One Equity Partners, a middle market private equity firm, has entered into a definitive agreement to merge its investment in Walterscheid Powertrain Group, a provider of highly-engineered, mission critical powertrain systems and services for off-highway and industrial applications, into Comer Industries S.p.A., a designer and manufacturer of advanced engineering systems and solutions for power transmissions.
“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, 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, OEP.
“OEP has been an outstanding partner to Walterscheid and instrumental in supporting our growth over the last two years. We’re delighted the firm has decided to remain an investor in the combined business,” said Wolfgang Lemser, CEO of Walterscheid Powertrain Group. “Walterscheid and Comer share the same commitment to high quality customer service, safety, innovation and have highly complementary product portfolios.”
“We are thrilled to partner with Walterscheid and OEP,” said Matteo Storchi, chairman and CEO of Comer Industries. “Our collective knowledge and experience in the industry will provide the right strategic, financial and operational resources for building on Comer’s core business and pursuing new growth opportunities that lie ahead.”