M&A Deal Summary

General Electric Acquires GE AVIO S.r.l.

On August 1, 2013, General Electric acquired aerospace company GE AVIO S.r.l. from Cinven, HarbourVest Partners, Emisys Capital SGRpA and ATP Private Equity Partners for 3.3B EUR

Acquisition Highlights
  • This is General Electric’s 2nd transaction in the Aerospace sector.
  • This is General Electric’s 4th largest (disclosed) transaction.
  • This is General Electric’s 1st transaction in Italy.

M&A Deal Summary
Date 2013-08-01
Target GE AVIO S.r.l.
Sector Aerospace
Buyer(s) General Electric
Sellers(s) Cinven
HarbourVest Partners
Emisys Capital SGRpA
ATP Private Equity Partners
Deal Type Add-on Acquisition
Deal Value 3.3B EUR

Target

GE AVIO S.r.l.

Rivalta, TO, Italy
website
Avio is a designers and manufacturers of components and systems for commercial, military and space launch engines. Its activities include jet derivative engines and automation systems for naval and industrial applications, power generation and a highly successful maintenance, repair and overhaul operation for civil and military clients.

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Buyer(S) 1

Buyer

General Electric

Boston, Massachusetts, United States

website

Category Company
Founded 1892
Sector Diversified
Employees205,000
Revenue 76.6B USD (2022)
DESCRIPTION

General Electric is a diversified technology and financial services corporation. Products and services range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. General Electric was founded in 1892 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 28 of 41
Sector (Aerospace) 2 of 2
Type (Add-on Acquisition) 23 of 30
Country (Italy) 1 of 1
Year (2013) 2 of 2
Size (of disclosed) 4 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-08 Lufkin Industries

Missouri City, Texas, United States

Lufkin is a global provider of rod lift products, technologies, services and solutions, including automated control and optimization equipment and software for rod lift equipment to the oil and gas industry. Lufkin manufactures a complete line of surface pumping units, downhole sucker rod pumps and automation systems in six manufacturing and assembly facilities worldwide. Lufkin has an extensive global service footprint that operates throughout the oil-producing world.

Buy $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-15 GE Advanced Sensors

St. Marys, Pennsylvania, United States

GE Advanced Sensors (AS), headquartered in St. Mary’s, Pennsylvania, is a supplier of highly engineered sensors and sensor-based instruments. AS sells its products primarily to the transportation and automotive, medical and other industrial markets. AS has facilities in North America, Europe and Asia and employs approximately 1,600 people worldwide.

Sell $318M

Seller(S) 4

SELLER

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 92 of 125
Sector (Aerospace) 1 of 2
Type (Add-on Acquisition) 20 of 30
Country (Italy) 1 of 1
Year (2013) 3 of 4
Size (of disclosed) 1 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-01 Host Europe Group

Hayes, United Kingdom

Host Europe Group Ltd. is a web hosting provider. HEG serves small businesses and web experts, and has built a thriving business with more than 1.7 million customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-21 Viridium Group

Neu-Isenburg, Germany

Virid­ium Group is a provider of retirement and life insurance products. The foundation of its activities is a customer-focused service organisation combined with efficient portfolio management. Viridium Group was founded in 2013 and is based in Neu-Isenburg, Germany.

Buy €300M
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 40 of 127
Sector (Aerospace) 1 of 1
Type (Add-on Acquisition) 11 of 55
Country (Italy) 1 of 2
Year (2013) 4 of 8
Size (of disclosed) 10 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-27 CDW

Vernon Hills, Illinois, United States

CDW is a direct marketer of multi-branded information technology products and services to small and medium sized businesses, government, healthcare and education customers in the United States and Canada. CDW was incorporated in 1984 and is based in Vernon Hills, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-05 HUB International

Chicago, Illinois, United States

HUB International is a global insurance brokerage providing a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States (including Puerto Rico), Canada and Brazil. HUB International was formed in 1998 and is based in Chicago, Illinois.

Buy $4.4B
SELLER

Emisys Capital SGRpA

Milan, Italy

website

Category Mezzanine Finance Firm
Founded 2013
PE ASSETS 130M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

AF Mezzanine is a provider of junior capital to support leveraged buyouts, growth capital financings, as well as recapitalizations. AF generally focuses on mid-sized companies with sales of €50 to €500 million. AF does have any sector preferences, however the Firm prefers stable businesses with predictable cash-flows. The Firm's target investment size is €4 to €20 million. AF will not invest in start-ups or turnaround situations. AF Mezzanine is controlled by financial group Fineurop and is based in Milan.

DEAL STATS #
Overall 7 of 14
Sector (Aerospace) 1 of 1
Type (Add-on Acquisition) 3 of 6
Country (Italy) 5 of 9
Year (2013) 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-29 Monviso

Andezeno, Italy

Monviso SPA is an Italian producer of rusks, salt-free breadsticks, crispy bread, gluten-free products, and biscuits. Monviso produces different product ranges, such as Breakfast (which includes the renowned Biscotto Salute), Wellbeing low-salt products and Io Sono rusks), Organic, Snack, and Pastry. Monviso was established in 1936 and is based in Andezeno, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-09 Rhiag Group

Baar, Switzerland

Rhiag Group Ltd. is the distributor of branded automotive spare parts in the independent Italian aftermarket and one of the largest players across Eastern Europe where it operates through a network of subsidiaries.

Sell -
SELLER

ATP Private Equity Partners

website

Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.

DEAL STATS #
Overall 6 of 29
Sector (Aerospace) 1 of 1
Type (Add-on Acquisition) 1 of 10
Country (Italy) 1 of 2
Year (2013) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-22 McGraw Hill Education

New York, New York, United States

McGraw Hill Education is a provider of high-quality educational material and learning solutions for students, instructors, and institutions around the world. McGraw Hill Education was founded in 1888 and is based in New York City.

Buy $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-05 Kerneos Neuilly

Cedex, France

Kerneos company offers calcium aluminates for the building chemistry and refractories industries. Based in Paris, France, Kerneos has 1.200 employees and 10 production sites located in France, the UK, China, the US, Brazil, and South Africa. The company strives to develop high value-­‐added products intended for its clients' new solutions and to regularly widen its product range, whilst constantly improving the reliability of its manufacturing processes and products. Kerneos sells its products in more than 100 countries, and has expanded its foothold into emerging markets, which now account for close to one-third of its total revenues.

Buy -
Mergr

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