CHICAGO -- The number of EMS industry transactions fell year-over-year during the first quarter, says an investment bank that tracks the industry.

EMS companies were involved in a total of seven completed transactions, down from nine a year ago and 11 in the last quarter, Lincoln International said.

During the March quarter, there were four EMS acquisitions (two by private equity firms), two consolidations, and one divestiture. Two deals took place in Europe, two in the US and Canada, and one in Asia. The remaining two were cross-border deals.

Each of the deals involved companies of less than $300 million in annual revenue.

Lincoln International tracks the transactions by company, not facility.