Higher Education Finance Quarterly

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to National Radiology Solutions in its sale to Premier Radiology, a portfolio company of Grovecourt Capital Partners.

Cain Brothers developed a relationship with the founder, Robb Kolb, and discussed potential transaction alternatives. Collectively, the team decided to run a targeted process due to preemptive interest, with the option to expand into a broad sale if needed.

Premier Radiology is a leading provider of teleradiology solutions in outpatient settings across the United States, delivering fast, accurate, and secure medical image interpretations. Founded in 2006 and headquartered in Deerfield Beach, Florida, the company interprets over three million medical images annually through a network of more than 165 board-certified, fellowship-trained radiologists.

Grovecourt is a private equity firm based in West Palm Beach, Florida, specializing in investments in founder-led and family-owned businesses in the lower middle market business services and healthcare services sectors.

On January 22, 2026, KeyBanc Capital Markets served as Joint Bookrunner on EquipmentShare.com Inc.’s (EquipmentShare or the Company) $859.3 million Initial Public Offering of 35,075,000 shares, including overallotment. 

EquipmentShare is a digitally native equipment rental platform serving primarily non-residential construction end markets. Enabled by its technology platform, T3, which provides real-time telematics, management, and predictive maintenance of its fleet, the Company offers a tech-forward, seamless equipment rental experience. EquipmentShare serves customers with an integrated solution designed to make their jobsites more efficient, safer, and lower cost.

On November 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.05 billion of Senior Secured Credit Facilities (the Facilities) for Apex Clean Energy (Apex). The Facilities are comprised of a $500 million Term Loan Facility, a $400 million Letter of Credit Facility, and a $150 million Revolving Credit Facility. Proceeds will be used to fund Apex’s next phase of growth. KBCM acted as Coordinating Lead Arranger.

Apex Clean Energy Overview
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, development, construction, and operation of utility-scale wind, solar, and storage facilities and distributed energy resources, Apex is expanding the renewable frontier across the United States. The company’s mission-driven team uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to FHN in its affiliation with Mercyhealth. 

After years of discussion, FHN elected to pursue a change-of-control transaction with the goals of improving the organization’s cost structure and injecting outside capital. Cain Brothers led a competitive process, resulting in two fully negotiated letters of intent. The Board selected Mercyhealth, out of Rockford, Illinois, who committed to contribute a minimum of $100 million over five years. The transaction was signed on September 30, 2025, and closed on December 31, 2025.

FHN is a regional healthcare system serving northwest Illinois and southwest Wisconsin. FHN is headquartered in Freeport, Illinois and consists of a 100-bed full-service hospital known as FHN Memorial Hospital, 16 outpatient sites that treat over 45 specialties, a comprehensive Cardiovascular Center and a leading Cancer Center. Over 1,500 people visit FHN each day, and FHN is one of the leading employers in northwest Illinois.

Mercyhealth is an Illinois not-for-profit system serving northern Illinois and southern Wisconsin. Mercyhealth operates five acute-care hospitals with over 500 beds, a large multi-specialty physician group, over 85 primary and specialty care clinics, a rehabilitation hospital, and a significant home health and hospice business. Mercyhealth was created after the merger of Mercy Health in Janesville, Wisconsin and Rockford Health System in Rockford, Illinois. Mercyhealth produced $1.3 billion in revenue in 2025.

KeyBanc Capital Markets and Cain Brothers successfully closed the syndication of $1.07 billion Senior Secured Credit Facilities for US Fertility Enterprises, LLC, a portfolio company of Amulet Capital Partners and L Catterton Partners. 

Proceeds from the transaction supported the recapitalization of US Fertility, which included a new equity investment led by L Catterton and the Company’s acquisition of Genetics & IVF Institute.  The financing was comprised of a $120 million Revolving Credit Facility, an $825 million Term Loan B, and a $125 million Delayed Draw Term Loan. 

KBCM was selected to serve as Joint Lead Arranger and Administrative Agent based on Cain Brothers’ expertise in the women’s health space, our long-standing relationship with Amulet Capital Partners, and our best-in-class leveraged finance platform.

US Fertility is the largest fertility group in the U.S., offering a broad range of assistive reproductive technology services and ancillary life sciences offerings. Since 2021, the Company has grown from ~85 physicians across 59 locations to the leading IVF platform in the nation with over 200 physicians across 118 treatment locations and 32 embryology labs.

Founded in 2015, Amulet Capital Partners is a middle-market private equity firm focused exclusively on making investments in the broader healthcare industry. They have $2.7 billion in AUM and are currently investing out of their third fund. Amulet partners with strong businesses across high-conviction, high-growth subsectors within the broader life sciences outsourcing, healthcare provider, and payor and payor services ecosystems.

Founded in 1989, L Catterton is the largest consumer-focused private equity firm in the world, with over $38 billion of equity capital across nine fund strategies in 18 offices globally. They have $38 billion in AUM and have extensive experience in consumer healthcare and multi-site service platforms. L Catterton has an operationally focused value creation approach, augmented by a deep operating team with highly differentiated capabilities. 

Cain Brothers, a division of KeyBanc Capital Markets, acted as buy-side advisor to Gauge Capital on its acquisition of Reliable Medical from Seven Hills Capital.

Cain Brothers maintains an ongoing dialogue with Gauge on M&A opportunities and was engaged based on our expertise in the Complex Rehabilitation Technology sector. Cain provided tactical and strategic process-related recommendations and insight, while advising Gauge on valuation and key diligence topics. The mandate further bolsters our credentials in the broader DME sector and as a trusted advisor to private equity firms.

Reliable Medical is a provider of CRT and related mobility and home medical equipment solutions across the U.S. Reliable specializes in the evaluation, fitting, assembly, and service of custom mobility solutions for patients with severe and permanent mobility impairments. The Company has built a strong reputation as a trusted clinical and service partner to patients, referral sources, and payors through its experienced Assistive Technology Professionals and high-touch service model. Reliable was founded in 1989 and is headquartered in Nashville, Tennessee.

Gauge Capital is a middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: business services, food & consumer, government & industrial services, healthcare, and technology. The firm manages more than $3 billion in capital.

KeyBanc Capital Markets, Inc. served as exclusive financial advisor to Greenbacker Renewable Energy Corporation (Greenbacker) on the sale of a diversified operating portfolio of distributed generation (DG) solar and storage assets (the Portfolio) to Altus Power, Inc. Representing one of the largest operating DG portfolios marketed in recent years, the Portfolio includes 237 MW across 101 ground mount, rooftop, and carport sites located in 18 states.

Greenbacker Overview
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms. The company also provides investment management services to other renewable energy investment vehicles. Greenbacker seeks to acquire and operate high-quality projects that sell clean power under long-term contracts to creditworthy counterparties such as utilities, municipalities, and corporations. As a long-term owner-operator, Greenbacker strives to be a good steward of the land and a responsible member of the communities in which it operates. 

Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. The company believes its focus on power production and asset management creates value that can be passed on to shareholders — while facilitating the transition toward a clean energy future.

Altus Power Overview
Altus Power is a leading Independent Power Producer focused on the ownership, operation, and optimization of distributed solar generation assets across the United States. The company operates over one gigawatt of distributed generation assets, including rooftop, ground-mounted, and carport solar systems that serve commercial, industrial, municipal, and community solar customers. Backed by TPG, a global investment firm, Altus Power benefits from significant institutional support and access to capital. The company’s vertically integrated platform, experienced management team, and focus on high-quality distributed generation assets position it as a scaled consolidator and long-term owner within the U.S. solar market.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, Inc., successfully closed a financing in support of Sevita, a portfolio company of Centerbridge Partners, Madison Dearborn Partners, and The Vistria Group.

Proceeds from the financing were used to acquire BrightSpring Health’s Community Living division and to refinance existing indebtedness. The transaction consisted of a $314 million Revolving Credit Facility, a $875 million Term Loan B, a $375 million Delayed Draw Term Loan B, and $1.275 billion of Senior Secured Notes.

Sevita is a national provider of home and community-based services to specialized, complex patient populations with a range of medical, behavioral, and social needs. Since being founded in 1980, the Company has evolved from a single residential program to a diversified network operating across 40 states with 43,900+ individuals served.

Centerbridge Partners is a New York City-headquartered private investment firm with $18 billion of capital commitments and $38 billion of AUM. Founded in 2005, Centerbridge seeks to back strong management teams to drive operational improvements and other value creation strategies.

Founded in 1992, Madison Dearborn Partners is a Chicago-based private equity firm, with $19 billion of committed capital, focusing on the Basic Industries, Financial Services, Healthcare, and Technology & Government sectors.

Headquartered in Chicago and founded in 2013, The Vistria Group is a private equity firm focused on investing in the Education, Financial Services, and Healthcare sectors with $7 billion of AUM across 40+ portfolio companies.

KeyBanc Capital Markets and Cain Brothers, together with the KeyBank Beach Point Direct Lending Program, successfully closed on $350 million of Senior Secured Credit Facilities for Wedgewood Pharmacy, a portfolio company of Partners Group.

The Credit Facilities supported a refinancing of the Company’s existing debt and consisted of a $40 million Revolving Credit Facility and a $310 million Unitranche Term Loan.

Wedgewood, based in Swedesboro, New Jersey, is the nation’s leading compounding pharmacy dedicated to animal health. Since 1991, it has served veterinarians and animals of all species by providing high-quality, customized medications. The Company operates six compounding and outsourcing facilities across the U.S., along with an analytical testing laboratory, ensuring safe and efficient production of tailored medicines.

Partners Group is one of the largest firms in the global private markets industry, with around 2,000 professionals and over $174 billion in assets under management globally. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. The firm is based in Switzerland with a primary presence in the Americas in Colorado.

In December 2025, Wisconsin Electric Power successfully priced $300 million of Debentures maturing in 2029 at a spread of T+42 basis points, with a coupon of 3.950%. The transaction was well received by the market, achieving a minimal new issue concession and an orderbook oversubscription of 5.7 times, significantly exceeding the year-to-date average of 3.9 times. The differential between initial price guidance and final pricing was 28 basis points, which is also above the year-to-date average.

Similarly, in September 2025, the company priced $500 million of Debentures due 2030 at a spread of T+50 basis points for a coupon of 4.150%. This issuance also garnered strong market interest, pricing without a new issue concession and attracting an orderbook oversubscription of 4.9 times. The differential from initial price talk to final pricing reached 30 basis points, surpassing year-to-date averages.

KeyBanc Capital Markets served as Active Joint Bookrunner on both transactions. Proceeds from these offerings are intended to be used to repay existing short-term debt and for general corporate purposes.

About Wisconsin Electric Power Company
Wisconsin Electric Power Company (WEPCO) is a public utility that generates and distributes electricity and distributes and transports natural gas to retail customers in southeastern Wisconsin, including the Milwaukee area, east central Wisconsin, and northern Wisconsin. WEPCO provides wholesale electric service to various customers, including electric cooperatives, municipal joint action agencies, investor-owned utilities, etc. The company serves roughly 1.2 million electric customers and 0.5 million natural gas customers. WEPCO operates as a subsidiary of WEC Energy Group.

On December 22, 2025, KeyBanc Capital Markets (KBCM) successfully advised Excel Testing and Engineering Holdings, LLC (Excel Engineering, or the Company), a portfolio company of Rock Island Capital (Rock Island), on its sale to Fusion Capital Partners (Fusion). 

KBCM was selected to serve as Exclusive Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, deep industry expertise, extensive financial buyer relationships, relevant transaction experience and proven track record of successful M&A execution. 

Founded in 2002, Excel Engineering is a leading North American engineering and equipment testing, inspection, certification and compliance (TICC) services platform, delivering trusted, independent testing solutions across a diverse array of applications, including internal combustion engines, powertrains, generators and battery systems. The Company has earned its reputation as the partner of choice based on its technical expertise and long-tenured relationships with blue-chip OEMs. Excel Engineering is headquartered in Diagonal, Iowa and has three testing facilities across the Midwest. 

Based in Chicago, Illinois, Rock Island is a private equity firm focused on partnering with middle-market companies in the United States to support their growth objectives. Rock Island provides flexible structure capital investments across manufacturing, distribution and service companies with tested business models and experienced management teams. 

Fusion is a Los Angeles, California-based private equity firm focused on investments in engineered products and essential services businesses across the commercial and industrial markets of North America. Fusion seeks to make equity investments in middle-market companies with a robust value creation plan and facing an inflection point in their growth journey.

On December 18, 2025, KeyBanc Capital Markets (KBCM) successfully advised Hasgrove Limited (Interact), a leading provider of employee experience software, on its majority investment from Castik Capital S.à r.l. (Castik). This strategic investment will allow Interact to accelerate product innovation, scale operations, and expand global reach through both targeted M&A and market expansion. Selling shareholders included Unicorn Asset Management, Octopus Ventures, and Perwyn Advisors. KBCM worked alongside its exclusive U.K. partner Clearwater International on the transaction.

Headquartered in Manchester, United Kingdom, Interact is a leading employee experience platform that helps organizations facilitate internal communication, foster knowledge sharing, and boost employee engagement. Interact provides solutions for enterprise Internal Communications, Human Resources, and Information Technology teams. The company currently serves a broad range of blue-chip customers across North America, EMEA, and the Middle East, with its largest markets being the United States and the United Kingdom.

Founded in 2014 and based in Luxembourg, Castik is a private equity investment manager acquiring majority ownership positions in European companies. Castik’s sector focus covers technology-enabled business services, software and internet platforms, specialist healthcare, and industrial technology.