Crescent Capital Group announced its European Specialty Lending strategy has provided financing to support a buy-and-build platform in the trenchless pipe rehabilitation market led by pan-European mid-market private equity firm Apheon and the founders of several Germany-based pipe rehabilitation and manufacturing businesses.
The financing is intended to consolidate a group of companies, IMS Group, resinnovation, Polypipe, Amex Sanivar, Hurricane Trenchless Technologie and Kardiam, into a single integrated platform serving professional contractors in the trenchless rehabilitation sector. Crescent also committed additional capital to fund future add-on acquisitions as the platform executes its roll-up strategy.
The combined platform will offer a broad portfolio of equipment, materials, and turnkey solutions used in trenchless pipe work, including robotic systems, curing technologies, spray-coating systems, resins, liners, seals, inversion equipment, accessories, and fully equipped vehicle systems. Crescent said a unified management structure is expected to help the businesses capture operational synergies and provide more comprehensive system-level solutions to customers.
Each of the underlying companies contributes a distinct capability to the platform. IMS Group develops and manufactures advanced robotic systems and light-curing equipment, while resinnovation produces high-performance synthetic resins designed for durable repairs. Polypipe distributes its proprietary RabbitCoater spray coating system for in-house rehabilitation, and Amex Sanivar supplies liners and repair seals for pressure and non-pressure pipes.
Hurricane Trenchless Technologie provides turnkey curing-system solutions and designs customized vehicle fit-outs, as well as specialized equipment such as steam units, inversion and impregnation systems. Kardiam adds diamond milling and cutting tools intended for demanding rehabilitation applications.
Crescent said the deal aligns with its focus on tailored capital solutions for sponsors and management teams pursuing consolidation strategies. Crescent reported approximately $50 billion in assets under management as of Dec. 31, 2025, and operates as part of SLC Management, Sun Life’s institutional asset management business. Apheon said it manages about €4.5 billion and has completed roughly 200 add-on acquisitions across its European portfolio since 2005.
KEY QUOTE:
“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. 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.”
Christine Vanden Beukel, Managing Director and Head of Crescent’s European Specialty Lending Strategy
