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Irving Place Capital, a middle-market private equity firm, has announced the sale of Ohio Transmission Corporation, Columbus, Ohio, an industrial equipment service provider and distributor,to Genstar Capital. Terms of the transaction were not disclosed.
“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,” stated Phil Derrow, CEO of OTC. “Together, we have expanded our geographic footprint, entered new end-markets, broadened our product offering, and accelerated our technical service and repair capabilities.”
OTC provides technical and consultative sales, repair and aftermarket capabilities through a network of 38 locations across 17 states.
Baird acted as financial advisor and Jones Day served as legal counsel to OTC on the transaction.