The 2020 Mid-Year Economic Update_long

Ohio Transmission Acquired by Private Equity Firm

Industrial equipment service provider and distributor will retain existing management team.

Industrial equipment service provider and distributor Ohio Transmission Corp., Columbus, OH, has been acquired by private equity firm Irving Place Capital. Terms of the transaction were not disclosed.

Founded in 1963, OTC serves more than 11,000 customers across diverse end-markets with product offerings that include pumps, bearings, power transmission, factory automation, and compressed air products and related services.

One of OTC's divisions is OTP Industrial Solutions, which provides solutions for industrial motion control, fluid power, power transmission and pumping systems, and is No. 38 on MDM's 2015 list of the Top 40 Industrial Distributors.

OTC’s management team, led by CEO Phil Derrow, will continue in their current roles and will retain equity ownership in the business.

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