AMMEGA Group B.V. | Partners Group | Credit brief
AMMEGA credit brief
Research date
2026-06-19
Public sources; no private lender materials
Overview
Public-source credit brief
AMMEGA is a Partners Group-backed industrial belting and motion-solutions group. Public snippets show EUR 954m 2024 sales, EUR 130m S&P-adjusted EBITDA, high leverage, 2028 debt maturities and weak public loan marks.
Public rating and CLO evidence points to AMMEGA Group B.V. as the credit label, with B2 and B3 facility labels also appearing under Alpha AB Bidco B.V. and AI Alabama Midco B.V. Guarantors, collateral and restricted-group detail were not found in reviewed public sources.
| Section | Item | Value | Basis / source |
|---|---|---|---|
| Identity | Owner | Partners Group. | Company, sponsor or official public material. |
| Identity | HQ | Heerhugowaard, Netherlands. | Company, sponsor or official public material. |
| Identity | Formation | Formed in 2018 from Ammeraal Beltech and Megadyne. | Company, sponsor or official public material. |
| Identity | Core brands | Ammeraal Beltech; Megadyne. | Company, sponsor or official public material. |
| Identity | Adjacencies | Jason; Green Belting. | Company, sponsor or official public material. |
| Identity | Footprint | 40+ countries; 190+ sites/facilities; 5,568 FTE in 2025 ESG table; company overview also says 6,000+ employees. | Company, sponsor or official public material. |
| Credit evidence | 2024 sales / S&P adj. EBITDA | EUR 954m / EUR 130m | S&P-adjusted EBITDA; public credit snippet. |
| Credit evidence | S&P 2025E leverage | 9.6x-10.0x | Fitch also shows 8.1x gross leverage at end-2025. |
| Credit evidence | Senior debt per public snippets | EUR 1.216bn TLB | Plus EUR 182m RCF including EUR 10m ancillary facility. |
| Credit evidence | B2 / B3 loan margins | E+4.75%-5.00% | B3 margin E+4.75%; B2 margin E+5.00%. |
| Credit evidence | Public CLO marks by as-of date | B2 80.2-85.2; B3 84.5 | Public CLO marks, not live quotes; BlackRock Jun-2026, CVC/OCP/Grosvenor Feb-2026. |
| Credit evidence | RCF liquidity / 2028 maturities | EUR 135m+ / 2028 | Undrawn RCF evidence; RCF Jun-2028, TLB Dec-2028. |
What AMMEGA does
Consumable belts, power transmission and local service
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 product is a small part of the equipment cost, but failure can stop a food line, warehouse sorter, baggage system or machine. Public materials therefore point to replacement demand, local fabrication and break-fix service as important parts of the model.
| 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. |
Credit snapshot
Ratings, EBITDA, leverage and liquidity
Figures below are public-snippet evidence, not private lender materials. Dates and bases are shown in row text.
| Item | Detail |
|---|---|
| Ratings snippets | Reviewed public snippets show S&P B- negative, Fitch B- IDR and Moody's Caa1 stable. |
| Sales / EBITDA basis | 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. |
| Leverage basis | S&P 2025E leverage 9.6x-10.0x; Fitch gross leverage 8.9x at end-2024 and 8.1x at end-2025. |
| Debt / margins | EUR 1,216m senior-secured TLB split into EUR 966m B2 at E+5.00% and EUR 250m B3 at E+4.75%; EUR 182m RCF. |
| RCF / liquidity | S&P showed EUR 134.7m undrawn RCF; Fitch showed about EUR 151m undrawn and about EUR 30m adjusted cash. |
| Public CLO marks | Public CLO marks found: B2 at 80.200 in Jun-2026 and 84.681-85.21 in Feb-2026; B3 at 84.536 in Feb-2026, plus 94.2505 historical May-2025. Named CLO reports and issuer/facility labels are in the debt table. |
| Cash / FCF | S&P snippets indicate FFO cash-interest coverage about 1.3x in 2025 and about 1.5x by 2026; S&P/Fitch snippets indicate negative FCF pressure. |
Debt / liquidity
Facilities, obligor labels and CLO marks
Public evidence covers B2/B3 sizes, LoanX identifiers, margins, RCF size/maturity and named public CLO marks. Exact guarantor, collateral and restricted-group detail was not found in reviewed public sources.
| Name / layer | Public evidence | Read-through |
|---|---|---|
| Rating borrower label | AMMEGA Group B.V. | Public rating and February-2026 CVC/OCP CLO reporting use AMMEGA Group B.V. as the credit label. |
| Sponsor holdco label | Alpha ABMD Holdco B.V. | Partners Group reporting says AMMEGA operates under this entity; restricted-group status was not found. |
| B2 issuer / facility label | Alpha AB Bidco B.V. / LX213528 / Ammeraal Beltech-AMMEGA 7/23 | BlackRock Jun-2026, Grosvenor Feb-2026 and ICG Dec-2024 public CLO reports use this B2 issuer/facility label. |
| B3 issuer / facility labels | AI Alabama Midco B.V. (Ammeraal Beltech) / LX239654 / AMMEGA 7/24; also reported as AMMEGA Group BV Facility B3 | ICG Dec-2024 public CLO reporting uses the AI Alabama Midco label; CVC/OCP Feb-2026 reports use the AMMEGA Group BV label. |
| Lender perimeter | Not public | Guarantor schedule, collateral package, restricted-group perimeter and credit-agreement mechanics were not found. |
| Instrument | Amount / mark | Pricing or CLO | Maturity / as of | Missing data / issuer-label note |
|---|---|---|---|---|
| Senior secured TLB complex | EUR 1,216m aggregate TLB complex in public S&P snippet. | B2 and B3 public LoanX references. | Dec-2028. | Live loan quote, cash-interest amount, guarantors, collateral and restricted-group detail were not found. |
| B2 / LX213528 | EUR 966m term loan B2 in Fitch public snippets. | EURIBOR+5.00%. | Dec-2028 in public rating and CLO evidence. | Live market quote, cash-interest amount and lender-only terms were not found. |
| Mark | 80.200 | BlackRock European CLO II D.A.C. | 3 Jun 2026 | Alpha AB Bidco B.V. / Ammeraal Beltech-AMMEGA 7/23. Latest clean public B2 mark found; public CLO report, not a live quote. |
| Mark | 85.21 | Grosvenor Place CLO 2022-1 D.A.C. | 12 Feb 2026 | Alpha AB Bidco B.V. / Ammeraal Beltech-AMMEGA 7/23. Current-asset schedule mark. |
| Mark | 84.6810 | CVC Cordatus Loan Fund XXIV DAC | 6 Feb 2026 | AMMEGA Group BV - 2023 Facility B2. Public CLO report mark. |
| Mark | 84.681 | OCP EURO CLO 2017-2 D.A.C. | 6 Feb 2026 | Ammega Group BV - Term Loan B2. Public CLO report mark. |
| B3 / LX239654 | EUR 250m add-on term loan B3 in Fitch public snippets. | EURIBOR+4.75%. | Dec-2028 in rating evidence; Jan-2029 in OCP reporting. | Live market quote, cash-interest amount and lender-only terms were not found. |
| Mark | 84.5360 | CVC Cordatus Loan Fund XXIV DAC | 6 Feb 2026 | AMMEGA Group BV - Facility B3 Loan. Public CLO report mark. |
| Mark | 84.536 | OCP EURO CLO 2017-2 D.A.C. | 6 Feb 2026 | Ammega Group BV - Facility B3 Loan. Public CLO report mark. |
| Mark | 94.2505 | Signal Harmonic CLO I DAC | 12 May 2025 | AMMEGA B3 loan. Historical public mark; not current pricing. |
| RCF | EUR 182m RCF including EUR 10m ancillary facility; S&P showed EUR 134.7m undrawn and 22% drawn. | Pricing not found. | June 2028; covenant springs when the RCF is at least 40% drawn. | Current covenant ratio/headroom, exact drawings, pricing, guarantors, collateral and security-package detail were not found. |
Peers
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.
AMMEGA + closest peers / 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 | Issuer benchmark row; not a third-party comp |
| 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 found in reviewed public sources | 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 found in reviewed public sources | 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 found in reviewed public sources | 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 found in reviewed public sources | 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 found in reviewed public sources | Not found in reviewed public sources | Not found in reviewed public sources | Not found in reviewed public sources | Not found in reviewed public sources | Financial comparability not established from public sources |
| 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 found in reviewed public sources | 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 comparable | Not found in reviewed public sources | 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 |