Cleveland-Cliffs Inc.

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.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Beacon Health System in its acquisition of Ascension Southwest Michigan, including the Borgess Health System.

On behalf of Beacon, Cain Brothers proactively approached Ascension about divesting Borgess Health. Following numerous discussions, the assets were formally marketed and the persistence of the Cain Brothers team, along with a thoughtful RFP response, positioned Beacon as the best partner. The transaction closed on July 1, 2025.

Founded in 2011, Beacon Health has grown to a nine-hospital not-for-profit system in northern Indiana and southwest Michigan. Beacon is headquartered in South Bend and employs more than 8,000 associates throughout the region at over 74 different locations.

Borgess is a not-for-profit health system consisting of four hospitals, 35 outpatient clinics, and one ambulatory surgery center. The largest facility is a 422-bed acute care hospital in Kalamazoo. Borgess has more than 2,700 associates, including 261 providers.

Ascension is one of the nation’s largest not-for-profit health systems, with approximately 99,000 associates, 23,000 aligned providers, 94 wholly-owned or consolidated hospitals, and ownership interests in 27 additional hospitals. Ascension also operates 30 senior living facilities and a variety of other care sites offering a range of services.

In July 2025, KeyBanc Capital Markets served as Sole Underwriter on $58.9 million of taxable Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (the Series 2025 Bonds, or the Bonds). 

The Series 2025 Bonds will finance the construction of four new service plazas along the 47-mile E-470 beltway around Denver, Colorado — Parker Southbound, Aurora Northbound, Commerce City Southbound, and Commerce City Northbound — under a long-term concession with the E-470 Public Highway Authority. Each plaza will feature fuel, food and beverage, convenience store, and electric vehicle services. The Bonds are being issued to (i) pay a portion of the costs and expenses incurred in connection with the design, construction, equipping and financing of the improvements; (ii) pay a portion of the interest payable on the Bonds during construction; and (iii) pay certain cost of issuing the Bonds and other permitted financing costs.

Applegreen is the largest highway travel plaza operator in Ireland and the second largest in the UK. It operates 620 forecourt sites across Ireland, U.K. and U.S. Applegreen has 530 locations and more than 700 food and beverage offerings. The key areas in the U.S. include the Midwest, across Indiana and Ohio, and the Northeast – New York, New Jersey, Maine, Delaware, Connecticut, Massachusetts, and Pennsylvania.

In July 2025, KeyBanc Capital Markets (KBCM) successfully closed on $500 million Senior Notes due in 2028, $500 million in Senior Notes due in 2030, and $500 million Senior Notes due 2035 for The Sherwin-Williams Company (Sherwin-Williams). KBCM acted as Co-Manager on the transaction.

Sherwin-Williams and its consolidated wholly owned subsidiaries are engaged in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers primarily in North and South America, with additional operations in the Caribbean region and throughout Europe, Asia, and Australia.

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.

Cain Brothers and KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on the transaction due to its industry expertise and long-standing relationship with the Company, as well as leading debt capital markets capabilities.

Radiology Partners is a leading physician-owned and -led radiology practice, offering 24/7/365 on-site and remote diagnostic and interventional services to a diverse base of hospital and outpatient imaging facility customers across all 50 states. The Company focuses on clinical value, technology enablement and outstanding service, offering technology, AI tools, and “around the clock” subspecialty coverage to its customers. Radiology Partners is a partner of choice for leading US health systems, serving all top 10, and 17 of the top 20 largest systems in the country.

NEA is a global venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With more than $26 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions.

Whistler is a Nashville-based private equity firm focused on growth equity and growth buyouts in the healthcare industry and related tech-enabled services verticals. With over $1.8 billion in assets under management, the firm partners with world class leadership teams, supporting them with strategic resources and capital, with a particular focus on deploying or expanding investments in technology-enabled and data-driven opportunities.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive advisor to Allied OMS on its minority recapitalization by 65 Equity Partners, while KeyBanc Capital Markets served as exclusive debt advisor to raise senior debt facilities.

Leveraging a longstanding relationship with management and expertise in the dental sector, Cain Brothers worked with the Company’s leadership to pursue a strategic partnership that aligned with Allied OMS’ strategic vision. The investment by 65 Equity Partners positions the Company for its next phase of growth while preserving its doctor-led model and operational independence.

In parallel, KBCM advised on a new senior credit facility to refinance the Company’s debt facility and provide capital to support continued expansion. The new financing is comprised of a $165 million Term Loan, a $20 million Revolving Credit Facility and a $60 million Delayed Draw Term Loan.

Allied OMS is a doctor-owned, -led and -governed MSO that partners with oral and maxillofacial surgery practices across the U.S. Combining the autonomy of private practice with the scale and sophistication of institutional support, Allied OMS empowers surgeons to lead the future of their specialty. The Company currently supports surgeons in 50+ locations and maintains doctor leadership across all major committees and its Board of Directors.

65 Equity Partners is a global investment firm that supports founders in their growth journey. With $3.3 billion in funds under management and a mandate to invest in entrepreneur-led businesses, 65EP backs companies across healthcare, technology, consumer, industrials, and business services. The firm is backed by Temasek and has offices in Singapore, London, Paris, San Francisco, and New York.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive advisor to Allied OMS on its minority recapitalization by 65 Equity Partners, while KeyBanc Capital Markets served as exclusive debt advisor to raise senior debt facilities.

Leveraging a longstanding relationship with management and expertise in the dental sector, Cain Brothers worked with the Company’s leadership to pursue a strategic partnership that aligned with Allied OMS’ strategic vision. The investment by 65 Equity Partners positions the Company for its next phase of growth while preserving its doctor-led model and operational independence.

In parallel, KBCM advised on a new senior credit facility to refinance the Company’s debt facility and provide capital to support continued expansion. The new financing is comprised of a $165 million Term Loan, a $20 million Revolving Credit Facility and a $60 million Delayed Draw Term Loan.

Allied OMS is a doctor-owned, -led and -governed MSO that partners with oral and maxillofacial surgery practices across the U.S. Combining the autonomy of private practice with the scale and sophistication of institutional support, Allied OMS empowers surgeons to lead the future of their specialty. The Company currently supports surgeons in 50+ locations and maintains doctor leadership across all major committees and its Board of Directors.

65 Equity Partners is a global investment firm that supports founders in their growth journey. With $3.3 billion in funds under management and a mandate to invest in entrepreneur-led businesses, 65EP backs companies across healthcare, technology, consumer, industrials, and business services. The firm is backed by Temasek and has offices in Singapore, London, Paris, San Francisco, and New York.

On June 30, 2025, the Utility, Power and Renewable team closed $73 million of Senior Secured Credit Facilities in support of Cenergy Power and their Grounded IL II portfolio. The facilities comprise a $31 million construction-to-term loan, $41 million in aggregate bridge loans, and $1 million in letters of credit, which will be used to fund construction costs at the Portfolio. KBCM acted as Coordinating Lead Arranger, Depositary Agent, Collateral Agent, and Administrative Agent.

The Grounded ESP II LLC portfolio consists of four Illinois community solar assets totaling 24 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards. The projects are expected to reach commercial operations by the end of 2025.

This represents the first financing transaction between KBCM and Cenergy.

About Cenergy Power
Cenergy Power, formed in 2006 by a group of seasoned power system professionals and financial experts, is a leading distributed generation and small utility-scale solar developer, owner and operator with more than 450 MWs of experience working with local communities and businesses on value-added solar projects. For more information, please visit: www.cenergypower.com.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Western Washington Medical Group in the formation and capitalization of a management services organization with IKS Health.

Cain Brothers was engaged based on its expertise and experience in advising multi-specialty physician groups and its success in structuring innovative, value-aligned partnerships. The joint venture supports WWMG’s long-term goals of clinical independence, operational efficiency and sustainable growth.

WWMG represents over 100 providers in 20+ specialty areas serving patients and their families in the north Puget Sound region of Washington. The providers are owners of WWMG, and live and work in the communities they serve. For over 30 years, WWMG’s mission provides clinicians the freedom to practice medicine with compassion and in the best interest of patients and their communities.

IKS Health takes on the chores of healthcare — spanning administrative, clinical, and operational burdens — so that clinicians can focus on their core purpose: delivering great care. Combining technology and dedicated experts, IKS enables stronger, financially sustainable enterprises. IKS’s Care Enablement Platform delivers data-driven value and expertise across the care journey, and IKS is a partner for clinician enterprises looking to effectively scale, improve quality, and achieve cost savings through forward-thinking solutions. Founded in 2006, IKS’s global workforce supports large health systems across the United States. 

On June 30, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $875 million Senior Secured Credit Facilities (the Credit Facilities) in support of Brightstar Capital Partners’ (Brightstar) acquisition of PlayAGS, Inc. (AGS or the Company). The Credit Facilities are comprised of a $100 million Revolving Credit Facility and a $775 million Term Loan.

KBCM was selected to serve as Joint Lead Arranger and Joint Bookrunner due to our long-standing relationship with Brightstar, gaming industry expertise and debt capital markets platform. This transaction represents a new client and agency relationship for KBCM.

AGS is a global gaming company dedicated to delivering a diverse mix of entertaining gaming experiences for every kind of player. With a full-spectrum product portfolio spanning slot machines, table products, card shufflers, and online gaming, AGS has grown into one of the industry’s most comprehensive gaming suppliers. The Company’s customer-centric culture and “innovation with intent” philosophy fuel continuous development of high-performing products designed to drive customer success and player engagement. AGS’ omnichannel strategy – bridging the land-based casino and digital gaming worlds – positions the Company to serve the evolving needs of its casino operator partners around the world. 

Brightstar Capital Partners is a middle market private equity firm with $5 billion AUM that is focused on investing in business services, industrials, consumer, and government services and technology companies, where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Since its founding in 2015, Brightstar has accumulated extensive experience partnering with family, founder, or entrepreneur-led businesses. Brightstar employs an operationally intensive “Us & Us” approach that leverages its considerable hands-on operational expertise and deep relationship network to help companies reach their full potential.

KeyBank Community Development Lending and Investment (CDLI) provided a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the new construction of El Camino Commons, an affordable multifamily housing property in Oceanside, California. The $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. 

El Camino Real Apartments will be a four-story residential building with 111 units consisting of two and three-bedroom apartments for families earning between 30% and 80% of area median income (AMI). The property will include a leasing office and a community area within a 6,500 square foot common space, including outdoor recreational space and central laundry rooms on each floor. Supportive Services will be provided by Mission Neighborhood Centers (MNC), which offers educational programs, workforce development, homelessness prevention, and social services.

The sponsor, Mirka Investment, is a real estate development firm known for its high-quality affordable multifamily rental communities as well as their assistance of underserved and diverse portions of the population, including financially struggling families, veterans, seniors, formerly homeless, and developmentally disabled individuals.

The project secured an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital, and $16 million in Federal Low-Income Housing Tax Credit (LIHTC) equity from WNC.

El Camino Real Apartments will be located in Oceanside, California, just north of Carlsbad. The development benefits from excellent transportation access and proximity to essential community amenities, including quality schools and supportive services.

Matthew Haas of KeyBank CDLI’s Western Regional team structured the financing. Hector Zuniga of KeyBank CMG arranged the permanent financing.  

On June 27, 2025, KeyBanc Capital Markets (KBCM) successfully closed the syndication of a $500 million Incremental Term Loan B for Six Flags Entertainment Corporation (Six Flags or the Company). The incremental facility is fungible with the Company’s existing $995 million Term Loan B. Proceeds will be used to pay down the Company’s Senior Secured Notes due in 2025 and pay down a portion of outstanding Revolver borrowings. 

KBCM was selected to act as Joint Lead Arranger and Joint Bookrunner on the transaction due to KBCM’s long-standing relationship with the Company and robust Debt Capital Markets capabilities.

Cedar Fair and Six Flags completed their merger on July 1, 2024, creating the largest and most diverse regional amusement park operator in North America. The combined company now operates under the Six Flags name and trades under the ticker symbol FUN on the NYSE. Six Flags Entertainment Corporation includes a portfolio of 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico.

On June 27, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $350 million Senior Secured Credit Facilities for Tule River Tribe Gaming Authority, an instrumentality of the Tule River Indian Tribe. The Credit Facilities include a $100 million Revolver, $100 million Term Loan and $150 million Delayed Draw Term Loan, which will refinance existing indebtedness and fund construction of the Tribe’s Eagle Mountain Casino ~$280 million expansion project. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent.

This transaction represents KBCM’s second left lead syndicated transaction with Tule River Tribe Gaming Authority. They selected KBCM due to our longstanding relationship with the Tribe and management team, our extensive knowledge and experience within the Native American Financial Services industry, and successful track record of syndicating transactions in the gaming space.

About Tule River Indian Tribe
The Tule River Indian Tribe is a federally recognized Indian tribe comprised of over 1,900 members. The Tribe’s reservation covers almost 85 square miles in the foothills of the Sierra Nevada mountains.

About Eagle Mountain Casino
Eagle Mountain Casino reopened to the public in May 2023 after relocating to Porterville, California, and currently features 1,750 slot machines, 20 table games, multiple restaurants and a 2,000-seat event center. The project will transform the Casino into a destination-style resort featuring a 193-room hotel, conference and meeting space, pool, spa, lazy river and other premium amenities. Construction will be completed in two overlapping phases, with final completion expected in May 2027.

In June 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $280 million of Senior Secured Credit Facilities (the Facilities) for Scout Clean Energy’s Gonzaga Ridge Wind Project in Merced County, California. The Facilities include a Construction Loan, a Transfer Bridge Loan, and Letter of Credit Facility. Proceeds will be used to fund construction of the 147.5 MW wind repowering project, which revitalizes the original 18 MW Gonzaga Ridge wind farm built in the 1980s. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and owner-operator based in Boulder, Colorado with a nationwide portfolio of wind, solar, and storage projects totaling 1.6 GW of operating and construction capacity, 2.1 GW of late-stage development assets, and a 19+ GW development pipeline. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company managed by Brookfield Asset Management, which acquired Scout in 2022.

KBCM Relationship
Scout Clean Energy is a longstanding client of Key across multiple financing and M&A transactions. In 2022, KBCM advised Quinbrook on their $1 billion sale of Scout to Brookfield Renewable. This financing represents the ninth transaction between Scout and KBCM and the 11th transaction between Brookfield Renewable and KBCM.

On June 25, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on a $125 million Senior Secured Credit Facility to support BlueWave’s distributed generation solar-plus-storage portfolio. 

The facility is structured as a revolving construction and operating warehouse, enabling BlueWave to fund project construction costs and reach a critical mass before pursuing alternative refinancing at maturity. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Issuing Bank.

The inital portfolio includes 55.1 MWdc of solar and 13.7 MWh of storage across Massachusetts and New York. Projects are being constructed with tier-1 equipment and contracted by a diverse mix of high-credit-quality offtakers across lucrative community solar markets.

This represents the third transaction between BlueWave and KBCM, and the fifth transaction between Axium and KBCM.

BlueWave Overview
Established in 2010 and headquartered in Boston, Massachusetts, BlueWave is a pioneering renewable energy company that develops, owns, and operates solar and battery storage projects. Diversified across the U.S. Northeast and Mid-Atlantic markets, BlueWave is building one of the largest distributed generation pipelines across 200+ sites, with more than 900 MW of solar and 5 GW of storage.

Axium Infrastructure Overview
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium acquired BlueWave in May 2022 and committed to funding BlueWave as it transitions from a develop-and-flip business to an independent power producer. As of September 30, 2024, Axium Infrastructure has over C$11.5 billion in assets under management, as well as C$2.0 billion in co-investments.

On June 24, 2025, KeyBanc Capital Markets acted as Sole Manager on the successful closing of $27.6 million State of Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2025 (the Series 2025 Bonds) for the University of Indianapolis (UIndy or the University). The Series 2025 bonds were issued to primarily refinance the following outstanding series of bonds for cash flow savings and structural benefits: (1) $2.6 million par amount of Series 2013 Bonds maturing 10/1/25-34; and (2) $25.2 million par amount of Series 2016 Bonds maturing 10/1/2038.  

The University of Indianapolis is a private institution of higher education located in Indianapolis, Indiana and serves approximately 4,400 undergraduate and graduate students. The University offers five doctoral, 36 Masters, 92 Bachelors, and five Associate degree programs as well as a growing number of undergraduate and graduate certificates. UIndy is recognized for its graduate and doctoral programs in physical therapy, occupational therapy, nursing, and clinical psychology.

On June 23, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Crescent Energy Company. Proceeds will be used for general corporate purposes.

KeyBank Real Estate Capital provided a $67.5 million bridge loan to assist The Hamilton Company with the acquisition of Hill Estates — a 396-unit multifamily residential community located in Belmont, Massachusetts, and two office properties located nearby at a campus off Brighton Street in the town’s easternmost neighborhood. The bridge loan will provide adequate time for the sponsor to best position the asset for a permanent agency financing.

The Hamilton Company will staff an on-site management office and operate all property management and maintenance functions for the 396 units and all common areas. Residents will also have access to the Hamilton’s full range of online tenant services, including online rent payments, maintenance requests, and renter’s insurance.

The two off-site commercial properties will be marketed and sold by The Hamilton Company as they are not part of the core business and revenue model of the Hill Estates residential community. The company plans to make significant capital improvements to the property including the renovation of all units.

“We are thrilled to have played a role in assisting Hamilton grow their robust portfolio through the addition of a legacy multifamily property in a preeminent Boston community,” said T.J. Hussey, relationship manager, KeyBank Real Estate Capital Income Property Group. “We look forward to seeing Hill Estates reach its full potential with the planned capital improvements and operations under Hamilton’s stewardship.” 

Founded in 1954 with the acquisition of a six-unit building, The Hamilton Company, owned by Harold Brown, has become one of the largest privately held real estate organizations in New England. The acquisition of the Belmont property enlarges their portfolio of premier residential properties to nearly 6,000 units in the Greater Boston area.

On June 13, 2025, KeyBanc Capital Markets successfully advised Quavo, Inc. (Quavo), a leading provider of fraud and dispute management technology, on its sale to Spectrum Equity Management, L.P. (Spectrum Equity). 

Quavo is the category leader in end-to-end dispute management software, solving a mission-critical challenge for banks, credit unions and fintechs by streamlining every step of the consumer transaction dispute process. Quavo’s solutions enable financial institutions to deliver faster, more transparent, and more reliable dispute resolutions for account holders – helping build trust, strengthen loyalty, and modernize the way institutions engage with their account holders. QFD, the company’s flagship solution, automates the intake, investigation, chargeback, recovery, and client communications workflows across all payment methods and dispute types while ensuring regulatory compliance and enhancing the account holder experience.

Founded in 1994, Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. The firm partners with management teams to build long-term value in market-leading software, data, and information services companies. Spectrum has invested in 180+ companies and raised $11 billion in Institutional capital since founding. With offices in Boston, San Francisco, and London, the firm is investing its 10th fund.

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 June 3, 2025, KeyBanc Capital Markets acted as Sole Manager on the successful closing of $60 million State of Ohio Higher Educational Facility Revenue Bonds (the Series 2025 Bonds) for John Carroll University (JCU or the University).

The Series 2025 Bonds were issued to primarily finance University portions of its Gateway Project – a five-story mixed-use retail and student residence complex that is intended to transform the “gateway” to the University’s campus – as well as other projects relating to University facilities (the Project). The Project is a key milestone under the University’s Inspired Futures strategic plan as it intends to enhance the student experience and foster a deeper connection with the surrounding community.

John Carroll University is a private, co-educational, Catholic Jesuit university located in University Heights, Ohio — a suburb 10 miles east of downtown Cleveland — and serves approximately 2,700 undergraduate and graduate full-time equivalent students.

On June 3, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for Ascent Resources Utica Holdings, LLC (Ascent). Ascent is a portfolio company of EMG, First Reserve Corporation, and Riverstone Holdings. Proceeds will be used for general corporate purposes.

KeyBank Community Development Lending and Investment (CDLI) has provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit. The 15-story, Art Deco historical landmark will be transformed into housing for seniors and families. The property will include 182 units, of which 117 units will be restricted to individuals 55 years or older and 65 units will be available to families. All tenants are required to earn at or below 60 percent of the area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank’s financing covers the first two phases — floors 2-5 and floors 6-10. The project received additional funding through historic tax credit equity totaling $46.7 million as well as low-income housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency also contributed to the project.

The borrowers and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms.

KeyBank Community Development Lending and Investment (CDLI) provided a $12 million construction loan and invested $16.1 million in Low Income Housing Tax Credit (LIHTC) equity for the construction of Churchill Gateway II, a 70-unit affordable housing family project located at 10526 Churchill Avenue, in Cleveland, Ohio. KeyBank Commercial Mortgage Group also arranged a $5.6 million Freddie Mac permanent loan for the project. Churchill Gateway also has state and local support and received an additional $1.75 million in funding from Ohio Housing Finance Agency.

Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. Churchill Gateway Phase II will provide much-needed high-quality affordable housing in the fast-growing Glenville neighborhood of Cleveland. This project will consist of one, four-story building with one-, two- and three-bedroom units for residents earning 30-60% of the area median income and will contain 19 units supported by project-based subsidies.

The sponsor, The NRP Group, is one of the nation's top multifamily real estate developers, general contractors, and property management firms in the United States. Headquartered in Cleveland, The NRP Group is ranked nationally as one of the top 20 affordable housing developers by the National Multifamily Housing Council (#11), and one of the top 25 affordable housing developers by Affordable Housing Finance (#4), a leading industry publication.

Supportive services will be provided by the May Dugan Center, a certified refugee resettlement agency, whose services include assisting refugees, recent immigrants and new Americans to secure housing. As prospective tenants of the project, the May Dugan Center will help these individuals and families navigate the application and leasing process.

Seaver Rickert and Ryan Olman of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank CMG arranged the permanent loan.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ChristianaCare in its acquisition of Crozer Health’s outpatient centers in southeastern Pennsylvania.

On May 27th, 2025, ChristianaCare was the successful bidder in a highly competitive bankruptcy auction to acquire five ambulatory surgery and outpatient centers in Delaware County, Pennsylvania that were part of the Crozer Health regional health system. Crozer is subsidiary of Prospect Medical Holdings, who filed for bankruptcy protection earlier this year. The transaction complements ChristianaCare’s plans for expansion in the service area. 

ChristianaCare is a non-profit regional healthcare system that provides healthcare services to all of Delaware and portions of the bordering counties in Pennsylvania, Maryland and New Jersey. The system includes an extensive network of primary care and outpatient services, hospitals and specialized centers of excellence. ChristianaCare reported consolidated revenues of $3.1 billion for the last twelve months ending June 30, 2024.

Crozer Health was one of the largest private hospital systems in Pennsylvania, operating multiple hospitals, primary care clinics and outpatient centers across the state. Crozer Health was a subsidiary of Prospect Medical Holdings, a California-based national network of hospitals and affiliated medical groups, who filed for Chapter 11 Bankruptcy in January 2025.

Due to its deep experience with strategic and tactical M&A advisory, Cain Brothers was engaged to serve as financial advisor to assist with financial due diligence, valuation, and bankruptcy auction strategy and tactics. A Purchase Agreement was signed on May 27th, with closing subject to court approval and regulatory review in mid-2025.

On May 29, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $750 million Senior Notes offering for Civitas Resources Inc. Proceeds will be used for general corporate purposes.