Private equity firm acquires Ohio Transmission Corporation

Founded in 1963 and headquartered in Columbus, Ohio, Ohio Transmission Corporation serves more than 11 000 customers through 23 branch locations in 12 states. Primary products include pumps, bearings, power transmission, factory automation and compressed air products and related services.

“Ohio Transmission Corporation’s long-standing focus on providing technical solutions and support to its customers and suppliers is a differentiated approach in the industrial distribution sector, and one that has resulted in consistent growth throughout its history,” said Devraj Roy, partner at Irving Place Capital. “We look forward to partnering with the management team to continue to build on this strong foundation.”

The Ohio Transmission Corporation management team, led by CEO Phil Derrow, will continue in their current roles and will retain equity ownership in the business. Bob Grubbs, former CEO of Anixter International, will continue in his role as chairman of Ohio Transmission Corporation, while Carlos Cardoso, former CEO of Kennametal and a senior advisor at IPC, will also join the board of directors.