Transformational Combination Creates a Leading Player in Powertrain Equipment
NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that is has completed the merger of portfolio company Walterscheid Powertrain Group (“Walterscheid”), a leading provider of highly-engineered, mission critical powertrain systems and services for off-highway and industrial applications, with Comer Industries S.P.A. (“Comer Industries”) (Borsa Italiana S.p.A.: BIT:COM), a designer and manufacturer of advanced engineering systems and solutions for power transmissions. Under terms of the transaction, OEP will continue to own a significant minority stake in the combined company.
The transformational combination of Walterscheid with Comer Industries creates one of the largest global providers of powertrain equipment with highly-complementary product portfolios, and aftermarket parts and related services for the agricultural, construction and wind power end markets. The two companies are expected to generate approximately €1 billion in revenue for 2021. Please note that this forecast figure has not been subjected to statutory audit, and may be subject to variation when the draft financial statements are approved on 31 December 2021.
“The scale and comprehensive product portfolio Walterscheid and Comer Industries bring each other will ensure that the combined company will be able to better serve its customers worldwide for years to come,” added Joseph Huffsmith, Managing Director of OEP.
“OEP has been a great partner to Walterscheid and played a critical role in this merger. We’re delighted the firm will continue to be an investor in the combined business” said Wolfgang Lemser, CEO of Walterscheid Powertrain Group.
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.