US private equity firm Genstar Capital has acquired Ohio Transmission Corporation (OTC), an industrial equipment distributor and technical service provider, from Irving Place Capital, in partnership with management.
Columbus, Ohio-headquartered OTC distributes highly engineered products including motion control, pumps, finishing products, robotics, motors and air compressors. Founded in 1963, OTC has 38 branch locations in 17 states and serves more than 13 000 customers. Key end markets include transportation, industrial machinery, metals, chemicals, and food & beverage among others.
“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,” said Rob Rutledge, managing director at Genstar. “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.”
“My father founded a company that for nearly 60 years has operated with an established culture and values rooted in integrity, achievement, and growth,” said Philip Derrow, CEO of OTC. “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 completed 16 acquisitions since 2010, including PumpTek and Buckeye Pumps.