Latest plant engineering M&A, October 2024: IBM, HL Robotics, Shermco Industries
Bundy Group reported 16 automation transactions in its October report on mergers, acquisitions and capital placement activities. Analysis on the acquisitions and reports are highlighted below.
Bundy Group, an investment bank and advisory firm that specializes in the automation, industrial technology and plant management sectors, provides an update on mergers and acquisitions (M&A)and capital placement activity, including 16 in its following October 2024 report transactions, including IBM, HL Robotics, Shermco Industries and others.
Bundy Group said, “The automation and industrial technology markets continue to experience a tremendous amount of mergers and acquisitions and capital markets activity. Drivers of this activity include the growth-oriented nature of the automation and industrial technology markets, the consolidation opportunities within these industries and the strength of many of the companies operating within them. Furthermore, the automation and industrial technology sectors have attracted a critical mass of strategic buyers and financial sponsors (such as private equity groups, family offices, institutional investors) that are looking to own or invest in companies in the industries. From such, Bundy Group closed transactions as Ultimation and Industrial Electric Machinery, our team continues to see strong interest from a range of qualified buyers in the automation, industrial technology and plant management segments. Further evidence of the robust M&A and capital placement activity is provided in the below list of transactions. Bundy Group’s current engagements and owner relationships include control system integration, automated material handling, automation distribution, industrial services and electrical services.”
October 2024 plant engineering transactions
Bundy Group noted the following 16 transactions and dates related to the automation, industrial technology and plant management sectors for its October summary for Plant Engineering magazine readers.
Advanced Drainage Systems agrees to acquire Orenco, 8/20/2024
Advanced Drainage Systems Inc. has signed a definitive agreement for its wholly-owned subsidiary, Infiltrator Water Technologies, to acquire Orenco Systems, Inc. Orenco is a leading manufacturer of advanced on-site septic wastewater treatment products for both residential and non-residential markets.
IBM acquired Prescinto, 10/15/2024
IBM has acquired Prescinto, a renewables-focused asset performance management software provider, to strengthen its leadership in the energy and utility sector amid growing demand for solutions to optimize renewable energy assets. Founded in 2016, the India-based company offers APM software as a service that leverages artificial intelligence for advanced monitoring, analytics and automation to enhance the performance and efficiency of clean energy projects.
Shermco Industries acquired KTR Associates, 10/15/2024
Shermco Industries Inc., one of North America’s largest and fastest-growing providers of power system engineering, electrical testing, maintenance, commissioning and repair services, has completed the acquisition of KTR Associates, a power system engineering company based in Sinking Spring, Pennsylvania.
Allied Industrial Partners acquired JCL Energy, 10/15/2024
Allied Industrial Partners LLC, an operationally focused lower-middle market private equity firm based in Houston, has made a strategic investment in JCL Energy, a value-added distributor of pad-mounted transformers and associated electrical equipment for a diverse array of customers and end markets.
HL Robotics agreed to acquire Stanley Robotics, 10/14/2024
HL Robotics, a subsidiary of HL Holdings established on Sept. 6, signed an agreement to acquire Stanley Robotics, said to be the world’s first company to commercialize outdoor valet parking robots. The acquisition is expected to be finalized before the end of the year, pending approval from the authorities. HL Robotics’ swift action has garnered attention and is anticipated to capture a market worth $6.7 billion.
Atwater Capital acquired RDC Control, 9/1/2024
RDC Control has been acquired by Atwater Capital for an undisclosed amount, with the transaction closing on Sept. 1. RDC Control Ltd. is a leading manufacturer of valve actuation solutions and industrial sensors, and this acquisition will support its management team and Atwater Capital, a family-owned investment company focused on long-term value creation.
Apollo Funds acquired Barnes Group, 10/7/2024
Barnes Group Inc., a global provider of highly engineered products, differentiated industrial technologies and innovative solutions, was acquired by Apollo Funds managed by affiliates of Apollo Global Management in an all-cash transaction that values Barnes at an enterprise value of approximately $3.6 billion.
N3 Capital Management acquired Advance Switchboard Distribution, 10/7/2024
N3 Capital Management LLC, a leading private investment firm, has acquired Advance Switchboard Distribution. The acquisition will support ASD’s continued growth in delivering standard and custom American-made power distribution systems, serving markets such as solar/renewable energy, electric vehicle (EV) charging, health care, education, multi-tenant and mixed use and distribution warehousing.
Motion & Control Enterprises acquired three ParkerStore locations from Motion & Flow Control Products, 10/1/2024
Motion & Control Enterprises has acquired three ParkerStore locations in Williston, North Dakota, Sioux Falls, South Dakota, and Sidney, Montana, from Motion & Flow Control Products Inc. The ParkerStores serve as regional sources for hose, fitting, hydraulics and filtration products and services across North Dakota, South Dakota and eastern Montana.
Element Materials Technology acquired the inspection services segment of Industrial Service Solutions, 10/1/2024
Industrial Service Solutions, an industrial MRO services platform and a Wynnchurch Capital, LP portfolio company, announced the sale of its inspection services segment to Element Materials Technology, a global provider of testing, inspection and certification services for highly regulated end markets.
SureKap LLC acquired AB Technology, 10/1/2024
LFM Capital, a private equity firm focused on lower middle market manufacturing and industrial services businesses, announced that portfolio company SureKap LLC has acquired AB Technology Inc. SureKap provides automated packaging equipment to a variety of industries, including food and beverage, pharmaceuticals, nutraceuticals and cosmetics.
The Rise Companies acquired R&D Specialties, 9/30/2024
The Rise Companies, the investment firm founded by eastern North Carolina investor Harry Smith, has acquired R&D Specialties, a 40-year-old family business based in Odessa, Texas. It’s the first acquisition in the Lone Star State by Rise, which also owns four companies in North Carolina and one in Florida.
Vance Street Capital acquired Pro-Vision, 9/26/2024
Vance Street Capital, a Los Angeles-based private equity firm, acquired Pro-Vision to support the business and management team during its next chapter of growth. Pro-Vision is a North American provider of video monitoring solutions for the commercial, K-12 transit, and public safety markets. The acquisition marks Vance Street’s first platform investment from Vance Street Capital IV LP and leverages the firm’s expertise in industrial technology and critical asset monitoring.
Michelli Weighing & Measurement acquired Perry Scale Co., 9/20/2024
Michelli Weighing & Measurement, a portfolio company of Summit Park, acquired Perry Scale Co. and Southern Industrial Scales. These acquisitions strengthen Michelli’s position in the industry and expand service operations in new and existing geographies. Founded in 1936 and headquartered in Houston, Texas, Perry Scale is a provider of industrial weighing and calibration distribution and services.
Blackstone acquired Trystar, 7/16/2024
Blackstone announced that private equity funds affiliated with Blackstone have acquired Trystar, a premier provider of electrical equipment used for backup power solutions. Trystar designs and manufactures critical electrical power solutions for data center, industrial, commercial, health care and utility end markets.
MITAR Private Capital acquired Micromatic, 9/17/2024
Forest Hill Partners LLC, a Chicago-based private equity firm has completed the sale of Micromatic LLC to MITAR Private Capital, an Indianapolis-based private equity firm. Micromatic, headquartered in Berne, Indiana, is a world-class developer, manufacturer and distributor of rotary vane actuators, waste tippers and automation assembly systems that help customers solve complex automation needs worldwide.
Miss prior reports? See August and September 2024 reports below.
Edited by Mark T. Hoske, WTWH Media, mhoske@wtwhmedia.com.
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