Global M&A Partners Industrial insider Q3 2018 focus on predictive maintenance

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Automotive Parts,
Components & Systems
 Measuring,Analyzing&Controlling Instr.
 Sensors, Relays & Switches
 Optical Instruments & Lenses
 Tactile Measurement Equiment
Instrumentation
 Substation Equipment
 Grid Managament Products
 Switchgear
 SCADA & Remote Monitoring
Power Generation &
Transmission
Dear Reader,
It is our pleasure to present you our quarterly report on M&A activities in the industrial segment. The report covers the macroeconomic situation in
Europe, key themes in the Predictive Maintenance, M&A trends and relevant transactions in the industrial sector published in the third quarter of
2018 by data provider Mergermarket for the DACH region (Germany, Austria, and Switzerland), neighbouring countries as well as UK, Italy, Nor-
way, Sweden, Turkey, Canada, and US in the following segments:
 Machine Tools
 Mechanical Power Transmission
 Industrial Automation
 Relays & Industrial Controls
Machinery & Specialty
Equipment
 Hand Tools
 Fasteners & other Fixing Material
 Bearings and Gears
Tools and other
Industrial Equipment
 Insulation Materials
 Concrete and Wood Materials
 Fittings
Building Products
 Metal & Plastic Parts & Components
 Electrical and Electronic Components
& Systems
 Drive Components & Systems
 Motors, Generators, Transformators
 Electricity Distribution and Control
 Cables and Installation Material
 Building Automation & Lighting Equip.
Electrical Equipment
 Tubes, Films, Foils
 Sealings
 Pipes
Rubber & Miscellaneous
Plastic Products
 Pumps, Motors & Compressors
 Actuators, Cylinders, Pistons
 Valves
Hydraulics & Fluid Power

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Table of Contents
Macroeconomic Situation in Europe ................................................................................................................. 4
Predictive Maintenance.................................................................................................................................. 10
Global M&A Partners – Deals in Q3 2018...................................................................................................... 26
Country Focus .............................................................................................................................................. 27
DACH region .......................................................................................................................................... 28
Benelux................................................................................................................................................... 41
Czech Republic........................................................................................................................................ 44
Denmark................................................................................................................................................. 45
France.................................................................................................................................................... 47
Italy........................................................................................................................................................ 52
Norway................................................................................................................................................... 60
Poland.................................................................................................................................................... 62
Sweden................................................................................................................................................... 64
United Kingdom ...................................................................................................................................... 68
Canada.................................................................................................................................................. 75
Contact Details............................................................................................................................................. 80

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Macroeconomic Situation in Europe
The economic growth within the Eurozone was stable in q-o-q terms with a rate of 0.4% through-
out the H1 2018. In 2018 as a whole, Eurozone GDP is forecasted to expand by 2.0% due to
domestic spending. The main driver behind this expansion in the economic activity is the invest-
ments, as the businesses take advantage of the favourable financing conditions and solid de-
mand. The gross fixed capital formation is projected to increase in Q3 2018 and Q4 2018 by
0.7% and then slightly decrease in Q1 2019 to 0.6%.
Eurozone GDP Growth
Source: Eurostat and Ifo-Istat-KOF Forecasts
 The global economy maintained a steady pace
in the first half of 2018 and momentum is ex-
pected to moderate in 2019.
 The strength of the economy continues to sup-
port the confidence and sustained convergence
of inflation.
 The unemployment rate in the Euro Area con-
tinues to slide and in August 2018 stood at
8.1%, the lowest recorded in the past 10 years.
 Measures of underlying inflation remains gen-
erally muted.
 Private consumption is supported by ongoing
employment gains, which, in turn, partly reflect
past labour market reforms and rising wages.
 Although, a truce in the war of tariffs between
US and EU was agreed on in July, skepticism
persists.

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 Inflation to Accelerate
The Harmonised Index of Consumer Prices (HICP) inflation declined to 2.0% in August 2018 slightly below from 2.1% in July, but remained elevat-
ed on account of higher fuel costs. Following it, European Central Bank announced no changes to monetary policy, keeping interest rates at present
level.
Eurozone Inflation

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 Strengthening Labour Market
The unemployment rate in the Euro Area stood at 8.1% in August 2018, down from 8.2% in July 2018 and from 9.0% a year earlier. This is the
lowest rate recorded in the Euro Area since November 2008. In the European Union, the unemployment rate stood at 6.8% in August 2018, stable
compared to the previous month and down from 7.5% compared to August 2017. It was the lowest rate recorded in the EU28 since April 2008.
The unemployment rate in the Euro Area and in the EU has continued on a downward trend, due to public optimism about the economy. Youth un-
employment in the EU has also dropped to prerecession level. However, it has not improved everywhere across EU reflecting national differences in
economic performance.
Euro area and EU28 Unemployment Rates
Source: Eurostat and forecasts ifo-Istat KOF

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 Increase in Private Consumption
The private consumption witnessed an increase of 0.3%, as compared to the previous quarter and is expected to expand by 0.4% in Q4 2018, due
to the continued improvement in the labor markets and growing household wealth. The developments in retail trade and passenger car registrations
are estimated to be reasons for growth along with steady consumption growth.
Increasing labour income also reflected a raise in consumer confidence through a strong momentum in consumer spending. The strengthening of
households’ balance sheets remains an important factor behind steady consumption growth.
 Threat to European Export Growth
The Euro Area exports of goods to the rest of the world in July 2018 were EUR 194.6bn, an increase of 9.4% as compared to July 2017. The im-
ports from rest of the world amounted to EUR 177.1bn in July 2018 witnessing a rise of 13.4% as compared to July 2017.
Despite this rebound in export growth, the external sector continues to drag on the economy due to concerns over US-initiated tariffs. The tariff truce
agreed to by Jean-Claude Juncker, the president of the European Commission, and US President Donald Trump in late July appears increasingly
fragile. The nations had agreed to refrain from imposing any new tariffs on one another while they worked towards reducing trade barriers. Howev-
er, a proposal by European officials to scrap duties on all industrial goods, including automobiles, was not well received by the US President. Auto-
mobile tariffs, if imposed, could deal a severe blow to European industry.
Another risk to global trade stems from rapid tightening of monetary policy in the US and rising US interest rates that have already led to a deprecia-
tion of most currencies against US dollar and further escalation could lead to a currency crisis worldwide.
Additionally, in September, European leaders rejected the UK’s most recent Brexit proposals (the so-called Chequers plan), dealing a severe blow to
UK Prime Minister. Theresa May has been given until mid-October to propose a new plan to address these issues or else the possibility of a no-deal
Brexit increases.

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International Trade in Goods of the Euro Area, EUR bn
Source: Eurostat

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 Strong Industrial Production
The decrease of 0.8% in industrial production in the Euro Area in July 2018 compared with June 2018 is due to production of durable consumer
goods falling by 1.9%, non-durable consumer goods by 1.3% and intermediate goods by 0.8%, while production of capital goods rose by 0.8%
and energy by 0.7%.
Germany and Italy, the third biggest economy in the bloc, recorded a 1.8% monthly drop in their July industrial production, which was only partly
offset by a 0.7% increase in the output of France, the bloc's second largest country. The contraction was mainly driven by the construction and capi-
tal goods sectors. In contrast, consumer goods, intermediate goods and energy output increased.
Eurozone Industrial Production Index

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“According to Deloitte, Predic-
tive Maintenance solutions help
increase equipment uptime by
10.0% to 20.0%, while reducing
the maintenance cost by 5.0% to
10.0%, along with a significant
reduction in maintenance plan-
ning time by 20.0% to 50.0%.”
Source: PWC
Predictive Maintenance
 Overview
Maintenance is a strategic concern when developing and manufacturing products, but maintenance activities
are carried out too frequently and half are ineffective. For machine operators and factory managers, preventa-
tive maintenance and asset repairs consume unnecessary resources, eat into operational costs and cripple
efficient operations. An average factory unit can have downtime costs ranging between 5.0% and 20.0% of its
productive capacity. Also, automotive manufacturing can suffer from downtime losses amounting to USD
1.3m per hour.
Predictive Maintenance is a system that predicts the machinery faults, unexpected shutdowns and schedules the
required maintenance operation which when implemented, has the potential to help businesses to cut down
losses.
Predictive Maintenance uses data from various sources like historical maintenance records, sensor data from
machines, and weather data to determine when a machine will need to be serviced. Leveraging real-time asset
data plus historical data, operators can make more informed decisions about when a machine will need a repair. Predictive Maintenance takes
massive amounts of data and through the use of Artificial Intelligence (AI) and Predictive Maintenance software, translates that data into meaningful
insights and data points, helping to avoid data overload. Sensor data and machine learning models are making it possible to quickly extract more
value from large volumes of messy data. Predictive Maintenance tools upgrade existing maintenance systems by using AI to ensure that people have
the right knowledge and tools to keep mission-critical assets running at peak performance.
47%
17%
16%
11%
8% 1% Uptime Improvement
Cost Reduction
Lifetime extension of aging asset
Reduction of Safety, Health, Environment and Quality Risk
Higher customer satisfaction
New Revenue stream

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 Market Size
The global Predictive Maintenance market is expected to grow at USD 6.0bn by 2022, at 27.0% of CAGR between 2016 and 2022 based on nor-
mal prediction and is expected to reach USD 11.0bn by 2022, growing at 39.0% CAGR based on optimistic prediction.
1.5 1.9 2.4 3.1 3.9 5.0
6.3
0.3
0.7
1.2
2.1
3.1
4.7
1.5
2.2
3.1
4.3
6.0
8.1
11.0
0.0
3.0
6.0
9.0
12.0
15.0
2016 2017 2018 2019 2020 2021 2022
(USDbn)
CAGR 2016-2022:
Optimistic Prediction: +39.4%
Base Prediction: +27.0%
Optimistic Prediction
Base Prediction
Source: Roland Berger
Note: USD 11.0bn of 2022 will include all forms of PdM, from services to components, contracts, consulting services, IT architecture, and software.

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Classification of Industrial Maintenance Technique
Source: Deloitte

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Predictive Maintenance Global Market – Segmentation
Source: Market Research Future

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 Predictive Maintenance by Geography
North America is estimated to have the largest market share and is expected to dominate the Predictive
Maintenance market from 2016 to 2021, due to the presence of a large number of solutions including
Azure Blob Storage, Azure Data Lake Store, Power BI, Azure IoT Hub and service vendors including IBM,
General Electric, Microsoft.
The European market is the second biggest market after North America. The European region consists of
major growing economies, such as the U.K., Germany, and France, which present great growth oppor-
tunities for the Predictive Maintenance market.
Asia-Pacific (APAC) offers potential growth opportunities for the Predictive Maintenance market to grow,
as countries in APAC are investing heavily to increase the efficiency of production assets.
 Predictive Maintenance by End Market
Aerospace: With the massive potential for cost savings and improved operations, Predictive Maintenance is the main area in which airlines are look-
ing to invest. According to a research by Exsyn Aviation Solutions, Predictive Maintenance is recognized by 66.0% of the airlines as one of the most
prominent new technologies to have entered the market by 2020. Also, Big Data Analytics is being used by 54.0% of the airlines to enhance
Maintenance Repair and Overhaul (MRO) systems, and almost 92.0% plan to use their fleet data to improve health monitoring and predictive
MRO. Until now, it has mainly been done by Original Equipment Manufacturers (OEM) and OEM shops.
Energy and Utility: According to Mordor Intelligence, the Predictive Maintenance Market in Energy Sector was valued at USD 532.7m in 2017 and
is projected to reach a market value of USD 3013.6m by 2023 at a CAGR of 34.7%, over the forecast period (2018 - 2023).
Manufacturing: The manufacturing vertical has the largest market size in the Predictive Maintenance market. McKinsey & Company estimates that by
2025, the total economic impact of smart factories could reach USD 3.7tn per year. One of the first ways that smart factories are benefiting from
the IoT is through Predictive Maintenance.
According to a research conducted by CXP
group in the European Market, 55.0% of the
companies are at least piloting Predictive
Maintenance initiatives while 23.0% are gener-
ating a tangible business impact. Additionally,
49.0% of companies have already invested in
Predictive Maintenance initiatives and plan to
further invest in the next two years.

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 Market Drivers
Need for reducing downtime: The Predictive Maintenance industry has been growing due to the rising awareness among manufacturing industry
managers for maintenance operations and the need to reduce the down time. Managers in the manufacturing companies are continuously working
towards improvement of maintenance processes of equipment in their manufacturing plants and finding out methods that can reduce the faulty ope-
rations, and increase the benefits of the processes. The ability of Predictive Maintenance solutions to provide a wide range of data about equipment
runtime, temperature, pressure and energy consumption, is thus increasing the demand for such solutions globally.
Advent of IoT and Big Data: Continuous advancements in information and communication technologies and growing adoption of internet of things
and big data enable Predictive Maintenance solutions to be more efficient and be applied to a wider range of industries.
Availability of data computational tools: Increasing data and computational availability allow operators to move from condition monitoring to anti-
cipating problems before they happen; thus, making Predictive Maintenance a potentially lucrative opportunity.
 Challenges
Lack of security: Cyber-criminals find Predictive Maintenance as an obvious target because it relies on tying together different assets and digital sys-
tems using cloud technology and the internet of things (IoT). Cyber security is a function of data policies and protocols, employee training and vari-
ous other factors. Time, skill, effort and financial resources must all be available to ensure a facility’s Predictive Maintenance technology is safe and
secure.
Investment in measuring equipment and staff up-skilling: Implementing an industrial Predictive Maintenance solution creates a need for new skill sets
in order to build, monitor, analyze and maintain the system. For example, in-depth algorithms for predictive models need to be created, which re-
quires data scientists, reliable engineers and other members of the team to work together. These skills are often hard to find and may require part-
nering with multiple outside providers. There also needs to be a willingness from all areas of the organization to embrace PdM strategies and meth-
ods, from operators and technicians to the C-suite (i.e. senior executives).
Increase in deployment cost: Predictive Maintenance can be expensive. A solid PdM setup requires a variety of different technologies to run efficient-
ly. It may require significant investment to upgrade decades-old equipment with smart assets or to integrate predictive technology into these aging
machines.

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Seamless integration and data processing: There is a need to integrate and aggregate data collected from separate solutions from different product
manufacturers in order to create meaningful data to create insights. After aggregating the necessary data, a system is needed that can store the da-
ta, process it and analyze it. An integrated ERP-MES platform empowers Industry 4.0 by connecting core systems to enable manufacturers to have all
the necessary data combined to gain the needed insights for achieving higher levels of quality and productivity. To implement Predictive Mainte-
nance, organizations need to start with state of-the-art sensors whose technologies can be linked to large amounts of data in almost real time.
 Key Developments in Market
November, 2017 – IBM launched IBM Analytics Engine, which marked the start of a new stage in the evolution of big data analytics. The IBM Ana-
lytics Engine separates the compute and storage infrastructure. The data is stored in IBM’s Cloud Object Storage Service, and the Hadoop and
Spark clusters connect to the object storage repository when they need to access it.
September, 2017 – Faurecia entered into an agreement with IBM to build a global cloud solution to collect, manage and analyze data from every
production machine across the company. By using the capabilities of cloud and analytics, non-quality can be drastically reduced allowing for better
efficiency. The IBM’s Predictive Maintenance and Quality (PMQ) will provide new insights about virtually every aspect of the operation that can be
accessed on-demand to improve everything from machine productivity to scrap management.
April, 2017 – Huawei Technologies Co. Ltd. and General Electric unveiled industrial cloud-based Predictive Maintenance solution globally. The
platform allows rapid end-to-end connectivity between industrial assets and cloud applications including real-time machine health monitoring, data
analysis and perception, and smart maintenance decision-making.
June, 2016 – Software AG and Dell revealed new Internet of Things architecture which enables to perform real time streaming analytics at the edge
of the network, close to digital devices and sensors to the organizations. With this, the companies are aiming on Preventative and Predictive Mainte-
nance, with IoT use case solutions in the coming years.

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Source: Company press releases
Competitive Landscape
Company Description Towards Predictive Manufacturing
 Operates as an integrated technology
and services company.
 IBM’s Predictive Maintenance and quality solutions, enabled by its “cognitive intelligence engine” IBM Watson, monitors,
analyzes and reports on equipment data, the output mostly being a health-score. Known examples for Predictive Mainte-
nance implementations are Kone’s elevators or DC Water’s Hydants.
 Operates as an enterprise application
software, and analytics and business intel-
ligence company.
 SAP Predictive Maintenance and Service combines sensor data with business information in Enterprise Resource Planning
(ERP), Customer Relationship Management (CRM), Enterprise Asset Management (EAM) and Augmented Reality Systems. It
offers cloud and on-premise deployment, provides insights from sensor data, predicts equipment malfunctions and optimi-
zes resource management.
 The second largest software vendor in
Germany, develops mobile, social, cloud,
and big data solutions for customers.
 Software AG’s Predictive Maintenance solution enables close monitoring of machines with sensors and actuators embed-
ded in the equipment. Using streaming analytics to continuously analyze sensor data and combine it with historical intelli-
gence, this Predictive Maintenance solution is able to more accurately predict equipment failures and dispatch maintenan-
ce.
 Operates as a digital industrial company.
Operates through power, renewable
energy, oil & gas, aviation, healthcare,
transportation, lighting and capital seg-
ments.
 GE Measurements is established in the condition monitoring hardware field. GE Digital covers the software and analytics
part of Predictive Maintenance. GE’s Predix platform is the foundation to Asset Performance Management (APM), which
GE itself has claimed to be the first IoT “killer-application”. Furthermore, GE Digital is advancing the concept of digital
twin, an important basis to Predictive Maintenance analytics.
 Provides technology and services. It ope-
rates through mobility solutions, industrial
technology, consumer goods, and energy
and building technology segments.
 Robert Bosch offers Nexeed Production Performance Manager which helps the technician by providing a powerful and
easy-to-use tool at his fingertips that he can use to detect and remedy possible machine downtimes at an early stage. For
example, the system warns the maintenance technician if a motor is about to overheat or if parts of a system show signs of
wear.
 Provides industrial automation and infor-
mation solutions. It operates in two seg-
ments, architecture and software and
control products and solutions.
 Rockwell Automation has combined professional services, powerful machine-learning algorithms and predictive analytics
software to offer Predictive and Prescriptive Maintenance which helps in predicting maintenance needs and performing
necessary repairs before failure occurs. To help identify and prevent downtime on critical assets, Rockwell Automation has
offered its predictive maintenance as a service.
 A German Conglomerate and the largest
industrial manufacturing company in Eu-
rope.
 As an industrial automation specialist, Siemens has a different angle on Predictive Maintenance than SAP and IBM. It is
often the automation system of choice in factory settings and industrial equipment that Predictive Maintenance is applied
to. For example, for the implementation of Predictive Maintenance at the NASA Armstrong Flight Center, Siemens worked
with analytics service provided by US-based Azima DLI.
 Develops, licenses and supports software,
services, devices and solutions.
 Develops, licenses and supports software, services, devices and solutions Microsoft Azure is establishing itself as the public
cloud platform of choice for industrial IoT solutions and Predictive Maintenance. Besides cloud infrastructure, Microsoft
Azure has two preconfigured solutions: Predictive Maintenance and Remote Monitoring.

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Growing need for Predictive Maintenance
Source: Microsoft
Problem Solution by PdM
 Flight delay and cancellations: Mechanical Failures that cannot be repaired in time may
cause flights to be canceled, and disrupt scheduling and operations.
 Aircraft engine parts failure: Aircraft engine part replacements are among the most
common maintenance tasks within the airline industry. Maintenance solutions require
careful management of component stock availability, delivery, and planning.
 PdM solutions can predict the probability of an
aircraft being delayed or canceled due to mechani-
cal failures.
 Being able to gather intelligence on component
reliability leads to substantial reduction on invest-
ment costs.
 ATM failure: ATM cash withdrawal transaction gets interrupted due to a paper jam or
part failure in the cash dispenser.
 Rather than allow the machine to fail midway
through a transaction, the desirable alternative is
to program the machine to deny service based on
the prediction.
 Wind turbine failures: Wind turbines are the main energy source in environmentally
responsible countries, and involve high capital costs. Failure of generator motor renders
the turbine ineffective which is expensive to fix.
 Predicting KPIs such as MTTF (mean time to failu-
re) can help the energy companies prevent turbi-
ne failures, and ensure minimal downtime. Failure
probabilities will inform technicians to monitor
turbines that are likely to fail soon, and schedule
time-based maintenance regimes.
 Elevator door failures: The business problem in case of elevator maintenance is to pro-
vide a knowledge base application that predicts the potential causes of door failures.
 Wheel failures: Wheel failures account for half of all train derailments and cost billions
to the global rail industry. To avoid such instances, railways monitor the performance of
wheels and replace them in a preventive manner.
 Predictive maintenance can provide these companies
with an advantage over their competitors in their pro-
duct and service offerings.
 Predictive maintenance of wheels will help with just-in-
time replacement of wheels.
Industry
Aviation
Finance
Energy
Transportation
and logistics

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 Outlook: A Move towards Predictive Maintenance 4.0
With growing awareness of Industry 4.0 and greater use of machine
learning, the Industry is getting ready for a big push into adoption
of Predictive Maintenance 4.0 (PdM 4.0) for making operations
more productive and cost-effective.
PdM has a four stage maturity matrix and as companies move
through these stages, there will be an increase in how much data is
used to predict failures. The PdM Industry is currently in stage 3. At
present, PdM uses traditional methods such as vibration monitoring,
oil residue analysis, and thermal imaging. Industrial plants still rely
on manual statistical modeling, such as Microsoft Excel for Predic-
tive Analytics. However, PdM is equipped to capitalize on the digital
revolution and, more specifically, on advances in decision-making
support tools powered by big data analytics.
The use of big data analytics in maintenance represents the fourth level of maturity in Predictive Maintenance.
PdM 4.0 is about predicting future failures in assets and ultimately prescribing the most effective preventive measure by applying advanced analytic
techniques on big data about technical condition, usage, environment, maintenance history, similar equipment elsewhere and in fact anything that
may correlate with the performance of an asset. PdM 4.0 involves harnessing the power of artificial intelligence to create insights and detect patterns
and anomalies that escape detection by the cognitive powers of even the most gifted humans.
However, the most significant inhibitor for PdM 4.0 deployment is a skill shortage of Big Data Scientists and a lack of understanding of Industry 4.0.
The complexity of software and access to sensor data are considered less significant factors affecting stalled deployment.
Source: PWC

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M&A Trends
Following a frenetic first half of the year, Q3 saw subdued M&A activity. According to Mergermarket, Global M&A 2018 has recorded second high-
est value behind 2007 with USD 2,720.0bn (13,575 deals), but Q3 saw M&A activity of a total USD 703.2bn, the lowest quarterly value since Q1
2016 and 35.4% lower than Q2. The growth in M&A activity was hampered by growing geopolitical tensions, trade wars and protectionism which
dampenend spirits and caused corporates to pause over the summer. The quarter recorded just four deals above USD 10.0bn mark. While the ma-
jority of sectors have seen laboured activity in the last three months, the Energy, Mining & Utilities (EMU) sector has recorded the fifth consecutive
quarter over USD 100.0bn.
Asia-Pacific (excluding Japan) M&A experienced a significant downturn in the third quarter following a strong first half of 2018 amid tension be-
tween China and the US. The region dipped to 882 deals worth USD 164.6bn in Q3 2018, 176 deals fewer compared to 1,058 deals (USD
171.3bn) in Q3 2017. Although, private equity activity has remained active in this region, registering USD 103.5bn (355 buyouts), rising 8.2% from
last year (USD 95.6bn, 351 deals). In contrast to the trends seen globally in the third quarter, dealmaking targeting Japan witnessed an upswing
with USD 13.0bn (96 deals) announced.
Middle East & Africa saw an increase in Q3 with USD 14.5bn spent across 71 deals, representing a 5.6% uptick in value compared to Q2 despite a
drop in the number of deals (USD 13.7bn, 89deals).
Europe saw a considerable drop in the M&A markets, recording the lowest quarterly value since Q1 2013 with 1,428 deals worth USD 139.1bn,
63.8% lower than post crisis record set in Q2 2018. France, Germany and UK representing 44.1% of European M&A value of 2018, recorded val-
ues dropping by more than half versus Q1 and Q2. Cross border M&A has been much more active than domestic. Asian and US investments took
the lion’s share together accounting for 43.3% of the region’s YTD M&A value. Following six consecutive quarters above USD 100.0bn mark, intra-
European M&A slipped to USD 59.0bn in Q3 representing a 58.9% drop in value compared to Q2 2018. Private equity activity was a rare bright
spot, registering USD 37.4bn (289 buyouts) in Q3 2018.
With macro events playing a larger part in steering M&A, companies have continued to look closer to home instead of conducting high-profile
cross-border deals.

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 Industrial Manufacturing
Growth in Industrial Manufacturing M&A in the first half of 2018 has been fueled primarily by US. The combination of large corporate rationalizing
portfolios, financial buyers looking to deploy capital, strategic investors continued interest in JV transactions, and the influence of US tax reform has
created an exceptional environment for M&A. In spite of concerns over a global trade war, US strategic and financial investors are driving the
growth in Industrial Manufacturing M&A.
 Internet of Things
The evolution of technologies such as cloud and big data create multiple opportunities to develop new revenue streams. Companies are looking to
expand across the stack using M&A, and the competition for IoT M&A targets has intensified, with traditional tech companies and Original Equip-
ment Manufacturers (OEMs) bidding for targets driving valuations high.

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Industrial (in the surveyed countries)
The M&A market in the industrial sector decreased slightly in the third quarter, accounting for altogether 473 transactions (vs. 492 in the second
quarter of the same year) registered by Mergermarket in the surveyed countries. The market volume decreased in the third quarter by around 3.9%
as compared to the preceding one (i.e. the second quarter 2018) and increased approximately 8.0% as compared to the third 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
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018
Q1 Q2 Q3 Q4
Quarterly development of number of transactions in the industrial sector
A higher number of industrial deals was recorded in Europe than in North-America during the third quarter 2018. Of the 474 transactions in the
observed regions during Q3 2018, 51.4% were recorded in Europe incl. Turkey (7 deals) and 48.6% in North-America.
A comparison of the valuation levels observed during the third quarter and the second quarter of 2018 shows that the overall median for the enter-
prise values increased to EUR 150.0m, due to a significant increase in values in all regions except the UK and DACH Region, where the median
recorded enterprise value was lower than in the previous quarter by 48.8% and 91.0% respectively. Valuation multiples for sales decreased and that
of EBITDA increased compared to Q2 2018. The analysis of the limited number of transactions with published valuation data (133 transactions
making approx. 28.1% out of the total) shows that the median multiples during Q3 2018 were 1.1x for sales and 9.7x for EBITDA compared to
1.3x and 9.5x in Q2 2018.

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Number of transactions with disclosed values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Total
Enterprise value > € 1 bn 1 5 0 2 13 21
Enterprise value € 250 m - € 1 bn 2 5 5 1 24 37
Enterprise value € 100 m - € 250 m 1 1 0 0 11 13
Enterprise value € 50 m - € 100 m 2 3 1 0 8 14
Enterprise value < € 50 m 6 4 2 5 31 48
Total 12 18 8 8 87 133
Q3 2018
Median values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Overall
median
Enterprise value in € m 50 326 261 26 150 150
Sales multiple 0.9 1.1 0.8 1.6 1.8 1.1
EBITDA multiple 9.7 14.8 8.9 7.5 11.4 9.7
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
* Except Austria and Switzerland
** Denmark, Norway, Sweden

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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 transactions decreased slightly from 21.1% in Q2 2018 to 20.2% in the third quarter of 2018 (49 out
of 243 deals registered in Europe). Italy recorded 41 transactions, UK 35 France 22 and Sweden 16 transactions.
On the buyer side, Germany, USA & Canada, and UK buyers completed 36, 31 and 25 transactions respectively in the industrial sector in Europe,
and thus were more active than Italian investors, who completed 23 takeovers. To compare, the Top 3 acquirers in the previous quarter were re-
spectively Germany (32 takeovers), USA & Canada (31), and Italy (30). At the same time, the number of acquisitions of industrial companies carried
out by Asian investors in Europe decreased to 19, along with the transactions carried out by North America, which decreased to 31. Japan was the
most active in Europe among the Asian buyers (8 transactions) followed by China (6 transactions). In Q2 2018 Asian buyers completed 27 industri-
al transactions (China 10, Japan 6) and North American buyers completed 32 transactions.
In line with the preceding quarter, the European market was dominated, although slightly in the third quarter of 2018 by cross-border transactions
(i.e. target and buyer with different countries of origin), accounting for altogether 130 deals (i.e. 53.5% out of the total deal number). For the pur-
pose of comparison: In the previous quarter the split between domestic and cross-border transactions was 49.2% and 50.8%, respectively. The fol-
lowing 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 = 243
Breakdown of deals in Europe* by origin of buyer companies
# of deals = 243
Germany, 49
Italy, 41
United Kingdom,
35
France, 22
Sweden, 16
Netherlands, 12
Norway, 11
Denmark, 10
Belgium, 4
Other countries, 43
Germany, 36
USA & Canada, 31
United Kingdom, 25
Italy, 23
Sweden, 22
France, 17
Switzerland, 17Netherlands, 13
Norway, 8Japan, 8
China, 6
Denmark, 6
Belgium, 4
Luxembourg, 3
Czech Republic, 2
Other Countries, 22
*in countries covered in this report * in countries covered in this report

I
25
With 49 transactions in the industrial sector in Q3 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 55.1% out of the total deal
number (vs. 54.1% in Q2 2018). In other words: In Q3 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 escalated to 51.0% from 39.0% 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 = 49
Buyer types
# of deals = 49
Seller types
# of deals = 49
Germany
45%
Rest of
Europe
29%
Asia
14%
North
America
12%
Financial
investors
74%
Industrial
comp.
18%
Undisclosed
8%
Industrial
comp.
29%
Financial
investors
22%Undisclosed
49%

I
26
Global M&A Partners – Deals in Q3 2018
In the third quarter of 2018 we, Global M&A Partners, achieved a good score of the closed transactions. The following have, among others, to be
mentioned:
Sale of Quikserv Corp., a US manufacturer
of transaction window and drawer systems
to the private equity firm River Associates.
For more information, please click here.
The Swiss company Meyer Burger sold its
solar systems business 3S Solar Plus to a
private investor.
Sale of U-C Coatings, the US leading man-
ufacturer and distributor of proprietary,
branded coatings and wood protection
products for the logging, lumber, furniture,
and woodworking industries to the private
equity firm High Road Capital Partners.

27
Country Focus
Country Focus
Deal details

Date Target
Sales
(€ m)
EV
(€ m)
Bidder Seller Deal Description
28 Source: Mergermarket
Country Focus – DACH region
20/09/
2018
ACCURATE
Smart Battery
Solutions GmbH
n/a 5.0 Voltabox AG Marcel Wilke Voltabox AG, the listed Germany-based producer of battery systems based on
lithium-ion technology for electromobility (E-Mobility) sub-markets, has acquired
ACCURATE Smart Battery Solutions GmbH, the Germany-based manufacturer
of battery systems for pedelecs, from Mr. Marcel Wilke, the Germany-based
private investor, for a consideration of EUR 5m.
18/09/
2018
Robert Buerkle
GmbH
107.4 n/a AUCTUS Capital
Partners AG
Nimbus BV AUCTUS Capital Partners AG, a Germany-based private equity firm, via its
AUCTUS IV GmbH & Co.KG. fund, has agreed to acquire a majority stake in
Robert Buerkle GmbH, a Germany-based manufacturer of surface coating ma-
chinery for the electronic, photovoltaic, glass, building, automotive and plastic
card industry, from Nimbus BV, the Netherlands based private equity firm, for an
undisclosed consideration.
18/09/
2018
Erwin Hymer
Group
n/a 2,192 Thor Industries,
Inc.
Christian
Hymer, Ger-
traud Hymer,
Carolin
Christin
Hachenberg
Thor Industries, Inc., the listed US-based company headquartered in Elkhart,
Indiana, is engaged in designing, manufacturing, and selling a range of recrea-
tional vehicles, related parts and accessories, has agreed to acquire Erwin Hy-
mer Group a Germany-based manufacturer of caravan and motor homes,
headquartered in Bad Waldsee, for a consideration of EUR 2.19bn.
13/09/
2018
KMW GmbH &
Co. KG
14.0 19.5 ATS Automation
Tooling Systems
Inc
Wolfgang
Olbrich,
Matthias
Thieroff
ATS Automation Tooling Systems Inc, the listed Canada-based company that
designs and produces turn-key automated manufacturing test systems, precision
components and sub-assemblies, has agreed to acquire KMW GmbH & Co.
KG, a Germany-based supplier of micro-assembly and test solutions, clamping,
and tooling devices, for a cash consideration of EUR 19.5m.
12/09/
2018
Haselbeck For-
men- und Werk-
zeugbau GmbH
n/a n/a Grupo Antolin-
Irausa, S.A.
HJH Enginee-
ring GmbH &
Co. KG
Grupo Antolin-Irausa, S.A., a Spain-based company engaged in designing,
developing, manufacturing and distributing automotive components, has ac-
quired Haselbeck Formen- und Werkzeugbau GmbH, a Germany-based manu-
facturer of plastic injection mould, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
11/09/
2018
Inretis Holding
AG
n/a 62.0 Poenina Holding
AG
n/a Poenina Holding AG, the listed Switzerland-based provider of sanitary, heating
and ventilation technology, as well as building cladding and roofing, has ac-
quired Inretis Holding AG, a Switzerland-based company engaged in providing
services for energy and building technology, for a consideration of approxi-
mately CHF 70m (EUR 61.964m).
11/09/
2018
Voith–Werke Ing.
A. Fritz Voith
Gesellschaft
m.b.H & Co KG
36.3 n/a Eurocrane (Chi-
na) Co., Ltd.
Ruth Voith
Holding-
Gesellschaft
m.b.H., Ruth
Voith Beteili-
gungsgesell-
schaft m.b.H.
Eurocrane (China) Co., Ltd., a China-based SHSE-listed company head-
quartered in Nanjing, Jiangsu Province, is engaged in manufacture and service
provider of lifting and handling products, has agreed to acquire Voith–Werke
Ing. A. Fritz Voith Gesellschaft m.b.H & Co KG from Ruth Voith Holding-
Gesellschaft m.b.H. and Ruth Voith, Beteiligungsgesellschaft m.b.H., for a
consideration of EUR 49m.
06/09/
2018
KKL Klimatech-
nik-Vertriebs
GmbH
34.0 n/a Sued Beteiligun-
gen GmbH
Ak Holding
GmbH
Sued Beteiligungen GmbH, a Germany-based private equity and the manage-
ment team of KKL Klimatechnik-Vertriebs GmbH, a Germany-based company
engaged in offering air-conditioning and refrigeration services for commercial
spaces, has acquired the company in a management buyout transaction, for an
05/09/
2018
Zent-Frenger
GmbH
30.0 16.0 Swegon AB Uponor Cor-
poration
Swegon AB, a Sweden-based manufacturer and distributor of ventilation and
indoor climate system products and solutions, has agreed to acquire Zent-
Frenger GmbH, a Germany-based company engaged in the provision of hea-
ting and cooling as well as geothermal technology solutions, from Uponor Cor-
poration, the listed Finland-based manufacturer of plastic piping systems,
household appliances and floor coverings, for a consideration of EUR 16m.
03/09/
2018
Colag AG n/a n/a Ufenau Capital
Partners AG
n/a Constellation Capital AG, a Switzerland-based private equity firm through its
Constellation V fund, along with the management of Colag AG, a Switzerland-
based e-bikes manufacturing company, have acquired the company in ma-
nagement buyout transaction, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
03/09/
2018
B+R Maschinen-
bau GmbH
n/a n/a Schubert Maschi-
nen- und Anla-
genbau GmbH
n/a Schubert Group, a German industrial conglomerate, has acquired B+R Ma-
schinenbau, a domestic automation specialist, for an undisclosed fee.
03/09/
2018
MS-Graessner
GmbH & Co. KG
21.8 38.8 Nidec Shimpo
Corporation
Michael Stad-
ler
Nidec Shimpo Corporation, a Japan-based company engaged in manufacturing
and marketing of power transmission equipment, factory automation systems,
measuring equipment, and ceramic and wood art equipment, and a subsidiary
of Nidec Corporation, has acquired MS-Graessner GmbH & Co. KG, for an
estimated consideration of EUR 38.8m.
31/08/
2018
HEIFO Ruterbo-
ries GmbH & Co.
KG (Transport
Refrigeration
Business Unit)
(60% Stake)
n/a n/a Mitsubishi Heavy
Industries Ther-
mal Systems, Ltd.
HEIFO Ruter-
bories GmbH
& Co. KG
Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based manufacturer
of air-conditioning and refrigeration systems, has agreed to acquire 60% stake
in the transport refrigeration business unit of HEIFO Ruterbories GmbH & Co.
KG, a Germany-based manufacturer of refrigeration systems, for an undisclosed
consideration.
30/08/
2018
MBtech Group
GmbH & Co.
KGaA
n/a n/a AKKA Technolo-
gies SA
Daimler AG AKKA Technologies SA, the listed France-based technology consulting and en-
gineering company, has agreed to acquire a 35% stake in MBtech Group
GmbH & Co. KGaA, the Germany-based company providing engineering and
consulting services to the automotive, rail, and aerospace industries, from
Daimler AG, the listed Germany-based vehicle manufacturer, for an undisclosed
consideration.
28/08/
2018
Sommer &
Strassburger
GmbH & Co. KG
20.0 n/a Gesco AG Michael Hillp Gesco AG, a listed Germany-based investment company having interest in
companies engaged in tools manufacturing, mechanical engineering and plas-
tics technology, has agreed to acquire Sommer & Strassburger GmbH & Co.
KG, from Michael Hillp, for an undisclosed consideration.
27/08/
2018
Saechsische
Schlossfabrik
GmbH
n/a n/a Schulte-
Schlagbaum AG
Franz Schnei-
der Brakel
GmbH + Co
KG
Schulte-Schlagbaum AG, the listed German lock systems and guest manage-
ment specialist, has acquired Saechsische Schlossfabrik GmbH, a Germany
based company engaged in manufacturing locking systems, from FSB – Franz
Schneider Brakel GmbH + Co KG, a Germany based company engaged in
manufacturing locking systems, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
23/08/
2018
WFT GmbH &
Co. KG (70%
Stake)
n/a n/a Staubli Internati-
onal AG
n/a Staubli International AG, a Switzerland-based Switzerland-based mechatronics
solution provider with three dedicated activities: Connectors, Robotics and Texti-
le, gas acquired 70% stake in WFT GmbH & Co. KG, a Germany-based com-
pany engaged in construction of special purpose machines and mobility and
transport solutions, for an undisclosed consideration.
23/08/
2018
Delbag 30.0 n/a Hengst SE & Co.
KG
FlaktGroup
AG
Hengst SE & Co. KG, a Germany-based manufacturer of filtration and fluid
management solutions for the automotive industry, has agreed to acquire Del-
bag, a Germany-based manufacturer of air filters and air filtration systems, from
FlaktGroup AG for an undisclosed consideration.
22/08/
2018
Trackio Internati-
onal AG
n/a 7.2 Semtech (Interna-
tional) AG
n/a Semtech (International) AG, a Switzerland-based designer, manufacturer and
supplier of analog and mixed-signal semiconductor products and a subsidiary of
Semtech Corporation, the listed US-based supplier of analog and mixed-signal
semiconductor devices, has agreed to acquire Trackio International AG (d/b/a
TrackNet), for a cash consideration of USD 8.4m.
17/08/
2018
manroland web
systems GmbH
n/a n/a Goss Internatio-
nal Corporation
L. Possehl &
Co. mbH
Goss International Corporation, the US-based manufacturer of web offset pres-
ses and finishing systems for the printers and publishers, and a portfolio com-
pany of American Industrial Partners (AIP), the US-based private equity firm, has
acquired manroland web systems GmbH, a Germany-based web offset printing
manufacturer and service provider, from L. Possehl & Co. mbH, for an un-
disclosed consideration.
17/08/
2018
DEINZER GmbH n/a n/a Leo Family Hol-
ding GmbH
Becher family Leo Family Holding GmbH, the Germany-based private equity firm, has ac-
quired DEINZER GmbH, the Germany-based manufacturer of customized POS
solutions, from the Becher family, for an undisclosed consideration. The transac-
tion will enable DEINZER to expand further.
15/08/
2018
R. Wick AG n/a n/a JAG Jakob Ltd n/a JAG Jakob Ltd, a Switzerland-based builds process plant and automation soluti-
ons, has acquired R. Wick AG, a Switzerland-based company provides automa-
tion and robotics solutions for the machinery industry, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
15/08/
2018
Continental Au-
tomotive Switzer-
land AG
n/a n/a RUHAMA Finanz
Holding AG
Continental
Aktiengesell-
schaft
RUHAMA Finanz Holding AG, a Switzerland-based investment holding com-
pany, has acquired Continental Automotive Switzerland AG, a Switzerland-
based company engaged in manufacturing and marketing of transportation
systems and operations control which includes bus and train vehicle control and
passenger information, from Continental Aktiengesellschaft, for an undisclosed
consideration.
14/08/
2018
BOA Group 200.0 n/a Ring International
Holding AG
n/a Ring International Holding AG, an Austria-based company engaged in manu-
facturing and marketing of stationery and special coatings products, has ac-
quired BOA Group, the Germany based manufacturer of flexible, mechanical
components for exhaust systems and engine management, for an undisclosed
consideration.
10/08/
2018
FuelCon AG n/a n/a Horiba Europe
GmbH
Ingo Bene-
cke, Mathias
Bode, Harald
Mueller
Horiba Europe GmbH, the Germany-based manufacturer of precision instru-
ments for measurement and analysis, and Horiba Ltd, the listed Japan-based
technology group, manufacturing scientific analyzers, engine emission analyzers
and environment-monitoring equipment, has agreed to acquire FuelCon AG,
for an undisclosed consideration.
09/08/
2018
KAMA GmbH
(65% Stake)
n/a n/a PREMIUM Equity
Partners GmbH
ARCUS Capi-
tal AG
PREMIUM Equity Partners GmbH, a Germany-based private equity firm, has
acquired a 65% stake in KAMA GmbH, a Germany-based company that deve-
lops and produces high-end machines in the area of printing post-press and
print finishing, from ARCUS Capital AG, a Germany-based private equity firm,
06/08/
2018
Treofan Germany
GmbH & Co KG
(98.75% Stake)
n/a n/a B.C. Jindal
Group
Management
& Capitali
SpA
B.C. Jindal Group, an India-based conglomerate engaged in diverse busines-
ses, has signed an agreement to acquire Treofan Germany GmbH & Co KG, a
Germany based company that develops, manufactures and markets biaxial
oriented polypropylene film, from Management & Capitali SpA, the listed Italy
based private equity firm, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
06/08/
2018
ChainMaster
Buehnentechnik
GmbH
n/a n/a LIFTKET Hoff-
mann GmbH
AH Stiftung,
FH Stiftung,
SH Stiftung
LIFTKET Hoffmann GmbH, a Germany-based manufacturer of electric chain
hoists and a portfolio company of Afinum Management GmbH, a Germany-
based private equity firm, has acquired ChainMaster Buehnentechnik GmbH, a
Germany-based manufacturer of electric chain hoists, including control, soft-
ware, and operator interfaces used for events and stages, for an undisclosed
consideration.
03/08/
2018
ASTES4 SA n/a n/a Mitsubishi Electric
Corporation
n/a Mitsubishi Electric Corporation, the listed Japan-based company engaged in
manufacturing and selling of electric and electronic equipment, has acquired
ASTES4 SA, the Switzerland-based company engaged in manufacturing and
selling patented automated sorting solutions for sheet metal laser processing
machines, for an undisclosed consideration.
02/08/
2018
DS AUTOMO-
TION GmbH
(40% Stake)
n/a n/a SSI SCHAEFER
GmbH
n/a SSI SCHAEFER GmbH, a Germany-based company that designs and manufac-
tures logistic systems, storage and conveying systems, work stations, and waste
management solutions, has agreed to acquire a 40% stake in DS AUTOMOTI-
ON GmbH, an Austria-based manufacturer of Automated Guided Vehicle
(AGV) systems, for an undisclosed consideration.
01/08/
2018
Stanz- und Press-
werk Lindner
GmbH & Co.KG
15.0 n/a Undisclosed
bidder
n/a An undisclosed bidder has acquired, Stanz- und Presswerk Lindner GmbH &
Co.KG, a Germany-based supplier for sheet metal processing, punched parts
and welding assemblies for the automotive and solar industry, for an un-
01/08/
2018
Webac-
Gesellschaft fur
Maschinenbau
mbH
n/a n/a Simpson Techno-
logies Corporati-
on
Webac Hol-
ding AG
Simpson Technologies Corporation, the US-based company engaged in the
design and production of advanced process technologies and services for the
global metal casting and chemical process industries, has acquired Webac-
Gesellschaft fur Maschinenbau mbH, a Germany-based company engaged in
process technology and customized plants for the foundry and oil & gas indust-
ries, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
01/08/
2018
GfS GmbH &
Co. KG
n/a n/a Finatem Fonds
Management
Verwaltungs
GmbH
Foris AG Finatem Fonds Management Verwaltungs GmbH, a Germany-based private
equity firm, through its Finatem IV fund, has acquired a majority stake in GfS
GmbH & Co. KG, a Germany-based technical infrastructure service provider for
German motorways and highways, for an undisclosed consideration.
01/08/
2018
QUISS AG 8.5 n/a Atlas Copco AB Morey Trade
Corp., Bern-
hard Gruber,
Withold Boh-
dan Gantzke,
Alexey Leps-
kiy
Atlas Copco AB, the listed Sweden-based group engaged in the development,
manufacture and marketing of compressors, construction and mining
equipment, power tools and assembly systems, has acquired QUISS AG, a
Germany based service provider for development and implementation of profes-
sional turnkey image processing solutions, for an undisclosed consideration.
30/07/
2018
Hoegger AG n/a n/a Provisur Techno-
logies, Inc.
Koller Family Provisur Technologies, Inc., the US-based designer, manufacturer and distribu-
tor of food processing equipment and systems, has acquired, Hoegger AG, a
Switzerland-based provider of meat form pressing equipment, potato separation
equipment and continuous cook & chill systems for cooking, from Koller family,
the Switzerland-based family, for an undisclosed consideration.
30/07/
2018
Oerlikon (Drive
Systems Segment)
623.9 517.7 Dana Incorpo-
rated
OC Oerlikon
Management
AG, Pfaeffik-
on
Dana Incorporated, the listed US-based designer and manufacturer of cars,
automotive components and technologies, is headquartered in Maumee, Ohio,
has agreed to acquire Oerlikon Drive Systems from OC Oerlikon Management
AG, Pfaeffikon, for a total cash consideration of CHF 600m (EUR 517.74m).
28/07/
2018
NKB Technology
GmbH (75%
Stake)
n/a n/a RAHO Automoti-
ve GmbH
NKB Techno-
vations India
Private Li-
mited
RAHO Automotive GmbH, a Germany-based company engaged in product
development and project management for production sites, has acquired a 75%
stake in, NKB Technology GmbH, a Germany-based supplier of intralogistics
solutions ,from NKB Technovations India Private Limited, for an undisclosed
consideration.
27/07/
2018
Flamm GmbH n/a n/a Muhr und Bender
KG
Frieder
Flamm
Muhr und Bender KG, a Germany-based manufacturer and supplier of heavy
duty spring components and related products, has agreed to acquire Flamm
GmbH, a Germany-based manufacturer of products in areas of metal forming,
assembly and machining, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
27/07/
2018
Hiller GmbH n/a n/a Ferrum AG Georg Hiller Ferrum AG, the Switzerland-based provider of can closure and separation tech-
nologies to for industrial use, has acquired Hiller GmbH, the Germany-based
innovative specialist in the development and manufacture of decanter centrifu-
ges, from Georg Hiller, the Switzerland-based Private individual, for an un-
27/07/
2018
Polypag AG 34.2 n/a Sika AG FLM Holding
AG
Sika AG, a listed Switzerland-based manufacturer of specialty chemicals, has
agreed to acquire Polypag AG, the Switzerland-based manufacturer of aerosol
cans and PU foams, from FLM Holding AG, Switzerland-based holding com-
pany which through its subsidiaries, manufactures and markets polyurethane
foam sealants and adhesives for pressurized, disposable and refillable packa-
ging, for an undisclosed consideration.
27/07/
2018
50Hertz Trans-
mission GmbH
(20% Stake)
n/a n/a KfW Banken-
gruppe
IFM Investors KfW Bankengruppe, the Germany-based development bank, has agreed to
acquire 20% stake in 50Hertz Transmission GmbH, the Germany-based com-
pany engaged in operation, maintenance, planning and expansion of the power
transmission grid, from IFM Investors, an Australia-based fund management and
private equity firm, for an undisclosed consideration.
26/07/
2018
skytron energy
GmbH
n/a n/a AlsoEnergy, Inc. Liberta Part-
ners
AlsoEnergy Inc, the US-based company providing renewable energy software
solutions, has agreed to acquire skytron energy GmbH, the Germany-based
company engaged in developing and providing integrated monitoring, control
and remote monitoring systems to photovoltaics industry, from Liberta Partners,
the Germany-based investment firm, for an undisclosed consideration.
25/07/
2018
MAJA-
Maschinenfabrik
Hermann Schill
GmbH & Co. KG
30.0 n/a Marel Food Sys-
tems
Joachim
Schill, Rein-
hard Schill
Marel Food Systems, the listed Iceland-based supplier of high-tech food proces-
sing equipment, is headquartered in Reykjavik, has agreed to acquire MAJA-
Maschinenfabrik Hermann Schill GmbH & Co. KG, the Germany-based manu-
facturer and distributor of machines for food processing and refrigeration, is
headquartered in Kehl from Mr. Joachim Schill and Mr. Reinhard Schill.

Date Target
Sales
(€ m)
EV
(€ m)
25/07/
2018
JL Goslar GmbH
(51% Stake)
32.5 n/a China Western
Power Industrial
Co., Ltd.
Endurance
Capital AG,
Pro Consult
Plus UG
China Western Power Industrial Co., Ltd., the China-based SZSE-listed company
headquartered in Zigong, Sichuan Province, is engaged in power equipment
making business, has agreed to acquire a 51% stake in JL Goslar GmbH, Ger-
many-based manufacturers of lead products and semi-finished lead parts from
Endurance Capital AG and Pro Consult Plus UG, for a consideration of EUR
6.5m.
24/07/
2018
Hoffmeister
Leuchten GmbH
n/a n/a Gagnez family n/a Gagnez family, the France-based family, has agreed to acquire Hoffmeister
Leuchten GmbH, the Germany-based lighting equipment manufacturer, for an
24/07/
2018
VI-grade GmbH 14.0 n/a Spectris Plc Juergen Fett,
Diego Minen,
Christoph
Ortmann,
Guido Bai-
rati, Shunichi
Yamauchi
Spectris Plc, the listed UK-based company engaged in the manufacturing of
precision measurement instrumentation and controls, has agreed to acquire VI-
grade GmbH, a Germany-based provider of software products, hardware simu-
lators and services for advanced applications in the field of system level simula-
tion, for an undisclosed consideration.
20/07/
2018
FRANK plastic
AG
32.4 n/a Rochling SE &
Co. KG
Ferdinand
Pieech Betei-
ligungs
GmbH
Rochling SE & Co. KG, the Germany-based company engaged in producing
semi-finished and automotive plastic products, has agreed to acquire FRANK
plastic AG, the Germany-based plastic processing company engaged in provi-
ding plastic parts and products for medical and industrial purpose, from Ferdi-
nand Pieech Beteiligungs GmbH, for an undisclosed consideration.
19/07/
2018
Greif-Velox Ma-
schinenfabrik
GmbH
n/a n/a BPE Private Equity
GmbH
Maschinen-
fabrik Moel-
lers GmbH
BPE Private Equity GmbH, a Germany-based private equity firm along with the
management of Greif-Velox Maschinenfabrik GmbH, a Germany-based indust-
rial machinery specialist, has acquired the company in a management buyout
transaction from, Maschinenfabrik Moellers GmbH, Germany-based manufac-
turer of material handling machinery, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
19/07/
2018
Protocol Group,
Rodenstock
GmbH (20%
Stake), Infinitas
Learning Nether-
lands B.V. (20%
Stake)
n/a n/a Compass Part-
ners International
II LLP
Bridgepoint
Advisers Li-
mited
Compass Partners International II LLP, the UK-based private equity firm, has
acquired 100% stake in Protocol Group and a 20% stake each in Rodenstock
GmbH and Infinitas Learning Netherlands B.V., from Bridgepoint Advisers Li-
mited, the UK-based private equity firm, for an undisclosed consideration.
17/07/
2018
Espisa AG n/a n/a Aeterna AG Flokk A.S. Aeterna AG, a Switzerland-based investment firm, has acquired Espisa AG, a
Switzerland-based manufacturer of plastic parts for professional large appli-
ances in plastic forth injection molding from Flokk A.S., a Norway-based com-
pany engaged in the design, development, manufacture and sale of office
chairs and seating solutions, for an undisclosed consideration.
17/07/
2018
EMS Elektro Me-
tall Schwanen-
muehle GmbH
60.0 n/a Undisclosed
bidder
capiton AG A Luxembourg-based undisclosed bidder, has acquired EMS Elektro Metall
Schwanenmuehle GmbH, a Germany-based company engaged in manufac-
turing of electro-technical products, from capiton AG, a Germany-based private
equity firm and other minority investors, for an undisclosed consideration.
16/07/
2018
iSYS RTS GmbH
(80% Stake)
5.9 n/a Minda Industries
Limited
Georg Hut-
ter, Michael
Albrecht
Minda Industries Limited, a listed India-based automotive company engaged in
the manufacturing and sale of various automotive parts and accessories, has
agreed to acquire an 80% stake in iSYS RTS GmbH, a Germany-based develo-
per of embedded systems as well as hardware and software components for
vehicle and environmental technology, for an aggregate cash consideration of
EUR 6.5m.
13/07/
2018
Deutsche Nickel
GmbH
n/a n/a Management
Vehicle
Wickeder
Westfalen-
stahl Gmbh
The management of Deutsche Nickel GmbH, a Germany-based manufacturer
of ingots, wire, bar and forged semi-finished products as well as starting materi-
als for strip and sheet metal production from nickel, nickel-base and copper-
nickel alloys, has acquired the company, from Wickeder Westfalenstahl Gmbh,

Date Target
Sales
(€ m)
EV
(€ m)
13/07/
2018
Planet GDZ AG n/a n/a ASSA ABLOY AB Rene Gyger,
Andreas
Dintheer
ASSA ABLOY AB, a listed Sweden-based company engaged in developing, ma-
nufacturing and supplying locks and security systems for residential, industrial
and institutional customers, has agreed to acquire Planet GDZ AG, a Switzer-
land-based supplier of door drop down seals and finger protection cover, from
Rene Gyger and Andreas Dintheer, for an undisclosed consideration.
12/07/
2018
Asic Robotics AG 51.3 n/a Paragon Partners
GmbH
Renaissance
Foundation,
Evoco AG
Paragon Partners GmbH, a Germany-based private equity firm, has acquired an
undisclosed take in Asic Robotics AG, a Switzerland-based manufacturer and
supplier of automation technology and industrial robots to carry out assembly
work, testing, materials-handling and packaging, from Evoco AG, Vinci Capital
SA and STS Management AG, for an undisclosed consideration.
10/07/
2018
Garaventa Ac-
cessibility AG
70.1 63.5 Savaria Corpora-
tion
Shareholders
of Garaventa
Accessibility
AG
Savaria Corporation, a listed Canada-based company, headquartered in Laval,
is engaged in designing, manufacturing and distributing products for personal
mobility, has agreed to acquire Garaventa Accessibility AG from Shareholders
of Garaventa Accessibility AG for approximate consideration of CHF 74m (USD
74.54m).
09/07/
2018
Stockach Alumi-
nium GmbH
(50% Stake)
n/a n/a BAGR Berliner
Aluminiumwerk
GmbH
Orlando
Management
AG
BAGR Berliner Aluminiumwerk GmbH, a Germany-based company that opera-
tes a remelting and casting plant for aluminium, and a subsidiary of Metalcorp
Group B.V., a Netherlands-based mining company and distributor of metals,
ores and alloys, has agreed to acquire a 50% stake in Stockach Aluminium
GmbH from SSVP III, for an undisclosed consideration.
09/07/
2018
Amphiro AG n/a n/a Oras Oy n/a Oras Oy, the Finland-based manufacturer of sanitary fittings, has acquired a
majority stake in Amphiro AG, the Switzerland-based manufacturer of smart
shower meters that display water and energy consumption, for an undisclosed
consideration. The acquisition will help Oras to strengthen its position in the
digital solution for the sanitary industry.

Date Target
Sales
(€ m)
EV
(€ m)
09/07/
2018
Schoefer GmbH
(51% Stake)
18.0 n/a Leonhard Kurz
Stiftung & Co.
KG
Schoefer
Family
Leonhard Kurz Stiftung & Co. KG, a Germany-based manufacturer of decorative
and functional coatings, has acquired a 51% stake in, Schoefer GmbH, an
Austria-based automotive components company, for an undisclosed considera-
tion. The acquisition is in line with Schoefer's strategy of further growing their
business.
06/07/
2018
MKM Mansfelder
Kupfer und Mes-
sing GmbH
1,000 254.0 KME Germany
GmbH & Co.
KG.
Copper 1909
Bidco GmbH
KME Germany GmbH & Co. KG., a subsidiary company of Intek Group S.p.A.,
has agreed to acquire MKM Mansfelder Kupfer und Messing GmbH, is a Ger-
many-based manufacturer of preliminary and semi-finished products of copper
and copper alloys, headquartered in Hettstedt from Copper 1909 Bidco GmbH
for EUR 254m.
05/07/
2018
Technoglas Pro-
duktions GmbH
15.0 17.0 Cerve S.p.A. Vetrerie Riuni-
te SpA
Cerve S.p.A., an Italy-based producer of decorated glasses, has acquired Tech-
noglas Produktions GmbH, an Austria-based glass manufacturing company,
from Vetrerie Riunite SpA, an Italy-based glass manufacturer of lenses for auto-
motive headlights, door glass for washing machines, tecnical glass, glass for
lighting appliances and perfumery, for consideration of around EUR 17m.
04/07/
2018
Reifen Mueller
GmbH
n/a 108.0 Hankook Tire
Co., Ltd.
Klaus Muel-
ler, Uwe
Mueller
Hankook Tire Co., Ltd., the listed South Korea-based company engaged in the
manufacture and sale of tires, tubes and alloy wheels, has agreed to acquire
Reifen Mueller GmbH, the Germany-based tire retailer and car services provi-
der, for a consideration of EUR 108m.
04/07/
2018
Calyxo GmbH n/a n/a TS Group GmbH n/a TS Group GmbH, a Germany-based conglomerate, has acquired Calyxo
GmbH, a Germany-based manufacturer of cadmium telluride (CdTe) thin-film
solar modules and a supplier of turnkey photovoltaic systems, for an undisclosed
consideration.
03/07/
2018
SUSPA GmbH 261.0 n/a Pascal Vanhalst Andlinger &
Company,
Inc.
Pascal Vanhalst, a Belgium-based private investor, has acquired SUSPA GmbH,
a Germany-based manufacturer of gas springs, hydraulic dampers, friction
dampers, lifting columns, piston rods, crash management and safety systems as
well as complex drives and actuators, from Andlinger & Company, Inc., for an

Date Target
Sales
(€ m)
EV
(€ m)
02/07/
2018
United Grinding
Group AG
n/a n/a Lemro AG Koerber AG Lemro AG, the Switzerland-based holding company invest in precision machines
manufacturing and distribution, has acquired United Grinding Group AG, the
Switzerland-based manufacturer and suppliers of precision machines for indust-
rial uses, from Koerber AG, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Benelux
13/09/
2018
Florigo Frying
Equipment B.V.
n/a n/a Convent Capital n/a Convent Capital, the Netherlands-based private equity firm, has acquired Flori-
go Frying Equipment B.V., the Netherland-based manufacturer of industrial
frying systems, for an undisclosed consideration.
13/09/
2018
RWE Generation
Belgium NV
100.0 n/a Ineos NV RWE AG Ineos NV, the Belgium-based company engaged in manufacturer of petroche-
micals, specialty chemicals and petroleum products, and a subsidiary of INEOS
Group AG, the Switzerland-based manufacturer of chemicals and oil products,
has agreed to acquire RWE Generation Belgium NV (d/b/a Centrale Inesco),
the Belgium-based operator of cogeneration plant that produces electricity and
heat, from RWE AG, for an undisclosed consideration.
12/09/
2018
Antrinco NV 20.4 n/a CrossWise Bvba n/a CrossWise Bvba, a Belgium-based B2B system integrator that offers engineering
services and distribution of a wide range of materials and components for both
underground and overhead telecom infrastructures, has acquired Antrinco NV,
aBelgium-based company engaged in providing distribution of heating ventilati-
on and explosion-proof equipment, through its subsidiaries, for an undisclosed
consideration.
06/09/
2018
MPM Internatio-
nal Oil Company
B.V.
n/a n/a Sator Holding
B.V.
Michiel van
Wilgen, Peter
van der Meer
Sator Holding B.V., a Netherlands-based company engaged in importing and
distributing automotive spare parts, and a subsidiary of LKQ Corporation, Inc.,
has agreed to acquire MPM International Oil Company B.V., from Mr. Michiel
van Wilgen and Mr. Peter van der Meer.
27/08/
2018
Codema Systems
Group BV
n/a n/a Nordian Capital
Partners
Maarten de
Jager
Nordian Capital Partners, the Netherlands-based private equity firm, along with
the management of Codema Systems Group BV, the Netherlands-based supp-
lier of systems for horticulture greenhouses, have acquired the company in a
management buyout transaction, from Mr. Maarten de Jager, the Netherlands-
based private individual, for an undisclosed consideration.
15/08/
2018
Qurrent n/a n/a Greenchoice DOEN Foun-
dation
Greenchoice, a Netherlands-based company engaged in the generation and
supply of renewable green energy, has agreed to acquire Qurrent, a Nether-
land-based company engaged in the supply of sustainable energy, from DOEN
Foundation, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
03/08/
2018
Ploeger Oxbo
Group B.V. (40%
Stake)
200.0 n/a NPM Capital
N.V.
Synergia
Capital Part-
ners B.V.,
Bolster In-
vestment
Partners
NPM Capital N.V., the Netherlands-based private equity firm, has agreed to
acquire a 40% stake in Ploeger Oxbo Group B.V., the Netherlands-based com-
pany that develops and manufactures harvesting systems, from Synergia Capital
Partners B.V. and Bolster Investment Partners, the Netherlands-based private
equity firms, for an undisclosed consideration
31/07/
2018
Encevo S.A.
(25.48% Stake)
1,758 n/a China Southern
Power Grid Inter-
national (HK)
Co., Ltd.
Ardian China Southern Power Grid Co., Ltd., via its wholly-owned subsidiary China
Southern Power Grid International (HK) Co., Ltd., a Hong Kong-based holding
company having interest in companies engaged in the electricity generation and
transmission business, has agreed to acquire a 25.48% stake in Encevo S.A.,
from Ardian, for an estimated consideration of EUR 400m.
27/07/
2018
Cikam B.V. (La-
beling and
Coding division)
n/a n/a Weber Marking
Systems BV
Cikam B.V. Weber Marking Systems BV, a Netherlands-based manufacturer and supplier of
labels and labeling solutions, has acquired, the labeling and coding division of
Cikam B.V., a Netherlands-based supplier of self-adhesive labels, thermal trans-
fer ribbons, printers, print & apply and apply systems, for an undisclosed
consideration.
24/07/
2018
Intrion NV n/a n/a ABB Ltd n/a ABB Ltd, the listed Switzerland-based power and automation technology com-
pany, has agreed to acquire Intrion NV, the Belgium-based company engaged
in the design and realization of industrial automation solutions, for an un-
24/07/
2018
VAF Instruments
B.V.
20.0 n/a Aalberts Indust-
ries N.V.
n/a Aalberts Industries N.V., the Netherlands-based industrial company operating in
the industrial services and flow control sectors, has agreed to acquire VAF In-
struments B.V., the Netherlands-based manufacturer of high-tech sensors and
measurement systems, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
23/07/
2018
Simadan Holding
B.V.
300.0 n/a John Swire &
Sons Ltd, Parcom
Capital Ma-
nagement B.V.
n/a John Swire & Sons Ltd, UK-based company engaged in property, aviating, agri-
business and food chain, marine services, trading and industrial activities,
headquartered in London and Parcom Capital Management B.V., Netherlands-
based private equity firm, has agreed to acquire Simadan Holding B.V., from
the food chain into second-generation biodiesel, biogas, bio-fuel oil, bioglyceri-
ne and bio-fertilizer.
20/07/
2018
OPTIBAND BV n/a n/a Ammeraal Bel-
tech Holding B.V.
Harry Grim-
berg, Aart
Groenendijk
Ammeraal Beltech Holding B.V., the Netherlands-based manufacturer of
conveyor belts for food, airport, logistics, mail, tobacco, paper and print, textile,
rubber and tire, automotive, and wood industries, has acquired OPTIBAND BV,
the Netherland-based conveyor belt specialist for an undisclosed consideration.
12/07/
2018
Adelco Electro-
nics B.V.
11.0 n/a Batenburg Tech-
niek N.V.
n/a Batenburg Techniek N.V., the listed Netherlands-based electro-mechanical and
industrial engineering company that provides design, delivery and maintenance
services for building installations, has acquired Adelco Electronics B.V., the
Netherlands-based supplier of displays for industrial appliances, modules for
embedded computing and parts for wireless communication, for an undisclosed
consideration.
12/07/
2018
Food Technology
Noord-Oost
Nederland B.V.
n/a 32.0 John Bean Tech-
nologies Corpo-
ration
Active Capital
Company
B.V.
John Bean Technologies Corporation, the listed US-based technology solutions
provider for the food processing and air transportation industries, has acquired
Food Technology Noord-Oost Nederland B.V, the Netherlands-based company
that develops and manufactures food processing equipment, from Active Capital
Company B.V., the Netherlands-based private equity firm, for a consideration of
EUR 32m.
01/07/
2018
Dupont Electro
BVBA
n/a n/a AIM Holding n/a AIM Holding, a Belgium-based investment holding company, has acquired Du-
pont Electro BVBA, a Belgium-based company engaged in distribution of swit-
chboards, lighting and industrial electrical work, for an undisclosed considerati-
on.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Czech Republic
24/07
/2018
Amper Market,
A.S
n/a n/a Europe Easy
Energy
n/a Europe Easy Energy, a Czech Republic-based company engaged in energy
distribution business and a subsidiary company of Bohemia Energy Entity
s.r.o, a Czech Republic-based supplier of gas and electricity, has agreed to
acquire Amper Market A.S, a Czech Republic based electricity supplier, for
an undisclosed consideration.
18/07
/2018
BOCO PARDU-
BICE machines,
s.r.o.
n/a n/a BH Securities
a.s.
n/a BH Securities a.s., a Czech Republic-based securities brokerage company,
has acquired an undisclosed majority stake in BOCO PARDUBICE machines,
s.r.o. (BPM), a Czech Republic-based manufacturer of nitrided and armou-
red screws, barrels, and other components for one and twin screw extruders,
09/07
/2018
VUK, spol. s.r.o. n/a n/a Continental
Aktiengesell-
schaft
Frantisek
Kubicek
Continental Aktiengesellschaft, the listed Germany-based manufacturer of
automotive components, has acquired VUK, spol. s.r.o., the Czech Republic-
based company engaged in development and production of tanning, chemi-
cal, paper, textile, plastics and rubber machines and equipment, from Fran-
tisek Kubicek, the Czech Republic-based private investor, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Denmark
24/09
/2018
Nordic House-
ware Group A/S
(60% Stake)
51.4 n/a Pitzner Gruppen
Holding A/S
Axel Pitzner
Fonden
Pitzner Gruppen Holding A/S, the Denmark-based engaged in retailing of je-
welry and watches and investment in real estate and securities, has acquired a
60% stake in Nordic Houseware Group A / S , the Denmark-based plastic
homeware products company, for an undisclosed consideration.
20/09
/2018
KVM Industri-
maskiner A / S
(85% Stake)
n/a n/a Zefyr Invest A / S n/a Zefyr Invest A / S, the Denmark-based private equity firm, has acquired an 85%
stake in KVM Industrimaskiner A / S, the Denmark-based company engaged in
business of manufacturing general industrial machinery, for an undisclosed
consideration. Zefyr’s resources will enable KVM to grow further.
04/09
/2018
Reno A/S 16.1 n/a Atlas Copco AB CRAFFT Hol-
ding A/S
Atlas Copco AB, a listed Sweden-based group engaged in the development,
manufacture and marketing of compressors, construction and mining
equipment, has acquired, Reno A/S, a Denmark-based producer and provider
of compressed air and high pressure cleaners, from CRAFFT Holding A/S, for
an undisclosed consideration.
30/08
/2018
Purple Robotics
ApS
n/a n/a OnRobot A/S PNM Invest
IVS, Hth Invest
IVS, Kieffer
Invest ApS
OnRobot A/S, the Denmark-based developer of collaborative robot grippers,
has acquired Purple Robotics ApS, the Denmark-based company that makes
vacuum grippers for robots, from PNM Invest IVS, Hth Invest IVS and Kieffer
Invest ApS, the Denmark-based investment holding companies, for an un-
29/08
/2018
OnRobot A/S n/a n/a Summit Partners
LLP, Vaekstfon-
den
n/a Summit Partners LLP, the US-based private equity firm along with Vaekstfonden,
a Denmark-based private equity firm have acquired undisclosed majority stake
in OnRobot A/S, a Denmark-based developer of collaborative robot grippers,
13/07
/2018
Brunata Interna-
tional A/S
n/a 80.5 Minol Messtech-
nik W. Lehmann
GmbH & Co. KG
Fischer Hansen
family
Minol Messtechnik W. Lehmann GmbH & Co. KG, a Germany-based company
for measurement services of heating costs, has agreed to acquire Brunata Inter-
national A/S, a Denmark-based company engaged in manufacturing metering
equipment, from Fischer Hansen family, for a consideration of DKK 600m (EUR
80.5044m).

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Denmark
06/07
/2018
C.F. Nielsen A/S n/a n/a RUF Briquetting
Systems
n/a RUF Briquetting Systems, a Germany-based manufacturer of hydraulic briquet-
ting presses, has acquired C.F. Nielsen A/S, a Denmark-based company enga-
ged in manufacturing and marketing of briquetting systems worldwide, for an
06/07
/2018
Rolls-Royce
(Commercial
Marine business)
920.0 565.2 Kongsberg
Gruppen ASA
Rolls-Royce Plc Kongsberg Gruppen ASA, the listed Norway-based company engaged in deve-
lopment and maintenance of weapons control and fire control systems used by
the air force, has acquired Commercial Marine business of Rolls-Royce Plc, the
UK-based provider of integrated power solutions for customers in civil and
defense energy markets, for an enterprise value of GBP 500m.
06/07
/2018
FTZ Autodele &
Vaerktoej A/S,
Inter-Team Sp z
o.o.
505.0 395.0 Mekonomen AB HELLA KGaA
Hueck & Co.
Mekonomen AB, a Sweden-based automotive spare-parts retail chain, has
signed an agreement to acquire FTZ Autodele & Vaerktoej A/S, a Denmark-
based company engaged in supplying of spare parts for the automobile indust-
ry and Inter-Team Sp z o.o., a Poland-based distributor of automotive spare
parts, from HELLA KGaA Hueck & Co., for a consideration of EUR 395m, on a
cash free debt free basis.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – France
21/09
/2018
Arcelormittal
Wire France SA
111.8 n/a Altifort ArcelorMittal
SA
Altifort, a France-based company engaged in construction, decoration, energy
& services, environment and other sectors, has agreed to acquire Arcelormittal
Wire France SA, a France-based company that offers low and high carbon
wires, steel cord, strands, ropes, and corrosion resistant solutions, from Ar-
celorMittal SA, a Luxembourg-based steel producer and mining company, for an
17/09
/2018
Proengin SA 15.0 n/a Capital Export
SAS, Parvilla SAS,
Swen Capital
Partners, Caisse
d'Epargne Ile de
France Capital
Investissement
Galiena Ca-
pital SAS
A group of investors led by Capital Export SAS through its fund II, along with the
management of Proengin SA, a France-based manufacturer of chemical and
biological detection equipment for military defence, have acquired the com-
pany, in a management buyout transaction, from Galiena Capital SAS, a
France-based private equity firm, for an undisclosed consideration.
05/09
/2018
SECIL 15.0 n/a Ciclad, SAS ABB Ltd Ciclad, SAS, a France-based private equity firm, along with the management of
SECIL (dba L'Ebenoid) a France-based manufacturer and designer of lighting
fixtures and lighting accessories, has acquired the company in a management
buyout transaction, from ABB Ltd, the listed Switzerland-based power and auto-
mation technology company, for an undisclosed consideration.
04/09
/2018
Industriel de
Tuyauterie et de
Chaudronnerie
9.0 n/a Altifort n/a Altifort, a France-based company engaged in construction, decoration, energy
& services, environment and other sectors, has acquired Industriel de Tuyauterie
et de Chaudronnerie (ITC), a France-based company providing industrial piping
and manufacturing containers and boilers, for an undisclosed consideration.
03/09
/2018
Naskeo Environ-
nement S.A.
13.0 n/a Citizen Venture,
Sigma Gestion,
Generis Capital
Partners, Super-
nova Invest,
SCARA
XAnge Capi-
tal SA, IDIn-
vest Partners
A group of investors, along with the management and certain employee-
shareholders of Naskeo Environnement S.A., a France-based company engaged
in construction of biogas and wastewater treatment plants, have acquired the
company from IDInvest Partners and XAnge Capital SA, in a management buy-
out transaction, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
03/09
/2018
Groupe Nadia 95.0 n/a Unexo Groupe Si-
parex, Arkea
Capital
The management of Groupe Nadia, a France-based company engaged in ma-
nufacturing and sale of aluminum gates, shutters, garage doors, road and
construction site signs and cookware, backed by Unexo, a France-based private
equity firm, has acquired the company in a management buyout transaction,
from Groupe Siparex and Arkea Capital, for an undisclosed consideration.
01/08
/2018
Entrelec Group
SA
n/a n/a TE Connectivity
Ltd.
ABB Ltd TE Connectivity Ltd., a listed Switzerland-based manufacturer of electronics
components, cable equipment, wireless and undersea communication products,
has acquired Entrelec Group SA, a France-based manufacturer of electrical
equipments, from ABB Ltd, a listed Switzerland-based power and automation
technology company, for an undisclosed consideration.
31/07
/2018
Compagnie DA-
HER SA (High
and low pressure
industrial pipes
manufacturing
business)
25.0 n/a Tecalemit Aeros-
pace S.A
Compagnie
DAHER SA
Tecalemit Aerospace S.A, the France-based designer and manufacturer of rigid
pipes and hose assemblies for the aerospace industry, has acquired high and
low pressure industrial pipes manufacturing business of Compagnie DAHER SA,
the France-based company, for an undisclosed consideration.
26/07
/2018
Groupe Sabe 16.4 n/a Ag Growth Inter-
national, Inc.
BNP Paribas
Private Equity,
Unexo
Ag Growth International, Inc.(AGI), the Canada-based listed manufacturer of
portable grain handling and conditioning equipment, has acquired Groupe
Sabe, a France-based process engineering and bulk production equipment
manufacturer from Unexo and BNP Paribas Private Equity SAS, the France-
based private equity firms, for an undisclosed consideration.
26/07
/2018
PSS Power SAS,
Toul Power SAS
n/a n/a Total S.A. Kohlberg
Kravis Roberts
& Co. L.P.
Total S.A., the listed France-based integrated oil and gas company, engaged in
upstream and refining activities and selling of petrochemicals, has agreed to
acquire Toul Power SAS and PSS Power SAS, the France-based gas-fired combi-
ned cycle power plants, from Kohlberg Kravis Roberts & Co. L.P. (KKR), the US-
based private equity firm, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
23/07
/2018
Gaz Liquefies
Industrie
65.0 n/a Altifort n/a Altifort, a France-based company engaged in construction, decoration, energy
& services, environment and other sectors, has acquired Gaz Liquefies Industrie
(GLI), a France-based manufacturer and supplier of LPG containers, for an
undisclosed consideration. The acquisition of GLI strengthens Altifort’s industrial
and service activity and will develop Altifort's fluid production.
20/07
/2018
Mecafi S.A. n/a n/a NEXTEAM Group n/a NEXTEAM Group, the France-based company engaged in machining of com-
plex and hard metal parts for the aerospace market, has agreed to acquire
Mecafi S.A., the France-based company offering machining services for aircraft
parts, for an undisclosed consideration.
17/07
/2018
Gunnebo Belgi-
um, Gunnebo
France, Gunnebo
Luxembourg
117.0 n/a OpenGate Capi-
tal LLC
Gunnebo AB OpenGate Capital LLC, the US-based private equity firm, has signed an agree-
ment to acquire, Belgium, France and Luxembourg-based businesses of Gun-
nebo AB, a Sweden-based company engaged in the development, manufacture
and marketing of security products and solutions, industrial equipment, for an
12/07
/2018
Dunkerque LNG
SAS (35.67%
Stake)
n/a 2,400 Fluxys SA, AXA
Investment Ma-
nagers SA, Credit
Agricole As-
surances SA
Electricite de
France S.A.
Fluxys SA, AXA Investment Managers SA and Credit Agricole Assurances SA,
have agreed to acquire 35.67% stake in Dunkerque LNG SAS, France-based
company engaged in construction and operating liquefied natural gas terminals
to provide LNG, headquartered at Dunkerque from Electricite de France S.A.
The transaction has an enterprise value of EUR 2.4bn.
12/07
/2018
Dunkerque LNG
SAS (39.24%
Stake)
n/a 2,400 A consortium led
by Samsung
Securities Co.,
Ltd.
Electricite de
France S.A.,
Total S.A.
A consortium led by Samsung Securities Co., Ltd., has agreed to acquire
39.24% stake in Dunkerque LNG SAS, the France-based company engaged in
construction and operating liquefied natural gas terminals to provide LNG for
French and European markets from Electricite de France S.A. and Total S.A. The
consideration is estimated at KRW 784.8bn (USD 699.05m).
10/07
/2018
Elvitec S.A.S. n/a n/a STEMMER IMA-
GING S.A.S.
n/a STEMMER IMAGING S.A.S., a France-based supplier of image processing pro-
ducts for industrial and science applications and a subsidiary of STEMMER
IMAGING AG, the Germany-based supplier of image processing products for
industrial and science applications, has acquired Elvitec S.A.S., for an un-

Date Target
Sales
(€ m)
EV
(€ m)
09/07
/2018
Solaronics
Chauffage S.A.S.
n/a n/a Argynnis Group
AB
Bekaert
Combustion
Technology
N.V.
Argynnis Group AB, the Sweden-based company engaged in the electronics,
automation and engineering industry, has acquired Solaronics Chauffage
S.A.S., the France-based company engaged in manufacturing heating systems
for large buildings, from Bekaert Combustion Technology N.V., operating as a
subsidiary of NV Bekaert SA, for an undisclosed consideration.
06/07
/2018
Vodafone Auto-
motive France
SAS (49% Stake)
n/a n/a Vodafone Auto-
motive Telematics
S.A.
Groupe Iden-
ticar SAS
Vodafone Automotive Telematics S.A., a Switzerland-based company engaged
in supplying services and developing telematics infrastructure for the automotive
industry and the insurance business, has acquired a 49% stake in Vodafone
Automotive France SAS, a France-based company engaged in the manufacture
and supply of electronic systems and tracking solutions intended to ensure the
protection of vehicles, from Groupe Identicar SAS, for an undisclosed conside-
ration.
06/07
/2018
Grues Levages et
Investissements
(85% Stake)
15.0 n/a Plissonneau SA ACG Ma-
nagement,
Thierry Blon-
deau, Isabel-
le Poulet
Groupe Plissonneau, the France-based company engaged in rental of vehicles
as well as sale and maintenance of oil equipment, has acquired a 85% stake in
Grues Levages et Investissements (GLI), the France-based distributor and rental
of tower cranes, mobile cranes, industrial painting and building materials from
ACG Management, Mr. Thierry Blondeau and Mr. Isabelle Poulet, for an un-
06/07
/2018
EVTronic n/a n/a EVBox B.V. Eric Stempin EVBox B.V., the Netherlands-based manufacturer of electric vehicle charging
stations and charging management software, has acquired EVTronic, a France-
based manufacturer of electric vehicle charging stations, from Mr. Eric Stempin,
a France-based private individual, for an undisclosed consideration.
05/07
/2018
Savoye SA 85.1 n/a Noblelift Industri-
al Investment
Fund
Groupe
Legris Indust-
ries
Noblelift Industrial Investment Fund, a China-based investment fund created by
Noblelift Intelligent Equipment Co. Ltd, a listed China-based company engaged
in the research, production and sales of light industrial trucks and electric stora-
ge vehicles along with two other investors, has agreed to acquire Savoye SA, a
France-based provider of information technology solutions and automated sys-
tems for warehouse automation, from Groupe Legris Industries, for an un-

Date Target
Sales
(€ m)
EV
(€ m)
02/07
/2018
Averys SA n/a n/a Blackstone
Group LP
Equistone
Partners Eu-
rope Limited
Blackstone Group LP, the US-based private equity firm, along with the ma-
nagement of Averys SA, a France-based manufacturer of steel products for the
industrial and retail industry, specializing in the production of steel shelving and
galvanizing work, have agreed to acquire the company from Equistone Partners
Europe Limited, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
52 Source: Megermarket
Country Focus – Italy
20/09
/2018
MMH S.r.l. n/a n/a Torneria P.M.S.
S.R.L.
n/a Torneria P.M.S. S.R.L., an Italy-based company engaged in precision machi-
ning, has acquired MMH S.r.l., an Italy-based company engaged in precision
machining, for an undisclosed consideration.
20/09
/2018
Gimatic S.r.l. 42.0 370.0 Barnes Group
Inc.
Xenon Capi-
tal Partners,
AGIC Capital
Barnes Group Inc., has agreed to acquire, Gimatic S.r.l., an Italy-based com-
pany engaged in manufacturing pneumatic components, interlocking compo-
nents, electric actuators, sensors and electric grippers, headquartered in Brescia,
Lombardia from AGIC Capital and Xenon Capital Partners, for a consideration
of EUR 370m, which is subject to post-closing adjustments.
17/09
/2018
Imecon Enginee-
ring S.r.l. (70%
Stake)
n/a n/a Voilap Holding
Srl
Alessio
Vairani,
Fabio Vairani
Voilap Holding Srl (Formerly Cifin Holding Srl), an Italy-based company enga-
ged in designing, production and trading of systems for machining profiles in
aluminium, light alloy, PVC and steel, has acquired a 70% stake in Imecon
Engineering S.r.l., an Italy-based company engaged in designing, prototyping
and manufacturing of turn-key technological solutions, from Alessio and Fabio
Vairani, for a consideration of EUR 17.5m.
13/09
/2018
F.G. Europe
Italia SpA (51%
Stake)
n/a n/a Fujitsu General
Ltd.
F.G. Europe
A.E.
Fujitsu General Ltd., a listed Japan based manufacturer of air conditioners and
surveillance cameras, has agreed to acquire a 51% in F.G. Europe Italia SpA,
an Italy-based distributor of air conditioners from F.G. Europe Α.Ε., a listed
Greece-based company engaged in the import and trading of consumer durab-
le goods for EUR 10m.
11/09
/2018
Castello Italia Srl
(75% Stake)
17.0 n/a Arcadia Sgr SpA Chemical
Project Hol-
ding Srl
Arcadia Sgr SpA, the Italy-based private equity firm, through its fund, Arcadia
Small Cap II, has acquired a 75% stake in Castello Italia Srl, the Italy-based
company specialized in the extrusion of polyamides and polyurethanes for the
production of tubes, from Chemical Project Holding Srl (CPH), the Italy-based
holding company, for a cash consideration of approximately EUR 10m.
30/08
/2018
Gianetti Ruote
S.r.l.
58.0 n/a Quantum Capital
Partners AG
Accuride
Corporation
Quantum Capital Partners AG, a Germany-based private equity firm, has ac-
quired Gianetti Ruote S.r.l., an Italy-based manufacturer of steel wheels for
trucks, buses, and off-the-road vehicles from Accuride Corporation, the US-
based company engaged in manufacturing and supplying of commercial vehicle
components, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
27/08
/2018
TM Performance
(35% Stake)
n/a n/a Meti Holding Sarl n/a Meti Holding Sarl, the Luxembourg-based holding company, has acquired 35%
stake in TM Performance, an Italy-based provider of components and services to
the motor sports industry, for an undisclosed consideration
13/08
/2018
48 MW wind
farm in Puglia
(50% Stake)
n/a n/a Quercus Asset
Selection Sarl
Amec Foster
Wheeler Plc
Quercus Asset Selection Sarl, the Luxembourg-based asset management com-
pany specializes in utility-scale renewable energy infrastructure investments and
a subsidiary company of Quercus Investment Partners Limited, the UK-based
principal investment firm, has acquired 50% stake in 48 MW wind farm in
Puglia, an Italy-based wind farm, from Amec Foster Wheeler Plc, for an un-
13/08
/2018
OCM srl n/a n/a Material Hand-
ling Systems, Inc.
n/a Material Handling Systems, Inc. (MHS), the US-based provider of advanced
parcel sortation systems engineering and equipment and a portfolio company of
Thomas H. Lee Partners, L.P., the US-based company, has acquired OCM srl,
an Italy-based company engaged in providing sortation system technologies to
international courier and warehouse & distribution logistics companies, for an
07/08
/2018
Vitrociset SpA
(98.54% Stake)
163.0 n/a Fincantieri Canti-
eri Navali Italiani
Spa, Mer Mec
SpA
n/a Fincantieri Cantieri Navali Italiani Spa, the listed Italy-based company engaged
in the design and construction of merchant and naval vessels, and Mer Mec
SpA, the Italy-based company engaged in design and development of vehicles
and measuring systems for maintenance works of the railway infrastructure, has
agreed to acquire 98.54% stake in Vitrociset SpA, for an undisclosed considera-
tion.
07/08
/2018
Eurofilter S.P.A.
(80% Stake)
n/a n/a Sacmi Imola S.C. n/a Sacmi Imola S.C., an Italy-based company engaged in manufacturing of ma-
chines and plants for the ceramics, beverage and packaging, food processing,
has acquired Eurofilter S.P.A., an Italy-based producer of environmental techno-
logies for the ceramics industry, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
03/08
/2018
Convert Italia
Spa (75% Stake)
n/a n/a Valmont Indust-
ries, Inc.
n/a Valmont Industries, Inc., the listed US-based manufacturer of engineered sup-
port structures for infrastructure, mechanized irrigation equipment, has acquired
75% stake in Convert Italia Spa, the Italy-based designer and provider of engi-
neered solar tracker solutions, for undisclosed consideration. The transaction is
in line with Valmont’s strategy to grow market adjacencies in its Utility Support
Structures business.
02/08
/2018
Reca Group SpA n/a n/a Mainetti Group n/a Mainetti Group, an Italy-based manufacturer of garment hangers for retail ap-
plications, has agreed to acquire, Reca Group SpA, an Italy-based company
engaged in labelling and packaging, for an undisclosed consideration.
01/08
/2018
Selmat automoti-
ve S.p.A
n/a n/a SAPA S.p.A Martinplast
S.p.a, SEL-
MAT VEICOLI
SPECIALI
S.R.L., Top
Plastics Italy
Srl
SAPA S.p.A, an Italy-based company engaged in automotive plastic components
manufacturing, headquartered in Benevento, has acquired SELMAT automotive
S.p.A , from Martinplast S.p.a, SELMAT VEICOLI SPECIALI S.R.L. and Top Plas-
tics Italy Srl. SAPA S.p.A, an Italy-based company engaged in automotive plastic
components manufacturing, headquartered in Benevento.
01/08
/2018
LUMSON S.p.A
(35% Stake)
n/a n/a FSI SGR S.p.A. Moretti Fa-
mily
FSI SGR S.p.A., an Italy-based asset management company, through its fund,
FSI Mid-Market Growth Equity Fund, has agreed to acquire a 35% stake in
LUMSON S.p.A, an Italy-based cosmetics packaging company, from Moretti
Family, an Italy-based family having interest in cosmetics packaging, for an
01/08
/2018
Farina Presse
S.r.l.
21.0 n/a Schuler AG Domenico
Civardi, Pao-
lo Civardi
Schuler AG, the listed Germany-based company engaged in developing, pro-
ducing, and installing metal forming machines, systems and a subsidiary of
Andritz Group, has acquired Farina Presse S.r.l., an Italy-based manufacturer of
presses and hot forging lines from Mr. Domenico Civardi and Mr. Paolo Civar-
di, for an undisclosed consideration.

Global M&A Partners Industrial insider Q3 2018 focus on predictive maintenance

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