AMMEGA credit brief
Sponsor-backed belting platform with high leverage and 2028 maturities.
AMMEGA Group B.V. is a Partners Group-backed belting and motion-solutions group. Public credit snippets show S&P 2025E leverage of 9.6x-10.0x, Fitch gross leverage above 8x at end-2025, EUR 1,216m of senior-secured TLB debt, and no public current secondary-market loan marks.
Industrial belts that move products and transfer power inside machines
AMMEGA makes and services consumable belts used inside factories, warehouses, airports and industrial equipment. Some belts carry products along a line; others transfer motion from motors into machines.
The company sits in the small-ticket, high-downtime-cost part of industrial operations. A broken belt can stop a food line, warehouse sorter, baggage system or machine, so local stock, fabrication and installation matter alongside the belt itself.
| Business area | Plain-English role | Brands / assets | Customer setting |
|---|---|---|---|
| Conveyor and process belts | Belts that physically move products through production, packaging, food, logistics and baggage-handling lines. | Ammeraal Beltech; uni; MIR; ACB | Factory lines, airports, warehouses, food plants and packaging systems where downtime matters. |
| Modular and positive-drive belts | Plastic, homogeneous and positive-drive belts used for hygiene, washdown, curves, transfers and belt tracking. | Ammeraal Beltech product families; MIR service network | Food processing, automated handling and high-cleaning applications. |
| Power transmission | Timing, V, ribbed, flat, polyurethane and rubber belts that transfer motion from motors and shafts into machinery. | Megadyne; Sati | Industrial machines, automation equipment, OEM builds and replacement demand. |
| Service and fabrication | Local teams cut, splice, cleat, weld, install, repair and stock belts near customer sites. | MIR; customer service centres; local fabrication sites | Emergency break-fix, planned replacement, installation and site support. |
| Industrial adjacencies | Hose / fluid-transfer and specialty coated-material products alongside the core belting platform. | Jason; Green Belting | Fluid handling, material transfer, thermal-spray masking and specialist industrial surfaces. |
Partners Group-backed belting and motion-solutions group
AMMEGA Group B.V. was formed from Ammeraal Beltech and Megadyne and is headquartered in Heerhugowaard, Netherlands.
Official materials identify power transmission, conveyor belting, fluid power, integrated services, technical support and digital tools.
Public sources do not disclose revenue or EBITDA by product, region, end market, brand or channel.
Partners Group-backed private company formed in 2018 from Ammeraal Beltech and Megadyne.
AMMEGA Group B.V.; Heerhugowaard, Netherlands.
Ammeraal Beltech for conveyor, process and modular belting; Megadyne for power-transmission belts and components.
Jason for industrial hose and fluid power; Green Belting for specialty coated materials.
Local customer-service and fabrication sites support installation, repair, stockholding and technical support.
High leverage, 2024 EBITDA decline and 2028 maturities
Public snippets show S&P B- negative, Fitch B- IDR, Moody's Caa1 stable, EUR 1,216m senior-secured TLB debt and EUR 182m RCF.
Operating base
- 2022 sales / EBITDA
- About EUR 1.1bn / EUR 191m.
- 2024 sales / EBITDA
- About EUR 954m / EUR 130m.
- 2025E EBITDA
- EUR 150m-EUR 160m.
- 2026E EBITDA
- EUR 165m-EUR 185m.
Ratings and leverage
- S&P
- B- / negative; 2025E adjusted leverage about 9.6x-10.0x.
- Fitch
- B- IDR; gross leverage 8.9x end-2024 and 8.1x end-2025.
- Moody's
- Caa1 / stable public snippet after February 2026 downgrade.
- 2028 risk
- RCF matures June 2028; TLB matures December 2028.
Debt and coupons
- TLB complex
- EUR 1,216m senior-secured TLB complex.
- RCF
- EUR 182m RCF, including EUR 10m ancillary facility.
- B2 / LX213528
- EURIBOR+5.00%; 7.018% all-in in CVC Feb-2026 report.
- B3 / LX239654
- EURIBOR+4.75%; 6.769% all-in in CVC Feb-2026 report.
Liquidity and missing items
- Undrawn RCF
- S&P EUR 134.7m; Fitch about EUR 151m.
- Cash
- Fitch showed about EUR 30m adjusted cash.
- Loan marks
- Current public secondary-market loan marks not found.
- Lender detail
- Cash interest, covenant headroom, guarantors, collateral and tranche sizes not found.
| Item | Detail |
|---|---|
| Ratings | S&P B- negative, Fitch B- IDR, and Moody's Caa1 stable are public-snippet indicators of a stressed sponsor-backed credit. |
| Leverage | S&P 2025E leverage 9.6x-10.0x; Fitch gross leverage 8.9x at end-2024 and 8.1x at end-2025. |
| Sales / EBITDA | 2022 sales about EUR 1.1bn / EBITDA about EUR 191m; 2024 sales about EUR 954m / EBITDA about EUR 130m. |
| Forecast EBITDA | 2025E EBITDA EUR 150m-EUR 160m; 2026E EBITDA EUR 165m-EUR 185m. |
| Debt stack | EUR 1,216m senior-secured TLB complex plus EUR 182m RCF, including EUR 10m ancillary facility. |
| Loan pricing | B2 LX213528: EURIBOR+5.00%, 7.018% all-in in CVC Feb-2026 report; B3 LX239654: EURIBOR+4.75%, 6.769% all-in. |
| Loan marks | Current secondary-market loan marks/prices were not found in public sources; displayed pricing is margin/all-in coupon evidence, not a market mark. |
| RCF / liquidity | S&P showed EUR 134.7m undrawn RCF; Fitch showed about EUR 151m undrawn and about EUR 30m adjusted cash. |
| Not public | Cash interest, exact B2/B3 tranche sizes, covenant ratio/headroom, guarantors, collateral, and restricted-group detail were not found. |
EUR 1,216m TLB complex, EUR 182m RCF, 2028 maturities
Public evidence covers B2/B3 identifiers, margin evidence, RCF size and maturity. Cash interest, current loan marks and covenant headroom were not found.
EUR 1,216m aggregate TLB complex in public S&P snippet.
B2 and B3 public LoanX references mature Dec-2028.
Exact B2/B3 tranche sizes and current secondary-market marks were not found.
Tranche total not found; CLO holdings are investor-specific.
EURIBOR+5.00%; CVC Feb-2026 all-in evidence at 7.018%.
Current market quote not found.
Tranche total not found; public evidence supports a separate active tranche.
EURIBOR+4.75%; CVC Feb-2026 all-in evidence at 6.769%.
Current loan mark, cash interest and lender-only terms were not found.
EUR 182m RCF including EUR 10m ancillary facility; S&P showed EUR 134.7m undrawn and Fitch about EUR 151m undrawn.
June 2028 maturity; current RCF pricing not found.
Current covenant ratio/headroom, exact drawings and security-package detail were not found.
Replacement demand, local service and application-specific products
Public materials identify MRO demand, installed base, local fabrication, downtime response and product application support.
Belting and motion solutions built around Ammeraal Beltech conveying and Megadyne power transmission.
Replacement, MRO, local fabrication, downtime response, and application service are identified in public materials.
MIR added 29 locations, 24/7 break-fix, and 3,500+ client installations when acquired.
Jason hose/fluid power and Green Belting specialty materials are real exposures; public sources do not disclose their revenue materiality.
Product revenue, gross margin, EBITDA, capex, MRO/OEM split, direct/distributor mix and customer concentration were not found in public sources.
Cash interest, free cash flow and working-capital detail were not found in public sources.
Conveying, modular, power transmission, service and industrial adjacencies
Public sources identify the product and channel buckets below; revenue and EBITDA by segment were not found.
| Segment | What it does | Assets | Demand role | Reference / missing data |
|---|---|---|---|---|
| Conveying | Moves products through production, packaging, logistics, airport, food, and industrial lines using process and conveyor belts. | Ammeraal Beltech; MIR; ACB | Replacement/MRO, hygiene, local fabrication, installation, and service response. | Direct conveyor/process-belt and local-fabrication references.No disclosed segment revenue or EBITDA. |
| Modular / positive-drive | Uses modular plastic, homogeneous, or positive-drive belts where hygiene, tracking, curves, transfers, and washdown matter. | Ammeraal Beltech heritage; MIR service | Food washdown, logistics, automation, application engineering, and lead-time response. | Modular-plastic, positive-drive, hygiene and automation references.Partial portfolio overlap only. |
| Power transmission | Transfers motion from motors and shafts into machinery through timing, V, ribbed, flat, polyurethane, and rubber belts. | Megadyne; Sati | OEM and replacement demand for timing, V, ribbed, polyurethane/rubber belts and components. | Power-transmission and belt-component operating references.Public peers include broader mixes. |
| Service / fabrication | Cuts, splices, cleats, welds, inventories, installs, and repairs belts close to the customer site. | MIR; local fabrication network | Emergency and planned replacement, inventory, installation, and customer-site support. | Fabricator and field-service channel references.Product-manufacturing economics not found. |
| Industrial adjacencies | Covers hose/fluid transfer and specialty PTFE/silicone coated materials that sit beside the core belting platform. | Jason; Green Belting | Hose/fluid power and PTFE/silicone coated materials with no public standalone materiality. | Hose/fluid-power and specialty coated-material references.Standalone materiality not found. |
AMMEGA and peer financial comp table
AMMEGA is pinned first. Figures are source-stated and not currency-normalized; unavailable figures are shown as not public, not comparable, or N/A.
Brief set / All
| Company / group | Ownership | Fit | Sales | EBITDA / EBIT | Mkt cap | P/E | Debt / leverage | Notes |
|---|---|---|---|---|---|---|---|---|
| AMMEGA AMMEGA | Partners Group / private | Conveyor / Modular / PT / Service / Hose / Materials | EUR 954m (2024) | EUR 130m EBITDA (2024); EUR 150m-EUR 160m EBITDA (2025E) | Private | N/A | 9.6x-10.0x S&P 2025E; 8.1x Fitch end-2025 | Segment economics, FCF, marks, channel mix not public |
| Habasit Direct product | Private/family | Conveyor / Modular / PT / Service | Not public | Not public | Private | N/A | Not public | No public operating financials found |
| Forbo Movement Systems Direct product | Forbo Holding / SIX: FORN | Conveyor / Modular / PT | CHF 347.2m (2025 segment) | CHF 15.4m operating result (2025 segment) | CHF ~1.1bn (Forbo group) | ~15x | Group valuation; segment debt not public | Embedded segment, not standalone valuation |
| Chiorino Direct product | Private/family with TIP minority | Conveyor / Modular / PT / Service | EUR ~188m turnover (2025) | Not public | Private | N/A | Not public | Limited margin and balance-sheet disclosure |
| Intralox / Laitram Direct product | Private | Modular / Service / OEM | 3,800+ employees; revenue reference not current | Not public | Private | N/A | Not public | Partial portfolio overlap |
| Gates Industrial Public operating reference | Public / NYSE: GTES | PT / Hose | USD 3.443bn (2025) | USD 770.1m adj. EBITDA (2025) | USD ~7.1bn | ~29x | Not shown | No conveyor/process overlap |
| Optibelt Direct product | Private/family | PT | EUR ~284m turnover (2024) | Not public | Private | N/A | Not public | Limited margin disclosure |
| Bando Public operating reference | Public / TSE: 5195 | PT / Conveyor | JPY 119.257bn (FY2025) | JPY 12.073bn operating profit (FY2025) | JPY ~89bn-91bn | ~8.5x | Not shown | Auto / elastomer mix |
| Mitsuboshi Public operating reference | Public / TSE: 5192 | PT / Conveyor | JPY 92.298bn (FY2026) | JPY 8.678bn operating profit (FY2026) | JPY ~124bn | ~15x | Not shown | Broader product mix |
| Nitta Public operating reference | Public / TSE: 5186 | PT / Conveyor / Hose | JPY 91.834bn (FY2026) | JPY 5.862bn operating income (FY2026) | JPY ~160bn-170bn | ~12x | Not shown | Group structure limits read-through |
| MIR Service/channel | AMMEGA-owned | Service / Conveyor | 29 locations; 3,500+ client installations at acquisition | Not disclosed | AMMEGA-owned | N/A | N/A | Not external peer |
| Belt Power / Beltservice / Sparks Service/channel | Private / PE / family | Service / Conveyor | Not public | Not public | Private | N/A | Not public | Service channel only |
| YongLi / HONGSBELT Direct product | Mixed public/private Asian manufacturers | Conveyor / Modular | Not parsed | Not parsed | Not parsed | Not parsed | Not parsed | Financial comparability not parsed |
| Regal Rexnord / System Plast Public operating reference | Public / NYSE: RRX | Modular / PT / OEM | USD 5.9345bn (2025) | USD 1.3071bn adj. EBITDA (2025) | USD ~15.1bn-15.4bn | ~53x | Not shown | Broader industrial group |
| Continental / ContiTech Adjacent | Public / XETRA: CON | Hose / Conveyor / Materials | EUR 6.0bn ContiTech sales (2025) | 5.3% ContiTech adj. EBIT margin (2025) | EUR ~14.4bn (Continental group) | Not clean | Not shown | Too broad / heavy industrial |
| Volta / Esbelt / ScanBelt / Mafdel Direct product | Private niche/regional manufacturers | Conveyor / Modular | Not public | Not public | Private | N/A | Not public | Limited financial use |
| Parker / Eaton-Danfoss / Alfagomma / Manuli-Ryco Adjacent | Mixed public/private | Hose | Selected scale data only | Not comparable | Not comparable | N/A | Not comparable | Jason materiality not public |
| Taconic / Saint-Gobain Tape Solutions / Rogers DeWAL / AFC / Techbelt Adjacent | Mixed public/private | Materials | Not consistently public | Not consistently public | Not consistently public | N/A | Not consistently public | Green Belting materiality not public |
| Dematic / Vanderlande / Interroll / Dorner / FlexLink OEM/specification | Mixed public/private/strategic | OEM / Specification | OEM context | Not comparable | Not comparable | N/A | Not comparable | No product-peer overlap |
Missing lender, financial and commercial detail
Public sources checked on 2026-06-19 did not provide the items below.
The 2026-06-19 public search found official scope, brand, footprint and service-network facts; it did not find lender-only legal detail, current loan marks, segment economics or channel/customer splits.
Restricted group, guarantors, security package, exact B2/B3 tranche sizes, RCF terms and headroom, cash interest.
Actual 2025 revenue, EBITDA, FCF, capex, cash, organic/acquired growth, and working-capital pattern.
Revenue and EBITDA by conveyor/process, modular, PT, service, Jason, Green Belting, region, and end market.
MRO/OEM split, direct/distributor split, customer concentration, price/cost pass-through, Asian price pressure.
Public-source evidence base
Public company materials, public credit snippets, peer and sector research, and open diligence notes. Full private rating reports, lender documents, and paywalled databases were not accessed.