Building Products & Materials Quarterly

On April 13, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Caturus Energy, LLC. Proceeds will be used to partially fund the acquisition of Galvan Ranch assets from SM Energy Company and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, acted as Exclusive Financial Advisor to Blue Cross and Blue Shield of Kansas City on its affiliation with Highmark, Inc.

Blue KC engaged Cain Brothers to identify a partner to help achieve efficiencies, add new capabilities and drive more affordable health care. Blue KC will maintain its local leadership, brand and commitment to accessible, affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. Cain Brothers is the leading advisor to Blue Cross and Blue Shield plans and this represents another significant affiliation within the sector.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Blue KC provides coverage to more than one million residents in the greater Kansas City area, with a mission to provide affordable access to healthcare and to improve the health of its members.

An independent licensee, Highmark, together with its affiliates, is the fifth-largest Blue Cross Blue Shield-affiliated organization in the country, with more than seven million members in Pennsylvania, Delaware, West Virginia and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the U.S.

On March 30, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $1 billion Follow-On Offering of 34,500,000 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

On March 26, 2026, KeyBanc Capital Markets (KBCM) successfully advised Terminus Capital Partners (TCP), a growth-oriented private equity firm focused on B2B software companies, on its majority investment in Andesa Services (Andesa), a leading provider of software solutions supporting policy lifecycle administration of insurance and annuity products in the Advanced Markets space. KBCM was retained as the Exclusive Buy-Side Advisor due to its strong M&A capabilities, as well as its close relationship with TCP, and deep domain expertise in Insurance Technology.

Andesa Services is a leading provider of policy and plan administration solutions in the Advanced Markets space, including policy transaction management and NQDC recordkeeping. These solutions simplify the ongoing administration of complex life insurance and annuity products in BOLI, COLI, ICOLI, and Private Placement. By utilizing market and product expertise, configurable capabilities for complex products, and security and reliability at scale, Andesa improves speed to market and empowers carriers and brokers to serve high-value markets confidently. 

Terminus Capital Partners is a private equity firm focused on business software companies, founded in 2017 and based in Atlanta. Differentiated by its industry expertise, sourcing engine, operations approach, and buy-and-build methodology, TCP strives to be the premier partner for capital providers, bankers, and management teams in the enterprise software sector.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to DME Express, a portfolio company of WayPoint Capital Partners, in its sale to Palladium Equity Partners.

Cain Brothers was engaged based on its extensive experience and expertise in the hospice and durable medical equipment sectors as well as broader post-acute services. The transaction continues Cain Brothers’ strong track record of representing private equity-backed companies and continued momentum in healthcare services M&A.

DME Express provides durable medical equipment to hospice providers across the U.S. With over 150 years of experience, the founders and management team understand the unique needs of hospices and nursing facilities and DME Express is a leading provider in each of its markets. The company is committed to consistent availability to patients and providers with high-quality medical equipment, proprietary technology and strong customer service.

WayPoint Capital Partners, founded in 2004, is a growth-oriented lower middle market private equity firm making control investments in exceptional founder and family-led companies across healthcare services and industrials. WayPoint brings strategic guidance, operational support, and long-term patient capital to help its businesses scale and thrive.

With over $3 billion in assets under management, Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital and strategic guidance. Since its founding in 1997, Palladium has invested in more than 240 companies. Palladium’s partners have experience in consumer, services, industrials, and healthcare sectors, with a focus on companies that will benefit from the growth in the U.S. Hispanic population.

On March 20, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $146 million of Senior Secured Credit Facilities supporting TigerGenCo’s utility-scale energy storage project, Bayonne Energy Center III. The Facilities include a $48.5 million construction-to-term loan, a $82.7 million tax credit bridge loan, and $14.8 million in letters of credit. Proceeds will be used to fund the project’s construction. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

Bayonne Energy Center III is a 50 MWAC/200 MWh battery energy storage project located in Hudson County, New Jersey. The Project has an executed power purchase agreement with ConEd to sell 100% of power and ancillary service credits. It will utilize Tesla MegaPack equipment and complement the existing natural gas plant co-located at the site. Operations are expected to begin in Q3 2027. 

This marks the third transaction between Morgan Stanley Infrastructure Partners and KBCM.

About TigerGenCo
TigerGenCo is an independent power producer that develops, owns, and operates natural gas and battery energy storage systems as a portfolio company of Morgan Stanley Infrastructure Partners (MSIP). MSIP's investment in TigerGenCo spans across Bayonne Energy Center project phases, which are key components of the energy infrastructure in New Jersey and New York City.

The current Bayonne Energy Center III is a 644 MW dual-fuel generating facility situated in Bayonne, New Jersey that is a best-in-class provider of capacity, energy and ancillary services, including critical grid reliability to NYISO, supporting renewable growth through its 10-minute start-up time. TigerGenCo is constructing one of the first utility-scale battery storage projects to serve NYISO Zone J (New York City).

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised LTi Technology Solutions, Inc. (LTi or the Company), a leading provider of equipment finance leasing and lending lifecycle management technology, on its sale to Diversis Capital, L.P. (Diversis). KBCM was retained as the Exclusive Sell-Side Advisor due to its long-standing and trusted relationship with the Company’s founders and management team, deep sector expertise in lending technology, and access across the vast investor ecosystem.

Founded in 1989, LTi is a provider of lease and loan finance software for the equipment finance industry. LTi’s ASPIRE platform is a comprehensive, highly configurable lifecycle management system used by banks, captives, and independents across North America and the U.K. With more than $180 billion in assets under management on its platform and a client base that includes 40% of the Monitor 100, the Company is one of the most trusted and widely adopted technology platforms in equipment finance. LTi is headquartered in Omaha, Nebraska.

Diversis is a software- and technology-focused private equity fund that invests in lower middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its Operating Partners work alongside management teams to help build successful organizations positioned for long-term growth. Founded in 2013, with offices in Los Angeles, California, the firm is investing its third fund.

On March 17, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $550 million Senior Notes offering for Infinity Natural Resources, Inc. Proceeds will be used to repay existing indebtedness associated with the acquisition of Utica Shale assets from Antero Resource Corporation and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to SuperCare Health in its sale to Excellere Partners and KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent for debt financing associated with the transaction. 

Cain Brothers was engaged based on our long-standing relationship with the Company as well as knowledge of the durable medical and home medical equipment market and connectivity with buyers who would value SuperCare’s capitated and fee-for-service business model. Concurrently, KBCM syndicated Senior Secured Credit Facilities, proceeds of which were used to fund the acquisition, support capital expenditures and for general corporate purposes. 

Founded in 1974 and headquartered in City of Industry, California, SuperCare is a provider of comprehensive complex respiratory care management solutions for adults and children. Its product portfolio consists of ventilators, airway oscillation, CPAP, BiPAP, oxygen concentrators, respiratory medication and home medical equipment. The Company’s business segments are Complex Respiratory Care, Pediatric Respirator Care, and Value-Based Care. SuperCare operates 27 branches across five states and serves 150,000+ patients annually. 

Founded in 2006 and based in Denver, Colorado, Excellere is a private equity investment firm focused on investing in the Healthcare, Business Services, and Industrials industries. The Sponsor has ~$2.2 billion of assets under management and has raised four funds to date, with its latest fund (Excellere Capital Fund IV) raising $875 million of committed capital.

On March 11, 2026, Sonida Senior Living, Inc. (Sonida), one of the largest, pure-play owner-operators and investors in U.S. senior living communities, announced the completion of its merger with CNL Healthcare Properties, Inc. (CHP), a real estate investment trust that owns a national portfolio of high-quality senior housing properties. Sonida acquired 100% of CHP in a cash and stock transaction valued at approximately $1.8 billion. The common stock of the combined company will trade under Sonida's existing ticker symbol “SNDA” on the NYSE. KeyBanc Capital Markets served as Exclusive Sell-Side Advisor to CHP. 

CNL Healthcare Properties is a real estate investment trust focused on institutional-quality senior housing holdings, including stabilized, value-add and ground-up development assets. 

Sonida Senior Living is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. Sonida provides compassionate, resident-centric services and care as well as engaging programming at its senior housing communities.

In March 2026, KeyBanc Capital Markets acted as Active Joint Bookrunner on $1.2 billion of First Mortgage Bonds due 2036 and 2056 for Northern States Power Company Minnesota (“NSPM” or the “Company”). 

NSPM is an operating utility engaged primarily in the generation, purchase, transmission, distribution and sale of electricity in Minnesota, North Dakota, and South Dakota. As of December 31, 2025, the Company provided electric service to approximately 1.6 million customers and natural gas service to 0.6 million customers.

NSPM priced $1.2 billion of First Mortgage Bonds in two tranches:

• $600 million of First Mortgage Bonds due 2036 at a spread of T+75 bps for a coupon of 4.85%
• $600 million of First Mortgage Bonds due 2056 at a spread of T+85 bps for a coupon of 5.55%

The deal was very well received by the market, pricing with a negative new issue concession on both tranches and a 6.2x orderbook oversubscription overall.

The Company intends to use the net proceeds to repay short-term borrowings and for general corporate purposes.

NSPM is an existing client of Key.