ONCAP has purchased a majority stake in Walter Surface Technologies in partnership with the existing management team. The Walter Group will retain a minority interest in the company.
Walter is a provider of innovative solutions for the metal working industry. Its consumable metal working solutions include 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 was founded in 1952 by Walter Somers and, over the past 30 years, his son Pierre Somers led the company and expanded 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 are thrilled to partner with the management team and the founding family to build upon the entrepreneurial spirit and vision Walter and Pierre Somers created."
"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 will 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."
"This transaction is the logical step to take Walter to new and exciting heights. The company is in great hands with Marc-André and the management team we have worked hard to build," said Pierre Somers, the retiring Chairman and CEO of Walter and the Chairman and CEO of Walter Group. "We are excited to remain a minority shareholder and watch the company's growth during this next chapter. The Walter Group will now turn its focus to expanding our investing activities."
For more information contact:
ONCAP
712 Fifth Avenue, 40th Floor
New York, NY 10019
212-582-2211
info@oncap.com
www.oncap.com
Walter Surface Technologies
810 Day Hill Road
Windsor, CT 06095
860-298-1100
info.us@walter.com
www.walter.com