Crescent European Specialty Lending Provides Financing to Support Apheon-Led Buy-and-Build Platform in Trenchless Pipe Rehabilitation Market

LONDON & LOS ANGELES–(BUSINESS WIRE)–Crescent Capital Group LP, one of the leading alternative credit investment firms, announced today that its European Specialty Lending strategy has provided financing to pan-European mid-market private equity firm Apheon and the founders of several Germany-based pipe rehabilitation and manufacturing companies (including IMS Group, resinnovation, Polypipe, Amex Sanivar, Hurricane Trenchless Technologie, Kardiam). The financing supports the consolidation of these businesses into a leading integrated platform serving the trenchless pipe rehabilitation sector. Crescent has also committed additional financing to support the platform’s ongoing buy-and-build strategy.

The consolidated platform brings together a complementary product portfolio of equipment, materials, and turnkey solutions for the trenchless pipe industry. Its combined offering includes robotic systems, curing technologies, spray-coating systems, resins, liners, seals, inversion equipment, accessories, and fully equipped vehicle systems. Operating under a united management structure, the platform is well positioned to unlock operational synergies and deliver comprehensive system solutions to professional trenchless rehabilitation contractors.

“We are excited to partner with Apheon and the platform’s founders to support the consolidation of these innovative companies into a leading platform in the trenchless pipe rehabilitation sector, which presents a compelling opportunity as a highly-fragmented industry with strong long-term growth fundamentals,” said Christine Vanden Beukel, Managing Director and head of Crescent’s European Specialty Lending strategy. “This transaction highlights Crescent’s ability to deliver flexible, tailored capital solutions and to partner with high-quality sponsors and management teams executing compelling buy-and-build strategies.”

The platform comprises the following companies:

• IMS Group, a technology-leading developer and manufacturer of advanced robotic systems and light-curing equipment for trenchless pipe rehabilitation
• resinnovation, which specialises in developing and manufacturing high-performance synthetic resins for durable pipe repair applications
• Polypipe, which is the leading distributor of its proprietary spray coating system – the RabbitCoater – specifically designed for in-house pipe rehabilitation
• Amex Sanivar, a specialist provider of liners for pressure pipe rehabilitation as well as repair seals for both pressure and non-pressure pipes
• Hurricane Trenchless Technologie, which provides turnkey solutions for liner curing systems and designs and manufactures customized vehicle fit outs and specialized products for trenchless sewer rehabilitation, such as steam units, inversion equipment and impregnation equipment
• Kardiam, which produces high-quality diamond milling and cutting tools

About Crescent Capital Group LP

Crescent is a global credit investment manager with approximately $50 billion of assets under management as of December 31, 2025. For over 30 years, the firm has focused on non-investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago, London and Frankfurt with over 250 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com.

About Apheon

Apheon is a pan-European mid-market private equity investment company managing ~€4.5 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €5.0 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 23 companies across its target sectors, representing ~€3 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors, which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, please visit www.apheon.com.

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