A AMMEGA Comps Overview

Research overview ยท 2026-06-18

AMMEGA comps overview

Company snapshot, credit state, sector boundaries, peer universe, and diligence gaps for segment-based benchmarking.

Current view Benchmark AMMEGA by segment, not as one generic conveyor-belt company.
Evidence rule Facts carry source markers; synthesized views are framed as working interpretations.

First viewport facts

At A Glance

Company AMMEGA / AMMEGA Group B.V.
Ownership Partners Group-backed since 2018
Legal / HQ base Heerhugowaard, Netherlands
Core business Lightweight and process conveyor belting, modular conveying, power-transmission belts and related components
Main brands Ammeraal Beltech, Megadyne, Jason, Green Belting
Company-stated scale 6,000 employees, 190+ sites, 20 manufacturing facilities, 40+ countries
Sponsor-stated scale About 50,000 customers, 25 manufacturing facilities, 170 customer solution centers, 50+ countries
Credit snapshot Highly levered B-/Caa risk profile; EUR 1,216m TLB complex and EUR 182m RCF
Segment comp set Direct product: Habasit, Forbo Movement Systems, Chiorino, Intralox/Laitram; PT/Jason public context: Gates

Page objective

Executive Takeaways

01

AMMEGA is a mission-critical industrial belting and motion-solutions platform formed from Ammeraal Beltech and Megadyne in 2018.

02

Working model view: small-ticket, downtime-critical replacement and MRO demand is supported by local fabrication and service density.

03

Credit facts from public snippets point to high leverage, B-/Caa risk, and refinancing focus before 2028.

04

Ammeraal Beltech and Megadyne are the supported core pillars; Jason is a material adjacent Americas hose exposure; Green Belting is a specialty niche.

05

Segment-by-segment benchmarking is required because AMMEGA spans conveyor/process, power-transmission, service/channel, hose, and PTFE niches.

06

Public benchmarks are partial: Forbo Movement Systems informs conveyor/process context; Gates informs PT/Jason-adjacent public context; Habasit and Intralox are private strategic references.

07

Public research did not identify transaction multiples for AMMEGA add-ons.

08

Main diligence gaps are segment revenue/EBITDA, FCF/capex, customer concentration, guarantors/security, and private comp transaction data.

Business model

Recurring MRO Logic, Not Commodity Belt Sales

1

Installed base

Belts, components, conveying systems, and power-transmission products already in operation.

2

Wear and uptime need

Hygiene, safety, throughput, downtime cost, and process requirements create recurring replacement triggers.

3

Local fabrication

Service centers cut, splice, install, maintain, and troubleshoot close to the customer.

4

MRO revenue

Emergency and planned replacement spend supports recurring, fragmented aftermarket demand.

5

Cross-sell

Ammeraal Beltech, Megadyne, Jason, Green Belting, and service assets expand wallet share.

Product and materiality map

Brand Exposure Drives Comp Selection

Ammeraal Beltech

Core

Conveying/process belts, modular and homogeneous-related offerings, PTFE Solutions, service/fabrication

Comp relevance
Habasit, Forbo Movement Systems, Chiorino, Intralox, Volta, Esbelt

Megadyne

Core

Timing, V, ribbed, polyurethane and rubber belts, pulleys, and power-transmission components

Comp relevance
Gates, Optibelt, Bando, Mitsuboshi, Nitta

MIR and service add-ons

Channel

Fabrication, direct service, break-fix, local inventory, and installed-base response

Comp relevance
Belt Power, Beltservice, Sparks, regional fabricators

Jason

Adjacent

Industrial and hydraulic hoses, couplings, and fluid-power products

Comp relevance
Gates Fluid Power, Parker, Eaton/Danfoss, Alfagomma, Manuli/Ryco

Green Belting

Niche

PTFE/silicone-coated fabrics, tapes, belts, and thermal spray masking

Comp relevance
Taconic, Saint-Gobain Tape Solutions, Rogers DeWAL, AFC, Techbelt

Performance and credit

Operating Thesis Versus Credit Facts

2022
Sales ~EUR 1.1bn
EBITDA ~EUR 191m S&P-adjusted EBITDA

Pre-deterioration baseline

2024
Sales ~EUR 954m
EBITDA ~EUR 130m S&P-adjusted EBITDA

Weaker actual snapshot

2025E
Sales Not public in snippets
EBITDA EUR 150m-EUR 160m S&P-adjusted EBITDA

Recovery forecast

2026E
Sales Not public in snippets
EBITDA EUR 165m-EUR 185m S&P-adjusted EBITDA

Recovery and deleveraging forecast

Credit warning

The public-source story is deterioration from 2022 to 2024, followed by 2025E/2026E recovery and deleveraging assumptions rather than a stable-state snapshot.

Ratings

B-/Caa risk profile across public S&P, Fitch, and Moody snippets

Leverage

Fitch 8.9x end-2024 and 8.1x end-2025; S&P around 9.6x-10.0x

TLB

EUR 1,216m senior-secured TLB complex; B2 LX213528 at EURIBOR + 5.00%, B3 LX239654 at EURIBOR + 4.75%

RCF

EUR 182m RCF, June 2028 maturity, 40% springing covenant trigger

Open items

Cash interest, FCF/capex, exact covenant headroom, guarantors/security, restricted group

Ownership and history

Platform Build Under Partners Group

Partners Group acquired Ammeraal Beltech and Megadyne

Created combined conveyor plus power-transmission platform

AMMEGA name announced

Integration and brand architecture

Synchrotech acquired

Poland distribution/fabrication footprint

Sati acquired

Power-transmission components

BCMS/Transitech acquired

French distributor/fabricator density

MIR acquired

US direct channel and 24/7 break-fix service

Ammeraal Conveyor Belting joined AMMEGA

Australia/New Zealand synthetic belt footprint

CCO/COO/CFO appointments

Current leadership refresh to verify in fuller diligence

Industry map

Value Chain And Sector Boundaries

OEMs and system integrators influence specification and lifecycle spares; they are not valuation comps. Heavy conveyor, hose/fluid power, and PTFE/silicone are adjacent unless materiality is proven.

Raw materials

Examples: Rubber, polyurethane, fabric, plastics, PTFE/silicone inputs

AMMEGA relevance: Input exposure, pass-through, and supply resilience context

Product manufacturers

Examples: AMMEGA, Habasit, Forbo, Chiorino, Gates, Optibelt, Bando

AMMEGA relevance: Core manufacturing and product-margin benchmark set

Distributors / fabricators / service

Examples: MIR, Belt Power, Beltservice, Sparks, regional fabricators

AMMEGA relevance: Local MRO density, inventory, fabrication, break-fix economics

OEMs / system integrators

Examples: Dematic, Vanderlande, Interroll, Dorner, FlexLink

AMMEGA relevance: Influencers and specification channels, not valuation comps

End users

Examples: Food, logistics, airports, packaging, industrial processing, distribution centers

AMMEGA relevance: Installed-base demand, uptime cost, replacement frequency, hygiene requirements

Comp taxonomy

Peer Universe Matrix

Selected set groups the externally relevant peer universe and MIR as an AMMEGA-owned internal channel benchmark. Use filters for broader adjacent and OEM names.

Company Bucket / use Comparability caveat Scale Relevance / caveat Source
Habasit
Direct Operating benchmark Private/family
Comparability caveat Private; no reliable public financials identified; not a valuation mark
No reliable public financials identified Conveyor, Processing, Service
Broad private strategic product/channel analogue private no financials
inference
Forbo Movement Systems
Direct Operating benchmark Forbo Holding / SIX: FORN
Comparability caveat No standalone valuation; group also includes flooring
2025 sales CHF 347.2m; operating result CHF 15.4m Conveyor, Processing, Modular, Power transmission
Public conveyor/process operating benchmark candidate public revenue, public ebitda margin, public valuation
market snapshot
Chiorino
Direct Operating benchmark Private/family
Comparability caveat Limited margin and leverage disclosure
2025 turnover about EUR 188m Conveyor, Processing, Service
Focused lightweight/process belting benchmark public revenue, private no financials
inference
Intralox / Laitram
Direct Modular strategy Private
Comparability caveat Strategically relevant but only partial segment overlap
No reliable public segment financials identified Modular, Service, OEM
Modular plastic and direct-service benchmark private no financials
inference
Gates
Public financial Valuation proxy Public / NYSE: GTES
Comparability caveat Not a conveyor/process comp; use only as PT/Jason-adjacent context
2025 sales USD 3.443bn; adjusted EBITDA USD 770.1m Power transmission, Hose
Public PT and Jason-adjacent margin/valuation reference public revenue, public ebitda margin, public valuation
market snapshot
Optibelt
Direct Operating benchmark Private/family
Comparability caveat Useful operating analogue but weak valuation data
About EUR 284m 2024 turnover Power transmission
Private European PT benchmark public revenue, private no financials
inference
Bando
Public financial Valuation proxy Public / TSE
Comparability caveat Mix and geography limit comparability
FY2025 revenue JPY 119.257bn; EV/sales about 0.63x; EV/op profit about 6.2x Power transmission, Conveyor, Automotive
Listed Japanese PT/conveyor reference point public revenue, public valuation
market snapshot
Mitsuboshi
Public financial Valuation proxy Public / TSE
Comparability caveat Portfolio mix limits direct comparability
FY ended 2026-03-31 sales JPY 92.298bn; EV/sales about 0.92x; EV/op profit about 9.8x Power transmission, Conveyor, Automotive, Plastics
Listed PT/conveyor reference point public revenue, public valuation
market snapshot
Nitta
Public financial Valuation proxy Public / TSE
Comparability caveat Valuation is not directly applicable to AMMEGA without segment work
FY ended 2026-03-31 sales JPY 91.834bn; EV/sales about 1.43x; EV/op income about 22.4x Power transmission, Conveyor, Industrial materials
Listed Japanese conveyor/PT reference point public revenue, public valuation
market snapshot
MIR
AMMEGA-owned
AMMEGA-owned
Channel/service Channel/MRO evidence AMMEGA-owned
Comparability caveat Do not use as external comp or valuation mark
29 locations, 24/7 break-fix, 3,500+ client installations Service, Fabrication, MRO
Explains AMMEGA channel and local-service strategy transaction value
inference
Belt Power / Beltservice / Sparks
Channel/service Channel/MRO evidence Private / PE-backed channel names
Comparability caveat Useful for MRO density, not product-manufacturing valuation
Terms and financials not public in research set Service, Fabrication, MRO
Service-channel and roll-up evidence private no financials
inference
YongLi / HONG'S BELT
Direct Operating benchmark Public/private Asian manufacturers
Comparability caveat Not a valuation reference without better financials
Public comparability limited in current research set Conveyor, Modular, Asia
Asian/lightweight/modular price and share-pressure context private no financials
inference
Regal Rexnord / System Plast
Public financial Valuation proxy Public / NYSE: RRX
Comparability caveat Too broad for direct AMMEGA multiple
2025 sales USD 5.9345bn; adjusted EBITDA USD 1.3071bn; EV/2025 adjusted EBITDA about 14.7x Modular, Components, Industrial
Broad public industrial valuation context with modular/conveying component exposure public revenue, public ebitda margin, public valuation
market snapshot
Continental / ContiTech
Adjacent Adjacent context Public / XETRA: CON
Comparability caveat Do not use as a core AMMEGA comp unless segment materiality is proven
ContiTech 2025 sales EUR 6.005bn; adjusted EBIT EUR 316m Heavy conveyor, Hose, Industrial materials
Adjacent scale and industrial-materials context public revenue, public ebitda margin
market snapshot
Volta / Esbelt
Direct Operating benchmark Private
Comparability caveat Useful for product map, not valuation
No reliable public financials identified Conveyor, Specialty belts
Niche direct product overlap private no financials
inference
Parker / Eaton-Danfoss / Alfagomma / Manuli-Ryco
Adjacent Adjacent context Mixed public/private
Comparability caveat Not core conveyor/PT comps
Adjacent transaction and scale data available for selected names Hose, Fluid power
Jason adjacency and fluid-power context public revenue, transaction value
market snapshot
Taconic / Saint-Gobain Tape Solutions / Rogers DeWAL / AFC / Techbelt
Adjacent Adjacent context Mixed public/private
Comparability caveat Only relevant for niche materiality
Financials not consistently public PTFE, Coated materials
Green Belting and PTFE/silicone coated-material context private no financials
inference
Dematic / Vanderlande / Interroll / Dorner / FlexLink
OEM/influencer Specification influence Mixed public/private/strategic
Comparability caveat Do not include in valuation set
Not used as valuation comps OEM, Specification, Installed base
Specification and lifecycle-spares influence undisclosed financials
inference

Trading and transaction context

Directional Public Context, Not A One-Multiple Answer

These values should be shown as directional public context only. Do not apply a Gates-like or Regal-like multiple to all AMMEGA without segment-level analysis and leverage context.

Gates

Enterprise value around USD 8.61bn and 2025 adjusted EBITDA USD 770.1m, about 11.2x; 2025 sales USD 3.443bn.

PT/Jason public context; no conveyor/process exposure.

Forbo

Group EV/EBITDA around 7.5x; Movement Systems 2025 sales CHF 347.2m and operating result CHF 15.4m.

Movement Systems not separately valued; group includes flooring.

Regal Rexnord

EV / 2025 adjusted EBITDA about 14.7x; 2025 sales USD 5.9345bn and adjusted EBITDA USD 1.3071bn.

Broad industrial group; System Plast not separately valued.

Bando

EV/sales about 0.63x; EV/operating profit about 6.2x; FY2025 revenue JPY 119.257bn.

Mixed automotive, industrial, and geography exposure.

Mitsuboshi

EV/sales about 0.92x; EV/operating profit about 9.8x; FY ended 2026-03-31 sales JPY 92.298bn.

Mixed automotive/PT/conveyor/plastics exposure.

Nitta

EV/sales about 1.43x; EV/operating income about 22.4x; FY ended 2026-03-31 sales JPY 91.834bn.

Valuation distorted by investments/JVs and equity-method income.

Continental / ContiTech

ContiTech 2025 sales EUR 6.005bn and adjusted EBIT EUR 316m.

Too broad and includes heavy/hose/industrial materials.

Next diligence

Information Gaps And Closure Paths

Credit / legal

Missing: Restricted group, guarantors, security package, exact B2/B3 tranche sizes, RCF covenant ratio/headroom, cash interest

Closure path: Lender package, credit agreement, full rating reports, LoanX/LCD/Bloomberg, management debt schedule

Financial / performance

Missing: 2025 actuals, FCF, capex, cash, organic/acquired growth

Closure path: Management presentation, audited consolidated financials, lender reporting

Segment mix

Missing: Revenue/EBITDA by product, region, end market, channel

Closure path: Management data, full rating reports, operating-entity statutory accounts

Commercial quality

Missing: MRO/OEM split, direct/distributor split, customer concentration, pass-through

Closure path: Customer interviews, distributor/fabricator interviews, management KPIs

Comps / valuation

Missing: Private comp EBITDA, direct transaction multiples, standalone segment valuations

Closure path: PitchBook, CapIQ, Mergermarket, advisor materials, public filings

Sector dynamics

Missing: Market share, OEM approved vendors, Asian price pressure

Closure path: Interviews, import/export data, OEM procurement checks, specialist market data