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Article: Deals

Certification as Currency: How AS9100, ITAR, and NADCAP Are Repricing Mid-Market Industrial Deals

In mid-market industrials, certification status is doing as much work as EBITDA in setting valuation. Capstone Partners reports the average precision manufacturing M&A multiple has risen to 10.1x EV/EBITDA across 2023 to Q1 2026, with buyers prioritising qualification-ready capacity and secured specialised processes. AS9100, ITAR, and NADCAP each remove a specific piece of buyer qualification risk, but the premium is paid on the audit history, corrective action record, and customer approvals behind the certificate, not on the certificate itself.

Justin SmithManaging Director

Article: Deals

The constrained supply base: Why power equipment and thermal management are now scarce assets

AI infrastructure, grid modernisation, and defense spending are now bidding for the same narrow industrial supply base: power equipment, thermal management, automation, and advanced components. Buyers are paying an estimated 15 to 30% above sector medians for this category, reported by PwC, illustrated by Baker Hughes' $13.6 billion acquisition of Chart Industries after outbidding a rival merger of equals.

Justin SmithManaging Director

Article: Deals

Reshoring is a deal thesis, not a policy talking point

Justin Smith, Managing Director on why reshoring has moved from a supply chain risk slide to a valuation driver in industrials M&A. Average industrial deal size is estimated to have risen from $155 million to $375 million in two years, and US-targeted cross-border deal value nearly doubled to $72 billion in FY25, reported by PwC, as buyers price a strategic premium into domestic manufacturing capacity.

Justin SmithManaging Director

Article: Deals

The Great Unbundling: Why carve-outs are now the default Industrials deal

Carve-outs are now the default form of industrials M&A, not the exception. Nearly 69% of industrial companies completing a $5 billion plus acquisition since 2021 have also divested a business in the same period, rising above 86% for serial acquirers, reported by PwC, with Honeywell's three-way split as the clearest public example.

Justin SmithManaging Director

Article: Deals

The virtual data room playbook for Energy transition deals

This capstone article answers the questions dealmakers ask when evaluating a data room provider for energy transition transactions: what a Virtual Data Room is used for across deal types, how divestments, roll-ups, joint ventures, project financings and PPAs each demand different platform capabilities, and why large financing syndicates need granular access control. Ansarada's two decades supporting energy transition deals span all four transaction types this series has traced: firm power PPAs, project financings, infrastructure acquisitions and technology roll-ups. The Storm BESS financing, a ten-institution syndicate spanning infrastructure funds and a seven-bank consortium, illustrates why granular, multi-level access control becomes essential once a deal syndicate reaches that scale. For dealmakers comparing data room platforms for energy sector transactions, the differentiator is one system spanning the full deal lifecycle, from divestment marketing through post-transaction integration and ongoing JV governance, rather than point solutions for each stage.

Justin SmithManaging Director