M&A Deal Summary

Honeywell Acquires Elster Group SE

On July 28, 2015, Honeywell acquired test/measurement equipment company Elster Group SE from Melrose Industries for 5.1B USD

Acquisition Highlights
  • This is Honeywell’s 3rd transaction in the Test/Measurement Equipment sector.
  • This is Honeywell’s 3rd largest (disclosed) transaction.
  • This is Honeywell’s 2nd transaction in Germany.

M&A Deal Summary
Date 2015-07-28
Target Elster Group SE
Sector Test/Measurement Equipment
Buyer(s) Honeywell
Sellers(s) Melrose Industries
Deal Type Divestiture
Deal Value 5.1B USD

Target

Elster Group SE

Essen, Germany
website
Elster Group SE is a manufacturer and supplier of integrated utility meters. The meters manufactured by Elster are used to measure energy, gas and water consumption of residential customers and industrial consumers.

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Buyer(S) 1

Buyer

Honeywell

Charlotte, North Carolina, United States

website

Category Company
Founded 1885
Sector Diversified
Employees97,000
Revenue 35.5B USD (2022)
DESCRIPTION
Honeywell office in Hyderabad, India.
Honeywell office in Hyderabad, India.

Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Honeywell was founded in 1885 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 59 of 82
Sector (Test/Measurement Equipment) 3 of 3
Type (Divestiture) 7 of 10
Country (Germany) 2 of 4
Year (2015) 1 of 3
Size (of disclosed) 3 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-18 Datamax-O Neil

Orlando, Florida, United States

Datamax-O'Neil is a manufacturer of fixed and mobile printers used in a variety of retail, warehouse and distribution, and health care applications.

Buy $185M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-17 Aviaso

Pfäffikon, Switzerland

Aviaso, Inc. is a provider of software services for the aviation industry.

Buy -

Seller(S) 1

SELLER

Melrose Industries

London, United Kingdom

website

Category Company
Founded 2003
Sector Machinery
Employees37,336
Revenue 7.5B GBP (2022)
DESCRIPTION

Melrose is a buyer good manufacturing businesses with strong fundamentals whose performance can be improved. Melrose finances its acquisitions using a low level of leverage, improves the businesses by a mixture of investment and changed management focus, sells them and returns the proceeds to shareholders. Melrose Industries was founded in 2003 and is based in London, the United Kingdom.

DEAL STATS #
Overall 9 of 12
Sector (Test/Measurement Equipment) 1 of 1
Type (Divestiture) 9 of 12
Country (Germany) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-12 Bridon International

Doncaster, United Kingdom

Bridon International is a specialist in the manufacture of wire and rope solutions for the most demanding applications - Delivering reassurance through unrivalled experience. Bridon International was founded in 1924 and is based in Doncaster, United Kingdom.

Sell $588M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-06 Nortek Air

O’Fallon, Missouri, United States

Nortek Air is a diversified manufacturer of world-class products spanning custom and commercial air solutions for high-performance environments, residential and commercial HVAC, and fresh air ventilation systems for homes. Nortek Air was founded in 1977 and is based in O’Fallon, Missouri.

Buy $2.8B
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