Industries – Industry


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


IoT, digitisation and industry 4.0

Internet of Things (IoT), digitisation and Industry 4.0 are long-term growth factors in many industrial sectors. On the one hand, efficiency gains can be achieved through an increasing automation of the production and distribution networks can be optimised through digitisation. On the other hand, new application possibilities for products are emerging, such as the interconnection of household appliances, and products can be increasingly tailored to specific customer needs.

Transformation of the automotive industry

The automotive industry is undergoing a comprehensive transformation. The electrification of the global automobility is inevitably progressing. As technological development advances, the acceptance of autonomous driving will also increase, and our mobility behaviour will change fundamentally. Once the COVID-19 pandemic will have been overcome, alternative, more ecological mobility concepts such as car sharing will gain momentum again.

Upcoming changes for the food industry

It is not only the growing world population, for which experts estimate a required increase of 50% of the global food supply by 2050 that poses major challenges to the food industry. Consumers and regulators are demanding a responsible, resource-efficient and sustainable production to reduce global greenhouse gas emissions as well as a sustainable waste regulation.
Furthermore, healthy and personalized food is becoming a crucial part of our social lifestyle.


ASSA ABLOY takes over agta record

The Swedish company ASSA ABLOY, the world’s leading supplier of access systems, increased its stake in the Swiss company agta record to 93% in August 2020. The acquisition strengthens ASSA ABLOY’s presence in Switzerland and in 16 more countries worldwide with direct presences of agta record.

ams acquires majority stake in OSRAM

In July 2020, the Austrian-based and at the SIX Swiss Exchange quoted sensor manufacturer ams acquired a majority stake of 71% of the outstanding shares of OSRAM. The German manufacturer of lighting systems constitutes an opportunity for ams to further expand its leading position in photonics.

Sulzer expands health care portfolio with Haselmeier

In August 2020, the Swiss industrial group Sulzer acquired Haselmeier, the German specialist for drug delivery systems, at an enterprise value of EUR 100 million. The acquisition is intended to exploit growth opportunities in the fast-growing drug delivery market by integrating Haselmeier into Sulzer’s applicator systems division.


Fairness Opinion related to the public takeover offer by ELANTAS GmbH to the public shareholders of Von Roll Holding AG

On 11 August 2023, ELANTAS GmbH (ELANTAS), a subsidiary of the specialty chemicals group ALTANA AG (ALTANA), announced its intention to acquire all publicly held shares of Von Roll Holding AG (Von Roll) by way of a public tender offer. ELANTAS has concluded a share purchase agreement with the von Finck family and tender agreements with Von Roll Management, under which ELANTAS will acquire a total stake of 82.57 percent in Von Roll, at the offer price of 0.86 Swiss francs per share. The total volume of the transaction amounts to approximately CHF 300 million. The transaction bolsters the innovative prowess of both companies for the expansion of electromobility and renewable energies. Together, they will make a decisive contribution to the energy and mobility transition. IFBC prepared a fairness opinion for the Board of Directors of Von Roll to assess the financial adequacy of the takeover offer of ELANTAS. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions in Switzerland.

Founded in 1823, Von Roll is one of the most traditional companies in Switzerland. In the course of the company’s history, Von Roll had to adapt several times to changing market environments and has evolved from Switzerland’s largest steel and iron works into a high-tech industrial company that is driving the energy revolution. Today, Von Roll is the global market leader for electrical insulation systems that are used for the largest wind turbines. It develops high-performance materials for the next generation of batteries in the field of e‑mobility and produces extremely durable lightweight components for the aircraft industry.

Fairness Opinion related to the public tender offer by Werner Dubach to the public shareholders of Datacolor AG

On 3 July 2023, Mr. Werner Dubach announced his intention to acquire all publicly held shares of Datacolor AG ("Datacolor") by way of a public tender offer. Werner Dubach, current major shareholder and Chairman of the Board of Directors of Datacolor, is offering CHF 760.00 in cash per Datacolor share. The total volume of the transaction amounts to approximately CHF 15.2 million. Comparing the offer price of CHF 760.00 with the closing price prior to the public pre-announcement of the transaction of CHF 750.00 results in a premium of 1.3%. The volume-weighted average price ("VWAP") over the last 60 trading days at the same time was CHF 660.50, which reflects a premium of 15.1%. With this offer, Werner Dubach underlines his strong commitment to the company, which is active in the field of color management solutions for the textile, apparel, paint, coatings and plastics industries and the growing consumer market worldwide. Following the acquisition of the remaining public shares, Werner Dubach intends to delist Datacolor shares from the Swiss stock exchange. IFBC prepared a fairness opinion for the attention of an independent Board Committee of Datacolor to assess the financial adequacy of Werner Dubach's tender offer. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions in Switzerland.

Datacolor, a global leader in color management solutions, provides software, instruments and services to assure accurate color of materials, products and images. The world's leading brands, manufacturers and creative professionals have used Datacolor's innovative solutions to consistently achieve the right color for over 50 years. The company provides sales, service and support in over 100 countries throughout Europe, the Americas and Asia. Datacolor’s customers stem from textile and apparel, paint and coatings, and plastics industries as well as the growing consumer market.


The following graphs analyse the industrial sector over the past five years. The graphs show the development of the average semi-annual transaction multiples as well as a comparison between the trading multiples of listed companies in individual sub-sectors and per region as of the end of June 2020. The analysis is based on the Bloomberg database. In terms of size, a distinction is made between companies/transactions with a market capitalization of below (low-mid market) or above (large companies) USD 150 million.

Time series of EV/EBITDA multiples of listed companies

Low-Mid Market
Large Companies

  • The trading multiples shown are based on the enterprise value (EV) at the reporting date and the forecast EBITDA for the following 12 months.
  • Over the last five years, the average trading multiple in the lower-mid-market (market capitalisation < USD 150 million) included an average discount of about 32% compared to the average trading multiple of large companies (> USD 150 million).
  • The increase in the first half of 2020 is likely to be due to the currently low forecasted EBITDA level.

EV/EBITDA multiples of listed companies split by region as of 30.06.2020

Low-Mid Market
Large Companies

  • Larger North American industrial companies show the highest median trading multiple (9.9x). The lowest multiple is observed in the Eastern Europe region.
  • Companies in the lower-mid-market show a discount to the large companies on average. The extent of discount varies from region to region.

EV/EBITDA multiples of listed companies split by subindustry as of 30.06.2020

Low-Mid Market
Large Companies

  • The Materials sub-sector has the lowest multiple with 7.2x among companies with a market capitalisation of more than USD 150 million.
  • In contrast to the other sub-sectors, smaller companies in the Aerospace & Defense sector are traded at a relatively small discount to larger companies as of mid-2020.

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