ONCAP, a private equity platform of Onex, has purchased a majority stake in Walter Surface Technologies. Its parent company, the Walter Group, will retain a minority interest in the company.
Walter Surface Technologies is a provider of metal working solutions, including abrasives, tooling, power tools, chemical solutions and welding process solutions for the metal fabrication, construction, energy, food and pharmaceuticals, among others.
“This transaction is the logical step to take Walter to new and exciting heights,” said Pierre Somers, the retiring chairman and CEO of Walter Surface Technologies and its parent company. “We’re 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.”
Marc-André Aubé, newly-appointed CEO of Walter Surface Technologies, said the acquisition will allow the company to grow organically and through “strategic add-on acquisitions.” www.oncap.com www.walter.com