Fourth Quarter 2011
2011 Deal Volume — Year in Review
Chart A: Completed EMS Transactions
Chart B: Year Comparison—EMS M&A by Deal Type
2011 Summary
There were 32 completed EMS transactions in 2011, OEM divestitures accounted for one transaction in 2011 down from 46 recorded in 2010. EMS Consolidations compared to three in 2010. As a percentage of total were the most common type of transaction with 15 transactions, OEM divestitures accounted for 3% in transactions in 2011, or 47% of total activity, compared to 13 transactions in 2010 which represented 28% of As illustrated in Chart C below, seven of the deals completed in 2011 were cross-border. Within this In 2011, there were seven Vertical/Horizontal category, three transactions were between low-cost Convergence transactions, down significantly from the regions and high-cost regions, and four were between 15 recorded in 2010. This year’s activity represented two different high-cost regions. For this same period, 22% of the total, compared to 33% last year. 12 transactions occurred within the U.S. and Canada (38% of the total), 11 occurred within Europe (34%) Private equity investments remained equal to last year’s activity at eight total transactions in 2011, or 25% of the total, as compared to 17% last year. Lincoln In terms of the size of transactions, 2011 was led by the expects that this stagnancy was due in part to the Small Tier, with 22 transactions, or approximately 69% volatile market conditions and financing difficulty during of total activity. Large Tier EMS providers closed four the year triggered by concerns over the European debt transactions, representing approximately 13% of the total. Mid Tier providers added six transactions, representing approximately 19% of the total.
EMS divestiture transactions were down with one transaction in 2011 compared to seven transactions in 2010, representing approximately 3% and 15% of total transactions in 2011 and 2010, respectively. EMS Size Guide
Chart C: Year Comparison—EMS M&A
Chart D: 2011 Mergers and Acquisitions
by Size

(Sales Dollars)
by Geography
Large (Tier I)
Mid (Tier II)
$300 million to $3 billion
Small (Tier III)
Below $300 million
Sources: All information contained in this newsletter including the charts was ob-tained from company websites, Custer Note: “High/High” indicates cross-border transactions between Japan, Taiwan, Western Europe and U.S./Canada; “High/Low” Reports, Lincoln International’s internal indicates cross-border transactions between high-cost regions and low-cost regions. data, Manufacturing Market Insider and Capital IQ. Lincoln International D E A L R E A D E R
Fourth Quarter 2011
2011 EMS Transaction Summary
5 Oct-11 OnCore Manufacturing Services LLC 10 Aug-11 OnCore Manufacturing Services LLC 15 May-11 Asteel Flash, Lacroix Electronics, Skywave 20 Apr-11 Prairie Capital, L.P.; Vierville Capital, LLC 28 Jan-11 Main Street Capital Holdings, LLC 29 Jan-11 Austria Wirtschaftsservice Gesellschaft mbH Burgenlandische Elektrizitatswirtschafts AG Type Key: 1=EMS Consolidation, 2=OEM Divestiture, 3=Vertical/Horizontal Integration, 4=EMS Divestiture, 5=Private Equity Investment
About Lincoln International
Lincoln International specializes in merger and Lincoln International’s Electronics Group is led by a former CEO of a public EMS acquisition advisory services, debt advisory company. The firm’s Electronics team provides transactional, financial and strategic services, private capital raising and restructuring advisory services to electronics companies and private equity groups. For more advice on mid-market transactions. Lincoln International also provides fairness opinions, NORTH AMERICA
valuations and pension advisory services on a Jack Calderon,
Matthias Norweg,
Tetsuya Fujii,
wide range of transaction sizes. With twelve Managing Director (Chicago)
Director (Frankfurt)
Managing Director and
offices (three in the Americas, two in Asia, and [email protected] President - Japan (Tokyo)
seven in Europe) and strategic partnerships with Chaim Lubin,
Iván Marina,
leading institutions in China and Korea, Lincoln Vice President (Chicago)
Managing Director (Madrid)
Hideyuki Fujisawa,
International has strong local knowledge and Director (Tokyo)
contacts in the key global economies. The firm Cynthya Goulet,
provides clients with senior-level attention, in- Géraud Estrangin,
Associate (Chicago)
Director (Paris)
T.N. Giridhar,
depth industry expertise and integrated resources. Managing Director and
By being focused and independent, Lincoln President - India (Mumbai)
International serves its clients without conflicts of Pat Larsen,
Associate (Chicago)
International can be obtained at www.lincolninternational.com.
Matt Halverson, Analyst: [email protected] Chengpeng Mou, Analyst: [email protected] Lincoln International D E A L R E A D E R
Fourth Quarter 2011

Source: http://www.psma.com/HTML/newsletter/Q1_2012/pics/ems_deal_reader_4q11.pdf


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