Irving Place Acquires Ohio Transmission

Irving Place Acquires Ohio Transmission

Ohio Trans nf1Irving Place Capital has completed its acquisition of Ohio Transmission Corporation (OTC), a distributor of motion control, pump and air compressor products, from Frontenac Company which acquired the company in July 2013.

OTC’s divisions include OTP Industrial Solutions, a provider of industrial motion control, fluid power, power transmission and pumping systems; and Air Technologies, a compressed air system equipment and service provider and the largest distributor of Atlas Copco compressed air equipment in North America. The company has approximately 11,000 customers and 650 employees. Ohio Transmission was founded in 1963 and is headquartered in Columbus, OH ( (

Ohio Trans f2

The members of OTC’s management team, led by CEO Phil Derrow, will continue in their current roles and will retain equity ownership in the business. Bob Grubbs, former CEO of Anixter International, will continue in his role as Chairman of OTC. Carlos Cardoso, former CEO of Kennametal and Senior Advisor at Irving Place Capital, will join the OTC Board of Directors.

Devraj Roy nf1“Ohio Transmission’s long-standing focus on providing technical solutions and support to its customers and suppliers is a differentiated approach in the industrial distribution sector, and one that has resulted in consistent growth throughout its history,” said Devraj Roy, Partner at Irving Place Capital. “We look forward to partnering with the management team to continue to build on this strong foundation.”

“I am thrilled to continue working with the OTC management team to help drive growth and profitability,” said Mr. Grubbs. “Partnering with the Irving Place Capital team, with whom I have enjoyed a long-standing relationship, gives me the confidence that we will have an experienced and knowledgeable investor to support the company going forward.”

Irving Place Capital invests in buyouts, recapitalizations and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in 60 companies and manages over $4 billion, including its current $2.7 billion institutional fund. The firm is based in New York (

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