Weekly M&A Digest
A curated selection of transactions and deals from the past week.
Would you like to see more deals from a specific industry? Contact us to request recent transactions from our deal professionals.
Deal Summary
IDEX Corporation to acquire Muon Group
IDEX Corporation (NYSE: IEX), a manufacturer of products and mission-critical components, announced the acquisition of Muon B.V. and its subsidiaries (“Muon Group”), a micro-precision technology manufacturing company, for €700 million. The group includes LouwersHanique, Veco, Millux, Tecan, and Atul, which have critical technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics.
“Together, the Muon Group will expand upon a growing platform of IDEX precision technology businesses, including those already part of IDEX Health & Science, with unique technology and product solutions for similar end-customers. The commercial synergy potential between our health and science businesses and Muon Group companies will yield expanded offerings to new and existing customers…Muon Group is an IDEX-like business, producing highly engineered products used in mission-critical applications where customers demand exacting quality standards. Their companies are leaders in their fields, and we are excited to welcome them and their outstanding management team to the IDEX family.” - Eric Ashleman, Chief Executive Officer and President of IDEX.
The transaction is expected to close in the fourth quarter, subject to regulatory approvals.
Aptiv to acquire Intercable Automotive Solutions
Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener, and more connected, announced the acquisition of an 85% equity stake in Intercable Automotive Solutions, a provider of automotive power distribution and connection technologies for €595 million.
"Intercable Automotive Solutions is an excellent strategic fit with Aptiv's Signal & Power Solutions segment…The combination strengthens our position as a full system supplier for electric vehicle manufacturers. In addition, Intercable's differentiated technology design and manufacturing capabilities enable a more efficient and cost-effective vehicle assembly operation for our customers.” - Kevin Clark, Chairman, and CEO of Aptiv.
The transaction is expected to close before the end of 2022, subject to regulatory approval and other customary closing conditions.
WM to Acquire Controlling Interest in Avangard Innovative's U.S. Business
WM (NYSE: WM), a waste management environmental solutions provider, announced the acquisition of a controlling interest in Avangard Innovative’s U.S. Business, which will operate as Natura PCR – an independent company expected to scale and grow recycling capacity to produce an estimated 400 million pounds per year of post-consumer resin (PCR) in five years.
"WM's controlling interest in Natura PCR positions us to grow and scale rapidly in the emerging PCR space…WM's core material supply capabilities, with the head start and knowledge provided by Avangard's U.S. business, will help Natura PCR quickly deliver circular options to WM's customers as an important component of our continued growth strategy in recycling. Today, there is so much untapped potential to reuse film – which impacts many of our commercial customers. We can help our customers close the loop and bring more recycled materials to the store shelf." - Jim Fish, president, and CEO of WM.
“Seale & Associates has been our trusted advisor and skillfully guided us through the process to ensure a mutually beneficial partnership transaction with WM. The team’s professionalism, integrity, and dedication are second to none” - Rick Perez, CEO of Avangard Innovative.
McCain Foods to acquire Scelta Products
McCain Foods, a manufacturer of frozen potato products and a global leader in prepared appetizers and snacks, announced the acquisition of Scelta Products, a producer of frozen foods, to its growing family of delicious, prepared vegetable appetizer product offerings.
“With common customers and shared values as family-owned companies, there is a natural complement between McCain Foods and Scelta Products…We feel honored and privileged to build on the legacy of Scelta Products, bringing their delicious product to our customers as we expand on the fantastic business that Scelta’s founders have created.” - Max Koeune, CEO of McCain Foods.
Timken to Acquire GGB Bearing Technology
The Timken Company (NYSE: TKR), a leader in engineered bearings and industrial motion products, announced the acquisition of GGB Bearing Technology (GGB), a division of Enpro, Industries.
"GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries…This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB's leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions." - Richard G. Kyle, president and CEO of Timken.
SOURCES
IDEX Press Release:
https://investors.idexcorp.com/news-releases/news-release-details/idex-corporations-capital-deployment-continues-agreement-acquire
Aptiv Foods Release:
https://www.aptiv.com/en/newsroom/article/aptiv-signs-definitive-agreement-to-acquire-industry-leading-provider-of-high-voltage-busbars-and-interconnect-solutions
WM Press Release:
https://mediaroom.wm.com/2022-09-13-WM-to-Acquire-Controlling-Interest-in-Avangard-Innovatives-U-S-Business
McCain Foods Press Release:
https://www.mccain.com/information-centre/news/mccain-foods-acquires-scelta-products/
TIMKEN Press Release:
https://news.timken.com/2022-09-06-Timken-to-Acquire-GGB-Bearing-Technology,-Expanding-Its-Engineered-Bearing-Portfolio-with-Complementary-Products