Comer agrees to 100% acquisition of Walterscheid

By Ian Cameron16 July 2021

Walterschied tractor Comer Industries is acquiring German powertrain components specialist Walterschied Powertrain Group.

Comer Industries announced it has entered into a binding agreement to acquire 100% of the share capital of WPG Holdco, the holding company controlling Walterschied Powertrain Group, a global supplier of drive and power systems for agricultural, industrial, construction and mining equipment headquartered in Lohmar, Germany.

The Storchi family is maintaining its controlling interest in Comer Industries. The family includes, from left, Vice President Cristian Storchi , Chairman and CEO Matteo Storchi and Board Member Marco Storchi.

The agreement is for a total consideration of approximately €203 million, including a €40 million cash consideration and the entry of WPG Parent, sole shareholder of WPG Holdco – which is controlled by private equity fund One Equity Partners – along with a 28% stake in Comer Industries.

The Storchi family maintains its controlling interest in Comer with a 51.05% majority shareholding.

At completion, the transaction will create a company with pro forma revenues of €792 million, Comer said.

Comer Industries designs and produces engineering systems and mechatronic solutions for power transmission for major manufacturers of agricultural and industrial machinery worldwide. Walterscheid products include gearboxes, clutches, shafts and hitch systems. It has nine manufacturing sites worldwide and 2200 employees.

“This transaction highlights the strength of the business and industry in its creation of a system based on excellence, through a business combination that doubles the size of both companies,” said Matteo Storchi, Comer’s chairman and CEO. “What we see today is first and foremost an industrial project, rather than a financial one, with the objective of building an industrial group of world stature with long-term investment prospects, fully aligned with the strategic objective of the listing of Comer Industries on the (Milan) stock exchange.

“The transaction is a perfect reflection of Comer Industries’ unconventional approach – thinking big, strategically and courageously, starting with our solid foundations, but making the effort of looking at the world from different perspectives that are less conventional.”

Latest News
Corrosion-resistant valve for common rail pumps
Stanadyne’s new Inlet Metering Valve (IMV) designed to improve diesel fuel pump life in corrosive applications
New KTR subsidiary in Singapore
KTR Systems Singapore Pte Ltd is coupling specialist’s 25th global subsidiary
Doosan delivers first dozer in U.S.
Company’s first dozer was delivered to a grinding and mulching business in Pennsylvania