Non-Profit Banking Solutions

On January 17, 2025, KeyBanc Capital Markets (KBCM) successfully advised Astro Shapes, LLC (Astro Shapes or the Company), a portfolio company of Monomoy Capital Partners (Monomoy), on its sale to Wynnchurch Capital L.P. (Wynnchurch). KBCM was chosen to serve as Astro Shapes’ Sell-Side Advisor based on its industry-leading Metals and Building Products practices and proven M&A execution capabilities.

Headquartered in Struthers, Ohio, Astro Shapes is a leading manufacturer of custom aluminum extrusion products for customers across multiple attractive end markets including Residential and Commercial Building Products, RV/Non-Auto Transportation, and other consumer products. The Company operates three facilities with six state-of-the art extrusion presses, two paint lines, fabrication capabilities, and other value-added finishing services. Astro Shapes is a one-stop shop providing high-quality, customized products to address the unique needs of leading original equipment manufacturers (OEMs) and customers across multiple end markets.

Monomoy is a New York-based private investment firm with more than $5 billion in assets under management across a family of investment funds. Monomoy invests in middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution, and business services companies across industrial and consumer product sectors in North America.

Headquartered in Chicago, Wynnchurch is a leading middle market private equity investment firm with more than $9 billion in assets under management. The firm focuses on middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement.

On January 17, 2025, KeyBanc Capital Markets (KBCM) successfully advised JELD-WEN Holding, Inc. (JELD-WEN or the Company), on the court-ordered divestiture of its Towanda, Pennsylvania, facility and related assets to Woodgrain Millwork, Inc. (Woodgrain). KBCM was hired by the Honorable Lawrence F. Stengel, in his capacity as the Special Master, pursuant to the Order of United States District Judge Robert E. Payne. KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products practice, proven M&A execution capabilities, and relevant carveout transaction experience.

Headquartered in Charlotte, North Carolina, JELD-WEN is a leading manufacturer of interior and exterior doors, wood, vinyl and aluminum windows, wall systems, shower enclosures, closet systems, and other interior and exterior components used in the construction, repair, and remodel of residential homes and nonresidential buildings. The Company’s Towanda, Pennsylvania, facility produces a wide range of interior door-skin products as well as its MiraTEC- and Extira-branded exterior trim products.

Headquartered in Fruitland, Idaho, Woodgrain is a family-owned, vertically integrated manufacturer and distributor of doors, windows, moulding, trim, engineered and composite lumber, and other related building products for use in new construction as well as repair and remodeling projects. The company’s network of 45 manufacturing facilities and warehouses spread across North and South America supply thousands of dealers in the United States.

On January 21, 2025, Torch Clean Energy (Torch or the Company), a premier U.S.-based utility-scale solar and storage developer, announced a strategic investment from Morgan Stanley Infrastructure Partners (MSIP). This partnership with MSIP marks a pivotal transformation for Torch, enabling it to transition from a development platform to an integrated clean power platform with capabilities across development, construction, and asset management. MSIP’s investment in Torch provides committed capital to expand and transition the Torch platform. KeyBanc Capital Markets (KBCM) served on the transaction as Exclusive Financial Advisor to Torch Clean Energy.

KBCM ran a dual-track process for Torch — a broadly marketed sale of the Company’s development-complete solar and storage portfolio in parallel with a platform equity capital raise marketed to select investors. This approach allowed Torch to consider a transformational platform partnership alongside a non-dilutive asset sale. KBCM highlighted Torch’s differentiated strategy and above-market profitability, which resulted in the Company’s equity partnership with MSIP. 

About Torch Clean Energy
Torch Clean Energy is a clean energy and battery storage developer with extensive experience developing, permitting, designing, and building solar, wind, and battery energy storage projects. Torch has originated, developed, and sold 1.2+ gigawatts (GW) of renewable power projects. Based in Boulder, Colorado, Torch Clean Energy has operated as an independent, founder-owned developer since 2015. 

About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $16 billion in assets under management. Founded in 2006, MSIP has invested in a diverse portfolio of more than 35 investments across transport, digital infrastructure, energy transition, and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management.

On January 8, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for Kimmeridge Texas Gas, LLC. Proceeds will be used for general corporate purposes.

On January 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Gluware, Inc. (Gluware), on its acquisition by Cuadrilla Capital, LLC (Cuadrilla Capital). KBCM was engaged as the Exclusive Financial Advisor because of its industry leading infrastructure software sector expertise and strong M&A capabilities.

Gluware powers the world’s most complex enterprise networks with enterprise-grade, intent-based, multi-vendor, intelligent network automation — ready out-of-the-box or as a unifying developer platform. The leading choice of the Global 2000, Gluware’s self-operating and auto-remediating platform handles millions of network changes simultaneously, flawlessly, and in minutes, saving businesses significant time and resources. Gluware is the only turnkey, intelligent network automation software platform for NetOps and NetDevOps that automates enterprise networks in as little as 30 days.

Cuadrilla is a leading enterprise software investment firm founded in 2021 with over $500 million in assets under management. Cuadrilla partners with exceptional SaaS companies with strong product-market fit and significant strategic value to drive accelerated growth and long-term success. The firm is headquartered in Santa Barbara, California.

On January 7, 2025, KeyBanc Capital Markets served as Co-Manager on a $171 million Follow-On Equity Offering for Kimbell Royalty Partners, LP.

On January 2, 2025, KeyBanc Capital Markets (KBCM) successfully advised Air Temp Holding, LLC (Air Temp), a portfolio company of Anvil Capital Partners (Anvil), on its sale to PremiStar, LLC (PremiStar), a portfolio company of Partners Group. KBCM served as Air Temp’s Exclusive Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Anvil, and proven M&A execution capabilities.

Founded in 2001, Air Temp is one of the largest independent commercial HVAC, plumbing, and mechanical service providers in the Northeastern U.S. Air Temp offers service, maintenance, retrofits, controls, and energy efficient solutions to longstanding customers primarily serving the education, municipal, manufacturing, and healthcare end markets.

Anvil is a Boston-based private equity firm that invests in manufacturing and service companies based in the Northeastern U.S. Anvil specializes in acquiring established micro-market companies with identifiable potential for outsized value creation.

Founded in 1930 as Reedy Industries, PremiStar is a leading provider of commercial HVAC, plumbing, and building controls services. PremiStar provides industry-leading solutions from 50 strategically located branches in 14 states, with a network of 1,700+ field technicians who service more than 14,000 customers across the U.S.

Partners Group is a global private equity firm with a North America headquarters in Broomfield, Colorado. The firm has ~$149 billion in assets under management and has invested over $221 billion across private equity, private credit, infrastructure, royalties, and real estate strategies.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Theoria Management in its new platform partnership with Amulet Capital Partners.

Theoria Management retained Cain Brothers based on its experience in primary and post-acute care, expertise in value-based care, and relationships with the relevant investors. Cain Brothers, along with the Company’s founder, designed and executed a targeted process to find the ideal partner to help the Company deliver on its long-term vision. This successful process continues Cain Brothers’ strong track record of representing founder-led businesses in partnering with private equity firms.

Theoria Management is a tech-enabled management service organization supporting a comprehensive medical group practice dedicated to serving patients across the care continuum with an emphasis on post-acute care and primary care. Theoria serves facilities across the United States with a multitude of services to improve the quality of care delivered, refine facility processes, and enhance critical clinical relationships. Theoria’s affiliated medical groups offer a broad scope of services including multispecialty physician services, telemedicine, chronic care management, and remote patient monitoring.

Amulet Capital Partners is a middle-market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies, focusing on those segments it believes have the most attractive long-term fundamentals. Amulet currently manages approximately $2.7 billion in assets and is investing out of its third fund, which was oversubscribed and closed in July 2024 with approximately $1.2 billion in capital commitments.

KeyBanc Capital Markets served as Joint Bookrunner on the $624.8 million Initial Public Offering of 8,800,000 shares, excluding overallotment, of ServiceTitan, Inc. (ServiceTitan or the Company).

ServiceTitan is a cloud-based software platform built to power trades businesses. The Company’s end-to-end solution gives contractors the tools they need to run and grow their businesses, manage their back offices, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Indiana University Health.

IU Health has sold its health plan to Elevance Health Inc. (NYSE: ELV), with transaction proceeds enabling IU Health to focus on its core health system and serve the health and wellness needs of the Indiana community. The sale strengthens Elevance’s presence in Indiana and improves access to high-quality care. This transaction also further enhances the robust relationship between IU Health and Elevance. The transaction closed on December 31, 2024.

Indiana University Health, headquartered in Indianapolis, is a leading network in the state of Indiana offering top-tier primary and specialty care. IU Health Plans is an established managed care plan known for its local brand, community involvement, high-touch customer service, and extensive product offerings. It offers Medicare Advantage plans in 36 counties to 19,000 members and fully insured commercial plans to 12,000 members.

Headquartered in Indianapolis, Elevance Health offers an extensive portfolio of health benefits through its various health plans, including Medicare and Medicaid plans. Leveraging their broad network of associates and a strategic focus on care provider enablement and digital solutions, Elevance Health continues to be recognized as a leader for its consumer-centered health system for more than 37 million members nationally.

On December 6, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $125 million Senior Secured Credit Facility for Michael Baker International, LLC (“Michael Baker” or the “Company”), a portfolio company of DC Capital Partners (DC Capital). The $125 million Incremental First Lien Term Loan is interchangeable with the existing portion, and proceeds were used to support the acquisition of AstreaX, Inc. and fund cash to the balance sheet. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Headquartered in Pittsburgh, Pennsylvania, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for more than 80 years, with a legacy of expertise, experience, innovation, and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Founded in 2019 and headquartered in Phoenix, Arizona, AstreaX is a leading provider of software development and implementation services for government modernization technologies, with expertise in SaaS, digital identity, enterprise systems, and consumer portal solutions for state departments of motor vehicles.

Founded in 2007, DC Capital Partners is a middle market private equity firm with offices in Alexandria, Virginia, and West Palm Beach, Florida. DC Capital makes control equity investments in middle market companies that provide differentiated and innovative services and solutions in the Government and Engineering markets.

On December 4, 2024, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for Crescent Energy Company. Proceeds will be used to fund the acquisition of Eagle Ford assets from Ridgemar Energy Operating, LLC.