Analysis of recent transactions in Internet Machinery Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

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TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP
Industrial!
Machinery!
M&A Tearsheet 2019!
This report is intended solely for the informational and is not
intended to be and should not be used by any other person
or entity. No other person or entity is entitled to rely, in any
manner or for any purpose, on this report.

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary – Industrial Machinery
Valuation Summary
Total Deal Value ($mm) 128,036
Average Deal Value ($mm) 198
Average TEV/Revenue 1.9x
Average TEV/EBITDA 13.3x
Average Day Prior Premium (%) 7%
Average Week Prior Premium (%) 10%
Average Month Prior Premium (%) 11%
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Transaction Ranges
Greater than $1 billion 25
$500 - $999.9 mm 24
$100 - $499.9 mm 128
Less than $100 mm 469
*Source: CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2013 – March 25, 2019

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis
1.4x
2.0x 1.8x 2.3x 2.3x 2.1x
9.7x
14.1x
13.2x 13.4x
16.1x
11.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2014 2015 2016 2017 2018 2019
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 1.4x 2.0x 1.8x 2.3x 2.3x 2.1x 1.9x
Average TEV/EBITDA 9.7x 14.1x 13.2x 13.4x 16.1x 11.9x 13.3x
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Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
6 4 1
8 6
-
18
32
19
34
22
3
89
124
89 87
72
8
-
20
40
60
80
100
120
140
2014 2015 2016 2017 2018 2019
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value 246.4 189.3 91.8 244.5 220.5 143.5 198.5
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 16.9% Americas – 47.1% Europe/MENA/Africa – 35.9%
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Region / Transactions Number Total Value Average Size
Asia Pacific 303 21,672 72
Europe/MENA/Africa 215 46,020 214
Americas 128 60,344 471

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Investment Focus
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis
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Geographic Location
Number of
Transactions
Average Historical
Multiples
Average Transaction
size (USD mn)
China 140 3.1x 95.1
South Korea 113 1.6x 526.9
United States 85 2.5x 14.6
Germany 42 1.2x 257.9
India 41 1.3x 300.2
Japan 40 1.7x 129.7
Italy 23 1.0x 198.3
Spain 19 1.8x 45.6
Australia 14 1.8x 130.2
Canada 11 1.0x 545.5
Netherlands 10 0.9x 78.4
United Kingdom 10 1.1x 66.7
France 8 1.2x 418.0
Indonesia 8 1.2x 28.4
Austria 8 1.3x 29.2
Others 74 1.5x 96.0

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target Deal Value ($mm)
Pall Corporation
15,145Gates Industrial Corporation plc (NYSE:GTES)
7,340Invensys Limited
5,019CLARCOR Inc.
4,437KUKA Aktiengesellschaft (DB:KU2)
4,386SUEZ Water Technologies & Solutions
3,375INNIO
3,250Pentair plc, Valves & Controls Business
3,150Stevens Holding Company, Inc.
2,811Changsha Zoomlion Environmental Industry Co., Ltd.
2,751
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/2)
[1] Source: Industrial Machinery & Equipment Wholesaling in US published by IBISWorld, Nov 2018
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US Industrial Machinery & Equipment Wholesaling1
The Industrial Machinery and Equipment Wholesaling industry distributes a variety of products to different industries,
including drilling, refining and pipeline products for the oil and natural gas sector; hoists and forklifts for the material-
handling sector; and diesel engines, pumps and metalworking machinery for the manufacturing sector. Despite this
diversity, the industry’s success is ultimately dependent on levels of manufacturing activity and industrial production in
the United States. At the outset of the current five-year period, high commodity prices and increased industrial activity
supported growing demand for industry products. However, a later decline in commodity prices, oil and gas, stifled
demand for industry products.
33.8%
17.3%
16.7%
12.2%
9.1%
8.2%
2.7%
General-purpose Other industrial
Oil well, refinery and pipeline Material-handling equipment
Metalworking Hydraulic and pneumatic
Food-processing machinery
In 2013 and 2014, the industry improved considerably as a
result of a resurgence in production across its primary markets.
Private investment in machinery and equipment increased
7.7% in 2014 and is expected to have grown overall over the
five years to 2018. Demand for metalworking machinery
manufacturing has also increased, fueled by recovery in the
automobile and heavy-machinery sectors, while higher
industrial production has resulted in a greater need for storage
and material- handling equipment. This demand has subsided
in recent years, however, as previously pent-up demand has
been satiated. Additionally, a primary factor driving revenue
trends has been the commodity price declines experienced
during the period. In particular, falling oil and gas prices
through 2016 resulted in revenue declines of 7.2% and 4.3% in
2015 and 2016, respectively. As a result, industry revenue is
expected to decline an annualized 0.7% to $244.1 billion over
the five years to 2018. However, revenue is expected to
increase 6.4% in 2018 as increased capital expenditures in oil
and gas industries support industry demand.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/2)
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US Industrial Machinery & Equipment Wholesaling1
Over the next five years, stronger growth in the industry’s downstream markets will likely lead to higher demand for
industrial machinery and equipment. Consequently, IBISWorld expects industry revenue to grow at an annualized rate of
2.4% to reach $274.1 billion over the five years to 2023. Stronger commodity prices should drive demand from key
industrial markets. Moreover, continued technological advancements for key product segments, such as material-
handling equipment, should support increased purchases.
240.7 230.4 229.3 244.1 255.6 259.2 264.4 269.9 274.1
-7.2%
-4.3%
-0.5%
6.4%
4.7%
1.4%
2.0% 2.1%
1.6%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
200
210
220
230
240
250
260
270
280
2015 2016 2017 2018 2019 2020 2021 2022 2023
IndustrialMachinery&EquipmentinUSRevenue
($B)
Market Size ($B) Growth (%age)
[1] Source: Industrial Machinery & Equipment Wholesaling in US published by IBISWorld, Nov 2018

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12. page A L P S V E N T U R E P A R T N E R S 12
Corporate Finance Services
We provide clients with high quality
research, analytical and advisory
support for transactions. We offer a
range of services such as initial
opportunity assessment, market
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Due Diligence
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Financial Reporting and Tax Compliance Services
IRC 409a
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