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Draft:Ammega Group

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AMMEGA Group
TypePrivate
IndustryIndustrial belting and power transmission
FoundedDecember 2018; 7 years ago (2018-12)
Headquarters
Steinhausen, Canton of Zug
,
Switzerland
Area served
Worldwide
Key peopleMaciej "Mac" Gwozdz (CEO)
ProductsConveyor and process belts, plastic modular belts, power transmission belts, timing belts, industrial hoses, pulleys, couplings, PTFE fabrics, silicone-coated materials
BrandsAmmeraal Beltech, Megadyne, Jason, Green Belting, Sampla Belting, uni-chains, Chemprene
OwnerPartners Group
Number of employees
~6,000
Websiteammega.com

AMMEGA Group is a privately owned industrial manufacturing company headquartered in Steinhausen, canton of Zug, Switzerland, that produces conveyor belting, power transmission belts, industrial hoses and coated materials. The company was formed in 2018 through the combination of Ammeraal Beltech and Megadyne Group following back-to-back acquisitions by Partners Group.[1][2] In October 2024, Bloomberg News reported that Partners Group was exploring strategic options for the company, including a potential initial public offering, in a transaction that could value AMMEGA at approximately CHF 4 billion (about US$4.6 billion).[1][3]

History

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Origins of Ammeraal Beltech and Megadyne

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AMMEGA's history is rooted in two legacy European belting companies. Ammeraal Beltech was founded in Alkmaar, Netherlands in 1950 by Thomas Ammeraal, initially producing endless woven conveyor belts for bakeries before expanding into a broader range of lightweight process and conveyor belting.[4][5]

Megadyne Group was founded in Mathi, Italy in 1957 by Corrado Tadolini as a producer of rubber drive belts, later expanding into polyurethane and rubber timing belts, V-belts and flat belts, and other power transmission products. Under the leadership of his son Giorgio Tadolini, Megadyne grew into an international manufacturer through a combination of organic expansion and acquisitions including Jason Industrial, Belt Corporation of America, Sampla Belting, Helicord Transmissions and SATI SpA.[6][7]

Private-equity ownership

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Ammeraal Beltech was previously owned by Dutch private equity firm Gilde Buy Out Partners. In May 2015, Advent International agreed to acquire the company; press reporting at the time described the deal as valued between €400 million and €500 million, with Japan's Bando Chemical Industries and private-equity firm Bridgepoint also submitting bids in the auction.[8][9]

Megadyne Group was acquired by French private-equity firm Astorg in 2014, in partnership with the Tadolini family and Italian co-investors Neuberger Berman and Fondo Italiano di Investimento.[6][7]

Formation of AMMEGA (2018)

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On 4 June 2018, Partners Group agreed to acquire Ammeraal Beltech from Advent International for approximately €1 billion.[4][5] One month later, on 5 July 2018, Partners Group announced a related agreement to acquire Megadyne Group from Astorg and the Tadolini family; the two transactions had a combined enterprise value of €2 billion.[10][11][5]

The two acquisitions closed in September 2018 following anti-trust clearances, and the combined business was launched under the AMMEGA name on 17 December 2018, with Stijn Vriends appointed as inaugural chief executive officer.[12] A Swiss parent company, Ammega Group AG, was subsequently entered in the Swiss commercial register in Steinhausen, canton of Zug, on 28 February 2020.[13]

Subsequent acquisitions and ownership review

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In February 2020, AMMEGA acquired Midwest Industrial Rubber (MIR), a United States-based belting fabricator and distributor.[14]

In October 2024, Bloomberg News reported that Partners Group was weighing strategic options for AMMEGA — described as the private-equity firm's largest holding — including a potential initial public offering that could value the company at about CHF 4 billion (approximately US$4.6 billion), with Zurich cited as a possible listing venue.[1][3] In November 2024, Bloomberg further reported that Partners Group had selected Bank of America and UBS as lead arrangers for a listing earmarked for late 2025.[15]

Operations

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AMMEGA Group is headquartered in Steinhausen, in the canton of Zug, Switzerland, with operational headquarters in the Netherlands.[13][3] According to Bloomberg reporting, the company operates more than 20 manufacturing facilities producing belts and hoses for uses ranging from food production to logistics centers.[3]

Credit ratings and financial profile

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AMMEGA has been the subject of ongoing coverage by international credit rating agencies since Partners Group's 2018 acquisition. In December 2024, Fitch Ratings affirmed Ammega Group B.V.'s Long-Term Issuer Default Rating at 'B-' with a Stable Outlook.[2] S&P Global Ratings has similarly maintained ongoing analytical coverage of the company, publishing periodic research updates on Ammega Group B.V.[16]

Leadership

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AMMEGA Group is led by a Group Executive Committee. The company has had three chief executive officers since its formation:

  • Stijn Vriends served as AMMEGA's inaugural chief executive officer from the December 2018 merger launch.[12]
  • Ralph Schuck subsequently led the group as chief executive officer, appearing in that capacity in AMMEGA's February 2020 acquisition of Midwest Industrial Rubber.[14]
  • Maciej "Mac" Gwozdz was appointed chief executive officer in October 2020. Gwozdz previously served as president of the European business area at Finnish stainless steel producer Outokumpu from 2018 to 2020.[17]

At the time of the 2018 combination, Giorgio Tadolini served as chief executive officer of Megadyne, a company founded by his father Corrado Tadolini in 1957.[6][7]

Philip Cohenca served as president of the Americas region from the September 2018 merger until October 2019, when he was succeeded by Tom Doring.[18]

Brands

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AMMEGA Group's brands cover conveying, power transmission, hose and coated-material product categories.[14]

Ammeraal Beltech

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Ammeraal Beltech supplies conveyor and process belting products, including synthetic belts, elastomer belts, silicone-coated conveyor belts and plastic modular conveyor belts sold under the uni-chains brand. The brand also includes Chemprene, a United States-based manufacturer of lightweight rubber conveyor belts, diaphragms and coated fabrics.[4][14]

Megadyne

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Megadyne supplies power transmission belts, including polyurethane and rubber timing belts, V-belts and flat belts, together with related pulleys, couplings and drive components. Sampla Belting, an Italian manufacturer of heavy-duty conveyor belts for logistics and industrial applications, also sits within the Megadyne brand portfolio.[6][7]

Jason

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Jason is AMMEGA's brand for industrial and hydraulic hose products in the Americas region, with headquarters in Fairfield, New Jersey and distribution centers across North, Central and South America. The brand was previously known as Jason Industrial. In October 2021, AMMEGA announced a realignment of its United States and Canadian product architecture under which power transmission belts moved to the Megadyne brand and hose products remained with Jason Industrial.[19] In March 2025, the brand was renamed to Jason and repositioned as a hose-focused business, with a new website at jasonhosesolutions.com.[20]

Products and industries

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AMMEGA's product portfolio includes conveyor and process belts, plastic modular belts, power transmission belts, timing belts, industrial hoses, pulleys, couplings, PTFE fabrics, silicone-coated materials and related belting components. According to Bloomberg reporting, these products are used across industries including food production, logistics, packaging, automotive and general manufacturing.[3][1]

Ownership

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AMMEGA Group is owned by Partners Group, the Swiss-listed global private-markets investment manager, which acquired both Ammeraal Beltech and Megadyne Group in 2018 and combined them under the AMMEGA name.[10][11] As of 2024, Bloomberg reported that AMMEGA was Partners Group's largest portfolio holding.[15]

References

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  1. 1 2 3 4 Wirz, Matt; Nair, Dinesh (30 October 2024). "Partners Said to Weigh Options for Conveyor-Belts Maker Ammega." Bloomberg News. https://news.bloomberglaw.com/private-equity/partners-said-to-weigh-options-for-conveyor-belts-maker-ammega
  2. 1 2 "Fitch Affirms Ammega Group B.V at 'B-'; Outlook Stable." Fitch Ratings. 20 December 2024. https://www.fitchratings.com/research/corporate-finance/fitch-affirms-ammega-group-bv-at-b-outlook-stable-20-12-2024
  3. 1 2 3 4 5 "Partners Said to Weigh Options for Conveyor-Belts Maker Ammega." SWI swissinfo.ch (Bloomberg via Swiss Broadcasting Corporation). 30 October 2024. https://www.swissinfo.ch/eng/partners-said-to-weigh-options-for-conveyor-belts-maker-ammega/87748590
  4. 1 2 3 "Transportbandenmaker Ammeraal voor 1 miljard verkocht" [Conveyor-belt manufacturer Ammeraal sold for €1 billion]. NH Nieuws (citing Het Financieele Dagblad). 4 June 2018. https://www.nhnieuws.nl/nieuws/226166/transportbandenmaker-ammerlaan-voor-1-miljard-verkocht
  5. 1 2 3 "Partners Group buys Ammeraal Beltech in SBO." Unquote. 4 June 2018. https://www.unquote.com/benelux/official-record/3010232/partners-group-buys-ammeraal-beltech-in-sbo
  6. 1 2 3 4 "Megadyne, la cinghia di trasmissione conquista il mondo" [Megadyne, the transmission belt conquers the world]. La Repubblica (Torino edition). 14 October 2014. https://prestiamoci.it/files/La-Repubblica-Torino-14-ottobre-2014.pdf
  7. 1 2 3 4 Carrago, David (March 2018). "Giorgio Tadolini — CEO of Megadyne." The CEO Magazine (EMEA edition). https://static.theceomagazine.com/content/downloads/pdf/EMEA_2018_March__Carrago_Tadolini_MEGADYNE_Manufacturing.pdf
  8. ↑ "Advent International to Buy Ammeraal Beltech." The Wall Street Journal. 12 May 2015. https://www.wsj.com/articles/advent-international-to-buy-ammeraal-beltech-1431451253
  9. ↑ "Bando Said to Vie With Private-Equity Firms for Ammeraal Beltech." Bloomberg. 7 May 2015. https://www.bloomberg.com/news/articles/2015-05-07/bando-said-to-vie-with-private-equity-firms-for-ammeraal-beltech
  10. 1 2 "Partners Group erwirbt Megadyne Group und Ammeraal Beltech für 2 Mrd. Euro." Cash.ch. 5 July 2018. https://www.cash.ch/borsen-ticker/unternehmen/partners-group-erwirbt-megadyne-group-und-ammeraal-beltech-fur-2-mrd-euro-414092
  11. 1 2 "Partners Group: deux acquisitions pour 2 milliards d'euros." Allnews.ch. 5 July 2018. https://www.allnews.ch/content/corporate/partners-group-deux-acquisitions-pour-2-milliards-d%E2%80%99euros
  12. 1 2 "Ammega: Neuer Transmissionsriemen-Hersteller entsteht." K-Online (Messe Düsseldorf). 20 May 2019. https://www.k-online.de/de/Media_News/News/Archiv_Branchen-News/Ammega_Neuer_Transmissionsriemen-Hersteller_entsteht
  13. 1 2 "Ammega Group AG." Moneyhouse. Swiss commercial register record, CH-170.3.044.388-7. https://www.moneyhouse.ch/en/company/ammega-group-ag-13561015901
  14. 1 2 3 4 "Dutch Belting Company AMMEGA Acquires Midwest Industrial Rubber." Industrial Distribution. 4 February 2020. https://www.inddist.com/mergers-acquisitions/news/21114841/dutch-belting-company-ammega-acquires-midwest-industrial-rubber
  15. 1 2 "Partners Said to Pick Banks for IPO of Conveyor-Belt Firm Ammega." Bloomberg News. 11 November 2024. https://www.bloomberg.com/news/articles/2024-11-11/partners-said-to-pick-banks-for-ipo-of-conveyor-belt-firm-ammega
  16. ↑ "Research Update: Ammega Group B.V. Outlook Revised." S&P Global Ratings. 9 October 2025. https://www.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101647948
  17. ↑ "Maciej Gwozdz — Chief Executive Officer at Ammega Group BV." MarketScreener. https://www.marketscreener.com/insider/MACIEJ-GWOZDZ-A280V3/
  18. ↑ "Announcement on new President of the Americas — Tom Doring." Ammeraal Beltech. 29 October 2019. https://www.ammeraalbeltech.com/en-US/news-and-events/news/2019/announcement-on-new-president-of-the-americas-tom-doring/
  19. ↑ "Product Re-Alignment at Ammega Power Transmission and Fluid Power Businesses — United States and Canada Only." Business Wire. 25 October 2021. https://www.businesswire.com/news/home/20211025005598/en/Product-Re-Alignment-at-Ammega-Power-Transmission-and-Fluid-Power-Businesses-United-States-and-Canada-Only
  20. ↑ "Jason Reveals New Brand Identity, Reinforcing Its Leadership in Hose Solutions." Jason (AMMEGA Group). 26 March 2025. https://jasonhosesolutions.com/jason-reveals-new-brand-identity-reinforcing-its-leadership-in-hose-solutions/
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