Exponential growth in Europe

What is exponential growth in a B2B industrial sector? How can industrial companies achieve it? If the horizon is ten years, which performance can be considered outstanding? OPG has analyzed several cases in the last ten years (2015-2024) at a European level that can provide interesting examples.

  1.  Revenue increase in absolute terms (€): Top 3 industrial companies in Europe
    1. ASML (NL): semiconductor equipment manufacturing, 2015: €6,3bn → 2024: €28,3bn → Δ +€22bn
    2. Schneider Electric (FR): energy management & industrial automation, 2015: €26.6bn → 2024: €38.2bn → Δ +€11.6bn
    3. Vestas (DK): wind turbines/industrial OEM, 2015: €8.4bn → 2024: €17.3bn → Δ +€8.9bn.
  2. Biggest industrial-sector acquisition in Europe (2015-24)
    1. In July 2020, a consortium made of Advent International, Cinven and RAG‑Stiftung acquired the elevator division of Thyssenkrupp AG (DE), for €17,2bn.
    2. In October 2024, Abu Dhabi National Oil Company (ADNCO) acquired Covestro AG a German manufacturer of specialty-chemicals/polymers used in automotive, construction, electronics for €14,7bn.
    3. In September 2024, DSV A/S (DK) acquired DB Schenker for €14,3bn. While the acquisition is in the logistics sector, logistics is very much part of the industrial supply-chain ecosystem (transporting goods, warehousing, freight forwarding).
  3. Revenue increase in absolute terms (€), only considering European B2B mid-size industrial companies with initial revenue between €100m/€300m: Some top performers in selected countries.
    1. Aixtron (DE): semiconductor equipment manufacturing, 2015: €198m → 2024: €633 → Δ +€435m.
    2. Carel (ITA): control solutions for air conditioning, refrigeration and heating, and systems for humidification and evaporative cooling, 2015: €203,5m → 2024: €578,5m → Δ +€375m.
    3. Lectra (FR): industrial intelligence technology solutions, 2015: €238m → 2024: €527m → Δ +€289m.
    4. Girbau (ESP): industrial laundry equipment, 2015: €134m → 2024: €200m → Δ +€66m.

(Please note that many mid-size companies are private and/or do not publish their balance sheets).

Some quick takeaways.

  • Growth was created both through organic increases and M&A.
  • There is a linear correspondence between the growth achieved by these companies and the growth in their sectors, both at a global and European level.
  • Most of their direct competitors where not able to achieve the same level of growth.
  • Big acquisitions reshape an entire segment/industry, impacting the logics of competition and operations in a certain market.

If today was November 6th, 2035, who would be the winners in the same categories? If you work in a company operating in the industrial or energy sector, how can you strategize and execute to be listed in the top 10, or even the top 3?

At OPG we work with entrepreneurs, top managers and fund managers in the industrial & energy sector that want to create the conditions for exponential growth.

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