ONCAP acquires Walter Surface Technologies
September 21, 2018 by Manufacturing AUTOMATION
September 21, 2018 – ONCAP, a division of private equity firm Onex, has acquired Walter Surface Technologies, in partnership with the existing management team. The Walter Group will retain a minority interest in ONCAP.
Walter is provider of solutions for the metalworking industry, including abrasives, tooling, power tools, chemical solutions and welding process solutions. The company sells its portfolio of products to a diverse array of end markets, including metal fabrication, transportation, construction, energy, mining, forestry and lumber, food and pharmaceuticals.
“Walter is committed to creating the best performing products and offering innovative, safe, user-friendly and environmentally conscious solutions to its customers,” says Gregory Baylin, a managing director with ONCAP. “The company’s dedication to excellence and strong workforce are what attracted us to the business. We’re thrilled to partner with the management team and the founding family to build upon the entrepreneurial spirit and vision Walter and Pierre Somers created.”
Marc-André Aubé, the newly appointed CEO of Walter, says, “ONCAP’s Canadian roots and outstanding investment track record make it an ideal partner for us.”
“ONCAP’s support will help us grow both organically and through strategic add-on acquisitions.”
The investment was made by ONCAP IV, Onex Corporation’s $1.1-billion fund. The terms of the transaction are not being disclosed.