1. business and industrial
2. company
3. merger and acquisition

Clairfield International
Industrial sector group
2015
Introduction
Clairfield International provides corporate finance services,
mainly in crossborder mergers and acquisitions, to both
international corporations and family-owned enterprises.
Our focus is the middle-market segment, designing and
executing transactions of up to EUR 500 million in
enterprise value.
Clairfield was founded 10 years ago to provide advisory services to middle-market
companies. Often such companies have international aspirations but are left unserved
by large global advisory firms. Clairfield’s mission is to offer senior-level attention and
worldwide presence to the middle market where the next step in growth could be the
town next door or could be in a technological center across the world.
The 300 professionals in Clairfield guarantee our clients direct access to the local
knowledge of regional offices worldwide and the backing of specialized advisory
boards provides industry expertise from professionals around the globe.
We are proud that Clairfield International is recognized as one of the top M&A
boutiques worldwide year after year in the Thomson Reuters league tables.
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About Clairfield International
Clairfield International
Advisory services
§ Clairfield is an international corporate finance firm that provides advisory
services, mainly in crossborder mergers and acquisitions, to both international
corporations and family-owned enterprises. Our focus is the middle-market
segment, designing and executing transactions of up to EUR 500 million in
enterprise value.
Mergers &
acquisitions
§ Clairfield’s high ratio of senior partners and directors to junior employees ensures
that senior team members take an active role in all transactions.
Capital raising
§ Clairfield’s worldwide presence guarantees our clients direct access to the local
knowledge of its regional office and industry expertise from professionals around
the globe.
§
§
Design, initiation, and execution of international and
domestic acquisition opportunities
International
and domestic management and
execution of sell-side mandates
Advisory on mergers and joint ventures
§
§
§
§
Financial sponsor transactions (MBO and LBO)
Equity growth capital
Debt advisory and project finance
Private placements and IPOs
§
§
Financial restructuring advisory services
Valuations and fairness opinions
§
Strategic advisory
Recognition and awards
In numbers
Clairfield International is recognized as one of the top M&A boutiques worldwide
year after year in the Thomson Reuters league tables.
87
Transactions closed in 2013
$3.6 bn
Cumulative value of transactions closed in 2013
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Countries where Clairfield is present
#11
2013 ranking in Thomson Reuters European Small-Cap
#19
2013 ranking in Thomson Reuters European Mid-market
#20
2013 ranking in Thomson Reuters Worldwide Small-Cap
250+
Professionals in 19 countries
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3
Locations
The Americas
Brazil: Fortaleza
Brazil: Sao Paulo
Mexico
US: Atlanta
US: Minneapolis
US: New York
US: Phoenix
US: Seattle
Australasia
Australia
China
Hong Kong (Asian headquarters)
India: Ahmedabad
India: Mumbai
Europe
Belgium
The Czech Republic
Denmark
Finland
France
Germany
Italy
The Netherlands
Norway
Poland
Spain
Sweden
Switzerland (headquarters)
UK
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Clairfield’s sector group expertise
Natural Resources,
Cleantech & Energy
Consumer Goods &
Retail
Food & Agribusiness
Healthcare & Life
Sciences
Industrials
Technology, Media &
Telecoms
• Business services
• Distribution
• Logistics
• Financial services
• Industrial services
• Education
• Staffing
• Engineering
• Metals & mining
• Oil & Gas
• Renewable Energy
• Power
• Consumer goods
• Retail
• Hotels & gaming
• Real estate
• Furniture
• Luxury goods &
services
• Cosmetics
• Food & beverage
• Food chain
• Food services
• Food ingredients
• Sports nutrition
• Agribusiness
• Medical devices
• Medical supplies
• Pharma
• Biotech
• Animal health
• Lab services &
equipment
• Hospitals & clinics
SELECTED CLIENTS
SUBSECTORS
SECTORS
Business & Financial
Services
Clairfield Industrials
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• General industrials
• Building materials
• Test & measuring
• Automotive
• Machinery
• Packaging
• Chemicals
• Aerospace/Defense
• Software
• Technology
• IT services
• Media
• Telecommunication
The industrial sector group
Chris Gregory is partner at Clairfield UK and head of
Clairfield’s industrial team follows sector trends and offers
particular expertise in the following areas:
the Industrial sector team.
Clairfield’s industrial sector team advises buy-side clients on
their approach to acquisition targets active in the industrial
sector without the risk of an auction process, and guides sellside clients through sales processes designed to maximize value.
Clairfield has contacts to management at the major global
players in industry and solid inroads to local market players
through our industry advisors.
PRODUCTS & SERVICES
• Chemicals and plastics
• Construction and building materials
• Electrical/electronic equipment and components
• Plant, machinery and equipment
Our team members have been actively involved in advising on
many M&A transactions in the midcap segment (including carveouts, MBOs, MBIs, and successor solutions). All relevant skills
are represented on the team: senior negotiators, strong
analytical skills including in-depth valuation, project
management, and networking.
• Industrial products and services
With industrial experts located around the world, Clairfield
understands your business and is perfectly positioned to make
the right connections on your behalf in local markets around the
globe.
• Aerospace and defense
KEY MARKETS
• Metals and mining
• Automotive
• Oil, gas, and energy
• Construction and infrastructure
• Packaging
Clairfield Industrials
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Selected clients in the industrial sector
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Selected transactions in chemicals and plastics
Client
Counterparty
Transaction type
Country
Activity
Tekra
EIS (Genuine Parts Company)
Sale
USA
Manufacture and distribution of
plastic films, adhesives, and
custom-coated plastic substrates
Michelman
Ecronova Polymer
Acquisition
Germany
Polymers
Sobeltec management
Sobeltec
MBO
Belgium
Textile additives
Cape Live
Samia
Acquisition
Italy
Pigments and treatments for
leather
Leda
ACT Group
Sale
Italy
Chemicals and plastics
P-D Group
Gelsenwasser AG
Sale
Germany
Chemical parks
Fenner
Prodesco
Acquisition
UK
Polymer technology
Euromere
Illinois Tool Works France
Sale
France
Manufacture of resins
Fenner
Plastic Omnium
Acquisition
UK
Polymer technology
Bitolea Chimica
Clessidra
Sale
Italy
Waste management services
Clairfield Industrials
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Selected transactions in construction and materials
Client
Counterparty
Transaction type
Country
Activity
Korus Group
Super Build
Acquisition
France
Design and construction
GKC Projects Ltd
Tata Capital
Financing
India
Construction services
Oranjewoud / Strukton
Syndicate of banks
Financing
The Netherlands
Engineering and construction
services
Northwest Cascade
Seacoast Capital
Capital raising
USA
Civil construction and sanitation
services
Le Kap Verre
PE
Sale
France
Industrial glass
DIS
PSJ
Sale
Czech Republic
Construction
Access Control Safety - Jerems
Private investors
MBI
France
Platform lifts
Zarges Tubesca (Comabi)
Andamios Tendo
Acquisition
France/Spain
Scaffolding
ENAC (Le Confort Acoustique)
pinta elements
Sale
France
Insulation, acoustics
Coveright -sale of Furniture
Applications business unit
Tacon Decor
Sale
Germany/Spain
Surfacing materials
Vetriceramici
Star Bridge
Sale
Italy
Ceramic powders
Hill & Smith (sale of Ash & Lacy)
investor group
Sale
France
Metal envelope systems
Clairfield Industrials
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Selected transactions in machinery and systems
Client
Counterparty
Transaction type
Country
Activity
Permalok
Northwest Pipe Company
Sale
USA
Pipe-joining systems for the
construction industry
FFG Group
MAG IAS
Acquisition
Germany
Machine tools
SmartMotor
Rolls-Royce Marine
Sale
Norway/UK
Permanent magnetic technology
machines
Marsilli
Fondo Italiano d'Investimento
Sale
Italy
Winding and assembly systems
Romi
Burkhardt + Weber
Acquisition
Italy/Germany/Brazil
Machine tools
Esbelt
E-plast
MBO
Spain/Czech Republic
Conveyor belts
Cassina Packaging Group (sale of
Fustiplast)
Greif
Sale
Italy
Packaging
Newtec Packaging
FL Systems
Acquisition
France/Belgium
Packaging and palletization
machinery
Boix Maquinaria
Boix Europe
Acquisition
Spain/The Netherlands
Packaging machinery
AMADA
Tecno.team and DeRidder
Acquisition
Germany
Machine tools
Rau Förderanlagen
Walter Flender
Acquisition
Germany
Conveyor systems
AXA Private Equity
Idroma
Acquisition
Italy
industrial machinery
ABN Amro Participaties (sale of
Vanderlande)
NPM Capital
Sale
The Netherlands
Material-handling systems
Clairfield Industrials
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Selected transactions in electronic and electrical systems
Client
Counterparty
Sontay
Transaction type
Country
Activity
Advisory
UK
Building measurement and control
peripherals
Private investors
Abacus
Acquisition
UK
Lighting
Halma
Talentum
Acquisition
UK
Flame detectors
EMID
Federal Insulation of Indiana
Acquisition
USA
Electrical insulating material
Milexia/Giza
Giza
Acquisition
France
Electronic and scientific
equipment
OMS
Indo Asian
Joint venture
India
Lighting fixtures
IPO
India
AC generators
TD Power
FontanaArte
Nice
Sale
Italy
Lighting
Lightronics
De Hoge Dennen Capital
Sale
The Netherlands
Lighting
Philips Electronics - sale of
Anteryon
Cosyma
Sale
The Netherlands
Optical technology
Marechal Electric
Technor Italsmea (Hitecvision)
Acquisition
France
Specialty lighting and electronics
ADB Airfield Solutions
Lucebit/Erni
Acquisition
France
Airfield lighting
Hydratec
Timmerije
Acquisition
The Netherlands
Electronics, plastics
Clairfield Industrials
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Selected transactions in industrial services and engineering
Client
Counterparty
Transaction type
Country
Activity
TFP Engineering
Haynes Group
Sale
Australia
Mining services and equipment
Lamiflex
Altra
Sale
USA/Brazil
Engineered disc couplings
Runge
Minarco Asia Pacific
Acquisition
AU
mining technology consultancy
Midland Precision
Gabbro
Sale
UK
Precision engineering
Vega
Egis
Sale
Brazil/France
Rail infrastructure
Ash & Lacy
Investor group
Sale
UK
Infrastructure products
ADE
Management
MBO
Australia
Engineering services
Gerwah GmbH
VBG Group AB
Sale
Germany
High-precision drive elements
ATMR
HMG
Merger
Australia
Heavy engineering
Rosa Sistemi
Aksia Group
Sale
Italy
Precision linear components
Spectris plc disposal of Spectrum
Inspection Systems
Illinois Tool Works
Sale
UK
Precision instrumentation and
controls
SD&A
AKKA
Sale
Belgium/France
Engineering consulting
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
Michelman
US
Ecronova
Germany
Acquisition
Chemicals
Client overview
Michelman is a global developer and producer of water-based coatings,
surface modifiers, emulsion dispersions and powders. Michelman serves its
multinational and regional customers with production facilities in the U.S.,
Europe and Singapore and has a worldwide network of highly trained field
technical support personnel.
acquired
Ecronova Polymer GmbH has more than 35 years of experience in the
development, production, and commercialization of water-based polymers.
Products include styrene acrylics, vinyl acetates, pure acrylic emulsions, and
polyurethane dispersions for a variety of applications.
Situation overview
With the acquisition of Ecronova Polymer, Michelman gains a physical
presence in Germany and increases its European footprint. The exceptionally
high quality products Ecronova manufactures are complementary to the
solutions Michelman currently offers to its paint and coatings customers.
Clairfield International in the USA and Germany advised
Michelman.
“This was a particularly complex situation because of the nature of the seller
group. We were fortunate to have Clairfield’s intelligent guidance
throughout the purchase process,” said Robert A. Poletti, Chief Marketing &
Business Development Officer and Vice President of Michelman, Inc.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
DT - Výhybkárna a
strojírna AS
Czech
Republic
Bari Fonderie
Meridionali (Lucchini
Group)
Italy
Acquisition
Railway structures
Client overview
DT Výhybkárna a strojírna AS is a Czech company specializing in the design
and manufacture of turnout structures for railways, undergrounds, and
tramway tracks, with revenues of approximately EUR 45 million.
DT - Výhybkárna a strojírna AS
Situation overview
acquired
BFM, former Breda Fucine Meridionali, has been the leading Italian
manufacturer of permanent railway superstructure material for the past 50
years. BFM employs about 100 people and its revenues amount to
approximately EUR 15 million.
BFM was controlled by Lucchini Group, an Italian steel producer with sales of
about EUR 2 billion.
Clairfield International in Italy and the Czech Republic advised
DT-Výhybkárna.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
Correl Rail
UK
SGS
France
Sale
Industrial services
Client overview
Correl Rail is a UK-based independent certification company to the rail
industry, specializing in the inspection and certification of railway rolling
stock. It works with manufacturers to ensure that new rolling stock is
designed and manufactured in accordance with required safety and
operating standards, and with operators and leasing companies to assess
ongoing maintenance practices and provide other technical advice. The
company services a wide client base throughout Europe, and Asia, leveraging
the world-leading reputation of the UK regulatory regime within the industry.
was sold to
Situation overview
Correl appointed Clairfield UK as advisers for the disposal. A worldwide
target list of potential buyers was compiled, a number of which were
approached through overseas partners in Clairfield International. This
generated a number of interested parties and a total of six offers. SGS was
approached by Clairfield France. Clairfield UK was responsible for the
preparation of the detailed Information Memorandum and led negotiations
with the bidders, through to shortlisting and subsequent completion.
Clairfield International in the UK and France advised
Correl Rail.
“Clairfield UK was a great help to the shareholders in presenting the business
to buyers to maximize the offers received. They quickly understood the main
drivers underpinning our growth and so were able to ensure that buyers fully
appraised the opportunity available to them. Clairfield’s input helped us to
secure a great deal for the shareholders and a great future for the business,”
said Nigel Bean, managing director of Correl Rail.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
ADB Airfield Solutions
France
Lucebit
Germany/
Switzerland
Acquisition
Airfield lighting
Client overview
ADB Airfield Solutions is the worldwide leader in airfield ground lighting
products for airports of all sizes, from large international hubs to smaller
airports, military bases, and heliports. The group serves over 2000 airports in
more than 175 countries. ADB Airfield Solutions generates approximately
EUR 170 million in revenues, 45% of which from emerging markets where
demand for airport infrastructure is increasing rapidly.
acquired
Following a first LBO in 2009 with Montagu Private Equity, ADB Airfield
Solutions structured a secondary LBO with PAI Partners in 2013, alongside
with the management. Both transactions were advised by partners at
Clairfield International in France.
Situation overview
ADB Airfield Solutions has a strategy to acquire complementary companies,
both in terms of products and client base. It engaged this strategy in 2014
with the acquisition of Lucebit Group and Erni. Lucebit was born from ABB
Group’s spinoff in 2002. Lucebit Group enjoys strong market positions in
Germany, Switzerland and Austria that will complete ADB Airfield Solutions
presence in European key markets. Erni offers ADB new technology. The new
Group has around €200 million of consolidated revenues.
Clairfield International in France and Germany
advised ADB.
Clairfield International in France and Germany acted as the exclusive financial
advisor to ADB Airfield Solutions.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
Industrias Romi
Brazil
Burkhardt + Weber
Fertigungssysteme
Germany, Italy
Acquisition
Machine tool manufacturing
Client overview
Industrias Romi (ROMI3: BZ) is the leading Brazilian company in the machine
tools and plastic processing machine sector. Currently, Romi has subsidiaries
in Spain, France, Italy and UK, to develop direct machine tool sales and
maintain a network of direct distributors to attend other countries in Europe,
coordinated by Romi Europa GmbH.
acquired
from
Mandelli S.p.A
Clairfield International in France and Germany
advised ADB.
Situation overview
Burkhardt + Weber Fertigungssysteme GmbH is a prominent German
manufacturer of machine tools. Founded in 1888, B + W has industrial
operations in the city of Reutlingen, a prominent industrial zone and
development area of high-tech manufacturing in Germany. The company
sells its products directly and also through sales representatives in several
countries, including through a Chinese society, where the B + W holds a stake
of 30% of the capital.
B + W pioneered the development of numerical control machines in the late
1950s and is recognized worldwide for its products’ sophistication and
technology for sectors such as commercial vehicles, aviation and energy.
This transaction expands Romi’s product portfolio and global operations and
markets.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
Vega
Brazil
Egis
France
Sale
Engineering
Client overview
Vega Engenharia e Consultoria Ltda is the Brazilian leader in engineering
services for railway infrastructures focused on freight transportation. Vega
also performs infrastructure projects in urban environments and highways
for both private and public sector clients. It is a private company with EUR 18
million in annual sales located in Curitiba.
was sold to
Egis, with its French counterpart Iosis, is on its way to becoming the
indisputable leader in infrastructure engineering. CDC (Caisse des dépôts et
consignations) owns 80% of the group and management owns the remaining
20%. The group will have EUR 815 million in consolidated sales.
Demand in rail infrastructure continues to grow. With its acquisition of Vega,
Egis takes advantage of specific expertise locally and exports it abroad while
bringing its own added value in urban transportation.
Situation overview
Clairfield International in Brazil and France advised
Vega.
Clairfield International solicited potential buyers all over the world and Vega
received several indications of interest. The auction process performed by
Clairfield in Brazil ensured Vega shareholders could choose the best-fitting
buyer to enable future development and a smooth transition. The Clairfield
team in Brazil and France assisted the sellers in reaching an agreement and
overcoming cultural gaps with Egis management.
Clairfield Industrials
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Case study
Client
Client nation
Counterparty
Counterparty
nation
Transaction type
Sector
OSTP
Italy/ Finland
Dan Johansson
Sweden
Sale
Industrials
Deal summary
OSTP sold its threaded fittings business (THF) to a Swedish family group. The
transaction marks an important step for OSTP in implementing its strategy to
focus primarily on the welded stainless process pipes and related fittings.
sold
Client and situation overview
to
The family group of Dan Johansson,
Oxelösund
OSTP is a joint venture between Tubinoxia and Outokumpu Group that
manufactures welded stainless steel tubular products. The THF unit is
comprised of the Nords operations located in Sweden; Ratas AS, located in
Estonia; and SH Trade Oy, located in Finland. The THF business has
approximately EUR 14 million in revenues and about 100 employees.
The current management of THF operations will continue to run and manage
the business under the new ownership.
Clairfield Italy had previously advised on the joint venture between
Outokumpu and Tubinoxia that created OSTP.
Clairfield International in Italy advised OSTP.
Clairfield Industrials
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Primary contacts in Clairfield:
Chris Gregory
Industrial sector head
[email protected]
Tel: +44 121 234 6070
Brian O’Hare
Chairman
[email protected]
Tel: +34 93 487 0330
Maarten Vijverberg
Vice chairman
[email protected]
Tel: + 31 20 301 4000
Kim Rizvi
International business manager
[email protected]
Tel: +34 636 690 033
Silvio Curioni
Treasurer
[email protected]
Tel: +39 2 763 948 88
Clairfield Industrials
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