Consumer & Retail

On October 3, 2025, KeyBanc Capital Markets (KBCM) successfully advised Avance Investment Management, LLC (Avance or the Company) on its acquisition of Barchemy, LLC (Barchemy), a developer and manufacturer of chocolate and confectionery ingredients. KBCM was engaged to serve as the Exclusive Buy-Side Advisor to Avance based on our long-standing relationship with the Company and Barchemy, deep Food & Beverage domain expertise and relevant M&A execution experience.

Avance is a private equity firm with offices in New York and Miami, focused on building middle market businesses in partnership with talented founders and management teams. Avance makes thematic investments within the Consumer, Services and Technology sectors in the U.S., seeking attractive opportunities with catalysts for growth within fragmented spaces with consolidation opportunities. The Company has a long history of partnering with founder-owned businesses, industry executives and management teams to add value.

Founded in 2005, Barchemy is an innovative manufacturer of high-quality, better-for-you chocolate and confectionary ingredients for the nutritional bar, bakery, confectionary and ice cream industries. Barchemy specializes in custom-formulated solutions across several applications and formats, offering an assortment of ~300 coatings, filings and inclusions. Barchemy is headquartered near Pittsburgh, Pennsylvania where it operates ~110K sq. ft. of manufacturing space across three facilities.

In September 2025, KeyBank successfully upsized and closed a $300 million Senior Secured Revolving Credit Facility for Pursuit Attractions and Hospitality, Inc. (“Pursuit” or the “Company”). KeyBanc Capital Markets acted as Joint Lead Arranger and Co-Syndication Agent.

Pursuit Attractions and Hospitality, Inc. is an attractions and hospitality company. The Company offers a diverse portfolio including world-class attractions, distinctive lodges, sightseeing tours, wildlife safaris in national parks, and immersive FlyOver flight ride experiences in the United States, Canada, Iceland, and Costa Rica. The Company's customers include individuals and groups seeking immersive and unforgettable experiences in iconic destinations.

In September 2025, Rocket Lab Corporation filed a $750 million At-the-Market Offering with KeyBanc Capital Markets. Key acted as one of seven agents.

Rocket Lab Corporation (RKLB) is an end-to-end space company with an established track record of mission success. RKLB delivers reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space.

On August 7, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $550 million Term Loan B (TLB) for MillerKnoll, Inc. (MillerKnoll or the Company). This transaction follows the Company’s pro rata transaction in April 2025, which included a $400 million Term Loan A and a $725 million Revolving Credit Facility. In aggregate, the Company’s refinancing resulted in $1.675 billion of Senior Secured Credit Facilities (the Credit Facilities). Proceeds from the Credit Facilities were used to refinance existing indebtedness, enhance liquidity, and pay transaction related expenses. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

KBCM was chosen as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with the Company, strong presence in the Retail sector, and robust debt capital markets platform.

Formed in 2021 through the merger between Herman Miller and Knoll, MillerKnoll (NASDAQ: MLKN) is a global leader of design with 15 dynamic brands and a significant global reach, operating in 110 countries through 75+ retail stores and 1,000+ dealers. The Company designs, manufactures, and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings.

On July 25, 2025, KeyBank successfully closed a Term Loan and Revolving Line of Credit for The Memory Company, LLC (“TMC”). TMC was acquired by Fruition Partners. Proceeds from the facilities were used to fund the acquisition, cover transaction costs, and support future working capital requirements. KeyBank acted as Sole Lender on the transaction. 

Founded in 1998 and headquartered in Phenix City, Alabama, The Memory Company is a leading developer and distributor of licensed consumer drinkware, home décor, and related hard goods products, serving major retailers and e-commerce platforms. TMC holds long-standing licensing agreements with major U.S. sports leagues such as the NFL, MLB, and NCAA, with an average tenure of over 25 years, as well as other globally recognized consumer brands. TMC is a rapidly growing business that sets itself apart through its broad portfolio of top-tier licenses, trend-driven product innovation, and strong retail relationships.

Fruition Partners is a growth-oriented private equity firm that partners with founder-led and family-owned companies to accelerate their next phase of development. With deep expertise in scaling businesses organically and through M&A, the firm focuses on category-defining platforms with durable competitive advantages. Fruition Partners is dedicated to supporting entrepreneurially minded management teams in building exceptional businesses. The firm emphasizes long-term partnership over portfolio volume, providing focused support and strategic alignment. Fruition's investment philosophy centers on backing bold visions, enabling execution of transformative growth plans while maintaining strong alignment and integrity throughout the process. 

Fruition will build on TMC’s success by supporting continued growth with both new and existing partners, while protecting and enhancing its strategic licensing position in an increasingly IP-conscious market.

On July 1, 2025, Apollo Global Management, Inc. (Apollo) successfully closed the acquisition and merger of Everi Holdings Inc. (Everi) and the Gaming & Digital Business of International Game Technology (SpinCo), (together the Acquisition). KeyBanc Capital Markets (KBCM) acted as Joint Lead Arranger and Joint Bookrunner on the financing for the Acquisition (the Financing), which included $3.225 billion of Senior Secured Credit Facilities, comprised of a $750 million Revolving Credit Facility and a $2.475 billion Term Loan B, as well as $1.85 billion of Senior Secured Notes. The Financing was issued under the entity name Voyager Parent, LLC (the Combined Company). 

KBCM was selected as a Joint Lead Arranger and Joint Bookrunner due to its consistent pitch effort and extensive industry and Debt Capital Markets expertise.

Voyager Parent, LLC is a one-stop-shop with a comprehensive product portfolio addressing all aspects of the gaming ecosystem. The Combined Company has leading positions in Class II & III land-based gaming, iGaming, FinTech and systems and is #1 by units sold in North America. The Combined Company has the highest ship share of sales in North America and maintains a significant installed base of leased machines across many geographies. Complementing its strong presence across land-based gaming, Voyager Parent also has an industry-leading porting process to bring some of its most successful titles to the digital, gaming landscape, enabling it to efficiently grow its substantial library of online gaming content.

On June 30, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $875 million Senior Secured Credit Facilities (the Credit Facilities) in support of Brightstar Capital Partners’ (Brightstar) acquisition of PlayAGS, Inc. (AGS or the Company). The Credit Facilities are comprised of a $100 million Revolving Credit Facility and a $775 million Term Loan.

KBCM was selected to serve as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with Brightstar, gaming industry expertise and debt capital markets platform. This transaction represents a new client and agency relationship for KBCM.

AGS is a global gaming company dedicated to delivering a diverse mix of entertaining gaming experiences for every kind of player. With a full-spectrum product portfolio spanning slot machines, table products, card shufflers, and online gaming, AGS has grown into one of the industry’s most comprehensive gaming suppliers. The Company’s customer-centric culture and “innovation with intent” philosophy fuel continuous development of high-performing products designed to drive customer success and player engagement. AGS’ omnichannel strategy – bridging the land-based casino and digital gaming worlds – positions the Company to serve the evolving needs of its casino operator partners around the world. 

Brightstar Capital Partners is a middle market private equity firm with $5 billion AUM that is focused on investing in business services, industrials, consumer, and government services and technology companies, where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Since its founding in 2015, Brightstar has accumulated extensive experience partnering with family, founder, or entrepreneur-led businesses. Brightstar employs an operationally intensive “Us & Us” approach that leverages its considerable hands-on operational expertise and deep relationship network to help companies reach their full potential.

On June 12, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $2 billion Senior Secured Credit Facilities (the Credit Facilities) for Wynn Resorts Finance, LLC (Wynn Resorts or the Company). The Credit Facilities are comprised of a $1.25 billion Revolving Credit Facility, which was upsized by $500 million, and a $753 million Term Loan A. Proceeds from the Credit Facilities were used to refinance existing indebtedness.

This transaction represents KBCM’s second syndicated financing for Wynn Resorts since September 2024. KBCM was selected to act as Joint Lead Arranger and Joint Bookrunner on the transaction due to KBCM’s extensive knowledge and experience in the Commercial Gaming industry, robust Debt Capital Markets capabilities, and persistent calling effort.

Wynn Resorts is a designer, developer, and operator of integrated resorts featuring gaming, luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting space, and convention facilities. The Company operates the following integrated resorts: (i) Wynn Las Vegas and Encore at Wynn Las Vegas, (ii) Encore Boston Harbor and (iii) Wynn Palace and Wynn Macau.

On June 10, 2025, KeyBanc Capital Markets (KBCM) successfully closed the private offering to eligible purchasers of $450 million in aggregate principal amount of Senior Unsecured Notes due 2033 (the Senior Notes). The Senior Notes were co-issued by GLP Finance Corp. and guaranteed by certain other subsidiaries of Global. KBCM acted as Senior Co-Manager on the transaction.

Global Partners LP (Global Partners or the Company) is a US-based limited partnership that operates convenience stores and acts as a midstream logistics and marketing company. The Company is mainly engaged in purchasing, selling, transporting and storing petroleum & related products. Global Partners also operates refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut and Vermont. The Company distributes gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane to wholesalers, retailers and commercial customers. Global Partners operates through three segments: Wholesale, Gasoline Distribution & Station Operations and Commercial. The Wholesale segment sells heating oil to retailers, and the Gasoline Distribution & Station Operations segment sells gasoline to gas station operators. The Commercial segment focuses on selling gasoline and oil to customers in the public sector.

On May 15, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of an $800 million Senior Secured Credit Facility (the Credit Facility) for Light & Wonder International, Inc. (Light & Wonder, or the Company). Proceeds from the Credit Facility will be used to support the Company’s acquisition of the charitable gaming assets (Grover Charitable Gaming, or the Target) of Grover Gaming, Inc. and G2 Gaming, Inc. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the financing.

The financing represents KBCM’s second syndicated transaction for Light & Wonder this year, with total capital commitments of $1.8 billion. The Company selected KBCM as Joint Lead Arranger and Joint Bookrunner on the transaction due to our leading Commercial Gaming industry coverage, robust debt capital markets execution capabilities, and strong relationship with Light & Wonder’s management team.

Light & Wonder (NASDAQ: LNW) is a Las Vegas, Nevada-headquartered cross-platform global games manufacturer and operator focusing on content and digital markets with presence across six continents. The Company is a leading provider of both land and digitally based gaming offerings, which include game content and electronic gaming machines (primarily slot-machines), casino management systems, table game products & services, and social casino & other related mobile games that are sold to licensed gaming entities and retail customers.

Grover Charitable Gaming is a leading provider of E-Pull tabs for the charitable gaming market. The Target’s offerings include a variety of E-Pull tab hardware and a deep content library of games, with operations in 5 states, over 1,500 customers, and 10,000+ installed devices.

On April 24, 2025, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $250 million Revolving Credit Facility (the Revolver) and the offering of $750 million of First Lien Notes due 2030 and $450 million of Second Lien Notes due 2031 (collectively, the Notes) for Mohegan Tribal Gaming Authority (Mohegan Gaming & Entertainment, or the Company). Proceeds from the Notes will be used, along with cash from the balance sheet and a draw on the new Revolver, to repay the outstanding borrowings on the existing revolving credit facility, the 8.00% Second Lien Notes due 2026, and to pay fees and expenses. 

KBCM served as Joint Lead Arranger and Joint Bookrunner due to our deep industry expertise, extensive Debt Capital Markets expertise, and long-term relationship with Mohegan Gaming & Entertainment.

Mohegan Gaming & Entertainment is a full-scale casino gaming operator established by the Mohegan Tribe in July 1995, a federally recognized Native American tribe with an approximately 595-acre reservation site in southeastern Connecticut. The Company owns, operates or manages four facilities across the United States and Canada, and also conducts iGaming and online sports betting in the United States and Canada.

On April 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of $1.125 billion of Senior Secured Credit Facilities (the Credit Facilities) for MillerKnoll, Inc. (MillerKnoll or the Company). The Credit Facilities are comprised of a $725 million Revolving Credit Facility and a $400 million Term Loan A. Proceeds from the transaction will be used to refinance existing indebtedness and support liquidity. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

KBCM was chosen as Joint Lead Arranger due to our long-standing relationship with the Company, strong presence in the Retail sector, and robust debt capital markets platform.

Formed in 2021 through the merger between Herman Miller and Knoll, MillerKnoll (NASDAQ: MLKN) is a global leader of design with 15 dynamic brands and a significant global reach, operating in 110 countries through 75+ retail stores and 1,000+ dealers. The Company designs, manufactures, and distributes interior furnishings for use in various environments including residential, office, healthcare, and educational settings.