One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has entered into a definitive agreement to merge its investment in Walterscheid Powertrain Group (“Walterscheid”), a leading provider of highly-engineered, mission critical powertrain systems and services for off-highway and industrial applications, into Comer Industries S.p.A. (“Comer”) (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 will create 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. For the twelve months ending December 31, 2020, together the two companies generated €792.3 million of revenue and €86.5 million of adjusted EBITDA in 2020.
“The strong rebound in the agriculture and construction equipment sectors, along with rising food production, a greater reliance on wind energy and increased outsourcing by OEMs will provide strong secular tailwinds to support the growth of the combined business for years to come,” said Joseph Huffsmith, Managing Director of OEP. “We believe that the combined company, with its increased scale and product portfolio, will be able to better serve its customers worldwide,” added Steve Lunau, Managing Director of OEP.