Ohio Transmission Corp. has a new private equity owner following its sale by Irving Place Capital to Genstar Capital, a San Francisco private equity firm. The new owners will support OTC’s strategy of product and geographic expansion organically as well as through strategic acquisitions to better serve its customers.
“The IPC team, which includes seasoned industry executives and operating resources, has actively supported our organic and acquisition growth strategies while helping to reinforce the foundations of the business,” OTC CEO Phil Derrow. said in a statement. "Together, we have expanded our geographic footprint, entered new end-markets, broadened our product offering, and accelerated our technical service and repair capabilities.”
OTC, an industrial automation equipment distributor and technical service provider, was sold by Irving Place Capital, a middle-market private equity firm that bought the company in 2015. Terms of the transaction were not disclosed.
“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," Derrow also said
A successful integrator, OTC has completed 16 successful acquisitions since 2010. The company’s geographic footprint includes 38 branch locations in 17 states, which serve more than 13,000 customers.