Automation mergers, acquisitions, capital markets analysis: March 2024

March 21, 2024

In a recent article for Control Engineering Magazine, Bundy Group revisits the seven automation transactions for March, paying close attention to key drivers of increased market activity such as persistent growth and consolidation opportunities along with rising strength of companies within the manufacturing and plant management fields.

The automation market continues to experience a tremendous amount of mergers & acquisitions (M&A) and capital markets activity. Drivers of this activity include the growth-oriented nature of the automation market, the consolidation opportunities within the industry, and the strength of many of the companies operating within it. Furthermore, the automation market has attracted a critical mass of strategic buyers and financial sponsors (i.e. private equity groups, family offices, institutional investors) that are looking to own or invest in companies in the industry. From such, Bundy Group closed automation transactions as Ultimation and MR Systems, our team continues to see strong interest from a range of qualified buyers in the automation segment. Further evidence of the robust M&A and capital placement activity in automation is provided in the below list of transactions.

Bundy Group’s current engagements and owner relationships include control system integration, robotics, automated material handling, automation distribution, artificial intelligence, and cybersecurity. This serves as a leading indicator for submarkets our team anticipates closed transactions in over the coming months. We look forward to providing these relevant updates and transaction announcements to Control Engineering magazine readers.

March 2024 automation transactions


Walter has acquired PushCorp, Inc., a USA-based, industry-leading manufacturer of robotic end-of-arm-tools for material removal applications, marking a significant stride in its quest to become the leader in productivity solutions for the metalworking industry. This strategic move underscores Walter’s dedication to expanding its capabilities and offerings, ensuring it remains at the forefront of technological advancements within the sector. Learn more.


Duravant LLC, a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors, has acquired Ferdinand Henneken GmbH, a leading manufacturer of protein processing solutions headquartered in Bad Wünnenberg, Germany. Learn more.


Kele, Inc., a portfolio company of The Stephens Group, LLC, acquired AC Controls and AC Technical Services, a distributor and rep of industrial process and combustion applications. The acquisition continues to expand Kele’s footprint within the industrial automation market. ACC will become an integral part of the industrial offerings of The Kele Companies, which includes Lesman Instrument Company (Bensenville, IL) and A-tech Inc. (Tulsa, OK). Learn more.


Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, has acquired USA Water from Warren Equity Partners in partnership with management. Headquartered in Rosenberg, Texas, USA Water is a leading provider of operations and maintenance (“O&M”) services for water and wastewater systems across the Southeast United States. Learn more.


Cadre Holdings, Inc. ,a global leader in the manufacturing and distribution of safety and survivability equipment, has entered into a definitive agreement to acquire Alpha Safety Intermediate, LLC, the operating parent of Alpha Safety, a leading nuclear safety solutions company for $106.5 million (excluding working capital and certain other adjustments upon closing). Learn more.


Eyelit Technologies, a leader in Manufacturing Operations Management, Manufacturing Execution, Quality Management, and Factory Automation solutions, has acquired Optessa, a pioneer in optimization and AI-powered advanced planning and scheduling software. The acquisition extends Eyelit Technologies’ footprint into the automotive sector, where Optessa solutions are in use at four of the top 10 automotive original equipment manufacturers. Learn more.


HMS Networks AB, a global provider of industrial information and communication technology, has acquired the Red Lion Controls business, a well-established US-based provider of industrial automation solutions, through the acquisition of 100 percent of the shares in Red Lion Controls Inc. and Red Lion Europe GmbH as well as certain assets in other jurisdictions (“Red Lion”), significantly expanding HMS’ presence in the North American market. Learn more.

ONLINE extra

Bundy Group is a boutique investment bank that specializes in representing controls and automation, Internet of Things, and cybersecurity companies in business sales, capital raises, and acquisitions. Over the past 33 years, Bundy Group has advised and closed on over 250 transactions, which includes numerous automation-related transactions. You can learn more at or by contacting Clint Bundy.

© 2022 Bundy Group | Bundy Group, LLC - All Rights Reserved
Built by Vantage