All amounts in Canadian dollars unless otherwise stated
Toronto, June 2, 2015 – Ingersoll Tillage Group (“ITG”) and its majority owned subsidiary, Corporacion Patricio Echeverria, are pleased to announce the sale of a substantial portion of ITG’s shares to ONCAP. This investment is being made in partnership with Robert “Butch” Mandel, a successful Canadian entrepreneur with ownership interests in leading steel processing and distribution businesses in addition to his shareholdings in ITG. The terms of the transaction were not disclosed. The investment will be made by ONCAP III, a $800 million fund.
ITG is a global leader in the manufacturing of high-precision consumable wear components embedded into agricultural soil preparation and seeding equipment implements, primarily under the Ingersoll Tillage and Bellota AgriSolutions brands and serves both the OEM and aftermarket channels. The Bellota Hand Tools division is also a leading manufacturer and distributor of branded manual hand tools for the agriculture, construction and gardening end markets in Europe, North America and Latin America under leading brands including Bellota and Corona. The company is based in Hamilton, Ontario and Legazpi, Spain. The combined company has over 1,500 employees, in 14 countries with products sold in over 80 countries around the world.
ONCAP is the mid-market private equity platform of Onex. ONCAP, in partnership with operating company management teams, invests in and builds shareholder value in North American small and mid-size companies that are leaders in their defined market niche and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. Onex’ credit platform manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately US$21 billion of assets under management, including US$5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds. For more information on Onex, visit its website at www.onex.com.
For further information:
Managing Director – Investor Relations