Latest automation mergers, September 2024: Reshape Automation, Timken, CGI
The Bundy Group reported nine automation transactions in its September 2024 summary. Analysis on the acquisitions and reports are highlighted below including transactions with Reshape Automation, Timken and CGI.
September 2024 merger, acquisition, automation industry insights
- In the September 2024 monthly report to Control Engineering magazine and website, the Bundy Group, which helps with mergers, acquisitions and raising capital, reported nine transactions.
- Companies included in the Bundy Group September 2024 report include Reshape Automation, Timken and CGI, Carlton Industrial Solutions, PakEnergy and others.
Bundy Group, an investment bank and advisory firm that specializes in the automation segment, provides an update on mergers & acquisitions and capital placement activity for this industry, including the following report of nine September 2024 transactions involving Reshape Automation, Timken and CGI, Carlton Industrial Solutions, PakEnergy and others.
Bundy Group said, “The automation market continues to experience a tremendous number of mergers and acquisitions (M&A) and capital markets activity. Drivers of this activity include the growth-oriented nature of the automation market, the consolidation opportunities within the industry, and the strength of many of the companies operating within it. Furthermore, the automation market has attracted a critical mass of strategic buyers and financial sponsors (such as private equity groups, family offices and institutional investors) that are looking to own or invest in companies in the industry. From such Bundy Group closed automation transactions as Ultimation and MR Systems, our team continues to see strong interest from a range of qualified buyers in the automation segment. Further evidence of the robust M&A and capital placement activity in automation is provided in the below list of transactions.”
Bundy Group’s current engagements and owner relationships include control system integration, robotics, automated material handling, automation distribution, artificial intelligence and cybersecurity. This serves as a leading indicator for submarkets our team anticipates closed transactions in the coming months.
Bundy noted the following nine transactions related to automation, controls or instrumentation during its September summary.
Ironspring Ventures raised capital for Reshape Automation, 9/12/2024
Reshape Automation, an automation platform for manufacturers and warehouse operators based in San Francisco, raised $5 million in seed funding. The round was led by Ironspring Ventures, with participation from Haystack, Supply Chain Ventures, Remus Capital, Expansion VC, and existing investors Schematic Ventures and Bee Partners.
Timken acquired CGI, 9/10/2024
The Timken Company, a global leader in engineered bearings and industrial motion, has completed its acquisition of CGI, Inc. CGI manufactures precision drive systems for various automation markets, focusing on medical robotics. With around 130 employees, CGI is expected to generate approximately $45 million in sales in 2024.
OceanSound Partners acquired PAR Excellence, 9/9/2024
OceanSound Partners, a growth-focused private equity firm specializing in technology and technology-enabled services, has acquired PAR Excellence Systems Inc. from Northlane Capital Partners. PAR provides supply chain integrity and cost management solutions to the health care industry. Northlane and PAR’s management team will remain as investors in the company.
LFM Capital acquired Tuttle, 9/4/2024
LFM Capital, a private equity firm specializing in lower middle market manufacturing and industrial services, has announced the acquisitions of Southern Tooling Inc. and Tuttle Inc. The combined companies will form an automation solutions platform, American Automation Group. Tuttle, established in 1974 and based in Friend, NE, designs, manufactures and installs custom-engineered automated process systems for the pharmaceutical, food, pet food and general industrial markets.
LFM Capital acquires Southern Tooling, 9/4/2024
LFM Capital, a private equity firm specializing in lower middle market manufacturing and industrial services, has announced the acquisitions of Southern Tooling Inc. and Tuttle Inc. The combined companies will form an automation solutions platform, American Automation Group. Founded in 2007, Southern Tooling, based in Lexington, TN, designs, builds and integrates custom automation equipment for commercial, industrial, medical, and automotive applications.
Houchens Industries acquired H.H. Barnum Co., 9/3/2024
Houchens Industries Inc., a major S Corporation employee stock ownership plan (ESOP) in the U.S., has acquired H.H. Barnum Company. Based in Michigan, H.H. Barnum is a leading distributor of automation controls with nearly 300 employees and a customer base of over 5,000 across multiple states. Since its founding in 1946, the company has seen significant growth, particularly under Ken and Ed Koza’s leadership in the late 1980s.
Reynolda acquires Carlton Industrial Solutions, 9/3/2024
Reynolda Equity Partners, in partnership with CEO Chris Trevey and management, acquired Carlton Industrial Solutions. Carlton is a leading provider of calibration, repair and automation services for mission-critical industrial weighing, precision measurement, crane and hoist and safety training solutions. The company serves customers across various regulated end markets, addressing quality, uptime, process control, throughput, safety and variance reduction.
FloWorks International acquires Assured Automation, 8/21/2024
FloWorks International, a leading distributor of critical flow control products and a portfolio company of Wynnchurch Capital, has acquired Assured Automation. Headquartered in Roselle, NJ, Assured Automation distributes valve automation and flow meter products, serving diverse end markets through its e-commerce platforms, assuredautomation.com and flows.com.
PakEnergy acquires Plow Technologies, 8/20/2024
PakEnergy, a leader in digital transformation and business automation solutions for the energy sector, has acquired Plow Technologies. Known for its OnPing platform, Plow Technologies provides digital automation and cloud/SCADA software. The acquisition enhances PakEnergy’s software suite, enabling more efficient information flow from the oil field to the back office and between stakeholders.
ONLINE extra: Bundy Group is a boutique investment bank that specializes in representing controls and automation, internet of Things and cybersecurity companies in business sales, capital raises, and acquisitions. Over the past 33 years, Bundy Group has advised and closed on over 250 transactions, which includes numerous automation-related transactions. Learn more at www.bundygroup.com or by contacting Clint Bundy.
Clint Bundy is managing director, Bundy Group, which helps with mergers, acquisitions and raising capital. Edited by Mark T. Hoske, editor-in-chief, Control Engineering, WTWH Media, mhoske@wtwhmedia.com.
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