Industrial Technology

On September 30, 2025, KeyBanc Capital Markets acted as Co-Manager on a $286.35 million Follow-On Offering for AAR Corp. (AAR or the Company).

AAR is a leading independent provider of solutions to the global aviation aftermarket. The Company offers a broad line of products and services to commercial and defense aerospace customers. AAR operates globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. For the year ended May 31, 2025, the Company generated sales of $2.8 billion. For the quarter ended August 31, 2025, the Company generated sales of $739.6 million. AAR was founded in 1951, is based in Wood Dale, Illinois and as of May 31, 2025 employed approximately 5,600 employees worldwide.

On September 10, 2025, KeyBanc Capital Markets (KBCM) successfully priced $225 million of Convertible Senior Notes due 2031 for Astronics Corporation (Astronics or the Company). Proceeds will be used to fund the repurchase of a portion of the existing 5.500% Convertible Senior Notes due 2030 and to fund a Capped Call in connection with the offering. KBCM acted as Joint Bookrunner on the transaction. 

Astronics Corporation (NASDAQ: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. The Company works side-by-side with customers, integrating their array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.

On August 29, 2025, KeyBanc Capital Markets (KBCM) successfully advised United Titanium, Inc. (United Titanium or the Company), on its sale to Riverspan Partners (Riverspan). KBCM was chosen to serve as United Titanium’s Exclusive Sell-Side Advisor based on its industry-leading industrial investment banking franchise, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1962 and headquartered in Wooster, Ohio, United Titanium is a leading manufacturer of engineered mission-critical fasteners, fittings and precision components. The Company specializes in hard-to-manufacture alloys including titanium, zirconium, cobalt, nickel, tantalum, nitronic and other specialty alloys. United Titanium serves customers across the defense, electronics, medical, petrochemical, commercial and industrial distribution end markets.

Riverspan is a middle-market private equity firm headquartered in Chicago, Illinois. Founded in 2022, the firm seeks to invest in companies within the chemicals and materials, engineered components, industrial services and manufacturing sectors. The firm is currently investing out of its first institutional fund.

On August 26, 2025, KeyBanc Capital Markets (KBCM) successfully advised G2 Secure Staff, LLC (G2 Secure Staff, or the Company), a portfolio company of Tenex Capital Management, L.P. (Tenex), on its sale to Menzies Aviation Ltd. (Menzies Aviation). KBCM was chosen to serve as G2 Secure Staff’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Tenex and the Company and proven M&A execution capabilities. 

G2 Secure Staff is a provider of outsourced aviation services to the US airline industry, supporting airlines across terminals, cabins, ramps, cargo, and security functions. The Company operates across ~90 airports nationwide in key primary and secondary hubs for all of the major US carriers and employs ~12,000 people.

Tenex Capital Management is a private equity firm that invests in middle market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing, and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities.

Menzies Aviation is the leading service partner to the world's airports and airlines, with operations on six continents, at more than 300 airports in 65-plus countries, serving more than 4.8 million flights a year and handling over 2.4 million tons of cargo. Supported by a team of over 50,000 highly trained people, Menzies Aviation provides complex and time-critical ground services, including passenger, lounge and ramp services; air cargo services, including handling, warehousing and wholesale freight forwarding; and fuel services, including fuel farm management and into-plane fueling.

On July 24, 2025, KeyBanc Capital Markets (KBCM) successfully advised Omni Glass & Paint, LLC (Omni or the Company), a portfolio company of Merit Capital Partners (Merit), on its sale to The Sterling Group Foundation Fund (Sterling). KBCM was selected to serve as Omni's Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, long history of transaction success within the glass/window industry, and track record of successful M&A execution.

Omni is a leading provider of a broad range of glass and paint products and services. Founded in 1967, Omni provides custom glass, panels, contract glazing, and specialty coating solutions to general contractors and manufacturers, primarily in Wisconsin. The Company operates through five divisions including Glass, Paint, OEM, Residential, and Tempering. Omni is headquartered in Oshkosh, Wisconsin, and has six facilities throughout the state.

Headquartered in Chicago, Merit is a private equity investment firm with $2.7 billion of capital under management. Founded in 1993, the firm focuses on providing equity and subordinated debt to lower middle market companies. Merit partners with business owners, management teams and independent sponsors to support management buyouts, recapitalizations and growth financings across the manufacturing, distribution and services sectors.

Headquartered in Houston, Texas, The Sterling Group is a leading private equity and private credit investment firm with $9.4 billion of assets under management. Founded in 1982, the firm focuses on lower middle market companies and partners with management teams to strategically and operationally improve businesses operating within basic manufacturing, distribution, and industrial service industries. The Foundation Fund is a 2023 vintage buyout fund with over $635 million of committed capital.

On July 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed on $350 million of Senior Secured Notes due 2030 (the Notes) for ParkOhio Industries, Inc. (ParkOhio, or the Company). Proceeds from the Notes will be used to redeem the outstanding 6.625% Senior Notes due 2027 and pay related fees and expenses. KBCM served as Co-Syndication Agent and Joint Bookrunner due to our deep industry expertise, extensive Debt Capital Markets expertise, and long-term relationship with ParkOhio.

ParkOhio Industries is an international manufacturing company that provides supply chain management outsourcing services, capital equipment used on production lines, and manufactured components for assembly. The Company operates in three business segments including Supply Technologies, Assembly Components, and Engineered Products. ParkOhio’s businesses are exposed to diverse and highly attractive geographic end markets, including the United States, Europe, Asia, Mexico, and Canada.

On July 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kodiak Interiors Group, LLC (Interiors or the Company), the interiors division of Kodiak Building Partners, Inc. (Kodiak), a portfolio company of Court Square Capital Partners (Court Square), on its sale to a Private Investor Consortium. KBCM served as Interiors’ Exclusive Sell-Side Advisor based on its industry-leading Industrial Building Products practice, proven M&A execution capabilities and relevant carveout transaction experience.

Interiors is a leading national distributor of interior building products and provider of installation services for homebuilders and repair & remodel contractors. The Company operates 35+ locations in Arizona, Colorado, Pennsylvania and Texas, offering appliances, flooring, cabinets and other interior products.

Kodiak, headquartered in Englewood, Colorado, is a national building materials distribution platform founded in 2011, employing more than 6,500 team members across 29 states. Kodiak serves local and national customers across the residential construction, repair & remodel, commercial and infrastructure construction markets. Their diverse product offering includes lumber and building materials, construction supplies, gypsum and interiors products.

Court Square is a New York-based private equity investment firm that has completed more than 245 platform acquisitions. Court Square focuses on investing in middle-market Industrials, Business Services, Healthcare and Tech & Telecom companies, partnering with founders, families and management teams to drive long-term value and establish market leadership.

On July 1, 2025, KeyBanc Capital Markets (KBCM) advised TerraSource Holdings, LLC (TerraSource or the Company), a portfolio company of Right Lane Industries (Right Lane) and an operating subsidiary of Hillenbrand, Inc. (Hillenbrand), on its sale to Astec Industries, Inc. (Astec).

KBCM was selected to serve as TerraSource’s Exclusive Sell-Side Advisor based on its industry-leading Diversified Industrials & Manufacturing and Industrial Technology investment banking practices, deep industry expertise and proven track record of successful sell-side M&A execution.

TerraSource is a market-leading manufacturer of material processing equipment and aftermarket parts, and provider of rebuild services for feeding, crushing, screening and separating applications. The Company operates globally through a family of five brands to serve a blue-chip customer base across a diverse set of end markets including general industrial, metals & mining, energy & power and forestry.

Right Lane is a private holding company focused on acquiring middle-market industrial businesses through complex transactions − corporate carveouts & divestitures, turnarounds, take-privates, other special situations − that can benefit from Right Lane’s entrepreneurial approach to business transformation.

Hillenbrand (NYSE:HI) is a global industrial company that provides highly engineered, mission-critical processing equipment and solutions to customers. Their portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food and recycling.

Astec (NASDAQ:ASTE) is a leading global manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Operations are divided into two primary business segments – Infrastructure Solutions, which includes road building, asphalt & concrete plants, thermal and storage solutions, and Materials Solutions, which includes aggregate and other material processing solutions.

On June 10, 2025, KeyBanc Capital Markets (KBCM) successfully advised Thermogenics (the Company), a portfolio company of Audax Private Equity (Audax), on its sale to Morgan Stanley Capital Partners (Morgan Stanley). KBCM was chosen to serve as Thermogenics’ Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Audax and the Company, and proven M&A execution capabilities. KBCM previously advised Thermogenics in its sale to Audax in 2022.

Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers' mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers' most complex steam and heating needs. Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV.

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value.

Morgan Stanley is a leading middle-market private equity platform focused on privately negotiated equity and equity-related investments primarily in North America. The firm seeks to create value in portfolio companies primarily in a series of subsectors in the industrial and business services, healthcare and consumer markets.

On March 17, 2025, KeyBanc Capital Markets (KBCM) successfully closed Senior Secured Credit Facilities of an undisclosed amount in support of Sandbrook Capital’s acquisition of Intellirent. KBCM served as Sole Lead Arranger and Administrative Agent on the transaction.

Intellirent specializes in the global rental of field-ready test equipment for electrical applications, offering tailored selection, preparation, technical support, and logistics to ensure optimal performance and delivery. The company offers a broad range of critical testing equipment for field service technicians to perform maintenance and repair, installation and commissioning, and emergency response on critical electrical infrastructure.

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.