Industrials M&A Update

RESOURCE HIGHLIGHTS

• In Q2, the Industrials sector index decreased 2.5% and was outperformed by the S&P 500 index, which increased 4.1% over the same period.
• The median EV/EBITDA multiple for reported PE deals was 14.1x through 1H 2024, up from 11.9x in 2023, and remained flat for strategic deals at 6.7x through 1H 2024.
• M&A deal volume decreased 1.7% in Q2 2024 to 409 deals from 416 in Q1, and decreased 6.6% from 438 in Q2 of the prior year.
• Total capital invested in M&A deals in the Industrials sector decreased 49.0% in Q2 to $15.0B from $29.4B in Q1, but increased 54.6% from $9.7B in the same period of the prior year.
• Europe was the most active region in Q2 with 192 deals. Most notably in Europe was Thales Group’s $1.1 billion acquisition of Cobham Aerospace Communications in April 2024.