Drakestar-供应链自动化报告_ 2022年第四季度（英）-30页-WN5.pdf

1SUPPLY CHAIN AUTOMATIONQ4 2022NEW YORK|LONDON|PARIS|MUNICH|SAN FRANCISCOLOS ANGELES|BERLIN|DUBAIINDUSTRY UPDATE群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料Welding AutomationDRAKE STAR COVERAGE SUPPLY CHAIN AUTOMATION3MARKET MAPEnabling Systems&TechnologyPost ProcessDesignPrintAGV/AMRSafetyCobotsCybersecurity IOTConnectivity IoTApplications/End of Arm ToolingRobotic Programming Laser SystemsIntegrators&ServicesAR/VRNote:All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.Additive ManufacturingProduct Design&DevelopmentProcurement ManagementYield Optimization&Condition MonitoringOperationalQuality InspectionManufacturing/Operations LayerHMI&SCADASupervisoryEnd-of-Line AutomationPalletizingPackagingMES/MOMInventory Tracking&ValidationPickingVertical SoftwareIndustrial ElectrificationCPQ S625Deals announced and/or closed$32.1BDisclosed value for announced and/or closed dealsQ4 Summary$21.2B$9.6B$1.3BMARKET OUTLOOKDRAKE STAR COMMENTARYDeal CountDeal Value($B)2022 has been a record year in supply chain automation with 625 deals announced and/or closed totaling$32B+in total deal value.Deal volumes exceeded breakout activity in 2021 when 600 deals were announced/closed.Deal values continued an upward trend as compared to the trendline from prior years but dropped significantly from unprecedented levels seen in 2021($78.2B):5 times the levels seen in prior years.The major driver of the change in total deal values was the reduction of“mega-deals”which dominated 2021(AspenTech,Blue Yonder,Coherent,and others),which accounted for more than 70%of total announced deal value in 2021.Automation services and industrial software subsectors were the most active segments for M&A.Notable deals include the take-private of Coupa by Thoma Bravo and the acquisition of Altra Motion by Regal Rexnord.Private placement activity nearly matched record-shattering levels of 2021 with 412 deals announced and/or closed in 2022 with a deal value of$9.6B.Robotics and industrial software accounted for more than half of the private placements tracked across our ten covered subsectors of industrial automation.The majority of the private placement activity with announced deal values occurred in the U.S.and China,with more than 90%of the top 15 private placements relating to Companys headquartered in those regions.Q4 announced M&A deal value significantly exceeded the levels seen through Q3 of 2022,driven by two Q4 mega M&A deals(Altra and Coupa).In other deals of note,Nidec acquired PAMA,an Italian machine tool manufacturer for$108M and Walmart acquired Alert Innovation,a robotics automation company focused on material-handling solutions.Private financing market had diminished deal activity in what was a difficult funding environment,but there were still 75 deals closed totaling$1.5B in announced deal value.Robotics drove a significant proportion of the deal value with notable deals including Locus Robotics raise of$117M,Attabotics raise of$72M,Verdant Robotics raise of$46M.While public market activity remained subdued in Q4,there were several notable deals within the space.Nauticus Robotics completed a business combination with CleanTech Acquisition Corp for$561M.Additionally,EnOcean and Tempo Automation announced plans for SPAC transactions,with values exceeding$100M.2022 SummaryM&APrivate PlacementPublic Markets4Source:Capital IQ,Pitchbook,LinkedIn,Company Websites,Drake Star D“Weve been on the sidelines since 2019 in terms of M&A due to valuation concerns Its a different market now and we assume that valuations are going tobecome more reasonable”Greg Smith,President|Teradyne“Our solid leverage profile coupled with strong free-cash flow generation and an undrawn revolver of$3.5 billion gives us$4 billion plus of M&A capacity.Clearly,we are very well positioned for disciplined capital deployment in 2023”Jason Conley,CFO|Roper Technologies“Were well positioned financially with our strong free cash flow generation and balance sheet capacity,allowing us to actively pursue strategic M&A opportunities”Rainer M.Blair,President&CEO|Danaher“We do have an appetite for M&A.Most of the M&A weve done is kind of been tuck-in size.I think we have appetite for bigger things”Neil Dougherty,CFO|Keysight Technologies“The big story,of course,in the fourth quarter was the announcement of the Transporeon acquisition$2.0B.To refresh memories,Transporeon operates a leading cloud-based transportation management platform,powering a global network of 145,000 carriers and 1,400 shippers”Robert Painter,CEO|TrimbleMARKET INSIGHTSSource:Pitchbook Transcripts This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.5NOTABLE PUBLIC COMMENTARY(I/II)“Barring a significant deterioration in the macro-economy we expect channel expansion combined with new products to drive greater than 20%growth for IA Industrial Automation in 2023 weighted to the second half of the year”Greg Smith,President|TeradyneIndustry Outlook&TrendsM&A/Fundraise ActivityAutomation Drivers“They customers want to buy a portfolio of robots from the same vendor,controlled by the same control system,with applications above the material movement,fulfillment,order picking and others,and in the same facility,have the same vendor supporting them”Anders Gustafsson,CEO|Zebra“I think weve seen on the labor side;wage inflation has moderated a bit”Holden Lewis,CFO|Fastenal“The economic headwinds and increased caution by employers due to an uncertain economic outlook are resulting in softening hiring behaviors.We see this through extended recruiting and sales cycles and softer order flow with employers in certain sectors as they are exercising more caution in their demand for contingent and permanent recruitment of talent”Jonas Prising,CEO|ManpowerGroupWe also see some loosening in the labor market and some modest improvements in equipment availability John Roberts,CEO&Director|J.B.Hunt Transport Services“Rockwell has continued investments in resiliency and agility,along with the gradually improving supply-chain environment helped more than offset many of the headwinds we faced heading into Q1”Blake Moret,CEO|Rockwell Automation“Caterpillar is seeing healthy demand.Our results reflect healthy demand across most end markets for our products and services Jim Umpleby,CEO|Caterpillar Wages are increasing and consumers continue to tap pent-up savings to support spending.We expect consumers will continue to be judicious in their spend,but resilient,while prioritizing needs over discretionary.We believe inflation has peaked,but will remain sticky as we move through the year”Harry Lawton,CEO|Tractor Supply“The layoffs,youre starting to see that in the news,which theres the good news and the bad news.Obviously,the bad news is the layoffs,but the good news is theyre really starting to focus on their cash burn because they know they need to hold on to their cash for a lot longer”Michael Descheneaux,Former President|SVBMARKET INSIGHTSNOTABLE PUBLIC COMMENTARY(II/II)6“Bringing inflation down is likely to require a period of below-trend growth and some softening of labor market conditions.But restoring price stability is essential to achieving maximum employment andstable prices over the longer term”Christopher Waller,PresidentFederal Reserve Bank of New York“Special circumstances,now mostly in the rearview mirror,pushed up prices in particular sectors,likeenergy,manufactured goods and housing.But inflation then spread to a broad set of services,and this broader inflation is what shapes the outlook today”Lorie Logan,PresidentFederal Reserve Bank of DallasFederal Reserve“Even with the recent moderation,inflation remains high,and policy will need to be sufficiently restrictive for some time to make sure inflation returns to 2%”Lael Brainard,Vice Chair US Federal Reserve“You see inflation now coming down because supply chains have been fixed,demand is shifting back to services,and shortages have been abated.Jerome Powell,ChairUS Federal Reserve General Market Insights“We do generally see a more cautious stance and tightening of criteria,but overall lender behavior seems more precautionary than as a direct result of consumer credit stress,other than in the sub-prime categories.The market is still quite segmented with lenders looking to acquire in prime.Most banks,in fact,continue to hire and lend,and this is supported by the U.S.labor market which is still very tight Brian Cassin,CEO|Experian“When we saw the reopening in the U.S.,we saw an important surge of activity that came as a result of that.Its entirely possible that we could see something similar associated withChina reopening because of course we got the benefit to that in the U.S.economy in 2021 and into 2022.We havent really seen that same impact from China yet,but its entirely possible that were going to see that as a result of their reopening.Plus one assumes that its going to be helpful to some of the supply chain challenges that weve seen in the world over time as well,which have themselves been a contributor to inflation”Robin Vince,CEO|BNY Mellon“On the manufacturing side,near-shoring continues to be the most robust trend driving demand in our markets.We estimate 3/4 of demand came from these opportunities.Shifts in the supply chain is making companies make long-term decisions towards regionalization,relocating all manufacturing process to our markets”Luis Enrique Guajardo,CEO|Prologis Property“Though this may make it tempting to conclude that monetary policy is becoming overly restrictive and poised to cause an unnecessary economic contraction,investors may be too sanguine about progress on disinflationThis easing of financial conditions during a central bank tightening cycle creates a conundrum for policymakerscentral banks could push back against investor optimism,emphasizing the risks that inflationary pressures may be more persistent than expected”Tobias Adrian,Christopher Erceg,Fabio Natalucci|IMFShifting Technology“Our strong performance also lends confidence to the forward execution on growth initiatives,including expanding our rideshare business,growing our EV platform”Stephen Scherr,CEO|Hertz“Strategic investments in new locomotive products will continue shifting to competitive,sustainable solutions that help customers meet their carbon reduction initiatives,including hybrid,full battery electric and alternative fuel power sources,including hydrogen”Jim Umpleby,CEO|CAT“The market is moving towards electrification,and you best get ready Weve been bold enough toinvest ahead of that inflection point,which we know will come”Jim Rowan,CEO|Volvo“We also introduced a prototype of our first fully electric excavator at CES It shows our focus on electrification in response to customer pull for quieter and safer solutions,while executing jobs in a lower emission manner”Joshua Jepsen,CFO|John DeereSource:Pitchbook Transcripts This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its 2022 OVERVIEW214232282408412-50050100150200250300350400450$0$2$4$6$8$10$12$14$16201820192020202120221099397170182-203080130180$0$10$20$30$40$50$6020182019202020212022DEAL VALUES RETURN TO HISTORICAL TREND LINE,AS DEAL VOLUME MAINTAINS RECORD HIGHSNote:Column chart shows announced deals onlyPrivate Placements($B)Mergers and Acquisitions($B)Note:Column chart shows announced deals onlyValue($B)Deal CountValue($B)Deal CountSource:Capital IQ,Pitchbook,Company Websites,Drake Star D$1.0B$1.7B$8.8B$0.2B$0.3B$0.9B$7.2B$0.1B$0.7B$0.3B91337101389195112SUPPLY CHAIN AUTOMATION M&A TRANSACTIONS&VALUATIONS2022:182 DEALS ANNOUNCED/CLOSED AND$21.2B IN DISCLOSED DEAL ACTIVITY#OF DEALS BY SEGMENT:2022DEAL VALUE($B)BY SEGMENT:2022M&A DEAL VALUATION/MULTIPLESJan 2022 Dec 2022All Segments#of Announced and or Closed Deals/#of Disclosed Deals182/37Disclosed Deal Value($B)$21.2BNumber of$500M+Deals8Number of$1B+Deals3Disclosed Revenue Multiple(Median)6.4xAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsAutomation ServicesTest and MSource:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may SUPPLY CHAIN AUTOMATION M&A TRANSACTIONS:2022TOP 15 ANNOUNCED DEALSTARGETACQUIRERSEGMENTDATEDEAL SIZE($M)REVMULTIPLEEBITDA MULTIPLETARGET COUNTRYIndustrial SoftwareDec-22$8,000.0 9.8x-Motion ControlOct-22$4,950.0 2.4x23.7xLogisticsDec-22$1,957.6-Motion ControlFeb-22$1,300.0-Machine VisionMar-22$878.0 8.8x-Additive ManufacturingSep-22$701.1-Motion ControlSep-22$700.0-Industrial SoftwareJul-22$639.9-Automation ServicesAug-22$275.0-LogisticsFeb-22$240.0 1.0 x-Test and MeasurementMay-22$225.0 4.7x-Diversified AutomationAug-22$185.0-Automation ServicesJul-22$165.0-Additive ManufacturingMay-22$98.4-Automation ServicesApr-22$95.5-Source:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may 11826430$1.7B$7.0B$0.9B$1.3B$0.3B$1.8B$0.1B$0.3B$0.7B$4.1B$0.3B$0.2B3111110615487130161523$0.2B$4.0B$2.7B$2.7B10211633715SUPPLY CHAIN AUTOMATION PRIVATE PLACEMENTS2022:412 DEALS AND$9.6B IN DISCLOSED PRIVATE PLACEMENTS11#of Deals by StageDeal Value($B)by Stage#of Deals by SegmentDeal Value($B)by SegmentDeal Value($B)by Amount Raised#of Deals by Amount RaisedEarly Stage VCLater Stage VCPE Growth/ExpansionAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsAutomation ServicesTest and Measurement$0-$5M$5-$10M$10-$50M$50-$100M$100M+Source:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may SUPPLY CHAIN AUTOMATION PRIVATE PLACEMENTS:2022TOP 15 PRIVATE PLACEMENTSTARGETSEGMENTDATEDEAL VALUE($M)VALUATION($M)TOTAL RAISED($M)LEAD INVESTORSTARGET COUNTRYAdditive ManufacturingFeb-22$392.0$2,000.0$443.0 Norwest Venture Partners,Tiger Global ManagementMachine VisionFeb-22$377.5-$424.4 Xiaomi VenturesRoboticsSep-22$210.0$3,544.5$214.8 Oisix ra daichi,JM