Industrial Technology Q2 2022
INDUSTRIAL TECH SUMMARY & OUTLOOK HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
M&A TRENDS M&A activity in the Industrial Tech sector remains a tale of two stories. While 2022 M&A activity will fall short of last year’s banner year, dealmakers remain active in their pursuit of high-quality opportunities. Meanwhile, headwinds continue to intensify presenting ongoing challenges to previous momentum. Ongoing Headwinds: Acting as a perpetuation of what we saw and referenced last quarter, tenacious inflation, climbing interest rates, and recessionary fears persist as the backdrop of our economic environment. Hitting a new four-decade peak, US inflation reached a 9.1% year-over-year increase in June(1). In the most aggressive hike since 1994, the Federal Reserve’s 75 bps interest rate increase follows several years of low rates and cheap capital(2). Violent swings in the stock market coupled with surging prices, exacerbated by higher costs of borrowing, cause the prospect of a mild US recession to appear more likely. Resilient Activity: While the macro landscape certainly explains the US private equity deal volume dip of ~21% from Q1(3), M&A activity has not been derailed. Even amid elevated pressures, market demand exists, and strong, high-quality deals are still getting done. Continued activity is supported by ample dry powder in the private equity markets and strategic buyer interest to capitalize on inorganic growth to gain scale, cut costs, or combat the ever-persistent labor shortage. We expect companies performing well in favorable markets to continue to attract active buyer interest. While advisable for sellers to appease valuation expectations, as we look to the second half of 2022, we expect healthy deal flow in the industrial sector to remain robust.
INDUSTRY COMMENTARY “In fact, nearly every client I speak to believes that technology serves as a fundamental source of competitive advantage. It serves as both a deflationary force and a force multiplier and is especially critical as clients face challenges on multiple fronts from supply chain bottlenecks to demographic shifts. Given its ability to boost innovation, productivity, resilience, and help organizations scale, IT has become a high priority in our company's budget. As such, there is every reason to believe technology spending in the B2B space will continue to surpass GDP growth.” – Arvind Krishna, IBM CEO “Strong underlying demand, tight supply chain constraints, even tighter labor constraints, and rapid inflation. All of this is evidenced in public indices such as IP readings, which remain at midsingle digit growth levels” – Erik Gershwind, MSC Industrial Direct, CEO
“Demand in Manufacturing & Distribution continues to be solid as this segment has been largely unaffected by reduced occupancy levels. As a result, our organic revenue growth reflects the health of these end markets” – Scott Salmirs, ABM CEO [1] AP News, US Inflation Surges Again in June, Rising Risks for Economy [2] Investopedia, Fed Raises Rates by 75 Basis Points at June FOMC Meeting [3] PitchBook
1
INDUSTRIAL INSIGHTS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
M&A ACTIVITY IN THE FOOD & BEVERAGE ROBOTICS SPACE Exponential growth in technology, interconnectivity, and machine learning over recent years has resulted in automated machines and robots taking on a larger role in maximizing workplace efficiency. As such, robotics have quickly become an integral aspect of various industries, especially that of the food and beverage sector. The labor shortage is the most critical issue facing restaurants today. A record-high 1 million US workers quit the restaurant industry in 2021. According to the National Restaurant Association, the industry is unlikely to ever completely return to its pre-pandemic state as a recent survey found that nearly 97% of restaurant owners are struggling to hire workers. High profile companies, like Chipotle, have already expressed interest in a food service robotics company. These expressions are likely to heighten throughout the industry as companies work to increase efficiencies and fill the labor gap. The manufacturing industry has also looked to robotics to save time and money. Approximately 26% of food and beverage packaging lines have utilized robotics and as a result food industry manufacturers have reported a 25% increase in productivity. While it can seem as though robots will simply take jobs currently held by humans, the reality is that these robots can create positive economic spillovers. In the end, the increasing number of robots in the manufacturing industry yields reduced prices of goods, thus generating shared capital gains, and creating new opportunities. For instance, higher-paying positions have been created for those who can perform tasks beyond the abilities of machines or analytical jobs. The global food robotics market was valued at $2.05 billion in 2020 and is estimated to reach $5.79 billion by 2031, registering a CAGR of 10.4% from 2022 to 2031. Given the early nature of this technology and expected future growth, it is no surprise that we are witnessing a large amount of M&A activity within the food and beverage space. M&A activity has decreased from Q1 to Q2 primarily due to the broader economic headwinds seen in the market recently such as inflation. Research and Development and VC transactions are ramping up, as the space is expected to grow exponentially in coming quarters with companies looking to further automate their production and service offerings. Further, given that the demand for packaged food is anticipated to increase at a moderate rate during the forecasted period, the demand for food robotics is expected to surge in the near future. This recent trend has sparked particular interest from both VC and PE firms.
NOTABLE FOOD & BEVERAGE ROBOTICS INVESTMENTS
ACQUIRED BY
ACQUIRED BY
$40M
VC INVESTMENT
ACQUIRED BY
[1] Business Insider, A Record-High 1 Million Restaurant and Hotel Workers Quit [4] IFT, Robotics on the Rise in the Food Industry [2] Business Insider, Restaurants Still Can’t Find Enough Employees [5] Business Insider, Food Robotics Industry [3] Yahoo Finance, It Looks Like More Robots Are Coming to Chipotle
2
ACQUIRED BY
KEY ECONOMIC INDICATORS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
INDUSTRIAL PRODUCTION INDEX
UNEMPLOYMENT RATE 16.0%
Total Industrial Production Index Manufacturing Production Index
110 105 100
12.0%
95
8.0%
90 85
4.0%
80 0.0%
75
Source: Board of Governors of the Federal Reserve System
Source: U.S. Bureau of Labor Statistics
CONSUMER PRICE INDEX
FED FUNDS EFFECTIVE RATE
1.6%
2.5%
Monthly % Change
1.2%
2.0%
0.8%
1.5%
0.4% 1.0%
0.0%
0.5%
(0.4%) (0.8%)
0.0%
Source: U.S. Bureau of Labor Statistics
Source: Board of Governors of the Federal Reserve System
TOTAL CONSTRUCTION SPENDING (NON-RESIDENTIAL)
TOTAL CONSTRUCTION SPENDING (RESIDENTIAL)
$900,000
$1,000,000
$800,000
$900,000 $800,000
$700,000
$700,000
$600,000
$600,000
$500,000
$500,000
$400,000
$400,000
$300,000
$300,000
Source: U.S. Census Bureau
Source: U.S. Census Bureau
3
INDUSTRIAL TECH PUBLIC MARKETS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
COMPARATIVE MEDIAN EBITDA MULTIPLES 30.0x
25.9x 25.0x 20.0x
17.4x
16.7x
15.0x
13.8x
11.8x
10.8x
10.0x 5.0x 0.0x
Traditional Industrials
Automated Solutions 6/30/2021
Industrial & Related Services
6/30/2022
Source: Pitchbook, Data as of 6/30/22
ONE-YEAR HISTORICAL INDEX PERFORMANCE 150
125
100
75
50
1/21
2/21 3/21
4/21
S&P 500
5/21
6/21
7/21
8/21
Automated Solutions
9/21 10/21 11/21 12/21 1/22 Traditional Industrials
2/22 3/22
4/22
5/22
6/22
Industrial & Related Services
Source: Pitchbook Indices comprised of relevant companies on the following pages and based on equal weighted prices. Indices are tracked relative to the starting price to compare performance.
4
INDUSTRIAL TECH PUBLIC TRADING STATISTICS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
HARBOR VIEW’S INDUSTRIAL TECH SUB-SECTORS
AUTOMATED SOLUTIONS • • • •
Robotics Specialty Equipment & Devices Sensors & Data Capture IIoT / Related Technologies
INDUSTRIAL & RELATED SERVICES • • • •
TRADITIONAL INDUSTRIAL • • • •
D&E / T&M Logistics Services Facility & Site Services Staffing & Workplace Safety
Manufacturing Value-Added Distribution Coating / Material Processing Installation & Construction
AUTOMATED SOLUTIONS Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
ABB Group
55.6
29.0
4.5
1.9x
12.5x
AMETEK
27.6
5.8
1.7
4.8x
16.5x
Badger Meter
2.3
0.5
0.1
4.4x
21.2x
Emerson Electric
51.9
18.9
4.4
2.7x
11.7x
Omron Corporation
9.3
6.8
1.0
1.4x
9.4x
Parker Hannifin
39.2
15.6
3.5
2.5x
11.3x
Rockwell Automation
27.5
7.3
1.4
3.8x
20.3x
Roper
46.0
6.1
2.3
7.6x
20.1x
Zebra Technologies
16.5
5.7
1.2
2.9x
13.8x
Median:
2.9x
13.8x
Company Name
INDUSTRIAL & RELATED SERVICES Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
AECOM
11.2
13.2
1.0
0.8x
10.8x
C.H. Robinson
15.1
25.1
1.3
0.6x
11.7x
Cintas
41.2
6.1
1.9
6.8x
21.7x
Emcor
5.3
10.2
0.6
0.5x
8.4x
Intertek Group
9.7
3.8
0.9
2.5x
10.7x
Jacobs Engineering Group
19.9
14.4
1.6
1.4x
12.7x
Keysight Technologies
24.9
5.1
1.6
4.8x
15.3x
TrueBlue
0.6
2.3
0.1
0.3x
5.9x
XPO Logistics
8.9
15.1
1.4
0.6x
6.5x
Median:
0.8x
10.8x
Company Name
Note: Privately held companies typically trade at a discount to public companies Source: Pitchbook
5
INDUSTRIAL TECH PUBLIC TRADING STATISTICS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
TRADITIONAL INDUSTRIAL Company Name
Applied Industrial Technologies Carrier Global Corporation Caterpillar Cummins Deere & Company Nucor Trane Technologies W.W. Grainger
Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
4.2
3.6
0.4
1.2x
11.1x
36.0
20.6
3.2
1.8x
11.3x
126.4
52.7
10.2
2.4x
12.4x
30.0
24.3
3.4
1.2x
8.9x
135.9
44.5
9.3
3.1x
14.6x
31.4
40.0
12.0
0.8x
2.6x
33.9
14.5
2.4
2.3x
14.2x
25.9
13.6
1.9
1.9x
13.3x
Median
1.8x
11.8x
INDUSTRIAL CONGLOMERATES Company Name 3M Danaher Fortive General Electric Honeywell Johnson Controls International Raytheon Technologies
Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
87.9
35.3
9.2
2.5x
9.5x
205.7
30.3
10.5
6.8x
19.6x
22.6
5.4
1.4
4.2x
16.6x
81.4
74.1
7.1
1.1x
11.5x
128.6
34.3
8.7
3.7x
14.7x
42.3
24.7
3.7
1.7x
11.5x
171.6
64.9
13.9
2.6x
12.3x
Median:
2.6x
12.3x
Note: Privately held companies typically trade at a discount to public companies Source: Pitchbook
6
INDUSTRIAL TECH M&A SUMMARY HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
RECENT NOTABLE TRANSACTIONS
$2.6B
$3B
JUN 2022
JUN 2022
$6B
$83.1M
MAY 2022
JUN 2022
JUN 2022
JUN 2022
$1.5B
MAY 2022
$200M
$202M
$700M
$350M
MAY 2022
$3B
APR 2022
APR 2022
DEAL COUNT BY SUB-SECTOR 250
200
32
31
150 29 100
23
25
32
34
37
50 65 0
Q1
82
63
Q2
Q3
2018
27
29
32
24
72
Q4
80
Q1
26 39
36
33
29
43
74
73
Q2
Q3
64
68
Q4
Q1
13 13
30
38
43
Q2
Q3
2020 Industrial & Related Services
Note: Deal count represents transactions completed in the U.S. & Canada Source: Pitchbook
7
27 28
24
29
2019 Traditional Industrial
48
23
33 31
59
26
50
41
40 14
124 92
Q4
74
Q1
17
84
59
57
Q2
Q3
2021 Automated Solutions
Q4
38
Q1
Q2
2022
INDUSTRIAL TECH M&A TRANSACTIONS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
AUTOMATED SOLUTIONS Deal Date
Target Company
Acquirer / Investor
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
Jun-22
CEC Energy
Undisclosed
n/a
n/a
n/a
Jun-22
SingleOps
FTV Capital
n/a
n/a
n/a
Jun-22
International Maritime Security Associates
Dryad Global
Jun-22
Clif
Mondelez International
n/a
n/a
n/a
$2,900.0
n/a
n/a
Jun-22
Therm-O-Disc
One Rock Capital Partners
n/a
n/a
n/a
May-22
Summit7
WestView Capital Partners
n/a
n/a
n/a
May-22
Vehlo
Greater Sum Ventures
n/a
n/a
n/a
May-22
Kitchen Brains
Source Capital
n/a
n/a
n/a
May-22
Aspen Technology
Emerson Electric
$10,909.1
15.7
36.1
May-22
Automation & Validation Solutions
Altura Capital Group
n/a
n/a
n/a
Apr-22
Sapphire Automation
Clip Automation
n/a
n/a
n/a
May-22
AgriNomix
LLR Partners
n/a
n/a
n/a
May-22
Mojix
Peak Rock Capital
n/a
n/a
n/a
Apr-22
Spiroflow Systems
May River Capital
n/a
n/a
n/a
Apr-22
Freedom Photonics
Luminar
n/a
n/a
n/a
Apr-22
Robin (Systems and Information Management)
Rakuten Symphony
n/a
n/a
n/a
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
INDUSTRIAL & RELATED SERVICES Deal Date
Target Company
Acquirer / Investor
Jun-22
O6 Environmental
Warren Equity Partners
n/a
n/a
n/a
Jun-22
Lifecycle Renewables
GEF Capital Partners
n/a
n/a
n/a
Jun-22
BlueCat Networks
Audax Group
$700.0
n/a
n/a
Jun-22
Coregistics
Red Arts Capital
n/a
n/a
n/a
Jun-22
Freymiller Trucking
Angeles Equity Partners
n/a
n/a
n/a
May-22
MECA Solutions
Guardian Capital Partners
n/a
n/a
n/a
May-22
EnergySolutions
Dobbs Management Service
n/a
n/a
n/a
May-22
Geosyntec Consultants*
Blackstone
$750.0
n/a
n/a
May-22
Vektek
CNL Strategic Capital
$96.8
n/a
n/a
May-22
Five Star Holding
The Jordan Company
$1,500.0
n/a
n/a
May-22
Action Molding
Orchard Creek Capital
n/a
n/a
n/a
Apr-22
UCC Environmental
Clavis Capital Partners
n/a
n/a
n/a
Apr-22
Superior Concrete Products
MAG Capital Partners
n/a
n/a
n/a
Apr-22
Rk Logistics Group
AOI Capital
n/a
n/a
n/a
Apr-22
Active Roofing
Lightspring Capital Partners
n/a
n/a
n/a
Apr-22
Cologix
Snowpeak Infrastructure Partners
$3,000.0
n/a
n/a
Apr-22
iDC Logistics
H.I.G. Capital
n/a
n/a
n/a
*Indicates transaction is announced / in progress Source: Pitchbook
8
TRADITIONAL INDUSTRIAL M&A TRANSACTIONS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
TRADITIONAL INDUSTRIAL Deal Date
Target Company
Acquirer / Investor
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
$2,600.0
26.3
1.6
n/a
n/a
n/a
$3,000.0
25.1
n/a
n/a
n/a
n/a
Jun-22
Intertape Polymer Group
Clearlake Capital Group
Jun-22
KKSP Precision Machining
Pine Grove Holdings
Jun-22
C.H.I. Overhead Doors
Nucor Corp.
Jun-22
Double E Company
Industrial Growth Partners
Jun-22
SemaConnect Inc.
Blink Charging
$200.0
n/a
n/a
Jun-22
Genera Energy
Ara Partners
$200.0
105.8
n/a
Jun-22
PrimaLoft
Compass Diversified
$530.0
n/a
n/a
Jun-22
Seaway Plastics Engineering
Intermediate Capital Group
n/a
n/a
n/a
Jun-22
Salford Group Inc.
MacDon Industries (Linamar Corportaiton)
$202.0
n/a
n/a
Jun-22
Parts For Trucks
SeaFort Capital
n/a
n/a
n/a
May-22
Vallen
Nautic Partners
n/a
n/a
n/a
May-22
Kaycan, Ltd*
Saint-Goban
$928.0
n/a
n/a
May-22
Benada Aluminum Products
Shadowbriar Capital Partners
n/a
n/a
n/a
May-22
Fox Labs International
Byrna Technologies
$2.2
n/a
n/a
May-22
Pixelle Specialty Solutions
H.I.G. Capital
n/a
n/a
n/a
May-22
N.B. Handy
Industrial Opportunity Partners
n/a
n/a
n/a
May-22
Aero Mist
Crown Capital Investments
n/a
n/a
n/a
May-22
Advanced Industrial Devices
Black Bay Energy Capital
n/a
n/a
n/a
May-22
Auveco Products
GHK Capital Partners
n/a
n/a
n/a
May-22
Carlex Glass America
Atlas Holdings
n/a
n/a
n/a
May-22
Hi-Tech Industries
MPE Partners
n/a
n/a
n/a
May-22
Armor-IIMAK North America
Astorg
n/a
n/a
n/a
May-22
Blue Dog Designs
3GP Capital
n/a
n/a
n/a
May-22
CCOM Group
Goodman Global Group
n/a
n/a
n/a
Apr-22
Oldcastle BuildingEnvelope
KPS Capital Partners
$3,450.0
n/a
n/a
Apr-22
Polycor
Birch Hill Equity Partners
$77.7
n/a
n/a
Apr-22
Raven Industries
Industrial Opportunity Partners
$350.0
n/a
n/a
Apr-22
C&K Components
Littelfuse Inc.
$540.0
n/a
n/a
Apr-22
Glacier Glove
Elvisridge Capital
n/a
n/a
n/a
Apr-22
PGW Auto Glass
$346.2
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
One Equity Partners American Industrial Acquisition Corporation Macquarie Infrastructure and Real Assets
Apr-22
Vital Engineered Components Company
Apr-22
RailUSA
Apr-22
ICM Controls
Ironwood Capital
n/a
n/a
n/a
Apr-22
SMS Machine Tools
Massey Capital
n/a
n/a
n/a
Apr-22
ERIKS North America
LKCM Headwater Investments
$0.2
n/a
n/a
Apr-22
Mustang Motorcycle Products
LDR Growth Partners
$13.5
n/a
n/a
Apr-22
Soaris
PS Capital Partners
n/a
n/a
n/a
*Indicates transaction is announced / in progress Source: Pitchbook
9
INDUSTRIAL TECH FINANCING TRANSACTIONS HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
RECENT NOTABLE FINANCINGS
$1.7B
$625M
$145M
$60M
$40M
JUN 2022
JUN 2022
JUN 2022
JUN 2022
JUN 2022
$150M
$80M
$46M
$260M
$65M
MAY 2022
MAY 2022
MAY 2022
APR 2022
APR 2022
RECORD FINANCING YEAR
$9.1B Rivian raised $2.5B $7.6B
$8.1B $6.5B
$5.6B
$3.6B
$3.2B
$3.5B
$2.5B
Q2
Q3
2018
Q4
$5.2B $5.3B
$3.1B $3.4B $2.9B $1.8B
$1.5B $1.6B
Q1
$7.0B
Q1
Q2
Q3
Q4
Q1
Q2
2019
Q3
2020
Source: Pitchbook
10
Q4
Q1
Q2
Q3
2021
Q4
Q1
Q2
2022
INDUSTRIAL TECH VENTURE CAPITAL ACTIVITY HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
EARLY-STAGE VENTURE CAPITAL Deal Date
Company Name
Broad Category Industrial and Related Services Industrial and Related Services Industrial & Related Services
Deal Size ($M)
Pre-Money Valuation ($M)
$40.0
$130.0
$16.5
n/a
$22.0
$38.0
Lead/ Sole Investors
Jun-22
Eclipse Food Products
Jun-22
FleetZero
Jun-22
SciFi Foods
Jun-22
Overair
Traditional Industrial
$145.0
n/a
Jun-22
BRINC
Automated Solutions
$60.0
$355.0
Browder Capital
May-22
Carnegie Foundry
Automated Solutions
$10.0
$82.0
Oshkosh
May-22
Dusty Robotics
Automated Solutions
$46.0
$205.0
May-22
Viaphoton
Traditional Industrial
$80.0
n/a
Apr-22
Firehawk
Traditional Industrial
$4.8
$20.0
Apr-22
Assembly OSM
Industrial and Related Services
Achieve Capital, Raytheon Technologies & Victorum Capital Club
$75.4
$124.6
Fifth Wall
Apr-22
BetaStore
Automated Solutions
$2.5
n/a
Apr-22
Venus Aerospace
Industrial and Related Services
$24.8
$50.0
Sozo Ventures Breakthrough Energy Ventures ARG, Correlation Ventures, Entrée Capital Hanwha Aerospace & Hanwha Systems
Scale Venture Partners Trinity Capital
Loyal VC & VestedWorld Prime Movers Lab
LATE-STAGE VENTURE CAPITAL Deal Date
Company Name
Broad Category
Deal Size ($M)
Pre-Money Valuation ($M)
Jun-22
SpaceX
Industrial and Related Services
$1,730.0
$123,280.0
Jun-22
Alice Technologies
Automated Solutions
$33.0
$77.0
$625.0
$8,380.0
$150.0
$2,700.0
Industrial and Related Services Industrial and Related Services
Lead/ Sole Investors Gaven Capital Vanedge Capital ARCH Venture Partners, MSD Private Capital, 8VC Insight Partners, Kleiner Perkins, Index Ventures
Jun-22
Resilience
Jun-22
Motive
Jun-22
Miso Robotics
Automated Solutions
$40.0
$500.0
Crowdfunding
May-22
Nanotronics
Automated Solutions
$55.8
$650.0
Masnavi Capital
May-22
Arieca
Traditional Industrial
$9.3
$25.0
412 Venture Fund
May-22
Carbitex
Traditional Industrial
$7.8
$30.0
Lucas Venture Group
May-22
PayCargo
$130.0
n/a
Apr-22
Convoy
$260.0
$3,640.0
Apr-22
Cassia Networks
$10.0
$100.0
ABB Technology Ventures
Apr-22
X-Bow
$27.0
$120.0
Crosslink Capital & Razor's Edge Ventures
Apr-22
Natural Fiber Welding
$65.2
$245.0
Evolution VC Partners
Source: Pitchbook
Industrial and Related Services Industrial and Related Services Industrial and Related Services Industrial and Related Services Industrial and Related Services
11
Blackstone T. Row Price, Baillie, Gifford, Ali Partovi
INDUSTRIAL TECH EXPERTISE HARBOR VIEW’S INDUSTRIAL TECH Q2 2022 REPORT
BROAD & DEEP INDUSTRIAL TECH INDUSTRY EXPERTISE SPECIALTY EQUIPMENT & DEVICES
ROBOTICS
IIOT & RELATED TECHNOLOGIES
SENSORS & DATA CAPTURE
Aerospace Component Testing Provider Acquired by
D&E / T&M
Automobile Supplier Investment from
STAFFING & WORKPLACE SAFETY
LOGISTICS SERVICES
FACILITY & SITE SERVICES
Fluid Dynamics & Modeling Provider
Light Industrial Staffing Firm
Acquired by
VALUE-ADDED DISTRIBUTION
MANUFACTURING
INSTALLATION & CONSTRUCTION
COATING / MATERIALS PROCESSING
Metal Fabricator
Metal Processor
Acquired by
Acquired by
FINANCIAL BUYER
FINANCIAL BUYER
STRATEGIC BUYER
FINANCIAL SPONSOR
FINANCIAL BUYER
Acquired by FINANCIAL BUYER
Property Management Provider
Recycling Solutions Provider VALUATION ANALYSIS
Solar Lighting Designer & Integrator Acquired by
Telecommunications Provider Acquired by
Utilities Data Analysis Provider
STRATEGIC ADVISORY SERVICES
Rewards & Recognition Manufacturing Acquired by FINANCIAL BUYER
STRATEGIC BUYER
STRATEGIC BUYER
STRATEGIC BUYER
Acquired by
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles
CONNECT WITH HARBOR VIEW ADVISORS Nate Shepherd MANAGING DIRECTOR
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. Call Nate: 978 835 0258
Email Nate: nshepherd@hvadvisors.com
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Visit us: Harborviewadvisors.com
The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting, tax, legal or other professional advice. This report does not constitute and should not be construed as soliciting or offering any investment or other transaction, identifying securities for you to purchase or offer to purchase, or recommending the acquisition or disposition of any investment. Harbor view advisors does not guarantee the accuracy or reliability of any data provided from third party resources. Although we endeavor to provide accurate information from third party sources, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.