Johnson Controls Mergers and Acquisitions Summary

DiversifiedCompany

Johnson Controls has acquired 32 companies, including 11 in the last 5 years. A total of 4 acquisitions came from private equity firms. It has also divested 15 assets.

Johnson Controls’ largest acquisition to date was in 2005, when it acquired York International for $3.2B. It’s largest disclosed sale occurred in 2018, when it sold Johnson Controls - Power Solutions Business to Brookfield Private Equity for $13.2B. Johnson Controls has acquired in 11 different US states, and 10 countries. The Company’s most targeted sectors include safety/security (20%) and engineering (14%).

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M&A Summary

  • M&A Total Activity45
    • M&A Buy Activity30
    • M&A Sell Activity15
  • Total Sectors Invested 14
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 21
  • M&A Advisors 9

Johnson Controls

Johnson Controls, Inc.

One Albert Quay ,
Cork, T12 X8N6
Ireland,
353 21 423 5000
www.johnsoncontrols.com

Johnson Controls is a diversified technology and industrial company. The Company creates products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating and interior systems for automobiles. Johnson Controls International was founded in 1885 and is based in Cork, Ireland.


M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (2.0/yr) # 20 - 2 1 6 1 30
vol $5.6B $870M $6.4B
Sell (0.2/yr) # 14 - 1 - - - 15
vol $17.9B $17.9B
  45

Most Recent M&A

Company Date Value Type
Hybrid Energy AS 2023-01-13 - Add-on Acquisition
Lysaker, Norway · www.hybridenergy.no
RescueAir Systems 2022-10-05 - Add-on Acquisition
San Carlos, California · www.rescueair.com
Vindex Systems Ltd. 2022-08-22 - Add-on Acquisition
Crawley, United Kingdom · www.vindexsystems.com
Tempered Networks, Inc. 2022-06-23 - Add-on Acquisition
Lynnwood, Washington · www.tempered.io
Security Enhancement Systems LLC 2022-04-19 - Add-on Acquisition
Northbrook, Illinois · www.securityenhancementsystems.com
FogHorn Systems, Inc. 2022-01-12 - Add-on Acquisition
Sunnyvale, California · www.foghorn.io
Johnson Controls Security Solutions 2022-01-01 - Add-on Acquisition
Milwaukee, Wisconsin
Silent-Aire 2021-04-09 870M USD Add-on Acquisition
Edmonton, Alberta · www.silent-aire.com
Hart & Cooley LLC 2020-10-07 - Divestiture
Grand Rapids, Michigan · www.hartandcooley.com
Qolsys, Inc. 2020-08-04 - Add-on Acquisition
San Jose, California · www.qolsys.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Safety/Security 6 (20%) - - -
Automotive 4 (13%) 490M (8%) 2 (13%) 700M (4%)
Manufacturing 3 (10%) 3.3B (51%) 3 (20%) -
Engineering 4 (13%) 2.5B (39%) - -
Business Services 2 (7%) - 1 (7%) 1.5B (8%)
Electrical Equipment 2 (7%) 145M (2%) 1 (7%) 13.2B (74%)
Information Technology 1 (3%) 32M (1%) 2 (13%) 20M (< 1%)
Software 2 (7%) - - -
Consumer Products 1 (3%) - - -
Distribution 1 (3%) - - -
Internet Software and Services 1 (3%) - - -
Semiconductors 1 (3%) - - -
Technology Hardware 1 (3%) - - -
Test/Measurement Equipment 1 (3%) - - -
Electronics - - 1 (7%) 265M (1%)
Energy Services and Equipment - - 1 (7%) 2.0B (11%)
Machinery - - 1 (7%) -
Marine - - 1 (7%) -
Medical Products - - 1 (7%) -
Staffing - - 1 (7%) 260M (1%)
Total 30 $6.4B 15 $17.9B

By Geo

State/Country Buy Value Sell Value
United States 18 5.5B 12 15.9B
  Wisconsin 3 145M 3 14.7B
  California 4 32M - -
  Pennsylvania 2 - - -
  Michigan 1 490M 1 -
  Washington 1 - - -
  Texas 1 1.6B - -
  Oklahoma 1 3.2B - -
  Missouri 1 - - -
  Illinois 1 - - -
  Georgia 1 - - -
  Virginia - - 1 -
  Maryland - - 1 20M
  Indiana - - 1 -
  Florida - - 1 260M
Canada 2 870M 1 2.0B
  Alberta 1 870M 1 2.0B
  Ontario 1 - - -
Germany 3 - - -
Colombia 1 - - -
Denmark - - 1 -
France 1 - - -
Ireland 1 - - -
Israel - - 1 -
Netherlands 1 - - -
Norway 1 - - -
Sweden 1 62M - -
United Kingdom 1 - - -
Domestic 1 (3%) - - -
Cross-border 29 (97%) 6.4B (100%) 15 (100%) 17.9B (100%)
Total 30 $6.4B 15 $17.9B

Top M&A Advisors

Financial Deals
Centerview Partners LLC
2
Barclays Investment Bank
1
William Blair & Co. LLC
1
Legal Deals
Wachtell, Lipton, Rosen & Katz LLP
2
Cleary Gottlieb Steen & Hamilton LLP
1
A&L Goodbody
1

Deal Values

buy # Total
> $1B 2 $4.8B
$100M to $1B 3 $1.5B
< $100M 3 $129M
TOTAL $6.4B
Largest York International Corp.
$3.2B (2005-08-03)
sell # Total
> $1B 3 $16.7B
$100M to $1B 3 $1.2B
< $100M 1 $20M
TOTAL $17.9B
Largest Johnson Controls, Inc. - Power Solutions Business
$13.2B (2018-11-13)

M&A Connections

Deals
Acquired from
Investor(s)
7%
2 (7%)
Strategic(s)
7%
2 (7%)
Divested to
Investor(s)
27%
4 (27%)
Strategic(s)
67%
10 (67%)

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