ONCAP acquires metal working solutions provider

ONCAP acquires metal working solutions provider

5:00 AM, 21st September 2018
ONCAP logo

TORONTO/ MONTREAL, CANADA: ONCAP has purchased a majority stake in Walter Surface Technologies (Walter), in partnership with the existing management team. The Walter Group will retain a minority interest in the company.

Walter is a leading provider of innovative solutions for the metal working industry. Its premium, 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. 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,” said Gregory Baylin, a managing director with ONCAP.

“ONCAP’s Canadian roots and outstanding investment track record make it an ideal partner for us. 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,” said Marc-Andre Aube, the newly-appointed CEO of Walter.  

“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’ve worked hard to build. 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,” said Pierre Somers, the retiring chairman and CEO of Walter and the chairman and CEO of Walter Group.   

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