Apheon-Led Roll-up of German Trenchless Pipe Rehabilitation Firms Backed by Crescent European Specialty Lending

Apheon Reinvests in TMC as MML Joins as New Partner

November 1, 2024

Professional Services

Apheon has reaffirmed its commitment to TMC by reinvesting through a new Apheon-controlled vehicle, and MML Capital Partners is joining as a new investor alongside significant reinvestment from TMC's founder and management. The recapitalization will provide capital and sector expertise to support TMC's geographic expansion, capability development and continued M&A activity; TMC is headquartered in Eindhoven and employs about 2,750 people across 16 countries.

Apheon Acquires Majority Stake in Hittech Group

November 12, 2024

Manufacturing

Apheon, a pan‑European private equity firm, has acquired a majority stake in Hittech Group from the company's founders and a consortium of private shareholders. The investment will support Hittech's growth plans — expanding its operational footprint, capabilities and entry into new geographies and end markets — while management and existing investors retain significant stakes.

Aegion Corporation Acquires Infraspec Services, Inc.

May 2, 2023

Infrastructure

Aegion Corporation has acquired Infraspec Services, Inc., a Laval, Quebec-based trenchless water rehabilitation contractor that self-performs CIPP, sewer cleaning & inspection, grouting and lead pipeline replacement. Infraspec will continue to operate under its current name and management in Quebec as Aegion expands its capabilities and resources to better serve the Canadian municipal market.

Bain Capital Acquires Apleona from PAI Partners

February 14, 2025

Real Estate

Bain Capital, through a consortium led by its Europe Private Equity team, has agreed to acquire Apleona, the Neu-Isenburg-based European integrated facility management group, from PAI Partners. The deal will support Apleona's continued growth — including European platform expansion, digital transformation and ESG/decarbonisation capabilities — and is subject to customary closing conditions and regulatory approvals.

Inland Pipe Rehabilitation (IPR) Acquires Granite Inliner

March 16, 2022

Infrastructure

Inland Pipe Rehabilitation (IPR), a portfolio company of J.F. Lehman & Company, has completed the acquisition of Granite Inliner and affiliated companies from Granite Construction Incorporated. The add-on expands IPR's trenchless pipe rehabilitation capabilities (CIPP, UV-cured liners, geopolymer solutions and manhole renewal), adds manufacturing and R&D capabilities, and broadens the combined company's geographic presence across North America.

Infraneo (backed by Seven2) Acquires Technipipe

December 12, 2023

Energy

Infraneo, with the support of majority shareholder Seven2, has acquired Technipipe, a France-based specialist in pipeline and industrial unit monitoring, inspection and maintenance. The add-on expands Infraneo's asset integrity capabilities in the Energy sector and strengthens its presence in the PACA region and across France and Europe.