mynth
← DATABASE
01/2021

MTS TEST & SIMULATION acquired by ITW

UNITED STATES Industrial Equipment / Special Machinery / Instrumentation & Measurement EV 500M - 1.5b USD

Context

Illinois Tool Works (ITW) has finalized the acquisition of the MTS Test & Simulation business from Amphenol Corporation. The strategic rationale for this transaction centers on a "segment-alignment" play, merging the target's world-class mechanical simulation expertise with ITW’s existing Test & Measurement and Electronics segment, which includes the well-established Instron brand. This fusion effectively creates a specialized powerhouse in the global testing arena, providing the group with unparalleled hardware to serve attractive industry verticals such as aerospace and heavy-duty automotive development. This operation allows Amphenol to execute a surgical structural transformation following its broader acquisition of the MTS Systems parent group. By divesting the capital-intensive Test & Simulation division, the seller can now concentrate its R&D and capital exclusively on the high-margin MTS Sensors business. The maneuver optimizes the financial profiles of both parties, sharpening ITW’s focus on customer-focused testing solutions while ensuring Amphenol remains an agile market leader in the electronics revolution. Ultimately, the partnership solidifies ITW’s standing as a primary provider of mission-critical validation innovation, bridging the gap between sophisticated structure-scale simulation and industrialized instrumentation standards.

MTS TEST & SIMULATION, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Industry & Manufacturing market trends

Target

MTS Test & Simulation operates as a premier technology organization dedicated to the engineering and manufacturing of high-performance mechanical testing systems and simulation hardware. The entity’s business model is centered on a proprietary framework of hardware and software solutions that simulate real-world physical forces on materials, components, and full-scale structures. Its value proposition is anchored in technical operational depth, providing critical data for product development in the automotive, aerospace, and civil engineering sectors. Strategically, the firm focuses on high-precision motion control and durability testing, ensuring that manufacturers can validate structural integrity under extreme conditions. By maintaining a specialized focus on large-scale simulation and specialized laboratory services, the organization ensures a mission-critical role in the structural safety of global transport and infrastructure.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2020
LOGIN
LOGIN
LOGIN
2019
LOGIN
LOGIN
LOGIN

Similar deals in Industry & Manufacturing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
02/2021WORTHINGTON INDUSTRIESGENERAL TOOLS & INSTRUMENTSUNITED STATESIndustrial Equipment

The acquisition of General Tools & Instruments by Worthington Industries represents a significant strategic expansion of the purchaser’s consumer products segment, marking a definitive move to consolidate its leadership in the niche tools and outdoor living markets. Strategically, this acquisition allows Worthington to internalize a proven new product development engine and a portfolio of nearly 100-year-old brands, creating substantial cross-selling opportunities with its existing retail and blue-chip customer base

02/2021SULZERNORDIC WATERSWEDENIndustrial Equipment

The acquisition of Nordic Water by Sulzer represents a strategic move to expand Sulzer's offerings in the water treatment sector. The transaction provides Sulzer with access to Nordic Water's broad application suite of primary, secondary, and tertiary water treatment solutions, complementing its existing portfolio of pumps, grinders, mixers, compressors, and other equipment. The integration of Nordic Water's business is expected to generate significant sales and aftermarket synergies, leveraging the scale of the combined businesses

12/2020ANTARES VISION GROUPAPPLIED VISION CORP.UNITED STATESIndustrial Equipment

The acquisition of 100% of the share capital of Applied Vision Corp by Antares Vision Group, through its subsidiary Antares Vision Inc., represents a significant strategic expansion into the North American market and the global metal packaging sector. Strategically, this move allows the group to internalize world-class expertise in empty container inspection, creating substantial cross-selling opportunities and technical synergies in R&D. The rationale for the deal centers on the integration of Applied Vision’s proprietary AI self-learning algorithms with Antares Vision’s existing track and trace platforms, offering a unified safety solution to the Food & Beverage supply chain

11/2020INTERPUMP GROUPDZ TRASMISSIONIITALYIndustrial Equipment

The global industrial leader has successfully finalized a binding agreement to acquire the total share capital of the target, marking a significant expansion of its technical capabilities within the power transmission segment. This strategic transaction represents a definitive move to incorporate mission-critical right-angle gear technology into the group’s broader mechanical division. The strategic rationale for the move centers on the acquirer’s objective to broaden its technical operational depth in motion control, providing a perfect technological integration with its existing portfolio of power take-offs and hydraulic systems

10/2020MARELTREIF MASCHINENBAUGERMANYIndustrial Equipment

The transaction marks the exit of the founding family's historical ownership of TREIF in favor of a global specialist in advanced automation for the food and beverage industry. This move is part of a diversification strategy towards secondary processing equipment and new agri-food markets, such as the dairy sector. Under the founding family's guidance since 1948, the target company has developed a recognized technological portfolio and a critical installed base internationally, but faced size constraints in scaling its aftermarket services globally

10/2020THE CARLYLE GROUPFLENDERGERMANYIndustrial Equipment

Global investment firm The Carlyle Group has reached a definitive agreement to acquire Flender GmbH from industrial conglomerate Siemens AG. Subject to customary regulatory clearances, this highly complex corporate carve-out will be funded through substantial equity commitments from Carlyle Europe Partners V (a €6.4 billion fund) and an affiliate of Carlyle Asia Partners V. The buyout perfectly executes Carlyle's established playbook of undertaking complex corporate carve-outs to engineer standalone, market-leading platforms

08/2020CELLINKSCIENIONGERMANYIndustrial Equipment

Cellink has finalized a definitive agreement to acquire Scienion in a move designed to fundamentally transform its role in the global diagnostics and pharmaceutical markets. The strategic rationale for this transaction centers on a "vertical-integration" play, merging the target's industry-leading technical operational depth in precision picoliter dispensing with the group’s established global leadership in bioprinting and single-cell handling. This structural alignment provides the organization with the scientific talent and high-performance hardware—specifically the target's proprietary dispensing platforms—required to address the increasing demand for standardized high-throughput production of clinically approved diagnostic devices

08/2020HLDMICROWAVE VISION (MVG)FRANCEIndustrial Equipment

HLD Europe entered into exclusive negotiations to acquire approximately 52.95% of Microwave Vision's capital through a dedicated vehicle. The acquisition involves purchasing blocks from key shareholders including reference shareholder Eximium (Baulé family investment holding), Bpifrance, Seventure Partners, and several executives and employees. The transaction is priced at 26 euros per share, representing premiums of 7.9% over the last closing price and 11.2% and 41.0% over the 3-month and 12-month weighted average prices respectively

06/2020THE CARLYLE GROUPENVEAFRANCEIndustrial Equipment

The acquisition of Envea by The Carlyle Group is a strategic move that aims to support the company's growth and expansion plans. The deal is expected to provide Envea with the necessary resources and expertise to further develop its product portfolio and to expand its presence in the global market. The Carlyle Group's investment in Envea is a testament to the company's strong potential for growth and its commitment to innovation and customer satisfaction. The acquisition is also expected to have a positive impact on the environment, as Envea's products and services are designed to help reduce air pollution and to promote sustainable development

02/2020ADVENT INTERNATIONAL / CINVENTKE (THYSSENKRUPP ELEVATOR)GERMANYIndustrial Equipment

In one of the largest European LBOs in history, Thyssenkrupp AG agreed to sell its Elevator division to a consortium led by Advent and Cinven for an Enterprise Value of €17.2 billion. The transaction followed a highly competitive auction process where strategic bidders, such as Kone, were sidelined due to significant antitrust risks. To facilitate the deal and maintain a strategic link, Thyssenkrupp reinvested €1.25 billion to retain a minority stake. The sale was a critical move for the German conglomerate to address its high debt levels and offset massive losses in its steel and automotive sectors

REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 250M - 500M USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MTS TEST & SIMULATION by ITW are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: itw