Industrial Insider Q1 2019 1

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 Smart Robotics, M&A trends and relevant transactions in the industrial sector published in the first quarter of 2019 by data provider Mergermarket for India, the DACH region (Germany, Austria, and Switzer- land), neighbouring countries as well as UK, Italy, Norway, Sweden, Turkey, Canada, and US in the following segments:

Machinery & Specialty Power Generation & Instrumentation Equipment Transmission

▪ Machine Tools ▪ Measuring,Analyzing&Controlling ▪ Substation Equipment ▪ Mechanical Power Transmission Instr. ▪ Grid Managament Products ▪ Industrial Automation ▪ Sensors, Relays & Switches ▪ Switchgear ▪ Relays & Industrial Controls ▪ Optical Instruments & Lenses ▪ SCADA & Remote Monitoring ▪ Tactile Measurement Equiment

Tools and other Hydraulics & Fluid Power Industrial Equipment Building Products

▪ Pumps, Motors & Compressors ▪ Hand Tools ▪ Insulation Materials ▪ Actuators, Cylinders, Pistons ▪ Fasteners & other Fixing Material ▪ Concrete and Wood Materials ▪ Valves ▪ Bearings and Gears ▪ Fittings

Automotive Parts, Rubber & Miscellane- Electrical Equipment Components & Systems ous Plastic Products ▪ Motors, Generators, Transformators ▪ Metal & Plastic Parts & Compo- ▪ Tubes, Films, Foils ▪ Electricity Distribution and Control nents ▪ Sealings ▪ Cables and Installation Material ▪ Electrical and Electronic Com- ▪ Pipes ponents & Systems ▪ Building Automation & Lighting ▪ Drive Components & Systems Equipment 2

Table of Contents Macroeconomic Situation in India and Europe ...... 4 Smart Robotics...... 10 Global M&A Partners – Deals in Q1 2019 ...... 25 Country Focus ...... 26 India ...... 27 DACH region ...... 32 Benelux ...... 47 Czech Republic ...... 53 Denmark ...... 54 France ...... 57 Italy ...... 64 Norway ...... 69 Poland ...... 71 Sweden ...... 72 United Kingdom ...... 76 Canada ...... 84 Contact Details ...... 89

Macroeconomic Situation • The global growth in economy is projected to grow at 3.5% in 2019 and India: As one of the world’s fastest-growing economies, with a current and projected an- 3.6% in 2020 nual GDP growth of nearly 7.5% , India is a critical engine of global economic growth. The Indian economy is likely to sustain the rebound growth it witnessed in FY2018–19, projected • Weakening growth of gross fixed capi- to be in the 7.2-7.5% range and is estimated to remain upward of 7% for the year ahead. tal formation and net foreign demand led to the slowdown of the economic Eurozone: According to European Commission’s Winter 2019 forecast, Euro area GDP is growth within the Eurozone expected to grow by 1.3% in 2019 and 1.6% in 2020 (Autumn Forecast: 1.9% in 2019; 1.7% in 2020). The EU GDP growth forecast was also revised down to 1.5% in 2019 and 1.7% in 2020 • The annual inflation rate was record- (1.9% in 2019; 1.8% in 2020). The drop can be primarily attributed to the softening of inter- ed at 1.5% in February up from 1.4% in January in 2019 with the highest national trade and manufacturing activity, elevations in trade tensions and substantial fi- contribution from the services sector nancial market pressures in some large emerging markets. Eurozone GDP Growth • The unemployment rate was recorded at 7.8% in February 2019, stable as compared to the previous month

• Private consumption in the Eurozone is forecasted to grow by 1.8% in 2019

• Seasonally adjusted industrial production fell by 0.2% in the euro area (EA19) and remained unchanged the EU28 in February compared to Janu- ary 2019

Source: Eurostat and Ifo-Istat-KOF Forecasts

 Inflation

India's inflation rate rose to a five-month high of 2.86% y-o-y in March 2019 from 2.57% in February 2019. Food prices rose for the first time in six months, while the inflation rate in India averaged 6.18% from 2012 until 2019.

The Euro area annual inflation rate was 1.5% in February 2019, up from 1.4% in January 2019 and 1.1% in February 2018. The lowest annual rates were registered in Ireland (0.7%), Greece, Croatia and Cyprus (all 0.8%). The highest annual rates were recorded in Romania (4.0%), Hungary (3.2%) and Latvia (2.8%). In February 2019, the highest contribution to the annual euro area inflation rate came from services followed by food, alcohol & tobacco, energy and non-energy industrial goods.

Eurozone Inflation

Source: Trading Economics

 Strengthening Labour Market

Steadily rising from 6.7% in November 2018 to 7% in December 2018, 7.1% in January 2019 and 7.2% in February, India's unemployment rate declined to 6.7% in March 2019. After having remained over 7% in the three preceding months, this is a significant drop.

The Euro area seasonally-adjusted unemployment rate was 7.8% in February 2019, stable compared with January 2019 and down from 8.5% in February 2018 (lowest level since late 2008). The EU-28 unemployment rate was 6.5 % in February 2019, stable compared with January 2019 and down from 7.1 % in February 2018. Among the Member States, the lowest unemployment rates in February 2019 were recorded in Czechia (1.9 %), Germany (3.1 %) and the Netherlands (3.4 %). The highest unemployment rates were observed in Greece (18.0 % in December 2018), Spain (13.9 %) and Italy (10.7 %).

Euro area and EU28 Unemployment Rates (Seasonally Adjusted Series)

Source: Eurostat

 Increase in Private Consumption

India is expected to witness tremendous jump in consumer spending by 2030 driven by increased incomes and a growing consumer economy. While India’s top 40 cities are projected to form a $1.5 tn opportunity by 2030, several small urban towns are expected to equally drive large spend overall. Parallelly, developing rural infrastructure and retail landscape will unlock nearly $1.2 tn of spend. Imports to India rose 1.44% from March 2018 to USD 43.44 bn in March 2019, due mainly to purchases of oil. Considering April-18 to March-19, imports increased 8.99% to USD 507.44 bn from USD 465.58 bn in the same period of the previous fiscal year.

Private consumption in the Eurozone is forecasted to grow by 1.8% in 2019 and expected to remain the main growth driver, benefiting from continued but slower labour market improvements and a pick-up in wage growth. However, as spending tends to be more sensitive to changes in employment than in wages, households are expected to become gradually less inclined to consume additional labour income. Household purchasing power is also set to benefit from lower energy prices, while disposa- ble incomes are expected to receive support from expansionary fiscal measures.

 Export Growth

Exports from India increased 11.02% from March 2018 to USD 32.55 bn in March 2019, boosted by sales of organic & inorganic chemicals, engineering goods, textiles, drugs & pharmaceuticals, and petroleum products; reaching an all time high since 1957.

In 2018, euro area exports of goods to the rest of the world rose to EUR 2,277.6 bn (an increase of 3.7% compared with 2017), and imports rose to EUR 2,084.2 bn (an increase of 6.6% with respect to the previous year). As a result the euro area recorded a surplus of EUR 193.4 bn in 2018, compared with +EUR 240.8 bn in 2017. However, a trade confict of Europe with the US admin- istration imposing tariffs on a wide range of goods including car tariffs, is likely to affect European exports adversely in the coming years.

International Trade in Goods of the Euro Area, EUR bn

Source: Eurostat

 Strong Industrial Production

Industrial production in India rose 0.1% y-o-y in February 2019, following a downwardly revised 1.4% increase in the previous month. Considering April 2018 to February 2019, industrial production went up by 4%.

In February 2019 compared with January 2019, seasonally adjusted industrial production fell by 0.2% in the euro area (EA19) and remained unchanged in the EU28, according to estimates from Eurostat. In the EU28, production of energy fell by 2.2% and capital goods by 0.2%, while production of durable consumer goods remained unchanged, intermediate goods rose by 0.2% and non-durable consumer goods by 0.7%. Among Member States, the largest decrease in industrial production were registered in Lithuania (-4.7%), Greece (-2.7%) and Croatia (-2.3%). The highest increase were observed in Poland (+1.7%), Bulgaria (+1.5%) and Hungary (+1.0%).

Eurozone Industrial Production

Source: Eurostat Note: Prices indexed to 100 in 2015

Smart Robotics

 Overview

With the ongoing trend towards automation and continued innovative technical improvement in  Mobility and medi- industrial robots, the demand for robots has been increasing considerably. cal/healthcare related Robots handling production line operations such as welding, painting and assembly are using ma- robots: Companies are chine learning to improve operational accuracy and predict breakdowns. The key component that working on network sets apart smart robotics from the traditional robotics is the fact that smart robots can interact and based remote control collaborate with humans – often learning from their behavious and working alongside with them. functions and data Smart Robots are divided into two broad categories: industrial robots (handling, welding, painting, collections & analysis assembly, transport etc at manufacturing sites) and service robots (used for mobility (transportation), to improve their ser- medical/nursing/welfare/healthcare, security, cleaning and infrastructure) vices Humanoid Robots are the robots that expresses feelings and emotions such as humans and can per-  Security and cleaning form household tasks and also help older adults. The robot is smart, advanced and equipped with robots: Companies are many sensors. The robot has motorized systems as human eyes and controls like the human brain. working to implement Sophia, the world’s first humanoid was built by Hanson Robotics, a HongKong based company. functions which use networks to collect data and link with operation centres as well as remote operations and record checking  Infrastructure- related robots: Companies are working on network based remote control functions and data collection and analysis to improve their services.

 Market Size and Growth The global smart robot industry is expected to reach USD 14.3bn by 2023, almost tripling from USD 4.9bn in 2018 by growing at a CAGR of 23.7% over this five-year time period. High adoption of robots for personal use, such as companionship and entertainment; support from governments worldwide to develop modern technologies; and financial assistance through government budgets or subsidies are some of the key growth driving factors. It is estimated that 30% of all new robotic deployments are expected to be smart, collaborative robots that operate three times faster than traditional robots while also being safer for working around humans. Service robots are expected to hold the major share of the AI robots market in 2018, with revenue growing at a much faster rate (c.30% CAGR in 2015-20 vs. 18% CAGR for Industrial robots during the same period)

Global Smart Robot Market

Source: MRFR Analysis

Estimated Annual Worldwide Supply of Industrial Robots from 2016-2020

Source: MRFR Analysis

 Industrial Machine Vision by Geography Europe and North America are the biggest markets for smart robots and are driven by rapid commercialization and the progress of their manufacturing industry. Additionally, the early acceptance of technology in these geographies has encouraged the smart robot market to prosper at a brisk rate. On the contrary, it is expected that Asia Pacific (APAC) would be the front- runner, registering fastest growth rate due to significant technological advancements. Additionally, the present boom in the automotive sector is predicted to drive the smart robots markets in APAC. Within APAC, service robots market demand is likely to grow in countries such as China and India owing to the advancements in the manufacturing sector.

 Key Applications by End Markets

Increasing demand from Education Rise of the Delivery Robots Teaching processes, which incorporate robotic- The once science fiction notion of robots car- based engagement methods, can approach rying out deliveries really gained traction in the effectiveness of human tutors. Socially- 2018. Wheeled delivery bots are being used to engaging robots are used in education and carry out deliveries in cities. Using an app, re- also as weight-loss coaches, play partners and cipients can say when and where they want companions. In addition, humanoid robots can their package delivered, as well as keep an be customized for a particular child’s needs. eye on the robot’s progress in real time. Humanoids as Caregivers Rise of the Service Robots Demand for professional caregivers is Service robots for private use is on the on the rise and humanoids have the rise. Having already significantly im- potential to assist the elderly in the Smart pacted the agriculture, surgery and near future. Japanese government Robots logistics sectors, service robots are ex- has already started funding the de- pected to offer greater assistive capa- velopment of elder care robots to fill bility and value in the future. the shortage of specialized workers. Humanoids to Take Over Dull and Growing Application across Industries Dangerous Jobs Smart robotics is no longer confined to conven- Human robots are replacing humans in per- tional sectors like automation and manufactur- forming dangerous tasks. For e.g. welding, ing. As a technology, Smart robotic is undergo- when done manually, can have hazardous ing a massive change and is being deployed effects on the health of the human worker. for a diverse range of applications across multi- With robotic welding in place, humans no ple industries like healthcare, retail, agriculture, longer need to inhale the fumes from metals. logistics, and banking, etc.

 Market Drivers

Next Wave Robotics Increasing sophistication of robotics in devices like drones or intelligent surgical devices leading to the growing opportunity for players Big Data The International Data Corporation predicts that the amount of data in the world will grow ten times by 2025 to 163 ZB (zettabytes) from the 16.1 ZB of data generated in 2016. This development makes the role of artificial intelligence im- portant in analyzing data and making strategic decisions, hence leading to the growth of smart robotics Machine Co-operation With the increasing need of automation, there’s an increasing need of connected machines and smart robots to communicate vast amounts of information very quickly to the other robots, together having the potential to learn from a pool of shared experiences. This ability further drives the usage and hence the market Demand for Augmented Human Function Market Average productivity changes in the nonfarm business sector fell from 2.6% during the 2000-2007 period to 1.2% from 2007-2017, according to the Bureau of Labor Statistics, paving the path for smart Drivers robots that would help increase productivity

Adoption Among Professional Services Robo-advisors and surgical robots are some of the emerging uses of smart robots being increasingly adopted on an industrial scale Government R&D Increasing government funding and R&D due to increasing focus on efficient production especially in emerging countries is further driving the smart robotics market. The UK announced GBP 68mn (about USD 94.2mn) in funding for AI and robotics research on November 8th 2017; China is building an AI research industrial park for USD 2.1bn; and the US is already leading in AI research funding High cost of Human labour With the rise in cost of labour in manufacturing, most of the manufacturing industries are turning towards robot labour for more accuracy, speed and cost reduction. Especially, for the dangerous worksites, such as mines, robot labour can effectively reduce the overall operational cost to a significant extent

 Key Investments in AI & robotics • China-based AI and humanoid robotic company Ubtech secured USD 820m in Series C funding round led by Tencent Holdings Ltd, setting a new record for the largest investment raised in a single round by an AI company

• TartanSence, India-based agritech startup, secured USD 2m seed funding from Omnivore, Blume Ventures and BEENEXT. The company will use the funds to scale up its first AI-backed robot, designed to assist farmers

• US-based Misty Robotics, a spin-out company from Sphero, raised USD 11m in equity that was a follow-on to its Series A round from 2017. The Misty II is an advanced personal robot that will ship to customers in 2019

• International Intelligent Machines, China-based developer of AI-powered driverless technology and humanoid intelligent robot technology, secured USD 10m in a Series A round backed by SINO-BLR Industrial Investment Fund

• US-based company Vicarious Surgical closed a USD 10m round of funding led by Bill Gates’ Gates Frontier. The company will use this money to continue to develop its technology combining surgical robots

• Embodied, US-based AI and robotics company, raised USD 22m in a Series A financing led by Calibrate Ventures, and will use the funds to create an art companion robots to revolutionize human-centric care and wellness

 Competitive Landscape (Major Public Companies)

Sales Market Cap Company Headquarters Description (EURm) (EURm) Siemens AG engages in the production and supply of systems for power gen- 83,044.0 85,557.3 eration, power transmission, and medical diagnosis ABB Ltd. is a holding company, which engages in the development and 23,500.7 39,338.8 provision of power and automation technologies FANUC Corp. engages in the development, manufacture, sale, and 5,609.9 33,320.6 maintenance of computer numerical control (CNC) systems, lasers, robot

systems, robomachines, roboshot, robocut and nano robots Rockwell Automation, Inc. engages in the provision of industrial automation 5,602.8 20,157.9 and information services iRobot Corp. is a robot company, which engages in designing and building 925.3 3,438.2 robots. Its products include robot vacuums, robot maps, and pool cleaners. 3,242.1 2,318.9 KUKA AG engages in the provision of intelligent automation solutions

 Competitive Landscape (Private Companies)

 Notable Transactions

Target Acquirer Target Acquirer Target Acquirer Target Acquirer

Private Consortium of Investor investors (5.1% Stake) (86.5% stake)

EV: USD 340.7m EV: USD 9,253.3m EV: USD 4,246.3m EV: USD 4,395.7m

EV/EBITDA: n/a EV/EBITDA: n/a EV/EBITDA: n/a EV/EBITDA: 17.0

Deal Rationale Deal Rationale Deal Rationale Deal Rationale Will Help the company to expand its Will enable KCC Corporation to Will allow UBTECH to solidify its R&D Will enable Midea to enhance its unmanned system capabilities return its investment activities, and enable it to create industrial robotics business and third brand expansion and acquire new party logistics services talent

Target Acquirer Target Acquirer Target Acquirer

(24.09% Stake) (40% Stake)

EV: USD 520.3m EV: USD 254.4m EV: USD 1,887.8m

EV/EBITDA: n/a EV/EBITDA: 45.0 EV/EBITDA: 12.4

Deal Rationale Deal Rationale Deal Rationale Will enable Softbank to go global Will strengthen Teradyne's System Will help it expand into Robotics with its robotics business and Wireless Test businesses and will help it to expand its business in high growth segment of industrial automation 17

 Outlook

The smart robotics market has matured steadily with the automation across various industries. Rapid technological advances and the presence of several established automation and technology companies will drive the growth of the smart robots market. While robotics has its roots in the manufacturing sector, there is an increasing acceptance and adoption of robots in several other industries, such as resources and transportation. Organizations in these areas are attracted to the promise of greater efficiency and productivity. But they are also turning to robotics to address other concerns such as skills shortages, workplace safety, and keeping up with the accelerating pace of business. The emerging technological advancements within the robotics field coupled with rising investments towards industrial automation will ultimately boost the overall market for smart robots globally.

M&A Trends The first quarter of 2019 saw a decline in the M&A activity. Many European firms slowed their investment decision making as a result of rising levels of political and economic uncertainty, coupled with growing protectionism. In Q1’19 the European M&A plummeted to its lowest quarterly value since 3Q12. The relentless uncertainty surrounding how Brexit will unfold left UK M&A activity remaining at an historical low during the first quarter. Confidence in pursuing blockbuster deals appeared to have taken a further hit following the proposed merger between Siemens and Alstom being blocked due to competition concerns. The top ten mega deals (> USD 10.0bn) did not target Europe. The largest deal in the first quarter saw ZF Friedrichshafen acquire Swiss brake technology manufacturer WABCO for USD 7.2bn.

In Germany, rumours of banking consolidation re-emerged with Deutsche Bank and Commerzbank. Both banks have long been linked as potential merger partners given their relative financial shortcomings. Foreign investment has also been comparatively quiet. Inbound M&A dropped to the lowest quarterly value since Q4’17. Foreign investment is expected to drop further in the coming months following the announcement that the EU had approved a new foreign direct investment screening framework.

Private equity was one area that remained robust in 2019, with several high-profile buyouts announcements. There were 11 take-private buyouts worth a combined USD 19.9bn announced including the USD 5.5bn takeover of UK satellite firm Inmarsat by a consortium formed of Apax Partners, Warburg Pincus and CPPIB.

In Asia, dealmaking dipped to its lowest level in Q1’19. According to Merger Market, the deal value in China, which accounted for 46.6% of the overall M&A activity APAC ex Japan in Q1’19, almost halved compared to the same period last year. Dealmaking remained lacklus- tre across most of the rest of Asia with the notable exceptions of Singapore, Thailand and Indonesia, where M&A value increased despite fewer deals due a to number of large cap deals. Buyouts plunged and PE also felt a squeeze as China-US trade war, domestic deleverag- ing efforts to curb financial risks, and increased regulatory scrutiny made fundraising for private equity and venture capital more challeng- ing.

Geopolitical uncertainties persisted in Europe and economic slowdowns emerged in Asia, US was the most valuable place to do business globally with 51.7% of market share by total deal values, according to Merger Market. Nevertheless, despite the hefty sums paid for US firms, deal count saw a decrease in Q1’19, posting 1,081 transactions – the fewest for a first quarter in half a decade. The biggest deal for the quarter in the US and across all sectors was Bristol-Myers Squibb’s USD 89.5bn bid for Celgene. Dealmakers in 2019 seem ready to continue buying up valuable targets in the US. However, the effect of the Fed’s decision to halt interest rate hikes this year due to concerns stemming from the government shutdown, trade tensions, and slowdowns abroad is yet to be seen.

 Energy and Chemicals The Global M&A volume in Q1 remained underwhelming. However, a late volume resurgence during the last two weeks of the quarter saw total global M&A volume accelerate, credits to the mega deals in the Energy and Chemical sector including Saudi Aramco’s USD 69bn offer for 70% of SABIC, a Saudi-based diversified manufacturing company, active in petrochemicals, chemicals; and DowDuPont’s USD 52bn spin-off of Dow Inc, the Material Science Divison of the Company.

 Industrial (in the surveyed countries) The M&A market in the industrial sector increased in the first quarter of 2019, accounting for altogether 483 transactions (vs. 467 in the fourth quarter of the last year) registered by Mergermarket in the surveyed countries. The market volume increased in the first quarter by around 3.4% as compared to the preceding one (i.e. the fourth quarter 2018) and increased approximately 2.1% as compared to the first quarter of 2018.

The following figure reflects the quarterly development of the market volumes in the industrial sector over the last 5 years: Quarterly development of number of transactions in the industrial sector

Lower number of industrial deals was recorded in Europe than in North-America during the first quarter 2019. Of the 483 transactions in the observed regions during Q1 2019, 48.9% were recorded in Europe and 51.1% in North-America.

A comparison of the valuation levels observed during the first quarter 2019 and the fourth quarter of 2018 shows that the overall median for the enterprise values increased to EUR 82.0m, due to a significant increase in values in Nordics Region, Germany’s Neighbour countries and a slight increase in the DACH region. The median recorded enterprise value in Nordics, Germany’s Neighbour countries and DACH region was higher than in the previous quarter by 919%, 84% and 20% respectively. However, the valuation multiples for sales and EBITDA decreased compared to Q4 2018. The analysis of the limited number of transactions with published valuation data (101 transactions making approx. 20.9% out of the total) shows that the median multiples during Q1 2019 were 1.2x for sales and 7.7x for EBITDA compared to 1.7x and 11.8x in Q4 2018. Germany's Number of transactions with disclosed DACH North neighbour Nordics** UK Total values region America countries* Enterprise value > € 1 bn 2 0 2 2 9 15 Enterprise value € 250 m - € 1 bn 0 1 0 1 9 11 Enterprise value € 100 m - € 250 m 2 6 0 0 10 18 Enterprise value € 50 m - € 100 m 2 3 1 0 10 16 Enterprise value < € 50 m 2 6 1 9 23 41 Total 8 16 4 12 61 101

Germany's Q1 2019 DACH North Overall neighbour Nordics** UK Median values region America median countries* Enterprise value in € million 121 70 710 15 82 82 Sales multiple 1.0 1.5 1.0 1.2 1.2 1.2 EBITDA multiple 13.1 7.7 6.0 7.6 8.0 7.7

Germany's Q4 2018 DACH North Overall neighbour Nordics** UK Median values region America median countries* Enterprise value in € million 101 38 70 47 279 70

Sales multiple 2.5 1.7 1.6 1.4 2.0 1.7 EBITDA multiple 14.4 11.1 11.8 9.0 12.4 11.8

Germany's DACH North Overall 2018 neighbour Nordics** UK region America median countries* Enterprise value in € million 75 63 70 56 180 70 Sales multiple 0.9 1.4 0.8 1.3 1.8 1.3 EBITDA multiple 9.5 11.1 9.7 9.5 12.0 9.7 * Except Austria and Switzerland ** Denmark, Norway, Sweden

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 increased slightly from 20.0% in Q4 2018 to 23.7% in the first quarter of 2019 (56 out of 236 deals registered in Germany). UK recorded 37 transactions, France 29, Italy 27 and Netherlands 23 transactions.

On the buyer side, Germany, France and UK buyers completed 33, 30 and 27 transactions respectively in the industrial sector in Europe, and thus were more active than USA and Canada investors, who completed 24 takeovers. To compare, the Top 3 ac- quirers in the previous quarter were respectively France (35 takeovers), Germany (32) and USA & Canada (28). At the same time, the number of acquisitions of industrial companies carried out by Asian investors in Europe increased to 20, and the transactions carried out by North America, which decreased to 24. Japan and China were the most active in Europe among the Asian buyers (7 transactions each). In Q4 2019 Asian buyers completed 16 industrial transactions (Japan 11, China 3) and North American buyers completed 28 transactions.

The European market was dominated, although slightly in the first quarter of 2019 by cross border transactions (i.e. target and buyer with different countries of origin), accounting for altogether 119 deals (i.e. 50.4% out of the total deal number). For the purpose of comparison: in the previous quarter the split between domestic and cross-border transactions was 52.2% and 47.8%, respectively. The following charts highlight some relevant findings regarding the target and buyer geographies for the Europe- an market:

Breakdown of deals in Europe* by origin of buyer compa- Breakdown of deals in Europe* by location of target companies nies # of deals = 236 # of deals = 236

*in countries covered in this report * in countries covered in this report

With 56 transactions in the industrial sector in Q1 2019 the German market remained strong. The split between “domestic” and “cross-border” deals saw an increase in cross border takeovers compared to the previous quarter and accounted for approximately 60.7% out of the total deal number (vs. 49.0% in Q4 2018). In other words: in Q1 2019 Foreign investors acquired more German companies than Domestic buyers did in Europe. On the seller side, Industrial companies and Financial Investors continued to dominate the space as in the previous quarter of same year. The following charts replicate our key findings with regard to the buyers’ geographies as well as buyers’ and sellers’ types in Germany:

Buyer geographies Buyer types Seller types # of deals = 56 # of deals = 56 # of deals = 56

Global M&A Partners – Deals in Q1 2019

In the first quarter of 2019 we, Global M&A Partners, achieved a good score of the closed transactions. The following have, among others, to be mentioned:

Acquired Acquired Acquired

Acquisition of Mas Limpio, a Sale of Fahrzeugbau KEMPF Acquisition of Roder HTS Hocker Mexican rent and washing of GmbH & Co. KG, a German man- GmbH, a German manufacturer specialized textiles by Lavartex ufacturer of customised lorry semi- of event tents and temporary trailers with tilt machines to buildings by Findos Investor GmbH

Steadfast Capital and Bitburger Holding GmbH, pri-

vate equity companies

Country Focus

Deal details

Country Focus – India

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

31/03/ Shapoorji n/a 178.3 Sprng Energy Shapoorji Sprng Energy Pvt Ltd, an India-based renewable energy platform 2019 Pallonji Pallonji owned by Actis LLP, the UK-based PE firm has acquired a 194MW Pvt Ltd Infrastructure Infrastructur solar power assets from Shapoorji Pallonji Infrastructure Capital Co. Capital Co. e Capital Pvt. Ltd. an India-based holding company having interests in Pvt. Ltd. (194 Co. Pvt. Ltd. companies engaged in providing highway construction and MW solar operation services, for a consideration of USD 70m. The transaction assets) values the solar assets at USD 200m. As per the transaction, Sprng has acquired 194MW of the solar power assets from Shapoorji Pallonji. The acquisition is part of Actis' strategy to build 2GW of renewable power projects in India. Out of the 194MW, 144 MW are located in Telangana and a 50 MW project in Rajasthan.Sprng is backed by Actis since 2017 via its Actis Energy 4 Fund. 31/03/ Welspun Corp 153.8 109.1 Laptev Welspun "Laptev Finance Pvt Ltd, an India-based company having interest in 2019 Ltd (Plates and Finance Pvt Ltd Corp Ltd production, marketing and sales of steel plates, coils, pipes, bends Coils Mill and coating of pipes, has agreed to acquire the Plates and Coils Mill Division) Division of Welspun Corp Ltd, a listed India-based manufacturer and supplier of steel pipes and plates and coils and other steel industrial products for infrastructure, energy, oil and gas exploration and power generation, for a consideration of INR 8.5bn (USD 122.2m). 26/03/ Unitech Power n/a 12.8 Sterling & n/a "Sterling & Wilson Pvt. Ltd., an India-based company engaged in 2019 Transmission Wilson Pvt. Ltd. providing mechanical and electrical contracting services and a Limited subsidiary of Shapoorji Pallonji Group, an India-based conglomerate, has agreed to acquire Unitech Power Transmission Limited, an India- based company engaged in the business of manufacturing and installation of power transmission lines, for an approximate consideration of INR 1,000m (USD 14.5m). Pursuant to the transaction, the consideration amount will be placed with the registry of the Supreme Court, India. Post transaction, Unitech Power Transmission will continue to work as the wholly owned subsidiary of Sterling & Wilson.

27 Source: Mergermarket

Country Focus – India

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

22/03/ Sidwal 20.7 n/a Amber n/a Amber Enterprises India Limited has agreed to acquire an 80% stake 2019 Refrigeration Enterprises in Sidwal Refrigeration Industries Pvt Ltd. Amber Enterprises India Industries Pvt India Limited Limited, a listed India-based company headquartered at Gurgaon, Ltd (80% Stake) is India-based company engaged in design and manufacturing of refrigeration and air conditioning systems, related components and extrusion sheets, sheet metal components. Sidwal Refrigeration Industries Pvt Ltd, an India-based company headquartered in New Delhi, is engaged in manufacturing and sale of heating, ventilation, air conditioning (HVAC) and refrigeration equipment for railway coaches, metro coaches, buses, telecom, commercial refrigeration and related component.The transaction also includes acquisition of Sidwal Technologies, a wholly-owned subsidiary of Sidwal Refrigeration Industries. Amber will pay consideration in cash. Sidwal has no long term debt & minimal short term working capital debt. 12/03/ Aurangabad 81.4 103.8 Mahindra CIE Bagla Mahindra CIE Automotive Ltd has agreed to acquire Aurangabad 2019 Electricals Automotive Group Electricals Limited, from Bagla Group Limited. MCIE will acquire AEL Limited Ltd Limited for an enterprise value of INR 8.8bn (USD 125.2m). The consideration includes a deferred payment of up to INR 622m (USD 8.9m), contingent with NPV of future cash flows of subsidies for AEL under the Government of Maharashtra’s Package Scheme of Incentives, 2013. 11/03/ MILLTEC 33.3 72.2 Ag Growth Multiples Ag Growth International, Inc. has entered into definitive agreement 2019 Machinery International, Alternate to acquire MILLTEC Machinery Limited from Multiples Alternate Asset Limited Inc. Asset Management Private Ltd (MAAM). Ag Growth will pay consideration Manageme of CAD 109.5m (USD 81.6m) for the acquisition of MILLTEC. In addition nt Private to consideration, Ag Growth will also pay earnouts of upto CAD Ltd 38.4m (USD 28.6m) based on achievement of Milltec Machinery's EBITDA targets over the years.

28 Source: Mergermarket

Country Focus – India

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

11/03/ Pipeline n/a 2,174.9 India Reliance India Infrastructure Trust (InvIT), an India-based infrastructure Trust, has 2019 Infrastructure Infrastructure Industries agreed to acquire Pipeline Infrastructure Pvt Ltd (PIPL), an India- Pvt Ltd Trust Holding Pvt based company that own and operates gas pipeline, from Reliance Ltd Industries Holding Pvt Ltd, an India-based holding company owned by Mukesh Ambani and family, for a consideration for an enterprise value of INR 170.5bn (USD 2.4bn). The enterprise value includes cash of INR 6bn (USD 85.9m), Debt of INR 164bn (USD 2.3bn), preference shares of INR 500m (USD 7.2m). 01/03/ Ola Electric n/a n/a Tiger Global n/a Ola Electric Mobility Pvt Ltd, an Indian electric generation and 2019 Mobility Pvt Ltd Management; transportation startup, raised USD 56.4m in a round led by Matrix Matrix Partners India and Tiger Global, according to a newswire. This is the first raise India for Ola Electric Mobility, backed by Ola Cabs, the company told Reuters. Ola Electric Mobility operates electric cabs, auto-rickshaws, buses, rooftop solar installations, charging stations, and battery swapping experiments. 20/02/ Huhtamaki n/a n/a Huhtamaki Oyj n/a n/a 2019 Foodservice Packaging Private Limited 14/02/ Harita Seating 56.9 43.3 Minda n/a Minda Industries Limited has agreed to acquire Harita Seating 2019 Systems Industries Systems Limited.MIL will acquire 7,769,040 HSSL shares representing Limited Limited 100% stake, by issuing 152 fully-paid equity shares of MIL for every 100 fully-paid equity shares of HSSL, thererby valuing the transaction at INR 3.2bn (USD 45.1m). The offer price of the transaction is INR 411.2 (USD 5.8). 10/02/ San n/a n/a Dhoot n/a Dhoot Transmission Pvt. Ltd., an India-based manufacturer of wiring 2019 Electromec Transmission harnesses and power cords for the automotive and domestic Industries Pvt. Ltd. appliances market, has acquired San Electromec Industries, an India- based manufacturer and exporter of automotive

29 Source: Mergermarket

Country Focus – India

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

components, for an undisclosed consideration.

01/02/ Captiva n/a n/a PR INDUSTRIAL n/a PR INDUSTRIAL s.r.l (d/b/a Pramac), an Italy-based manufacturer of 2019 Energy s.r.l stationary and mobile generators and material handling equipment Solutions and a subsidiary of Generac Holdings Inc., a listed US-based Private Limited designer and manufacturer of power generation equipment and other engine powered products, has acquired an undisclosed majority stake in Captiva Energy Solutions Private Limited, an India- based company engaged in manufacture and sale of customized generators, for an undisclosed consideration. 31/01/ Prathamesh 3.6 n/a Ostro Energy Suzlon Ostro Energy Private Limited, an India-based company which owns, 2019 Solarfarms Private Limited Energy operates, and develops wind power projects, and a wholly-owned Limited (51% Limited subsidiary of ReNew Power Limited, an India-based company Stake) engaged in wind power generation, has acquired a 51% stake in Prathamesh Solarfarms Limited, an India-based company engaged in operating solar power projects, from Suzlon Energy Limited, a listed India-based provider of renewable energy solutions, for a consideration of INR 570.9m (USD 8.1m). 30/01/ KPIT n/a n/a Minda Birlasoft Minda Industries Limited (MIL), an auto ancillary company, informed 2019 Technologies Industries Limited the BSE yesterday that it has inked a deal to buy the telematics Limited Limited hardware business of India's KPIT Engineering Ltd. (Telematics "Minda Industries Ltd. (MIL) has entered into a definitive agreement hardware (Agreement) with KPIT Engineering Ltd (KPIT) to purchase its business business) related to telematics hardware products consisting VTS - AIS 140, OBITS (On Bus Integrated Telematics Systems complying to UBS-II specifications), and telematics products for School buses.

30 Source: Mergermarket

Country Focus – India

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

22/01/ Cyient DLM 48.9 n/a Cyient Ltd. L&T Capital Cyient Ltd., a listed India-based company, engaged in engineering, 2019 Private Limited Company manufacturing, data analytics and networks & operations (26% Stake) Ltd; N. businesses, has agreed to acquire 26% stake in Cyient DLM Private Ranga Rao Limited, an India-based provider of design and manufacturing & Sons services, from N. Ranga Rao & Sons Private Limited, an India-based Private business conglomerate engaged in manufacturing fragrance Limited products and L&T Capital Company Ltd, an India-based engaged in providing non-banking financial services, for a cash consideration of INR 425m (USD 5.9m). 14/01/ Hindusthan 247.7 n/a Lotus One n/a Lotus One Investment Pte. Ltd. has agreed to acquire an undisclosed 2019 National Glass Investment stake in Hindusthan National Glass & Industries Limited, on private & Industries Pte. Ltd. placement basis. Lotus One will pay INR 3.9bn (USD 55.9m) as a Limited consideration, based on 46,990,840 compulsorily convertible preference shares (CCPS) of HNG issued, valued at an issue price of INR 83.8 per share, on a preferential basis. Each CCPS will get converted into 1 equity share.

31 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

29/03/ Hock Sachsen n/a n/a Rupf Industries n/a Rupf Industries GmbH, a Germany-based industrial group engaged 2019 in automotive, hydraulics and engineering, has acquired Hock GmbH GmbH Sachsen GmbH, a Germany-based company engaged in manufacturing of industrial component, for an undisclosed consideration, via insolvency proceeding. The acquisition will help Rupf in expanding its business in Sauerland region. 29/03/ Multitec-Jakob n/a n/a Erhart GmbH n/a Erhart GmbH, a Germany-based company engage in 2019 GmbH & manufacturing industrial products and components, has acquired Co.KG Multitec-Jakob GmbH & Co.KG, a Germany-based manufacturer of tool machines, packaging punches and other industrial products, for an undisclosed consideration. 28/03/ WABCO 3,342.6 6,749.0 ZF n/a WABCO Holdings (“Wabco”) [NYSE:WBC], a Delaware registered, 2019 Friedrichshafen Switzerland headquartered and US listed maker of braking AG technologies, agreed to be acquired by ZF Friedrichshafen (“ZF”), the German auto parts company.The offer is USD 136.5 in cash. 27/03/ HOERBIGER 64.0 n/a HAWE HOERBIGER HAWE Hydraulik SE, a Germany-based manufacturer of hydraulic 2019 Automatisierun Hydraulik SE Holding AG components and systems, has agreed to acquire HOERBIGER gstechnik Automatisierungstechnik Holding GmbH, a Germany-based Holding GmbH company engaged in manufacturing of pistons and pumps, from HOERBIGER Holding AG, a Switzerland-based company that manufactures compression, automation, and drive technology solutions, for an undisclosed consideration. 27/03/ Gmeinder 15.0 n/a Wikov Industry n/a Wikov Industry a.s., a Czech Republic-based manufacturer of 2019 Getriebe a.s. mechanical gear units, has agreed to acquire Gmeinder Getriebe Gruppe Gruppe (GGG), a Germany-based manufacturer and maintenance/service provider of gearboxes and motor-gear for rail- bound vehicles, for an undisclosed consideration.

32 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

26/03/ H-TEC SYSTEMS n/a n/a MAN Energy GP Joule MAN Energy Solutions SE, a Germany-based developer and 2019 GmbH (40% Solutions SE GmbH manufacturer of large-scale diesel engines, turbo compressors, Stake) industrial turbines and chemical reactor systems, has acquired a 40% stake in H-TEC SYSTEMS GmbH, a Germany-based developer of innovative products in the hydrogen sector, from GP Joule GmbH, a Germany-based company engaged in developing, engineering, and implementing renewable energy projects, for an undisclosed consideration. 25/03/ IBD Deisenroth 35.0 n/a Rheinmetall n/a Rheinmetall AG, the listed Germany-based producer of automotive 2019 Engineering AG components and defense equipment, has acquired IBD Deisenroth GmbH Engineering GmbH, the Germany-based supplier of passive protection systems, principally for military vehicles, for an undisclosed consideration. The transaction will help Rheinmetall to strengthen its position as the major supplier of defense technology in Germany. 25/03/ Sicko GmbH & 7.0 n/a Finexx GmbH Carl Sicko Finexx GmbH, a Germany-based private equity firm, via its Finexx 2019 Co. KG (Private Fund I, along with the management of Sicko GmbH & Co. KG, a Investor); Germany-based provider of digitization and automation solutions for Jochen the woodprocessing industry, have acquired the company in a Sicko management buyout transaction, from Mr. Carl Sicko and Mr. (Private Jochen Sicko, Germany-based private individuals, for an undisclosed Investor) consideration.

33 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

22/03/ Hitzinger n/a n/a Doerflinger n/a Doerflinger Management & Beteiligungs GmbH, an Austria-based 2019 GmbH Management investment holding company, along Mr. Dietmar Pfeiffer, Mr. Daniel & Beteiligungs Huber and Mr. Jochen Philipp, the Austria-based private investors GmbH; Daniel have together agreed to acquire Hitzinger GmbH, an Austria based Huber (Private manufacturer of alternators, airport equipment, converters, gensets Investor); and UPS systems, for an undisclosed consideration. This transaction is Jochen Philipp a part of insolvency proceedings of Hitzinger GmbH. (Private Investor); Dietmar Pfeiffer (Private Investor) 15/03/ HKR Seuffer n/a n/a Hyoseong n/a Hyoseong Electric Co. Ltd, the South Korea-based company that 2019 Automotive Electric Co. develops, manufactures, and sells automotive motors and KRAH GmbH & Co. Ltd; KRAH Elektronische Bauelemente GmbH, the Germany-based company KG Elektronische manufacturer of resistors and controllers, has agreed to acquire HKR Bauelemente Seuffer Automotive GmbH & Co. KG, the Germany-based company GmbH that develops and produces innovative power electronics in the automotive sector, for an undisclosed consideration. 14/03/ Poligrat GmbH n/a n/a KSO n/a KSO Edelstahlbeizerei GmbH, a Germany-based stainless-steel 2019 Edelstahlbeizer pickling company, has agreed to acquire Poligrat GmbH, a ei GmbH Germany-based electro-chemical surface refinement company, for an undisclosed consideration. 11/03/ Jumag n/a n/a Abacus Alpha n/a Abacus Alpha GmbH, a Germany-based private equity firm, has 2019 Dampferzeuge GmbH acquired a 60% stake in Jumag Dampferzeuger GmbH, a Germany- r GmbH (60% based manufacturer of steam generators, for an undisclosed Stake) consideration.

34 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

08/03/ Sarwa GmbH n/a n/a Sarwabhotla n/a The Sarwabhotla family, an India-based family, has acquired DMS- 2019 family CNC Technik GmbH, a Germany-based company manufacturing and supplying automotive components, for an undisclosed consideration. 07/03/ Stahlhammer n/a n/a Turbo Columbus Turbo Investment BV, a Netherlands-based investment holding 2019 Bommern Investment BV McKinnon company has acquired Stahlhammer Bommern GmbH (STB), a GmbH Corporatio Germany-based iron and steel forging manufacturer, from Columbus n McKinnon Corporation (CMCO), a listed US-based designer, manufacturer and marketer of hoists, rigging tools, for an undisclosed consideration. 06/03/ Walterscheid n/a n/a One Equity GKN Plc One Equity Partners LLC, the US-based private equity firm, has 2019 Powertrain Partners LLC agreed to acquire Walterscheid Powertrain Group, a Germany- Group based provider of equipment and aftermarket parts and services for off-highway powertrain applications, from GKN Plc, the UK-based engineering group engaged in the provision of services to automotive and aerospace industries, and a subsidiary of Melrose Industries Plc, the listed UK based and listed industrial company specialising in the acquisition and performance improvement of underperforming businesses, for an undisclosed consideration. 05/03/ Ubitricity n/a n/a Electricite de n/a Electricite de France S.A., the listed France-based company 2019 Gesellschaft France S.A.; engaged in producing, transmitting, distributing, importing and fuer verteilte Honda Motor exporting electricity, Honda Motor Co., Ltd., the listed Japan-based Energiesystem Co., Ltd.; company engaged in the manufacturing of automobiles and e GmbH Next47 GmbH motorcycles and Next47 GmbH, a Germany-based private equity and venture capital firm of Siemens AG, has acquired an undisclosed stake in Ubitricity Gesellschaft fuer verteilte Energiesysteme GmbH, a Germany-based developer of charging systems for electric vehicles, for a consideration of EUR 20m

35 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

01/03/ KACO new n/a n/a Siemens AG n/a Siemens AG, a listed Germany-based diversified electronics and 2019 energy GmbH electrical engineering company operating in the industrial, energy and healthcare sectors, has agreed to acquire KACO new energy GmbH, a Germany-based company engaged in manufacturing power supply systems, for an undisclosed consideration 28/02/ DFT n/a n/a HAHN n/a HAHN Automation GmbH, a Germany-based company engaged in 2019 Maschinenbau Automation the manufacture and installation of automating machinery and a GmbH GmbH subsidiary of HAHN Group, a Germany-based provider of automation and robotic solutions, has acquired DFT Maschinenbau GmbH, an Austria-based manufacturer of assembly and testing technology, for an undisclosed consideration. HAHN Automation will be able to consolidate its position in the market and expand its expertise in assembly and testing technology. 28/02/ Kempf GmbH 80.0 n/a Steadfast Kempf Steadfast Capital GmbH, a Germany-based private equity firm via its 2019 Capital GmbH family fund IV, has acquired an undisclosed majority stake in Kempf GmbH, a Germany-based manufacturer of customized lorry semi-trailers with tilt mechanisms, from Kempf family, a Germany-based family, for an undisclosed consideration. 28/02/ Frauscher 70.0 n/a Delachaux S.A. Greenbriar Delachaux S.A., a France-based company engaged in the railways, 2019 Sensortechnik Equity conductic, and metals businesses has acquired a majority stake in GmbH Group, L.P. Frauscher Sensortechnik GmbH, a Austria-based manufacturer of wheel sensors and axle counting systems for railway security systems from, Greenbriar Equity Group LLC, the US-based private equity firm, for an undisclosed consideration.

36 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

27/02/ Auer n/a n/a gh Beteiligungs n/a gh Beteiligungs GmbH has agreed to acquire Auer 2019 Metallkompon GmbH Metallkomponenten GmbH. gh Beteiligungs GmbH is an Austria- enten GmbH based investment company owned by Mr. Erhard Grossnigg and Mr. Gunther Heiden, the Austria-based private investors. Auer Metallkomponenten GmbH is a Germany-based supplier of aluminum and magnesium die-cast parts for the automotive industry, headquartered in Amberg. 27/02/ Auer Guss n/a n/a gh Beteiligungs n/a gh Beteiligungs GmbH has agreed to Auer Guss GmbH. gh 2019 GmbH GmbH Beteiligungs GmbH is a Austria-based investment company owned by Mr. Erhard Grossnigg and Mr. Gunther Heiden, the Austria-based private investors. Auer Guss GmbH is a Germany-based supplier of aluminum and magnesium die-cast parts for the automotive industry, headquartered in Amberg. 27/02/ Omni Ray AG 32.0 n/a Addtech AB n/a Addtech AB, a listed Sweden-based company that develops and 2019 sells components and systems to industrial companies and service industry, has agreed to acquire an undisclosed majority stake in Omni Ray AG, a Switzerland-based distributor of technology products for industrial automation sector, for an undisclosed consideration.

37 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

25/02/ IFCO Systems 958.0 2,211.3 Triton Partners; Brambles Triton Partners and Abu Dhabi Investment Authority has agreed to 2019 Gmbh Abu Dhabi Limited acquire IFCO Systems Gmbh from Brambles Limited. Triton Partners Investment (TP) is a UK-based private equity firm, headquartered in London. Abu Authority Dhabi Investment Authority (ADIA) is a UAE-based sovereign wealth fund of the Government of Abu Dhabi, headquartered in Abu Dhabi. IFCO Systems Gmbh (IFCO) is a Germany-based company that manufactures and supplies reusable plastic containers to retailer and producer markets, headquartered in Pullach. Brambles Limited is a listed Australia-based company headquartered in Sydney, New South Wales, is engaged in supply-chain logistics, headquartered in Sydney. 25/02/ Linde + 610.8 n/a JBM Auto Ltd n/a JBM Auto Ltd, a listed India-based company engaged in the 2019 Wiemann SE & manufacture of sheet metal components, welded assemblies, tool Co. KG and dies primarily for automobile industry, has acquired an undisclosed majority stake in Linde + Wiemann SE & Co. KG, a Germany-based supplier of automotive structural components and assemblies, for an undisclosed consideration. 22/02/ Terex n/a 189.6 Tadano Ltd Terex Tadano Ltd. has agreed to acquire Demag Brand Crane Business 2019 Corporation Corporatio and certain assets from Terex Corporation. Tadano Ltd. is a listed (Demag Brand n Japan-based company involved in manufacturing and sale of Crane Business construction machinery, headquartered in Tokyo. Terex Corporation, and certain the listed US-based manufacturer of construction, mining and other assets) heavy industries equipment’s and provider of financing and related services for equipment purchases, headquartered in Westport, Connecticut.

38 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

22/02/ Rheinhuette n/a 81.0 ITT Inc. Aliaxis ITT Inc. has agreed to acquire Rheinhuette Pumpen GmbH from 2019 Pumpen Group S.A. Aliaxis Group S.A. / N.V. ITT Inc. is the listed US-based engineering and GmbH / N.V. manufacturing company engaged in water and fluids management, global defense and security, and motion and flow control, headquartered in White Plains, New York. Rheinhuette Pumpen GmbH is a Germany-based designer and manufacturer of centrifugal and axial flow pumps, headquartered in Wiesbaden. Aliaxis Group S.A. / N.V. is a Belgium-based manufacturer and distributor of plastic fluid handling systems for residential and commercial construction, and industrial and public infrastructure applications, headquartered in Brussels. 21/02/ RENA GmbH 120.0 n/a Equistone Capvis Equistone Partners Europe Limited along with the management of 2019 Partners Equity RENA Technologies GmbH, have agreed to acquire the company Europe Limited Partners AG from Capvis Equity Partners AG, for an undisclosed consideration. 18/02/ BRUMA 11.0 n/a Bossard Bossard Holding AG, a listed Switzerland-based provider of fasteners 2019 Schraub- und Holding AG and fastening technology, has acquired BRUMA Schraub- und Drehtechnik Drehtechnik GmbH, a Germany-based supplier of fastening solutions GmbH in the industrial sectors, for an undisclosed consideration. Bossard strengthens its market position in the area of engineered products and its presence in the German market by acquiring BRUMA.

39 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

15/02/ Sonnen GmbH n/a n/a Shell Ventures Munich Shell Ventures, a Netherlands-based private equity arm of Royal 2019 Venture Dutch Shell Plc, the listed Netherlands-based company engaged in Partners; exploring, producing and refining petroleum, has agreed to acquire eCAPITAL and undisclosed majority stake in Sonnen GmbH, a Germany-based entreprene provider of energy storage solutions, from a group of sellers, for an urial undisclosed consideration. Partners AG; SET Manageme nt B.V.; GE Ventures; Inven Capital, SICAV, a.s. 13/02/ C-CON n/a n/a MT n/a MT Technologies GmbH, a Germany-based company manufacturing 2019 Holding GmbH Technologies and designing machines for the automotive industry, and a (75.1% Stake) GmbH subsidiary of Ayala Corporation, a listed Philippines-based conglomerate has agreed to acquire 75.1% stake in C-CON Holding GmbH, a Germany-based manufacturer of automobile components, for an undisclosed consideration.

40 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

13/02/ Veja Mate n/a n/a KGAL GmbH & Siemens A consortium of Commerz Real AG, wpd invest GmbH, KGAL GmbH 2019 Offshore Co. KG; Ingka Financial & Co. KG and Ingka Holding B.V., has acquired an approximately Project GmbH Holding B.V.; Services 80% stake in Veja Mate Offshore Project GmbH from Siemens (80% Stake) Commerz Real GmbH; Financial Services GmbH, Copenhagen Infrastructure Partners K/S AG; wpd invest Copenhag and Highland Group Holdings. Veja Mate Offshore Project GmbH is a GmbH en Germany-based 402 MW offshore wind farm located in the North Infrastructur Sea. e Partners K/S; Highland Group Holdings 11/02/ SchahlLED 20.0 n/a Active Capital n/a Active Capital Company B.V., a Netherlands-based private equity 2019 Lighting GmbH Company B.V. firm, along with the management of SchahlLED Lighting GmbH, a Germany-based company specialized in radio-controlled lighting systems for industrial buildings, have acquired the company in a management buyout transaction, for an undisclosed consideration. 11/02/ metallbau 10.0 n/a Undisclosed n/a An undisclosed bidder has acquired metallbau HETZE GmbH & Co. 2019 HETZE GmbH & bidder KG, a Germany-based metal construction company, for an Co. KG undisclosed consideration. 07/02/ Meyer Burger 44.4 44.0 Precision Meyer Precision Surfacing Solutions GmbH & Co. KG (PSS), a Germany- 2019 Technology Surfacing Burger based supplier of high-precision machine tools and services for AG (Wafering Solutions Technology lapping, polishing, grinding and honing has agreed to acquire the business) GmbH & Co. AG Switzerland-based photovoltaic and specialized materials, wafering KG equipment and service business of Meyer Burger Technology AG, a listed Switzerland-based producer of machines that slice and process materials for the semiconductor, photovoltaic, optical and ceramic industries, for a cash consideration of CHF 50m (EUR 49.9m)

41 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

06/02/ EMMSA 10.0 n/a Electra M&E n/a Electra M&E Polska Sp. z o.o., a Poland-based company that designs 2019 Deutschland Polska Sp. z and installs complex heating, cooling, ventilation and air GmbH o.o. conditioning, electrical, as well as technological and industrial systems, and a subsidiary of Electra Ltd, the listed Israel-based company engaged in real-estate development, investment in high yield properties, construction, electro-mechanical systems and infrastructure business, has acquired EMMSA Deutschland GmbH, a Germany-based provider of industrial ventilation and air- conditioning systems, for an undisclosed consideration. 05/02/ Pintsch n/a n/a Dellner Brakes Active Dellner Brakes AB, a Sweden-based company engaged in 2019 Bubenzer AB Ownership developing, manufacturing, marketing and maintenance of brakes GmbH (50% Capital Sarl and related power transmission products for the industrial, marine Stake) and renewable energy markets, has acquired 50% stake in Pintsch Bubenzer GmbH, a Germany-based company engaged in design and manufacturing of braking systems and related products, from Active Ownership Capital Sarl, a Luxemburg-based investment firm, for an undisclosed consideration. Post acquisition, Dellner will own 100% stake in Pintsch Bubenzer. In January 2018, Dellner and AOC, through their 50:50: joint venture Dellner Bubenzer Group GmbH, acquired Pintsch Bubenzer, for an undisclosed consideration. 05/02/ Schotz n/a n/a AVS n/a AVS Verkehrssicherung GmbH, the Germany-based provider of 2019 Verkehrs- und Verkehrssicher traffic safety equipment and services, and a portfolio company of Arbeitsstellensi ung GmbH Triton Partners, the UK-based private equity firm, has agreed to cherung acquire Schotz Verkehrs- und Arbeitsstellensicherung GmbH, the GmbH Germany-based provider of traffic and construction site security, for an undisclosed consideration.

42 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

05/02/ Systeme + 17.0 n/a Nidec-Shimpo n/a Nidec-Shimpo GmbH, a Germany-based manufacturer and seller of 2019 Steuerungen GmbH power transmission equipment, precision measuring instruments and GmbH pottery equipment and an affiliate of Nidec Shimpo Corporation, which is a subsidiary of Nidec Corporation, has acquired Systeme + Steuerungen GmbH (SYS), a Germany-based manufacturer and seller of high-speed and high precision feeding equipment and provider of retrofitting services, for an undisclosed consideration. 04/02/ SAE IT-systems 15.0 n/a Lacroix SA n/a Lacroix SA, the listed France-based company engaged in designing, 2019 GmbH & Co. manufacturing and marketing of signaling and electronic control KG equipment, has acquired SAE IT-systems GmbH & Co. KG, a Germany-based manufacturer of instruments used to measure electricity and electrical signals, for an undisclosed consideration. 01/02/ DESCH n/a n/a Nidec n/a Nidec Corporation, the listed Japan-based company engaged in 2019 Antriebstechni Corporation manufacturing and sales of motors and other electronic products k GmbH & Co. worldwide, through its subsidiary, Nidec-Shimpo GmbH, the German- KG (70% Stake) based company engaged in manufacturing and sales of precision measuring instruments, has acquired 70% stake of DESCH Antriebstechnik GmbH & Co. KG, the Germany-based company engaged in designing and providing drive and system solutions, for an undisclosed consideration. 31/01/ Spindel- und 49.0 n/a Avedon n/a Spindel-und Lagerungstechnik Fraureuth (SLF), a Germany-based 2019 Lagerungstech Capital manufacturer of special spindle units and bearings, has been nik Fraureuth Partners B.V. acquired by PE firm Avedon Capital Partners, in collaboration with GmbH the company's founders.The transaction will enable the growth of SLF.

43 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

30/01/ Schafer n/a n/a Rubix Group Markus Rubix Group International Limited, the UK-based industrial services 2019 Technik GmbH; International Schafer group providing outsourced management of electronic equipment Schäfer Limited (Private related services as well as supplying bearings, power transmission Technik GmbH; Investor) products and engineering and other related industrial services, has C. Pluss & Co. agreed to acquire 3 companies from Markus Schafer, a Germany- AG based private investor, for an undisclosed consideration. 30/01/ WaCo n/a n/a Wickeder n/a Wickeder Westfalenstahl Gmbh, a Germany-based manufacturer of 2019 Geraetetechni Westfalenstahl metal strips also operating steel processing, cladding and cold rolling k GmbH Gmbh mills, has acquired WaCo Geraetetechnik GmbH, a Germany-based company engaged in processing CNC sheet metal, for an undisclosed consideration. 29/01/ Ziemann 175.0 160.0 Loomis AB HANNOVER Loomis AB has agreed to acquire Ziemann Sicherheit Holding GmbH 2019 Sicherheit Finanz from HANNOVER Finanz GmbH. Loomis AB, a listed Sweden-based Holding GmbH GmbH provider of cash handling services for banks, retailers and other commercial clients, headquartred in Stockholm. Ziemann Sicherheit GmbH, a Germany-based company engaged in the provision of cash handling services, security services and trading of currencies and precious metals, headquartred in Schallstadt. HANNOVER Finanz GmbH, a Germany-based private equity firm, headquartred in Hannover. The transaction is valued at a consideration of approximately EUR 160m, payable on completion. 28/01/ ISI Automation n/a n/a Jungheinrich n/a Jungheinrich AG, a Germany-based provider of industrial trucks, 2019 GmbH & Co. AG warehousing technology and materials flow technology, has agreed KG. to acquire a majority stake in ISI Automation GmbH & Co. KG., a Germany-based turnkey automation solution specialist, for an undisclosed consideration.

44 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/01/ KME Germany n/a n/a Zhejiang KME Zhejiang Hailiang Co., Ltd. has agreed to acquire KME Germany 2019 GmbH & Co. Hailiang Co., Germany GmbH & Co. KG (copper alloy rod & tube units) from KME Germany KG (copper Ltd. GmbH & GmbH & Co. KG. Zhejiang Hailiang Co., Ltd., a China-based alloy rod & Co. KG. company engaged in the manufacture and distribution of copper tube units) products. urces of Zhejiang Hailiang. This transaction is in line with Zhejiang Hailiang's strategy to integrate the target's business and achieve a significant increase in its business. This transaction will accelerate the globalization of Zhejiang Hailiang and help Zhejiang Hailiang expand the European market. 25/01/ Bystronic n/a 68.0 Glaston Conzzeta Glaston Corporation has agreed to acquire Bystronic Lenhardt 2019 Lenhardt Corporation Holding AG GmbH from Conzzeta Holding AG. Glaston Corporation is a listed GmbH Finland-based company headquartered in Helsinki, is a provider of heat treatment machines and services for architectural, solar, appliance and automotive applications. Bystronic Lenhardt GmbH is a Germany-based company headquartered in Neuhausen, is engaged in providing machinery, systems and services for the processing of architectural and automotive glass. Conzzeta Holding AG is a Switzerland-based company headquartered in Zurich, is engaged in chemicals, machinery and systems engineering. 24/01/ Zehnder n/a n/a SFA Group MS Industrie SFA Group, a France-based manufacturer of pumps, electric toilets 2019 Pumpen AG; CFH and other washroom fittings, has acquired Zehnder Pumpen GmbH, GmbH Manageme a Germany-based manufacturer liquid pumps and systems for the nt GmbH ; transport of waste and dirty water, from a group of sellers, for an MuM undisclosed consideration. Industriebet eiligungen GmbH

45 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

24/01/ EM-motive n/a n/a Robert Bosch Daimler AG Robert Bosch GmbH, a Germany-based company engaged in 2019 GmbH (50% GmbH providing technology and services through mobility solutions, Stake) industrial technology, consumer goods, energy and building technology segments, has agreed to acquire a 50% stake in EM- motive GmbH, a Germany-based manufacturer of electric motors, from Daimler AG, the listed Germany-based vehicle manufacturer, for an undisclosed consideration. 22/01/ Neluplast n/a n/a RPC Group Plc n/a RPC Group Plc, the listed UK-based manufacturer and supplier of 2019 Tiefzieh- rigid plastic packaging, has acquired Neluplast Tiefzieh-Technik Technik GmbH GmbH, a Germany-based plastic packaging specialist, for an undisclosed consideration. 16/01/ Gebr. Rath 20.7 n/a Navigator Linde + Accursia Capital GmbH, a Germany-based private equity firm, and 2019 Werkzeugbau Capital GmbH; Wiemann Navigator Capital GmbH, a Germany-based investment holding GmbH Accursia SE & Co. KG company, have acquired Gebr. Rath Werkzeugbau GmbH, a Capital GmbH Germany-based manufacturer of tools and stamping technology for automotive and sheet metal processing industry, from Linde + Wiemann SE & Co. KG, a Germany-based supplier of automotive structural components and assemblies, for undisclosed consideration. 14/01/ SAM n/a n/a Fuyao Glass n/a Fuyao Glass Industry Group Co., Ltd has agreed to acquire SAM 2019 Automotive Industry Group Automotive Gmbh Fuyao Glass Industry Group Co., Ltd., a China- Gmbh Co., Ltd. based SHSE-listed and HKEx-listed company headquartered in Fuqing, Fujian province, is engaged in the manufacture and distribution of float glasses and automobile glasses. SAM Automotive Gmbh is a Germany-based manufacturer of aluminum components for the automotive industry, headquartered in Boehmenkirch- Heidhoefe.

46 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

10/01/ Lehren- und 11.0 n/a Marposs S.p.A. n/a Marposs S.p.A., an Italy-based industrial metrology systems provider, 2019 Messgeraetew has acquired Lehren- und Messgeraetewerk Schmalkalden GmbH erk (LMS), a Germany-based company engaged in the manufacturing Schmalkalden and sale of precision gauges and measuring instruments, for an GmbH undisclosed consideration. 10/01/ KW-Kranwerke 20.0 n/a Nimbus BV Karl Philipp Nimbus BV, the Netherlands-based private equity firm, has acquired 2019 AG Schnecken KW-Kranwerke AG (KWM), a Germany-based company engaged in berger the design and manufacturing of overhead travelling cranes, from (Private shareholders including Mr. Karl-Philipp Schneckenberger, a investor) Germany-based private investor interested in crane and conveyor facility specialists, for an undisclosed consideration. 09/01/ Fortuna n/a n/a Koenig n/a Koenig Maschinen Gesellschaft m.b.H., an Austria-based company 2019 Maschinen Maschinen engaged in manufacturing of artisanal and industrial baking GmbH Gesellschaft machinery, has acquired Fortuna Maschinenbau Holding AG, a m.b.H. Germany-based manufacturer of bakery machines, for an undisclosed consideration. 09/01/ ZG-Zahnrader n/a n/a MAHLE n/a MAHLE Powertrain Ltd (MPL), the UK-based company engaged in 2019 und Getriebe Powertrain Ltd wholly owned engineering services, has acquired ZG-Zahnrader und GmbH Getriebe GmbH (ZGG), a Germany-based manufacturer of transmission systems, for an undisclosed consideration. 09/01/ von Oertzen 11.0 n/a Hako Holding Lampe Hako Holding GmbH & Co. KG, the Germany-based company that 2019 GmbH GmbH & Co. Privatinvest produces cleaning equipment and a subsidiary of L. Possehl & Co. KG Manageme mbH, the Germany-based company engaged in the construction, nt GmbH metals, elastomer, electronics, trading and machinery businesses, has acquired von Oertzen GmbH, the Germany-based company engaged in manufacturer of high pressure cleaning systems and equipment from Lampe Privatinvest Management GmbH, the Germany-based private equity firm, for an undisclosed consideration.

47 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

09/01/ Nextys SA n/a n/a TDK n/a TDK Corporation, the listed Japan-based manufacturer of electronic 2019 Corporation components and ICs, wireless computer networking products, magnetic heads for HDD, digital recording hardware and advances digital recording media, has acquired Nextys SA, the Switzerland- based supplier of power electronics products solutions, through TDK- Lambda Corporation, its wholly-owned subsidiary and the Japan- based company engaged in designing, manufacturing, marketing, and servicing switching power supplies and peripherals, uninterruptible power systems, and engine generators, for an undisclosed consideration. 07/01/ ETL 40.0 n/a Primepulse SE n/a Primepulse SE, a German investment holding company, acquired 2019 Elektrotechnik Germany-based ETL Elektrotechnik Lauter GmbH. The transaction will Lauter GmbH allow ETL to grow further and increase its competitiveness. ETL will get an access to Primepulse's expertise and resources which will result in synergies. Post Deal Details: The previous portfolio of Primepulse along with the latest acquisitions is intended to exceed one billion in its sales in the current financial year with over 4,300 employees in the consolidated companies. Conditions: The transaction is subject to the approval by the antitrust authorities. Target (ETL) Germany: Ownership: Private Business Description: EMS company providing services including development support, material and project management, production, logistics, and after-sales service Size: Has 180 employees and sales of EUR 40m Buyer (Primepulse) Germany: Ownership: Private Business Description: Tech investment holding company Size: Has four subsidiary companies, 4,200 employees, and EUR 850m in sales Source Links: Primepulse SE press release, 07 January 2019 Primepulse SE press release, 07 January 2019 (German) ETL Elektrotechnik Lauter GmbH press release, 07 January 2019 (German) ETL Elektrotechnik Lauter GmbH press release, 07 January 2019

48 Source: Mergermarket

Country Focus – DACH region

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

07/01/ General 12.0 n/a Stabilus GmbH n/a Stabilus S.A., the listed Germany-based investment holding company 2019 Aerospace engaged in the manufacturing of gas struts and hydraulic vibration GmbH; Clevers dampers, has agreed to acquire General Aerospace GmbH (GAG), S.R.L. a Germany-based company which designs and manufactures aviation hydraulic and electro-mechanical technologies and Clevers S.R.L., an Argentina-based manufacturer of gas springs and dampers, from the respective founders, for an undisclosed consideration. 04/01/ BorgWarner 110.0 24.0 Arlington BorgWarner Arlington Industries Group Limited, a portfolio company of Cartesian 2019 Inc. Industries Inc. Capital Group, LLC has agreed to acquire the Thermostat Business of (Thermostat Group Limited BorgWarner Inc. Business) Arlington Industries Group Limited is the UK-based company, engaged in manufacturing of auto and aerospace parts and equipments, headquartered in Manchester. Cartesian Capital Group, LLC is the US-based private equity firm, headquartered in New York, New York. 04/01/ KEHREN GmbH n/a n/a Precision n/a Precision Surfacing Solutions GmbH & Co. KG (PSS), the Germany- 2019 Surfacing based supplier of high-precision machine tools and services for Solutions lapping, polishing, grinding and honing, had acquired KEHREN GmbH & Co. GmbH, the Germany-based provider of machine tools and systems KG for high-precision grinding applications, for an undisclosed consideration.

49 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

18/03/ Trymax n/a n/a NIBC Bank N.V. n/a NIBC Bank N.V., the listed Netherlands-based company engaged in 2019 Semiconducto providing banking and financing services, has acquired an r Equipment BV undisclosed minority stake in Trymax Semiconductor Equipment BV, the Netherlands-based manufacturer and distributer of plasma- based equipment, for an undisclosed consideration. 18/03/ ams AG n/a 105.8 Wise Road ams AG ams AG, the listed the Austria-based supplier of high performance 2019 (environmental Capital LTD sensor solutions and Wise Road Capital LTD, a China-based private sensor solution equity firm, have agreed to create a joint venture to advance the portfolio) development and sales of environmental, flow and pressure sensor solutions for the global market. The joint venture is approximately valued at around USD 120m. 15/03/ Loomans 49.7 75.5 IPL Plastics PLC n/a IPL Plastics PLC has agreed to acquire Loomans Group N.V. IPL 2019 Group N.V. Plastics PLC, the listed Ireland-based company, headquartered in Dublin, is a manufacturer of specialty packaging products used primarily in the food, consumer, agricultural, logistics and environmental end-market. Loomans Group N.V., a Belgium-based company engaged in injection mold construction and injection molding, headquartered in Lommel. 13/03/ JOZ B.V. 18.0 n/a Rabo Private n/a Rabo Private Equity, a Netherlands-based private equity firm through 2019 Equity its private equity fund, Rabo Participaties B.V., has acquired an undisclosed majority stake in JOZ b.v., a Netherlands-based manufacturer of high-quality manure robots and feed pusher robots for dairy farmers, for an undisclosed consideration. 11/03/ Belona B.V. n/a n/a Optimum Hans Optimum Group B.V., the Netherlands-based provider of self- 2019 Group B.V. Reedijk adhesive labels and flexible packaging solutions, has acquired (Private Belona B.V., the Netherlands-based producer of labels, from Hans Investor) Reedijk, the Netherlands-based private investor, for an undisclosed consideration.

50 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

05/03/ SABCA Group n/a 52.6 Dassault Fokker Dassault Aviation SA has acquired 43.57% stake in SABCA. Dassault 2019 (43.57% Stake) Aviation SA Technologi Aviation SA, the listed France-based manufacturer of aircraft and es Group business jets, headquartered in Paris. SABCA Group, the listed B.V. Belgium-based aircraft designer and manufacturer, headquartered in Brussels. Fokker Technologies Group B.V., the Netherlands-based company which designs, develops, and manufactures aircraft components and systems for aircraft manufacturers, headquartered in Papendrecht. 05/03/ PartsPoint 300.0 n/a Alliance AutoBinck Alliance Automotive Group (AAG), the UK-based distributor of 2019 Group B.V. Automotive Holding automotive and commercial vehicle spare parts, and a subsidiary of Group N.V. Genuine Parts Company, the listed US-based distributor of automotive and industrial replacement parts, office products, and electrical and electronic materials, has agreed to acquire PartsPoint Group B.V., a Netherlands-based distributor of automotive aftermarket parts and accessories, from AutoBinck Holding N.V., a Netherlands-based provider of vehicle distribution, car retail, vehicle leasing, fleet management, and financial and mobility services, for an undisclosed consideration. 05/03/ 247TailorSteel n/a 100.0 Parcom Carel van Parcom Capital Management B.V., the Netherlands-based private 2019 B.V. (60% Capital Sorgen equity firm, has agreed to acquire a 60% stake in 247TailorSteel B.V., Stake) Management (Private the Netherlands-based steel cutting company, from Mr. Carel van B.V. Investor) Sorgen, the Netherlands-based private individual, for an estimated enterprise value of EUR 100m.

51 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

01/03/ Mabo-Lifting 17.0 n/a Sofindev n/a Sofindev, a Belgium-based private equity firm, via its fund IV, along 2019 N.V. with the management of Mabo-Lifting N.V., a Belgium-based distributor of space saving and efficiency improving forklifts, have acquired an undisclosed significant stake in the company, for an undisclosed consideration. The transaction will support the growth of Mabo with the availability of fresh capital. Pursuant to the transaction, the current managing directors of Mabo-Lifting N.V. will remain significant owners and will continue to run the business. Mabo reported revenues of approximately EUR 17m and it employs 40 people. 01/03/ Delta Energie n/a n/a Vattenfall AB Delta Vattenfall AB, a Sweden-based company engaged in production, 2019 B.V. Comfort distribution and sale of electricity and heat, has acquired Delta B.V. Energie B.V., the Netherland-based company engaged in supplying electricity, from Delta Comfort B.V., the Netherlands-based telecom infrastructure owner and operator, provider of multimedia services and supplier of energy, and portfolio of EQT Partners AB, a Sweden- based private equity firm, for an undisclosed consideration. 25/02/ Schelde n/a n/a Verolme n/a Verolme Special Equipment B.V, the Netherlands-based 2019 Exotech B.V. Special manufacturer of heat exchangers and pressure vessels, has acquired Equipment B.V. Schelde Exotech B.V., the Netherland-based manufacturer of industrial equipment, for an undisclosed consideration. 21/02/ Dutch Power 39.3 n/a Alamo Group ABN AMRO Alamo Group Inc., the US-based designer, manufacturer and 2019 Company Inc. Participatie distributor of equipment for maintenance and agriculture, has s B.V.; Mr. agreed to acquire Dutch Power Company, the Netherlands-based Peter company engaged in business of production, maintenance and Mouthaan repair of machines for agricultural purposes, from ABN AMRO (Private Participaties B.V., the Netherlands-based is a private equity Investor) investment arm of ABN AMRO Bank N.V. and Mr. Peter Mouthaan, the Netherlands-based private individual, for an undisclosed consideration.

52 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

15/02/ LioniX n/a n/a Monsoon Magic Monsoon Blockchain Storage Inc, the US-based company provides 2019 International Blockchain Micro Co., blockchain-based cloud data storage optimization service, has BV (44.42% Storage Inc Ltd. agreed to acquire a 44.42% stake in LioniX International BV, the Stake) Netherland-based designer and producer of products based on microsystem technology and microelectromechanical systems (MOEMS), from Magic Micro Co., Ltd., the listed South Korea-based company engaged in manufacturing IC semiconductors and LED lead frames, for a consideration of KRW 16.94bn (USD 15.04m). 13/02/ Cirex B.V. n/a n/a Signicast, LLC Nedvest Signicast, LLC, the US-based manufacturer and supplier of precision 2019 Capital investment cast metal components, has agreed to acquire Cirex Beheer B.V.; B.V., the Netherlands based company engaged in producing steel Convent castings, from Nedvest Capital Beheer B.V., the Netherlands-based Capital family office and Convent Capital Management B.V., the Manageme Netherlands-based private equity firm, for an undisclosed nt B.V. consideration. 08/02/ Frimex n/a n/a Value Mentha Value Enhancement Partners B.V., the Netherlands-based private 2019 Installatie B.V. Enhancement Capital B.V. equity firm has acquired Frimex Installatie, the Netherlands-based Partners B.V. company from Mentha Capital B.V., the Netherlands-based private equity firm, for an undisclosed consideration. 07/02/ Bons & Evers n/a n/a Bencis Capital n/a Bencis Capital Partners BV, the Netherlands-based private equity firm 2019 Holding BV. Partners BV has acquired an undisclosed stake in Bons & Evers Holding BV., the Netherlands based company engaged in manufacturing of metal products, for an undisclosed consideration. 06/02/ Pack2pack n/a n/a Glud & Gilde Equity Glud & Marstrand A/S, a Denmark based manufacturer and supplier 2019 Group NV Marstrand A/S Manageme of metal packaging solutions for food industry and a subsidary of nt Benelux Envases Universales de Mexico S.A de C.V, a Mexico-based B.V. manufacturer and seller of aluminum, steel, tin plate, PET, polycarbonate, and polyethylene packaging products, has acquired Pack2pack Group NV, the Netherlands-based provider of metal packaging solutions, from Gilde Equity Management Benelux

53 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

B.V., the Netherlands-based private equity firm, for an undisclosed consideration.

04/02/ Van Aerden n/a n/a KYOCERA Multrans SA KYOCERA SENCO Industrial Tools, Inc., the US-based fastener and 2019 Group B.V. SENCO ; Epiphron tool manufacturer and a subsidiary of KYOCERA Corporation, a listed Industrial Tools, NV Japan-based company engaged in manufacturing electronic Inc. components and products for industrial, consumer and professional uses, has acquired Van Aerden Group B.V., the Netherland-based manufacturer of pneumatic tools and related products, for an undisclosed consideration. 01/02/ InterGen NV n/a n/a Sev.en Energy Ontario Se.ven Energy AG, the Liechtenstein-based energy company, has 2019 (50% Stake) AG Teachers' agreed to acquire a 50% stake in InterGen NV, the UK-based power Pension generation firm, from Ontario Teachers' Pension Plan (OTPP), a Plan Canada-based pension fund engaged in managing equity, fixed income and alternative investment portfolios, for an undisclosed consideration. 30/01/ Reftrade 5.4 n/a Petit Forestier Laurens Petit Forestier SA, a France-based company that leases refrigerated 2019 Holding B.V. SA Louwers containers, vehicles and furniture, has acquired Reftrade Holding (Private B.V., the Netherlands-based cold storage and refrigerated container Investor) rental company, from Laurens Louwers, the Netherlands-based private investor, for an undisclosed consideration. 22/01/ Eqraft B.V. n/a n/a MSP Onions n/a MSP Onions, a Netherlands-based company specialized in the 2019 sorting and packaging of onions, has acquired Eqraft B.V., a Netherlands-based company that designs, builds, and maintains processing and packaging solutions for onions, potatoes, fruits, vegetables, dry edibles and other commodities, for an undisclosed consideration. 15/01/ YARD ENERGY n/a n/a Eurus Energy YARD Eurus Energy Holdings Corporation, a Japan-based company

54 Source: Mergermarket

Country Focus – Benelux

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

2019 Group B.V. (Six Holdings ENERGY engaged in wind and solar power generation, has acquired six operational Corporation Group B.V. operational wind farms in Netherlands, along with one wind farm wind farms in project currently under development (21MW), from YARD ENERGY Netherlands) Group B.V., the Netherlands-based company engaged in wind farms business, for an undisclosed consideration. 11/01/ Poeth BV n/a n/a Private n/a Mr. Hans Peeters, Mr. Loe Verheijen, Mr. Marc Peerlings and Mr. Paul 2019 Investors Roefs, the Netherlands-based private investors and the management team of Poeth BV, has acquired Poeth BV, the Netherlands-based company engaged in developing and constructing machines and systems for powder and bulk-processing industries, for an undisclosed consideration. 10/01/ Honicel 10.0 n/a Dirk Schut n/a Dirk Schut, the Netherland-based private investor, has acquired a 2019 Nederland B.V. (Private majority stake in Honicel Nederland B.V., the Netherlands-based Investor) manufacturer of recycled paper-based packaging materials, for an undisclosed consideration. 07/01/ Techneco n/a n/a BDR Thermea n/a BDR Thermea Group B.V., a Netherlands-based smart thermal 2019 Energiesystem Group BV comfort solutions provider, has acquired Netherlands-based en BV Techneco. The deal strengthens buyer's heat pump business; Techneco will be part of BDR Thermea Group subsidiary Remeha. The transaction is in line with BDR Thermea's strategy to facilitate the energy transition and reduction of carbon emissions. 04/01/ Cox Geelen n/a n/a Skoberne Bergschenh Skoberne GmbH, a Germany-based manufacturer of exhaust pipes 2019 B.V. GmbH oek Groep and shaft systems, has acquired Cox Geelen B.V., the Netherlands- B.V. based manufacturer of air inlet and flue gas outlet systems, from Bergschenhoek Groep B.V., the Netherlands-based holding company that provides ventilation products, ground, road and hydraulic engineering solutions, and produces and supplies water management products, through its subsidiaries, for an undisclosed consideration.

55 Source: Mergermarket

Country Focus – Czech Republic

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

01/03 Automa CZ n/a n/a Automation Pavel Automation Investment, s.r.o., a Czech Republic-based investment /2019 s.r.o. Investment, Kouba holding company having interest in companies engaged in s.r.o. (Private manufacturing and distribution of industrial automation products, Investor); has agreed to acquire Automa CZ s.r.o., a Czech Republic-based Vladimir company engaged in manufacturing and distribution of industrial Kohel automatization products, from Mr. Pavel Kouba, Mr. Vladimir Kohel (Private and Mr. Karel Buchtele, the Czech Republic-based private Investor); individuals, for an undisclosed consideration. Karel Buchtele (Private Investor) 19/02 Ceskomoravsk n/a n/a Undisclosed UNICAPITAL An undisclosed bidder acquired Ceskomoravska distribuce, s.r.o. /2019 a distribuce, bidder a.s. (CS), a Czech Republic-based company engaged in electricity and s.r.o. gas distribution from UNICAPITAL a.s., a Czech Republic-based investment company, for an undisclosed consideration. 15/02 Wendell 12.5 n/a BB Electronics n/a BB Electronics A/S, a Denmark-based company that provides /2019 Electronics, A.S A/S specialist EMS services focused on design for manufacturing, sourcing, production, assembly, testing, box build and system integration, along with distribution and after-sales services, has acquired Wendell Electronics, A.S, a Czech Republic-based company engaged in electronics manufacturing services, for an undisclosed consideration.

56 Source: Mergermarket

Country Focus – Denmark

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

23/03 IRD Fuel Cells n/a n/a Weifu High- Wuhan Weifu High-Technology Group Co., Ltd., a listed China-based /2019 A/S (66% Technology Troowin company engaged in manufacture of diesel and fuel injector Stake) Group Co., Power system products as well as automobile rear system products, has Ltd. System agreed to acquire 66% stake in IRD Fuel Cells A/S, a Denmark-based Technology fuel cell component maker, from Wuhan Troowin Power System Co., Ltd. Technology Co., Ltd., a China-based hydrogen fuel cell system maker, for a consideration of EUR 7.26m. 22/03 Elmodan A/S n/a n/a Lakers Holding n/a Lakers Holding AB, a Norway-based provider of maintenance /2019 AB service, development and technical consultancy for pumps, pumping stations, electrical motors and related components and a portfolio company of Summa Equity AB, a Sweden-based private equity firm has acquired, Elmodan A/S, a Denmark-based distributer of pumps, generators and power tools, for an undisclosed consideration. 12/03 Haldor Topsoe n/a 1,330.6 Temasek Haldor Temasek Holdings Pte. Ltd., a Singapore-based state owned /2019 A/S (30% Holdings Pte. Topsoe sovereign wealth fund and private equity firm has agreed to Stake) Ltd. Holding A/S acquire 30% stake in Haldor Topsoe A/S, a Denmark-based company engaged in the research and development, process design, engineering, production, and sale of catalysts, equipment and spare parts from Haldor Topsoe Holding A/S, a Denmark-based company owned by Topsoe family, for an undisclosed consideration, valuing Haldor Topsoe at approximately USD 1.5bn. 06/03 Apollo n/a n/a Lakers Holding n/a Lakers Holding AB, a Norway-based provider of maintenance /2019 Brandmateriel AB service, development and technical consultancy for pumps, A / S pumping stations, electrical motors and related components, and a portfolio company of Summa Equity AB, a Sweden-based private equity firm, has acquired Apollo Brandmateriel A / S, a Denmark- based supplier of environmental equipment, fire safely and rescue equipment, lighting, generators and other tools for an undisclosed consideration.

57 Source: Mergermarket

Country Focus – Denmark

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

04/03 STENHOJ 108.6 n/a Nexion S.p.A. n/a Nexion S.p.A., an Italy-based manufactures, designs, and installs /2019 HOLDING A/S equipments for automobiles, has agreed to acquire a 75% stake in (75% Stake) Stenhoj Holding A/S, a Denmark-based supplier of products and services for the automotive aftermarket and industrial market, for an undisclosed consideration. 01/03 Cura VVS A/S 12.7 n/a Bravida n/a Bravida Danmark A/S, a Denmark-based company that provides /2019 Danmark A/S installation and maintenance works for buildings, and a subsidiary of Bravida Holding AB, a listed Sweden-based provider of electrical, heating and plumbing, and heating, ventilation and air conditioning solutions and other installation and services solutions, has acquired Cura VVS A/S, a Denmark-based company providing installation and maintenance services specialized in heating and plumbing sector, for an undisclosed consideration. 25/02 DANMIL A/S 9.0 n/a AEB SpA n/a AEB SpA, an Italy-based company engaged in providing /2019 biotechnology solutions for winemaking and a portfolio company of Apax Partners SAS, a France-based private equity firm, has acquired a majority stake in DANMIL A/S, a Denmark-based manufacturer of filtration products for the Pharmaceutical, Chemical and Beverage industries for an undisclosed consideration. 21/02 The Drilling 1,246.8 4,139.9 A.P. Moller - A.P. Moller - A.P. Moller - Maersk A/S (APMM) has decided to spin off Maersk /2019 Company of Maersk A/S Maersk A/S Drilling Holding A/S into a separate listed company. A.P. Moller - 1972 A/S (Shareholders) Maersk A/S is the listed Denmark-based conglomerate operating in areas such as shipping, energy, logistics, retail and manufacturing, headquartered in Copehagen. Maersk Drilling Holding A/S is a Denmark-based provider of drilling services to oil companies for oil and gas production, headquartered in Copenhagen.

58 Source: Mergermarket

Country Focus – Denmark

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

20/02 KOATEK A / S 10.0 n/a Den Sociale Bo Olsen Den Sociale Kapitalfond Management ApS, a Denmark-based /2019 (45% Stake) Kapitalfond (Private venture capital firm has acquired a 45% stake in KOATEK A / S, a Management Investor) Denmark-based producer and supplier of custom-made metal and ApS plastic components, from Bo Olsen, a Denmark-based private individual for an undisclosed consideration. 11/02 Hundested n/a n/a BSI A/S Mogens BSI A/S, a Denmark-based manufacturer and supplier of rod, wire, /2019 Propeller A/S Christensen fiber rigging products to the marine and architectural market, has (60% Stake) acquired a 60% stake in Hundested Propeller A/S, a Denmark-based manufacturer of propulsion systems, from Mr. Mogens Christensen, a Denmark-based private investor, for an undisclosed consideration.

04/02 Scanel n/a n/a ProCon A/S Scanel ProCon A/S, a Denmark-based provider of equipment for electrical /2019 International International installation projects, has acquired wind activities of Scanel A/S (Wind A/S International A/S, a Denmark-based supplier of integrated technical Business) systems, equipment, installations and services to the international marine, oil/gas and wind industries, for an undisclosed consideration. 21/01 Leapwork A/S n/a n/a e.ventures; DN n/a DN Capital Limited, the UK-based venture capital firm, and /2019 Capital Limited e.ventures, the US-based venture capital firm, have acquired an undisclosed stake in Leapwork A/S, a Denmark-based company engaged in automation and robots, for a consideration of USD 30m. 15/01 Capres A/S n/a n/a KLA SEB Venture KLA Corporation, the listed US-based provider of yield management /2019 Corporation Capital; A/S and process control solutions for semiconductor manufacturing and Dansk related industries, has acquired Capres A/S, a Denmark-based Erhvervsinves company that develops micro and nanoscopic four-point probe- tering based metrology tools for the read head and semiconductor industry, from a group of sellers, for an undisclosed consideration.

59 Source: Mergermarket

Country Focus – Denmark

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

14/01 Estron A/S n/a n/a Executive Lars Elgard Executive Capital A/S, the Denmark-based private equity firm, along /2019 Capital A/S Nielsen with the management of Estron A/S, the Denmark-based (Private manufacturer of audio components and hearing instruments, has Investor); acquired the company in a management buyout transaction, from Allan Sorrig Mr. Lars Elgard Nielsen and Mr. Allan Sorrig, a Denmark-based (Private private investors, for an undisclosed consideration. Investor) 10/01 Mita-Teknik A/S n/a n/a Andersen Axcel Mita-Teknik, the Danish supplier of control solutions for the wind /2019 family Managemen power industry, is to be sold by its PE owner, Axcel, to the company's t A/S founding Andersen family. Axcel's sale decision comes due to Mita- Teknik's low performance due to unfavourable market conditions. In 2012, The management of Mita-Teknik, acquired the company in a management buyout transaction backed by Axcel, from the Andersen family, for an enterprise value of DKK 800m (EUR 107.62m).

60 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/03 Amplitude n/a 100.0 L-GAM Auriga L-GAM Advisers LLP, the UK-based private equity firm, has agreed to /2019 Systemes, S.A. Advisers LLP Partners; acquire Amplitude Systemes, S.A., a France-based manufacturer of Merieux ultrafast lasers for scientific, medical and industrial applications, from Developpe a group of private equity sellers, for an estimated consideration of ment SAS; EUR 100m. Cathay Capital Private Equity; Bpifrance SA 26/03 Mecanique 40.0 n/a BT2i Group Jean- BT2i Group, a France-based manufacturer of machining, sheet metal /2019 Aeronautique Baptiste components, and complex mechanical assemblies, has acquired Pyrereenne SA Family Mecanique Aeronautique Pyrereenne SA (MAP), a France-based aeronautics sub-contractor from the Jean-Baptiste family, for an undisclosed consideration. 05/03 Rennard JC n/a n/a OMV System n/a OMV System France, a France-based provider of precision /2019 France components used in exhaust turbochargers, has acquired Rennard JC, a France-based company engaged in manufacturing hydraulics, heavy weights equipment etc., for an undisclosed consideration. 05/03 Legoueix SAS 20.0 n/a Rubix Group n/a Rubix Group International Limited, the UK-based industrial services /2019 International group providing outsourced management of electronic equipment Limited related services as well as supplying bearings, power transmission products and engineering and other related industrial services, has acquired Legoueix SAS, a France-based supplier of industrial products and services to customers in the water and energy sectors, for an undisclosed consideration.

61 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

04/03 Durisotti SAS 37.0 n/a Liberty House n/a Liberty House Group, the UK-based company engaged in mining /2019 Group and manufacturing of steel and related products, and a subsidiary of GFG Alliance Ltd, the UK-based international group of businesses , has acquired Durisotti SAS, a France-based manufacturer of automobiles and light commercial vehicles, for an undisclosed consideration. 01/03 Cartospe- 10.0 n/a Alliance n/a Alliance Entreprendre SAS, a France-based private equity firm and /2019 Packaging SAS Entreprendre CEHDF Capital, a France-based investment firm along with the SAS; CEHDF management of Cartospe-Packaging SAS, a France-based provider Capital of standard or customized corrugated cardboard packaging, in a management buyout transaction, for an undisclosed consideration. 25/02 Garos SA n/a n/a Crouzet n/a Crouzet Automatismes SAS, a France-based company engaged in /2019 Automatismes manufacturing and distributing automation control components to SAS industry, aerospace, and transport sectors in France and internationally, has acquired Garos SA, a France-based company that designs and manufactures measuring and controlling devices, for an undisclosed consideration. 18/02 EDG- 10.0 n/a Logista Axenergie Logista Hometech, a France-based HVAC and plumbing /2019 Nettoyage Hometech network engineering firm has acquired EDG-Nettoyage, a France-based company specialized in cleaning and multi-technical maintenance in the fields of electricity, plumbing heating from Axenergie network, a France-based company engaged in maintenance and repairing of heating and air-conditioning equipment, for an undisclosed consideration.

62 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

13/02 Tecofi 30.0 n/a Garibaldi n/a Bpifrance SA and Garibaldi Participations SAS, SCR, the France- /2019 Participations based venture capital and private equity firms along with the SAS, SCR; management of Tecofi, the France-based company specializing in Bpifrance SA the manufacture and marketing of valves and industrial valves, have acquired the company, in a management buyout transaction, for an undisclosed consideration. 12/02 Ateim SA 22.6 n/a Ekium Group n/a Ekium Group, a France-based company providing automatic control /2019 systems, production control systems and engineering services for industrial and tertiary sectors, and a subsidiary of Groupe SNEF S.A., a France-based provider of electrical and HVAC engineering services, has acquired Ateim SA., a France-based company that provides design and construction services for equipment, plants, and buildings; and consulting, engineering, and technical assistance services, for an undisclosed consideration. 12/02 Bourasseau 9.0 n/a Developp Jacques Developp industrialzation SCE - DIS, the France-based investment /2019 Industrie SARL industrialzation Rivet holding company, has acquired Bourasseau Industrie SARL, the SCE - DIS (Private France-based manufacturer of industrial metal sheets, from Mr. Investor) Jacques Rivet, Bourasseau Industrie's CEO holding 53% stake in the company, other managers for an undisclosed consideration. 10/02 Chromalloy 13.1 n/a Revima SAS Sequa Revima SAS, a France-based based aircraft maintenance firm and a /2019 France Corporatio portfolio company of Argos Wityu, a France-based private equity n firm, has acquired Chromalloy France, a France-based facility that specializes in engine parts repairs & special coatings from Sequa Corporation, the US-based industrial company involved in aerospace, automotive and other businesses, for an undisclosed consideration.

63 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

06/02 MIB Hydro n/a n/a Numalliance Florent Numalliance SA, a France-based CNC machines manufacturer, has /2019 SA Chapuis acquired MIB Hydro, a France-based designer and manufacturer of (Private hydraulic presses, from Florent Chapuis, a France-based private Investor) individual, for an undisclosed consideration. 04/02 Incendie 11.0 n/a Alliance Amundi A group of bidders along with the management of Incendie /2019 Protection Entreprendre Private Protection Securite SAS (IPS), a France-based company engaged in Securite SAS SAS; Invest PME Equity providing fire extinguishers and maintenance services, have SA; BDR Invest Funds; acquired the company in a management buyout transaction, from SAS Etoile ID Etoile ID, a France-based private equity firm and Amundi Private Equity Funds, a France-based private equity firm, for an undisclosed consideration. 31/01 Romadec n/a n/a Drift.com, Inc. n/a Drift.com, Inc., the US-based provider of sales communication /2019 platform that helps businesses generate more leads and close deals faster using messaging, has acquired Romadec, a France-based company engaged in manufacturing of precision tools and other machining equipment's for various industries and provision of related services, for an undisclosed consideration. 28/01 Groupe NetCo n/a n/a IK Investment n/a IK Investment Partners Limited, the UK-based private equity firm, /2019 Partners along with existing investor and the management of Groupe NetCo, Limited; a France-based company engaged in the design and manufacture Andera of conveyor systems and its maintenance, have acquired the Partners SCA company, in a management buyout transaction, for an undisclosed consideration. 28/01 Magelec n/a n/a Richardson n/a Richardson S.A.S, a France-based company engaged in distribution /2019 Magasins S.A.S. of heating and air-conditioning equipment, renewable energies, Generaux De L bathroom, plumbing tools, tiles and electrical appliances, has Electricite SA acquired an undisclosed majority stake in Magelec, a France-based electrical material wholesaler, distributor and retailer, for an undisclosed consideration.

64 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

25/01 SAEM SAS 12.2 n/a Engie Cofely n/a Engie Cofely, a France-based company engaged in providing /2019 energy and environmental efficiency services, and a subsidiary of ENGIE SA, a listed France-based company engaged in the supply of natural gas and electricity, has acquired SAEM SAS, a France-based provider of electrical and HVAC engineering services, for an undisclosed consideration. 25/01 Compagnie n/a n/a Covepa- n/a Covepa-Michels SA, the France-based company that manufactures /2019 Europeenne Michels SA and markets paperboard card boxes, has acquired Compagnie de Europeenne de Cartonnage (CEC), France-based manufacturer of Cartonnage printed cardboard packaging, for an undisclosed consideration. 24/01 Cotherm SA 41.0 33.3 Groupe Siparex Groupe Atlantic, a France-based manufacturer of electric water /2019 Atlantic Groupe ; heaters and heating appliances, has acquired Cotherm SA, a Carvest France-based company engaged in designing and manufacturing SAS; Edify of thermal regulation components, from group of sellers, for a S.A.; Family consideration of EUR 33.3m. of Mr. Jean- Pierre Serigny 17/01 Gestal group n/a 64.0 Fonds de Alain Allaire Fonds de Consolidation et Developpement des Entreprises (FCDE), /2019 Consolidation (Private the France-based private equity firm, along with the management et Investor); of Gestal group, the France-based company engaged in provision Developpeme Patrick of industrial maintenance and installation services, has agreed to nt des Allaire acquire the company in a management buyout transaction, from Entreprises (Private Alain Allaire and Patrick Allaire, the France-based private individuals, Investor) for a consideration of EUR 64m.

65 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

16/01 Revima SAS 280.0 n/a Ardian Argos Wityu Ardian, a France-based private equity and asset management firm, /2019 along with the management of Revima SAS, has agreed to acquire Revima SAS, a France-based based aircraft maintenance firm, from Argos Wityu, a France-based private equity firm making equity, for an undisclosed consideration. 15/01 ABO Wind AG n/a n/a CEZ as ABO Wind CEZ as, a Czech Republic-based company engaged in the /2019 ( 116.5 MW AG production of electricity, has acquired 116.5 MW capacity Eight capacity Eight French windfarms from ABO Wind AG, a Germany based developers French of wind energy projects and biomass utilization, for an undisclosed windfarms) consideration. 14/01 Nowak S.A.S. 20.0 n/a Siparex Aalberts A group of investors along with the management of Nowak S.A.S., /2019 Groupe ; Industries the France-based company that specializes in precision foundry, UNEXO SAS; N.V. have acquired the company in a management buyout transaction Bpifrance SA from Aalberts Industries N.V., the listed Netherlands-based company operating in the industrial services and flow control sectors, for an undisclosed consideration.

66 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

09/01 AErospace 46.0 39.9 SA Rafaut BNP Paribas SA Rafaut, a France-based manufacturer of military and civilian /2019 Distribution Developpe aerospace equipment and a portfolio company of Groupe HLD, a Service ment SA, Luxembourg-based private equity firm, has agreed to acquire SCR; ACE AErospace Distribution Service (AEds), a France-based manufactures Manageme external fuel tanks for the aerospace industry, from a group of nt SA; vendors for a consideration of EUR 39.9m. Bpifrance SA; Maurice Laffly (Private Investor); Jean- Christophe Bertolo (Private Investor) 08/01 Saint Gobain n/a n/a OpenGate Compagni OpenGate Capital LLC, the US-based private equity firm, has agreed /2019 Silicon Carbide Capital LLC e de Saint- to acquire Saint Gobain Silicon Carbide activity, a France-based activity Gobain SA producer of silicon carbide for industry, from Compagnie de Saint- Gobain SA, a France-based producer, processor and distributor of construction and high-performance materials and packaging products, for an undisclosed consideration. 07/01 Grillages 10.0 n/a Forlam Catherine Forlam Industries, a France-based company engaged in rolling, /2019 Vermigli SA Industries Coeffic forging small and medium-sized automotive and aerospace parts (Private and producing fence, gates and grids, has acquired Grillages Investor) Vermigli SA, a France-based manufacturer of fences and gates, from Catherine Coeffic, a France-based private investor, for an undisclosed consideration.

67 Source: Mergermarket

Country Focus – France

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

04/01 Pichon S.A. n/a n/a Samson-Agro n/a Samson-Agro AS, a Denmark-based manufacturer of farming /2019 AS machinery has acquired Pichon S.A., the France-based company that manufactures and services a comprehensive range of agricultural machinery and handling equipment, for an undisclosed consideration. 02/01 ICKO 26.0 n/a Cerea n/a Cerea Partenaire, a France-based private equity firm, via its fund 2, /2019 Apiculture SAS Partenaire along with the management of ICKO Apiculture SAS, a France- based family business specializing in the design, sourcing, manufacturing and marketing of beekeeping supplies and equipment for BtoB and BtoC clients, have acquired the company in a management buyout transaction, for an undisclosed consideration.

68 Source: Mergermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/03 Trime SpA 50.0 n/a Wise Equity Sgr n/a Wise Equity Sgr Spa, an Italy-based private equity firm, via its fund IV, /2019 Spa has agreed to acquire an undisclosed majority stake in Trime SpA, an Italy-based manufacturer of lighting towers for construction, entertainment and other sectors, for an undisclosed consideration. 19/03 Stelmi Italia n/a n/a ASO H&P Srl. Lebogest ASO H&P Srl., an Italy-based producer of steel hydraulic and /2019 S.p.A. S.p.A. pneumatic components, has acquired Stelmi Italia S.p.A., an Italy- based manufacturer of steel products, from Lebogest S.p.A., an Italy- based company having interest in the manufacture of steel products, for an undisclosed equity consideration. 14/03 Salgomma S.r.l. n/a n/a SATA S.p.A. n/a SATA S.p.A., an Italy-based manufacturer of precision machined /2019 parts for the automotive industry, has acquired Salgomma Srl, an Italy-based manufacturer of rubber parts, for an undisclosed consideration. 14/03 Colcom Group 27.0 40.0 SIMONSWERK Wise Equity SIMONSWERK GmbH, the Germany-based hinges systems /2019 S.p.A GmbH Sgr Spa manufacturer has acquired Colcom Group S.p.A, an Italy-based producer of fastenings and locks for glass windows and doors from Wise SGR S.p.A., an Italy-based private equity firm for consideration of EUR 40m. 13/03 Phoenix 100.0 n/a Ambienta Sgr Chequers Ambienta Sgr SpA, an Italy-based private equity firm, has agreed to /2019 Holding S.p.A SpA Capital acquire a 65% stake in Phoenix Holding S.p.A, an Italy-based (65% Stake) company engaged in producing aluminum extrusion dies, from management of the company and Chequers Capital, a France- based private equity firm, for a consideration of EUR 180m. 07/03 Elettroveneta 200.0 n/a Sonepar Italia n/a Sonepar Italia SpA, an Italy-based company engaged in distribution /2019 SpA SpA of electrical products, and a subsidiary of Sonepar S.A., the company engaged in B-to-B distribution of electrical products and related services, has agreed to acquire Elettroveneta SpA, an Italy- based electrical and electronic goods distributor, for an undisclosed consideration.

69 Source: Megermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

06/03 Calvi S.p.A 350.0 n/a DeA Capital Chini family DeA Capital Alternative Funds SGR, an Italy-based private equity /2019 (26% Stake) Alternative and venture capital firm, has agreed to acquire a 26% stake in Calvi Funds SGR S.p.A, an Italy-based company engaged in manufacturing of special steel profiles, from Chini family, an Italy-based family, for an undisclosed consideration. 05/03 Flexopack Srl n/a n/a Comset SpA n/a Comset SpA, an Italy-based producer of packaging products for /2019 (90% Stake) kitchen usage, and a subsidiary of SPhere SA, a France-based manufacturer of household packaging products involving polyethylene as well as bioplastics, has acquired 90% stake in Flexopack Srl, an Italy-based supplier of bags and films in polyethylene and bioplastics for large retailers, for an undisclosed consideration. 04/03 Trafimet Group 30.0 n/a Kemppi Oy Riello Kemppi Oy, a Finland-based company manufacturing welding and /2019 Spa Investimenti cutting products, has acquired Trafimet Group Spa, the Italy-based SpA company manufacturing welding and cutting products, from Riello Investimenti SpA, the Italy-based private equity firm, for an undisclosed consideration. 28/02 Industrial Box n/a n/a Unigrains SA; Case Azimut Holding SpA, a listed Italy-based holding company having /2019 S.r.l. Azimut Holding Investimenti interests in asset management; and Unigrains SA, a France-based SpA S.r.l. private equity firm, have acquired Industrial Box S.r.l., an Italy-based company engaged in the production and marketing of high quality packaging materialsfor food, make-up, nutraceutical and fashion industries, from Case Investimenti S.r.l., an Italy-based investment holding company, for an undisclosed consideration.

70 Source: Megermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/02 The Pack srl n/a n/a Unigrains SA; Stefano Azimut Holding SpA, a listed Italy-based holding having interests in /2019 Azimut Holding Pettenon asset management; and Unigrains SA, a France-based private equity SpA (Private firm, have acquired The Pack srl, an Italy-based producer and Investor); marketer of high quality packaging materials for wine, oil and Elisa Andrini distillate industries, from Stefano Pettenon and Elisa Andrini, the Italy- (Private based private investors, for an undisclosed consideration. Investor) 28/02 OSAR S.r.l. n/a n/a Ethica Global Salvi family Ethica Global Investments S.p.A., an Italy-based venture capital arm /2019 Investments of Ethica Corporate Finance, an Italy-based provider of financial S.p.A. advisory services, has acquired OSAR S.r.l., an Italy-based automotive component producer, from Salvi family, an Italy-based family, for an undisclosed consideration. 27/02 Spreafico 16.5 9.6 IMA S.p.A. Spreafico IMA S.p.A., the listed Italy-based manufacturer of automatic /2019 Automation Family packaging machines for the tea, pharmaceutical and cosmetic S.r.l (70% Stake) industries, has agreed to acquire 70% stake in Spreafico Automation, an Italy-based coffee capsules producer, from Spreafico Family, an Italy-based family, for an enterprise value of EUR 9.6m. 25/02 Comer 365.8 n/a Gear 1 S.p.A. n/a Gear 1 S.p.A., a listed Italy-based special acquisition vehicle has /2019 Industries SpA agreed to acquire Comer Industries SpA, an Italy-based company that designs and produces engineering systems and mechatronic solutions for power transmission applications, via a reverse merger transaction, for an undisclosed consideration, 19/02 Alucart SpA n/a n/a Di Mauro Taveggia Di Mauro Officine Grafiche S.p.A., an Italy-based packaging /2019 Officine family company, has acquired Alucart SpA, an Italy-based producer of Grafiche S.p.A. flexible packaging, from the Italy-based Taveggia family, for an undisclosed consideration.

71 Source: Megermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

14/02 Total Solution n/a 18.3 Somec S.p.A. Alvaro Somec S.p.A., a listed Italy-based company engaged in designing /2019 Interiors Srl Tagliabue and manufacturing glass envelopes for cruise ships and special (60% Stake) (Private architectural projects, has agreed to acquire a 60% stake in Total Investor); Solution Interiors Srl (TSI), an Italy-based designer, producer and Marco installer of ship and yacht interiors, from Alvaro Tagliabue and Marco Spaziani Spaziani, the Italy-based private investors, for a minimum enterprise (Private value of EUR 18.3m. Investor) 11/02 Celli S.p.A. 110.0 250.0 Ardian Consilium Ardian, a France-based private equity and asset management firm /2019 SGR S.p.A.; along with the management of Celli S.p.A., an Italy-based Celli family manufacturer of dispensing equipment for pubs and bars, has agreed to acquire the company from Consilium SGR S.p.A. an Italy- based private equity firm and Celli family, an Italy-based family, for an estimated consideration of EUR 250m. 04/02 Valli SpA n/a n/a Group De n/a Group De Ceuster (GDC), the Belgium-based company that offers /2019 Ceuster nv development, production, and distribution of commercial and consumer goods which includes fertilizers, animal feed, and environmental care products, has acquired Valli SpA, the Italy-based machinery manufacturer for the poultry sector, for an undisclosed consideration. 04/02 FM Plastic Srl n/a n/a Poplast Srl n/a Poplast Srl, an Italy-based manufacturer of flexible packaging /2019 products primarily for food, pharmaceutical, and industrial sectors, the portfolio company of EOS Investment Management Limited, UK- based investment and private equity firm, has acquired FM Plastic Srl, an Italy-based company engaged in providing packaging solutions, for an undisclosed consideration.

72 Source: Megermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

31/01 Gampack Srl 12.0 n/a Progressio SGR n/a Progressio SGR S.p.A., an Italy-based private equity firm, along with /2019 SpA the external management of Gampack S.r.l., an Italy-based machinery producer for the packaging industry, have acquired the company, in a management buy-in transaction, for an undisclosed consideration. 23/01 Hammer S.r.l. 20.0 n/a Kinshofer n/a Kinshofer GmbH, a Germany-based manufacturer of hydraulic lifting /2019 GmbH equipment for cranes and a subsidiary of Lifco AB, a listed Sweden- based manufacturer of dental products, machinery and tools, sawmill equipment, contract manufacturing, interiors for vehicles and environmental technology has acquired Hammer S.r.l., an Italy- based company that designs, manufactures, and markets construction equipment, for an undisclosed consideration. 21/01 Projecta n/a n/a SITI - B&T Group n/a SITI - B&T Group S.p.A, the listed Italy-based company engaged in /2019 Engineering S.p.A the manufacture of equipment and machinery for ceramics industry, S.R.L. (48% has acquired a 48% stake in Projecta Engineering S.R.L., an Italy- Stake) based company engaged in manufacturing ceramic digital machines, for a total consideration of EUR 4.70m. 15/01 SME S.p.A n/a n/a Dana n/a Dana Incorporated, the listed US-based designer and manufacturer /2019 Incorporated of cars, automotive components and technologies, has acquired SME S.p.A, an Italy-based company engaged in manufacturing of electronic controllers and related products for application in battery powered vehicles, for an undisclosed consideration. 11/01 Aream GmbH n/a 221.0 ERG S.p.A. Aream ERG S.p.A., a listed Italy-based company engaged in refining and /2019 (two GmbH marketing, power and gas, and renewable energy, has agreed to photovoltaic acquire 78.5% stakes in two photovoltaic power plants from Aream power plants) GmbH, a Germany-based integrated asset manager for renewable (78.5% Stake) energy investments, for a consideration of EUR 75.36m.

73 Source: Megermarket

Coun try Focus – Italy

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

10/01 SAIP SRL 10.0 n/a Siparex n/a Siparex Groupe, a France-based private equity firm, along with the /2019 Groupe management of SAIP SRL, an Italy-based company engaged in the manufacturing of hydropneumatic accumulators and pulsation dampeners, have acquired the company, in a magement buyout transaction, for an undisclosed consideration. 07/01 Endurance n/a 8.2 Endurance n/a Endurance Overseas Srl, an Italy-based european Holding Company /2019 Castings SpA Overseas Srl that manages the European Companies of Endurance Technologies Limited and a subsidiary company of Endurance Technologies Limited, the listed India-based automotive component manufacturing company has acquired Fonpresmetal Gap SpA, an Italy-based manufacturer of of die-castings of aluminum, for a consideration of EUR 8.16m. 07/01 S.M.R.E. S.p.A n/a 133.7 SolarEdge Gabriele SolarEdge Technologies Ltd. has agreed to acquire 51% stake in /2019 (56.78% Stake) Technologies Amati S.M.R.E. S.p.A from a group of sellers, due to which SolarEdge Ltd. (Private Technologies Ltd will issue mandatory tender offer to acquire investor); remaining stake in the company. SolarEdge Technologies Ltd., the Giampaolo US listed Israel-based company that designs, develops, and sells Giammariol direct current (DC) optimized inverter systems for solar photovoltaic i (Private (PV) installations, is headquartered in Herzliya. S.M.R.E. S.p.A, the investor); listed Italy-based company that designs, develops, manufactures MTI Holding and supplies industrial machines, is headquartered in Umbertide. S.r.l

74 Source: Megermarket

Country Focus – Norway

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

19/03/ PetroNor E&P 88.2 90.3 African NOR Energy African Petroleum Corporation Limited agreed to acquire Petronor 2019 Ltd Petroleum AS; Petromal E&P from Petromal Sole Proprietorship LLC and NOR Energy AS. Corporation Sole African Petroleum Corporation Limited (APCL), the listed UK-based Limited Proprietorship company, headquartered in London, is engaged in oil and gas LLC exploration. Petronor E&P, a Norway-based company, headquartered in Oslo, is engaged in upstream exploration and production of oil and gas. 25/02/ Nordic Steel AS 14.2 n/a Ogreid n/a Ogreid Eiendom AS, a Norway-based company engaged in real 2019 (50% Stake) Eiendom AS estate business, through its holding company, Verket Investering, has agreed to acquire a 50% stake in Nordic Steel AS, a Norway- based company engaged in metal processing and welding business, for an undisclosed consideration. 08/02/ Bns Miljo AS n/a n/a Enviropac AS n/a Enviropac AS, a Norway-based company engaged in providing 2019 waste management services and a subsidiary of San Sac Group AB, Sweden-based company engaged in providing solutions for sorting and recycling waste materials, has acquired Bns Miljo AS, a Norway- based wholesaler of machinery and equipment for transport and other services, for an undisclosed consideration. 06/02/ Grenland n/a n/a Corvus Energy n/a Corvus Energy Holding AS, a Norway-based manufacturer of lithium 2019 Energy AS Holding AS ion energy storage systems and services for the maritime industry, has agreed to acquire Grenland Energy AS, the Norway-based developer and manufacturer of lightweight lithium-ion batteries for the maritime, offshore and subsea industry. 24/01/ Huurre Norway 35.6 n/a Svalinn AS Huurre Group Svalinn AS, a Norway-based company having interest in the 2019 AS OY business of manufacturing of cold storeshas acquired Huurre Norway AS, a Norway-based producer and supplier of cold stores from the Huurre Group OY, a Finland-based provider of refrigeration solutions and maintenance services for retail and industrial sectors for an undisclosed consideration.

75 Source: Megermarket

Country Focus – Norway

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

15/01/ Kongsberg n/a n/a Rome AS Kongsberg Rome AS, a Norway-based investment company , has agreed to 2019 Evotec AS Gruppen ASA acquire Kongsberg Evotec AS, a Norway-based company providing marine supply solutions, from Kongsberg Gruppen ASA, the listed Norway-based company engaged in development and maintenance of weapons control and fire control systems used by the air force, for an undisclosed consideration. 14/01/ OneCo AS 161.7 n/a Katalysator AS n/a Katalysator AS, a Norway-based family owned principal investment 2019 firm and parent company of Moller Gruppen, a Norway-based company engaged in the import, retail sale, servicing, and financing of cars, has acquired an undisclosed majority stake in OneCo AS, a Norway-based provider of products and services in automation, instrumentation and electrical industries, for an undisclosed consideration. 11/01/ TKS Heis AS 15.7 n/a Aritco Lift AB T Kverneland & Aritco Lift AB, a Sweden-based designer and manufacturer of 2019 Sonner AS vertical platform lifts, and a subsidiary of Investment AB Latour, a Sweden-based investment firm, has agreed to acquire TKS Heis AS, a Norway-based company engaged in manufacturing elevators and lifting solutions, from T Kverneland & Sonner AS, a Norway- based company engaged in manufacturing of hoisting and lifting machinery and equipment, for an undisclosed consideration. 02/01/ Tools Lovold AS 9.6 n/a Momentum n/a Sweden-based Momentum Group has acquired all of the shares of 2019 Group AB Norway-based TOOLS Løvold AS.The acquisition will allow Tools to strengthen its position in the Norwegian industry. The acquisition will have a positive impact on the earnings per share of Momentum group.

76 Source: Megermarket

Country Focus – Poland

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/03/ Drukarnia 16.4 n/a Innova Capital n/a Innova Capital Sp z o.o., via its Innova/6 fund, a Poland-based 2019 EMBE PRESS Sp z o.o. private equity firm, has signed an agreement to acquire 80% stake in sp.j. (80% Drukarnia EMBE PRESS sp.j., a Poland-based manufacturer and Stake) supplier of labels and packaging for the beverage and food industry, for an undisclosed consideration. 22/03/ Fablok SA n/a n/a Martech-Plus n/a Martech-Plus Marcin Mistarz Sp. J, a Poland-based company 2019 Marcin Mistarz operating in the energy, mining and armament industries, Sp. J manufacturing components for railway and producing mining and surface diesel locomotives, which is owned by Marcin Mistarz, a Poland based private investor, has acquired Fablok SA, a Poland- based manufacturer of steam and diesel locomotives for passenger, express, and freight trains, for an undisclosed consideration, via insolvency.

77 Source: Megermarket

Country Focus – Sweden

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

27/03/ Scandiflex Pac 20.0 n/a Schur Flexibles Tilgmann Schur Flexibles Holding GesmbH, an Austria-based company that 2019 AB Holding Group produces and distributes flexible packaging solutions, has acquired GesmbH Scandiflex Pac AB, a Sweden-based company engaged in designing and manufacturing printed flexible packaging laminates for the food industry, from Tilgmann Group, a Finland-based company engaged in manufacturing of food industry packaging materials, for an undisclosed consideration. 25/03/ Linjemontage 65.5 21.2 Kalpataru n/a Kalpataru Power Transmission Limited (KPTL), the listed India-based 2019 AB (85% Power company engaged in the designing, testing, fabrication, erection Stake) Transmission and construction of transmission lines and substation structures and Limited also in development of infrastructure projects , has agreed to acquire 85% stake in Linjemontage AB, a Sweden-based company engaged in construction of pipeline network for electricity network companies, Assembly contracts, construction of substations and their maintenance services, for a consideration of around USD 20.4m. 21/03/ BilX Nordic AB n/a n/a Rameder Christoff Rameder Anhangerkupplungen und Autoteile GmbH & Co. KG, a 2019 Anhangerkupp investment Germany-based online retailer of tow-bars, automotive carrier lungen und AB systems and related accessories, and a portfolio company of FSN Autoteile Capital Partners AS, a Norway-based private equity firm, has GmbH & Co. acquired a majority stake in BilX Nordic AB, a Sweden-based KG company engaged in producing tow hooks for cars, from Christoff investment AB, a Sweden-based company engaged in retailing of spare parts and accessories for motor vehicles, for an undisclosed consideration. 21/03/ Thurne Teknik 9.9 n/a Addtech AB n/a Addtech AB, the listed Sweden-based company that develops and 2019 AB sells components and systems to industrial companies and service industry, has agreed to acquire Thurne Teknik AB, a Sweden-based supplier of process equipment and systems to the process industry, for an undisclosed consideration.

78 Source: Megermarket

Country Focus – Sweden

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

19/03/ Dalek Las & n/a n/a Prosero n/a Prosero Security AB, the Sweden-based company engaged in 2019 Larm AB; Security AB design, installation and service of locks, pass systems, camera Sotenas surveillance cctv, fire and burglary alarms through its subsidiaries, Lasservice AB and a portfolio company of Valedo Partners, the Sweden-based private equity firm, has acquired Dalek Las & Larm AB and Sotenas Lasservice AB, the Sweden-based security equipments suppliers, for an undisclosed consideration. 19/03/ BAHAB Vent & 13.8 n/a Ahlsell AB n/a Ahlsell AB, a Sweden-based industrial wholesaler of plumbing, 2019 Plat AB heating, electrical, refrigeration and do-it-yourself products, has agreed to acquire BAHAB Vent & Plat AB, a Sweden-based wholesaler of sheet metal and ventilators. 12/03/ Onninen Oy 70.0 n/a Solar A/S Onninen Solar A/S, a listed Denmark-based company engaged in distribution 2019 (HEPAC Oy of electrical products and provision of related services, has agreed business) to acquire the HEPAC business of Onninen Oy, a Finland-based company that provides materials services for contractors, industries, public organizations, and technical products retailers, for an undisclosed consideration. 04/03/ Albin 22.7 n/a Storskogen n/a Storskogen Industrier AB, a Sweden-based investment firm, has 2019 Components Industrier AB acquired a majority stake in Albin Components AB, a Sweden-based AB manufacturer of gear wheel components, for an undisclosed consideration. 27/02/ Varmesvets 9.2 n/a Assemblin AB n/a Assemblin AB, a Sweden-based company engaged in providing 2019 Entreprenad electric engineering, heating and plumbing, and ventilation AB installation services, has acquired Varmesvets Entreprenad AB, a Sweden-based company engaged in providing services in heating and sanitation and installation of pipes, for an undisclosed consideration. The deal is in line with Assemblin’s strategy to expand their installation services segment.

79 Source: Megermarket

Country Focus – Sweden

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

14/02/ Rotage AB 26.0 n/a Weland AB n/a Weland AB, a Sweden-based manufacturer and supplier of gratings, 2019 spiral stairs, straight stairs, railings, handicap ramps, walkways, has acquired Rotage AB, a Sweden-based manufacturer of iron and steel products, for an undisclosed consideration. 29/01/ Koenigsegg n/a n/a National n/a National Electric Vehicle Sweden AB, a Sweden-based company 2019 Automotive AB Electric engaged in manufacturing electric automobiles, and a subsidiary of (20% Stake) Vehicle Evergrande Health Industry Group Limited, the listed China-based Sweden AB company engaged in media and healthcare businesses, has agreed to acquire a 20% stake in Koenigsegg Automotive AB, a Sweden- based manufacturer of luxury sports car, for a consideration of EUR 150m. 24/01/ Processing AB n/a n/a EnviroChemie n/a EnviroChemie GmbH, a Germany-based company engaged in 2019 GmbH providing technologies for the treatment of water and wastewater, water recycling and resource recovery, has acquired Processing AB, a Sweden-based company that supplies water treatment products and equipments, for an undisclosed consideration. 15/01/ VindIn AB n/a n/a NTR Plc n/a NTR Plc, the listed Ireland-based company engaged in developing 2019 and operating a portfolio of wind projects, has acquired VindIn AB, a Sweden-based company engaged in developing and operating wind power plants, for undisclosed consideration. 15/01/ National n/a n/a Evergrande Mr. Howard Evergrande Health Industry Group Limited has acquired a 51% stake 2019 Electric Health Industry Wong in National Electric Vehicle Sweden AB from Mr. Howard Wong. Vehicle Group Limited (Private Evergrande Health Industry Group Limited (EHIG), a listed China- Sweden AB Investor) based company, headquartered in Guangzhou, is engaged in (51% Stake) media and healthcare businesses. National Electric Vehicle Sweden AB (NEVS), a Sweden-based company engaged in manufacturing electric automobiles, is headquartered in Trollhattan. Mr. Howard Wong is a China-based private investor.

80 Source: Megermarket

Country Focus – Sweden

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

14/01/ Eton Systems n/a n/a Karnell Eton Karnell, the Sweden-based private equity firm, has acquired an 2019 AB Innovation undisclosed majority stake in, Eton Systems AB, the Sweden-based AB company engaged in developing, manufacturing, and marketing overhead conveyor systems, from Eton Innovation AB, the Sweden- based company engaged in the management and operations of Eton Systems AB, for an undisclosed consideration. 11/01/ Francks 44.2 n/a Segulah Franck Segulah Advisor AB, the Sweden-based private equity firm, has 2019 Kylindustri Advisor AB family; Per agreed to acquire Francks Kylindustri AB, a Sweden-based provider Sweden AB Hannius of industrial refrigeration systems, from Franck family and Per Hannius, (Private a Sweden-based private individual, for an undisclosed consideration. Investor) 08/01/ Creovent AB; n/a n/a airteam A/S n/a Airteam A/S, a Denmark-based provider of ventilation solutions, has 2019 Thorszelius agreed to acquire Creovent AB, Sweden-based company providing Ventilation & functional solutions for Climate and Ventilation and Thorszelius Service AB Ventilation & Service AB, Sweden-based company providing ventilation services, for an undisclosed consideration. 07/01/ Wiwood AB 14.8 n/a Peter Hamalaine Peter Gyllenhammar AB (PGAB), a Sweden-based privately-owned 2019 Gyllenhammar n family investment company, has acquired Wiwood AB, a Sweden-based AB company that imports, manufactures and distributes wood products, from Hamalainen family, a Sweden-based business family, for an undisclosed consideration. 03/01/ Indexator 29.6 n/a Lifco AB n/a Lifco AB, the listed Sweden-based manufacturer of dental products, 2019 Rotator machinery and tools, sawmill equipment, contract manufacturing, Systems AB interiors for vehicles and environmental technology, has agreed to acquire Indexator Rotator Systems AB, a Sweden-based company engaged in manufacturing of hydraulic rotators, for an undisclosed consideration.

81 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/03/ Midland Steel 12.6 n/a USCO SpA Mr. K P Midland Steel Traders, a UK-based construction machinery parts 2019 Traders Ltd. Whitehall supplier, has been acquired by USCO, an Italian manufacturer and (Private distributor of undercarriage, ground engaging tools and repair parts Investor); for construction and earthmoving machines, according to an Mr. John P announcement. Whitehall (Private Investor) 21/03/ Oxford n/a n/a Meyer Burger n/a Meyer Burger Technology AG, a listed Switzerland-based producer of 2019 Photovoltaics Technology machines that slice and process materials for the semiconductor, Limited (18.4% AG photovoltaic, optical and ceramic industries, has acquired an 18.4% Stake) stake in Oxford Photovoltaics Limited, the UK-based developer of solid-state dye sensitized solar cells, for an undisclosed consideration. 20/03/ Lifterz Limited 17.4 25.1 Speedy Hire n/a Speedy Hire Plc, the listed UK-based company providing equipment 2019 Plc hire services to UK contractors and builders, industry, utilities and the public sector, has acquired Lifterz Limited, the UK-based company that offers aerial and access platforms on hire, for a cash consideration of GBP 9.6m. 18/03/ Invertec 16.7 n/a Teknoware Oy The Ellison Teknoware Oy, the Finland-based company develops, 2019 Interiors Ltd; Company, manufactures, and supplies interior lighting systems for commercial Inverter Inc. vehicles, and emergency lighting systems for public premises and Technology ships, has acquired Invertec Interiors Ltd, the England-based (Asia) Sdn. company designs and manufactures lighting and interior systems for Bhd. public transport and commercial vehicles and Inverter Technology (Asia) Sdn. Bhd., the Malaysia-based company engaged in manufacturing of low voltage lighting products and interior systems for the Bus, Train, and Marine & markets

82 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

08/03/ RPC Group Plc 4,270.4 5,214.9 Berry Plastics n/a Berry Global Group, Inc. [NYSE:BERY] ("Berry"), a US based and listed 2019 Group, Inc. manufacturer and marketer of plastic packaging products, announced that is considering a possible offer in cash for RPC Group Plc ("RPC") [LON:RPC], a UK based and listed design and engineering company of plastic products for both packaging and selected non- packaging markets. 07/03/ Linkx Systems n/a 5.8 WestRock n/a WestRock Company, the US-based manufacturer of packaging 2019 Limited Company products, recycled paperboard, containerboard, bleached paperboard and merchandising displays, has acquired Linkx Systems Limited, the UK-based company that design and manufacture packaging machines and integrated smart factory automation systems, for a total consideration of GBP 5m. 06/03/ V.N.A. Trucks n/a n/a Management n/a The management of V.N.A. Trucks Limited, the UK-based company 2019 Limited Vehicle manufacturing fork lift truck, has acquired an undisclosed majority stake in the company, for an undisclosed consideration. 05/03/ Morgan Motor 37.6 n/a InvestIndustrial n/a InvestIndustrial, the UK-based private equity firm, through its fund V 2019 Company along with the management and employees of Morgan Motor Limited Company Limited, the UK-based manufacturer of sports cars, have acquired an undisclosed majority stake in the company, for an undisclosed consideration. 28/02/ VTL Precision n/a n/a Undisclosed VTL An undisclosed bidder has acquired the i4 and i6 cam carrier 2019 (Bradley) bidder Precision business of VTL Precision (Bradley) Limited, the UK-based company Limited (i4 and (Bradley) engaged in manufacture of high specification components for i6 cam carrier Limited passenger vehicle and commercial vehicle powertrain sector, for an business) undisclosed consideration.

83 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/02/ Bombardier 40.1 12.7 PKC Group Oyj Bombardier PKC Group Oyj, a Finland-based company engaged in design, 2019 Transportation Inc. manufacturing and integration of electrical distribution systems,wires (Rolling Stock) and cables, and electrical cabinets, power packs and electrical UK Ltd. distribution systems for rolling stock manufacturers, and a subsdiairy of Motherson Sumi Systems [NSE:MOTHERSUMI], an India-based manufacturer of wiring harnesses for rolling stock, has agreed to acquire Bombardier's [TSE:BBD.B] rolling stock electrical component and systems business in the UK. 28/02/ Hydreco 28.5 n/a Duplomatic MS Clyde Duplomatic MS SpA, the Italy-based company engaged in 2019 Hydraulics Ltd SpA Blowers designing, producing and installing hydraulic components and Capital systems and a portfolio company of Alcedo SGR S.p.A, the Italy- based private equity firm, has acquired Hydreco Hydraulics Ltd, the UK-based company engaged in design, manufacturing and supply of hydraulic pumps, motors, valves & controls, cylinders and power take off units, from Clyde Blowers Capital, the UK-based private equity, for an undisclosed consideration. 28/02/ Lighting n/a n/a SRG Global n/a SRG Global, a Troy, Michigan-based coatings manufacturer, made 2019 Consultants Ltd an investment in The Lighting Consultants, a UK-based automotive lighting maker. No financial terms were disclosed. 25/02/ Tracker n/a 11.5 CalAmp Tantalum CalAmp Corporation, the listed US-based provider of direct 2019 Network (UK) Corporation Corporatio broadcast satellite technology, wireless networks, software Ltd n application development, embedded computing and enterprise mobility solution has acquired Tracker Network (UK) Ltd, the UK- based company engaged in providing vehicle tracking, traffic information and telematics solutions from Tantalum Corporation, the UK-based leading provider of connected products and services to commercial fleets, insurers and OEMs for a cash consideration of approximately USD 13m.

84 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

25/02/ The Weir n/a 316.9 First Reserve The Weir First Reserve has agreed to acquire Flow Control Division of The Weir 2019 Group Plc Group Plc Group Plc in an auction process. First Reserve is the US-based private (Flow Control equity firm, headquartered in Stamford, Connecticut. Flow Control division); Weir Division (Weir Flow Control) (WFC) is the UK-based provider of International designing, manufacturing and aftermarket services of engineered Co., Ltd. valves and pumps. First Reserve will acquire Weir flow for a cash consideration of GBP 275m 22/02/ ATG Access 19.9 25.9 Hill & Smith LDC Hill & Smith Holdings Plc, a listed UK-based company engaged in the 2019 Ltd Holdings Plc (Managers) manufacture and supply of infrastructure products, galvanizing Limited services and building and construction products, has acquired ATG Access Ltd, a UK-based engineering company engaged in the manufacturing of access control systems, vehicle barrier systems and crash rated bollards, from LDC (Managers) Limited, a UK-based private equity firm, for a cash consideration of GBP 22.5m on a debt and cash free basis. 21/02/ Beckton n/a n/a Arjun iCON Arjun Infrastructure Partners (AIP), the UK-based infrastructure asset 2019 Energy Limited Infrastructure Infrastructur management company, has acquired Beckton Energy Limited, the Partners e LLP; UK-based company engaged in operating of bio-liquids fired Melquart combined heat and power plant (CHP), from iCON Infrastructure Limited Partners II, the UK-based fund of iCON Infrastructure LLP, the UK- based private equity firm, and Melquart Limited, the UK-based company engaged in providing investment management and advisory services, for an undisclosed consideration. 19/02/ Miriad 25.6 n/a Duke Royalty n/a Duke Royalty Limited, the UK-based provider of alternative capital 2019 Products Limited solutions, along with an external management team and the internal Limited management of Miriad Products Limited, the UK-based distributor of parts and components for the caravan and motorhome industry, has acquired the company for an undisclosed consideration.

85 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

14/02/ Ovo Energy n/a n/a Mitsubishi n/a Mitsubishi Corporation, a listed Japan-based conglomerate, has 2019 Limited (20% Corporation acquired 20% stake in Ovo Energy Limited, the UK-based domestic Stake) energy supplier, for an estimated consideration of GBP 216m. 12/02/ Roltech n/a n/a Duo (Europe) n/a Duo (Europe) plc, the UK-based provider of processing solutions for 2019 Limited plc quarrying, aggregate, recycling & handling Industries, has acquired Roltech Mechanical Limited, the UK-based company designing, manufacturing and installing conveyors, bins and machines for the quarrying industry, for an undisclosed consideration. 08/02/ KRG Specialist n/a n/a Gil Investments Proserv Gil Investments, the UK-based private equity firm has acquired KRG 2019 Engineering Group Inc. Industries Limited, the UK-based company that manufactures and Services delivers precision engineered components and assemblies to oil and gas, aerospace, pump manufacture markets, defense, rail, and food sectors from Proserv Group Inc., the UK-based company that provides production and drilling equipment services for energy industry, for an undisclosed consideration. 06/02/ United n/a n/a Essar Oil (UK) BP p.l.c. Essar Oil (UK) Limited, the UK-based oil and gas exploration and 2019 Kingdom Oil Limited production company, has agreed to acquire the Northampton Pipeline Terminal, the UK-based oil storage terminal, a 45% stake in Kingsbury (11.15% Stake); Oil Terminal, the UK-based oil storage terminal, and an 11.15% stake Northampton in the United Kingdom Oil Pipeline (UKOP), the UK-based oil products Terminal; pipeline network, from BP Plc, the listed UK-based oil company, for Kingsbury Oil an undisclosed consideration. Terminal (45% Stake)

86 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

01/02/ Bankside n/a n/a AL-KO Vehicle Christopher AL-KO Vehicle Technology, a Germany-based designer and 2019 Patterson Technology Adams(Priv manufacturer of trailer axles, trailer and caravan components, ate chassis and motorized chassis and a subsidiary of DexKo Global, Inc., Investor); the US-based company engaged in designing and manufacturing of David trailer axles and running gear components, has agreed to acquire Wineberg Bankside Patterson, the UK-based manufacturer and supplier of steel (Private frames to the holiday home and modular building sectors, from Mr. Investor) Christopher Adams and Mr. David Wineberg, UK-based private investors, for an undisclosed consideration. 01/02/ SSE Plc n/a n/a Undisclosed SSE Plc An undisclosed UK-based pension fund whose investment is 2019 (Dunmaglass bidder managed by Greencoat Capital, has agreed to acquire 14.4% stake wind farm) in Dunmaglass windfarms and Stronelairg wind farm from SSE Plc the (14.4% Stake); listed UK-based company engaged in the generation, transmission, SSE Plc distribution, and supply of electricity, gas and energy trading for a (Stronelairg total consideration of GBP 183m. wind farm) (14.4% Stake) 01/02/ SSE Plc n/a n/a Greencoat UK SSE Plc Greencoat UK Wind Plc, the listed UK-based closed-ended 2019 (Dunmaglass Wind Plc investment company investing in wind farm projects, has agreed to wind farm) acquire 35.5% stake in Dunmaglass windfarms and Stronelairg wind (35.5% Stake); farm from SSE Plc, the listed UK-based company engaged in the SSE Plc generation, transmission, distribution, and supply of electricity, gas (Stronelairg and energy trading for a total consideration of GBP 452m, including wind farm) cash and working capital. (35.5% Stake)

87 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

31/01/ Dust Control n/a 7.5 Filtermist Chris Filtermist International Limited, the UK based company producing oil 2019 Systems International Oldfield mist filters, fume and dust extraction equipment, and a subsidiary of Limited Limited (Private Absolent Group AB, a listed Sweden-based company engaged in Investor); supplying and manufacturing of air processing and ventilation filter Phillip products, has acquired Dust Control Systems Limited (DCS), the UK- Oldfield based manufacturer of dust and fume extraction systems, from Phillip (Private Oilfield and Chris Oldfield, the UK-based private investors, for a Investor) consideration of GBP 6.6m. 30/01/ Ring n/a n/a Osram GmbH Rubicon Osram GmbH, the listed Germany-based company engaged in the 2019 Automotive Partners field of lighting fixtures, has agreed to acquire Ring Automotive Limited Limited, the UK-based lighting and auto electrical supplier to the aftermarket and vehicle conversion sector, from Rubicon Partners, the UK-based private equity, for an undisclosed consideration. 27/01/ SK AeroSafety n/a n/a Levine SK SK AeroSafety, a UK-based provider of fire safety services for the 2019 Group Leichtman FireSafety aeronautic sector, has been sold by its parent company, Capital Group B.V. Netherlands-headquartered SK Fire Safety Group BV, a portfolio Partners, Inc. company of PE firm Apax France, to Levine Leichtman Capital Partners (LLCP). 24/01/ RedSpeed 6.2 12.2 Sdiptech AB n/a Sdiptech AB, the listed Sweden-based company providing deeply 2019 International niched products and services within modernization, new installation Ltd. and, service and maintenance, in areas such as hospitals, traffic systems, water supply systems, and data centers, has acquired RedSpeed International Ltd., the UK-based company that researches, develops, manufactures, installs, and maintains digital enforcement cameras for the traffic enforcement market, for a consideration of GBP 10.6m.

88 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

23/01/ RPC Group Plc 4,270.4 5,084.8 Apollo Global n/a Apollo Global Management ("Apollo") [NYSE:APO], the US based 2019 Management, private equity firm, has made a recommended offer to acquire RPC LLC Group Plc ("RPC") [LON:RPC], a UK based and listed design and engineering company of plastic products for both packaging and selected non-packaging markets. 21/01/ BAE Systems n/a n/a Rheinmetall BAE Rheinmetall AG has agreed to acquire 55% stake combat vehicles 2019 (combat AG Systems Plc business of BAE Systems Plc. Rheinmetall AG is the a Germany-based vehicles producer of automotive components and defense equipment, business) (55% headquartered in Duesseldorf. BAE Systems Plc. is the listed UK-based Stake) provider of support and services in defense and security, headquartered in Guildford. 21/01/ Trinity Fire and 41.6 17.9 Premier n/a Premier Technical Services Group plc has acquired Trinity Fire and 2019 Security Technical Security Systems Ltd from Mr. Andrew Cotton, Mr. Paul Clayton, Mr. Systems Ltd Services Group Shaun Corbett and Mr. Rob Holliday. plc Premier Technical Services Group plc (PTSG), the UK-based company engaged in providing access and safety services, is headquartered in Castleford. 18/01/ Motorhog n/a n/a SYNETIQ Ltd n/a Motorhog Limited, the UK based company engaged in 2019 Limited; DH maintenance and dismantle of motor vehicles, Car Transplants Systems Limited, the UK-based car dismantler and seller of car spare parts Consultancy and DH Systems Consultancy Limited, the UK-based provider of Limited; Car software solutions for the vehicle salvage and vehicle dismantling Transplants industries, have agreed to merge and operate under a new entity Limited named SYNETIQ Ltd. 18/01/ Tarpey Harris n/a n/a Morvern Group n/a Morvern Group, the UK-based investment holding company, has 2019 Ltd acquired Tarpey Harris Ltd, the UK-based manufacturer of wax molded parts, metallic tooling and machined parts supplied to the aerospace and Industrial gas turbine engine markets, for an undisclosed consideration.

89 Source: Megermarket

Country Focus – UK

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

08/01/ Martek Marine n/a 11.1 James Fisher & n/a James Fisher & Sons Plc, the listed UK-based provider of specialist 2019 Limited Sons Plc services to the marine, oil and gas, and other high assurance industries, including ship operating and management, has acquired Martek Holdings Limited, a UK-based provider of safety and calibration systems and products to the marine sector, for a consideration of GBP 10m. 04/01/ Lyndon 55.4 n/a Brand Industrial n/a Brand Industrial Services, Inc. (BrandSafway ), the US-based 2019 Scaffolding Plc Services, Inc. company engaged in industrial and commercial scaffolding, concrete construction, insulation, carpentry, special events and safety services, has acquired Lyndon Scaffolding Plc, the UK-based provider of comprehensive access solutions for the commercial construction, industrial and infrastructure markets, for an undisclosed consideration. 03/01/ Hiremech Ltd. n/a n/a Briggs Roderick Briggs Equipment UK Ltd., the UK-based company engaged in 2019 Equipment UK Smith distribution of counterbalance forklift trucks and warehouse Ltd. (Private equipment, has acquired Hiremech Ltd., the UK-based forklift seller Investor); and hire company, from Mr. Paul Green and Mr. Roderick Smith, the Paul Green UK-based private individuals, for an undisclosed consideration. (Private investor) 02/01/ Straightpoint n/a n/a The Crosby n/a The Crosby Group LLC, the US-based company that designs and 2019 (UK) Limited Group LLC manufactures accessories for the lifting and material handling industry, has acquired Straightpoint (UK) Limited, the UK-based manufacturer of load cells and force measurement equipment, for an undisclosed consideration.

90 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

26/03/ Plastique n/a n/a Altium Fonds de Altium Packaging Canada Inc., a wholly-owned subsidiary of 2019 Micron Inc. Packaging Solidarite Consolidated Container Company, has acquired Plastique Micron Canada Inc. FTQ; Inc. from Fonds de Solidarite FTQ and Investissement Quebec Inc. Investissem Altium Packaging Canada Inc., the US-based company ent headquartered at Atlanta, Georgia, provides packaging solutions. Quebec Plastique Micron Inc., a Canada-based company headquartered at Inc. Quebec, manufactures and exports plastic containers to the pharmaceutical, cosmetics and food industries. 21/03/ Montreal n/a n/a Hunt Valve n/a Hunt Valve Company, a Salem, Ohio-based valve maker backed by 2019 Bronze Limited Company, Inc. May River Capital, has acquired Terrebonne, Quebec-based Montreal Bronze Limited. Deal Snapshot Terms: Undisclosed Strategic Rationale: Expands and complements Hunt's product offering and provides access to additional US Navy and international shipyards and industrial customers. Background: On 01 December 2015, May River and Maranon Capital, LP, the US-based private equity firm, had acquired Hunt Valve, for an undisclosed consideration. 19/03/ Rockwater n/a n/a Undisclosed Select An undisclosed bidder has acquired Rockwater Energy Solutions 2019 Energy bidder Energy Canada Inc., a Canada-based provider of fluids and environmental Solutions Services, solutions including water, stimulation, fracturing, fluids, and Canada Inc. LLC production needs for to oilfield companies, from Select Energy Services, Inc., the listed US-based company engaged in providing engineering water solution, manufacture of specialty chemicals and other wellsite services to the oilfield services industry, for an undisclosed consideration.

91 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

19/03/ Child Check- n/a n/a USSC Group, n/a USSC Group, Inc., the US-based company that designs, engineers 2019 Mate System, Inc. and supplies ergonomic, durable seating for transportation vehicles, Inc and a portfolio company of Dubin Clark & Company, Inc., the US- based private equity firm, has acquired Child Check-Mate System, Inc(CCM), Canada-based School Bus safety company that develops a unique alarm system which acts as an electronic reminder to drivers, for an undisclosed consideration. 15/03/ Vari-Form n/a n/a Fiat Chrysler n/a Fiat Chrysler Automobiles N.V the listed UK-based company that 2019 Corporation Automobiles designs, engineers, manufactures, distributes, and sells vehicles, (Strathroy, N.V components, and production system has acquired the Ontario Ontario operations of Vari-Form Corporation, for an undisclosed operations) consideration. Vari-Form Corporation has filed for bankruptcy. 07/03/ Dart n/a 66.6 First Aviation Era Group Greenbriar Equity Group, L.P. along with First Aviation, Inc. has 2019 Aerospace Ltd Services Inc.; Inc; Eagle agreed to acquire Dart Aerospace Ltd from Eagle Copters Ltd. and Greenbriar Copters Era Group Inc. Equity Group, Ltd. Greenbriar Equity Group, L.P., the US-based private equity firm, L.P. headquartered in Rye, New York. First Aviation Services Inc., the US- based provider of repair and overhaul, rotables management and related engineering services to the aviation industry, headquartered in in Connecticut. Dart Aerospace Ltd, a Canada-based company headquartered in Montreal, is engaged in design, manufacturing and marketing of equipment and aftermarket components for the helicopter and fixed-wing industries.

92 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

05/03/ QSG Inc. n/a n/a OCR Canada Gilles OCR Canada Ltd., a Canada-based provider of automated 2019 Ltd. Gaudreault identification data capture solutions and services, business process (Private analysis services and project management services, and a subsidiary Investor) of Barcodes, Inc., the US-based provider of barcode, mobile computing, point of sale and RFID solutions, has agreed to acquire QSG Inc., a Canada-based specialty systems integrator focused on field and supply chain mobility, from Gilles Gaudreault, a Canada- based private investor, for an undisclosed consideration. 01/03/ Western n/a n/a Color Western Color Compass Corporation, a Canada-based company engaged 2019 Dealers Co- Compass Dealers Co- in providing collision repair products and industry specific collision Auto (Paint, Corporation Auto repair training, has acquired the paint, body, and equipment Body, & division, from Western Dealers Co-Auto, a Canada-based company Equipment providing car wash and equipment services, for an undisclosed Division ) consideration. 01/03/ Measurand n/a n/a Vance Street n/a Measurand Group, a Fredericton, New Brunswick-based 2019 Group Capital LLC manufacturer of geotechnical instrumentation, has been acquired by Vance Street Capital. 26/02/ GLV Inc. 160.0 113.0 Valmet Oyj n/a Valmet Oyj has agreed to acquire GLV Inc. Valmet Oyj, the listed 2019 Finland-based developer and supplier of process technologies, automation, and services for the pulp, paper, and energy industries, is headquartered in Espoo. GLV Inc., the Canada-based company that specializes in the design of equipment used in various stages of pulp and paper production and industrial wastewater, drinking water and water equipment, on a cash-free debt-free basis, is headquartered in Trois-Rivieres.

93 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

25/02/ Hydra Dyne 23.7 n/a Interpump n/a Interpump Group S.p.A., has agreed to acquire a 75% stake in Hydra 2019 Technology Group S.p.A. Dyne Technology Inc., Interpump Group S.p.A., a listed Italy-based Inc. (75% manufacturer of high pressure piston plunger pumps, is Stake) headquartered in Sant'Ilario d'Enza. Hydra Dyne Technology Inc., a Canada-based producer of hydraulic cylinders, valves and rotary manifolds, Interpump will pay a cash consideration of EUR 15.2m. 13/02/ World Class n/a 24.5 CBD Med n/a CBD Med Research Corp has agreed to acquire World Class 2019 Extractions Inc Research Corp Extractions Inc. World Class Extractions Inc, is the Canada-based company that provides precision single step mobile extraction systems, head-quartered in Toronto. CBD Med Research Corp, is the listed Canada-based holding company having interest in companies engaged in providing precision single step mobile extraction systems, head-quartered in Vancouver. CBD Med Research Corp has agreed to acquire World Class Extractions Inc, for a consideration of CAD 36.71m (USD 27.67m). 07/02/ Crius Energy n/a 437.7 Vistra Energy n/a Vistra Energy Corp. has agreed to acquire Crius Energy Trust. Vistra 2019 Trust Corp. Energy Corp., the listed US-based company engaged in production and transmission of electricity, is headquartered in Texas, Dallas. Crius Energy Trust, a listed Canada-based energy retailer that markets and sells electricity and natural gas to residential and small to medium- size commercial customers, is headquartered in Toronto. Vistra will acquire 56,605,607 trust units representing a 100% stake in Crius, at an offer price of CAD 7.57 (USD 5.74) per trust unit, thereby valuing the transaction at CAD 428.5m (USD 325.14m). 05/02/ Inuktun n/a n/a Eddyfi NDT Inc. n/a Eddyfi NDT Inc., the Canada-based manufacturer of NDT solutions for 2019 Services Ltd. the inspection of critical components and assets in the nuclear, power generation, oil & gas, and aerospace industries, has acquired Inuktun Services Ltd., the Canada-based developer and manufacturer of remotely operated crawlers and camera systems, for an undisclosed consideration.

94 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

28/01/ Aeryon Labs, n/a 175.1 FLIR Systems, Summit FLIR Systems, Inc. [NASDAQ:FLIR], a Wilsonville, Oregon-based maker 2019 Inc. Inc. Partners of sensor systems, acquired Waterloo, Ontario-based Aeryon Labs LLP; MaRs Inc. Discovery Deal Snapshot Terms: USD 200m in cash. Strategic Rationale: Expands District FLIR’s drone offerings with advanced airframes, sensors, and flight management software for government and defense customers. The acquisition will increase FLIR’s unmanned systems solutions capabilities and will expand beyond nano-UAS into Group 1 UAS solutions for military. 20/01/ ZCL n/a 205.4 ShawCor Ltd. n/a ShawCor Ltd. has agreed to acquire ZCL Composites Inc. ShawCor 2019 Composites Ltd. is the listed Canada-based energy services company Inc. specializing in products and services for the pipeline and pipe services, and petrochemical and industrial segments of the oil and gas industry and other industrial markets, headquartered in Toronto. ZCL Composites Inc. is the listed Canada-based manufacturer and distributor of fiberglass liquid storage systems to the petroleum industry, headquartered in Edmonton. ShawCor will acquire 30,559,647 shares, representing 100% stake of ZCL, at an offer price of CAD 10 (USD 7.539) per share, thereby valuing the transaction at CAD 305.596m (USD 230.41m). 15/01/ Micanan n/a 5.3 Nice S.p.A. n/a Nice S.p.A., an Italy-based company specialized in home 2019 Systems Inc. automation systems, has acquired Micanan Systems Inc., a Canada- based company that manufactures operators of garage door openers, used to automate commercial and industrial overhead doors, for a consideration of CAD 8m (USD 6.027m) on a debt-free basis.

95 Source: Megermarket

Country Focus – Canada

Sales EV Date Target Bidder Seller Deal Description (€ m) (€ m)

10/01/ SemCAMS ULC n/a 754.1 Kohlberg Kravis SemGroup Kohlberg Kravis Roberts & Co. L.P. has signed a definitive agreement 2019 (49% Stake) Roberts & Co. Corporatio to acquire a 49% stake in SemCAMS ULC from SemGroup L.P. n Corporation. Kohlberg Kravis Roberts & Co. L.P. (KKR), headquartered in New York, New York, is a listed US-based global investment firm. SemCAMS ULC, headquartered in Calgary, is a Canada-based provider of midstream solutions and a subsidiary of SemGroup Corporation.KKR has agreed to pay a consideration of CAD 515m (USD 389.28m) to SemGroup. 10/01/ Dixie Electric n/a n/a Motorcar Parts n/a Motorcar Parts of America, Inc. [NASDAQ:MPAA], a Torrance, 2019 Ltd. of America Inc California-based remanufacturer, manufacturer, and distributor of automotive aftermarket parts, has acquired Concord, Ontario- based Dixie Electric, Ltd. 08/01/ Solacom n/a 28.8 Comtech n/a Comtech Telecommunications Corp., a listed US-based company 2019 Technologies Telecommunic that designs, develops, produces and markets innovative products, Inc. ations Corp. systems and services for advanced communications solutions, has agreed to acquire Solacom Technologies Inc., a Canada-based provider of user-centric voice, data, and video 9-1-1 call management solutions for public safety answering points, for a consideration of USD 33m. 02/01/ Pivotal Safety n/a n/a Total Safety n/a Total Safety U.S., Inc., the US-based provider of integrated industrial 2019 U.S., Inc. safety services, equipment and compliance solutions to the oil and gas industry, has acquired Pivotal Safety, a Canada-based industrial safety company offering safety services, highly trained staff, and quality equipment, for an undisclosed consideration.

96 Source: Megermarket

Global M&A Partners is one of the world's leading partnerships of independent M&A advisory firms. Specialised in the middle market, we provide support and opportunities locally and internationally for clients buying or selling companies as well as fi- nancings, corporate restructurings and other corporate finance transactions.

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Interfinanz Brown Gibbons Lang & Co Crosbie & Company Total Finans Acquizon Advisory Key contact: Key contact: Key contact: Key contact: Key contact: Christian Kollmann Andrew Petryk Ed Giacomelli Metin Bonfil Deepak Ladha Phone +49 211 16802 23 Phone +1 216 241 2800 Phone +1-416-362-0020 Phone +90 212 275 0175 Phone +91 22 4973 0913 Cell +49 172 200 2957 Cell +1 216 244 3649 Cell +1-416-402-5907 Cell +90 532 236 3536 Cell +91 98203 48614 Email: ckoll- Email: apet- Email: egiaco- Email: mbon- Email: [email protected] [email protected] [email protected] [email protected] [email protected]

Address Address Address Address Address Tersteegenstraße 28 1375 East 9th Street, Sun Life Financial Tower Kasap Sok. Konak Azer Is B 606, Satellite Gazebo, Düsseldorf Suite 2500, 150 King St. W. Hani No:12 Kat:9, 34394 B D Sawant Marg, Esentepe D-40474 Cleveland, OH 44114 15th Floor, P.O. Box 95 Andheri East Istanbul Germany USA Toronto, Ontario Mumbai 400 099 Turkey M5H 1J9 India

Canada

ABOUT Global M&A Partners

Established in 1999, Global M&A Partners is one of the world's leading partnerships of independent M&A firms gathered together to offer to their respective clients premium services for their goals completion. Operating through over 200 M&A advisors, the partnership serves sectors including Consumer Products, Business Services, Energy & Mining, Healthcare & Pharmaceuticals, Industrials, Packaging, Leisure & Retail and IT. The partnership network operates in over 30 countries and has completed over 1,500 transactions with a combined value in excess of EUR 42 bn since 2010.