HR Software & Services Monthly

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Icario, a portfolio company of CVC Capital Partners, on its sale to Vitality Group.

Leveraging deep experience in payer tech and member engagement, Cain Brothers ran a competitive process targeting strategic buyers. The transaction resulted in a strategic combination pairing Icario's member engagement platform with Vitality's global behavior-change franchise, expanding Vitality's reach into health plan member engagement and gaps-in-care closure in the U.S. market.

Icario is an AI-powered, digital-first member engagement platform that leverages whole-person data, proprietary analytics, GenAI, behavioral science and omnichannel communication to deliver personalized member experiences at scale. The company helps health plans translate complex member-level data into engagement programs that motivate healthy behaviors, close gaps in care and improve outcomes. Icario serves some of the nation's largest health plans, reaching millions of Medicare, Medicaid and commercial members, while delivering measurable improvements in quality performance, care outcomes and member engagement.

Vitality, a subsidiary of Discovery (JSE: DSY), a South Africa-based financial services group, is a leading health engagement platform that helps improve health outcomes through technology, data, AI, incentives and behavioral science. Backed by Discovery's global expertise in insurance, wellness and behavior change, Vitality serves more than 52 million lives across Europe, the Americas, Asia, Africa and Oceania.

Founded in 1981, CVC Capital Partners is a Luxembourg-based private equity firm with over $245 billion of assets under management. The firm invests across a diverse range of sectors, including business services, consumer and retail, healthcare, technology, and infrastructure, partnering with management teams to scale businesses and create long-term value across its portfolio.

On August 31, 2026, KeyBanc Capital Markets (KBCM) successfully advised on the sale of Myers Tire Supply (MTS), a division of Myers Industries (Myers), to Lion Equity Partners (Lion). KBCM was selected to serve as Myers’ Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution investment banking practice, proven M&A execution capabilities and long-standing relationship with Myers.

Headquartered in Akron, Ohio, Myers is a leading manufacturer of specialized plastic and metal products for the consumer, vehicle, food & beverage, general industrial and infrastructure end markets. Myers operates a portfolio of established brands and manufactures a diverse range of products, including material handling containers, storage solutions, fuel and water storage products, ground protection systems and other engineered products. Myers employs over 2,000 individuals, with over 30 locations globally.

Founded in 1933 and headquartered in Akron, Ohio, MTS is one of the nation’s leading distributors of specialized tire supplies, tools and equipment for the tire service market. MTS provides comprehensive retread and repair consumables, wheel weights, equipment, tire pressure monitoring systems, valves, shop supplies and tools. MTS’s footprint spans the continental U.S., serving thousands of customers across the passenger and commercial automotive markets through four distribution centers.

Headquartered in Denver, Colorado, Lion is a lower middle-market private equity investment firm with over $170 million of assets under management.

On August 27, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of a $40 million Incremental Term Loan A Facility for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. for an aggregate issuance of $340 million in Senior Secured Credit Facilities. Proceeds from the Incremental Facility will be used to support ongoing construction costs, working capital, and general corporate purposes.

KBCM served as a Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets. This transaction represents the second transaction with WarHorse.

About WarHorse
The Tribe established WarHorse in 2022 to develop, own, and operate two commercial casinos in eastern Nebraska: WarHorse Gaming Lincoln, LLC and WarHorse Gaming Omaha, LLC. WarHorse completed its multi-phase development in April 2025 and currently features an aggregate of 1,900 slot machines, 28 table games, several F&B options, and other premium amenities. The third WarHorse Casino, expected to open in 2028, will be constructed in South Sioux City and feature over 700 gaming options adjacent to the newly constructed racetrack.

About Ho-Chunk
Ho-Chunk, Inc. was established in 1994 as an independent commercial entity owned by the Tribe. Ho-Chunk owns and operates a diversified portfolio of businesses spanning multiple end markets including gaming & real estate, manufacturing & distribution, consumer, and government contracting. As a long-term capital provider, Ho-Chunk prioritizes their dual mission of generating revenue and affecting positive social and economic impact.

About The Tribe
Winnebago Tribe of Nebraska is a federally recognized sovereign nation comprised of over 5,000 enrolled members. Tribal lands encompass over 27,600 acres across eastern Nebraska.

On August 18, 2026, KeyBanc Capital Markets (KBCM) successfully advised Safe-Way Garage Doors LLC (Safe-Way or the Company), a portfolio company of CW Industrial Partners (CW), on its sale to Point 41 Capital Partners (Point 41). KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products practice and proven M&A execution capabilities.

Headquartered in Warsaw, Indiana, Safe-Way is a leading manufacturer of residential and commercial garage doors serving professional dealers, installers and distributors across North America. The Company offers a comprehensive portfolio of garage door products designed to meet a broad range of performance, aesthetic and end-market requirements. Safe-Way is recognized for its reputation for product quality, customer service and operational reliability, supported by a strategically located manufacturing footprint, long-standing customer relationships and industry-leading delivery performance.

CW is a Cleveland, Ohio-based private equity firm focused on middle-market industrial businesses that manufacture or service engineered products, components and equipment. With more than 20 years of experience, the firm partners with entrepreneurs, families and executives to drive long-term value creation.

Point 41 Capital Partners is a middle-market private equity firm that partners with management teams in the specialty industrials and services sectors and invests in North American-based companies with an enterprise value between $50 million and $350 million. Point 41's ideology is built upon four key principles — team, expertise, execution, and integrity — that guide the firm’s investment philosophy. In alignment with management teams, Point 41 offers 40 years of deep sector expertise and a proven approach to driving transformational growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as buy-side advisor to Bookmark Medical, a portfolio company of Kinderhook Industries, on its acquisition of the Michigan assets of Village Medical, a subsidiary of VillageMD.

Cain Brothers has a longstanding relationship with Kinderhook and maintains on-going dialogue with Bookmark on M&A and capital raising opportunities. Cain Brothers was engaged based on our deep expertise in primary care, with this mandate further bolstering our credentials in the broader physician group and value-based care sectors.

Bookmark Medical is a provider-led healthcare organization dedicated to improving lives through high-quality care. Serving patients across Arizona, Massachusetts, Michigan, and Tennessee, Bookmark partners with providers to deliver coordinated, patient-centered care rooted in strong community relationships. Through primary care, specialty care, and affiliated provider partnerships, the organization is expanding access to healthcare while improving health outcomes for the communities it serves.

Kinderhook Industries is a private investment firm that has raised over $11 billion of committed capital and has made 500+ investments and follow-on acquisitions since its founding in 2003. Kinderhook matches differentiated, growth-oriented investment opportunities with its financial expertise and proprietary network of operating partners. Kinderhook focuses on middle market businesses with defensible niche market positioning in healthcare services, environmental & equipment services, and industrials & manufacturing.

VillageMD provides high-quality, accessible health care services for individuals and communities across the United States, with primary, multispecialty, and urgent care providers serving patients in traditional clinic settings, in patients’ homes, and through online appointments. Committed to serving all patients and working with all payers, VillageMD consistently innovates value-based care, bringing integrated applications, population insights and staffing expertise to its owned and affiliate practices, ensuring high-quality care, better patient outcomes, and a reduction in the total cost of care.

On July 31, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $1.05 billion Senior Secured Credit Facility for Avantus LLC (Avantus) in support of their expansive project pipeline. The Facility comprises a $520 million facility upsize to an existing $522 million corporate credit facility put into place in July 2024.

The expanded Facility will advance Avantus’ independent power producer (IPP) strategy and accelerate the execution of its portfolio across core markets in California and the desert Southwest. Its pipeline totals 24 GW of system capacity, including 13 GW of solar integrated with 44 GWh of storage. The near-term portfolio consists of 12 projects totaling 2.6 GWac of solar capacity and 2.5 GWac/9.8 GWh of battery storage capacity, and will generate revenue through long-tenor busbar power purchase agreements with various Tier-I offtakers.

KBCM joined the financing as a new Lead Arranger alongside other institutions.

Avantus Overview
Avantus develops, owns and operates utility-scale clean energy projects across California and the desert Southwest. The company’s development pipeline of solar with integrated storage will generate enough dispatchable power to serve more than 10 million Americans, day and night. Backed by strategic investment from KKR and EIG and building on more than a decade of industry leadership, Avantus is growing its position as an independent power producer, delivering affordable, reliable clean energy solutions to meet America’s growing energy demand.

The transaction includes a $16,545,000 ($72,566/unit) non-recourse, first mortgage loan secured by a 228-unit affordable housing apartment complex known as VIA, located in Albuquerque, New Mexico. VIA was originally built in 1974. The subject improvements consist of 17 two-story residential buildings, one clubhouse building and one maintenance building, situated on 12.78 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 102 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $44,951,000 ($138,737/unit) non-recourse, first mortgage loan secured by a 324-unit, garden-style apartment complex known as Pointe Grand Byron, located in Byron, Georgia. Pointe Grand Byron was built in 2024 and consists of 10 three-story apartment buildings. The property offers two-bedroom units of 1,170 square feet, located on 20.05 acres of land. The loan will be used for refinancing the existing debt of the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16,640,000 ($69,046/unit) non-recourse, first mortgage loan secured by a 241-unit affordable housing apartment complex known as Mont 44, located in Albuquerque, New Mexico. Mont 44, was originally built in 1973. The subject improvements consist of 24 two-three story residential buildings, one clubhouse building and one pool shed building, situated on 16.39 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 110 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $15 million ($70,422/unit) non-recourse, first mortgage loan secured by a 213-unitpad MHC known as Lithia Springs Estates, located in Lithia Springs, Georgia. Lithia Springs Estates was built in 1972 and consists of eight Park Owned Homes (“POHs”) and 35 POH units that have a Lease w/ Purchase Option (“LPO”), which equates to 20.18% of the total available pads, located on 45 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

Cain Brothers, a division of KeyBanc Capital Markets, served as advisor to the combining of Evolution Physical Therapy and Fitness and True Sports Physical Therapy and simultaneous recapitalization by O2 Investment Partners. 

O2 acquired Evolution and True Sports through a newly formed holding company, creating a multi-state outpatient physical therapy and sports performance platform. The founders of both businesses rolled a meaningful portion of their ownership and will continue to lead the new company alongside O2. The transaction reflects Cain Brothers' continued momentum advising sponsors as well as founder-owned healthcare businesses.

Led by founder and CEO Michael Giunta, Evolution is an outpatient physical therapy and fitness provider operating across California, Colorado, and Connecticut. The company delivers a comprehensive service offering spanning sports-related physical therapy, orthopedic and rehabilitation services, performance training, and fitness.

Founded and led by Yoni Rosenblatt, True Sports is an outpatient physical therapy provider focused on sports-specific rehabilitation and performance. The company operates 23 clinics across Maryland, Pennsylvania, Delaware, and Virginia, with a concentration in Baltimore and the greater Maryland market.

Founded in 2010 and headquartered in Bloomfield Hills, Michigan, O2 is a lower middle-market private equity firm that acquires majority interests in family- and founder-owned businesses across niche services, technology, and select industrial sectors. O2 partners with management teams to build and grow their businesses and manages approximately $1.2 billion in assets across its funds.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Strive Medical, a portfolio company of NMS Capital, on its sale to Cardinal Health (NYSE: CAH).

Cain Brothers was engaged based on its experience in the home medical supply and DME sectors. The transaction continues Cain Brothers' track record of representing private equity-backed companies and momentum within the post-acute and distribution sectors.

Strive Medical, headquartered in Irving, Texas, is a provider of direct-to-patient urological, wound care, ostomy, incontinence and other medical supplies to patients in their homes and across the U.S. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available.

Cardinal Health is a distributor of pharmaceuticals and specialty products, a global manufacturer and distributor of medical and laboratory products, a supplier of home-health and direct-to-patient products and services, an operator of nuclear pharmacies and manufacturing facilities and a provider of performance and data solutions. The company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day.

Founded in 2010, NMS Capital is a private equity firm managing over $2 billion in assets. NMS has partnered with founders and management teams in over 150 investments and follow-on acquisitions across Business Services and Healthcare Services. The firm’s strategy is to create long-term value by providing strategic and operational resources to accelerate organic and acquisition-driven growth to build industry-leading lower middle market companies in defensible and scalable end markets.