Painswick Capital Partners in $199M Investment for Pike Street's Impel
Deal News | Mar 25, 2025 | Proskauer Rose (UK) LLP
The international law firm Proskauer has advised Painswick Capital in its role as a lead investor alongside NorthSands Capital in the single-asset continuation vehicle, Pike Street Capital Reserve, associated with Pike Street Capital. This fund has successfully raised $199 million to support the continuous growth of Impel, a company specialized in fluid management systems across various sectors, including water and wastewater treatment. Established in 2021, Impel aims to provide comprehensive flow management solutions in collaboration with leading equipment manufacturers. Painswick Capital, co-founded by John Garcia, focuses on high-performing middle-market firms, particularly within the growing single-asset continuation vehicle sphere. Proskauer's Secondary Transactions & Liquidity Solutions team, featuring specialists in private funds, M&A, and tax, played a crucial role in this transaction, demonstrating Proskauer's renowned expertise in secondary markets.
Sectors
- Finance
- Industrial Equipment
- Legal Services
Geography
- United States – The law firm Proskauer and the investment firms involved are based in the U.S.
- United Kingdom – Proskauer has a significant presence in the UK, where some of its legal advisory took place.
Industry
- Finance – The article discusses the financial structuring involving investment firms and continuation vehicles.
- Industrial Equipment – Impel, the target company, provides fluid management systems catering to industrial markets.
- Legal Services – Proskauer Rose LLP advised on the legal aspects of the investment deal.
Financials
- $199 million – The total amount closed for the Pike Street Capital Reserve fund supporting Impel.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Proskauer Rose LLP | Legal Advisor | Company | An international law firm advising on the transaction. |
| Painswick Capital | Lead Investor | Company | A specialized investment firm focusing on single-asset continuation vehicles. |
| Pike Street Capital | Investment Firm | Company | The firm managing the continuation vehicle for Impel. |
| Impel Company | Target Company | Company | Provider of fluid management systems; recipient of the investment. |
| NorthSands Capital | Co-Lead Investor | Company | Co-investor in the Pike Street Capital Reserve. |
| John Garcia | Co-Founder | Person | Co-founder of Painswick Capital. |