ONCAP acquires Walter Surface Technologies

Date Closed

September 20, 2018

Lead Office

Montréal

On September 20, 2018, ONCAP announced that it has acquired a majority stake in Walter Surface Technologies ("Walter") whereby ONCAP acquired all the issued and outstanding shares of Walter Surface Technologies Inc., Walter Surface Technologies Incorporated, Walter de Mexico S.A. de C.V., and Walter Industria e Comercio LTDA. The investment was completed by ONCAP IV, a fund of ONCAP, in partnership with Walter’s existing management team. The Walter Group has retained a minority interest in Walter.

Walter is a Quebec-based provider of technology solutions for industrial users including abrasives for cutting, blending, grinding, sanding and finishing metal, as well as complimentary chemicals, tooling, power tools, and weld systems. It is established in seven countries throughout North America, South America and Europe.

ONCAP is a mid-market private equity platform of Onex, a private equity firm based in Toronto. It invests in medium-sized businesses in North America.

McCarthy Tétrault LLP advised Walter Financial Inc., as a seller, with a team led by Patrick Boucher that included Hadrien Montagne, François Dupuis, Laure Fouin, Karina Gagnon, Eloïse Gagné, Sunny Yang and Camille Marceau (Corporate), Dominique Amyot-Bilodeau (Environmental), Véronique Wattiez Larose (Intellectual Property), Diana Theophilopoulos (Labour & Employment), Annie Gagnon-Larocque, Matthew Pekofsky and Nadir Pracha (Real Property), and Christian Meighen, Marie-Soleil Landry and Quentin Lageix (Tax).

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