制造业报告：探索制造业的并购活动、资本市场状况及当前趋势

Explore M&A Activity, Capital MarketConditions and Current Trends for theManufacturingIndustry MANUFACTURING REPORT MANUFACTURING1H26:WHATTOKNOW CONTENTS Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventures ❑Evolving government policies–everything from trade toonshoringincentives–appeartobedrivingarenewalinU.S.manufacturing,drawing attention from investors seekingmanufacturerswho provide products and services in stable,growingsectors such as energy,technology,infrastructure,medicaldevices,andelectricalcapacitydevelopmentandgridhardening. ABOUT SDR Establishedin 2002,SDR Ventures hasdevelopeddeepM&Aandcapitaltransactionknowledgeandexpertise.SDRofferstransactionadvisory,privatecapitalformationandbusinessconsultingservicesacrossawiderangeofindustries.Weservebusinessownersandoperatorsofprivatelyheldcompaniesandprovidethemwithaprofessional-classexperience. ❑Aclearvalueproposition,demonstratedrepeatablegrowth,andadiversifiedbaseoflong-termcustomersappeartobeinfavorasopposedto fickle consumer sectors and the wobbly housingmarkets. ❑Lookingahead,manufacturersandinvestorswillbewatchingatleasttwoupcomingeventsthatmaydriveorchallengedomesticmanufacturing,a Supreme Court ruling on tariffs and a JulyreviewoftheUnitedStates-Mexico-CanadaAgreement. MANUFACTURINGCONTACTS Ben LuchowDirectorManufacturing Team720.221.9220bluchow@sdrventures.com Koen BrowningVice PresidentManufacturing Team720.221.9220kbrowning@sdrventures.com Hailey PurfurstAnalyst IIManufacturing Team720.221.9220hpurfurst@sdrventures.com MANUFACTURING REPORT EyesonManufacturing.DependableDemand,SteadyGrowth Manufacturing,likemanyothersectors,felttheheadwindsofglobaluncertaintythrough2025,driveninpartbytheuncertaintyofglobaltariffs.Astheyearunfolded,itcostmoretoimportmaterialsandmoretosellfinishedproductsabroad.Geopoliticaltensions,andelevatedinterestrates(comparedtothepre-pandemicyears)providedadragaswell.Ananticipatedburstindealactivityneverreallymaterializedin2025,althoughthereweresomebigdealsdoneandactivitystartedtopickupinQ4.Overall,itappearstheM&Amarketwaslookingforclearvaluepropositionsandstrategic,calculatedgrowth,notgrowthatanyprice.Buyersappeartobedriftingfromvolatile,cyclicalsectorsandlookinginsteadforstabilityindefensiveproducersinareasseenasstablesuchasaerospaceanddefense,infrastructure,andindustrialmanufacturingwhileproducerslooktobolsterU.S.capacitiestoavoidglobalsupplychainandtariffimplications.1,2 Theyearwasnotwithoutdrama.Inoneheadline-grabbingturn,oilfieldservicestitanBakerHughessnatchedChartIndustries–aleaderinmanufacturinghighly-engineeredequipmentusedinenergyandgasproduction–frompumpandvalvemanufacturerFlowserve,outbiddingFlowservewitha$13.6billionofferasitappearedFlowservewaspoisedtoclose.3 Throughouttheyear,itappeareddealmakerswereseekingtargetswithasharpfocusontheircorebusiness.Theywerealsolookingformanufacturersin“missioncritical”endmarkets.Ratherthantargetingmanufacturersincyclicalenvironments,suchasthevolatilehousingmarket,investorswerelookingformanufacturerswhomethighlyspecific,repeatableneedsormaintainedlong-termagreementswithcustomerswithsteadyprojecteddemand.Oneareaseeingcontinuedgrowthisinmanufacturerswhoserveaseeminglyunendingthirstforsemiconductors,suchasthosewhoproducetransformers,switchgear,andpowerproductionandmanagementsystemsfuelingtechgrowth.4,5 If2025wasofftoaslowstart,thereweresignsofaccelerationincloselytargetedsubsectors.Inthesecondhalfoftheyear,interestratesbegantosettle,andQ4dealvolumesawanuptick,allwhileprivateequitycoffersremainstuffedwithbillionsinundeployedcapitalwhileothersinprivateequityhaveagingportfolioswithcompaniesthey’veheldlongerthantheyintended.Itdoesn’thurtthatthecurrentadministrationinWashingtonappearstofavoranAmericanmanufacturingrenaissancewithfavorablepoliciesandtaximplications,allofwhichmayprovidetailwindsin2026.6,7 TechnicalDifferentiationandUnique,High-ValueCapabilities Financialinvestorsandstrategicbuyersinmanufacturingwilllooktomakeacquisitionswheredownsideisprotected.Theywillsteercapitaltowardscompaniesthathavelong-term,steadygrowth,strongcustomerdiversification,IP-protectionandbarrierstoentry,andabroadtotalavailablemarket(TAM).Additionally,asthemarketadaptstoashiftinnationalprioritiespoliticallyandglobally,weexpectinvestorstovaluetargetsinareasthatdon’tdependonretailconsumersbutfocusonindustriessuchasindustrialmaintenanceorelectricalcomponentsupplieswithuniquecharacteristicsthatcannotbeduplicatedbycompetitors,suchasadvancedtechnologiesandprotectedintellectualproperty.8,9,10 Demandformanufacturedgoodshasdevelopedanunevenpatternasinvestorsshyfromcyclicalconsumergoodswhileseekingthestabilityofthethingswecan’tlivewithoutsuchasinfrastructure,medicaldevices,criticalmaintenancecomponents,orstaplefoodproductionandpackaging.Theconsumereconomyappearstobeshiftingamiddecliningconsumersentiment.Consumersremainedresilientthroughout2025,butin2026itwouldappearspendingattheretaillevelcouldbeinforaslowdown.Thetermof2025wasthe“K-shapedeconomy”wherewealthi