Mergers & Acquisitions Quarterly

On October 13, 2026, KeyBanc Capital Markets (KBCM) successfully advised Frontenac on its acquisition of Hayes Commercial (Hayes or the Company), a portfolio company of TJM Capital Partners (TJM or the Sponsor). KBCM was chosen to serve as Frontenac’s Buy-Side Advisor based on its industry-leading Industrial & Business Services practice, long-standing relationship with Frontenac, unique insight into Hayes Commercial, and extensive experience working with HVAC, plumbing, boiler, and building control systems services businesses.

Founded in 1918 and headquartered in Chicago, Illinois, Hayes Commercial is a leading provider of HVAC, boiler, mechanical, and plumbing services for commercial and industrial facilities. The Company performs maintenance, repair, replacement, retrofit, and new installation work across a broad range of building systems, serving customers throughout the Midwest and other regions across the U.S. Hayes employs a highly skilled union workforce and supports customers through the full lifecycle of critical building infrastructure.

Founded in 2008, TJM is a private investment firm that invests in established middle and lower middle-market manufacturing and services businesses looking to substantially grow and realize shareholder value. The Sponsor has raised over $200 million in equity across 14 platform companies since inception. TJM acquired Hayes in December 2021.

Frontenac is a Chicago, Illinois-based private equity firm that focuses on investing in middle market buyout transactions in the consumer, industrial, and services industries. Over the last 55+ years, Frontenac has built a franchise working with over 350 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning.

On October 8, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $1.15 billion Follow-On Equity Offering for Crescent Energy Company.

KeyBanc Capital Markets (KBCM) and its healthcare practice, Cain Brothers, closed the syndication of $290 million of Senior Secured Credit Facilities in support of Altaris’ acquisition of the Life Sciences & Healthcare segment of Clarivate Plc (“Janus”). Proceeds were also used to support working capital and pay transaction-related expenses. KBCM was Joint Lead Arranger and Joint Bookrunner.

Clarivate’s Life Sciences & Healthcare segment is a leading technology-enabled data intelligence and services platform supporting pharma, biotech, and medtech customers across the product lifecycle, from R&D through commercialization. Janus’ products and services provide customers with unique insights at critical decision points, based on proprietary data and advanced curation capabilities. The business has a global footprint with ~2,400 employees, supported by 1,000+ scientific and regulatory specialists.

Founded in 2003 and based in New York, Altaris is a private equity firm focused on healthcare, investing across Pharmaceuticals & Pharma Services, Medical Devices & Diagnostics, and Healthcare Services. Altaris has raised five progressively larger funds and two dedicated co-investment vehicles. Known for its long-term investment approach, Altaris emphasizes value creation over time and employs a conservative use of leverage in its transactions.

On October 6, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $280 million Senior Secured Credit Facility (the Facility) for Deriva Energy, a portfolio company of Brookfield Renewable Partners. The Facility supports the construction of the Frontier Energy Storage project, a 302 MW/1,208 MWh standalone battery energy storage system (BESS) in Kay County, Oklahoma. KBCM acted as Coordinating Lead Arranger and Joint Bookrunner in the transaction. This represents the first transaction between Deriva Energy and KBCM.

The project is expected to commence construction in Q4 2026 and achieve commercial operations in Q4 2027, at which point it will be sold to investment-grade utility Oklahoma Gas & Electric, pursuant to a build-transfer agreement. Upon completion, the project is expected to be the largest BESS facility in Oklahoma and Southwest Power Pool history.

Deriva Energy Overview
Deriva Energy is a leading independent power producer with extensive experience in the development, construction, and operations of utility-scale solar, wind, and BESS projects. Headquartered in Charlotte, North Carolina, and formerly known as Duke Energy Renewables, Deriva was acquired by Brookfield Renewable Partners in 2023, one of the world’s largest owners and operators of renewable energy assets. Today, Deriva manages approximately seven GW of operating and in-construction solar, wind, and storage capacity across the U.S.

On September 30, 2026, KeyBanc Capital Markets (KBCM) successfully advised Creedence Energy Services, LLC (Creedence or the Company), a portfolio company of Tower Arch Capital (Tower Arch), on its sale to Monomoy Capital Partners (Monomoy). KBCM was selected to serve as Creedence's Exclusive Sell-Side Advisor based on its strong institutional sponsor relationship, industry-leading Specialty Chemicals & Materials practice, proven M&A execution capabilities and relevant transaction experience.

Founded in 2014 and headquartered in Minot, North Dakota, Creedence is a leading independent provider of production and midstream chemical solutions to oil and gas operators across major U.S. producing basins. Creedence combines proprietary chemical formulations, advanced laboratory testing, blending capabilities, and responsive field service to develop tailored programs that optimize production, protect critical assets, and reduce equipment failures and downtime. Creedence’s solutions support existing production wells, midstream pipelines, and saltwater disposal facilities, and include specialized scale remediation and production stimulation treatments.

Headquartered in Salt Lake City, Utah, Tower Arch Capital is a growth-oriented middle-market private equity firm. Tower Arch seeks to partner with high-quality family- and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to companies to help them improve their operations, scale, and grow. Target investments include control positions in businesses with EBITDA between $8 million and $30 million.

Monomoy Capital Partners is a private investment firm with over $5.3 billion in assets under management across a family of investment funds. Monomoy focuses on investing in manufacturing, distribution, and services companies across industrial and consumer product sectors in North America. The firm is committed to providing middle-market businesses with strategic capital, management and operational expertise, and the ability to achieve sustainable success.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Dynamic Access, a portfolio company of RiverGlade Capital, on its sale to Blue Sea Capital.

Cain Brothers was engaged based on its experience in outsourced clinical services, expertise managing carveouts and business separations, and relationships within the relevant buyer universe. Working with RiverGlade and management, Cain Brothers designed and executed a competitive process to identify the optimal partner for Dynamic’s next phase of growth. The transaction continues Cain’s track record of representing sponsor-backed businesses and reinforces continued momentum within outsourced clinical services.

Headquartered in Dallas, Dynamic Access is the leading provider of outsourced vascular access services to hospitals and post-acute facilities across 25 states, performing more than 200,000 procedures annually. The company deploys specialized clinical teams to place and manage PICC lines, midlines, and peripheral IVs on-site, complementing its services with clinical education and supply management support that help facilities reduce complications and improve patient outcomes.

Founded in 2017, RiverGlade Capital is a Chicago-based investment firm focused on control buyouts of growth-oriented, lower middle market healthcare companies. The firm invests across provider services, outsourced services, and healthcare products and distribution. They partner with founder-owned, differentiated businesses to accelerate value and transform them into highly attractive strategic assets.

Blue Sea Capital is a private equity firm based in West Palm Beach, Florida, that invests in growth-oriented middle market healthcare companies valued up to $500 million. With over $2.4 billion in assets under management, Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to CommonSpirit Health on the sale of its affiliate, Trinity Health System, to the University of Pittsburgh Medical Center (UPMC). UPMC will integrate Trinity Health into their care network that currently serves Pennsylvania, New York and Maryland. 

Cain Brothers was engaged based on our expertise in hospital and health system M&A and strong understanding of the local market. Cain Brothers engaged parties interested in continuing Trinity Health’s mission and finalized a definitive agreement with UPMC. The transaction continues Cain Brothers' track record of successfully advising not-for-profit health systems and reinforces its leadership in the sector.

CommonSpirit Health is one of the nation’s largest nonprofit Catholic health systems, handling over 25 million patient encounters annually across 156 hospital-based locations and 2,600 care sites. Serving 24 states, CommonSpirit Health employs 160,000 team members, including 45,000 nurses and 30,000 physicians. 

Trinity Health, based in Steubenville, Ohio, is a network of hospitals, physician practices and specialty services across the Ohio Valley, committed to improving community health with excellence and faith-driven service. 

UPMC is a leading nonprofit healthcare provider and insurer headquartered in Pittsburgh, Pennsylvania. With 100,000 employees and more than 5,000 physicians, UPMC operates more than 40 hospitals and 800 outpatient sites across Pennsylvania, New York, Maryland, and overseas. UPMC Insurance Services covers more four million members and invests nearly $2 billion annually in community benefits, the most of any health system in Pennsylvania.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, successfully priced a $92.5 million follow-on offering of common stock for InnovAge Holding Corp. (NASDAQ:  INNV). Proceeds were for the benefit of selling shareholders, including Welsh, Carson, Anderson & Stowe and Apax Partners. 

InnovAge is the market leader in managing the care for high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mission of enabling older adults to age independently in their own homes for as long as safely possible, InnovAge’s patient-centered care model is designed to improve the quality of care its participants receive, while reducing over-utilization of high-cost settings. InnovAge believes its PACE healthcare model is one in which all constituencies — participants, their families, providers and government payors — “win.” As of June 30, 2026, InnovAge has served approximately 8,230 participants across 20 centers in six states.

On September 17, 2026, KeyBanc Capital Markets (KBCM) successfully advised GLP Canada Ltd. (GLP or the Company) on its partnership with Atlantic Street Capital (Atlantic Street).

KBCM was selected to serve as GLP’s Exclusive Financial Advisor based on its multi-year relationship with GLP’s management and ownership, industry-leading specialty distribution investment banking practice, long history of transaction success within the HVAC industry, access to the best potential private equity partners and proven M&A execution capabilities.

Founded in 1958 and headquartered in Oakville, Ontario, GLP is a leading specialty HVAC distributor serving customers across North America. Through its complementary Distribution and Applied segments, GLP offers a comprehensive portfolio of HVAC equipment, accessories, parts, components and engineered systems across mission-critical, industrial, modular, commercial and residential applications. The Company’s technical expertise, long-standing vendor relationships, broad product offering and white-glove customer support position GLP as a trusted channel partner to customers throughout Canada and the U.S.

Founded in 2006 and headquartered in Greenwich, Connecticut, Atlantic Street Capital is a private equity firm focused on partnering with ambitious entrepreneurs and management teams of lower-middle-market businesses. Atlantic Street combines deep industry expertise, hands-on operational support and capital resources to help its portfolio companies accelerate organic and acquisition-driven growth. Atlantic Street operates with over $1.5 billion of assets under management.

On September 14, 2026, KeyBanc Capital Markets served as Co-Manager on a $550 million Convertible Senior Notes Offering for PBF Energy Inc.

On September 9, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $575 million Convertible Senior Notes Offering for BKV Corporation.

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.