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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Industrial Machinery, Automation & Engineered Components

Lower Spend Concentration + Accelerating · $349.9B disclosed spend · led by Bolt On plays · activity accelerating across 126 public buyers.

Repeat acquirers tend to buy niche products, controls capability, and installed-base adjacency where distribution and engineering depth matter.

Bolt On dominantSpend HHI 554Accelerating +22

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

126

72 core (10+)

Recorded buys

1,689

308 last 3 yrs

Disclosed spend

$349.9B

$92.5B recent

Matched issuers

184

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Bolt 27%
Geo 24%
Horiz 19%
Platform 14%
Tech 12%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

2% mix

Small additive deals folded directly into the existing business.

Bolt On

27% mix

Mid-sized acquisitions extending the existing product or service core.

“In the last three years, we have deployed approximately $8,960 of capital toward acquisitions. In 2025, this included approximately $1,850 for the acquisition of CentralReach, a leading provider of Software-as-a-Service (“SaaS”) and AI-enabled solutions for applied behavior analysis (“ABA”) therapy clinicians, and approximately $800 for the acquisition of Subsplash, a leading provider of AI-enabled SaaS, and integrated giving solutions, for faith-based organizations. Additionally, we deployed approximately $1,470 toward other bolt-on acquisitions to help build on the strategic position of several of our businesses.”

Roper Technologies Inc. (ROP) · FY2025

Platform

14% mix

Foundational deals establishing a new platform or business line.

“The Business Combination was accounted for using the acquisition method of accounting.”

NET Power Inc. (NPWR) · FY2023

Geographic Expansion

24% mix

Buying density or new geographies to extend the footprint.

“We expect to make significant investments in research and development expenses, acquisitions of businesses, collaborative arrangements and other sources of technology to drive these outcomes.”

Agco Corp. (AGCO) · FY2025

Horizontal Consolidation

19% mix

Acquiring direct competitors to consolidate the market.

“We may incur costs and charges as a result of restructuring activities, business optimization initiatives and operations consolidations that may be disruptive to our business and may not result in anticipated cost savings.”

Regal Rexnord Corp. (RRX) · FY2025

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

“In 2025, we further expanded our manufacturing capabilities in South Korea through the acquisition of an adjacent battery cell manufacturing facility and related equipment from Solar Edge.”

Enovix Corporation (ENVX) · FY2025

Technology Acquisition

12% mix

Buying products, IP, or engineering depth for capability gain.

“The acquisition of Bolzoni adds a broader range of forklift truck attachments, forks and lift tables to the Company's suite of products and provides an important platform for additional growth.”

Hyster-yale, Inc. (HY) · FY2016

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$1M$10M$100M$1B$10B$1M$10M$100M$1B$10B$100Bmedian annual $96Mmedian total $497MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)RRXRegal Rexnord Corp. (RRX) Horizontal Consolidation $59.4B total · $4.9B / active year 12 active years · 13 buys reportedROPRoper Technologies Inc. (ROP) Bolt On $31.2B total · $1.6B / active year 20 active years · 95 buys reportedEMREmerson Electric Co. (EMR) Bolt On $28B total · $1.6B / active year 17 active years · 51 buys reportedAMEAMETEK, Inc. (AME) Bolt On $13.1B total · $653M / active year 20 active years · 81 buys reportedCATCaterpillar Inc. (CAT) Bolt On $13B total · $765M / active year 17 active years · 22 buys reportedPHParker-hannifin Corporation (PH) Bolt On $12.2B total · $6.1B / active year 2 active years · 9 buys reportedDOVDOVER Corp (DOV) Bolt On $11.4B total · $570M / active year 20 active years · 113 buys reportedGTLSChart Industries, Inc. (GTLS) Bolt On $10.6B total · $591M / active year 18 active years · 23 buys reportedUGROUrban-gro, Inc. (UGRO) Bolt On $9.4B total · $3.1B / active year 3 active years · 2 buys reportedENOVEnovis Corp (ENOV) Geographic Expansion $8.7B total · $481M / active year 18 active years · 50 buys reportedETNEATON CORPORATION plc (ETN) Bolt On $8.1B total · $902M / active year 9 active years · 18 buys reportedPNRPentair plc (PNR) Geographic Expansion $6.6B total · $368M / active year 18 active years · 23 buys reportedAGCOAgco Corp. (AGCO) Geographic Expansion $6.2B total · $366M / active year 17 active years · 18 buys reportedITTITT Inc. (ITT) Geographic Expansion $5.9B total · $331M / active year 18 active years · 19 buys reportedHUBBHubbell Inc. (HUBB) Bolt On $5.9B total · $326M / active year 18 active years · 57 buys reportedCMICummins Inc. (CMI) Bolt On $5.7B total · $355M / active year 16 active years · 12 buys reportedIRIngersoll Rand Inc. (IR) Bolt On $5.6B total · $627M / active year 9 active years · 55 buys reportedIEXIdex Corp. (IEX) Bolt On $5.4B total · $283M / active year 19 active years · 47 buys reportedNDSNNordson Corporation (NDSN) Geographic Expansion $5.1B total · $317M / active year 16 active years · 36 buys reportedOSKOshkosh Corporation (OSK) Geographic Expansion $4.7B total · $584M / active year 8 active years · 8 buys reportedMIDDMiddleby Corp. (MIDD) Bolt On $4.6B total · $256M / active year 18 active years · 101 buys reportedSKYXSKYX Platforms Corp. (SKYX) Mixed strategy $4.2B total · $2.1B / active year 2 active years · 1 buys reportedTEXTerex Corporation (TEX) Bolt On $3.9B total · $279M / active year 14 active years · 8 buys reportedVRTVertiv Holdings Co (VRT) Horizontal Consolidation $3.9B total · $650M / active year 6 active years · 1 buys reportedMTWManitowoc Co. Inc. (MTW) Geographic Expansion $3.8B total · $764M / active year 5 active years · 11 buys reportedNPWRNET Power Inc. (NPWR) Platform $3.6B total · $1.8B / active year 2 active years · 3 buys reportedXYLXylem Inc. (XYL) Geographic Expansion $3.5B total · $322M / active year 11 active years · 16 buys reportedENREnergizer Holdings, Inc. (ENR) Bolt On $3.4B total · $423M / active year 8 active years · 3 buys reportedJBTMJBT Marel Corporation (JBTM) Geographic Expansion $3.3B total · $256M / active year 13 active years · 8 buys reportedARTWArts WAY Manufacturing Co. Inc. (ARTW) Bolt On $3.2B total · $1.6B / active year 2 active years · 3 buys reportedNVTnVent Electric plc (NVT) Bolt On $3.2B total · $454M / active year 7 active years · 8 buys reportedMIRMirion Technologies, Inc. (MIR) Geographic Expansion $2.9B total · $723M / active year 4 active years · 8 buys reportedSPXCSPX Technologies, Inc. (SPXC) Bolt On $2.9B total · $321M / active year 9 active years · 27 buys reportedAYIAcuity Inc. (AYI) Bolt On $2.7B total · $208M / active year 13 active years · 24 buys reportedGNRCGenerac Holdings Inc. (GNRC) Bolt On $2.7B total · $207M / active year 13 active years · 15 buys reportedNPOEnpro Inc. (NPO) Geographic Expansion $2.6B total · $153M / active year 17 active years · 44 buys reportedKAIKadant Inc. (KAI) Geographic Expansion $2.3B total · $138M / active year 17 active years · 22 buys reportedDEDeere & Co. (DE) Technology Acquisition $2.2B total · $139M / active year 16 active years · 11 buys reportedGGGGraco Inc. (GGG) Geographic Expansion $2.2B total · $157M / active year 14 active years · 20 buys reportedROKRockwell Automation, Inc. (ROK) Geographic Expansion $2B total · $217M / active year 9 active years · 20 buys reportedCXTCrane Nxt, Co. (CXT) Bolt On $1.8B total · $180M / active year 10 active years · 22 buys reportedPSNParsons Corporation (PSN) Bolt On $1.7B total · $243M / active year 7 active years · 13 buys reportedAOSA. O. Smith Corporation (AOS) Geographic Expansion $1.5B total · $129M / active year 12 active years · 17 buys reportedEPACEnerpac Tool Group Corp. (EPAC) Geographic Expansion $1.5B total · $107M / active year 14 active years · 23 buys reportedALGAlamo Group Inc. (ALG) Bolt On $1.5B total · $75M / active year 20 active years · 27 buys reportedITWIllinois Tool Works Inc. (ITW) Bolt On $1.4B total · $284M / active year 5 active years · 58 buys reportedCMCOColumbus Mckinnon Corporation (CMCO) Geographic Expansion $1.4B total · $140M / active year 10 active years · 7 buys reportedTNCTennant Co. (TNC) Geographic Expansion $1.3B total · $122M / active year 11 active years · 12 buys reportedAEISAdvanced Energy Industries Inc. (AEIS) Geographic Expansion $1.3B total · $100M / active year 13 active years · 15 buys reportedSXIStandex International Corp. (SXI) Bolt On $1.1B total · $72M / active year 16 active years · 35 buys reportedWNCWabash National Corporation (WNC) Geographic Expansion $1.1B total · $163M / active year 7 active years · 5 buys reportedFLSFlowserve Corp. (FLS) Geographic Expansion $1.1B total · $124M / active year 9 active years · 9 buys reportedFELEFranklin Electric Co., Inc. (FELE) Geographic Expansion $908M total · $53M / active year 17 active years · 35 buys reportedDCIDonaldson Company, Inc. (DCI) Geographic Expansion $829M total · $75M / active year 11 active years · 11 buys reportedCSWCSW Industrials, Inc. (CSW) Geographic Expansion $752M total · $94M / active year 8 active years · 12 buys reportedTWITitan International, Inc. (TWI) Geographic Expansion $721M total · $80M / active year 9 active years · 8 buys reportedATKRAtkore Inc. (ATKR) Geographic Expansion $698M total · $100M / active year 7 active years · 13 buys reportedHYFMHydrofarm Holdings Group, Inc. (HYFM) Horizontal Consolidation $590M total · $197M / active year 3 active years · 5 buys reportedGRCThe Gorman-Rupp Company (GRC) Geographic Expansion $568M total · $189M / active year 3 active years · 3 buys reportedTGENTecogen Inc. (TGEN) Bolt On $536M total · $134M / active year 4 active years · 4 buys reportedHLIOHelios Technologies, Inc. (HLIO) Geographic Expansion $522M total · $104M / active year 5 active years · 11 buys reportedTET1 Energy Inc. (TE) Bolt On $516M total · $258M / active year 2 active years · 2 buys reportedASTEAstec Industries, Inc. (ASTE) Bolt On $499M total · $42M / active year 12 active years · 12 buys reportedSLDPSolid Power, Inc. (SLDP) Platform $495M total · $495M / active year 1 active years · 1 buys reportedENSEnerSys (ENS) Bolt On $451M total · $35M / active year 13 active years · 23 buys reportedSDSTStardust Power Inc. (SDST) Geographic Expansion $450M total · $450M / active year 1 active yearsPKOHPark-Ohio Holdings Corp (PKOH) Bolt On $445M total · $30M / active year 15 active years · 15 buys reportedPLUGPlug Power Inc. (PLUG) Technology Acquisition $349M total · $70M / active year 5 active years · 8 buys reportedTHRThermon Group Holdings, Inc. (THR) Bolt On $330M total · $66M / active year 5 active years · 8 buys reportedLNNLindsay Corporation (LNN) Bolt On $315M total · $26M / active year 12 active years · 12 buys reportedABBNYABB Ltd (ABBNY) Horizontal Consolidation $313M total · $31M / active year 10 active years · 15 buys reportedCRCrane Company (CR) Mixed strategy $291M total · $97M / active year 3 active years · 3 buys reportedHWMHowmet Aerospace Inc. (HWM) Geographic Expansion $240M total · $240M / active year 1 active years · 7 buys reportedBWBabcock & Wilcox Enterprises, Inc. (BW) Bolt On $223M total · $74M / active year 3 active years · 5 buys reportedULBIUltralife Corporation (ULBI) Bolt On $221M total · $18M / active year 12 active years · 13 buys reportedOZSCOzop Energy Solutions, Inc. (OZSC) Mixed strategy $200M total · $200M / active year 1 active yearsHAYWHayward Holdings, Inc. (HAYW) Bolt On $195M total · $49M / active year 4 active years · 3 buys reportedXMTRXometry, Inc. (XMTR) Platform $178M total · $89M / active year 2 active yearsGTESGates Industrial Corporation plc (GTES) Geographic Expansion $162M total · $81M / active year 2 active years · 3 buys reportedGHMGraham Corp. (GHM) Platform $153M total · $22M / active year 7 active years · 7 buys reportedOTISOtis Worldwide Corporation (OTIS) Bolt On $144M total · $24M / active year 6 active years · 1 buys reportedSYMSymbotic Inc. (SYM) Platform $142M total · $142M / active year 1 active years · 1 buys reportedATSATS Corp (ATS) Mixed strategy $130M total · $130M / active year 1 active years · 2 buys reportedTWINTwin Disc Inc. (TWIN) Mixed strategy $101M total · $25M / active year 4 active years · 2 buys reportedRYMRythm Inc. (RYM) Mixed strategy $85M total · $21M / active year 4 active years · 2 buys reportedENVXEnovix Corporation (ENVX) Vertical Integration $78M total · $39M / active year 2 active years · 2 buys reportedXOSXos, Inc. (XOS) Mixed strategy $71M total · $36M / active year 2 active years · 2 buys reportedAMSCAmerican Superconductor Corporation (AMSC) Mixed strategy $71M total · $18M / active year 4 active years · 7 buys reportedAMPXAmprius Technologies, Inc. (AMPX) Mixed strategy $71M total · $71M / active year 1 active years · 1 buys reportedKRNTKornit Digital Ltd. (KRNT) Geographic Expansion $69M total · $10M / active year 7 active years · 6 buys reportedPSIXPower Solutions International, Inc. (PSIX) Geographic Expansion $69M total · $34M / active year 2 active years · 3 buys reportedFCELFuelcell Energy Inc. (FCEL) Bolt On $46M total · $15M / active year 3 active years · 4 buys reportedJCSEJE Cleantech Holdings Limited (JCSE) Mixed strategy $40M total · $20M / active year 2 active yearsBWENBroadwind, Inc. (BWEN) Bolt On $39M total · $20M / active year 2 active years · 4 buys reportedRFILR F Industries, Ltd. (RFIL) Geographic Expansion $37M total · $6M / active year 6 active years · 11 buys reportedPOWLPowell Industries, Inc. (POWL) Geographic Expansion $35M total · $12M / active year 3 active years · 2 buys reportedEAFGraftech International Ltd. (EAF) Mixed strategy $30M total · $30M / active year 1 active years · 2 buys reportedGENCGencor Industries, Inc. (GENC) Mixed strategy $28M total · $14M / active year 2 active yearsADNHAdvent Technologies Holdings, Inc. (ADNH) Geographic Expansion $21M total · $11M / active year 2 active yearsLXFRLuxfer Holdings PLC (LXFR) Geographic Expansion $15M total · $4M / active year 4 active years · 7 buys reportedOESXOrion Energy Systems, Inc. (OESX) Geographic Expansion $15M total · $4M / active year 4 active years · 5 buys reportedBLDPBallard Power Systems Inc. (BLDP) Mixed strategy $15M total · $15M / active year 1 active years · 1 buys reportedCGEHCapstone Energy Plus, Inc. (CGEH) Bolt On $14M total · $5M / active year 3 active years · 1 buys reportedADSEAds-tec Energy Public Limited Company (ADSE) Horizontal Consolidation $11M total · $11M / active year 1 active yearsEOSEEOS Energy Enterprises, Inc. (EOSE) Vertical Integration $10M total · $10M / active year 1 active years · 1 buys reportedQINDQuality Industrial Corp. (QIND) Bolt On $10M total · $10M / active year 1 active years · 4 buys reportedKEKimball Electronics, Inc. (KE) Geographic Expansion $9M total · $2M / active year 4 active years · 3 buys reportedPPSIPioneer Power Solutions, Inc. (PPSI) Bolt On $9M total · $4M / active year 2 active years · 1 buys reportedNNENano Nuclear Energy Inc. (NNE) Technology Acquisition $9M total · $4M / active year 2 active years · 4 buys reportedSERVServe Robotics Inc. (SERV) Technology Acquisition $8M total · $8M / active year 1 active years · 2 buys reportedHYHyster-yale, Inc. (HY) Technology Acquisition $7M total · $2M / active year 4 active years · 6 buys reportedLTBRLightbridge Corporation (LTBR) Mixed strategy $7M total · $7M / active year 1 active yearsTAYDTaylor Devices, Inc. (TAYD) Bolt On $5M total · $5M / active year 1 active years · 1 buys reportedPWDYPowerdyne International, Inc. (PWDY) Mixed strategy $5M total · $2M / active year 3 active years · 2 buys reportedOPTTOcean Power Technologies, Inc. (OPTT) Bolt On $4M total · $4M / active year 1 active years · 2 buys reportedCYDChina Yuchai International Limited (CYD) Geographic Expansion $4M total · $2M / active year 2 active yearsCBATCbak Energy Technology, Inc. (CBAT) Mixed strategy $3M total · $3M / active year 1 active years · 2 buys reportedBEBloom Energy Corporation (BE) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedAUSIAura Systems, Inc. (AUSI) Bolt On $1M total · $1M / active year 1 active years · 1 buys reportedHURCHurco Companies, Inc (HURC) Mixed strategy $1M total · $400K / active year 3 active years · 2 buys reportedTPICQTPI Composites, Inc. (TPICQ) Talent Acquisition $1M total · $1M / active year 1 active years · 1 buys reportedLASELaser Photonics Corp (LASE) Mixed strategy $900K total · $900K / active year 1 active years · 1 buys reportedSHMDSCHMID Group N.V. (SHMD) Mixed strategy $700K total · $350K / active year 2 active yearsNMHINature’s Miracle Holding Inc. (NMHI) Platform $700K total · $700K / active year 1 active years · 1 buys reportedCAPCCapstone Companies, Inc. (CAPC) Technology Acquisition $500K total · $500K / active year 1 active yearsCVVCVD Equipment Corporation (CVV) Mixed strategy $400K total · $400K / active year 1 active years
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Regal Rexnord Corp.RRXHorizontal Consolidation
$59.4B
$4.9B13

New cycle

$5.1B recent

Roper Technologies Inc.ROPBolt On
$31.2B
$1.6B95

Steady

-19%

Emerson Electric Co.EMRBolt On
$28B
$1.6B51

Steady

+22%

AMETEK, Inc.AMEBolt On
$13.1B
$653M81

Accelerating

+31%

Caterpillar Inc.CATBolt On
$13B
$765M22

Cooling

-77%

Parker-hannifin CorporationPHBolt On
$12.2B
$6.1B9

Accelerating

+41%

DOVER CorpDOVBolt On
$11.4B
$570M113

Steady

+4%

Chart Industries, Inc.GTLSBolt On
$10.6B
$591M23

New cycle

$8.7B recent

Urban-gro, Inc.UGROBolt On
$9.4B
$3.1B2

Paused

$9.4B prior

Enovis CorpENOVGeographic Expansion
$8.7B
$481M50

Accelerating

+159%

EATON CORPORATION plcETNBolt On
$8.1B
$902M18

Cooling

-71%

Pentair plcPNRGeographic Expansion
$6.6B
$368M23

Cooling

-80%

Agco Corp.AGCOGeographic Expansion
$6.2B
$366M18

New cycle

$3.8B recent

ITT Inc.ITTGeographic Expansion
$5.9B
$331M19

Accelerating

+527%

Hubbell Inc.HUBBBolt On
$5.9B
$326M57

Accelerating

+421%

Cummins Inc.CMIBolt On
$5.7B
$355M12

Cooling

-89%

Ingersoll Rand Inc.IRBolt On
$5.6B
$627M55

Accelerating

+203%

Idex Corp.IEXBolt On
$5.4B
$283M47

Steady

-16%

Nordson CorporationNDSNGeographic Expansion
$5.1B
$317M36

Accelerating

+856%

Oshkosh CorporationOSKGeographic Expansion
$4.7B
$584M8

Accelerating

+758%

Middleby Corp.MIDDBolt On
$4.6B
$256M101

Cooling

-80%

SKYX Platforms Corp.SKYXN/A
$4.2B
$2.1B1

New cycle

$4.2B recent

Terex CorporationTEXBolt On
$3.9B
$279M8

New cycle

$2B recent

Vertiv Holdings CoVRTHorizontal Consolidation
$3.9B
$650M1

Steady

+5%

Manitowoc Co. Inc.MTWGeographic Expansion
$3.8B
$764M11

New cycle

$13M recent

NET Power Inc.NPWRPlatform
$3.6B
$1.8B3

New cycle

$3.6B recent

Xylem Inc.XYLGeographic Expansion
$3.5B
$322M16

New cycle

$832M recent

Energizer Holdings, Inc.ENRBolt On
$3.4B
$423M3

Cooling

-80%

JBT Marel CorporationJBTMGeographic Expansion
$3.3B
$256M8

Accelerating

+213%

Arts WAY Manufacturing Co. Inc.ARTWBolt On
$3.2B
$1.6B3

Steady

+0% (count)

nVent Electric plcNVTBolt On
$3.2B
$454M8

New cycle

$2.8B recent

Mirion Technologies, Inc.MIRGeographic Expansion
$2.9B
$723M8

Cooling

-68%

SPX Technologies, Inc.SPXCBolt On
$2.9B
$321M27

Accelerating

+209%

Acuity Inc.AYIBolt On
$2.7B
$208M24

Accelerating

+224%

Generac Holdings Inc.GNRCBolt On
$2.7B
$207M15

Cooling

-81%

Enpro Inc.NPOGeographic Expansion
$2.6B
$153M44

Cooling

-56%

Kadant Inc.KAIGeographic Expansion
$2.3B
$138M22

Accelerating

+225%

Deere & Co.DETechnology Acquisition
$2.2B
$139M11

Cooling

-87%

Graco Inc.GGGGeographic Expansion
$2.2B
$157M20

Accelerating

+422%

Rockwell Automation, Inc.ROKGeographic Expansion
$2B
$217M20

Accelerating

+49%

Crane Nxt, Co.CXTBolt On
$1.8B
$180M22

Accelerating

+201%

Parsons CorporationPSNBolt On
$1.7B
$243M13

Steady

-10%

A. O. Smith CorporationAOSGeographic Expansion
$1.5B
$129M17

Cooling

-27%

Enerpac Tool Group Corp.EPACGeographic Expansion
$1.5B
$107M23

Steady

-16%

Alamo Group Inc.ALGBolt On
$1.5B
$75M27

Cooling

-83%

Illinois Tool Works Inc.ITWBolt On
$1.4B
$284M58

Cooling

-68%

Columbus Mckinnon CorporationCMCOGeographic Expansion
$1.4B
$140M7

Cooling

-80%

Tennant Co.TNCGeographic Expansion
$1.3B
$122M12

New cycle

$48M recent

Advanced Energy Industries Inc.AEISGeographic Expansion
$1.3B
$100M15

Winding down

$566M → $33M

Standex International Corp.SXIBolt On
$1.1B
$72M35

New cycle

$528M recent

Wabash National CorporationWNCGeographic Expansion
$1.1B
$163M5

New cycle

$2M recent

Flowserve Corp.FLSGeographic Expansion
$1.1B
$124M9

New cycle

$372M recent

Franklin Electric Co., Inc.FELEGeographic Expansion
$908M
$53M35

Cooling

-47%

Donaldson Company, Inc.DCIGeographic Expansion
$829M
$75M11

Accelerating

+177%

CSW Industrials, Inc.CSWGeographic Expansion
$752M
$94M12

Cooling

-59%

Titan International, Inc.TWIGeographic Expansion
$721M
$80M8

New cycle

$456M recent

Atkore Inc.ATKRGeographic Expansion
$698M
$100M13

Winding down

$351M → $7M

Hydrofarm Holdings Group, Inc.HYFMHorizontal Consolidation
$590M
$197M5

Winding down

$590M → $200K

The Gorman-Rupp CompanyGRCGeographic Expansion
$568M
$189M3

Paused

$528M prior

Tecogen Inc.TGENBolt On
$536M
$134M4

New cycle

$200K recent

Helios Technologies, Inc.HLIOGeographic Expansion
$522M
$104M11

Winding down

$278M → $100K

T1 Energy Inc.TEBolt On
$516M
$258M2

New cycle

$516M recent

Astec Industries, Inc.ASTEBolt On
$499M
$42M12

Accelerating

+467%

Solid Power, Inc.SLDPPlatform
$495M
$495M1

Paused

$495M prior

EnerSysENSBolt On
$451M
$35M23

Steady

+18%

Stardust Power Inc.SDSTGeographic Expansion
$450M
$450MN/A

New cycle

$450M recent

Park-Ohio Holdings CorpPKOHBolt On
$445M
$30M15

Steady

-19%

Plug Power Inc.PLUGTechnology Acquisition
$349M
$70M8

Cooling

-45%

Thermon Group Holdings, Inc.THRBolt On
$330M
$66M8

New cycle

$8M recent

Lindsay CorporationLNNBolt On
$315M
$26M12

Accelerating

+1196%

ABB LtdABBNYHorizontal Consolidation
$313M
$31M15

Paused

$186M prior

Crane CompanyCRN/A
$291M
$97M3

New cycle

$291M recent

Howmet Aerospace Inc.HWMGeographic Expansion
$240M
$240M7

Steady

+0% (count)

Babcock & Wilcox Enterprises, Inc.BWBolt On
$223M
$74M5

Paused

$27M prior

Ultralife CorporationULBIBolt On
$221M
$18M13

Steady

-3%

Ozop Energy Solutions, Inc.OZSCN/A
$200M
$200MN/A

Paused

$200M prior

Hayward Holdings, Inc.HAYWBolt On
$195M
$49M3

Accelerating

+31%

Xometry, Inc.XMTRPlatform
$178M
$89MN/A

Winding down

$175M → $3M

Gates Industrial Corporation plcGTESGeographic Expansion
$162M
$81M3

Steady

+0% (count)

Graham Corp.GHMPlatform
$153M
$22M7

Cooling

-86%

Otis Worldwide CorporationOTISBolt On
$144M
$24M1

Accelerating

+57%

Symbotic Inc.SYMPlatform
$142M
$142M1

New cycle

$142M recent

ATS CorpATSN/A
$130M
$130M2

New cycle

$130M recent

Twin Disc Inc.TWINN/A
$101M
$25M2

New cycle

$40M recent

Rythm Inc.RYMN/A
$85M
$21M2

Accelerating

+7518%

Enovix CorporationENVXVertical Integration
$78M
$39M2

New cycle

$78M recent

Xos, Inc.XOSN/A
$71M
$36M2

New cycle

$71M recent

American Superconductor CorporationAMSCN/A
$71M
$18M7

Steady

+7%

Amprius Technologies, Inc.AMPXN/A
$71M
$71M1

Paused

$71M prior

Kornit Digital Ltd.KRNTGeographic Expansion
$69M
$10M6

Paused

$45M prior

Power Solutions International, Inc.PSIXGeographic Expansion
$69M
$34M3

Steady

+0% (count)

Fuelcell Energy Inc.FCELBolt On
$46M
$15M4

Paused

$600K prior

JE Cleantech Holdings LimitedJCSEN/A
$40M
$20MN/A

New cycle

$40M recent

Broadwind, Inc.BWENBolt On
$39M
$20M4

Steady

+0% (count)

R F Industries, Ltd.RFILGeographic Expansion
$37M
$6M11

Paused

$29M prior

Powell Industries, Inc.POWLGeographic Expansion
$35M
$12M2

New cycle

$12M recent

Graftech International Ltd.EAFN/A
$30M
$30M2

Steady

+0% (count)

Gencor Industries, Inc.GENCN/A
$28M
$14MN/A

Paused

$28M prior

Advent Technologies Holdings, Inc.ADNHGeographic Expansion
$21M
$11MN/A

Cooling

-90%

Luxfer Holdings PLCLXFRGeographic Expansion
$15M
$4M7

Paused

$200K prior

Orion Energy Systems, Inc.OESXGeographic Expansion
$15M
$4M5

Accelerating

+25%

Ballard Power Systems Inc.BLDPN/A
$15M
$15M1

Paused

$15M prior

Capstone Energy Plus, Inc.CGEHBolt On
$14M
$5M1

Steady

+0% (count)

Ads-tec Energy Public Limited CompanyADSEHorizontal Consolidation
$11M
$11MN/A

New cycle

$11M recent

EOS Energy Enterprises, Inc.EOSEVertical Integration
$10M
$10M1

Paused

$10M prior

Quality Industrial Corp.QINDBolt On
$10M
$10M4

New cycle

$10M recent

Kimball Electronics, Inc.KEGeographic Expansion
$9M
$2M3

Paused

$1M prior

Pioneer Power Solutions, Inc.PPSIBolt On
$9M
$4M1

Steady

+0% (count)

Nano Nuclear Energy Inc.NNETechnology Acquisition
$9M
$4M4

New cycle

$9M recent

Serve Robotics Inc.SERVTechnology Acquisition
$8M
$8M2

New cycle

$8M recent

Hyster-yale, Inc.HYTechnology Acquisition
$7M
$2M6

New cycle

$5M recent

Lightbridge CorporationLTBRN/A
$7M
$7MN/A

Paused

$7M prior

Taylor Devices, Inc.TAYDBolt On
$5M
$5M1

Steady

+0% (count)

Powerdyne International, Inc.PWDYN/A
$5M
$2M2

Accelerating

+100%

Ocean Power Technologies, Inc.OPTTBolt On
$4M
$4M2

Paused

$4M prior

China Yuchai International LimitedCYDGeographic Expansion
$4M
$2MN/A

Steady

no signal

Cbak Energy Technology, Inc.CBATN/A
$3M
$3M2

New cycle

$3M recent

Bloom Energy CorporationBEN/A
$2M
$2M1

Paused

$2M prior

Aura Systems, Inc.AUSIBolt On
$1M
$1M1

Steady

+0% (count)

Hurco Companies, IncHURCN/A
$1M
$400K2

Steady

+0% (count)

TPI Composites, Inc.TPICQTalent Acquisition
$1M
$1M1

Steady

+0% (count)

Laser Photonics CorpLASEN/A
$900K
$900K1

New cycle

$900K recent

Nature’s Miracle Holding Inc.NMHIPlatform
$700K
$700K1

New cycle

$700K recent

SCHMID Group N.V.SHMDN/A
$700K
$350KN/A

New cycle

$700K recent

Capstone Companies, Inc.CAPCTechnology Acquisition
$500K
$500KN/A

Steady

no signal

CVD Equipment CorporationCVVN/A
$400K
$400KN/A

Steady

no signal

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“In the last three years, we have deployed approximately $8,960 of capital toward acquisitions. In 2025, this included approximately $1,850 for the acquisition of CentralReach, a leading provider of Software-as-a-Service (“SaaS”) and AI-enabled solutions for applied behavior analysis (“ABA”) therapy clinicians, and approximately $800 for the acquisition of Subsplash, a leading provider of AI-enabled SaaS, and integrated giving solutions, for faith-based organizations. Additionally, we deployed approximately $1,470 toward other bolt-on acquisitions to help build on the strategic position of several of our businesses.”

Roper Technologies Inc.ROPFY2025

“The Company acquired six businesses in 2016, four in Process Management's final control and measurement devices businesses and two in Climate Technologies.”

Emerson Electric Co.EMRFY2016

“Acquisitions are a key to achieving the goals of the AMETEK Growth Model.”

AMETEK, Inc.AMEFY2025

“As part of this acquisition strategy, we have closed on several acquisitions in the past three years including the Howden Acquisition.”

Chart Industries, Inc.GTLSFY2025

“We pursue a disciplined and strategic approach to acquisitions aiming to enhance the quality and attractiveness of our portfolio over time and position Dover for long-term growth.”

DOVER CorpDOVFY2025

“Our historical growth has included, and our future growth is likely to continue to include, in large part our acquisition strategy and the successful integration of acquired businesses into our existing operations.”

Idex Corp.IEXFY2009

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Machinery & Equipment Platforms

1,297

Industrial machinery, equipment platforms, production systems, and mechanical product portfolios.

Buyers

71

Core

42

Spend

$267.7B

2006–2025 · last year 108

Agriculture & Heavy Equipment

172

Agricultural machinery, heavy equipment, off-highway systems, attachments, and specialty vehicle equipment.

Buyers

19

Core

15

Spend

$52.8B

2006–2025 · last year 11

Electrical & Power Components

234

Electrical equipment, power components, connectors, motors, drives, and embedded industrial electronics.

Buyers

36

Core

15

Spend

$29.4B

2006–2025 · last year 15

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0671332006: 120 buys · $4.7B spend · 28 buyers2007: 77 buys · $9.1B spend · 32 buyers2008: 72 buys · $57.3B spend · 26 buyers2009: 46 buys · $9.3B spend · 25 buyers2010: 69 buys · $7.8B spend · 31 buyers2011: 72 buys · $17.3B spend · 32 buyers2012: 88 buys · $9.9B spend · 40 buyers2013: 59 buys · $8.1B spend · 36 buyers2014: 73 buys · $5.6B spend · 30 buyers2015: 81 buys · $9.6B spend · 34 buyers2016: 80 buys · $12.4B spend · 40 buyers2017: 80 buys · $9.5B spend · 37 buyers2018: 88 buys · $9.4B spend · 38 buyers2019: 94 buys · $17.4B spend · 43 buyers2020: 72 buys · $16.7B spend · 27 buyers2021: 114 buys · $28.1B spend · 44 buyers2022: 96 buys · $25.1B spend · 43 buyers2023: 93 buys · $32.7B spend · 40 buyers2024: 82 buys · $38.4B spend · 48 buyers2025: 133 buys · $21.5B spend · 61 buyers2006: 120 buys · $4.7B spend · 28 buyers2007: 77 buys · $9.1B spend · 32 buyers2008: 72 buys · $57.3B spend · 26 buyers2009: 46 buys · $9.3B spend · 25 buyers2010: 69 buys · $7.8B spend · 31 buyers2011: 72 buys · $17.3B spend · 32 buyers2012: 88 buys · $9.9B spend · 40 buyers2013: 59 buys · $8.1B spend · 36 buyers2014: 73 buys · $5.6B spend · 30 buyers2015: 81 buys · $9.6B spend · 34 buyers2016: 80 buys · $12.4B spend · 40 buyers2017: 80 buys · $9.5B spend · 37 buyers2018: 88 buys · $9.4B spend · 38 buyers2019: 94 buys · $17.4B spend · 43 buyers2020: 72 buys · $16.7B spend · 27 buyers2021: 114 buys · $28.1B spend · 44 buyers2022: 96 buys · $25.1B spend · 43 buyers2023: 93 buys · $32.7B spend · 40 buyers2024: 82 buys · $38.4B spend · 48 buyers2025: 133 buys · $21.5B spend · 61 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)