Toronto, Ontario and Montreal, Quebec September 20, 2018

– ONCAP today announced it has purchased a majority stake in Walter Surface Technologies (“Walter” or the “Company”), in partnership with the existing management team. The Walter Group will retain a minority interest in the Company.

Walter is a leading provider of innovative solutions for the metal working industry. Its premium, consumable metal working solutions include abrasives, tooling, power tools, chemical solutions and welding process solutions. The Company sells its portfolio of products to a diverse array of end markets, including metal fabrication, transportation, construction, energy, mining, forestry and lumber, food and pharmaceuticals. Walter was founded in 1952 by Walter Somers and, over the past 30 years, his son Pierre Somers led the Company and expanded it internationally.
“Walter is committed to creating the best performing products and offering innovative, safe, user-friendly and environmentally conscious solutions to its customers,” said Gregory Baylin, a Managing Director with ONCAP. “The Company’s dedication to excellence and strong workforce are what attracted us to the business. We’re thrilled to partner with the management team and the founding family to build upon the entrepreneurial spirit and vision Walter and Pierre Somers created.”

“ONCAP’s Canadian roots and outstanding investment track record make it an ideal partner for us,” said Marc-André Aubé, the newly-appointed Chief Executive Officer of Walter. “Together, we’ll continue to focus on providing the best solutions to our customers to improve their productivity and make their jobs easier and safer. ONCAP’s support will help us grow both organically and through strategic add-on acquisitions.”
“This transaction is the logical step to take Walter to new and exciting heights. The Company is in great hands with Marc-André and the management team we’ve worked hard to build,” said Pierre Somers, the retiring Chairman and Chief Executive Officer of Walter and the Chairman and Chief Executive Officer of Walter Group. “We’re excited to remain a minority shareholder and watch the Company’s growth during this next chapter. The Walter Group will now turn its focus to expanding our investing activities.”
The investment was made by ONCAP IV, Onex Corporation’s (TSX:ONEX) $1.1 billion fund. The terms of the transaction are not being disclosed.

ONCAP is the mid-market private equity platform of Onex. In partnership with operating
company management teams, ONCAP invests in and builds value in North American
headquartered medium-sized businesses that are market leaders and possess meaningful growth
potential. For more information on ONCAP, visit its website at
Onex is one of the oldest and most successful private equity firms. 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. Onex has more than
$33 billion of assets under management, including $6.8 billion of Onex proprietary capital, in
private equity and credit securities. With offices in Toronto, New York, New Jersey and
London, Onex and the team are collectively the largest investors across Onex’ platforms. Onex
shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more
information on Onex, visit its website at

About Walter Surface Technologies
Walter Surface Technologies provides innovative solutions for the global metal working
industry. From high performance abrasives, power tools and tooling to industrial parts washing
systems, cleaners, degreasers and lubricants Walter focuses on helping its customers work better.
Founded in 1952, the Company is established in 7 countries throughout North America, South
America and Europe. International headquarters is in Montreal and U.S. headquarters is located
in Windsor, Connecticut. Key certification and awards include ISO 9001: 2008, Wall Street
Journal Award; Deutscher Material Preiz; American Eagle Award; CleanTech Cleaning
Technology Award. For more information, please visit

About Walter Group
For more than 60 years, the Walter Group of Companies has been guided by a strong
entrepreneurial spirit that has been passed down from one generation to the next. Leveraging its
unique position, the Group has evolved into a flourishing ecosystem of companies driven by
entrepreneurship and innovation. Over the years, the Walter Group has been investing and
supporting growth through Walter Financial, a private investment firm targeting both private and
public markets, with permanent capital base and long-term investment horizon. Among its
strategies, Walter Financial has allocated over C$240 million to its two dedicated internal private
equity firms, Walter Capital Partners and newly created Walter Global Asset Management. For
more information, please visit

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1.416.362.7711
Walter Surface Technologies
Stephanie Boucher
Marketing Communications Manager
Walter Group
Carl Vallée
HATLEY Strategy Advisors
Tel: +1.514.316.7089

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