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© alexandr malyshev dreamstime.com Electronics Production | February 02, 2012

EMS: M&A activity down in 2011

There were 32 completed EMS transactions in 2011, down from 46 recorded in 2010.
EMS Consolidations were the most common type of transaction with 15 transactions in 2011, or 47% of total activity, compared to 13 transactions in 2010 which represented 28% of activity last year.

In 2011, there were only seven Vertical/Horizontal Convergence transactions, down significantly from the 15 recorded in 2010. This year’s activity represented 22% of the total, compared to 33% last year.

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 expects that this stagnancy was due in part to the volatile market conditions and financing difficulty during the year triggered by concerns over the European debt crisis.


© Lincoln International / Image has zoom function

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.

OEM divestitures accounted for one transaction in 2011 compared to three in 2010. As a percentage of total transactions, OEM divestitures accounted for 3% in 2011 as opposed to 7% in 2010.

In terms of the size of transactions, 2011 was led by the Small Tier, with 22 transactions; followed by Large Tier with four transactions; Mid Tier with six transactions.

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