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.
Please contact the following members of the investment team at Heartwood Partners with investment or add-on aquisitions:
Demetrios Dounis | Managing Partner
John Willert | Partner
jwillert@heartwoodpartners.com
John Newman | Managing Director
James Jang | Principal
Brian Chung | Vice President
Jack Nolan | Associate