Global M&A Industrial insider Q4 2018 industrial machine vision

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Q4 2018
Industrial Insider
1999 - 2019
Celebrating 20 years of

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1999 - 2019
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 Industrial Machine Vision, M&A trends and relevant transactions in the industrial sector published in the fourth quarter of
2018 by data provider Mergermarket for the DACH region (Germany, Austria, and Switzerland), neighbouring countries as well as UK, Italy,
Norway, 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
Industrial Machine Vision............................................................................................................................... 10
Global M&A Partners – Deals in Q4 2018...................................................................................................... 30
Country Focus .............................................................................................................................................. 29
DACH region .......................................................................................................................................... 30
Benelux................................................................................................................................................... 42
Czech Republic........................................................................................................................................ 47
Denmark................................................................................................................................................. 48
France.................................................................................................................................................... 51
Italy........................................................................................................................................................ 58
Norway................................................................................................................................................... 64
Poland.................................................................................................................................................... 65
Sweden................................................................................................................................................... 66
United Kingdom ...................................................................................................................................... 69
Canada.................................................................................................................................................. 77
Contact Details............................................................................................................................................. 82

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Macroeconomic Situation in Europe
The economic growth in the Eurozone in Q4 2018 was recorded at 0.3% on q-o-q basis, which
was a level slightly below the post-financial crisis trend rate (0.36%). In November the Eurozone
Composite PMI dropped to its lowest level in over two years, due to global trade trends and politi-
cal worries regarding the Brexit. According to World Bank, Eurozone GDP is forecasted to expand
by 1.7% in 2019. Exogeneous factors including fading world trade growth, rising uncertainty and
higher oil prices might have a dampering effect on the growth in general.
Eurozone GDP Growth
Source: Eurostat and Ifo-Istat-KOF Forecasts
 The global economy saw a decline in growth
momentum in Q4 2018, however, is expected to
expand by 1.7% in 2019
 Falling exports and decline in spending and
investment caused the Euro Area growth to lose
more of its luster
 The annual inflation rate declined to 1.9% in
November 2018, the lowest in six months amid
a broadbased price slowdown
 The unemployment rate in October 2018 in the
Euro Area stayed the same as in the previous
month, but was above market expectation
 Private consumption is expected to increase by
1.6% in 2018 and by 1.8% in 2019 partially due
to fiscal measures in certain member states
 Industrial production grew due to the increase
in production of capital and non-durable
consumer goods

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 Inflation to Accelerate
The annual inflation rate in the Eurozone declined to 1.9% in November 2018 slightly below from 2.2% in October 2018. It was the lowest inflation
rate in six months amid a broadbased price slowdown. The inflation rate in the Eurozone averaged 1.97% from 1991 until 2018.
Eurozone Inflation
Source: OECD

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 Strengthening Labour Market
The unemployment rate in the Euro Area was steady at 8.1% in October 2018, the same as in the previous month, but higher than the market
expectations of 8.0%. It remained the lowest unemployment rate since November 2008. In the European Union, the unemployment rate was 6.7%
in October 2018, stable compared to September 2018 and down from 7.4% compared to October 2017. It was the lowest rate in the EU since
January 2000.
Among the member states, the lowest unemployment rates in October 2018 were recorded in the Czech Republic (2.2%) and Germany (3.3%). The
highest was observed in Spain (14.8%).
Euro area and EU28 Unemployment Rates (Seasonally Adjusted Series)
Source: Eurostat

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 Increase in Private Consumption
Private consumption is forecasted to remain a main growth driver. It is expected that wage increases contribute more towards household nominal
disposable income growth than rising employment. The actual low interest rates should also help to sustain asset prices and household wealth.
However, the increase in inflation is set to have a dampering effect on household purchasing power this year and in 2019 as well.
Overall, the private consumption in the Euro Area is forecasted to grow by 1.6% in 2018, similar to last year, and to pick up to 1.8% in 2019,
partially due to fiscal measures in some member states. In 2020, lower inflation is expected to offset the impact of a further moderation in the pace
of job creation and private consumption might fall back to 1.6%.

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 European Export Growth
The Euro Area exports of goods to the rest of the world were EUR 209.7bn in October 2018, an increase of 11.4% as compared to October
2017.The imports from the rest of the world amounted to EUR 195.8bn in October 2018 marking a rise of 14.8% as compared to October 2017.
The main exports from the Euro Area were machinery, vehicles and other manufactured goods (65.0% of total exports), chemicals, food and energy.
The Euro Area’s main export partners were the US, which accounted for 13.0% of total exports, and the UK, which accounted for 12.0%. Other
export partners include China, Russia, Switzerland and Turkey. Within the Euro Area, Germany, France, Italy and The Netherlands were recorded as
the top performing exporters.
International Trade in Goods of the Euro Area, EUR bn
Source: Eurostat

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 Strong Industrial Production
The seasonally adjusted industrial production in the Euro Area and EU28 fell by 0.3% and 0.2% respectively in September 2018 as compared to
August 2018. However, in October 2018, industrial production in the Euro Area rose by 1.2% as compared to the previous year. The increase was
due to the gain in the production of capital and non-durable consumer goods. Industrial production in the Euro Area averaged an annual growth of
1.2% from 1991 to 2018, reaching an all time high of 9.2% in December 2010 and a record low of (21.4%) in April 2009.
Eurozone Industrial Production
Source: Eurostat
Note: Prices indexed to 100 in 2015

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Industrial Machine Vision
 Overview
Machine vision (MV) is the technology used to provide imaging-based automatic inspection and analysis. It combines hardware (image sensors,
processors and lighting) and software (image enhancement and analysis algorithms, including pattern recognition) to enable automated machine
actions that were, in the past, determined by observations made by human vision.
Capability Description Example
Location and guidance Determining the exact physical location
Determining the position of a PCB so that a robot can
automatically place electronic components
Identification
Identification of an object by analyzing its physical
appearance or by reading a serial number or label
Reading of 2-D barcodes on automotive airbags
Inspection
Inspection of an object to determine whether it has flaws
or defects
Checking debris to ensure that foreign objects are not
present in a product about to be shipped to the end cus-
tomer
Gauging/Measuring Determining the dimensions of an object
Determining the diameter of a bearing prior to final as-
sembly
A machine vision system can automate the observation process at a high speed, and can pass the information along to a mechanical system
through a controller to allow for appropriate actions to take place. Machine Vision guidance helps in the execution of functions of the devices based
on the capture and processing of images.

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The machine vision systems rely on digital sensors protected inside industrial cameras with specialized optics to capture images, allowing the
computer hardware and software to process, analyze and measure various characteristics for decision making.
Machine vision systems are favoured by manufacturers for performing visual inspections that require high-speed, high-magnification, 24-hour
operation, and/or repeatability of measurements. A typical machine vision system, usually part of an automated production process, consists of the
following components:

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Digital camera/cameras:
Either monochrome or color, with suitable optics for
acquiring images, such as lenses to focus the desired
field of view onto the image sensor and suitable,
often very specialized, light sources
Synchronizing sensor:
For part detection (often an optical or magnetic
sensor) to trigger image acquisition and
processing and some form of actuators to sort,
route or reject defective parts
Computer program:
To process images, detect, measure, compare, etc.,
to confirm that a quality criteria has been met or to
provide type verification or robot control to
another control system
Input/Output:
Hardware (e.g. digital I/O) or communication links
(e.g. Industrial Ethernet, ProfiBUS, etc.) to report
results and to automatically reject components

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 Market Size and Growth
The overall industrial machine vision market is expected to reach a volume of USD 12.3bn by 2023 at a CAGR of 7.6% between 2017 and 2023.
The rising number of manufacturing plants and facilities across the globe has turned the focus towards the quality assurance in the production
process. Traditional manufacturing procedures relied on human element at the inspection stage, which proved to be less efficient. The higher quality
inspection has resulted in a growing adoption of machine vision technology as an internal part of the automation development process.
The increasing product miniaturization and need for measurement standardization is driving the growth of industrial machine vision market.
Further, the growing adoption of Industrial 4.0 and AI is likely to create huge growth opportunities for the industrial machine vision market.
Overall Machine Vision Market
Source: Research And Markets

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 Segment Analysis
The machine vision market is segmented by type and component.
Type: The market is segmented into 1D machine vision, 2D machine vision and 3D machine vision. The 2D machine vision segment is expected to
reach an estimated worth of USD 6.3m by 2022. In the forthcoming years, the ever-expanding industries of automotive and healthcare can boost
the usage of 2D machine vision.
The 3D machine vision segment is growing at a rapid pace and is expected to early double its valuation to USD 5.7m by 2022, driven by advances
in automation.
3D vision systems typically employ multiple cameras
3D inspection system using a single camera
Component: The market is segmented into hardware and software. Hardware consists of components such as camera, lenses, computers, commu-
nication devices and control cabinets. In 2016, the hardware segment dominated the market due to its role in integrating smart components and
other devices in machine vision systems to enhance the efficiency. In the hardware component-based market, the camera segment is expected to
hold the largest market size.

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The software segment will be the fastest growing segment. It is forecasted to grow at a CAGR of 11.7% between 2007 and 2022 owing to evolution
of machine learning. Also, the integration of AI into industrial machine vision software to enable deep learning in robotics technology will play a
significant role in the growth of the segment.

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 Industrial Machine Vision by Geography
The Machine Vision Market is growing with an increase in all regions. Yearly increasing application areas and advancement in technology and
integration is driving the market on a global scale. On the basis of the region, the market has been segmented into North America, Europe, Asia-
Pacific and Rest of the World.
Startups in the US are receiving funds from various organizations to implement the AI technology in autonomous drones and other flying vehicles.
The major aim is to overcome challenges faced by industrial drones in terms of reliability, safety and autonomy. Thus, companies have come up
with solutions that combine computer vision and deep learning algorithms and identify potential hazards & speed and distance. The market for AI in
computer vision in APAC is expected to grow at the highest CAGR during the forecast period and to surpass North America by 2023.
Overall Machine Vision Market by Region
Source: Research And Markets
The market in APAC is expected to grow at a high rate between 2017 and 2023. The increase in demand for automotive, electronics and
semiconductor, pharmaceutical & consumer electronic products in China is driving the growth of the machine vision market in this region. The
ongoing large-scale developments in emerging economies in this region owing to the use of advanced technologies for manufacturing is also
contributing toward the growth of the machine vision market in APAC.

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Industrial Machine Vision Market, by Region, 2023 (USD Billion)
Source: Markets&Markets

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 Key Applications by End Markets
Medical Diagnostics: The development of small, high resolution cameras including board level cameras using low cost consumer
interfaces has helped medical OEMs to create even higher performance medical imaging systems. The equipment can be used in any
remote area where it was too difficult or expensive for the patient to get to the hospital.
Solar Energy: The solar energy market is one of the newest markets to benefit from vision. Solar cells are crystalline silicon devices and a
variety of imaging techniques can be used during manufacture. Cell breakages resulting from microcracks, degradation and shunted
areas on cells are proven to cause major problems and affect module performance. However, a measurement method known as the
Electroluminescence imaging has offered a solution.
Automotive: This sector is one of the most demanding in terms of product quality and aversion to component failures. The ability of
vision to both measure and classify helps the modern quality inspection to differentiate between critical and non-critical defects. Industrial
Machine Vision in this sector will help in the inspection, classification and selection of raw materials.
Manufacturing: In consumer electronics, some tasks are becoming too complex for the average worker. Components are getting more
delicate and smaller. The level of precision required in assembly is moving beyond the capabilities of a human eye. The manufacturing
segment has enormous potential with robotics at the forefront.
Food: Industrial Machine Vision can offer food manufacturers a competitive advantage. It opens possibilities in quality assurance that
were previously impossible to implement, including inspection of the food product itself, inspection of food packaging integrity to avoid
premature spoilage and inspecting food labelling for accuracy.
Packaging: Many emerging techniques have facilitated packaging inspection. Smart cameras can be programmed for individual
inspections and decision-making anywhere on the packaging line. The packaging applications can range from checking the packaging
materials and the packaging themselves for defects to checking fill levels and the integrity of the final packaging for product purity and
shelf-life considerations.
Pharmaceutical: The serialized 2D codes will provide traceability from the point of sale back to manufacture. This will allow product
authenticity to be checked at any point in the supply chain to reduce counterfeiting of pharmaceutical products. Serialisation requires that
the packs are labelled, the labels are verified by machine vision and all data is passed upstream to the appropriate place and all at
production line speeds.

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Sport: The followers of sport on TV expect ‘slow motion replay’ and multiple angle view analysis of key action sequences. The vision
technology is now used extensively by sports officials, coaches, developers and amateur performers alike. Applications fall into 3 main
categories:
 Tracking the trajectories of moving items, such as balls and people
 High-speed imaging to allow frame by frame motion analysis
 The use of infra-red imaging to reveal information that could not be obtained from conventional cameras.
Traffic and Transport: Cameras and imaging systems can be exposed to extremes of weather, vibration and physical wear. Line scan
technology is being used to inspect the rails, sleepers and ballast for early detection of failure at speeds over 100 MPH, to a resolution
of 0.8mm. Used in conjunction with cutting-edge pattern recognition software, this can automate the detection of track defects to help
increase the safety of the railway network in a way that was previously impossible.
Smart Cities: As part of the “Smart City” concept, vision systems are deployed in larger numbers for monitoring traffic patterns as well as
for recognizing license plates for security purpose. The advanced vision technologies will help to reduce the number of fatalities,
collisions and injuries. The Intelligent Transportation System segment is estimated to grow at at least 9.0% from 2017 to 2025.
Digital Imaging: PC-based hyperspectral imaging is used to identify materials, find objects, or detect processes that are not visible to the
naked eye. Applications in areas outside of manufacturing are fueling strong growth for hyperspectral cameras, which combine
spectroscopy with digital imaging.

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 Market Drivers

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Other innovations that
emerged in 2018
include 3D color
camera, lens for virtual
reality/augmented real-
ity applications, mobile
hyperspectral camera,
and various lighting
products targeting
multispectral and
hyperspectral imaging
applications.
 Key Developments in Market
November, 2018 – Prophesee SA unveiled the ONBOARD reference system (bio-inspired, AI and event based
vision) that allows the optimal implementation of its neuromorphic vision technology for a variety of applications. Its
technology offers advancement in machine vision use cases including ultra high-speed counting, real time tracking,
man machine teaming and vibration monitoring for predictive maintenance.
June, 2018 – MVTec Software GmbH released the newest version of its vision software, HALCON 18.05, which
features a pretrained convolutional neural network (CNN) and operates on CPUs which enable industrial PCs to be
used for deep learning-based classification.
Vitronic developed various systems for optical surface inspection targeted for the automotive industry as well as the
next generation of weld seam inspection systems. In addition to detecting small defects during the production process,
these inspection systems can provide data for process optimizations, opening the door for smart factory solutions.
January, 2018 – Robotic VISION Technologies Inc. was awarded four new patents for its vision guided robotic
automation software by the U.S. Patent & Trademark Office. The new patents that cover several aspects of machine
vision, include detection and tracking of item features, sensor-based safety features for robotic machines, distance
determination between RFID tags, and foreground motion detection in compressed video data.
August, 2017 – Cognex has been investing in products that deliver many of the productivity benefits associated with Industry 4.0 throughout supply
chain and operations domain. Select innovations include universal communications compatibility, real time monitoring performance feedback,
image-based barcode readers, machine vision systems, and geometric pattern-matching technology.

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Competitive Landscape
Company Key Figures (EURm) Description
 Sales (Mar’18): 6,572.6
 Market Cap: 6,295.1
 Omron’s Industrial Automation business offers programmable and motion controllers, sensing and safety devices,
inspection systems, industrial robots, precision laser processing equipment and control devices for manufacturing
industry
 Sales (Mar’18): 4,037.4
 Keyence Corporation provides measurement sensors such as laser displacement and profilometer, optical/digital
micrometer, 3D interference measurement, scanning confocal laser, spectral interference displacement and contact
displacement/LVDT sensors & image and 3D measurement systems
 Sales (Dec’17): 2,168.4
 Teledyne Technologies Inc’s Digital Imaging segment provides image sensors and digital cameras for use in
industrial, scientific, medical, and photogrammetry applications and hardware and software for image processing
and automatic data collection in industrial applications, medical applications & manufacturing services for micro
electro-mechanical systems
 Sales (Dec’17): 1,535.4
 SICK AG’s product portfolio includes analyzer, identification, detection and ranging, safe sensor control and system
solutions, distance, encoders and inclination, fluid, magnetic cylinder, photoelectric, proximity, registration and
traffic sensors, gas analyzers and automation light grids, dust measuring devices, motor feedback systems,
opto-electronic protective devices, safety switches, software products, ultrasonic gas flow measuring devices and 2D
and 3D vision cameras
 Sales (Dec’17): 1,073.8
 National Instruments Corporation offers LabVIEW, a system design software for measurement, automation and
control, LabVIEW Real-Time and LabVIEW FPGA, which are software add-ons to LabVIEW, LabVIEW Communica-
tions System Design Suite for wireless prototyping, LabWindows/CVI for creating test and control applications &
Measurement Studio consisting of measurement and automation add-on libraries and additional tools for
programmers
 Sales (Dec’17): 655.7
 Cognex Corporation offers machine vision products, which are used to automate the manufacturing and tracking of
discrete items, such as mobile phones, aspirin bottles and automobile tires by locating, identifying, inspecting and
measuring them during the manufacturing or distribution process
 Sales (Dec’17): 150.2
 Market Cap: 416.2
 Basler AG offers area scan, line scan, powerpack microscopy, 3D and IP and network cameras. Its products are
used in factory automation, retail, traffic and transportation, medical and life sciences applications as well as in
sports and motion, security and surveillance, logistics & agriculture applications

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 Sales (Sep’17): 143.0
 Market Cap: 513.3
 ISRA Vision operates in two segments - Industrial Automation and Surface Vision, serving automotive industry,
machine tool manufacturers, automation industry, general industry, plant and system manufacturers and OEM
markets. It provides surface vision products, inline gauging solutions, touch and automation wireless smart sensor
networks as well as 2D and 3D robot vision solutions. Additionally, the company provides ISRA-BrainWARE, a
software for intelligent machine vision systems and firmware and hardware
 n/a
 Baumer Electric AG’s products include photoelectric, inductive, capacitive, magnetic, ultrasonic, magnetic cylinder,
force and strain and smart vision sensors, as well as precision limit switches and actuator sensor interfaces
 n/a
 Tordivel AS’s product includes Scorpion Vision Software that facilitates configuration, operation and surveillance of
vision systems
 n/a
 MVTec Software offers HALCON, a machine vision software for OEMs, system integrators, and engineers, and
MERLIC, a software product for building machine vision applications without programming. The company serves
automation, automobile parts and manufacturers, biotechnology, chemicals, food and life sciences, medical
suppliers, packaging, photogrammetry, printing, robotics, semiconductors, surveillance and textile industries
 n/a
 JAI A/S offers cameras such as dual-sensor prism technology, multi-spectral, high dynamic, along with traffic cam-
eras and subsystems, as well as software tools to support the operation of its cameras, creation of vision applications
and the processing of vehicle images for various traffic systems, traffic software for vehicle identification and image
processing and RM/TM-series GigE vision software
 Outlook
Over the last 15 years, machine vision technology has matured substantially, becoming a very important - and in some cases, indispensable - tool
for manufacturing automation. Continuous improvements in cost, performance, algorithmic robustness and ease of use have encouraged vision
systems' use in general manufacturing automation. The past use of machine vision on the factory floor has educated the manufacturers about
optimal vision-system use and the application boundaries continue to move forward. The machine vision is now not considered a research
curiosity, but a mature tool for manufacturing automation.
The future vision systems are expected to be fast enough to keep up with ever-increasing production rates, more intutitive and easy to use and
intelligent enough to deal with process variations. The faster hardware, more intelligent tools and better application software development will
enable a broader and deeper production of machine vision in manufacturing.

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M&A Trends
The fourth quarter of the year saw a decline in M&A activity. According to Mergermarket, the transactions that took place reached a deal value of
USD 3.5tn, ranking 2018 as the third-largest year in Mergermarket record. The M&A activities targeting Europe in Q4 2018
accounted for USD 146.2bn, the lowest quarterly figure since Q1 2013. Politics continued to plague European dealmakers, as M&A experienced a
considerable drop during the second half of the year. The impact of trade wars and regulatory risks have made it harder for large cross-border
deals to take place. While Europe recorded 11 megadeals (> USD 10.0bn) in 2018, four more than the entirety of 2017, all were announced in
the first five months.
The biggest standout among regions for both dealmaking and economic growth continues to be North America. M&A value in the US and Canada
through 2018 has exceeded the total from last year.
The situation in Europe - especially in the UK - remained highly uncertain. The instability may be contributing to the drop in European M&A value,
which in November stood at less than half the total in Asia-Pacific (excluding Japan) and less than a quarter of that in North America.
Asia-Pacific (excluding Japan) M&A experienced a robust 2018, reaching its second highest annual value on Mergermarket. The region recorded
4,036 deals for a combined USD 717.4bn, signifying a 2.6% increase in value and a drop of 42 by deal count compared to 2017 (USD 699.6bn,
4,078 deals). Despite the volume decrease, an uptick in big-ticket deals ensured the overall M&A value varied only slightly.
The outbound M&A was buoyant while inbound M&A experienced mild growth. The value of outbound transactions reached USD 160.0bn in 2018,
hitting its second highest on Mergermarket record and posting a 52.4% increase compared to 2017. Despite increased scrutiny by overseas
regulatory regimes, China remained the most active investor outside the region following an acceleration of M&A approvals by Chinese authorities
together with more attention being paid on target selection and deal structures.
Energy, Mining and Utilities sectors maintained their leading position by hitting the second-highest value on record with USD 673.0bn. The Con-
struction sector reached a new decade high of USD 116.5bn driven by PE plays and infrastructure bids. Defense also set a record with USD 28.8bn
as competition for government contracts heated up.

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 Industrial Manufacturing
The Global industrial manufacturing M&A results in Q4 2018 experienced an increase of 15.0% in deal value accounting to USD 18.4bn as
compared to USD 16.1bn in Q3 2018. After a strong first half of 2018, the industrial manufacturing sector saw double digit decline in value while
contributing only USD 35.0bn of additional deal value in second half of 2018. As a whole, 2018 deal value was USD 97.4bn, an increase of
11.0% as compared to 2017. The number of deals in Q4 was slightly lower than in the preceding quarter in the industrial sector. Looking at the
preceding years a decline in the number of deals in the last quarter is rather an exemption than the rule.
 Automotive
In the Automotive industry, local deals continued to dominate the landscape and despite headlines around electrification and autonomous driving,
the biggest deals drivers in 2018 are industry consolidation and product diversification. Lower volumes, higher values and other indicators
suggested a supply problem; too many buyers chasing too few deals.
 Industrial (in the surveyed countries)
The M&A market in the industrial sector declined in the fourth quarter, accounting for altogether 467 transactions (vs. 473 in the third quarter of the
same year) registered by Mergermarket in the surveyed countries. The market volume decreased in the fourth quarter by around 1.3% as compared
to the preceding one (i.e. the third quarter 2018) and decreased approximately 4.0% as compared to the fourth quarter of 2017.
The following figure reflects the quarterly development of the market volumes in the industrial sector over the last 6 years:
Quarterly development of number of transactions in the industrial sector

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A higher number of industrial deals was recorded in Europe than in North-America during the fourth quarter 2018. Of the 467 transactions in the
observed regions during Q4 2018, 52.5% were recorded in Europe incl. Turkey (1 deal) and 47.5% in North-America.
A comparison of the valuation levels observed during the fourth quarter and the third quarter of 2018 shows that the overall median for the
enterprise values decreased to EUR 70.0m, due to a significant decrease in values in Germany’s neighbour countries and slight decrease in the
Nordics Region. The median recorded enterprise value in DACH Region, UK and North America exceeded the previous quarter by 100.0%, 113.1%
and 220.9% respectively. Valuation multiples for sales and EBITDA increased compared to Q3 2018. The analysis of the limited number of
transactions with published valuation data (131 transactions making approx. 28.1% out of the total) shows that the median multiples during Q4
2018 were 1.7x for sales and 11.8x for EBITDA compared to 1.3x and 9.7x in Q3 2018.
Number of transactions with disclosed values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Total
Enterprise value > € 1 bn 1 4 1 0 21 27
Enterprise value € 250 m - € 1 bn 3 1 0 3 23 30
Enterprise value € 100 m - € 250 m 1 3 2 2 13 21
Enterprise value € 50 m - € 100 m 2 1 3 1 6 13
Enterprise value < € 50 m 3 10 3 6 18 40
Total 10 19 9 12 81 131
Q4 2018
Median values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Overall
median
Enterprise value in € million 101 38 70 47 279 70
Sales multiple 2.5 1.6 0.9 1.4 2.0 1.6
EBITDA multiple n.a. 11.1 9.9 9.0 12.4 10.5

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Q3 2018
Median values
DACH
region
Germany's
neighbour
countries*
Nordics** UK
North
America
Overall
median
Enterprise value in € million 50 125 76 22 87 76
Sales multiple 0.9 1.1 1.3 1.6 1.7 1.3
EBITDA multiple 9.7 14.8 9.6 8.4 11.0 9.7
* 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 20.2% in Q3 2018 to 20.0% in the fourth quarter of 2018 (49
out of 245 deals registered in Germany). The UK recorded 43 transactions, France 37, Italy 32 and The Netherlands 20 transactions.
On the buyer side, France, Germany and USA & Canada buyers completed 35, 32 and 28 transactions respectively in the industrial sector in
Europe, and thus were more active than UK investors, who completed 24 takeovers. To compare, the Top 3 acquirers in the previous quarter were
Germany (36 takeovers), USA & Canada (31) and UK (25). At the same time, the number of acquisitions of industrial companies carried out by
Asian investors in Europe decreased to 16, and the transactions carried out by North America decreased to 28. Japan was the most active in
Europe among the Asian buyers (11 transactions) followed by China (3 transactions). In Q3 2018 Asian buyers completed 19 industrial transactions
(Japan 8, China 6).
The European market was dominated, although slightly in the fourth quarter of 2018 by domestic transactions (i.e. target and buyer with same
countries of origin), accounting for altogether 128 deals (i.e. 52.2% out of the total deal number). For the purpose of comparison: in the previous
quarter the split between domestic and cross-border transactions was 46.5% and 53.5%, respectively. The following charts highlight some relevant
findings regarding the target and buyer geographies for the European market:
Breakdown of deals in Europe* by location of target companies
# of deals = 245
Breakdown of deals in Europe* by origin of buyer companies
# of deals = 245
Germany, 49
United
Kingdom, 43
France, 37
Italy, 32Netherlands, 20
Sweden, 13
Denmark, 13
Norway, 6
Belgium, 5
Other countries, 27
France, 35
Germany, 32
USA & Canada, 28
United Kingdom, 24
Italy, 20
Sweden, 19Netherlands, 17
Switzerland, 12
Japan, 11
Denmark, 11
Norway, 7
Belgium, 6
China, 3
Luxembourg, 2
Czech Republic, 1
Other Countries, 17
*in countries covered in this report * in countries covered in this report

29
1999 - 2019
With 49 transactions in the industrial sector in Q4 2018 the German market remained strong. The split between “domestic” and “cross-border”
deals saw an increase in domestic takeovers compared to the previous quarter and accounted for approximately 51.0% out of the total deal number
(vs. 45.0% in Q3 2018).
On the seller side, Industrial companies and Financial Investors continued to dominate the space as 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
*”Undisclosed” refers predominantly to families and private investors.

30
1999 - 2019
Global M&A Partners – Deals in Q4 2018
In the fourth 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 Freedom Electronics, LLC, a US
based remanufacturer and reseller of
high-value, complex circuit boards and
other electronic parts to private equity
company Summit Park, LLC.
For more information, please click here.
Acquisition of Günther Maschinenbau
GmbH, a German manufacturer of ma-
chines used in the food industry to Quota
International GmbH.
Acquisition of DB Lightec, an industrial LED
lighting company based in Korea, by WWG
Asset Management, a private
equity company.

31
1999 - 2019
Sale of Thermo Electric Instrumentation, a
Dutch-based company specialized in tem-
perature measuring solutions, to Swedish
Pentronic AB.
Sale of Profile Products LLC, a US based
company dealing in water and soil
management and plant establishment to
private equity company Incline Equity
Partners.
TIDUS Beteiligungsholding GmbH
Sale of the Austrian outdoor furniture
manufacturer and brand “Karasek” to
TIDUS Beteiligungsholding GmbH.

Date Target
Sales
(€ m)
EV
(€ m)
Bidder Seller Deal Description
33 Source: Mergermarket
Country Focus – DACH region
26/12/
2018
Technosoft Moti-
on AG
7.4 n/a Shanghai Moons'
Electric Co., Ltd.
n/a Shanghai Moons' Electric Co., Ltd., the China-based SHSE-listed company en-
gaged in manufacture and sales of motion control and intelligent lighting pro-
ducts, has agreed to acquire Technosoft Motion AG, the Switzerland-based
electronics and electromechanical equipment manufacturer, for a cash conside-
ration of CHF 31.2m (USD 31.6m).
19/12/
2018
Proseat Group
(49.0% Stake)
n/a n/a Recticel SA Woodbridge
Foam Corpo-
ration
Recticel SA, the listed Belgium-based company headquartered in Brussels, is
engaged in the production of polyurethane foam products has acquired a
49.0% stake in Proseat Group including eight other Proseat companies from
Woodbridge Foam Corporation, for an undisclosed consideration.
19/12/
2018
Proseat Group
(75.0% Stake)
n/a n/a Sekisui Plastics
Co., Ltd.
Recticel SA Sekisui Plastics Co., Ltd., the listed Japan-based company headquartered in
Tokyo, is engaged in manufacturing foamed plastics and other materials has
agreed to acquire a 75.0% stake in Proseat Group including Proseat GmbH +
Co. KG and seven other Proseat companies from Recticel SA through Sekisui
Plastics Europe GmbH, for a total consideration of EUR 30.5m (USD 34.8m).
19/12/
2018
Maxwell Techno-
logies SA
16.7 61.5 Renaissance
Management SA
Maxwell
Technologies,
Inc.
Renaissance Investment Foundation, the Switzerland-based Investment firm,
along with the management of Maxwell Technologies SA (MTS), the Switzerland-
based manufacturer and marketer of high-voltage capacitors, super capacitors,
and battery winding equipment, have acquired the company in a management
buyout transaction, for an consideration of USD 70.1m.
19/12/
2018
OTTO Luft- und
Klimatechnik
GmbH & Co. KG
90.0 n/a ENGIE Deutsch-
land GmbH
Equistone
Partners Eu-
rope Limited
ENGIE Deutschland GmbH, a Germany-based company that provides installa-
tion engineering, building, energy and facility management, and refrigeration
services, and a subsidiary of ENGIE SA, the listed France-based company enga-
ged in the supply of natural gas and electricity, has agreed to acquire OTTO
Luft- und Klimatechnik GmbH & Co. KG, a Germany-based air conditioning,
ventilation and heating company, for an undisclosed consideration.
17/12/
2018
Philips Photonics
GmbH
n/a n/a Trumpf GmbH +
Co. KG
Koninklijke
Philips N.V.
Trumpf GmbH + Co. KG, a Germany-based company engaged in the produc-
ing and selling machine tools, laser technology, electronics, and medical tech-
nology products, has agreed to acquire Philips Photonics GmbH, a Germany-
based manufacturer of diode lasers, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
17/12/
2018
ABB Ltd (power
grids business)
(80.1% Stake)
8,356 9,707 Hitachi, Ltd. ABB Ltd Hitachi, Ltd., a listed Japan-based company, is engaged in the manufacturing of
electronic and electrical products and power generation systems has agreed to
acquire an 80.1% stake in the power grids business of ABB Ltd, a listed Switzer-
land-based company, offering a range of products, systems and services for
power transmission, distribution and automation of the electric, gas and water
utilities, for a considera tion of USD 6.4bn.
14/12/
2018
C. Huebner
GmbH
20.0 n/a Patrimonium
Private Equity
Advisors
Thomas
Huebner
PE firm Patrimonium has acquired a majority stake in Germany-based C. Hub-
ner GmbH, a family-owned company that focuses in tool making, plastic injec-
tion moulding and plastic electroplating, for an undisclosed consideration.
11/12/
2018
BANSS Schlacht
und Fordertech-
nik GmbH
28.9 n/a JWE-Baumann
GmbH
Administrator JWE-Baumann GmbH, a Germany-based manufacturer of high quality slaugh-
terhouse machines, complete plants and systems has agreed to acquire BANSS
Schlacht und Fordertechnik GmbH, a Germany-based manufacturer of high
quality slaughterhouse machines, complete plants and systems, for an undis-
closed consideration.
07/12/
2018
eKiosk GmbH n/a n/a eKiosk Holding
GmbH
n/a eKiosk Holding GmbH, the Germany-based investment holding company hav-
ing intetrest in producer of digital signage products, has acquired eKiosk
GmbH, the Germany-based producer of digital signage product, for an undis-
07/12/
2018
Tower Interna-
tional, Inc. (Eu-
ropean opera-
tions)
n/a 255.0 Financiere Snop
Dunois S.A.
Tower Inter-
national, Inc.
Financiere Snop Dunois S.A., a France-based company headquartered in Bri-
oude, is a manufacturer and supplier of automotive metal components and
provider of stamping, profiling, assembly and tooling services has agreed to
acquire the European operations of Tower International, Inc, the listed US-based
company,is a manufacturer of engineered structural metal components, auto-
motive metal structural components and assemblies, for a consideration of EUR
225.0m on a debt free and cash free basis.

Date Target
Sales
(€ m)
EV
(€ m)
06/12/
2018
Ledlenser GmbH
& Co. KG
67.0 n/a Invision Private
Equity AG; Afi-
num Manage-
ment GmbH
Leatherman
Tool Group,
Inc
Afinum Management GmbH, a Germany-based private equity firm, along with
Invision Private Equity AG Switzerland-based private equity firm and the man-
agement of Ledlenser GmbH & Co. KG, a Germany-based manufacturer of
LED flashlights and headlamps, has acquired the company in a management
buyout transaction, for an undisclosed consideration.
06/12/
2018
Palas GmbH
(70.0% Stake)
10.0 n/a Brockhaus Private
Equity AG
Leander
Molter (Pri-
vate Investor)
Brockhaus Capital Management [BCM], an international private equity house,
has acquired a 70.0% stake in Palas, a German particle measurement technol-
ogy specialist, for an undisclosed consideration.
06/12/
2018
GF Casting Solu-
tions (Iron casting
plants located in
Singen and
Mettmann)
529.9 n/a Fondium B.V. &
Co. KG
GF Casting
Solutions AG
Fondium B.V. & Co. KG, a Switzerland-based holding company found by three
current managers of GF Casting Solutions, Achim Schneider, Arnd Potthoff and
Matthias Blumentrath, has acquired Iron casting plants located in Singen and
Mettmann from GF Casting Solutions AG, a Switzerland-based manufacturer of
lightweight casting solutions and systems made of aluminum, magnesium, and
iron for an undisclosed consideration.
05/12/
2018
Rameder Anhan-
gerkupplungen
und Autoteile
GmbH & Co. KG
70.0 n/a FSN Capital
Partners AS
Findos Inves-
tor GmbH
FSN Capital Partners AS, a Norway-based private equity firm, along with the
management of Rameder Anhangerkupplungen und Autoteile GmbH & Co.
KG, a Germany-based online retailer of tow-bars, automotive carrier systems
and related accessories, has agreed to acquire the company, for an undisclosed
consideration.
03/12/
2018
Maschinenbau
Kolk GmbH
10.0 n/a Touranos consor-
tium
n/a Touranos, the Germany-based consortium of 3 entrepreneurs and investors, has
agreed to acquire Maschinenbau Kolk GmbH, the Germany-based company
specializing in mining technology, in an insolvency transaction, for an undis-
03/12/
2018
O&K Antriebs-
technik GmbH
(45.0% Stake)
35.0 n/a Bonfiglioli Ridut-
tori S.p.A.
Carraro SpA Bonfiglioli Riduttori S.p.A., an Italy-based company engaged in designing and
manufacturing of gears, drive and industrial automation systems, inverters and
solutions for photovoltaics and gearmotors, has acquired 45.0% stake in O&K
Antriebstechnik GmbH, a Germany-based company engaged in designing and
manufacturing of planetary gears for track machines and cranes, mining ma-
chines and marine applications, for a consideration of EUR 17.0m.

Date Target
Sales
(€ m)
EV
(€ m)
03/12/
2018
HygroMatik
GmbH
13.0 59.0 Carel Industries
SpA
Spirax-Sarco
Engineering
Plc
Carel Industries SpA, a listed Italy-based manufacturer of humidifiers and elec-
tronic controllers for refrigeration and air-conditioning units has acquired Hy-
groMatik GmbH, a Germany-based manufacturer of commercial and industrial
air humidification equipment, for a consideration of EUR 59.0m on a debt free
and cash free basis.
30/11/
2018
ERNI Electronic
Solutions GmbH
& Co. KG
110.0 n/a Fidelitas Indust-
rieholding gmbh
ERNI Interna-
tional AG
Fidelitas Industrieholding gmbh, a Germany-based investment firm which invests
in small and medium-sized enterprises, has acquired ERNI Electronic Solutions
GmbH & Co. KG, the Germany-based company engaged in manufacturing and
supplying electrical components, for an undisclosed consideration.
30/11/
2018
Forte Waerme-
behandlung
GmbH
8.0 n/a Halex Holding
Gmbh
Forte Heat
Treatments
Limited
Halex Holding Gmbh, a Germany-based company engaged in the metal re-
finement and hardening business, and develops, manufactures, and refines
aluminum parts and systems, has acquired Forte Waermebehandlung GmbH, a
Germany-based company engaged in the heat and surface treatment of metallic
materials, for an undisclosed consideration.
30/11/
2018
VESCON GmbH;
Schiller Automati-
sierungstechnik
GmbH
70.0 n/a Quadriga Capi-
tal
n/a Quadriga Capital, Germany-based private equity firm, has acquired majority
stake in VESCON GmbH, Germany-based provider of automation solutions as
well as planning and commissioning services for the automotive, pharmaceuti-
cal and chemical industries, and Schiller Automatisierungstechnik GmbH, the
Germany-based provider of automation solutions in the field of automated ma-
terial handling and intralogistics, for an undisclosed consideration.
29/11/
2018
MainTech Sys-
tems GmbH
n/a n/a Callista Private
Equity GmbH &
Co. KG
Mainsite
GmbH &
Co.KG
Callista Private Equity GmbH & Co. KG, a Germany-based private equity firm,
has acquired Mainsite Technologies GmbH, a Germany-based provider of cus-
tomer-oriented solutions in fiber technology, solvents adsorption and industrial
technology for industrial engineering projects, for an undisclosed consideration.
29/11/
2018
NEUE HALBERG-
GUSS GmbH
480.0 n/a Avir Guss Hol-
ding GmbH
Prevent DEV
GmbH
Avir Guss Holding GmbH, a Germany-based investment holding company, has
agreed to acquire Neue Halberg-Guss GmbH, a Germany-based company
engaged in the development and production of cylinder crankcases, from Pre-
vent DEV GmbH, a Germany-based manufacturer of materials, seats and interi-
or components for the automotive industry, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
28/11/
2018
Elmotec Statomat
GmbH
40.0 n/a Schaeffler AG Sadik Sadiku
(Private Inves-
tor)
Schaeffler AG, the listed Germany-based company that develops and manufac-
tures high-precision products for machines, equipment, vehicles, aviation and
aerospace applications, has agreed to acquire Elmotec Statomat GmbH, the
Germany-based manufacturer of industry machinery in the field of electric mo-
tors, for an undisclosed consideration.
28/11/
2018
NITTEL GmbH &
Co. KG
13.0 n/a Ringmetall AG n/a Ringmetall AG, the listed Germany-based company engaged in investment in
medium-sized manufacturing companies, has agreed to acquire NITTEL GmbH
& Co. KG, a Germany-based manufacturer of inner casings for industrial
drums, for an undisclosed consideration.
28/11/
2018
NKE Austria
GmbH (51.0%
Stake)
n/a n/a Fersa Bearings
S.A.
n/a Fersa Bearings, S.A., a Spain-based company that designs and manufactures
bearings for automotive applications, and a portfolio company of Going In-
vestment Gestion S.A., S.G.E.C.R, a Spain-based venture capital firm, has ac-
quired a 51.0% stake in NKE Austria GmbH, an Austria-based company that
develops, manufactures, and markets standard and special bearings for indus-
trial applications, for an undisclosed consideration.
27/11/
2018
BABCOCK Ferti-
gungszentrum
GmbH
n/a n/a Babcock Produc-
tion Solutions AG
n/a Babcock Production Solutions AG, a Germany-based holding company owned
by Mr. Bui and Mr. Nguyen, the Germany-based private individuals, has agreed
to acquire BABCOCK Fertigungszentrum GmbH, a Germany-based manufac-
turer and supplier of machines and equipment, for an undisclosed considera-
tion.
26/11/
2018
Heinz Fiege
GmbH & Co.
KG; LTI Motion
GmbH
n/a n/a Keba AG Koerber AG Keba AG, an Austria-based company engaged in developing and manufactur-
ing automation solutions for industrial, banking, services and energy sectors,
has agreed to acquire LTI Motion GmbH, a Germany-based company engaged
in manufacturing drive and automation solutions and Heinz Fiege GmbH & Co.
KG, a Germany-based spindle technology specialist, for an undisclosed consid-
eration.

Date Target
Sales
(€ m)
EV
(€ m)
26/11/
2018
AHT Cooling
Systems GmbH
481.0 881.0 Daikin Industries,
Ltd.
Bridgepoint
Advisers Li-
mited
Daikin Industries, Ltd., the listed Japan-based company engaged in manufactur-
ing air conditioners, oil pumps, defense systems, chemicals and container re-
frigeration equipment, has agreed to acquire AHT Cooling Systems GmbH, the
Austria-based manufacturer of refrigerators and deep freezers, for a considera-
tion of EUR 881.0m (USD 999.6m).
14/11/
2018
Alicona Imaging
GmbH
n/a n/a Bruker Corpora-
tion
Quadriga
Capital
Bruker Corporation, a listed US-based provider of high-performance scientific
instruments and solutions for molecular and materials research, as well as for
industrial and applied analysis, has agreed to acquire Alicona Imaging GmbH,
an Austria-based supplier of optical 3D surface measurement solutions for
quality assurance, for an undisclosed consideration.
08/11/
2018
MHT Mold &
Hotrunner Tech-
nology AG
25.0 n/a Krones AG n/a Krones AG, the listed Germany-based manufacturer of machinery for filling,
cleaning and transporting bottles and cans for the drinks and non-beverage
industry, has acquired MHT Mold & Hotrunner Technology AG (MHT), the
Germany-based provider of injecting molding tools and services to the PET
industry, for an undisclosed consideration.
30/10/
2018
unu GmbH n/a n/a NRW.Bank; Iris
Capital; Cap-
namic Ventures;
Michael Baum ;
Ponooc B.V.
n/a Ponooc B.V., the Netherlands-based investor in sustainable energy and mobility,
along with existing investors Capnamic Ventures, the Germany-based venture
capital firm, Iris Capital, the France-based venture capital firm, Michael Baum,
the US-based private investor and NRW.Bank, the Germany-based development
bank, has acquired an undisclosed stake in unu GmbH, a Germany-based
manufacturer of e-scooters, for a consideration of USD 12.0m.
30/10/
2018
TCG Unitech
AG
220.0 n/a Gnutti Carlo SpA Friedrich
Hillebrand;
Peter Ber-
talanffy; Karl
Grigkar
Gnutti Carlo SpA, an Italy-based manufacturer of valve train and fuel injection
system components, has acquired TCG Unitech AG, an Austria-based develop-
er, manufacturer and distributor of precision components, modules and systems
in diecast aluminum, magnesium and injection moulded plastic, from Friedrich
Hillebrand, Karl Grigkar and Peter Bertalanffy, the Austria based private inves-
tors, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
29/10/
2018
TKW Molding
GmbH
17.0 n/a HENN GmbH &
Co KG
n/a HENN GmbH & Co KG, the Austria-based supplier of connecting technology
for the automobile industry, has acquired TKW Molding GmbH, the Germany-
based automotive components supplier, for an undisclosed consideration.
29/10/
2018
Kathrein Automo-
tive GmbH
120 n/a Continental Akti-
engesellschaft
Kathrein SE Continental Aktiengesellschaft, a listed Germany-based manufacturer of auto-
motive components, has agreed to acquire Kathrein Automotive GmbH, a
Germany-based manufacturer of vehicle antennas, for an undisclosed consider-
ation.
27/10/
2018
NIMAK GmbH;
Nimak China
(60.0% Stake)
72.0 n/a Jiangsu Hagong
Intelligent Robot
Co., Ltd.
n/a Jiangsu Hagong Intelligent Robot Co., Ltd., the listed China-based company
engaged in intelligent manufacturing, artificial intelligence, technology real
estate and new material business, has agreed to acquire NIMAK GmbH, a
Germany-based welding machine maker, and a 60.0% stake in Nimak China, a
China-based welding machine maker, for a consideration of EUR 88.0m.
25/10/
2018
Opternus GmbH n/a 10.0 Hexatronic
Group AB
n/a Hexatronic Group AB, the listed Sweden-based company that develops, markets
and delivers products, components and solutions existing infrastructure for
broadband over fiber, has agreed to acquire Opternus GmbH, the Germany-
based company that operates in sales, training and service of fiber optic fusion
splicing and measuring equipment for fiber optic communication networks, for a
consideration of EUR 10.0m.
23/10/
2018
Safe Cronite 74.0 n/a Ciclad, SAS;
Qualitas Equity
Partners; Capital
Transmission SA;
MBTradinvest AG
Safe Interna-
tional S.A.
The group of investors led by Ciclad, SAS, France-based private equity firm,
along with the management of Safe Cronite, the Switzerland-based design and
production of refractory steel tools and components resistant to high tempera-
tures and thermal shocks, have acquired the company, for an undisclosed con-
sideration.
19/10/
2018
Schaefer-
Oesterle GmbH
50.0 n/a Groupe Meca-
nique Decou-
page, S.A.
n/a Groupe Mecanique Decoupage, a France-based company engaged in industri-
al subcontracting and equipment manufacturing, specializing in stamping, alu-
minum die-casting, smelting, injection molding, thermoforming, plastics and
sealing, has agreed to acquire Schaefer Oesterle GmbH, a Germany-based
automotive components specialist, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
18/10/
2018
Guenther Ma-
schinenbau
GmbH
14 n/a Quota Internati-
onal GmbH
Private inves-
tors
Quota International GmbH, the Germany-based investment firm, has acquired
Guenther Maschinenbau GmbH, the Germany-based company engaged in
manufacturing machinery and production lines for food processing companies,
for an undisclosed consideration.
18/10/
2018
Variosystems AG 149.6 n/a Capvis Equity
Partners AG
Peter Ermish
(Private Inves-
tor)
Capvis Equity Partners AG, a Switzerland-based private equity firm via its fund
Capvis Equity V, has agreed to acquire a majority stake in Variosystems AG, a
Switzerland-based provider of electronic assemblies engineering and manufac-
turing services, for an undisclosed consideration.
17/10/
2018
Luwa Air Engine-
ering AG
56.4 24.9 Nederman Hol-
ding AB
Gruenwald
Equity Ma-
nagement
GmbH
Nederman Holding AB, the listed Sweden-based company that develops, pro-
duces and markets products and systems for the extraction of dust, smoke and
vehicle exhaust fumes and equipment for industrial cleaning, headquartered in
Helsingborg has acquired Luwa Air Engineering AG, a Switzerland-based pro-
vider of air and engineering systems for the textile, pharmaceutical and electron-
ics industries, for a consideration of CHF 28.5m (EUR 24.9m).
11/10/
2018
SHW Casting
Technologies
GmbH & Co.
KG; Machining
Technologies
GmbH & Co. KG
n/a n/a Rheinische Mittel-
standsbeteili-
gungs GmbH
n/a Rheinische Mittelstandsbeteiligungs GmbH (RMG), a Germany-based private
equity firm, has agreed to acquire SHW Casting Technologies GmbH & Co.
KG, a Germany-based manufacturer of chilled cast iron calender rolls and
heavy-duty castings and Machining Technologies GmbH & Co. KG, a Germa-
ny-based foundry, for an undisclosed consideration.
16/10/
2018
Lakesight Tech-
nologies Holding
GmbH
45.0 140.0 TKH Group NV Ambienta Sgr
SpA
TKH Group NV, the listed Netherlands-based company engaged in developing
and supplying systems and networks for information, telecommunication, electro
technical engineering and industrial production has agreed to acquire Lakesight
Technologies Holding GmbH, a Germany-based vision technology company
providing innovative high-end technologies for imaging systems, Ambienta Sgr
SpA, an Italy-based private equity firm, for an entreprise value of EUR 140.0m.

Date Target
Sales
(€ m)
EV
(€ m)
11/10/
2018
JET Gruppe 170.0 n/a VELUX Group Egeria B.V. VELUX Group, a Denmark-based company engaged in the manufacture and
sale of roof windows and skylights, has agreed to acquire JET Gruppe, Germa-
ny-based provider of rooflight & ventilation and fire safety solutions for industri-
al, commercial/public and residential end-markets, from Egeria B.V., the Neth-
erlands-based private equity firm, for an undisclosed consideration.
09/10/
2018
mts Maschinen-
bau GmbH
n/a n/a Eckhard Laible
(Private Investor)
n/a Dr. Eckhard Laible, a Germany-based private investor, has acquired mts Mas-
chinenbau GmbH, the Germany-based industrial storage, stacking, and trans-
portation specialist, in a management buy-in transaction, for an undisclosed
consideration.
09/10/
2018
SLR - Gusswerk II
Betriebsgesell-
schaftmbH
52.0 n/a Gienanth GmbH n/a Gienanth GmbH, a Germany-based operator of an iron foundry that manufac-
tures castings, and a portfolio company of Deutsche Beteiligungs AG, a Ger-
many-based private equity firm, has acquired SLR - Gusswerk II Betriebsgesell-
schaftmbH (Gusswerk), an Austria-based producer of nodular iron castings and
manufacture components, for an undisclosed consideration.
09/10/
2018
NORRES
Schlauchtechnik
GmbH
52.0 n/a Triton Partners n/a Triton Partners, the UK-based private equity firm, along with the management
has agreed to acquire NORRES Schlauchtechnik GmbH, a Germany-based
company engaged in manufacturing hoses and flexible hose system solutions,
08/10/
2018
SERO Schroder
Elektronik Rohr-
bach GmbH
79.0 n/a Deutsche Beteili-
gungs AG
Armin Schro-
der family
Deutsche Beteiligungs AG (DBAG), a Germany-based listed private equity and
venture capital firm, along with management of SERO Schroder Elektronik
Rohrbach GmbH (Sero), a Germany-based company that manufactures and
supplies electronic components, has agreed to acquire the company in a man-
agement buyout transaction, for an undisclosed consideration.
08/10/
2018
VAG-Group 200.0 21.8 AURELIUS Equity
Opportunities SE
& Co. KGaA
Rexnord Corp AURELIUS Equity Opportunities SE & Co. KGaA, a Germany-based private equi-
ty firm, has agreed to acquire VAG-Group, a Germany-based designer and
manufacturer of industrial valves and applications for the water distribution,
wastewater treatment, and hydropower generation industries, for an undisclosed
consideration.

Date Target
Sales
(€ m)
EV
(€ m)
05/10/
2018
Kaimann GmbH 70.0 n/a Compagnie de
Saint-Gobain SA
Georg Josef
Jurgen Kai-
mann (Private
investor)
Compagnie de Saint-Gobain SA, a listed France-based producer, processor
and distributor of construction and high-performance materials and packaging
products, has agreed to acquire Kaimann GmbH, a Germany-based manufac-
turer of elastomeric insulation products, for an undisclosed consideration.
04/10/
2018
Grunderco S.A
(Harvesting Im-
port business)
17.1 n/a Bucher Landtech-
nik AG
Grunderco
S.A
Bucher Landtechnik AG, a Switzerland-based supplier of agricultural technology
products and a subsidiary of Bucher Industries AG, a listed Switzerland-based
company operating in engineering and automotive industries, has agreed to
acquire Harvesting Import business of Grunderco S.A, a Switzerland-based
wholesale distributor of agricultural machinery and equipment, for an undis-
02/10/
2018
JOMOS Brand-
schutz AG
33.3 n/a VINCI Energies
S.A.
Peter Kam-
mer (Private
Investor)
VINCI Energies S.A., a France-based company engaged in providing engineer-
ing, implementation and facility management services, and a subsidiary of Vinci
S.A., a listed France-based company involved in building, heavy construction,
civil engineering and other industrial projects, has acquired JOMOS Brand-
schutz AG, the Switzerland-based fire protection specialist, for an undisclosed
consideration.
01/10/
2018
UFT Produktion
GmbH
14.0 n/a HENN GmbH &
Co KG
Werner Wa-
ckershauser
(Private Inves-
tor)
HENN GmbH & Co KG, an Austria-based supplier of connecting technology for
the automobile industry has acquired, UFT Produktion GmbH, a Germany-
based manufacturer of deep draw parts for the automotive industry, from Wer-
ner Wackershauser, a Germany-based private investor, for an undisclosed con-
sideration.
01/10/
2018
Transnorm Sys-
tem GmbH
100.0 425.0 Honeywell Inter-
national Inc.
IK Investment
Partners Li-
mited
Honeywell International Inc., the listed US-based diversified technology and
manufacturing company, serving the aerospace, control technologies, automo-
tive products, turbochargers and specialty materials industries has agreed to
acquire Transnorm System GmbH from IK Investment Partners Limited, a Ger-
many-based supplier of components and systems within the material handling
industry, for a consideration of EUR 425.0m

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Benelux
21/12/
2018
Wasco Groot-
handelsgroep
B.V.
275.8 n/a Gilde Equity
Management
Benelux B.V.
Ferguson plc Gilde Equity Management Benelux B.V., the Netherlands-based private equity
firm, along with the management of Wasco Groothandelsgroep B.V., a Nether-
lands-based supplier and distributor of heating equipment, has agreed to ac-
quire the company from, Ferguson plc, a listed Switzerland-based company
engaged in distribution of plumbing and heating products and supplier of build-
ing materials, for an undisclosed consideration.
19/12/
2018
Intersafe
Groeneveld B.V.;
Elacin Interna-
tional B.V.
n/a n/a Lyreco SAS Broadview
Holding B.V.
Lyreco SAS, a France-based distributor of office supplies and workplace prod-
ucts, has agreed to acquire Intersafe Groeneveld B.V., a Netherlands-based
supplier of safety products and services, and Elacin International B.V., a Nether-
lands-based manufacturer of custom made hearing protection equipment, for
an undisclosed consideration.
18/12/
2018
PB Techniek B.V. n/a n/a Victus Participa-
tions B.V.
n/a Victus Participations B.V., the Netherlands-based private equity firm along with
the management of PB Techniek B.V., the Netherlands-based technical service
provider for the horticulture industry, has acquired the company in a manage-
ment buyout transaction, for an undisclosed consideration.
17/12/
2018
Etablissements M
Vanden Bergh Et
Fils
55.0 n/a Desco NV Michel Van-
denbergh
(Private Inves-
tor)
Desco NV, the Belgium-based distributor of bathroom fittings, roofs, heating,
ventilation and water treatment equipment, has agreed to acquire Etablisse-
ments M Vanden Bergh Et Fils, the Belgium-based company engaged in the
distribution of bathroom fittings, heating, ventilation and water treatment
equipment, for an undisclosed consideration.
12/12/
2018
AE Valves SPRL n/a n/a Emerson Electric
Co.
n/a Emerson Electric Co., the listed US-based company engaged in manufacturing
and providing products and services in the industrial, commercial, and consum-
er markets, has acquired AE Valves SPRL, a Belgium-based company that pro-
duces and designs special industrial valves to meet stringent service conditions
in the chemical, petrochemical, polymers, oil, coal gas, cryogenic and heavy
industries, for an undisclosed consideration.
27/11/
2018
M-Plify S.A. n/a n/a F24 AG Izidor Ciglar
(Private inves-
tor)
F24 AG, the listed Germany-based provider of high-security cloud-based mes-
saging, notification, alerting and crisis management solutions, has acquired M-
Plify S.A., a Luxembourg-based provider of SaaS based alerting and crisis man-
agement solutions, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
26/11/
2018
E2M Technolo-
gies B.V.
n/a 70.5 MTS Systems
Corporation
n/a MTS Systems Corporation, the US-based supplier of mechanical testing and
simulation equipment has acquired E2M Technologies B.V., the Netherlands-
based manufacturer of high force, electrically driven actuation systems, serving
primarily the human-rated entertainment and training simulation markets, for a
cash consideration of USD 80.0m.
23/11/
2018
DutchTecSource
B.V.
n/a n/a Nordian Capital
Partners
n/a Nordian Capital Partners, a Netherlands-based private equity firm, has acquired
an undisclosed majority stake in DutchTecSource B.V. (DTS), a Netherlands-
based machine manufacturer for the food processing industry, for an undis-
22/11/
2018
Kinkelder B.V. n/a n/a Gilde Buy Out
Partners BV
n/a Gilde Buy Out Partners BV, the Netherlands-based private equity firm, through
its Gilde Buy-Out Fund V fund, along with the management of Kinkelder B.V.,
the Netherlands-based developer of saw blades, have acquired the company, in
a management buyout transaction, for an undisclosed consideration.
22/11/
2018
Ticto N.V. n/a 14.2 RightCrowd Li-
mited
n/a RightCrowd Limited, the listed Australia-based software development company
engaged in developing physical security, safety, and compliance software has
agreed to acquire Ticto N.V., a Belgium-based start-Up which produces of
smart security systems related to visualizing authentication and authorization, for
a consideration of EUR 14.2m.
20/11/
2018
Vekopak B.V. n/a n/a P. Van De Velde
N.V.
Marco Ruiter;
Michel van
Kuringe
P. Van De Velde N.V., a Belgium-based packaging producer, has agreed to
acquire Vekopak B.V., the Netherlands-based packaging manufacturer, from
Michel van Kuringe and Marco Ruiter, the Netherlands-based private investors,
16/11/
2018
Broekhof Verpak-
kingen B.V.
n/a n/a Pacombi Group
B.V.
Arjan Broek-
hof (Private
Investor)
Pacombi Group B.V., the Netherland-based company engaged in the manage-
ment of the funds of trusts and foundations, has agreed to acquire Broekhof
Verpakkingen b.v., the Netherlands-based manufacturer of flowers sleeves and
supplier to the horticulture sector, from Arjan Broekhof, the Netherlands-based
private investor, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
16/11/
2018
VDL Groep B.V.
(Gas turbine
manufacturing
plant in Hengelo)
n/a n/a VDL Groep B.V. Siemens
Nederland
N.V.
VDL Groep B.V., the Netherlands-based company engaged in the development,
manufacture and sales of semi-finished products, buses and coaches and other
finished products, has acquired gas turbine manufacturing plant in Hengelo, for
13/11/
2018
Dabeko B.V. n/a n/a PartsPoint Group n/a PartsPoint Group, the Netherlands-based company engaged in importing, dis-
tributing, selling and promoting automobile parts and accessories, has acquired
Dabeko, the Netherlands-based company engaged in supplying tires, wearing
parts, liquids and tools, for an undisclosed consideration.
09/11/
2018
2Connect B.V. n/a n/a IK Investment
Partners Limited
Van der Put
family
IK Investment Partners Limited, the UK-based private equity firm through its IK
Small Cap II Fund, has acquired 2Connect B.V., the Netherlands-based manu-
facturer of specialized cables and connectors, for an undisclosed consideration.
07/11/
2018
Doosopmaat.nl
B.V.
n/a n/a Ecart Invest B.V. Jos Knulst
(Private Inves-
tor)
Ecart Invest B.V., a Netherlands-based private equity firm, has acquired an un-
disclosed majority stake in Doosopmaat.nl B.V., a Netherlands-based box man-
ufacturer, from Mr. Jos Knulst, a Netherlands-based private investor, for an
estimated consideration of EUR 8m.
06/11/
2018
Aveldi Group BV n/a n/a Intersaction Ven-
tures B.V.
n/a Intersaction Ventures B.V., the Netherlands-based private equity firm, has ac-
quired an undisclosed stake in Aveldi Group BV, the Netherlands-based com-
pany engaged in the manufacture, supply, import and export of filter overpres-
sure systems for vehicles and mobile applications, for an undisclosed considera-
tion.
02/11/
2018
VTTI B.V. (50.0%
Stake)
n/a n/a IFM Investors;
Vitol Holding B.V.
Buckeye Part-
ners, L.P.
Vitol Holding B.V., the Netherlands-based energy and commodities company
and IFM Investors, an Australia-based privately owned investment manager has
agreed to acquire a 50.0% stake in VTTI B.V., the Netherlands-based storage
and terminals company which operates a network of bulk logistics assets and
also builds pipelines, for a cash consideration of USD 975.0m.

Date Target
Sales
(€ m)
EV
(€ m)
02/11/
2018
Alltub BV 150.0 n/a One Equity Part-
ners LLC
Aurora Re-
surgence
Management
Partners LLC
One Equity Partners LLC, the US-based private equity firm, via its Fund VI, has
acquired Alltub BV, a Netherlands-based manufacturer of aluminum pipes and
tubes, for an undisclosed consideration.
31/10/
2018
Verviers Freins SA 21.0 n/a Doyen Auto SA n/a Doyen Auto SA, a Belgium-based manufacturer and marketer of automobile
parts, has acquired Verviers Freins SA, a Belgium-based multi-brand distributor
of mechanical parts, bodywork, paint, tools and garage equipment, for an un-
disclosed consideration.
31/10/
2018
Berg Hortimotive
Production B.V.
n/a n/a Royal Brinkman
International BV
Part-
ners2grow
B.V.
Royal Brinkman International BV, the Netherland-based supplier, installer and
consultant of horticultural industry, has acquired Berg Hortimotive Production
B.V., the Netherlands-based company engaged in development of techniques
and systems for crops, for an undisclosed consideration.
30/10/
2018
Bijlsma Hijs- en
Heftechniek B.V.
n/a n/a Kis AS Jelle de Jong;
Arjan Rijp-
kema
Kis AS, a Norway-based provider of inspection and maintenance of cranes and
lifting equipment, has agreed to acquire Bijlsma Hijs- en Heftechniek B.V., the
Netherlands-based company engaged in designing and manufacturing of
standard and custom lifting installations, for an undisclosed consideration.
25/10/
2018
Thermo Electric
Instrumentation
B.V.
11.0 n/a Pentronic AB Foreman
Capital BV
Pentronic AB, a Sweden-based company that manufactures temperature sensors
and related items and a subsidiary of Indutrade AB, the listed Sweden-based
manufacturer and marketer of industrial components and systems, has agreed
to acquire Thermo Electric Instrumentation B.V., a Netherlands-based company
that develops, manufactures, markets and calibrates temperature sensors, for an
undisclosed consideration.
19/10/
2018
Limotec BVBA 6.7 9.3 Halma Plc n/a Halma Plc, the listed UK-based company engaged in manufacturing of safety,
health and environmental technology, has acquired Limotec BVBA, a Belgium-
based fire control panel designer, manufacturer and fire system seller, for a
consideration of EUR 9.3m on a debt free and cash free basis.

Date Target
Sales
(€ m)
EV
(€ m)
18/10/
2018
Clifford Electron-
ics Benelux B.V.
n/a n/a NewPort Capital
B.V.
n/a NewPort Capital B.V., tha Netherlands-based private equity firm has agreed to
acquire an undisclosed majority stake in Clifford Electronics Benelux B.V., the
Netherlands-based developer, wholesaler and importer of telematic safety
equipment for cars, for an undisclosed consideration.
08/10/
2018
Alewijnse Hol-
ding B.V.
n/a n/a Commonwealth
Investments B.V.;
Strong Root
Capital
Dick Alewijn-
se (Private
Investor)
Strong Root Capital, the Netherlands-based private equity firm and Common-
wealth Investments B.V., the Netherlands-based investment firm, have acquired
Alewijnse Holding B.V., the Netherlands-based company that designs, supplies,
and integrates electrical engineering systems and also engaged in providing
electrical installation to maritime industry, industrial automation, and retain
installation services, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Czech Republic
30/11
/2018
Strojmetal Alu-
minium Forging,
s.r.o. (33.0%
Stake)
98.1 n/a Miroslav Jelinek
(Private Investor)
MTX Group
a.s.
Mr. Miroslav Jelinek, a Czech Republic-based private investor, has acquired
33.0% stake in Strojmetal Aluminium Forging, s.r.o., a Czech Republic-based
company engaged in the manufacturing of aluminium forgings, for an undis-
30/11
/2018
Toyota Peugeot
Citroen Automo-
bile Czech s.r.o.
(50.0% Stake)
1,961 n/a Toyota Motor
Corporation
PSA Peugeot-
Citroen SA
Toyota Motor Corporation (TMC), the Japan-based public-listed company en-
gaged in the manufacturing and sales of automobiles, has agreed to acquire
50.0% stake in Toyota Peugeot Citroen Automobile Czech s.r.o. (TCPA), a
Czech Republic-based joint venture engaged in manufacturing of automobiles,
12/10
/2018
ArcelorMittal
Ostrava a.s.;
ArcelorMittal
Galati S.A.; Arce-
lormittal Skopje
(Crm) A.D.; Arce-
lorMittal
Piombino S.p.A.
n/a n/a Liberty House
Limited
ArcelorMittal
SA
Liberty House Limited, the UK-based company engaged in mining and manufac-
turing of steel and related products, has agreed to acquire a group of integrated
works and steel facilities, from ArcelorMittal SA, the listed Luxembourg-based
steel producer and mining company, for an undisclosed consideration.
02/10
/2018
Jansen Display
s.r.o.
n/a n/a Sign-Zone, Inc. n/a Sign-Zone, Inc., the US-based manufacturer of visual communication, event and
promotional display merchandise and a portfolio company of HarbourVest Part-
ners, LLC and Pfingsten Partners, L.L.C., the US-based private equity firms, has
acquired Jansen Display s.r.o., a Czech Republic-based manufacturer of promo-
tional display hardware and signage systems, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – Denmark
12/12
/2018
Arminox A/S n/a 23.6 Erhvervsinvest
Management A/S
n/a Erhvervsinvest Management A/S, a Denmark-based private equity and venture
capital firm has acquired Arminox A/S, a Denmark-based suppliers of stainless
steel reinforcement, from Knud Laursen, a Denmark-based private individual,
for an estimated consideration of DKK 200.0m (EUR 26.8m).
05/12
/2018
NIL Technology
ApS
n/a n/a NGP Capital; Jolt
Capital SAS
n/a Jolt Capital SAS, the France-based private equity firm, and NGP Capital, the
US-based venture capital arm of Nokia Oyj, a listed Finland-based technologi-
cal consumer and professional products manufacturer, have acquired an un-
disclosed stake in NIL Technology ApS, a Denmark-based company specialized
in nanopatterning and nanoimprint lithography, for a consideration of EUR
6.3m.
30/11
/2018
Emballagegrup-
pen A/S
n/a n/a Maj Invest Equity
A/S
Torben Chris-
tensen; Allan
Christensen;
Otto Christen-
sen
Maj Invest Equity A/S, a Denmark-based private equity firm, has agreed to
acquire Emballagegruppen A/S, a Denmark-based packaging and an offset
printing company, from Mr. Allan Christensen, Mr. Otto Christensen and Mr.
Torben Christensen, for an undisclosed consideration.
29/11
/2018
Roll-o-Matic A/S
(75.0% Stake)
n/a n/a Maj Invest Equity
A/S
Blue Equity
Management
A/S
Maj Invest Equity A/S, a Denmark-based private equity firm, has agreed to
acquire a 75.0% stake in Roll-o-Matic A/S, a Denmark-based company en-
gaged in manufacturing roll-bag machinery and plastic converting equipments,
from Blue Equity Management A/S, a Denmark-based private equity firm, for an
23/11
/2018
Nojsomheds
Odde Wind Park
ApS
n/a n/a SUSI Partners AG European
Wind Farms
Denmark A/S
SUSI Partners AG, the Switzerland-based investment firm which invests in sus-
tainable energy infrastructure, has acquired Nojsomheds Odde Wind Park ApS,
the Denmark-based company engaged in operating wind power plants, for an
09/11
/2018
Sanistal A/S (the
steel distribution
business)
183.9 61.3 Tibnor AB Sanistal AS Tibnor AB, a Sweden-based company that purchases, stores, pre-processes,
and distributes steel and non-ferrous metals to the engineering, processing, and
construction industries and a subsidiary of SSAB has agreed to acquire steel
distribution business of Sanistal AS, a listed Denmark-based industrial whole-
saler operating in Construction and Industry segments, for a consideration of
SEK 630.0m (EUR 61.3m).

Date Target
Sales
(€ m)
EV
(€ m)
06/11
/2018
Au2mate A/S
(51.0% Stake)
n/a n/a Foss A/S n/a Foss A/S, a Denmark-based developer of analytical instruments has acquired a
51.0% stake in Au2mate A/S, a Denmark-based provider of automation solu-
tions for the process industry, for an undisclosed consideration.
31/10
/2018
Svanehoj Group 50.0 n/a Solix Group AB Wartsila Cor-
poration
Solix Group AB, a Denmark-based private equity investment firm, has acquired
the Pumps business of Wartsila Corporation, a listed Finland-based manufac-
turer of power generation and marine propulsion equipments, for an undis-
23/10
/2018
Xergi A/S n/a n/a NGF Nature
Energy A/S
Schouw & Co
A/S;
HedeDanmark
A/S
NGF Nature Energy A/S, the Denmark-based provider of gas storage, distribu-
tion and transmission services, has acquired Xergi A/S, the Denmark-based
company engaged in designing, developing and constructing of biogas plants,
15/10
/2018
Nordic Aviation
Capital A/S
n/a n/a GIC Private Li-
mited
EQT Partners
AB
GIC Private Limited, the Singapore-based sovereign wealth fund of the Gov-
ernment of Singapore, has agreed to acquire an undisclosed significant minori-
ty stake in Nordic Aviation Capital A/S, the Denmark-based aircraft leasing
company, for an undisclosed consideration.
11/10
/2018
Syd Energi
a.m.b.a.
n/a 238.3 Eniig Energi A/S n/a Eniig Energi A/S, a Denmark-based company engaged in electricity, fiber
broadband, heating, and natural gas business activities, has agreed to acquire
Syd Energi a.m.b.a., a Denmark-based company engaged in providing energy
transmission, broadband, fixed telephone and cable services, for a considera-
tion of USD 275.7m.
05/10
/2018
Carsoe A/S
(60.0% Stake)
67.2 n/a Solix Group AB Industri Udvi-
kling A/S;
Mikkel Jacob-
sen (Private
investor)
Solix Group AB, a Denmark-based private equity firm, has agreed to acquire
60.0% stake in Carsoe A/S, a Denmark-based designer and manufacturer of
stainless steel products for food processing and retail industry businesses, for an

Date Target
Sales
(€ m)
EV
(€ m)
01/10
/2018
JSB Plast A/S n/a 69.7 Gurit Holding
AG
Verdane Capi-
tal Advisors AS
Gurit Holding AG, a listed Switzerland-based developer and manufacturer of
advanced composite materials, related technologies and select finished parts
and components, has agreed to acquire JSB Plast A/S, a Denmark-based man-
ufacturer and supplier of wind turbine kits, for a consideration of DKK 520.0m
(EUR 69.7m).

Date Target
Sales
(€ m)
EV
(€ m)
Country Focus – France
21/12
/2018
EDPR France
(49% Stake); EDP
Renovaveis, S.A.
(23 onshore wind
farms in France,
Spain, Belgium
and Portugal)
(49% Stake)
n/a n/a J.P. Morgan
Asset Manage-
ment
EFG Hermes
Private Equity
A group of Institutional Investors advised by J.P. Morgan Asset Management, the
US-based asset management company, has agreed to acquire a 49% take in
998 MW pan-European wind energy portfolio, from EFG Hermes Private Equity,
19/12
/2018
Val de Loire Au-
tomatismes Dis-
tribution
10.0 n/a Capital
Croissance SAS
UI Gestion
SA
Capital Croissance SAS, a France-based private equity firm, via its CAIRN Capi-
tal I, along with the management of Val de Loire Automatismes Distribution
(VLAD), a France-based company engaged in designing, distributing and in-
stalling medical batteries, have acquired the company in a management buyout
transaction, for an undisclosed consideration.
18/12
/2018
Eolien en Mer
Dieppe Le Tre-
port (29.5% Sta-
ke); Eolien en
Mer Iles d’Yeu et
de Noirmoutier
(29.5% Stake)
n/a n/a Sumitomo Cor-
poration
ENGIE SA;
EDP Reno-
vaveis, S.A.
Sumitomo Corporation, a listed Japan-based company engaged in import and
export, trilateral trade, domestic and international investment, has acquired a
29.5% stake in Eolien en Mer Dieppe Le Treport and Eolien en Mer Iles d’Yeu et
de Noirmoutier, a France-based wind farm company, for a consideration of
EUR 93.0m.
18/12
/2018
Ascoval SAS n/a 152.0 Altifort Group n/a Altifort Group, a France and Belgium-based company engaged in construction,
decoration, energy & services, environment and other sectors has agreed to
acquire Ascoval SAS, a France-based steel plant company in an insolvency
transaction, for a consideration of EUR 152.0.0m.
13/12
/2018
Texelis SAS n/a n/a Siparex Groupe;
Carvest SAS;
Bpifrance SA
n/a The management of Texelis SAS, a France-based developer and supplier of
axles and powertrains used in heavy-duty vehicles, along with the group of in-
vestors, have acquired the company, in a management buyout transaction, for

Date Target
Sales
(€ m)
EV
(€ m)
13/12
/2018
Groupe Thiolat 31.0 n/a Groupe Guillin
SA
n/a Groupe Guillin SA, a France-based company engaged in the development,
manufacture and marketing of plastic packaging products for use in various
sectors of the food industry, has acquired Groupe Thiolat, a France-based food
packaging manufacturer, for an undisclosed consideration.
12/12
/2018
Mathevon S.A. 34.0 n/a BNP Paribas
Developpement
SA, SCR; Siparex
Groupe; AfricIn-
vest; Arkea Capi-
tal
Aquasourca
S.A; Garibal-
di Participa-
tions SAS,
SCR; Esfin
Gestion;
Bpifrance SA
BNP Paribas Developpement SA, SCR, the France-based private equity invest-
ment arm of BNP Paribas SA, Siparex Groupe, the France-based private equity
firm, AfricInvest, the Tunisia-based private equity firm and Arkea Capital, the
France-based private equity firm, along with the management of Mathevon S.A.,
France-based manufacturer of high pressure sealing parts, gate valve internals,
and connectors for the oil and gas industry, have acquired the company, for an
12/12
/2018
Eneco France n/a n/a Albioma SA Eneco Group Albioma SA, the listed France-based company that designs, builds and operates
steam and electricity production units using fossil fuels, biomass and wind as
energy sources, has acquired Eneco France, the France-based company that
develops, builds and operates photovoltaic power plants, for an undisclosed
consideration.
10/12
/2018
Methaneo n/a n/a Biomethanisation
Partenaires
Albioma SA Biomethanisation Partenaires, the France-based company engaged in providing
services in anaerobic digestion processes and joint venture between Evergaz
S.A. and Meridiam SAS has acquired Methaneo, the France-based company
specialized in the development of collective biogas projects based on biomass
of agricultural and agri-food origin, for an undisclosed consideration.
05/12
/2018
Papcart 26.0 n/a Smurfit Kappa
Group Plc
n/a Smurfit Kappa Group Plc, a listed Ireland-based manufacturer and supplier of
container boards and other paper-based packaging products, has acquired
Papcart, the France-based manufacturer of cardboard packaging products, for
05/12
/2018
Papeles y Car-
tones de Europa
SA (two produc-
tion sites in
France)
n/a 20.0 Smurfit Kappa
Group Plc
Papeles y
Cartones de
Europa SA
Smurfit Kappa Group Plc, a listed Ireland-based manufacturer and supplier of
container boards and other paper-based packaging products, has acquired two
production sites in France, from Papeles y Cartones de Europa SA, the listed
Spain-based paper and cardboard producer, for an estimated consideration of
EUR 20.0m.

Date Target
Sales
(€ m)
EV
(€ m)
04/12
/2018
Groupe Legris
Industries (70.0%
Stake)
254.4 n/a Arkea Capital n/a Arkea Capital, a France-based private equity firm, along with the management
of Groupe Legris Industries, a Belgium-based provider of fluid circuits and turn-
key services, has acquired 70.0% stake in the company, in a management buy-
out transaction, for an undisclosed consideration.
30/11
/2018
Mobilis Devel-
opment
15.0 n/a Initiative & Fi-
nance; Capelia
SAS
Gerard Truff-
ier-Blanc;
Francois Picot
Initiative & Finance and Capelia SAS, the France-based private equity firms,
along with the management and founders of Mobilis Development, a France-
based provider of mobile phone, pad, laptop and payment device transport and
protective accessories, have acquired the company, for an undisclosed consid-
eration.
28/11
/2018
BSL Pipes & Fit-
tings SAS
n/a n/a Undisclosed
bidder
Mutares AG A Luxembourg-based undisclosed bidder has acquired BSL Pipes & Fittings SAS,
a France-based manufacturer of piping systems for the oil and gas industry and
various industrial applications, from Mutares AG, a listed Germany-based pri-
vate equity firm, for an undisclosed consideration.
22/11
/2018
NFM Technolo-
gies
60.0 n/a Muehlhaeuser
GmbH
n/a Muehlhaeuser GmbH, a Germany-based jam manufacturer, has agreed to
acquire NFM Technologies, a France-based company which develops and
manufactures industrial equipment, for an undisclosed consideration.
20/11
/2018
Midi Piles Ser-
vices
n/a n/a Bricodeal SA n/a Bricodeal SA, the France-based company engaged in the distribution of hard-
ware and do-it-yourself products to resellers and building professionals, has
acquired Midi Piles Services, the France-based company engaged in designing,
manufacturing and selling light fittings and batteries to corporate customers, for
20/11
/2018
SECA Automa-
tismes S.A.S.
7.0 n/a Alkan SA Michel
Nespoulous;
Yves Jacquin
Depeyre
Alkan SA, a France-based company engaged in design, manufacture and sale
of carriage, release and ejection systems, and a portfolio company of Groupe
IDIChevrillon & Associes SCA, the France-based private equity firm, has ac-
quired SECA Automatismes S.A.S., a France-based company engaged in the
planning, design, production and maintenance of IT, electronic and electrome-
chanical equipment, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
16/11
/2018
Sainte-Lizaigne
S.A.
50.0 n/a Gimv NV Industries &
Finances
Partenaires
SA
Gimv NV, the listed Belgium-based private equity and venture capital firm,
along with the management of Sainte-Lizaigne S.A. (Groupe Claire), a France-
based manufacturer of taps and valves, has agreed acquire the company, from
Industries & Finances Partenaires SA, the France-based private equity firm, for
06/11
/2018
Flow Control
Technologies SA
50.0 n/a Altifort Group Emerson
Electric Co.
Altifort, a France-based company engaged in construction, decoration, energy
& services, environment and other sectors, has acquired Flow Control Technol-
ogies SA, a France-based designer and manufacturer of valves and high-
pressure valves used for offshore drilling, for an undisclosed consideration.
06/11
/2018
Kalori SAS n/a n/a Eberspacher
Climate Control
Systems GmbH &
Co. KG
n/a Eberspacher Climate Control Systems GmbH & Co. KG, a Germany-based
automotive components manufacturer has agreed to acquire Kalori SAS, a
France-based vehicle climate control specialist, develops and produces air-
conditioning and ventilation systems for commercial and special vehicles, for an
01/11
/2018
Delachaux S.A.
(49.9% Stake)
841.0 1,500 Caisse de Depot
et Placement du
Quebec;
Delachaux Family
CVC Capital
Partners Li-
mited
Caisse de Depot et Placement du Quebec (CDPQ), a Canada-based investment
management firm providing services to pensions funds and the Delachaux Fami-
ly, a France-based family, have agreed to acquire a 49.9% stake in Delachaux
S.A., a France-based company engaged in the railways, conductic, and metals
businesses, for an enterprise value of EUR 1.5bn.
31/10
/2018
Groupe Aries 130.0 n/a Astorg Partners BNP Paribas
Developpe-
ment SA,
SCR; ACE
Management
SA; CM-CIC
Investisse-
ment
Astorg Partners, a France-based private equity firm, through its Astorg VI fund,
along with the management of Groupe Aries, a France-based company en-
gaged in the production of metal shaping machines and presses fabrication,
and aerospace part production, have acquired the company, in a management
buyout transaction, from CM-CIC Investissement, ACE Management SA and
BNP Paribas Developpement SA, SCR, a France-based private equity firms, for

Date Target
Sales
(€ m)
EV
(€ m)
25/10
/2018
Etablissements
Chalon-Megard
SAS; Simon SAS;
TECNAL SAS
50.0 n/a Unexo; Cerea
Partenaire
LINXIS Group Cerea Partenaire, a France-based private equity firm, through its Cerea Capital
II fund and Unexo, a France-based private equity firm, along with the manage-
ment of Etablissements Chalon-Megard SAS, have acquired the company, in a
management buyout transaction, for an undisclosed consideration.
25/10
/2018
Rousseau S.A;
Edouard Rous-
seau, SAS;
Manupex
23.4 n/a Thermador
Groupe SA
n/a Thermador Groupe SA, a listed France-based holding company engaged in the
distribution of specialized plumbing equipment materials has agreed to acquire
Edouard Rousseau, SAS, Rousseau S.A, and Manupex, the France-based manu-
facturer and distributor of bathroom and kitchen taps to DIY and major food
retailers in France and Spain, for an undisclosed consideration.
23/10
/2018
EFFILUX SAS 3.4 n/a CCS Inc. n/a CCS Inc., a Japan-based company engaged in the manufacturing of LED light-
ing for machine vision, microscopes, plant cultivation, and other uses, has ac-
quired EFFILUX SAS, a France-based company engaged in the manufacturing of
LED lighting for machine vision, microscopes, plant cultivation, and other uses,
22/10
/2018
Aciers Coste SA n/a n/a Diam Group n/a Diam Group, the France-based company engaged in providing cutting tools,
industrial blades, and on-board equipment for industrial vehicles, and a portfo-
lio of Sofimac Partners SA, the France-based private equity and venture capital
firm, has acquired Aciers Coste SA, the France-based provider of cutting, cold-
rolling and heat treatment of steel strips for the construction and automotive
industries, for an undisclosed consideration.
19/10
/2018
ESPO SA, SARL 10.0 n/a Groupe Cedres
Industries
n/a Groupe Cedres Industries, the France-based company engaged in designing,
building and maintained installation for businesses, has acquired ESPO SA,
SARL, the France-based welding and boiler making company, for an undis-
18/10
/2018
Gallez Industrie
Holding
n/a n/a FMB Technolo-
gies
n/a FMB Technologies, a France-based plastic injection solutions provider for the
automotive, construction and pharmacy sectors sector, has acquired Gallez
Industrie Holding (GIH), a France-based plastic injection solutions provider for
the automotive sector, for an undisclosed consideration.

Date Target
Sales
(€ m)
EV
(€ m)
16/10
/2018
CMS Industrie 8.5 n/a GROUPE ASICA-
SICAP
n/a GROUPE ASICA-SICAP, a France-based company engaged in designing and
manufacturing of specialist in industrial electronics, has agreed to acquire CMS
Industrie, a France-based company engaged in manufacturing and integrator of
cabling, and electronic equipment, for an undisclosed consideration.
15/10
/2018
Gris Decoupage
S.A.S
44.0 n/a BNP Paribas
Developpement
SA, SCR; Societe
Generale Capital
Partenaires SAS
Institut Lorrain
De Participa-
tion SA; An-
dera Partners
BNP Paribas Developpement SA, SCR, a France-based private equity firm and
Societe Generale Capital Partenaires SAS, a France-based private equity and
venture capital firm, along with the management of Gris Decoupage S.A.S, a
France-based company that manufactures engineered washers and mechanical
components for bolted assemblies, have acquired the company in a manage-
ment buyout transaction, for an undisclosed consideration.
07/10
/2018
BCV Technolo-
gies SAS
n/a n/a SGB-SMIT Group Schneider
Electric SE
SGB-SMIT Group, the Germany-based manufacturer and supplier of transform-
ers, has acquired BCV Technologies SAS, the France-based company engaged
in design and manufacturing of transformers and inductors for the oil & gas,
energy, industry, infrastructure and building sector, for an undisclosed consider-
ation.
04/10
/2018
Leosphere SAS 27.0 38.0 Vaisala Oyj IDInvest Part-
ners; Oraxys
S.A.
Vaisala Oyj, the listed Finland-based company, engaged in the development,
manufacture and marketing of electronic measurement systems for environmen-
tal and industrial use has agreed to acquire Leosphere SAS, a France-based
company, engaged in manufacturing, testing, delivering, set-up, commissioning,
training, technical support and maintenance of LIDAR remote atmospheric ob-
servation systems, for a consideration of EUR 38m on a debt free and cash free
basis.
02/10
/2018
Three Energy
Joint Ventures
(Renewables,
Grid and Nucle-
ar) (50.0% Stake)
n/a n/a General Electric
Company
Alstom SA General Electric Company (GE), the US-based listed diversified technology and
financial services company, has acquired 50.0% stake in each Three Energy
Joint Ventures (Renewables, Grid and Nuclear) from Alstom SA, a France-based
listed company engaged in the manufacture of transport and energy, for a cash
consideration of EUR 2.6bn.

Date Target
Sales
(€ m)
EV
(€ m)
02/10
/2018
Societe de Pein-
ture de Pieces
Plastiques SAS
16.1 n/a ALPHA Corpora-
tion
Compagnie
d'Investisse-
ment dans les
Technologies
Avancees;
Bpifrance SA;
Isatis Capital
ALPHA Corporation, the listed Japan-based company headquartered in Kana-
gawa, is engaged in manufacturing automobile parts, housing hardware and
coin-operated locker has agreed to acquire Societe de Peinture de Pieces Plas-
tiques SAS (SPPP), the France-based company headquartered in Saint Berthevin,
is engaged in painting of composite parts reinforced with glass or carbon fiber
for automotive, for a consideration of EUR 19.4m (USD 22.4m).
01/10
/2018
Altifort-
Innovatech
n/a n/a Altifort Group GEA Group
AG
Altifort Group, a France-based company engaged in construction, decoration,
energy & services, environment and other sectors has acquired GEA Westfalia
Separator Production France SAS, a France-based standard separators produc-
tion facility, for an undisclosed consideration.
01/10
/2018
Gillet Group SA 10.0 n/a UI Gestion SA n/a UI Gestion SA, a France-based private equity firm has acquired Gillet Group
SA, a France-based manufacturer of hand tools, special machines and lifting
tools, for an undisclosed consideration.

Global M&A Industrial insider Q4 2018 industrial machine vision

Global M&A Industrial insider Q4 2018 industrial machine vision

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