SEATTLE, March 24, 2025 /PRNewswire-PRWeb/ -- Pike Street Capital, LLC ("Pike Street Capital"), a Seattle-based private equity firm investing in middle-market industrial and industrial technology businesses, announced that it has closed a capital raise of $199 million for Pike Street Capital Reserve (the "Fund"), a single-asset continuation vehicle for one of its Fund I investments, Impel Company ("Impel" or the "Company"). Impel is a provider of fluid management systems for the water and wastewater treatment sectors, as well as food and beverage, semi-conductor, manufacturing, and other industrial markets. NorthSands Capital ("NorthSands") and Painswick Capital ("Painswick"), both investment firms focused on investing in single-asset continuation vehicles, led the investment, with NorthSands committing $100 million to the transaction.
Impel was established in 2021 through Pike Street Capital's partnership with Doug Staab, an industry veteran with 35 years in the flow management space, and acquisition of PumpTech, a premier distributor of high-quality pumping products and systems serving the Pacific Northwest. Impel unified PumpTech and subsequent acquisitions under a cohesive platform, expanding the products, services, and geographic service region of the combined organization, while preserving the strong brand identities and customer relationships each business had built in its respective market. This strategy has driven exponential growth for Impel, resulting in more than a dozen accretive add-ons and strong organic growth fueled by the Company's rapidly growing markets.
"We are thrilled to complete the fundraise of 'Pike Street Capital Reserve' in this single-asset continuation vehicle with Impel and our new limited partners, NorthSands and Painswick," said Dave Dandel, Partner at Pike Street Capital. "The transaction offered our Fund I investors the opportunity to generate liquidity at an attractive return or participate in the next phase of growth and acquisitions with Impel. In just a few years, Impel has established itself as a comprehensive provider of technical products and services for municipal and industrial fluid management needs, and we see tremendous opportunity for continued growth. The additional capital and longer investment period will enable the outstanding management team to fully execute its growth strategy."
Impel CEO Doug Staab highlighted the successful partnership with both investors and company founders: "With our partners' investment and support, we have transformed Impel into a leading provider of fluid management products, engineered systems, service, and solutions, bringing together established leaders and technical capabilities to build a great business with a strong company culture. We look forward to ongoing success together as we add new founder partners to the team and expand into new markets, capabilities, and geographies."
Bruce McEvoy, Managing Partner of NorthSands Capital commented, "We are excited to partner with Pike Street Capital and Impel management to support the Company in its next phase of growth as it continues to expand its geographic reach and offering in order to better serve its customers and suppliers."
James Powers, Partner at Painswick Capital stated, "Impel has successfully scaled organically and through strategic acquisitions, establishing itself as a leading platform that delivers significant value to its stakeholders, further supported by its technical capabilities and application-specific knowledge. We look forward to supporting the Company's continued growth in partnership with Pike Street Capital and Impel management."
Jefferies served as financial advisor to Impel and Pike Street Capital on the transaction, Kirkland & Ellis served as legal advisor, and D.A. Davidson & Co. provided a fairness opinion to the Pike Street Capital advisory board. New senior debt financing and an equity investment in the Fund were provided by Ares Management and its affiliates. Kirkland & Ellis served as legal counsel to NorthSands, and Proskauer Rose served as legal counsel to Painswick.
About Impel
Impel was started in 2021 with a vision to build a provider of comprehensive flow management solutions serving municipal and industrial fluid management needs in partnership with top equipment manufacturers. The Company offers highly engineered products and solutions, plus complementary service and support across adjacent geographies. Impel launched with Pike Street Capital's acquisition of PumpTech, a premier distributor of high-quality pumping products and systems serving water and wastewater customers in the Pacific Northwest. Since then, Impel's network has expanded through more a dozen subsequent acquisitions across the western, mountain and mid-western U.S., providing complete services, products and packaged systems for pump related applications in the flow management process. More information is available at www.impelcompany.com.
About Pike Street Capital
Pike Street Capital is a Seattle-based firm specializing in middle-market investments across the industrial technology, specialty manufacturing, distribution and logistics, and business services sectors. The firm leverages an integrated investment and operational approach to drive long-term value creation, working closely with management teams to accelerate growth, enhance capabilities, scale operations, and build market-leading businesses. More information is available at www.pikestreetcapital.com.
About NorthSands Capital
NorthSands Capital is an investment firm founded in 2023 by Bruce McEvoy, a former Blackstone Senior Managing Director. NorthSands is focused on investing in single-asset continuation vehicles. More information is available at www.northsands.com.
About Painswick Capital
Painswick Capital is a specialized investment firm focused on high-performing middle market companies within the rapidly expanding single-asset continuation vehicle market. Established by John L. Garcia, the former CEO of AEA Investors, in partnership with a U.S. family office and AEA Investors, Painswick benefits from the combined expertise and connectivity of its founders. Painswick leverages this global network and the time- and cycle-tested primary underwriting experience of its team to collaborate with private equity sponsors. More information is available at www.painswickcapital.com.
Press Contacts:
Pike Street Capital
Cathy McBeth, VP, Portfolio Operations
P: +1.206.949.9312
NorthSands Capital
Lauren Odell / Michael Landau
Gladstone Place Partners
P: +1.212.230.5930
Painswick Capital
Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
P: +1.212.355.4449
Media Contact
Cathy McBeth, Pike Street Capital, 1 206-949-9312, [email protected], www.pikestreetcapital.com
SOURCE Pike Street Capital
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