Livingstone Industrial Q1 review & outlook

The UK Industrial sector had a very strong 2017, with over 460 deals completed, highlighted for our team by the completion of a range of disposals for both listed plc’s, as well as a range of exciting owner-manager and private equity-owned assets. 2018 has started more slowly with 79 deals completing in Q1 across the UK Industrial space.

Despite the slowdown in activity pricing overall remained strong with average multiples of EBITDA in line with the robust pricing achieved in H1 2017 and well ahead of H2 2017.

It is unclear at this stage whether uncertainty in international trade related to the introduction of some punitive tariffs between the US and China over steel and produce (and indirectly Europe) is softening investment appetite or whether this is a one-quarter blip/a hangover from a bumper year. Within UK manufacturing sentiment remains robust, with the latest PMI score of 55% well above its longer-term average of 53.4% and factory output rising at c.0.5% per quarter.

In any regard, we are entering Q2 with a strong pipeline both in the UK and across our global Industrial team and we look forward to working with you all soon.

Latest Industrial Transactions

Industrial Insights

UK Industrials in the cross-hairs but it is not about the pound

The last quarter has seen a surge in public offers for major UK manufacturers, including several from international acquirers, principally targeting the FTSE250. There has been a lot of press speculation about a weak pound making UK plc a target. What is happening?

Board diversity in manufacturing

Livingstone recently examined female representation on boards across all FTSE100 manufacturing firms, with interesting results. Read Livingstone’s full findings, including more insight on the topic from Graham Carberry, in Manufacturing Global.

Test, Measurement & Control Newsletter

Positive momentum in the test, measurement & control sector shows no sign of abating. Strong underlying market growth continues to be a driver of M&A volumes and valuations. Tom Smith reviews recent M&A activity and the latest trends affecting the sector.

In the Press

The UK is hoping to stay in the space race post-Brexit with its first spaceport

The Space Industry Bill has been given royal assent, allowing satellites to be launched from British soil and providing regulatory clarity for the UK’s fast-growing space sector. With so much renewed interest in the UK’s space capabilities, Graham Carberry, Partner at Livingstone, comments on this latest development in Verdict.

Swedish packaging firm swoops for Biopac UK

Barry Sheehan, Director at Livingstone, speaks to Packaging News about what the deal between Duni and Biopac means for the packaging M&A sector.

Mergermarket Interview Graham Carberry

Mergermarket interview Graham Carberry, Partner, at Livingstone, on his thoughts on the current UK Industrial landscape.

Contact Us

Graham Carberry

D: +44 (0)20 7484 4728
E: carberry@livingstonepartners.co.uk

Patrick Groarke

D: +44 (0)20 7484 4707
E: groarke@livingstonepartners.co.uk