List of transactions in the personal protective equipment (& adjacent) space since the beginning of 2025

You will find below a list of transactions in the personal protective equipment sector (and certain adjacent segments such as collective protection, technical fabrics, distribution of medical and hygiene products, and gas detection) identified by Auteuil M&A Conseil since the beginning of 2025.

These transactions once again demonstrate (i) the dynamism of the PPE segment in a sluggish M&A market, and (ii) the attractiveness of this segment for investment funds.

Beyond a few flagship transactions (PIP / HONEYWELL PPE, WARBURG PINCUS / UVEX), numerous small and mid-sized transactions have taken place, illustrating the depth of the PPE segment.

• Acquisition by BERGMAN & BEVING AB, through its subsidiary CRESTO GROUP, of DONUT SAFETY SYSTEMS Ltd, UK company delivering certified escape solutions primarily to the offshore industry (approx. SEK 40m / €3.6m sales).

• Acquisition by ALIMAK GROUP of the US-based permanent industrial elevator business of CENTURY ELEVATORS INC. (division focused on selling and servicing permanently installed rack-and-pinion elevators) (approx. USD9.7m sales).
• Announcement by SIOEN INDUSTRIES, textile solutions provider, supplier of colouring solutions and manufacturer of protective clothing, of an agreement to acquire CONTENDER SAILCLOTH, specialized in sailcloth manufacturing (sales undisclosed). Both CONTENDER SAILCLOTH and Dimension-Polyant (belonging already to SIOEN INDUSTRIES) will continue operating as distinct brands under the umbrella of Sioen Sailcloth Technologies.
• Acquisition by GROUPE RG of COTRAL LAB, manufacturer of custom hearing protection and player in adapted visual protection, as well as COMU SYSTEMS, a specialist in tactical and critical communication (€60m sales, est. Auteuil M&A Conseil).
• Announcement of a majority investment by WARBURG PINCUS in the UVEX GROUP, German leading manufacturer of personal protective equipment for the professional segment as well as for sports and leisure (€666m sales in 2023/2024). The founding families will keep a minority stake in the group. UVEX was reportedly valued at approximately €800m (enterprise value), according to press reports.

• Acquisition by THE WORKWEAR GROUP, parent company of DASSY, of BELCONFECT, Belgian specialist in custom-made workwear and safety footwear under SHOETEQ brand (€18m sales in 2024).

• Completion by PROTECTIVE INDUSTRIAL PRODUCTS, INC. of HONEYWELL's Personal Protective Equipment (PPE) business acquisition (acquisition price of  $1.325bn).
• Acquisition by MSA SAFETY, US global safety equipment and solutions provider, of M&C TECHGROUP, German group providing gas analysis systems detecting, measuring and monitoring gases in critical environments (USD55m sales). The transaction is valued at approximately USD200m.
• Acquisition by ALIMAK / TRACTEL of certain assets (brands, customer and supplier data, and product know-how) of the Spanish company CAMAC MINOR HOISTS, SL (sales undisclosed). New products such as ladder, construction and scaffolding hoists will be added to the catalog of height safety and productivity solutions of ALIMAK / TRACTEL.
• Acquisition by SURVITEC, specialized in survival technology, of NOHA’s Marine Fire Service business in Norway, previously a subsidiary of NOHA Norway AS. This maritime fire service business operates a dedicated service station in Ålesund (sales undisclosed).

• Acquisition by PROTECTIVE INDUSTRIAL PRODUCTS, INC. of REFLECTIVE APPAREL INC., US manufacturer of high visibility apparel (sales undisclosed).
• Investment by the funds INFLEXION and 65 EQUITY PARTNERS in the capital of KEE SAFETY (UK-based group specialized in safety solutions, supplying components and custom systems for fall prevention and safe access equipment). Both investors took equal minority stakes in the group alongside the management team and ICG will remain a minority shareholder. KEE SAFETY generated consolidated sales of £226m in 2023 (2024 figures not available). The transaction values the group at approximately £1.3bn.
• Acquisition by SINGING ROCK s.r.o. (Czech manufacturer of climbing equipment and professional personal protective equipment for work at heights, military and rescue) of ALIENS GmbH, distributor of fall protection equipment on the German market (sales undisclosed).
• Announcement by BUNZL of an agreement to acquire HOSPITALIA, healthcare distributor in Chile (c. £21 million sales in 2024), and completion of the acquisition of INPAKOMED, Dutch business specialising in sterile product packaging solutions for use in the medical and forensic markets (€3m sales).

• Acquisition by SUREWERK, US provider of safety, tools and equipment products, of RELIANCE FALL PROTECTION, US manufacturer of fall protection products (sales undisclosed).
• Acquisition by LYRECO of ZENITH HYGIENE (£59.4m sales in 2023) and SHORROCK TRICHEM (£30.9m sales in 2023), two UK-based hygiene product and service distributors, from Diversey, a Solenis company.
• Acquisition by AHLSELL AB (multi specialist distributor of installation products, tools and supplies in the Nordics), through its subsidiaries AHLSELL SVERIGE AB, AHLSELL Oy, and AHLSELL NORGE AS, of SKYDDA in Sweden, Norway and Finland from BERGMAN & BEVING. SKYDDA is a specialised PPE distributor focusing on the retail customers in the Nordics (acquired sales of approx. SEK550m / €49.5m). The companies are valued at SEK300m / €27m, excluding a potential additional purchase price of up to SEK80m / €7.2m.

• Signing by HAKI SAFETY, Swedish provider of individual and collective protection, scaffolding solutions, and digital and technical solutions, of an agreement to acquire TRIMTEC, Swedish distributor of high-tech precision equipment for, among other things, cadastral and mapping (SEK130m / €11.7m sales). Purchase price: SEK50m (EV) + potential earn-out of max. SEK50m subject to certain financial performance goals being fulfilled during the period 2025 and 2026.
• Acquisition by LYRECO of GROENENDIJK WORKWEAR, provider of workwear and footwear solutions based in the Netherlands and operating across the Benelux region (€60m of sales, est. Auteuil M&A Conseil).
• Acquisition by NOVARC, a group involved in safety, motion & industry and networks, of PREISING GmbH & Co. KG, German provider of PPE solutions focusing on the energy industry (sales undisclosed).
• Acquisition by HULTAFORS GROUP AB of LYNGSOE RAINWEAR ApS, Danish rainwear manufacturer, which was part of HANSEN PROTECTION in Norway, acquired by SURVITEC in 2021 (SEK136m / €12.2m sales).