Fourth Quarter 2011 2011 Deal Volume — Year in Review Chart A: Completed EMS Transactions Chart B: Year Comparison—EMS M&A by Deal Type Announcements 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 www.lincolninternational.com Fourth Quarter 2011 2011 EMS Transaction Summary Acquirer
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,
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[email protected]President - Japan (Tokyo)
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Matt Halverson, Analyst: [email protected]
Chengpeng Mou, Analyst: [email protected]Lincoln International D E A L R E A D E R www.lincolninternational.com Fourth Quarter 2011
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