Crescent Capital Backs Creation of Integrated Trenchless Pipe Rehabilitation Platform in Europe
Crescent Capital Group LP, a leading global alternative credit investment firm, has announced that its European Specialty Lending strategy has provided financing to support the consolidation of several Germany-based pipe rehabilitation and manufacturing businesses into a single, integrated platform serving the trenchless pipe rehabilitation sector across Europe.
The financing has been extended in partnership with pan-European mid-market private equity firm Apheon and the founding shareholders of multiple specialist companies operating within the trenchless pipe rehabilitation value chain. In addition to the initial investment, Crescent Capital has committed further capital to support the platform’s ongoing buy-and-build strategy, positioning the business for sustained growth through targeted acquisitions.
Building a Leading Platform in a Fragmented Market
The transaction brings together a group of highly complementary businesses that collectively offer a comprehensive portfolio of products, technologies, and turnkey solutions for trenchless pipe rehabilitation. The newly consolidated platform is designed to serve professional contractors operating in municipal, industrial, and utility pipe rehabilitation markets, where demand continues to grow due to aging infrastructure, urbanization, and increasing focus on minimally invasive repair methods.
Operating under a unified management structure, the platform aims to unlock operational efficiencies, expand cross-selling opportunities, and accelerate innovation across its product range. By integrating advanced equipment manufacturing, materials science, system design, and vehicle fit-out capabilities, the platform is positioned to provide end-to-end system solutions tailored to the needs of trenchless rehabilitation contractors.
Comprehensive Product and Technology Offering
The platform’s combined capabilities span the full trenchless rehabilitation workflow and include advanced robotic systems, light-curing and steam-curing technologies, spray-coating systems, high-performance resins, liners, seals, inversion equipment, accessories, and fully equipped rehabilitation vehicles. This breadth of offerings enables customers to source complete solutions from a single supplier, reducing complexity while improving efficiency and reliability on project sites.
Key companies within the platform include:
- IMS Group, a technology-focused developer and manufacturer of advanced robotic systems and light-curing equipment used in trenchless pipe rehabilitation.
- resinnovation, a specialist in the development and production of high-performance synthetic resins designed for long-lasting and durable pipe repair applications.
- Polypipe, the leading distributor of its proprietary spray-coating system, RabbitCoater, engineered specifically for in-house pipe rehabilitation.
- Amex Sanivar, a provider of liners for pressure pipe rehabilitation, as well as repair seals for both pressure and non-pressure pipe systems.
- Hurricane Trenchless Technologie, which delivers turnkey liner curing systems and designs and manufactures customized vehicle fit-outs, steam units, inversion equipment, and impregnation systems for sewer rehabilitation.
- Kardiam, a manufacturer of high-quality diamond milling and cutting tools used in pipe preparation and rehabilitation processes.
Together, these businesses form a vertically integrated platform capable of addressing a wide range of technical, operational, and logistical requirements within the trenchless pipe rehabilitation industry.
Strategic Partnership and Growth Outlook
Crescent Capital views the trenchless pipe rehabilitation sector as an attractive investment opportunity, supported by strong long-term growth fundamentals and a highly fragmented competitive landscape. The firm’s flexible financing solution is designed to support Apheon and the management team as they pursue further acquisitions and expand the platform’s geographic footprint and product capabilities.
“We are excited to partner with Apheon and the platform’s founders to support the consolidation of these innovative companies into a leading platform in the trenchless pipe rehabilitation sector,” said Christine Vanden Beukel, Managing Director and Head of Crescent Capital’s European Specialty Lending strategy. “This is a highly fragmented market with compelling long-term growth drivers, and the platform is well positioned to benefit from increasing demand for efficient, minimally disruptive infrastructure rehabilitation solutions.”
She added, “This transaction highlights Crescent’s ability to deliver flexible, tailored capital solutions and to work alongside high-quality sponsors and management teams executing well-defined buy-and-build strategies.”
With committed capital in place and a strong operational foundation, the platform is expected to continue expanding its capabilities and market presence, reinforcing its position as a leading provider of integrated solutions for the trenchless pipe rehabilitation industry across Europe.
About Crescent Capital Group LP
Crescent is a global credit investment manager with approximately $50 billion of assets under management as of December 31, 2025. For over 30 years, the firm has focused on non-investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago, London and Frankfurt with over 250 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
About Apheon
Apheon is a pan-European mid-market private equity investment company managing ~€4.5 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €5.0 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 23 companies across its target sectors, representing ~€3 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors, which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam.
