ONCAP, the middle market private equity platform of Onex, has purchased a majority stake in Walter Surface Technologies in partnership with the existing management team.
“ONCAP’s Canadian roots and outstanding investment track record make it an ideal partner for us,” said Marc-André Aubé, the newly appointed CEO of Walter. “Together, we’ll continue to focus on providing the best solutions to our customers to improve their productivity and make their jobs easier and safer. ONCAP’s support will help us grow both organically and through strategic add-on acquisitions.”
Walter’s metalworking solutions include abrasives, tooling, power tools, chemical solutions and welding process solutions. It sells its products to a range of end markets including metal fabrication, transportation, construction, energy, mining, forestry and lumber, food and pharmaceuticals. The company was founded in 1952 by Walter Somers. His son Pierre Somers has led the company for the past 30 years, expanding it internationally.
“Walter is committed to creating the best performing products and offering innovative, safe, user friendly and environmentally conscious solutions to its customers,” said 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.”
The Walter Group will retain a minority interest in Walter Surface Technologies.
Read the full announcement here.