CHICAGO – Just six EMS-related transactions were completed in the first quarter, down from 13 a year ago, according to a top industry M&A advisor.
 
The economic conditions have “heavily affected” merger and acquisition activity within the EMS sector, Lincoln International said.
 
Of the six completed moves, two were EMS consolidations and two were vertical / horizontal convergences. There also was one EMS divestiture and one private equity investment. For the second straight quarter, there were no OEM divestitures.
 
Four of the six transactions took place in Europe, one was a cross-border deal, and one was in North America.
 
Four of the deals involved companies with sales of less than $300 million per year, three with less than $150 million in annual sales. Only one of the deals involved an EMS company larger than $3 billion in annual revenues. “Due to the economic market conditions, larger transactions were more difficult to complete in the past two quarters,” Lincoln wrote.

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