Industrial Technology 2022 ANNUAL REPORT
INDUSTRIAL TECH SUMMARY & OUTLOOK M&A TRENDS
Harbor View Advisors conducted a survey with active lower-middle market private equity funds (see page 2) to gain a general sentiment about expectations for market activity in 2023. With responses from over fifty investors across the US, we have accumulated a range of perspectives on changes in strategy, foreseeable deal making challenges, fundraising headwinds, deal structure transformations, and valuation expectations for 2023.
In 2021, the M&A market experienced unprecedented valuations and deal activity which have since returned to more normalized levels due to the tightening of credit markets and increased volatility of the macroeconomic landscape. Despite potential challenges presented by these market conditions, private equity buyers continue to possess ample capital, eager to deploy it in the right investment opportunities. Even so, the scarcity of assets in the market presents a challenge, as buyers compete for attractive opportunities to put their capital to work.
The impact of change in the credit markets has shown through most significantly in larger deals, but the appetite for lower middle market deals remains solid. Private equity buyers are becoming increasingly cautious as it relates to investments in cyclical industries and are instead focusing on add -on opportunities for portfolio companies to continue to build out existing strategies. Buyers are prioritizing high-quality targets in attractive industries, while profitability is becoming the new benchmark for growth. The shift in focus towards profitability, rather than growth, reflects the current market conditions’ need for stability and sustainable returns in the private equity industry.
INDUSTRY COMMENTARY
“Uncertainty from global economic and market influences impacted industrial manufacturing deal volume in 2022. These influences — which include rising cost of capital, inflation, volatile raw material prices and availability, and increased freight costs will likely continue to challenge M&A in the near term. Given these pressures, M&A activity for industrial manufacturing companies will likely be driven by mid-market corporations and private equity portfolio companies seeking strategic expansion of platforms and programs. Additionally, the portfolio review and related divestitures of non-core assets is likely to fuel stable deal activity as we head into 2023..”
– Michelle Ritchie, PWC Global Deals; Industrial Co-Leader“[Buyers] are looking for emerging growth companies that are operating highly efficiently during this time and have incredible potential when we come out of this downturn. That day is coming, and smart founders will be preparing and planning now to be well positioned to take advantage of the M&A boom many are predicting to come in 2023.”
– Louis Lehot, Foley & Lardner; Partner
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT 1
PE SURVEY RESULTS
How do you expect your strategy might change in 2023?
Dynamic market conditions have prompted investors to reevaluate their capital deployment strategy. This includes shifting investments to more resilient industries and/or slowing down deployment altogether. We expect that lower valuations and harder-to-access debt will result in more add-on acquisitions to lower the average multiple across a platform.
“I think we will have a down year, but it won’t be disastrous. Non/counter cyclical sectors will still garner interest.”
What do you foresee being the largest challenge to closing deals in 2023?
Buyers are taking a more conservative approach to evaluating investment opportunities. While lower-middle market deal appetite remains solid, quantity of high-quality assets is expected to decrease. Investors will also grapple with tempering seller valuation expectations coming off historical highs.
“We are expecting some randomness in processes, going to have to see a lot to find the right balance between valuation with lower leverage and continued excess capital”
How would you describe the current capital raising environment relative to recent years?
Fueled by uncertainty surrounding macroeconomic conditions, private equity firms may delay raising new funds or take longer to gain LP commitment. In addition, firms may hold existing assets for a longer period of time.
“While we conservatively leverage companies and don't see an issue continuing to do that, debt markets may cause us to hold some assets longer”
In 2023, what is your expectation for valuation compared to 2022?
Unsustainable 2021 valuations have returned to more normalized levels amidst credit market tightening and macroeconomic concerns. Buyers still have ample capital to deploy, however, there is lower deal flow activity creating scarcity value for high quality deals in the current market.
“High quality assets will still command high multiples, although somewhat lower than 1H22 and certainly '21.”
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT 2 18% 26% 28% 28% Slower deployment of capital Shift in transaction size Greater focus on add-ons vs. platforms Shift in industry focus
46% 19% 18% 14% 4% Quality of companies brought to market Quantity of companies brought to market Valuation expectations Access/cost of debt Other
58% 23% 19% Slightly more difficult About the same
more difficult
Significantly
72% 14% 12% 2% Down slightly About the same Down significantly Up slightly
Note: Quotes are sourced from private equity survey responses
KEY ECONOMIC INDICATORS
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT
INDUSTRIAL PRODUCTION INDEX
UNEMPLOYMENT RATE
TOTAL CONSTRUCTION SPENDING (NON-RESIDENTIAL)
FED FUNDS EFFECTIVE RATE
Source: Board of Governors of the Federal Reserve System
TOTAL CONSTRUCTION SPENDING (RESIDENTIAL)
75 80 85 90 95 100 105 110 Total Industrial Production Index Manufacturing Production Index $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% 1.6% 0.0% 4.0% 8.0% 12.0% 16.0%
Monthly % Change
CONSUMER PRICE INDEX
Source: U.S. Bureau of Labor Statistics
Census
Source: U.S.
Bureau
Source: U.S. Census Bureau Source: U.S. Bureau of Labor Statistics Source: Board of Governors of the Federal Reserve System
3
Source: PitchBook, Data as of 12/31/22
INDUSTRIAL TECH PUBLIC MARKETS
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT
COMPARATIVE MEDIAN EBITDA MULTIPLES
ONE-YEAR HISTORICAL INDEX PERFORMANCE
Indices comprised of relevant companies on the following pages and based on equal weighted prices. Indices are tracked relative to the starting price to compare performance.
Source: PitchBook, Data as of 12/31/22
50 75 100 125 150 12/21 1/22 2/22 3/22 4/22 5/22 6/22 7/22 8/22 9/22 10/22 11/22 12/22 S&P 500 Automated Solutions Traditional Industrials Industrial & Related Services 14.4x 24.0x 14.4x 13.1x 16.4x 11.4x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Traditional Industrials Automated Solutions Industrial & Related Services 12/31/2021 12/31/2022
4
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INDUSTRIAL TECH PUBLIC TRADING STATISTICS
AUTOMATED
•
•
•
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•
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook
INDUSTRIAL & RELATED SERVICES
VIEW’S INDUSTRIAL TECH SUB-SECTORS
AUTOMATED SOLUTIONS
HARBOR
Robotics
Specialty Equipment & Devices
Sensors & Data Capture
IIoT
Related Technologies
/
SOLUTIONS TRADITIONAL INDUSTRIAL
Manufacturing
Value-Added Distribution
•
•
Coating / Material Processing
Installation & Construction INDUSTRIAL & RELATED SERVICES
D&E / T&M
Logistics Services
Facility & Site Services
Staffing & Workplace Safety
VIEW’S INDUSTRIAL TECH
5 Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple ABB Group 62.5 29.2 3.8 2.1x 16.4x AMETEK 34.1 6.0 1.8 5.7x 19.2x Badger Meter 3.1 0.6 0.1 5.6x 26.8x Emerson Electric 70.8 19.6 4.8 3.6x 14.7x Omron Corporation 9.0 6.4 0.9 1.4x 10.2x Parker Hannifin 50.8 16.3 3.7 3.1x 13.7x Rockwell Automation 33.5 7.8 1.6 4.3x 21.3x Roper 50.6 6.1 2.3 8.2x 21.6x Zebra Technologies 15.5 5.7 1.1 2.7x 13.9x Median: 3.6x 16.4x Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple AECOM 13.5 13.1 0.9 1.0x 14.4x C.H. Robinson 13.2 26.1 1.5 0.5x 9.0x Cintas 48.9 6.4 2.0 7.6x 24.4x Emcor 7.4 10.8 0.6 0.7x 11.4x Intertek Group 9.3 3.9 0.9 2.4x 10.3x Jacobs Engineering Group 18.9 14.9 1.7 1.3x 11.4x Keysight Technologies 30.6 5.4 1.8 5.6x 17.4x TrueBlue 0.7 2.3 0.1 0.3x 5.2x XPO Logistics 7.0 13.1 1.4 0.5x 5.0x Median: 1.0x 11.4x
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HARBOR
ANNUAL REPORT
INDUSTRIAL TECH PUBLIC TRADING STATISTICS
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook
INDUSTRIAL CONGLOMERATES TRADITIONAL INDUSTRIAL Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple Applied Industrial Technologies 5.4 4.0 0.4 1.3x 12.2x Carrier Global Corporation 41.2 20.4 3.2 2.0x 12.9x Caterpillar 154.9 56.6 11.1 2.7x 13.9x Cummins 41.0 26.2 3.8 1.6x 10.9x Deere & Company 174.7 51.3 11.1 3.4x 15.7x Nucor 38.2 43.2 12.9 0.9x 3.0x Trane Technologies 42.5 15.5 2.6 2.7x 16.5x W.W. Grainger 30.7 14.8 2.3 2.1x 13.2x Median 2.0x 13.1x HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT 6 Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple 3M 79.3 34.8 9.0 2.3x 8.8x Danaher 209.0 31.3 10.8 6.7x 19.3x Fortive 25.6 5.7 1.4 4.5x 17.7x General Electric 104.4 75.1 6.8 1.4x 15.2x Honeywell 153.7 34.9 8.8 4.4x 17.5x Johnson Controls International 52.0 25.3 3.9 2.1x 13.4x Raytheon Technologies 179.5 66.0 13.7 2.7x 13.1x Median 2.7x 15.2x
INDUSTRIAL TECH M&A SUMMARY
RECENT NOTABLE TRANSACTIONS
Note: Deal count represents transactions completed in the U.S. & Canada; historical values retrospectively adjusted per source
76 65 81 75 75 74 78 69 78 38 48 94 67 74 85 132 63 53 76 50 23 22 32 28 31 26 30 36 26 11 24 40 32 36 35 39 31 19 35 23 34 33 35 34 27 41 30 36 29 15 32 43 33 44 48 69 48 30 43 28 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022 Traditional Industrials Automated Solutions Industrial & Related Services DEAL
COUNT BY SUB-SECTOR
7
Source: PitchBook HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT
$450M DEC 2022 $380M NOV 2022 $480M NOV 2022 $1.9B NOV 2022 $7.1B NOV 2022 $950M NOV 2022 $480M OCT 2022 $8.0B OCT 2022 $3.0B OCT 2022 $2.6B OCT 2022
INDUSTRIAL TECH SELECT M&A TRANSACTIONS
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA Dec-22 Magic Leap Saudi Arabia’s Public Investment Fund $450.0 n/m n/m Dec-22 The Jor-Mac Company Aldine Capital Partners n/m n/m n/m Dec-22 Pacific Light and Energy Burlington Street Partners n/m n/m n/m Dec-22 Intelice Kopis USA n/m n/m n/m Nov-22 Air Hydro Power Houchens Industries n/m n/m n/m Nov-22 Leonardo DRS (NAS: DRS) Rada Electronic Industries n/m n/m n/m Nov-22 Liteye Systems Highlander Partners n/m n/m n/m Nov-22 Cutting Edge Machining Solutions Continuim Equity Partners n/m n/m n/m Nov-22 KIHM Metal Technologies Turnout Industries n/m n/m n/m Nov-22 Cyberoptics (NAS: CYBE) Nordson (NAS: NDSN) $380.0 n/m n/m Nov-22 Bloom Automation Eteros Technologies n/m n/m n/m Oct-22 Velodyne Lidar (NAS: VLDR) Ouster (NYS: OUST) $480.0 n/m n/m Oct-22 RobotWorx Summit Park n/m n/m n/m Oct-22 Staxify (ASE: STAX) Endurance Acquisition n/m n/m n/m Oct-22 Dynamic Design Solutions Addtronics (Kaho Partners) n/m n/m n/m Oct-22 Feyen Zylstra (Industrial Tech Division) ATS Global n/m n/m n/m Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA Dec-22 Mobile Mini UK Modulaire Group (Brookfield) n/m n/m n/m Dec-22 Resource4Floors Lynx Equity n/m n/m n/m Dec-22 Senske GTCR LLC n/m n/m n/m Dec-22 Bulk Express Alterna Equity Partners n/m n/m n/m Dec-22 SDII Global Kian Capital n/m n/m n/m Nov-22 OnPoint MML Capital n/m n/m n/m Nov-22 Allnorth Consultants Long Point Capital n/m n/m n/m Nov-22 Onis Visa H.I.G. Capital n/m n/m n/m Nov-22 U.S. Waterproofing Rotunda Capital Partners n/m n/m n/m Nov-22 Del-Air Astara Capital Partners n/m n/m n/m Nov-22 Neovia Logistics Services Vector Capital, Oaktree Capital Management, Ares Management $480.0 n/m n/m Oct-22 Lipari Food Littlejohn & Co. n/m n/m n/m Oct-22 Minnesota Rubber and Plastics (KKR) Trelleborg Group n/m n/m n/m Oct-22 Westinghouse Electric Company Cameco & Brookfield Renewable $8,000.0 n/m n/m Oct-22 Telenor KKR $3000.0 n/m n/m Oct-22 Coastal Supply Company Heritage (Gryphon) n/m n/m n/m Oct-22 Dees Paper Company Imperial Dade n/m n/m n/m
Source: PitchBook
AUTOMATED SOLUTIONS
INDUSTRIAL & RELATED SERVICES 8
TRADITIONAL INDUSTRIAL SELECT M&A TRANSACTIONS HARBOR
TRADITIONAL INDUSTRIALS
INDUSTRIAL
REPORT 9 Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA Dec-22 Maxar Technologies (NYSE: MAXR) Advent International n/m n/m n/m Dec-22 Red's All Natural Bansk Group n/m n/m n/m Dec-22 Torque Detail Recochem (H.I.G. Capital) n/m n/m n/m Dec-22 Jaco Inc. GCX Mounting Solutions (Audax Private Equity) n/m n/m n/m Dec-22 Continental Forge Forged Solutions Group (Arlington Capital Partners) n/m n/m n/m Dec-22 Boundary Devices Laird Connectivity (Audax) n/m n/m n/m Dec-22 Bagwell Supply Bulk Lift New Water Capital n/m n/m n/m Dec-22 Rahway Novvia Group (Kelso & Co.) n/m n/m n/m Dec-22 Applied Aerospace Structures Greenbriar Equity Group n/m n/m n/m Dec-22 Quality Valve The Stephens group n/m n/m n/m Nov-22 Atlas Greenhouse Mangrove n/m n/m n/m Nov-22 Dutchland MiddleGround n/m n/m n/m Nov-22 Paradigm Precision Clayton, Dubilier & Rice n/m n/m n/m Nov-22 Innovative Container Novvia (Kelso & Co.) n/m n/m n/m Nov-22 Sequa Veritas Capital $1,900.0 n/m n/m Nov-22 Tahoe Sand and Gravel Outdoor Living Supply (Trilantic North America) n/m n/m n/m Nov-22 Exyte BDT Capital Partners n/m n/m n/m Nov-22 King's Pastry Ironbridge Equity Partners n/m n/m n/m Nov-22 Avtron Power Solutions Hidden Harbor Capital Partners n/m n/m n/m Nov-22 Tenneco Apollo Global Management $7,100.0 n/m n/m Nov-22 Evans Industries Little Enterprises Momentum Manufacturing Group (One Equity Partners) n/m n/m n/m Nov-22 Sprouse Windows and Doors Santiago Investment Group n/m n/m n/m Nov-22 Hickman Label ID Images (Sole Source) n/m n/m n/m Nov-22 Formerra H.I.G. Capital $950.0 n/m n/m Oct-22 Bravo! Pet Foods BightPet (A&M Capital Partners) n/m n/m n/m Oct-22 Great Plains/Pool & Spa Products, Inc. Marcone (Genstar Capital) n/m n/m n/m Oct-22 Dalco Nonwovens and Global Felt Technologies Snow Peak Capital n/m n/m n/m Oct-22 Mcdanel Advanced Ceramic Technologies Artemis n/m n/m n/m Oct-22 TruFood Mubadala Capital n/m n/m n/m Oct-22 TiniFiber Columbia River Partners n/m n/m n/m Oct-22 Targus B. Riley Financial $250.0 n/m n/m Oct-22 Resiblock The Engineered Stone Group n/m n/m n/m Oct-22 Extreme Steel Crane & Rigging Mollitiam n/m n/m n/m Oct-22 Envu Cinven $2,600.0 n/m n/m Oct-22 Arrow Acquisition All States Ag Parts (Kinderhook) n/m n/m n/m Oct-22 Coastal Supply Company Heritage (Gryphon) n/m n/m n/m Oct-22 Bake Crafters Murry's (Encore Consumer Capital) n/m n/m n/m
VIEW’S
TECH ANNUAL
Source: PitchBook
$3.5B $3.0B $1.4B $1.8B $3.6B $3.4B $2.3B $4.8B $3.8B $1.7B $9.2B $5.4B $5.9B $7.5B $7.0B $8.8B $6.0B $7.6B $5.5B $6.2B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 2021 2022
RECENT NOTABLE FINANCINGS RECORD FINANCING YEAR Rivian raised $2.5B HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT 10 Note: Historical values retrospectively adjusted per source Source: PitchBook $53M DEC 2022 $24B DEC 2022 $100M DEC 2022 $100M NOV 2022 $20M OCT 2022 $30M DEC 2022 $110M NOV 2022 $150M NOV 2022 $134M NOV 2022 $100M OCT 2022
INDUSTRIAL TECH FINANCING TRANSACTIONS
INDUSTRIAL TECH SELECT VENTURE CAPITAL ACTIVITY
EARLY-STAGE VENTURE CAPITAL
LATE-STAGE VENTURE CAPITAL
11 Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors Dec-22 Stark Future Traditional Industrials $52.8 $457.4 Eicher Motors Dec-22 Trilium Renewable Chemicals Traditional Industrials $20.0 n/m Capricorn Partners Dec-22 True Anomaly Traditional Industrials $23.6 $40.0 Space.VC Dec-22 Mangata Traditional Industrials $100.0 n/m Government of UK Nov-22 Pickle Robot Automated Solutions $26.0 n/m Catapult Ventures Dec-22 Frore Systems Industrial and Related Services $100.0 $503.0 Clear Ventures Nov-22 Ernesta Traditional Industrials $25.0 n/m True Ventures Nov-22 AXTRA3D Traditional Industrials $6.3 $15.0 HZG Group Nov-22 Wyvern Automated Solutions $7.0 n/m MaC Venture Capital Oct-22 Jetcool Traditional Industrials $7.3 $52.2 MassVentures Oct-22 GlobalFair Industrial and Related Services $20.0 n/m AngelList Oct-22 Ally Robotics Automated Solutions $6.1 n/m Undisclosed Oct-22 SUN METALON Traditional Industrials $5.5 n/m Berkeley SkyDeck Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors Dec-22 Axiom Space Traditional Industrials $50.0 n/m Undisclosed Dec-22 BrightSpec Traditional Industrials $18.4 n/m Arborteum Ventures Dec-22 Strohm Traditional Industrials $30.2 n/m Chevron Technology Ventures Dec-22 Dawn Aerospace Traditional Industrials $20.0 n/m Icehouse Ventures, GD1 Nov-22 Infinitium Traditional Industrials $110.0 n/m Ajax Strategies Nov-22 Canatu Automated Solutions $17.7 n/m 3M Ventures Nov-22 Astera Labs Traditional Industrials $150.0 $3,000.0 Fidelity Investments Nov-22 ColdQuanta Automated Solutions $133.5 $300.0 Lennox Capital Partners Nov-22 Super73 Traditional Industrials $37.5 $253.0 Undisclosed Oct-22 Jetti Resources Traditional Industrials $100.0 $1,500.0 T. Rowe Price (NASDAQ: TROW) Oct-22 Standard Bots Automated Solutions $24.0 $40.0 Zeno Ventures Oct-22 Structo Industrial and Related Services $10.0 n/m Apsara Capital Oct-22 Ellipse Traditional Industrials $15.1 $110.0 Trousdale Ventures
HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT
Source: PitchBook
INDUSTRIAL TECH EXPERTISE
BROAD & DEEP INDUSTRIAL TECH INDUSTRY EXPERTISE
Aerospace Component Testing Provider
from LOGISTICS SERVICES
Acquired IIOT & RELATED TECHNOLOGIES SENSORS & DATA CAPTURE ROBOTICS FACILITY & SITE SERVICES
by STAFFING & WORKPLACE SAFETY MANUFACTURING
BUYER Solar Lighting Designer & Integrator Call Nate: 978 835 0258 Email Nate: nshepherd@hvadvisors.com Visit us: Harborviewadvisors.com
Recycling Provider
Dealer Distributor HARBOR VIEW’S INDUSTRIAL TECH ANNUAL REPORT 12
Owner & Operator VALUE-ADDED DISTRIBUTION COATING / MATERIALS PROCESSING
BUYER INSTALLATION & CONSTRUCTION SPECIALTY EQUIPMENT & DEVICES D&E / T&M
BUYER Acquired Data Capture & Analysis Provider STRATEGIC BUYER Acquired by
CONNECT WITH HARBOR VIEW ADVISORS
Wireless Tower
STRATEGIC
Investment
Auto
FINANCIAL SPONSOR Acquired by Metal Fabricator FINANCIAL
STRATEGIC
by Industrial
VALUATION ANALYSIS
STRATEGIC BUYER Acquired
Light
FINANCIAL BUYER Acquired by Fluid
FINANCIAL BUYER Acquired
Property
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles Provider STRATEGIC ADVISORY SERVICES
by
Industrial Staffing Provider
Dynamics Designer & Engineer
by
Management
Nate Shepherd
MANAGING DIRECTOR
Acquired by Metal Processor FINANCIAL BUYER Telecommunications Infrastructure Provider FINANCIAL BUYER Acquired by
Building on his nearly 25 years of Investment Banking and Private Equity experience, Nate leads Harbor View’s Industrial Tech practice. In his role, Nate advises clients in the Automated Solutions, Industrial & Related Services, and Traditional Industrial sectors helping business owners navigate the company sale, acquisition, and capital raise process.
Suzi Airheart Associate Shaan Patel Analyst
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