Oaktree has agreed to sell COL Group to Eaton for an enterprise value of €810 million

COL Group

COL Group (COL) is a leading Italian provider of medium-voltage electrical distribution solutions, including SF₆-free switchgear, grid automation technologies and modular power systems. With more than a century of experience, COL serves utility, renewable energy, data center and industrial customers and operates production facilities in Turin, Milan, Bergamo and Catania, Italy. The company employs more than 400 people. For additional information, please visit colgp.it.

The Deal

Oaktree’s Power Opportunities strategy invested in COL in 2021 via a Lincoln sale process as part of its focus on essential infrastructure businesses supporting the global energy transition and the electrification of power networks. In partnership with Oaktree, COL expanded its product portfolio and customer base, including through the acquisitions of TeamWare and IME Group, while strengthening its leadership position across transmission and distribution markets.

Oaktree and COL entrusted Lincoln International as their exclusive financial advisor given its experience across the energy transition, power & infrastructure market, deep relationships with strategic and financial buyers and global process execution capabilities. Under the terms of the agreement, Eaton has agreed to acquire COL for an enterprise value of €810 million. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027.

The combination is expected to further strengthen Eaton’s European power distribution platform by adding complementary technologies, manufacturing capabilities and engineering expertise. COL’s capabilities will expand Eaton’s ability to address growing demand for resilient, sustainable power infrastructure across data center and utility markets.

Our Perspective

Sean Bennis, Saverio Rondelli and Andrew Moen, Lincoln International Managing Directors who led the transaction, commented, “It has been a privilege to partner with Oaktree and the COL management team on this transaction. COL has built a differentiated position in critical medium-voltage infrastructure, supported by a century of engineering heritage, a broad portfolio of technical products and investments to be on the leading edge of the multi-year adoption of SF₆-free solutions across Europe. Eaton represents a compelling strategic partner for COL’s future growth, bringing global scale and complementary capabilities to support the company’s continued expansion.

We are seeing building momentum across the European power and electrification markets, increasingly matching the strong levels of activity we have experienced in the U.S. Unprecedented investment in grid modernization, electrification and critical power infrastructure is creating significant opportunities for market-leading businesses across the sector. Our recent work with COL and other European leaders, such as SEDIVER, BRUSH, Driescher and others, underscores the strength of this activity and Lincoln’s position as a leading global advisor in the power products market.”

Since 2021, the team at Lincoln International has closed 35+ transactions across the energy and power products sector, including 12+ transactions in the last 18 months.

Oaktree

As a part of Brookfield’s $416 billion credit platform, Oaktree is a premier credit manager emphasizing an opportunistic, value-oriented and risk-controlled approach to investing across credit, equity and real estate. The Power Opportunities investment strategy seeks to invest in market-leading companies that provide essential products and services to owners of critical infrastructure across electric power, natural gas, water, wastewater and other energy and utility-related businesses based in North America and Europe. For additional information, please visit oaktreecapital.com.

Eaton

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. Eaton makes products for the data center, utility, industrial, commercial and institutional, machine building, residential, aerospace and mobility markets. Eaton is guided by a commitment to do business right, to operate sustainably and to help its customers manage power—today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, Eaton is helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of its stakeholders. With revenues of $27.4 billion in 2025, Eaton serves customers in 180 countries. For additional information, please visit eaton.com.

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