Industries – Industrial


The growing importance of technology provides opportunities and risks for Swiss industrial companies. In addition to new possibilities in the context of automated production, the Internet of Things, for example, also provides new business areas. Furthermore, with the strong Swiss franc, the pressure for cost-effective production sites and high productivity remains. The M&A partnership Globalscope enables IFBC to support its clients in the worldwide search for suitable target companies and interested buyers.


Fabian Forrer, CFA


New Era of Personal Transportation

Connected cars are making in-roads in the automotive industry; software designers are now more in demand than mechanical engineers. This coupled with the electrification of vehicles will lead to manufacturers adjusting their strategy.

Digitalisation in the Chemicals Sector

Chemicals companies are seeking to improve customers experience by utilising the latest digital technology. One example of this is to track usage patterns of chemicals and products in order to proactively address customer needs.

Emerging Economies Taking Market Share

Engineering and contracting firms in rapidly growing economies have begun to adopt an outward-facing approach. Previously, these firms focused on their respective domestic markets, but are now competing on the world stage.

Low Cost Carriers Disrupting Airline Industry

The airline industry was once clear-cut in its definition of low-cost carriers and full-service carriers. These distinctions continue to be blurred as ultra low-cost carriers take market share from the once dominant full-service carriers.

Use of Data Analytics Shaping Maintenance

„Condition-based maintenance“ is altering the way that service contracts and warranties are provided by companies. Constant monitoring of equipment allows companies to monitor wear and usage patterns in order to effectively adjust service timelines.


SNC-Lavelin acquires WS Atkins

Diversified industrials company SNC-Lavelin has acquired WS Atkins in a $2.7bn deal. WS Atkins provides consultancy services in design, engineering and project management. Thereby, WS Atkins complements the actual product offering of SNC-Lavelin.

Rockwell Collins acquires B/E Aerospace

Aircraft interior manufacturer Rockwell Collins has completed the $8.6bn acquisition of B/E Aerospace, a manufacturer of systems and connectivity solutions.

Bridgepoint acquires Miller Homes

Britain’s largest privately owned housebuilder, Miller Homes, has been acquired by private equity group Bridgepoint Capital in a deal worth $850m.


The following data have been compiled by Globalscope for the industrial sector. Valuation trends for the past five years were analysed. The following graphs show average half-yearly transaction data, comparisons of individual sub-segments and data from listed companies as of mid-August 2017. The Total Market comprises companies and transactions in excess of USD 5 million. The Lower-Mid Market segment comprises companies and transactions in the range of USD 5 million to USD 150 million.

EV/EBITDA multiples of M&A transactions over time

All Transactions
Lower-Mid Market

  • In recent years, the average transaction size in the Lower-Mid Market has been around 8x EBITDA.
  • In the total market, significantly higher prices are paid for industrial companies. In H1 2017 a new high of 14.6x EV/EBITDA was reached.

EV/EBITDA multiples of listed industrial companies by region

All Campanies
Lower-Mid Market

  • In Europe, the average EV/EBITDA multiple of listed industrial companies is 9.3x for the total market and 11.2x for the Lower-Mid Market.
  • While the highest multiples in the Lower-Mid Market are observed in Europe, the European multiples are relatively low in the total market. Only in Latin America they are even lower.

EV/EBITDA multiples of listed industrial companies by subsectors

All Campanies
Lower-Mid Market

  • The highest multiples among industrial companies are observed in the capital goods subsector (EV/EBITDA of 13.9x).
  • Additionally, the difference in the valuation level between the total market and the Lower-Mid Market is most pronounced within the capital goods subsector.