Industrial

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 14, 2025, KeyBanc Capital Markets (KBCM) successfully closed on an undisclosed amount of Senior Secured Credit Facilities in support of Stellex Capital Management’s acquisition of ICS Holding, LLC. KBCM served as Joint Lead Arranger, Joint Bookrunner and Syndication Agent on the transaction.

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.

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 August 29, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $675 million in Senior Secured Credit Facilities (the Credit Facilities) for Engineering Research and Consulting, LLC (d/b/a Astrion), a portfolio company of Brightstar Capital Partners (Brightstar). The Credit Facilities are composed of an $80 million Senior Secured Revolving Credit Facility and a $595 million Senior Secured Term Loan. Proceeds from the Credit Facilities were used to support the acquisition of Axient LLC (Axient), refinance existing indebtedness, and pay transaction-related fees and expenses. KBCM served as Joint Lead Arranger and Joint Bookrunner on the financing.

Astrion is a scaled provider of mission support and advanced engineering services to the Department of Defense (DoD), (including the U.S. Air Force, Army, and Navy), the National Aeronautics and Space Administration (NASA), and the Federal Aviation Administration (FAA) in areas related to developing and sustaining cybersecurity platforms, digital solutions, mission support, science and engineering, and test and evaluation.

Axient provides cybersecurity, systems engineering, program management, test and evaluation, and other technical engineering services to the Army, Air Force, Missile Defense Agency (MDA), Navy, U.S. Space Force and Space Command, Intelligence and Other DoD, NASA, the National Oceanic Atmospheric Administration (NOAA), FAA, and commercial space and original equipment manufacturers (OEMs).

Brightstar is a middle market private equity firm that manages $4.3 billion of capital across three active funds and has deployed $1.9 billion of capital across 13 portfolio companies throughout North America since its inception. Brightstar focuses primarily on investments in the Industrial, Business Services, Consumer Services, and Government & Technology Services spaces.

On August 1, 2024, KeyBanc Capital Markets (KBCM) successfully advised GenServe, LLC (GenServe or the Company), a portfolio company of GenNx360 Capital Partners (GenNx360), on its sale to Aurora Capital Partners (Aurora). KBCM was chosen to serve as GenServe’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with the Company, and proven M&A execution capabilities.

Founded in 1990, GenServe is a leading provider of mission-critical backup power solutions to high cost-of-failure end markets and applications. The Company operates from 16 strategically located branches, leveraging a network of 150+ field technicians to provide original equipment manufacturer-agnostic preventive maintenance, and repair services to more than 10,000 customers throughout the U.S.

Founded in 2006, GenNx360 is a middle market private equity firm headquartered in New York City. The firm has ~$2 billion in assets under management and has completed 25+ platform investments since its inception.

Aurora is a leading private equity firm headquartered in Los Angeles. Founded in 1991, The firm has ~$5 billion in assets under management and has completed 175+ transactions across various differentiated strategies.

On May 30, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $612 million Senior Secured Credit Facilities for Michael Baker International, LLC (Michael Baker or the Company), a portfolio company of DC Capital Partners (DC Capital). The facilities are comprised of a $20 million incremental ABL Revolving Credit Facility, a $190 million Incremental First Lien Term Loan, and a $402 million repriced First Lien Term Loan.

Proceeds from the transaction will be used to finance four add-on acquisitions and to reprice the Company’s existing First Lien Term Loan. 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 2007, DC Capital Partners is a middle-market private equity firm with offices located 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 April 10, 2024, KeyBanc Capital Markets (KBCM) successfully advised HG Holding Company, LLC (Handgards, or the Company), a portfolio company of Wind Point Partners (WPP), on its sale to Wynnchurch Capital (Wynnchurch).

KBCM was selected to serve as Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, deep industry expertise, extensive financial buyer relationships, relevant transaction experience, and track record of successful M&A execution. This transaction is the third successful sell-side transaction in which KBCM has advised WPP in the past three years.

Based in Texas, Handgards is a leading North American manufacturer and supplier of disposable food safety and hygiene-oriented products for the foodservice industry. The Company sells its product portfolio to an extensive base of broadline distributors, group purchasing organizations, and national foodservice accounts.

Founded in 1984, Wind Point Partners is a leading private equity firm focused on partnering with top-caliber executives to acquire well-positioned middle market businesses to drive maximum value creation. With approximately $7 billion in assets under management, and more than 100 platform companies and 300 add-on acquisitions completed since inception, WPP has a proven expertise within industrial products, business services, and consumer products.

Based in Chicago, Wynnchurch Capital is a leading private equity firm founded in 1999, focused on partnering with middle market businesses to achieve their next stage of growth. With $9.2 billion in regulatory assets under management, Wynnchurch seeks to make equity investments from $50 million to $750 million in companies across the aerospace and defense, building products, consumer, manufacturing, business services, and specialty distribution sectors.

On March 28, 2024, KeyBanc Capital Markets (KBCM) successfully advised MITER Brands^™ (MITER) on its acquisition of PGT Innovations, Inc. (NYSE: PGTI) (PGTI) for $3.1 billion, representing a premium of 60% over PGTI’s unaffected closing share price on October 9, 2023, the last trading day prior to the public disclosure of a proposal for the acquisition of PGTI. The transaction has been financed in part by an equity investment from Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in MITER.

KBCM was chosen to serve as MITER’s Lead Buy-Side Advisor based on its preeminent industrial building products practice, long-standing relationship with MITER Brands and proven M&A execution capabilities. “Throughout our 20-year partnership, KeyBanc has played an important role in supporting MITER Brands along our journey of continued growth. In addition to being our trusted advisor for several transformative acquisitions, KeyBanc’s financing support has been instrumental in allowing us to opportunistically pursue many growth initiatives which have benefited the MITER Brands team, our customers, our suppliers and the communities where we operate,” said Matt DeSoto, president and CEO of MITER Brands.

Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach. MITER Brands is the combination of two fast-growing regional product brands: MI Windows and Doors and Milgard Windows and Doors, and is a nationwide supplier of precision-built and energy-efficient products, with more than 10 manufacturing facilities throughout the United States. MITER Brands instills confidence and drives quality customer experiences through optimized manufacturing, valued relationships, and dedicated team members coast to coast.

PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. The PGT Innovations family of brands include CGI^®, PGT^® Custom Windows and Doors, WinDoor^®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze^®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multifamily, and commercial projects.

On March 1, 2024, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $510 million Senior Secured Credit Facilities (the Credit Facilities) for Monomoy Capital Partners’ (Monomoy or the Sponsor) acquisition of Titan Purchaser, Inc. (Waupaca or the Company). The Credit Facilities consist of a $150 million Asset-Based Revolving Credit Facility and a $360 million Term Loan B. Proceeds from the transaction will be used to fund the Sponsor's acquisition of Waupaca, pay transaction-related fees and expenses, and for general corporate purposes. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

Established in 1955, Waupaca is the largest supplier of gray and ductile castings in North America with 3 billion pounds of casting capacity. The Company manufactures highly engineered, mission-critical components for a variety of applications, including automotive, off-highway vehicles, and industrial equipment. As the only foundry in North America with capabilities to design, produce, and install its own equipment, Waupaca differentiates itself as a leading supplier of cast iron. Titan operates the four largest foundries in North America with in-house engineering capabilities and custom-built facilities and machinery.

Monomoy Capital Partners is a private investment firm with $3 billion in assets under management across a family of investment funds. Monomoy invests in the equity and debt of middle market businesses that can benefit from operational and financial improvement with a focus on manufacturing and distribution businesses across industrial and consumer product sectors in North America and Europe. For more information concerning Monomoy and its portfolio companies, visit www.mcpfunds.com.

On February 2, 2024, KeyBanc Capital Markets (KBCM) successfully advised SurfacePrep (the Company), a portfolio company of CenterOak Partners (CenterOak), on its sale to Nautic Partners (Nautic). KBCM was chosen to serve as SurfacePrep’s Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution practice, proven M&A execution capabilities and creative approach to managing sale processes. These strengths were demonstrated to CenterOak during the sale of a prior portfolio company, Vivify Specialty Ingredients in 2021.

SurfacePrep, headquartered in Grand Rapids, MI, is a leading global distributor of abrasives, specialty ceramics, and surface enhancement equipment used by a broad base of customers. The Company's comprehensive product offering includes blasting media, tumbling media, coated abrasives, specialty ceramic materials, chemicals, metallurgical additives, abrasive equipment, and repair replacement parts. The SurfacePrep network includes over 35 distribution branches and more than 10 process development labs and production finishing centers to provide surface enhancement solutions to its more than 15,000 customers. For additional information, please visit www.surfaceprep.com.

CenterOak Partners LLC is a Dallas, Texas based private equity firm with a focus on making control-oriented investments in middle market companies. The Firm invests in Consumer Services, Business Services and Industrial Growth companies. CenterOak has a history of creating significant value through operational improvements. CenterOak and its Partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions, representing over $8 billion in value. For additional information, please visit www.centeroakpartners.com.

Founded in 1986, Nautic is a middle-market private equity firm based in Providence, Rhode Island. Since inception, Nautic Partners has completed more than 200 transactions and partnered with a wide array of talented management teams. Nautic focuses primarily on the healthcare, services and industrials sectors.