Heartwood Partners Closes $245M Continuation Vehicle for The Amlon Group
May 15, 2025
Heartwood Partners closed a $245 million continuation vehicle on May 15, 2025 to extend its investment in The Amlon Group and provide liquidity to existing investors. Commitments came from Heartwood's GP alongside institutional investors including Apogem Capital, New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners, Flexstone Partners and other syndicate investors to support Amlon's M&A pipeline, greenfield expansions and organic growth.
- Buyers
- Heartwood Partners, Apogem Capital, New 2ND Capital, Reinsurance Group of America, Mercer Investments, Round2 Investment Partners, Flexstone Partners, Syndicate investors
- Targets
- The Amlon Group
- Industry
- Environmental Services
- Location
- Texas, United States
- Transaction Type
- Recapitalization
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Related Acquisitions
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Heartwood Partners Makes Growth Investment in The Amlon Group
July 21, 2022
Environmental Services
Heartwood Partners completed a growth investment in The Amlon Group on December 10, 2021, partnering with the founders and management who will continue to lead the business. The capital will support The Amlon Group's expansion of its hazardous and metal-bearing waste recycling, processing, and treatment capabilities and enable organic growth and add-on acquisitions.
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The Amlon Group (Heartwood-Backed) Acquires EcoWater Industries (EcoWerks)
February 20, 2024
Environmental Services
The Amlon Group, a Heartwood Partners-backed environmental services platform, has acquired EcoWater Industries (dba EcoWerks), an industrial waste-to-value processor based in Port Arthur, Texas. The acquisition expands Amlon's processing capabilities, permits and capacity—adding wastewater treatment, equipment cleanout, oil recovery services and a permitted non-hazardous TSDF to its footprint.
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The Amlon Group (Heartwood Partners Portfolio) Acquires Baytown Medical Waste and Music City Group
August 10, 2023
Environmental Services
Heartwood Partners’ portfolio company, The Amlon Group, completed two add-on acquisitions in June 2023: Paragon Southwest Medical Waste (now Amlon Baytown) in Baytown, Texas, and Music City Group in Nashville, Tennessee. The deals expand Amlon’s hazardous and medical waste processing capabilities — including a patented pyrolysis medical-waste technology — and broaden its recurring-service footprint across new end markets.
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Brentwood Associates Secures $410M Continuation Fund for Watermill Express
July 22, 2025
Retail
Brentwood Associates closed an oversubscribed $410 million single-asset continuation fund to support the growth of Watermill Express. The continuation fund is primarily backed by **Hollyport Capital**, with **Pantheon** and **Portfolio Advisors** co-leading; Brentwood remains invested and is also investing through its Fund VII to support Watermill's next phase of expansion.
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The Amlon Group Acquires Mastermelt America LLC
January 28, 2026
Environmental Services
The Amlon Group, a Heartwood Partners–backed environmental services platform, has acquired Mastermelt America LLC and is operating the Sweetwater, Tennessee facility as Amlon Sweetwater. The May 2025 deal adds thermal processing and chemical dissolution capabilities for complex industrial waste (spent catalysts, electronic components, aerospace materials), expanding Amlon's technical capabilities and Southeast footprint.
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Heartwood Partners Makes Growth Investment in Norlee Group; White Wolf Exits
November 5, 2024
Industrial Services
Heartwood Partners made a growth investment in Norlee Group, a Jacksonville, Florida-based provider of electrical, mechanical, technology, fire protection and engineering services, with White Wolf Capital exiting its prior investment. Heartwood is partnering with Norlee's management to accelerate organic growth and support add-on acquisitions; since the investment Norlee has completed three strategic acquisitions to expand capabilities and market presence in Florida. Transaction terms were not disclosed.
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