Antares- and KKR-led Lender Funds Recapitalize 48forty Solutions

FORTNA Recapitalizes in a Debt-for-Equity Swap with Existing Lenders

August 20, 2026

IT Services

Logistics automation and software company FORTNA entered into an agreement for a debt-for-equity recapitalization with holders of 74% of its funded debt and its sponsors. Ownership is expected to transition to FORTNA’s existing lenders, including funds managed by Ares Management and other global asset managers, along with a roughly $150 million equity cash infusion and about $1.8 billion reduction in funded debt.

Ares and Antares Lead $1B Refinancing for PLZ Corp.

April 3, 2026

Financial Services

Ares Management and Antares Capital arranged a $1 billion private credit facility for PLZ Corp. The financing will allow PLZ to preemptively retire existing term loan obligations ahead of their August maturity dates, strengthening its capital structure. The deal is positioned as a private-credit solution to near-term refinancing pressure amid recent leverage and cash-flow challenges.

Accel-KKR Closes $1.9B Continuation Fund to Support isolved

August 11, 2025

Cloud & SaaS

Accel-KKR has closed AKKR Isosceles CV LP, a $1.9 billion single-asset continuation fund to extend its partnership with isolved, providing liquidity to existing investors and committing $350 million of new capital to isolved's growth and acquisitions. Lead investor Goldman Sachs Alternatives' Secondaries team and other institutional participants joined the fund; Accel-KKR employees are now the largest investor group.

KKR, Ares and BlackRock Recapitalize KBS (Kellermeyer Bergensons Services)

March 25, 2024

Industrial Services

KBS (Kellermeyer Bergensons Services), a leading North American provider of technology-enabled integrated facility management services headquartered in Oceanside, California, completed a recapitalization in which investment funds and accounts managed by KKR, Ares Management and BlackRock Capital Investment Advisors became majority equity holders. The transaction provides KBS with capital to invest in go-to-market capabilities and to accelerate growth while supporting continued delivery of facility services across industrial, commercial, logistics, retail and grocery end markets.

48forty Solutions Acquires Relogistics

May 4, 2021

Logistics & Distribution

48forty Solutions, a portfolio company of Audax Private Equity, has acquired Relogistics, a Houston-based provider of pallet and container management services with operations at over 60 U.S. locations. The transaction is 48forty's first under Audax ownership and is intended to expand geographic coverage and broaden pallet logistics and reverse-logistics capabilities across national and local customers.

Audax Private Equity Acquires 48forty Solutions from Grey Mountain Partners

December 1, 2020

Logistics & Distribution

Audax Private Equity has acquired a controlling interest in 48forty Solutions from Grey Mountain Partners. The investment positions 48forty — a leading North American pallet management and reverse logistics provider with a national network of facilities and over 2,400 employees — for continued organic growth and strategic add-on acquisitions to expand its product and service offerings.