Candlewood Partners (“Candlewood”) is pleased to announce its role as financial advisor to Saothair Capital Partners, LLC (“Saothair”) on the recapitalization of its portfolio company, Air Products & Controls Inc. (“APC” or the “Company”). Capital Southwest Corporation (NASDAQ: CSWC) provided the new financing.
Proceeds from the transaction will be used to refinance APC’s existing capital structure, return capital to Saothair, and provide the Company with incremental financing to support its continued growth.
After being acquired by Saothair in July 2025, APC has since established itself as a fully independent platform with the completion of the carve-out from its previous owner. As the Company positions itself for its next phase of growth, the recapitalization serves as external validation of APC’s progress to date and belief in the forward trajectory of the business.
Kevin Madden, Co-Founder and Managing Partner of Saothair Capital Partners, commented:
“This transaction reflects the collective efforts of the Candlewood team, Capital Southwest, and APC’s management team. Candlewood was an exceptional partner, delivering meaningful support through an accelerated recapitalization process. Their expertise was instrumental in securing the right long-term partner to drive APC’s next phase of growth.”
This transaction highlights Candlewood’s debt placement practice and adds to its track record of arranging debt capital for financial sponsors and the businesses they own.
McGuireWoods LLP provided legal counsel to Saothair.
ABOUT SAOTHAIR CAPITAL PARTNERS
Saothair Capital Partners, LLC invests in middle-market industrial and manufacturing companies, typically taking control positions. The firm works alongside management teams and stakeholders to build long-term value. Learn more at www.saothair.com.
ABOUT AIR PRODUCTS & CONTROLS
Air Products & Controls Inc. designs and manufactures detection products for the fire and life safety market, serving both residential and commercial customers. Its range runs from wireless residential heat, smoke, and carbon monoxide (CO) detectors to smoke and CO detectors for commercial duct systems. Learn more at www.apcfire.com.
ABOUT CANDLEWOOD PARTNERS
Candlewood Partners is a Cleveland, New York, and South Florida-based boutique investment bank and advisory firm. Our focus is middle market capital raising, restructuring advisory, lender services, and M&A execution. Since 2001, Candlewood has supported the needs of private businesses, small cap public companies, private equity and independent sponsors, and private credit lenders. We leverage decades of experience to maximize value for our clients, successfully navigating complex engagements across diverse industries and markets worldwide.
Candlewood Partners, LLC
Established 2001
