Industrial & Business Services

On December 15, 2023, KeyBanc Capital Markets (KBCM) successfully advised Penhall Company (Penhall or the Company), a portfolio company of Centerbridge Partners (Centerbridge), on its sale to H.I.G. Capital (H.I.G.).

KBCM was chosen to serve as Penhall’s Exclusive Sell-Side Advisor based on its industry-leading Industrial & Business Services practice and proven M&A execution capabilities.

Penhall is the leading North American provider of specialty, niche concrete solutions including cutting and coring, demolition, technology services, and grinding and grooving. The Company operates 44 national branches, leveraging a network of 800+ skilled operators and utilizing an extensive fleet of specialized equipment to provide a one-stop shop offering ranging from routine services to complex large jobs.

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for its investors. The firm was founded in 2005 and has approximately $38 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies.

H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at www.hig.com.

On June 30, 2023, KeyBanc Capital Markets (KBCM) successfully advised Dealer Solutions & Design, LLC (DSD or the Company), a portfolio company of KT Capital, on its sale to Safe-Guard Products International, LLC (Safe-Guard), a portfolio company of Stone Point Capital (Stone Point). KBCM served as DSD’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice and proven M&A execution capabilities.

DSD, headquartered in Duluth, GA, is a nationwide industry leader in engineering, procurement and project management for automotive service centers. Since its inception, the Company has earned its reputation as the partner of choice based on its long-tenured relationships with highly sought-after automotive groups and “concept to completion” approach.

KT Capital is a Georgia-based private equity investment firm that has completed over 130 acquisitions. Since inception in 2006, KT Capital has partnered with talented management teams to accomplish shared growth objectives.

Headquartered in Atlanta, GA, Safe-Guard provides finance and insurance solutions for the motor vehicle industry in the U.S. and Canada. Safe-Guard supports over 12,000 motor vehicle dealers daily and administers over five million contracts annually.

Stone Point is a leading private equity firm with offices in Connecticut, New York and Florida. Stone Point has raised over $35 billion in aggregate capital commitments to invest in more than 145 companies across ten active verticals.

On January 31, 2023, KeyBanc Capital Markets (KBCM) successfully advised Propark, Inc. (Propark or the Company) on its sale to Abry Partners (Abry). KBCM was chosen to serve as Propark’s Exclusive Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, proven M&A execution capabilities and commercial banking relationship.

Propark, headquartered in Hartford, Connecticut, is a nationwide industry leader in the parking mobility space, offering outsourced, technology-enabled management solutions to the commercial, hospitality, healthcare and university end markets. Since its inception, the Company has earned its reputation as the partner of choice across the mobility continuum based on its broad service offering and unmatched customer value proposition.

Founded in 1989, Abry Partners is a middle-market private equity firm headquartered in Boston, MA. The firm manages approximately $5.4 billion of active capital and has completed 550 transactions with an approximate value of $90 billion. Abry focuses on North American middle-market companies within the communications, media, and business services industries, among others.

On May 27, 2022, KeyBanc Capital Markets (KBCM) successfully advised Thermogenics, Inc. (Thermogenics or the Company), a portfolio company of Ironbridge Equity Partners (Ironbridge), on its sale to Audax Private Equity. Thermogenics engaged KBCM as its Sell-Side Advisor based on its industry-leading Industrial & Business Services Practice and proven M&A execution capabilities.

Headquartered in Aurora, Ontario, Thermogenics is a leading North American provider of commercial and industrial boiler service & maintenance and rentals serving the food processing, manufacturing, healthcare and institutional end markets. The Company’s service-first business model creates deeply embedded customer relationships and drives highly recurring revenue.

Ironbridge is a Canadian private equity firm whose strategy is to make equity and equity-linked investments in high-quality, mid-market, Canadian private companies. Target industries include consumer and business products and services, manufacturing, and distribution. The operating background of the principals enables Ironbridge to be a high-value partner to management teams as they seek to improve and grow their businesses. Ironbridge’s assets under management are over $700 million, including its fourth private equity fund, Ironbridge Equity Partners IV, LP, a fully committed $383 million fund raised in November 2021.

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies.