Genstar Capital Announces Acquisition of Ohio Transmission Corporation in Partnership with Management
OTC to Benefit from Accelerating Industry Demand for Factory Automation
Apr 09, 2019, 07:30 ET
SAN FRANCISCO, April 9, 2019 /PRNewswire/ -- Genstar Capital, a leading private equity firm focused on investments in targeted segments of the industrial technology, healthcare, software, and financial services industries, today announced the acquisition of Ohio Transmission Corporation (OTC), an industrial automation equipment distributor and technical service provider.
Ohio Transmission Corporation is a leading technical distributor of highly engineered products including motion control, pumps, finishing products, robotics, motors and air compressors. OTC serves over 13,000 customers across diverse end-markets, providing highly technical sales consultation and aftermarket repair and services. Key end markets include transportation, industrial machinery, metals, chemicals, and food & beverage among others. Founded in 1963 and headquartered in Columbus, Ohio, OTC's geographic footprint includes 38 branch locations in 17 states.
Rob Rutledge, Managing Director at Genstar said, "OTC operates at a pivotal point in the manufacturing sector, benefiting suppliers looking to partner with distributors with broader product and service capabilities and customers who are increasingly relying on distributors with strong technical resources. The company provides a leading brand portfolio of highly technical products, value added services and specialized solutions with a proven track record of adding new product categories. We look forward to supporting management's strategy of product and geographic expansion organically as well as through strategic acquisitions to better serve OTC's customers."
Philip Derrow, Chief Executive Officer of OTC, said, "My father founded a company that for nearly 60 years has operated with an established culture and values rooted in integrity, achievement, and growth. Genstar has direct experience working with industrial technology companies like ours and we look forward to working with their investment and operating partners to capitalize on numerous growth opportunities to broaden our geographic reach and enhance our technical solutions offerings to better serve our customers and suppliers and create opportunities for our associates."
OTC has been a successful integrator, completing 16 successful acquisitions since 2010, and maintains a robust pipeline of actionable platform enhancing opportunities.
Weil, Gotshal & Manges LLP acted as legal counsel to Genstar Capital in the acquisition.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the industrial technology, healthcare, software, and financial services industries.
Contact: Chris Tofalli
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SOURCE Genstar Capital
