Ingersoll Tillage Group (ITG), which manufactures Bellota farrier rasps, and its majority-owned subsidiary Corporation Patricio Echeveria announced the sale of a substantial portion of ITG’s shares to ONCAP.
The terms of the sale, which was effective June 1, were not disclosed.
The investment is being made in partnership with Robert “Butch” Mandel, a Canadian entrepreneur with ownership interests in steel processing and distribution businesses in addition to his shareholdings in ITG. The investment will be made by ONCAP III, an $800 million fund.
About ITG
ITG manufactures high-precision consumable wear components embedded into agricultural soil preparation and seeding equipment implements, primarily under the Ingersoll Tillage and Bellota AgriSolutions brands.
Bellota Hand Tools division, which was acquired by Ingersoll Tillage Group in March 2014, is also a leading manufacturer and distributor of branded manual hand tools for several markets, including farriery, 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 more than 1,500 employees in 14 countries with products sold in over 80 countries around the world.
About ONCAP
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 information on ONCAP, visit its website at www.oncap.com.
Onex is one of the oldest 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. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The company has approximately $21 billion of assets under management, including $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 information on Onex, visit its website at www.onex.com.
