Eaton to Acquire COL Group for €810 Million Enterprise Value

Eaton announced on September 25, 2026, that it has signed an agreement to acquire COL Group, an Italian industrial group specializing in the development of electrical power distribution solutions, from Oaktree’s Power Opportunities strategy for an enterprise value of 810 million euros.

COL Group has forecasted sales of 250 million euros for 2027, Eaton said in the announcement. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027.

Eaton said the acquisition will expand its European power distribution capabilities and manufacturing footprint, enhancing its ability to support growing customer demand across data center and utility markets. “COL Group brings complementary technologies, manufacturing capabilities and engineering expertise that will further strengthen Eaton’s European power distribution platform,” said Omar Zaire, president, EMEA Region, Corporate and Electrical Sector, Eaton. Zaire said the acquisition will enhance the company’s ability to support utility and data center customers’ increasing need for resilient, sustainable power infrastructure and integrated grid-to-chip power solutions.

COL Group has more than a century of experience in electrical power distribution, with approximately 400 employees and facilities in Turin, Milan, Bergamo and Catania, Italy, according to Eaton’s release. The company was founded in 1920 in Trofarello, Turin, according to the seller’s announcement. Eaton described COL Group as a leader in medium-voltage electrical distribution solutions, including SF6-free switchgear, grid automation technologies and modular power systems.

COL Group’s Business Segments

COL Group states that it specializes in the design and manufacture of advanced electrical switchgear and integrated solutions, organized across the Energy and Utilities, Industry, Infrastructure and Data Centers business segments. The group also includes the IME and TeamWare businesses.

In its Energy and Utilities segment, COL Group designs, builds and maintains electrical equipment and automation and control systems for power transmission and distribution networks, according to the company’s markets and business segments page. The segment delivers turnkey EPC solutions for the construction of substations and switchgear systems and supports renewable energy installations, synchronous condensers and energy storage systems.

COL Group says its Industry segment designs and builds electrical systems and automation solutions for energy-intensive manufacturing plants, process industries (cement, steel, chemical and pharmaceutical) and semiconductor manufacturing. Its offerings include power distribution systems and medium- and low-voltage switchgear, with turnkey EPC project support spanning design and engineering through commissioning and maintenance.

In Infrastructure, the company develops electrical systems for railways, ports and airports, including cold ironing solutions supporting the decarbonization of the maritime sector and substations for railway electrification. Its Data Centers segment supplies medium- and low-voltage switchgear for facilities where operational continuity, energy efficiency and safety are critical requirements, with systems designed for reliability, scalability and compliance with international standards.

Oaktree’s Ownership and the Sale

Oaktree’s Power Opportunities strategy confirmed the transaction in a separate announcement dated September 25, 2026. In that announcement, Oaktree said it invested in COL Group in 2021 as part of its focus on essential infrastructure businesses serving the global energy transition and the electrification of power networks, and that its specialist team supported COL in expanding its product portfolio and customer base, including through the acquisitions of TeamWare and IME Group.

Francesco Giuliani, Managing Director of Oaktree’s Power Opportunities, said Oaktree was proud of its partnership with COL and its founding family since 2021. He said that with a broader portfolio, wider geographic reach and a deeper engineering team, COL is ready to capture momentum in grid investment, and that in Eaton the company has found the partner to take that forward.

Calogero Saeli, CEO of COL Group, thanked Oaktree for its guidance, expertise and financial backing in supporting the company’s expansion. “Joining Eaton marks an important milestone in COL Group’s growth journey and represents a significant opportunity for our employees, customers and partners,” Saeli said. He said the combination of the two companies’ industrial, technological and engineering expertise, together with Eaton’s global reach, will create an even stronger platform to support the modernization of electrical grids, accelerate electrification and contribute to the development of the critical infrastructure needed for the energy transition.

The seller’s announcement states that the acquisition by Eaton is expected to further accelerate COL’s growth by integrating its complementary technologies and engineering expertise into Eaton’s European power distribution platform. Lincoln International (LCLN ) is serving as the exclusive financial advisor, according to the announcement.