ONCAP, a mid-market private equity platform of Onex, has purchased a majority stage in Walter Surface Technologies. The existing management team will retain a minority interest as part of the deal.
Walter is a supplier of abrasives, tooling, power tools, chemical solutions and welding process solutions to a number of industries, automotive included. It was founded in 1952 by Walter Somers and, more recently, his son Pierre over the last 30 years who led the company to expand internationally.
Marc-André Aubé has been named Walter’s new chief executive officer as Pierre is retiring as CEO and chairman of the company and chairman and CEO of the Walter Group.
“This transaction is the logical step to take Walter to new and exciting heights,” he said in a statement. “The company is in great hands with Marc-André and the management team we’ve worked hard to build.”