Heartwood Partners Closes Oversubscribed Continuation Vehicle for The Amlon Group

NORWALK, Conn., Nov. 24, 2025 /PRNewswire/ -- Heartwood Partners ("Heartwood") is pleased to announce the successful closing of its inaugural continuation vehicle for The Amlon Group ("Amlon" or the "Company"). The transaction, which closed on May 15, 2025, with approximately $245 million in commitments, closed with significant participation by the General Partner underscoring both confidence in The Amlon Group and alignment with investors.  The transaction was led by Apogem Capital, with significant capital commitments by leading limited partners including funds managed by New 2ND Capital, Reinsurance Group of America, Incorporated ("RGA"), Mercer Investments, Round2 Investment Partners, Flexstone Partners and other syndicate investors.

Since Heartwood invested in the Company in 2021, Amlon has successfully completed and integrated five add-on acquisitions as well as implemented a number of organic growth initiatives such as increasing processing capacity and expanding waste processing capabilities to diversify and manage a wide range of industrial waste streams. "Amlon has delivered exceptional results since our initial investment, and we see a clear path to significantly scale the business over the next several years," said Demetrios Dounis, Managing Partner at Heartwood Partners. "We are excited to continue our partnership with Amlon and appreciate the confidence and backing from our investors. Through this continuation vehicle, we can lengthen our investment timeline, further advance management's strategic initiatives, and provide our investors with liquidity at an attractive valuation."

As part of the transaction, investors have committed capital to pursue a pipeline of strategic add-on acquisitions, greenfield expansions and several organic growth initiatives, providing visibility into near-term growth. Mark Wayne, Chief Executive Officer of Amlon, added, "Heartwood's ongoing support and strategic guidance have been instrumental to our success. With this new capital structure, we can accelerate our M&A program and continue investing in the people, technology, and processes that differentiate us in the market."

Harris Williams served as lead financial advisor and Brown Gibbons Lang & Company served as co-advisor for the transaction. DLA Piper acted as legal counsel to Heartwood Partners and The Amlon Group.

Heartwood Partners: Heartwood Partners, a middle market private equity firm founded in 1982, is differentiated by a unique lower-leverage, current cash yield approach designed to create partnership with continuing management. Our approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. In addition, we support each management team with our in-house Value Creation team who provide deep, subject-matter experience in strategic areas such as eCommerce and digital marketing, human capital and organizational design, IT improvement, and acquisition integration. We currently manage over $1.3 billion (as of 12/31/24) in investments and commitments, and our principals have invested in more than 100 platform and add-on acquisitions. Heartwood is currently investing from Heartwood Partners IV, LP, and is focused on founder, family and management-held businesses serving the niche manufacturing, specialty chemicals, food, agriculture, packaging, and industrial & consumer services markets. For additional information about Heartwood, please visit www.heartwoodpartners.com.

The Amlon Group: Headquartered in Plano, TX, Amlon is a sustainability-focused waste solution provider specializing in waste-to-value processing, treatment and management of a diverse set of hazardous and industrial waste streams. The Company offers customers expertise and a high-quality service that protects finite resources by remediating waste and recycling valuable commodities. "Our team recognizes that contributing hazardous waste to landfills and waterways is not sustainable for our planet, so we strive to find solutions that make a significant environmental impact for you and for our Earth" – Mark Wayne (CEO). For more information, please visit www.amlongroup.com.

SOURCE Heartwood Partners