Stellantis' Strategic Exit from Comau and Its Implications for Industrial Automation Investment

The automotive and industrial sectors are undergoing a profound transformation as companies recalibrate their strategies to align with evolving market demands and capital allocation priorities. Stellantis' reported decision to divest its remaining 49.9% stake in Comau, its robotics and automation subsidiary, to One Equity Partners-a U.S. private equity firm-epitomizes this shift. This move, which could see full ownership of Comau transferred to One Equity as early as 2027, reflects a broader trend of private equity consolidation in industrial automation and highlights the sector's growing strategic and financial significance.

Private Equity's Growing Appetite for Industrial Automation

Private equity firms have increasingly targeted industrial automation as a high-growth sector, driven by technological advancements and the need for operational efficiency. In Q2 2025 alone, industrial automation (IA) deals surged to 30, up from 24 in Q1 2025 and 28 in Q2 2024, according to industry reports. This momentum is fueled by innovations such as artificial intelligence (AI), the Industrial Internet of Things (IIoT), and wireless 5G connectivity, which are reshaping manufacturing and logistics.

One Equity's potential full acquisition of Comau aligns with this trend. The firm already holds a majority stake in Comau, which it acquired in 2024 for approximately €300 million ($346 million), according to Bloomberg. By consolidating ownership, One Equity can leverage Comau's expertise in robotics and automation to scale operations, integrate advanced technologies, and capitalize on the sector's projected 10.8% CAGR through 2030.

Strategic Rationale for Stellantis' Exit

Stellantis' decision to exit Comau is rooted in its broader strategy to streamline its industrial portfolio and focus on higher-margin automotive brands like Jeep and Ram, according to Stellantis news. While Comau remains a critical supplier for Stellantis' robot needs, the automaker's CEO has acknowledged that the subsidiary no longer aligns with its long-term capital allocation priorities, as noted by Seeking Alpha. This exit mirrors a wider industry pattern: automakers and industrial conglomerates are divesting non-core assets to fund electrification initiatives and digital transformation.

The transaction also underscores the flexibility private equity firms offer in managing industrial assets. For instance, Future Standard's recent launch of the FS Mid Market Private Equity Fund-a semi-liquid strategy targeting middle-market industrials-demonstrates how PE firms are structuring capital to support growth in automation-driven operations. Similarly, Wingspire Equipment Finance's $130 million in equipment financing for private equity-backed companies highlights the role of specialized financing in enabling operational scalability.

Sectorial Value Shifts and Investment Implications

The industrial automation sector is witnessing a reallocation of value from traditional manufacturing to technology-driven solutions. Private equity's focus on middle-market opportunities-such as Fusion Capital Partners' acquisition of Relevant Industrial and LongueVue Capital's investment in Daedalus Industrial-reflects a preference for firms with scalable capabilities. These investments are not merely about ownership but about integrating cutting-edge technologies like edge computing, digital twins, and sustainable manufacturing practices, as detailed by Rockwell Automation.

However, challenges persist. Roland Berger notes that the sector faces a "challenging outlook" in 2025 due to supply chain recalibrations and a cooling investment climate, according to its research. Yet, this phase of limited growth is expected to precede a resurgence driven by digital transformation and AI adoption. For investors, the key lies in identifying firms that can navigate short-term headwinds while positioning for long-term gains.

Exit Strategies and Market Dynamics

Private equity's exit strategies in industrial automation are also evolving. Hong Kong's booming IPO market, for example, has become a viable exit route for China-focused PE firms, offering liquidity in an otherwise constrained environment. While Comau's potential sale to One Equity may not involve an IPO, the transaction exemplifies how PE firms are leveraging strategic acquisitions and operational improvements to maximize returns.

For Stellantis, the exit represents a calculated trade-off: relinquishing control of a strategic asset to unlock capital for core operations. For One Equity, it is an opportunity to consolidate a leading robotics firm in a sector poised for growth. The broader implication is that industrial automation is becoming a battleground for private equity, with firms vying to capture value through innovation, consolidation, and disciplined execution.

Conclusion

Stellantis' potential exit from Comau is more than a corporate restructuring-it is a microcosm of the industrial automation sector's transformation. As private equity firms consolidate the industry and deploy capital toward high-growth opportunities, the line between traditional manufacturing and technology-driven automation continues to blur. For investors, the challenge lies in balancing the sector's long-term potential with its cyclical vulnerabilities. Yet, as AI, 5G, and sustainable manufacturing reshape the landscape, the winners will be those who, like One Equity, recognize the strategic value of industrial automation-and act decisively to secure it.