Crescent European Specialty Lending Backs Apheon-Led Buy-and-Build Strategy in Trenchless Pipe Rehabilitation
Financing to Build a Leading Trenchless Pipe Rehabilitation Platform
Crescent Capital Group LP, a leading alternative credit investment firm, announced that its European Specialty Lending strategy has provided financing to pan-European mid-market private equity firm Apheon, alongside the founders of several Germany-based pipe rehabilitation and manufacturing companies including IMS Group, resinnovation, Polypipe, Amex Sanivar, Hurricane Trenchless Technologie, and Kardiam. The financing is designed to support the consolidation of these businesses into a single, integrated platform serving the trenchless pipe rehabilitation market across Europe, while Crescent has also committed additional capital to fund the platform’s ongoing buy-and-build growth strategy.
Creation of an Integrated Trenchless Solutions Provider
The newly consolidated platform brings together a highly complementary portfolio of products, technologies, and turnkey solutions tailored specifically for the trenchless pipe rehabilitation industry. The combined offering spans robotic systems, curing technologies, spray-coating systems, resins, liners, seals, inversion equipment, accessories, and fully equipped vehicle systems, enabling the platform to address a broad range of rehabilitation needs for professional contractors. Operating under a unified management structure, the platform is positioned to unlock operational synergies, optimize manufacturing and distribution capabilities, and deliver comprehensive end-to-end system solutions to customers across the trenchless rehabilitation value chain.
Strategic Rationale and Growth Opportunity
By combining specialized manufacturers, technology developers, and solution providers, the platform targets a highly fragmented market characterized by strong long-term growth drivers, including aging underground infrastructure, increasing regulatory standards, and rising demand for minimally invasive rehabilitation techniques. The integrated structure is expected to enhance innovation, expand geographic reach, and improve service levels while supporting the scalability required for future acquisitions under Apheon’s buy-and-build strategy.
Crescent’s Perspective on the Transaction
Christine Vanden Beukel, Managing Director and Head of Crescent’s European Specialty Lending strategy, said the firm is pleased to partner with Apheon and the platform’s founders to support the creation of a leading trenchless pipe rehabilitation platform, noting that the sector presents a compelling opportunity due to its fragmentation and attractive long-term fundamentals. She emphasized that the transaction demonstrates Crescent’s ability to deliver flexible, tailored capital solutions and to collaborate with high-quality sponsors and management teams executing disciplined and value-driven buy-and-build strategies.
Companies Forming the Platform
IMS Group contributes advanced capabilities as a technology-leading developer and manufacturer of robotic systems and light-curing equipment for trenchless pipe rehabilitation, while resinnovation specializes in the development and manufacturing of high-performance synthetic resins designed for durable pipe repair applications. Polypipe adds distribution strength through its proprietary RabbitCoater spray coating system for in-house pipe rehabilitation, and Amex Sanivar provides specialized liners for pressure pipe rehabilitation along with repair seals for both pressure and non-pressure pipe systems. Hurricane Trenchless Technologie enhances the platform with turnkey liner curing solutions, customized vehicle fit-outs, and specialized trenchless sewer rehabilitation equipment including steam units, inversion systems, and impregnation technologies, while Kardiam strengthens the offering with high-quality diamond milling and cutting tools essential for precision trenchless operations.
About Crescent Capital Group LP
Crescent Capital Group LP is a global credit investment manager with approximately $50 billion in assets under management as of December 31, 2025, and has more than three decades of experience focused on non-investment grade credit strategies. The firm invests across marketable and privately originated debt, including senior bank loans, high-yield bonds, and private senior, unitranche, and junior debt securities, and is headquartered in Los Angeles with offices in New York, Boston, Chicago, London, and Frankfurt, employing more than 250 professionals worldwide. Crescent operates as part of SLC Management, the institutional alternatives and traditional asset management arm of Sun Life.
About Apheon
Apheon is a pan-European mid-market private equity investment firm managing approximately €4.5 billion in assets on behalf of global institutional investors and families, distinguished by its partnership-driven approach that combines patient capital with industrial expertise. Founded in 2005, Apheon has raised over €5.0 billion in capital, invested in around 40 companies across Europe, and completed roughly 200 add-on acquisitions representing an aggregate transaction value exceeding €7 billion, while its current portfolio includes 23 companies generating approximately €3 billion in sales and employing more than 20,000 people across its target sectors.
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