Mechatronic systems are a class of cyber-physical systems, whose increasing complexity makes their validation and verification more and more difficult, while their requirements become more challenging. This paper introduces a development method based on model-based design, co-simulation and formal verification. The objective of this paper is to show the applicability of the method in an industrial setting. An application case study comes from the field of precision servo-motors, where formal verification has been used to find acceptable intervals of values for design parameters of the motor controller, which have been further explored using co-simulation to find optimal values. The reported results show that the method has been applied successfully to the case study, augmenting the current model-driven development processes by formal verification of stability, formal identification of acceptable parameter ranges, and automatic design-space exploration.