
Arbonia AG, the listed Switzerland-based company provides construction
related material and manufactures electrical equipment, has acquired Vasco
Group NV, the Belgium-based supplier of heating and ventilation solutions,
from Vaessen Industries NV, a Belgium-based company providing construc-
tion, designing and building services.

Date Target
Sales
(€ m)
EV
(€ m)
04/05
/2018
Heliox BV 20.0 n/a Waterland Pri-
vate Equity In-
vestments B.V.
n/a Waterland Private Equity Investments B.V., the Netherlands-based private
equity firm, through its Waterland Private Equity Fund VI B.V. fund, has ac-
quired an undisclosed majority stake in Heliox BV, the Netherlands-based
company that manufactures customized power solutions.
03/05
/2018
MAK Aandrijvin-
gen B.V.
15.0 n/a Axel Johnson
International AB
n/a Axel Johnson International AB, a Sweden-based distributor of steel wires,
pumps, bearings and heavy-duty vehicle components, has acquired MAK A
and rijvingen B.V., the Netherlands-based supplier of power transmission
technology, for an undisclosed consideration.
02/05
/2018
ASCO Industries
nv/sa
n/a 542.3 Spirit Aerosys-
tems Holdings
Inc
n/a Spirit Aerosystems Holdings Inc, the listed US-based aircraft large compo-
nent parts supplier and assembling services provider, headquartered in
Wichita, Kansas, has agreed to acquire ASCO Industries nv/sa, a Belgium-
based developer and manufacturer of aerospace products and aeroplane
components, headquartered in Zaventem.
01/05
/2018
ConTeyor Multi-
bag Systems NV
(64% Stake)
66.0 n/a Gilde Equity
Management
Benelux B.V.
Down2Earth
Capital NV
Gilde Equity Management Benelux B.V., a Netherlands-based private equity
firm, has acquired a 64% stake in ConTeyor Multibag Systems NV, a Bel-
gium-based company that designs and manufactures industrial packaging
systems for the automobile industry from Down2Earth Capital NV, a Bel-
gium-based private equity firm, for an undisclosed consideration.
30/04
/2018
Alvey Group a.s. n/a 12.1 Scott Technology
Limited
Maarten van
Leeuwen
(Private In-
vestor); Fre-
deric Her-
mier (Private
Investor)
Scott Technology Limited, the listed New Zealand-based designer and
manufacturer of automated production and process machinery, has ac-
quired Alvey Group a.s., the Belgium-based company specialized in palletis-
ing, conveying, warehouse automation systems and related industrial ser-
vices, from Maarten van Leeuwen and Frederic Hermier, the Belgium-based
private investors, for a consideration of EUR 12.1m.

Date Target
Sales
(€ m)
EV
(€ m)
26/04
/2018
T-Power N.V.
(80% Stake)
69.0 362.5 Tessenderlo
Chemie NV
Itochu Corp;
Siemens
Project Ven-
tures GmbH;
Tokyo Gas
Co., Ltd.
Tessenderlo Chemie NV, the listed Belgium-based company engaged in
manufacturing diversified chemical products, headquartered in Brussels, has
agreed to acquire an 80% stake in T-Power N.V., a Belgium-based company
engaged in power and electricity production using natural gas, headquar-
tered in Brussels from Itochu Corporation, Siemens Project Ventures GmbH
and Tokyo Gas Co., Ltd.
23/04
/2018
Wendt Boart
SPRL
n/a n/a Altifort 3M Com-
pany
Altifort, a France-based company engaged in construction, decoration, en-
ergy & services, environment and other sectors, has agreed to acquire
Wendt Boart SPRL, a Belgium-based manufacturer of precision grinding
tools used for grinding, cutting and finishing of glass, hard materials and
steel, from 3M Company, the listed US-based diversified technology compa-
ny, for an undisclosed consideration.
19/04
/2018
Lumi Parts B.V. n/a n/a S. de Leeuw
Holding B.V.
n/a S. de Leeuw Holding B.V., the Netherlands-based holding company, has
acquired an undisclosed majority stake in Lumi Parts B.V., the Netherlands-
based manufacturer of LED products, for an undisclosed consideration.
12/04
/2018
Airborne Oil &
Gas B.V.
n/a n/a Sumitomo Cor-
poration
n/a Sumitomo Corp, a listed Japan-based company engaged in the import &
export, trilateral trade, domestic and international investment and other
business activities has acquired a significant stake in Airborne Oil & Gas
B.V. (AOG), the Netherlands-based manufacturer of composite spoolable
pipe solutions for offshore applications, for an undisclosed consideration.
05/04
/2018
Gillain & Co n/a n/a Heleon Group
BV
Gillain fa-
mily
Heleon Group BV, the Netherland-based supplier of purity systems, equip-
ment has acquired, Gillain & Co, the Belgium-based distributor of stainless
steel components and equipment for food and life science industries, for an
undisclosed consideration.
04/04
/2018
Veco B.V. 60.0 n/a Gilde Buy Out
Partners BV
SPGPrints
B.V.
Gilde Buy Out Partners BV, the Netherlands-based private equity firm, has
acquired Veco B.V., the Netherlands-based manufacturer of precision metal
products, from SPGPrints B.V., the Netherlands-based company engaged in
developing and manufacturing screens and printing systems for the textile

Date Target
Sales
(€ m)
EV
(€ m)
and graphic printing industry and a portfolio company of Investcorp, a listed
Bahrain-based private equity firm, for an undisclosed consideration.
01/04
/2018
Rudico Holding
B.V.
n/a n/a DJV Holding
B.V.
n/a DJV Holding B.V., a Netherlands-based company providing packaging
products, has acquired Rudico Holding B.V., a Netherlands-based company
providing packaging, printing and other manufacturing services, for an un-
disclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Czech Republic
19/04
/2018
MESIT holding,
a.s.
43.1 n/a OMNIPOL a.s. n/a OMNIPOL a.s., a Czech Republic-based integrator, and supplier of defense
and security technology, has acquired, MESIT holding, a.s., a Czech Repub-
lic-based company engaged in developing and manufacturing products and
systems in aviation, cosmonaut, defense, and security sector, for an undis-
closed consideration.
12/04
/2018
Poldi Hutte s.r.o. n/a 10.3 Compagnia del
mediterraneo
Steel s.r.o.
n/a Compagnia del mediterraneo Steel s.r.o., a Switzerland-based investment
holding company, is headquartered in Lugano, has agreed to acquire Poldi
Hutte s.r.o., a Czech Republic-based company that manufactures and sells
alloyed steel and its subsidiary, in an insolvency transaction, via an auction.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Denmark
19/06
/2018
Duelco A/S 14.8 n/a Addtech Energy
& Equipment AB
n/a Addtech Energy & Equipment AB, a Sweden-based company engaged in the
distribution of electronic parts and electronic communications equipment,
and a subsidiary of Addtech AB, a listed Sweden-based company that de-
velops and sells components and systems, has agreed to acquire Duelco
A/S, a Demark-based company engaged in development, sale and distribu-
tion of solutions relating to electrical and automation equipment, for an
23/05
/2018
Handelsaktie-
selskabet B.F.C
n/a n/a FluoroSeal Inter-
national Hol-
dings Inc.
Thomas Ven-
nick Christen-
sen (Private
Investor); Kurt
Erling Bang
Christensen
(Private Inves-
tor)
FluoroSeal International Holdings Inc., a Canada-based company engaged
in manufacturing and customizing valves, parts, and accessories for various
industries, has acquired Handelsaktieselskabet B.F.C, a Denmark-based
producer of various metal works, from Thomas Vennick Christensen and
Kurt Erling Bang Christensen, the Denmark-based private investors, for an
09/05
/2018
Kongskilde In-
dustries A/S
n/a n/a Green Park
Partners Ltd
Dansk Land-
brugs Grovva-
reselskab
a.m.b.a.
Green Park Partners, the UK-based PE firm, has agreed to acquire
Kongskilde Industries A/S, the Denmark-based company providing grain
handling equipment and solutions for transportation, drying, storage &
sorting of grain and other crops and drying of big bales, from Dansk Land-
brugs Grovvareselskab a.m.b.a., the listed Denmark-based cooperative
company.
08/05
/2018
NGI A/S (70%
Stake)
n/a n/a Habasit AG Adelis Equity
Partners AB
Habasit AG, a Switzerland-based company engaged in the production and
supply of power transmission and conveyor belts, has acquired a 70% stake
in NGI A/S, a Denmark-based manufacturer of stainless steel machine feet,
from Adelis Equity Partners AB, the Sweden-based private equity firm, for an
07/05
/2018
Graintec A/S
(47.5% Stake)
35.3 n/a Henrik
Hougaard (Pri-
vate Investor)
n/a Mr. Henrik Hougaard, a Denmark-based private investor, has acquired a
47.5% stake in Graintec A/S, a Denmark-based company engaged in sup-
plier of production facilities and processing lines for the manufacture of
aqua feed and pet food, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Denmark
02/05
/2018
Elogic Systems
A/S
n/a n/a VIA Equity A/S Micro Matic
A/S
VIA Equity A/S, a Denmark-based multi-stage PE and VC firm and the man-
agement of Elogic Systems A/S, a Denmark-based company engaged in
production of electrical panels and high-quality enclosures for power,
communication and fiber, has acquired the company from Micro Matic A/S,
a Denmark-based company engaged in manufacturing and sale of beer
dispensing solutions, for an undisclosed consideration.
25/04
/2018
Mobile Industrial
Robots ApS
10.4 222.0 Teradyne, Inc. n/a Teradyne, Inc., the listed US-based supplier of automatic test equipment,
interconnection products, and total systems integration services, has ac-
quired Mobile Industrial Robots ApS (MIR), the Denmark-based manufactur-
er of autonomous mobile robots, for a cash consideration of EUR 222m.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – France
27/06
/2018
SA Rafaut 50.0 n/a Groupe HLD;
Etoile ID
ACE Ma-
nagement SA
Groupe HLD, a Luxembourg-based private equity firm and Etoile ID, a
France-based private equity firm, along with the management of SA Rafaut,
a France-based company engaged in the manufacturing of military and
civilian aerospace equipments, has agreed to acquire the company, in a
management buyout transaction, for an undisclosed consideration.
27/06
/2018
Etanco Group n/a n/a Intermediate
Capital Group
Plc
3i Group Plc;
Five Arrows
Principal
Investments
Intermediate Capital Group, the listed UK-based VC firm, along with the
management of Etanco Group, the France-based provider of fixing and
fastening solutions for waterproofing, roofing, cladding and facade, have
agreed to acquire the company, in a management buyout transaction, from
3i Group Plc, the listed UK-based PE and VC firm and Five Arrows Principal
Investments, the France-based PE business of Rothschild, UK-based invest-
ment banking firm, for an undisclosed consideration.
20/06
/2018
Integrale-Moto
SARL
8.6 n/a MotoBlouz.com David Tac-
coni (Private
Investor)
MotoBlouz.com, a France-based online retailer of motorcycle equipment
and accessories has acquired, Integrale-Moto SARL, a France-based retailer
of motorbike equipments from David Tacconi, a France-based private indi-
vidual, for an undisclosed consideration.
19/06
/2018
Prodem; PMA
Bonnans SA
n/a n/a Satys Bonnans SA Satys, a France-based company engaged in providing services to aviation
and rail industry, especially in sealing & painting, interiors, electric and sur-
face treatment, has acquired Prodem, a France-based company that pro-
vides aerospace parts surface treatment services, and PMA Bonnans SA, a
France-based company specializing in surface treatment for shipyards, from
Bonnans SA, a France-based company, for an undisclosed consideration.
15/06
/2018
BeAM S.A.S. n/a n/a AddUp, SAS n/a AddUp, SAS, the France-based designer and producer of 3D printing ma-
chines and production lines, has acquired BeAM S.A.S., the France-based
manufacturer of metal additive manufacturing machines, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
30/05
/2018
Holweg Weber 50.0 n/a Motion Equity
Partners; Arkea
Capital
Azulis Capi-
tal;
Unigrains
SA; BNP
Paribas Pri-
vate Equity
Motion Equity Partners and Arkea Capital, France-based private equity firms,
along with the management of Holweg Weber, a France-based manufactur-
er of paper converting machines, has acquired the company in a manage-
ment buyout transaction from Azulis Capital, BNP Paribas Private Equity and
Unigrains SA, France-based private equity firms, for an undisclosed consid-
eration.
29/05
/2018
Outilacier SAS 30.4 n/a Industrial Parts
Holdings S.A.S
Dzeta Con-
seil; Pierre-
Yves Levy
(Private In-
vestor)
Industrial Parts Holdings S.A.S (IPH), the France-based distributor of indus-
trial supplies for maintenance and production applications, has acquired
Outilacier SAS, a France-based company engaged in technical trading and
distribution of tools and industrial supplies, from Dzeta Conseil, a France-
based private equity firm, and Pierre-Yves Levy, the France-based private
individual, for an undisclosed consideration.
29/05
/2018
NEXTEAM
Group
150.0 n/a Tikehau Capital
Partners
n/a Tikehau Capital Partners, a France-based private equity firm, has acquired
an undisclosed minority stake in NEXTEAM Group, a France-based company
engaged in machining of complex and hard metal parts for the aerospace
market, for a consideration of EUR 114m.
24/05
/2018
Sedicam S.A. 5.0 n/a Groupe Climater
SAS
n/a Groupe Climater SAS, a France-based company engaged in providing elec-
trical and climatic engineering services, and a portfolio company of Sagard
Private Equity Partners, a France-based private equity firm, has acquired
Sedicam S.A., a France-based engaged in manufacturing and installation
work for thermal equipment and air conditioning, for an undisclosed con-
sideration.
24/05
/2018
Groupe EFM 9.0 n/a Groupe Climater
SAS
n/a Groupe Climater SAS, the France-based company providing electrical and
climatic engineering services, and a portfolio company of Sagard Private
Equity Partners, a France-based private equity firm, has acquired Groupe
EFM, the France-based company that provides HVAC and electrical engi-
neering solutions and services through its subsidiaries, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
22/05
/2018
Societe Tech-
nique d’Etirage
de Precision
10.0 n/a Mannesmann
Stainless Tubes
GmbH
Orium SA;
Gabriel Pons
(Private in-
vestor); Pas-
cal Lebas
(Private in-
vestor)
Mannesmann Stainless Tubes GmbH, a Germany-based manufacturer of
seamless stainless steel and nickel-based alloy tubes & pipes, has acquired
Societe Technique d’Etirage de Precision, a France-based company engaged
in manufacturing of precision metal tubes, from Orium SA, a France based
PE firm, Gabriel Pons & Pascal Lebas, a France-based private investors and
founders of SOTEP, for an undisclosed consideration.
22/05
/2018
Schrader-
Bridgeport Inter-
national Inc.;
Schrader SAS
n/a 147 Pacific Industrial
Co., Ltd.
Sensata
Technologies
Holding Plc
Pacific Industrial Co., Ltd. has agreed to acquire Schrader-Bridgeport Inter-
national Inc. and Schrader SAS from Sensata Technologies Holding Plc.
18/05
/2018
Technoplast
Industries (49%
Stake)
17.0 n/a Euro Capital
SAS, SCR;
Bpifrance SA
Ciclad, SAS Bpifrance SA and Euro Capital SAS, SCR, the France-based venture capital
and private equity firms, have acquired a 49% stake in Technoplast Indus-
tries, a France-based manufacturer of industrial parts, from Ciclad, SAS, a
France-based private equity firm, for an undisclosed consideration.
16/05
/2018
Virojanglor Sarl
(51% Stake)
n/a n/a Pusterla 1880
S.P.A.
n/a Pusterla 1880 S.P.A., the Italy-based packaging company, has acquired a
51% stake in Virojanglor Sarl, the France-based supplier of metal packaging
for the premium cosmetics, wines and spirits markets, for an undisclosed
consideration.
02/05
/2018
Reboul SAS n/a 23.0 AptarGroup, Inc. Vacheron
Industries
SAS
AptarGroup, the listed US-based company engaged in providing dispensing
systems for the fragrance, cosmetic, personal care, pharmaceutical, house-
hold, food & beverage markets, has acquired Reboul SAS, a France-based
producer of metal components, metal-plastic sub-assemblies and packaging
solutions, from Vacheron Industries, a France-based company engaged in
packaging services and producer of metal components and metal-plastic
sub-assemblies, for a total consideration of EUR 23m.

Date Target
Sales
(€ m)
EV
(€ m)
24/04
/2018
Avignon Cera-
mic SAS
7.5 n/a Ouest Crois-
sance SCR;
Adaxtra Capital
Detroyes
Industries
Adaxtra Capital, a France-based investment firm & Ouest Croissance SCR, a
France-based private equity firm, along with the management of Avignon
Ceramic SAS, a France-based company engaged in manufacturing of
porcelain and technical ceramics, have acquired the company in a man-
agement buyout transaction from Detroyes Industries, a France-based hold-
ing company of Detroyes family, for an undisclosed consideration.
20/04
/2018
Kallista Energy
Investment SAS
n/a 223.4 Boralex Inc. Ardian Boralex Inc., the listed Canada-based company engaged in development
and operation of power stations that generate renewable energy, has
agreed to acquire Kallista Energy Investment SAS, a France-based owner
and operator of wind farms, from Ardian, a France-based private equity, for
a consideration of EUR 129.4m.
19/04
/2018
Dimeco Alipres-
se
n/a n/a Centrale d'Achat
Francaise pour
l'Outre Mer SA
n/a Centrale d'Achat Francaise pour l'Outre Mer SA (CAFOM), the France-based
listed company engaged in the wholesale distribution of household goods
has acquired Dimeco Alipresse, the French-based electrical household prod-
ucts retailer for an undisclosed consideration.
18/04
/2018
Groupe GAMI 25.0 n/a Nicolas Gicquel
(Private investor)
Patrice Rault
(Private in-
vestor)
Nicolas Gicquel, a France-based private investor, has acquired Groupe
GAMI, the France-based company specializing in the construction of indus-
trial equipment, from Patrice Rault, a France-based private investor, for an
18/04
/2018
Dagard SAS n/a n/a Grupo Purever Initiative &
Finance
Grupo Purever, the UK-based company engaged in Agro-Food Industry and
Logistics, manufacturers of catering equipment, providing clean rooms for
medical companies, and in Modular Building, has acquired Dagard SAS, the
France-based company that manufactures, markets and installs modular
coldrooms, insulated structures and cleanroom envelops, from Initiative &
Finance, a France-based private equity firm, for an undisclosed considera-
tion.

Date Target
Sales
(€ m)
EV
(€ m)
18/04
/2018
Direct Energie
SA
1,966 2,607 Total S.A. n/a Total [EPA:FP] the French based and listed energy company has entered into
an agreement with the controlling shareholders of Direct Energie
[EPA:DIREN], the French based and listed energy supplier, for the proposed
acquisition of 74.33% followed by a mandatory offer.
17/04
/2018
Gimaex Interna-
tional SAS
75.0 n/a Groupe
Desautel
n/a Groupe Desautel, a France-based company involved in fire safety, has ac-
quired Gimaex International SAS, a France-based manufacturer of vehicles
for fire control, technical assistance, rescue and evacuation, and chemical
decontamination, for an undisclosed consideration.
16/04
/2018
Pourtier; Setic 50.0 n/a Sampsistemi
S.r.l.
Gauder
Group
Sampsistemi S.r.l., the Italy-based company manufacturer of quality wire
and cable solutions has acquired Setic and Pourtier, the French-based com-
panies engaged in designing and manufacturing of high-tech rotating ma-
chines for the production of industrials wires and cables from Gauder
Group, the French-based manufacturer of new machines and secondhand
equipment for the wire and cable industry for an undisclosed consideration.
11/04
/2018
Klac Industrie
SAS
n/a 10.0 Adaxtra Capital Groupe Fa-
depro
Adaxtra Capital, the France-based investment firm, has agreed to acquire
Klac Industrie SAS, the France-based company engaged in the manufacture
of accessories for excavators and mini excavators, from Groupe Fadepro,
the France-based investment holding company having interest in company
engaged in the manufacture of accessories for excavators and mini excava-
tors, for a consideration of EUR 10m.
10/04
/2018
Cepa SAS n/a n/a Sodero Gestion Jean-Yves
Braguier
(Private In-
vestor)
Sodero Gestion, a France-based private equity firm, and Mr. Philippe Ma-
linvaud, a France-based private investor, along with the management of
Cepa SAS, a France-based manufacturer of electrical and electronic assem-
blies and sub-assemblies, have acquired the company, in a Buy-in Man-
agement Buy-Out transaction, from Mr. Jean-Yves Braguier, a France-based
private investor, for an undisclosed consideration.

Global M&A partners industrial insider Q2 2018

Global M&A partners industrial insider Q2 2018

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