AMMEGA Group B.V. | Partners Group | Credit brief

AMMEGA credit brief

Research date
2026-06-19 Public sources; no private lender materials
Summary

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.

2024 sales / EBITDA: EUR 954m / EUR 130m 2025E leverage: 9.6x-10.0x TLB / RCF maturities: Dec-2028 / Jun-2028
2024 sales / EBITDA
EUR 954m / EUR 130m
S&P-adjusted EBITDA; public credit snippet.
Leverage
9.6x-10.0x
S&P 2025E; Fitch 8.1x gross leverage at end-2025.
Senior debt
EUR 1.216bn TLB
Plus EUR 182m RCF including EUR 10m ancillary facility.
Loan pricing
E+4.75%-5.00%
CVC Feb-2026 all-in evidence: 6.769%-7.018%.
Loan marks
Not found
No public current secondary-market loan marks/prices found.
Liquidity / maturity
EUR 135m+ / 2028
Undrawn RCF evidence; RCF Jun-2028, TLB Dec-2028.
What AMMEGA does

Industrial belts that move products and transfer power inside machines

For a layman: 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.

40+ countries 6,000+ employees 190+ sites / facilities 50+ industries
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.
Company

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.

Business

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.

Identity
Partners Group-backed platform
AMMEGA Group B.V. credit borrower evidence
Ammeraal Beltech conveying / modular / process belts
Megadyne power transmission belts and components
Jason, Green Belting and local service/fabrication adjacencies

Restricted-group, guarantor, collateral and segment-economics detail was not found in public sources.

Credit

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.
Public credit detail
Item Source-backed read
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.
Debt / liquidity

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.

Instrument Amount / availability Pricing / maturity Missing data
Senior secured TLB complex
Amount

EUR 1,216m aggregate TLB complex in public S&P snippet.

Pricing / maturity

B2 and B3 public LoanX references mature Dec-2028.

Missing data

Exact B2/B3 tranche sizes and current secondary-market marks were not found.

B2 / LX213528
Amount

Tranche total not found; CLO holdings are investor-specific.

Pricing / maturity

EURIBOR+5.00%; CVC Feb-2026 all-in evidence at 7.018%.

Missing data

Current market quote not found.

B3 / LX239654
Amount

Tranche total not found; public evidence supports a separate active tranche.

Pricing / maturity

EURIBOR+4.75%; CVC Feb-2026 all-in evidence at 6.769%.

Missing data

Current loan mark, cash interest and lender-only terms were not found.

RCF
Availability

EUR 182m RCF including EUR 10m ancillary facility; S&P showed EUR 134.7m undrawn and Fitch about EUR 151m undrawn.

Maturity

June 2028 maturity; current RCF pricing not found.

Missing data

Current covenant ratio/headroom, exact drawings and security-package detail were not found.

Operations

Replacement demand, local service and application-specific products

Public materials identify MRO demand, installed base, local fabrication, downtime response and product application support.

Business facts
Core platform

Belting and motion solutions built around Ammeraal Beltech conveying and Megadyne power transmission.

Revenue quality

Replacement, MRO, local fabrication, downtime response, and application service are identified in public materials.

Channel proof

MIR added 29 locations, 24/7 break-fix, and 3,500+ client installations when acquired.

Adjacent tracks

Jason hose/fluid power and Green Belting specialty materials are real exposures; public sources do not disclose their revenue materiality.

Missing data

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.

Segments

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.
Peers

Product and channel reference companies

Public peers provide operating context; private peers provide product and channel context where financial disclosure is limited.

Brief set / All

Company / group Segment fit Ownership Relevance / disclosure Src
Habasit Direct product Conveyor / Modular / PT / Service Private/family Broad private product and channel analogue across conveyor, PT, modular, and service. No reliable public financials identified. Private company; no public operating benchmark financials found.
Forbo Movement Systems Direct product Conveyor / Modular / PT Forbo Holding / SIX: FORN Public direct conveyor/process segment reference. 2025 sales CHF 347.2m; operating result CHF 15.4m. Embedded segment inside Forbo; no standalone public valuation.
Chiorino Direct product Conveyor / Modular / PT / Service Private/family with TIP minority Focused light-duty/process belting reference with disclosed turnover. 2025 turnover about EUR 188m. Limited margin and balance-sheet disclosure.
Intralox / Laitram Direct product Modular / Service / OEM Private Key modular-plastic and direct-service strategic reference. Laitram 3,800+ employees; older third-party Intralox revenue reference found. Partial portfolio overlap; no broad PT or fabric-belt disclosure found.
Gates Industrial Public operating reference PT / Hose Public / NYSE: GTES Listed reference for Megadyne power transmission and Jason hose adjacency. 2025 sales USD 3.443bn; adjusted EBITDA USD 770.1m. Power-transmission and hose exposure; no conveyor/process-belt overlap.
Optibelt Direct product PT Private/family Private European power-transmission reference for Megadyne. 2024 turnover about EUR 284m; about 2,400 employees. Product overlap; limited public margin disclosure.
Bando Public operating reference PT / Conveyor Public / TSE: 5195 Listed Japanese PT/conveyor reference. FY2025 revenue JPY 119.257bn; operating profit JPY 12.073bn. Automotive and elastomer mix limit direct read-through.
Mitsuboshi Public operating reference PT / Conveyor Public / TSE: 5192 Listed PT/conveyor and engineering-plastics reference. FY ended 2026-03-31 sales JPY 92.298bn; operating profit JPY 8.678bn. Broader product mix than AMMEGA.
Nitta Public operating reference PT / Conveyor / Hose Public / TSE: 5186 Listed conveyor/transmission belt and hose/tubing reference. FY ended 2026-03-31 net sales JPY 91.834bn; operating income JPY 5.862bn. Operating income and group structure require care.
MIR Service/channel Service / Conveyor AMMEGA-owned Explains AMMEGA US direct service and local MRO strategy. At acquisition: 29 locations, 24/7 break-fix, 3,500+ client installations. Not an external peer and no disclosed revenue/EBITDA.
Belt Power / Beltservice / Sparks Service/channel Service / Conveyor Private / PE / family Service-channel and fabricator consolidation context. Financial terms not found in public research set. Service-channel exposure; no product-manufacturing economics found.
YongLi / HONGSBELT Direct product Conveyor / Modular Mixed public/private Asian manufacturers Asia/global light-duty and modular competitive context. YongLi public snippets and Hong Belt product evidence found; full comparability not parsed. Full pricing/share and valuation data not found.
Regal Rexnord / System Plast Public operating reference Modular / PT / OEM Public / NYSE: RRX Modular plastic, conveying components, and broad industrial powertrain context. Regal 2025 sales USD 5.9345bn; adjusted EBITDA USD 1.3071bn. Much broader industrial group.
Continental / ContiTech Adjacent Hose / Conveyor / Materials Public / XETRA: CON Adjacent industrial materials, hose, and heavy-conveyor context. ContiTech 2025 sales EUR 6.005bn; adjusted EBIT EUR 316m. Too broad and too heavy/industrial for core AMMEGA use.
Volta / Esbelt / ScanBelt / Mafdel Direct product Conveyor / Modular Private niche/regional manufacturers Regional and niche product competition in food, hygiene, and light-duty/process belting. No reliable public revenue or EBITDA found in this pass. Important for market checks; limited financial use.
Parker / Eaton-Danfoss / Alfagomma / Manuli-Ryco Adjacent Hose Mixed public/private Jason-only fluid-power and hose context. Selected public transaction and scale data available for some names. Jason materiality not found in public sources.
Taconic / Saint-Gobain Tape Solutions / Rogers DeWAL / AFC / Techbelt Adjacent Materials Mixed public/private Green Belting PTFE/silicone coated-material context. Financials not consistently public. Green Belting materiality not found in public sources.
Dematic / Vanderlande / Interroll / Dorner / FlexLink OEM/specification OEM Mixed public/private/strategic Specification, lifecycle-spares, and installed-base influence. OEM/specification context. No product-peer overlap found.
Diligence gaps

Missing lender, financial and commercial detail

Public sources checked on 2026-06-19 did not provide the items below.

Latest public search

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.

Legal / credit perimeter

Restricted group, guarantors, security package, exact B2/B3 tranche sizes, RCF terms and headroom, cash interest.

Financials

Actual 2025 revenue, EBITDA, FCF, capex, cash, organic/acquired growth, and working-capital pattern.

Segment mix

Revenue and EBITDA by conveyor/process, modular, PT, service, Jason, Green Belting, region, and end market.

Commercial quality

MRO/OEM split, direct/distributor split, customer concentration, price/cost pass-through, Asian price pressure.

Sources

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.