Industrials
Q1 2024 QUARTERLY REPORT
Industrial Summary & Outlook
M&A Trends
2024 is bringing a noteworthy revival to the industrial M&A sector. The prospect of easing inflation and potential interest rate cuts is fostering a conducive environment for transactions, driving companies to pursue strategic acquisitions in pivotal areas like artificial intelligence (AI), automation, and digital transformation. These acquisitions are critical for gaining competitive advantages as firms endeavor to maintain leadership in rapidly evolving markets.
While optimism prevails in the US, European markets are grappling with lingering uncertainty, potentially resulting in valuation gaps and affecting transaction volume. In response, CEOs are streamlining portfolios by divesting non-core assets and reallocating resources to high-growth areas. This strategic reshaping not only creates opportunities for increased M&A activity but also positions private equity firms to play a more active role in the market, leveraging creative financing structures as market challenges ease.
M&A activity in 2024 extends beyond technology acquisition. Electric vehicle technologies, cloud-based solutions, robotics, and AI integration are anticipated to drive significant deal flow as companies aim to enhance efficiency, productivity, and revenue streams. Concurrently, efforts to fortify supply chains and prioritize sustainability are paramount. Companies operating in the facility and site services, testing, inspection and certification, and value-added distribution sectors are among those expected to attract noteworthy investment activity as investors continue to seek to put their capital to work.
Overall, the industrial M&A landscape in 2024 promises dynamism and excitement, characterized by the pursuit of strategic capabilities, innovation, and sustainability. These trends reflect a strategic shift in the industry towards future-proofing operations and adapting to evolving market dynamics.
Industry Commentary
“As we progress through 2024, we're maintaining our focus on three priorities, disciplined pricing across each line of business, leveraging technology to permanently reduce our cost to serve our customers, and executing on our strategic investments in sustainability growth.”
– Jim Fish, Waste Management; President and CEO
“[W]hile we have fantastic organic growth opportunities, we're very excited to be able to strategically make acquisitions in markets that will continue to support and grow our TAM, like we have just done with Fusus.”
– Brittany Bagley, Axon; COO and CFO
“[H]igh-performance GPUs for AI data centers only represent 6% of leading-edge foundry logic wafer starts today. The full potential of technologies like AI cannot be unlocked without next-generation chips with better performance, power, and cost. The technology road map for Semiconductors is rich with possibilities and opportunities, but also incredibly complex”
– Gary Dickerson, Applied Materials; President and CEO
INDUSTRIALS Q1 2024 REPORT 2
Sources: PitchBook, McKinsey: Top M&A Trends in 2024: Blueprint for Success in the Next Wave of Deals
Industrial Insights
The Trend
Increased capital raising and heightened investor interest in lower -middle to middle market transactions are occurring in the Industrials M&A landscape. Despite persistent challenges stemming from high interest rates and lingering economic uncertainties, there is a discernible air of confidence prevailing in the market. This confidence is fueled by a substantial influx of capital into the industrial space, driven by private equity, where investors are increasingly eager to deploy funds into strategic acquisitions and investments aimed at driving growth and innovation.
Against the backdrop of economic headwinds, the lower-middle to middle market segment has emerged as a focal point for investment, with investors recognizing the inherent potential and value creation opportunities within the space. Investors aim to capitalize on attractive valuation multiples and to leverage their expertise and resources to drive operational enhancements and accelerate growth.
Within the engineering and construction (E&C) sector, there's a discernible uptick in activity specifically for firms specializing in infrastructure, engineering services, and intelligent transportation systems. Investors view these companies as well-positioned to capitalize on emerging opportunities and navigate the evolving market landscape effectively. Despite lingering risks, such as uncertainties surrounding interest rates and the potential for defaults in commercial real estate, investors remain undeterred in their pursuit of strategic opportunities. By leveraging their financial resources and operational expertise, investors are poised to unlock value and drive sustainable growth within their portfolio companies.
In summary, the industrial sector's M&A landscape in 2024 is characterized by a convergence of factors, including heightened capital availability, growing interest in lower -middle to middle market assets, and a steadfast commitment to value creation and growth. Despite ongoing economic challenges, investors remain bullish on the sector's long-term prospects and are actively seeking investment opportunities that offer attractive returns. As companies and investors navigate the complexities of the market, the industrial M&A landscape is poised for continued evolution and growth in the year ahead.
INDUSTRIALS Q1 2024 REPORT 3
Source: PitchBook; PWC Industrial Manufacturing; PWC Engineering and Construction PE
$0 $200 $400 $600 $800 $1,000 2010 2012 2014 2016 2018 2020 2022 2024E 2026E 2028E History Good Base Bad $6.9 $8.4 $6.0 $0 $2 $4 $6 $8 $10 2010 2012 2014 2016 2018 2020 2022 2024E 2026E 2028E Historical AUM Base case Good case Bad case PE AUM ($T)
Fundraising Activity ($B) Forecast
Forecast
Key Economic Indicators
Price Index
Source: U.S. Bureau of Labor Statistics Source:
Total Construction Spending (Non-Residential)
Funds Effective Rate Total Construction Spending (Residential)
INDUSTRIALS Q1 2024 REPORT 4
$400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 0.0% 4.0% 8.0% 12.0% 16.0% Industrial
Unemployment Rate
Consumer
Fed
$300,000
Production Index
U.S. Census Bureau
U.S. Census Bureau Source: U.S. Bureau of Labor Statistics Source: Board of Governors of the Federal Reserve System Source: Board of Governors of the Federal Reserve System
Source:
75 80 85 90 95 100 105 110 Total Industrial Production Index Manufacturing Production Index (0.8%) (0.4%) 0.0% 0.4% 0.8% 1.2% 1.6% Monthly % Change $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000
Industrial Public Trading Statistics
Harbor View’s Industrial Sub-Sectors
• Specialty Equipment & Devices
• Data Capture & Analysis
• Technology Enabled Solutions
• IIoT / Robotics
• Design & Engineering
• Environmental Solutions
• Testing, Inspection & Certification
• Facility & Site Services Source: PitchBook, Data as of 3/31/24
• Manufacturing
• Distribution / Logistics
• Installation & Construction
• Utilities & Telecommunications
Comparative Median EBITDA Multiples
INDUSTRIALS Q1 2024 REPORT 5 18.5x 11.6x 12.6x 10.5x 14.3x 11.6x 0.0x 5.0x 10.0x 15.0x 20.0x Industrial Technology Industrial Services Traditional Industrial 3/31/2023 3/31/2024
Indices comprised of ~30 relevant companies for each Industrials Sub-Sector and based on equal weighted prices. Indices are tracked relative to the starting price to compare performance.
of 3/31/24
Source: PitchBook, Data as
Historical
One-Year
Index Performance
Industrial Technology Industrial Services Traditional Industrial 80 105 130 3/23 4/23 5/23 6/23 7/23 8/23 9/23 10/23 11/23 12/23 1/24 2/24 S&P 500 Industrial Technology Industrial Services Traditional Industrial
Select Industrial Public Trading Statistics
INDUSTRIAL TECHNOLOGY
Note: Privately held companies typically trade at a discount to public companies; companies denoted with “*” have cash balances that outweigh the sum of their market
and
Source: PitchBook, Data as of 3/31/24
INDUSTRIALS Q1 2024 REPORT 6
Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple ABB Group 89.7 32.2 5.4 2.8x 16.5x Aeva* (0.0) 0.0 (0.1) (1.5x) 0.1x AgEagle Aerial Systems 0.0 0.0 0.0 0.8x 0.4x Allied Motion 0.8 0.6 0.1 1.4x 10.4x American Software 0.3 0.1 0.0 2.5x 18.8x AMETEK 45.3 6.6 2.1 6.9x 21.8x Badger Meter 4.6 0.7 0.2 6.5x 30.1x Cognex 7.0 0.8 0.2 8.4x 34.1x Columbus McKinnon 1.7 1.0 0.2 1.7x 10.6x Commercial Vehicle Group 0.4 1.0 0.1 0.4x 5.2x Emerson Electric 80.1 15.9 4.1 5.0x 19.4x HollySys 0.9 0.8 0.1 1.1x 9.6x iRobot 0.3 0.9 (0.2) 0.3x (1.3x) Knightscope 0.1 0.0 (0.0) 6.5x (2.9x) L3 Harris Technologies 53.1 19.4 3.9 2.7x 13.8x Nauticus Robotics 0.0 0.0 (0.0) 4.7x (1.8x) Oceaneering International 2.8 2.4 0.3 1.1x 9.6x Onsemi 32.3 8.3 3.4 3.9x 9.6x Ouster 0.2 0.1 (0.1) 2.4x (1.8x) Parker Hannifin 82.8 19.8 4.5 4.2x 18.4x PowerFleet 0.3 0.1 0.0 2.0x 49.5x Red Cat Holdings 0.1 0.0 (0.0) 2.8x (2.7x) Rockwell Automation 36.9 9.1 1.9 4.0x 19.4x Roper 66.2 6.2 2.5 10.7x 26.4x Sarcos Technology and Robotics* 0.0 0.0 (0.0) 3.3x (0.5x) Sensata Technologies 8.4 4.1 0.9 2.1x 9.3x Symbotic 3.9 1.3 0.0 2.9x 301.0x TuSimple* (0.6) 0.0 (0.3) (284.4x) 2.2x UiPath 11.1 1.3 0.3 8.5x 42.4x Zebra Technologies 17.8 4.6 0.8 3.9x 21.6x Median: 2.8x 10.5x
capitalization
total debt
Select Industrial Public Trading Statistics
INDUSTRIAL SERVICES
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook, Data as of 3/31/24
INDUSTRIALS Q1 2024 REPORT 7
Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple AECOM 15.1 14.9 1.0 1.0x 15.1x APi Group 13.2 6.9 0.7 1.9x 19.3x Aramark 14.5 18.7 1.9 0.8x 7.7x Brightview Holdings 2.5 2.8 0.3 0.9x 8.5x C.H. Robinson 10.7 17.6 0.7 0.6x 15.5x Cintas 72.2 7.2 2.4 10.1x 29.5x Clean Harbors 12.8 5.4 1.0 2.4x 12.6x Comfort Systems USA 11.4 5.2 0.5 2.2x 22.8x CSX 90.2 14.1 7.3 6.4x 12.4x Dolby Laboratories 7.3 1.3 0.5 5.7x 15.6x Dycom Industries 5.0 4.2 0.5 1.2x 9.8x Emcor Group 16.0 12.6 1.0 1.3x 15.9x FedEx 103.2 87.5 11.3 1.2x 9.1x Forward Air 2.6 1.4 0.2 1.9x 13.0x J.B. Hunt Transport 22.1 12.8 1.8 1.7x 12.0x Jacobs Engineering Group 22.5 16.7 1.4 1.3x 15.9x Keysight Technologies 27.6 5.3 1.6 5.2x 17.4x Knight-Swift Transportation 11.9 7.1 1.0 1.7x 11.4x Landstar System 6.5 5.2 0.4 1.2x 16.1x MYR Group 3.0 3.6 0.2 0.8x 15.6x Primoris Services 3.4 5.7 0.4 0.6x 8.9x Ryder System 13.3 11.8 2.7 1.1x 5.0x Schneider National 4.1 5.3 0.7 0.8x 6.2x Teradyne 16.5 2.7 0.7 6.2x 24.4x Tetra Tech 10.8 4.9 0.5 2.2x 22.8x TrueBlue 0.4 1.9 0.0 0.2x 13.5x UPS 147.5 91.0 13.2 1.6x 11.1x Waste Management 101.4 20.4 5.9 5.0x 17.2x WillScot 12.6 2.4 1.1 5.3x 11.9x XPO 17.9 7.7 1.0 2.3x 17.9x Median: 1.6x 14.3x
Select Industrial Public Trading Statistics
TRADITIONAL INDUSTRIAL
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook, Data as of 3/31/24
INDUSTRIALS Q1 2024 REPORT 8
Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple Allegheny Technologies 7.9 4.2 0.6 1.9x 12.5x Applied Industrial Technologies 7.8 4.5 0.6 1.8x 14.2x Axon Enterprise 23.0 1.6 0.3 14.7x 69.8x Blue Bird 1.3 1.2 0.1 1.1x 9.3x Boeing 154.4 77.8 3.0 2.0x 50.6x BorgWarner 10.7 14.2 1.9 0.8x 5.5x Builders Firstsource 29.1 17.1 2.9 1.7x 10.0x Carrier 57.3 22.1 3.6 2.6x 15.9x Caterpillar 213.9 67.1 15.8 3.2x 13.6x Cummins 45.7 34.1 5.2 1.3x 8.8x Curtiss-Wright 10.6 2.8 0.6 3.7x 16.4x Diodes 3.1 1.7 0.4 1.9x 7.3x Dover 27.6 8.4 1.9 3.3x 14.4x Fastenal 44.5 7.3 1.7 6.1x 26.0x Fluor 5.9 15.5 0.6 0.4x 9.6x Gates 6.8 3.6 0.7 1.9x 9.1x Genuine Parts 25.4 23.1 2.2 1.1x 11.8x Hillenbrand 5.5 2.9 0.5 1.9x 11.1x Howmet Aerospace 31.4 6.6 1.6 4.7x 19.8x Hyster-Yale Materials Handling 1.6 4.1 0.3 0.4x 5.3x Illinois Tool Works 87.5 16.1 4.4 5.4x 19.9x Jabil 17.8 33.5 2.4 0.5x 7.3x John Deere 171.6 59.7 17.4 2.9x 9.9x Lockheed Martin 125.4 67.6 10.7 1.9x 11.7x Northrop Grumman 84.4 39.3 4.3 2.1x 19.6x Nucor 48.4 34.7 7.5 1.4x 6.4x Resideo Technologies 4.1 6.2 0.6 0.7x 7.4x Stoneridge 0.7 1.0 0.0 0.7x 13.9x W.W. Grainger 52.4 16.5 2.9 3.2x 18.2x Worthington Industries 3.2 6.5 0.5 0.5x 6.1x Median: 1.6x 11.6x
Select Industrial Public Trading Statistics
CONGLOMERATES
Note: Privately held companies typically trade at a discount to public companies
Source: PitchBook, Data as of 3/31/24
INDUSTRIALS Q1 2024 REPORT 9
Company Name Enterprise Value ($B) Total Revenue ($B) EBITDA ($B) Revenue Multiple EBITDA Multiple 3M 69.6 32.7 8.1 2.1x 8.5x Berkshire Hathaway 1008.7 n/m 137.7 n/m 7.3x Carlisle Companies 20.5 4.6 1.2 4.5x 17.8x Compass Diversified Holdings 3.5 2.1 0.3 1.7x 10.4x Cresud 2.2 1.1 0.4 2.0x 6.2x Danaher 198.6 23.9 7.9 8.3x 25.0x ESCO Technologies 2.9 1.0 0.2 3.0x 15.8x Federal Signal 5.4 1.7 0.3 3.2x 19.0x FTAI Infrastructure 2.3 0.3 0.1 7.1x 21.1x General Electric 193.4 68.0 7.7 2.8x 25.0x Griffon 5.1 2.7 0.5 1.9x 10.0x Honeywell 147.9 36.7 9.0 4.0x 16.5x Hubbell 24.2 5.4 1.2 4.5x 20.2x Icahn Enterprises 11.4 11.1 0.4 1.0x 31.6x Ingersoll Rand 39.5 6.9 1.8 5.8x 22.1x ITT 11.0 3.3 0.7 3.3x 16.6x LSB Industries 0.9 0.6 0.1 1.6x 7.1x Mammoth Energy Services 0.2 0.3 0.1 0.7x 3.1x Matthews International 1.8 1.9 0.2 1.0x 8.3x MDU Resources Group 7.6 4.7 0.7 1.6x 11.3x National Presto Industries 0.5 0.3 0.0 1.4x 10.3x NNBR 0.5 0.4 0.0 1.1x 11.5x Philips Electronics 24.6 19.2 3.1 1.3x 8.0x Raytheon Technologies 170.0 68.9 10.0 2.5x 17.0x RCM Technologies 0.2 0.3 0.0 0.7x 7.4x Seaboard 3.8 9.3 0.4 0.4x 9.8x Tejon Ranch 0.4 0.0 0.0 9.2x 19.3x Valmont Industries 5.7 4.2 0.6 1.4x 9.3x Median: 2.0x 11.4x
Industrial M&A Summary
Recent Notable Transactions
Transaction Count by Sub-Sector
Note: Deal count represents transactions completed in the U.S. & Canada; historical values retrospectively adjusted per source
Source: PitchBook
INDUSTRIALS Q1 2024 REPORT 10
$200M MAR 2024 $6.4B MAR 2024 $3.9B MAR 2024 $2.1B FEB 2024 $1.1B FEB 2024 $175M FEB 2024 $345M JAN 2024 $3.8B JAN 2024 $1.8B JAN 2024 $189M JAN 2024
35 33 36 37 30 24 51 49 53 49 64 45 49 46 29 29 29 39 32 35 32 31 37 31 24 34 13 24 50 37 41 35 76 46 44 50 50 45 37 27 22 53 109 118 107 107 112 45 74 156 104 118 145 234 111 107 118 124 106 95 89 82 221 0 50 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 2024 Industrial Technology Industrial Services Traditional Industrial
Industrial M&A Transactions
INDUSTRIAL SERVICES
INDUSTRIALS Q1 2024 REPORT 11
Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 24-Mar Zapata Computing Holdings Andretti Acquisition $200.0 n/m n/m 24-Mar Pliant International Business Machines n/m n/m n/m 24-Mar Alteryx Clearlake Capital Group $6,400.0 6.6x n/m 24-Mar Twenty20 Solutions Capital Southwest BDC n/m n/m n/m 24-Mar Team Pride Extrusions Republic Strategic Investments n/m n/m n/m 24-Mar Ares Energy Neos Partners n/m n/m n/m 24-Mar THE Automation High Road Capital Partners n/m n/m n/m 24-Mar PushCorp ONCAP n/m n/m n/m 24-Feb Dynamysk Automation Allnorth n/m n/m n/m 24-Feb AC Controls Kele n/m n/m n/m 24-Feb Circuit Check Merit Capital Partners n/m n/m n/m 24-Feb Automation & Modular Components FlexLink n/m n/m n/m 24-Jan XBE Banneker n/m n/m n/m 24-Jan Red Lion Controls HMS Networks $345.0 2.6x n/m 24-Jan Acieta Angeles Equity Partners n/m n/m n/m 24-Jan Motion Solutions Novanta $189.0 2.2x n/m Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 24-Mar Greentech Landcare Verde Equity Partners $1.0 n/m n/m 24-Mar Resource Innovations Morgan Stanley Capital Partners n/m n/m n/m 24-Mar Franklin Heating, Cooling & Refrigeration Timmerman Capital n/m n/m n/m 24-Mar Kellermeyer Bergensons Services Ares Management n/m n/m n/m 24-Mar Infrastructure Consulting & Engineering Godspeed Capital n/m n/m n/m 24-Mar Apollo construction & Engineering Services Verde Equity Partners n/m n/m n/m 24-Feb J&J Worldwide Services CBRE Group $1,050.0 n/m n/m 24-Feb MJ Mechanical Lionshield n/m n/m n/m 24-Feb DeFili Solutions The Firmament Group n/m n/m n/m 24-Feb Marshall's The SEER Group n/m n/m n/m 24-Jan Compactor Rentals of America Kinderhook Industries n/m n/m n/m 24-Jan HR Green CIVC Partners n/m n/m n/m 24-Jan Omni Logistics Forward Air n/m n/m n/m 24-Jan CHA Consulting H.I.G. Capital n/m n/m n/m 24-Jan Brookside Law Service HCI Equity Partners n/m n/m n/m 24-Jan Delaware Valley Turf HCI Equity Partners n/m n/m n/m 24-Jan Dixie Electric, Plumbing & Air Msouth Equity Partners n/m n/m n/m
Source: PitchBook INDUSTRIAL TECHNOLOGY
Industrial M&A Transactions
TRADITIONAL INDUSTRIAL
INDUSTRIALS Q1 2024 REPORT 12 Deal Date Target Company Acquirer / Investor Enterprise Value ($M) EV / LTM Revenue EV / LTM EBITDA 24-Mar Groff Tractor & Equipment Undisclosed n/m n/m n/m 24-Mar American Bedding Manufacturers Valesco Industries n/m n/m n/m 24-Mar Crown Laboratories Hildred Capital Partners n/m n/m n/m 24-Mar Catch Co. Gordon Brothers n/m n/m n/m 24-Mar Masonite Owens Corning $3,900.0 1.4x 11.6x 24-Mar Idcus Godspeed Capital n/m n/m n/m 24-Mar Crane Stationery WP Strategic Holdings n/m n/m n/m 24-Mar Allied Trading Neos Partners n/m n/m n/m 24-Mar Bretco Neos Partners n/m n/m n/m 24-Mar Spartan Tool Supply Foundation Investment Partners n/m n/m n/m 24-Mar Bamberger Amco Polymers Undisclosed n/m n/m n/m 24-Mar Besse Forest Products Hoffmann Family of Companies n/m n/m n/m 24-Mar Calca Solutions AE Industrial Partners n/m n/m n/m 24-Mar EB Metals U.S. Farragut Capital Partners n/m n/m n/m 24-Mar Show ME Ready Mix The Farmer Companies n/m n/m n/m 24-Mar Val-Tex SCF Partners n/m n/m n/m 24-Feb Sierra Bullets JDH Capital $175.0 n/m n/m 24-Feb Biologos Ampersand Capital Partners n/m n/m n/m 24-Feb Doonan Specialized Trailer Hoffmann Family of Companies n/m n/m n/m 24-Feb Webster Industries MPE Partners n/m n/m n/m 24-Feb Ally Building Solutions Astara Capital Partners n/m n/m n/m 24-Feb Artic Industries Kinzie Capital Partners n/m n/m n/m 24-Feb Cleanomic Society Brands n/m n/m n/m 24-Feb Mid Country Machinery Invision Capital n/m n/m n/m 24-Feb Martin Marietta Material CRH $2,100.0 n/m 12.4x 24-Feb MJ Mechanical Lionshield n/m n/m n/m 24-Feb Pacific Coast Feather Cushion Company Medallion Capital $10.0 n/m n/m 24-Feb Solidion Technology Nubia Brand International n/m n/m n/m 24-Jan Afton Scientific Arlington Capital Partners n/m n/m n/m 24-Jan Dreamwalls Ironbridge Equity Partners n/m n/m n/m 24-Jan Southern Aluminum Manufacturing Saw Mill Capital n/m n/m n/m 24-Jan Coats Company Maranon Capital, Victor Capital Partners $72.5 n/m n/m 24-Jan Specialty Pipe & Tool Crest Rock Partners n/m n/m n/m 24-Jan Livent (Lithium Products) Allkem $3,800.0 4.1x 8.3x 24-Jan BK Corrosion Herin Family Investments n/m n/m n/m 24-Jan W.C. Rouse & Son New Page Capital n/m n/m n/m 24-Jan EchoStar Dish Network $1,800.0 n/m n/m
Source: PitchBook
Industrial Financing Transactions
Source: PitchBook $60M MAR 2024
MAR 2024
MAR 2024 $115M MAR 2024
Recent Notable Financings Financing Activity
FEB 2024
FEB 2024
FEB 2024 $60M JAN 2024
FEB 2024
JAN 2024
Note: Historical values retrospectively adjusted per source
INDUSTRIALS Q1 2024 REPORT 13
$91M
$70M
$45M
$37M
$50M
$100M
$675M
$1.0B $2.2B $2.5B $8.2B $3.3B $1.4B $9.7B $7.6B $7.8B $7.0B $10.5B $18.5B $6.6B $8.7B $4.3B $4.4B $4.7B $3.8B $4.3B $3.6B $3.6B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 2024 UNDISCLOSED UNDISCLOSED
Select Industrial Venture Capital Activity
EARLY-STAGE VENTURE CAPITAL
LATE-STAGE VENTURE
INDUSTRIALS Q1 2024 REPORT 14
Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors Mar-24 Rivalz Traditional Industrial $8.4 n/m Undisclosed Mar-24 Eliyan Traditional Industrial $60.0 $280.0 Tiger Global Management Mar-24 Profluent Traditional Industrial $35.0 n/m Spark Capital Mar-24 Pattern Labs Industrial Technology $8.5 $46.0 E12 Venture Capital Mar-24 Argonaut Manufacturing Services Traditional Industrial $45.0 $125.0 NewVale Capital Feb-24 Elve Traditional Industrial $15.0 $65.0 TomEnterprise Feb-24 Skylo Industrial Technology $37.0 n/m Innovation Endeavors Feb-24 K2 Space Traditional Industrial $50.0 n/m Altimeter Capital Management Feb-24 Range Energy Traditional Industrial $23.5 $73.5 Trousdale Ventures Jan-24 VM Agritech Traditional Industrial $7.6 $57.6 Undisclosed Jan-24 Lightship (Automotive) Traditional Industrial $34.0 $144.0 Obvious Ventures Jan-24 Emory Peak Minerals III Industrial Services $60.6 n/m Undisclosed Jan-24 Hidden Level Industrial Technology $20.0 $120.0 Valor Equity Partners Deal Date Company Name Broad Category Deal Size ($M) Pre-Money Valuation ($M) Lead/ Sole Investors Mar-24 HexClad Traditional Industrial $100.0 n/m Undisclosed Mar-24 Fortera Traditional Industrial $70.0 $320.0 Saint-Gobain Mar-24 Luminary Cloud Industrial Technology $115.0 n/m Sutter Hill Ventures Mar-24 NFW Traditional Industrial $68.4 n/m Louis Dreyfus Company Mar-24 Pure Lithium Traditional Industrial $19.2 n/m Oxy Low Carbon Ventures Feb-24 Figure AI Industrial Technology $675.0 $2,750.0 Microsoft Feb-24 Uhnder Industrial Technology $50.0 n/m ACME Capital Feb-24 Niron Magnetics Traditional Industrial $90.6 $590.6 GM Ventures Feb-24 Raven (Media and Information Services) Industrial Technology $12.0 $155.8 Export Development Feb-24 Safe Dynamics Industrial Services $7.1 n/m Undisclosed Jan-24 Boston Metal Traditional Industrial $20.0 n/m Marunouchi Innovation Partners Jan-24 Vartega Industrial Services $11.2 $45.2 Diamond Edge Ventures Jan-24 Vecna Robotics Industrial Technology $20.0 $400.0 Drive Capital Source: PitchBook
CAPITAL
Industrial Expertise
Broad & Deep Industrial Expertise
TECHNOLOGY
Industrial Recycling Provider
Acquired by
STRATEGIC BUYER
White Glove
Transportation & Logistics
Acquired by
FINANCIAL BUYER
Metal Processor
Acquired by
FINANCIAL BUYER
Property Management Provider
STRATEGIC ADVISORY
SERVICES
Aerospace Component Testing Provider
Acquired by
STRATEGIC BUYER
Telecommunications Infrastructure Provider
Acquired by
FINANCIAL BUYER
Fluid Dynamics
Designer & Engineer
Acquired by
FINANCIAL BUYER
Light Industrial Staffing Provider
Acquired by
FINANCIAL BUYER
Metal Fabricator
Acquired by
FINANCIAL BUYER
Solar Lighting Designer & Integrator
Acquired by
STRATEGIC BUYER
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles
Wireless Tower Owner & Operator
Acquired by
STRATEGIC BUYER
Connect with Our Industrials Team
Building on his 27 years of Investment Banking and Private Equity experience, Nate leads Harbor View’s Industrials practice. In its role, the Industrials team advises clients in the Industrial Technology, Industrial Services, and Traditional Industrial sectors helping business owners navigate the company sale, acquisition, and capital raise processes. Nate Shepherd Managing
Data Capture & Analysis Provider
Acquired by
STRATEGIC BUYER
INDUSTRIALS Q1 2024 REPORT 15
EQUIPMENT
DEVICES TESTING, INSPECTION & CERTIFICATION MANUFACTURING INSTALLATION & CONSTRUCTION DESIGN & ENGINEERING IIOT / ROBOTICS FACILITY & SITE SERVICES DISTRIBUTION / LOGISTICS UTILITIES & TELECOMMUNICATIONS DATA CAPTURE & ANALYSIS
SOLUTIONS
ENABLED SOLUTIONS SPECIALTY
&
ENVIRONMENTAL
nshepherd@hvadvisors.com
Suzi Felix Associate sfelix@hvadvisors.com 904 240 2544
Director
978 835 0258
About Harbor View Advisors
Operating at the intersection of investment banking and consulting, we partner with inspiring companies and private equity firms to help them design and execute their strategies for growth or exit. With years of experience as investment bankers, management consultants, and operators, we help growing teams improve their opportunities for success. We provide Sell-side and Buy-side advisory to innovative companies, and specialize in five key industries: Industrials, B2B Technology & Services, FinTech, Financial Services, and Consumer.
INDUSTRIALS Q1 2024 REPORT 16
We specialize in the key industries of Industrials, B2B Technology & Services, FinTech, Financial Services, and Consumer. Call 904 285 4278 Email vision@hvadvisors.com Visit 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