Oaktree sells COL Group to the US-based Eaton

Oaktree’s Power Opportunities fund has sold the Italian COL Group, a leading company in the energy transmission and distribution sector, to the US firm Eaton, which specialises in smart energy management, for €810 million.

The COL Group has over a century of experience in developing technological solutions for the transmission and distribution of energy, supplying reliable, state-of-the-art products for energy systems to customers operating in the utilities, renewable energy and industrial sectors. COL has established itself as a leading player in the energy infrastructure and electromechanical sectors and as a key player in the energy transition.

Oaktree’s ‘Power Opportunities’ fund invested in COL in 2021 as part of its focus on essential infrastructure assets supporting the global energy transition and the electrification of power grids. Since then, Oaktree’s team of experts has supported COL in expanding its product portfolio and customer base, including through the acquisitions of TeamWare and IME Group, as well as in strengthening its leadership position in the transmission and distribution sectors, at a time characterised by rapidly growing demand for resilient energy infrastructure from public service providers, critical sectors and data centres.

Eaton’s acquisition is expected to further accelerate COL’s growth, by integrating its complementary technologies and engineering expertise into Eaton’s European power distribution platform, thereby strengthening both companies’ ability to meet the growing needs of data centres and other customers for resilient and sustainable power infrastructure.

According to Francesco Giuliani, managing director of Oaktree’s Power Opportunities division, ‘Oaktree is proud of its partnership with COL and its founding family, which began in 2021 and builds on a century of engineering tradition to create a market leader in network infrastructure products and services. Our thanks go to COL’s management team and all its staff for their dedication to customers, whilst maintaining the highest standards of quality, innovation and execution. With a broader portfolio, wider geographical coverage and a more highly qualified team of engineers, COL is well-positioned to capitalise on the momentum of investment in the electricity grid and has found in Eaton the perfect partner to take this journey forward”.
Calogero Saeli, Chief Executive of COL Group, said: “We wish to express our gratitude to Oaktree for the guidance provided by the team over recent years and for the expertise and financial support that have underpinned our expansion, both in our product offering and our customer base. Joining Eaton marks a key milestone in COL Group’s growth journey and represents a significant opportunity for our employees, customers and partners. The combination of the two companies’ industrial, technological and engineering expertise, coupled with Eaton’s global presence, will create an even stronger platform to support the modernisation of electricity grids, accelerate electrification and contribute to the development of the critical infrastructure needed for the energy transition.” The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in the first quarter of 2027.