Test, Measurement & Control Newsletter, April 2018

The recent positive momentum in the global and UK Test, Measurement & Control sector shows no sign of abating. Strong underlying market growth continues to be a driver of M&A volumes and valuations. The UK remains the second largest market globally for T&M M&A, with beneficial country-specific dynamics currently outweighing any perceived Brexit uncertainty.

Global M&A involving Test & Measurement companies is at a record high. This is happening as corporates look for technically differentiated acquisitions that can take them into new areas and private equity investors who recognise the returns that can be driven by new technology and high organic growth rates. Thus far, acquisitions have been skewed towards companies with high levels of unique (often patented) IP, but activity is increasingly flowing through to the broader market as consolidation opportunities are pursued in markets where distribution footprint leverage is often very helpful.

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