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