Manufacturing
and Industrials

We advised Beijer Ref AB, one of the largest heating.... Read more

We advised Beijer Ref AB, one of the largest heating, ventilation, air conditioning, and refrigeration (HVACR) distributors in the world, on its US$1.275 billion acquisition of Heritage Distribution Holdings.

The acquisition, which was Beijer Ref’s entry into the North American market, establishes the company as a leading HVACR distributor in the Southeastern and Midwestern United States.

Lawyers in our Denver office led the transaction, with support from our Colorado Springs, London, New York, Philadelphia, San Francisco, and Washington, D.C. offices and our antitrust, capital markets, employment, environment, intellectual property, international trade, privacy and cybersecurity, real estate, and tax practices.

We advised China Baowu Steel Group, the world’s largest.... Read more

We advised China Baowu Steel Group, the world’s largest steelmaker, on its multibillion investment in the Simandou mining and infrastructure project in the Republic of Guinea. 

The Simandou iron ore project is reportedly the largest mining and infrastructure project in Africa, which involves partners including Rio Tinto, Chinalco, Winning International Group, and the Government of Guinea.

Lawyers in our Beijing office led the transaction, with support from our Düsseldorf, Hong Kong, London, Paris, Shanghai, Singapore, Warsaw, and Washington, D.C. offices and our antitrust, banking, infrastructure and projects, international trade, litigation, private equity, real estate, regulatory, and tax practices.

We advised ITT, a diversified manufacturer of highly.... Read more

We advised ITT, a diversified manufacturer of highly engineered critical components and customized technology solutions, on its acquisition of Svanehøj Group A/S, a supplier of pumps aftermarket services.

Svanehøj will become part of ITT’s Industrial Process segment, a global leader in flow focused on highly engineered pumps, valves, and aftermarket services.

Lawyers in our London office led the transaction, with support from our Beijing, Paris, Singapore, Tokyo, and Washington, D.C. offices and our antitrust, employment, and international trade practices.

We advised Stahl, a global provider of coatings technologies.... Read more

We advised Stahl, a global provider of coatings technologies headquartered in the Netherlands, on its acquisition of ICP Industrial Solutions Group, a company that offers a comprehensive portfolio of high-performance coatings used primarily in packaging and labeling applications.

The acquisition strengthens Stahl’s position as a leader in specialty coatings for flexible materials, notably in the resilient food and pharmaceutical sectors. 

Lawyers in our Amsterdam and Washington, D.C. offices led the transaction, supported by a global team across more than 10 offices and 10 practice areas.

Sector performance

In 2023, manufacturing and industrials companies prioritized investments in smart technologies to help navigate evolving supply chains and consumer expectations. Businesses in the sector continued to divest non-core assets and shift focus to vertical integration.

The volume of cross-border chemicals M&A deals increased in the United States and across Asia-Pacific, while volume in Europe decreased as a result of persisting geopolitical conflict. Despite expectations of a chemicals market recovery, demand and rising costs presented challenges for valuations in the sector. 


Hogan Lovells activities

In 2023, our Manufacturing and Industrials team delivered global workshops addressing market issues like supply chains, digital transformation, ESG, and energy transition. We hosted the annual London Construction, Engineering, and Infrastructure Day conference, where panelists and key industry representatives shared outlooks for the next decade of global construction and engineering.

Our Chemical and Industrial Products and Services team delivered trainings on industry-related joint ventures, reaffirming our commitment to empowering clients to navigate and excel in the evolving industrial landscape.

Hogan Lovells has been instrumental in the growth of our company.”

Legal 500 Latin America, 2023

450+

Manufacturing and Industrials
lawyers

Tier 1

Japan Corporate and M&A: International Firms and Joint Ventures
Legal 500 Asia-Pacific, 2023

Our four pillars

Technical Excellence

Technical excellence

Executing transactions effectively

Industry Knowledge

Industry knowledge

Understanding issues in regulated industries

Global Reach

Global reach

Worldwide reach,
local knowledge

Full-Service capabilities

Full-service capabilities

Subject matter knowledge

M&A Year in Review

Expander

Dear Clients and Friends,

Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024.

Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and aggregate deal value declined by 17%, marking the first time global deal value failed to reach US$3 trillion since 2013. 

A combination of factors led to this decline in dealmaking, including persistent inflation, heightened cost of capital, increased regulatory scrutiny, fears of recession, and conflicts in Europe and the Middle East.

During 2023, sponsor-related M&A experienced a significant downturn in both volume and value, with deal value falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of strategic deals declined 13% during the same period.

Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value transactions in the biotech and pharmaceutical sectors.

Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France, Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.

For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set forth within our 2024 M&A Outlook.

We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A transactions in the year ahead.

Best wishes for continuing success in 2024,

The Hogan Lovells M&A Group