SEATTLE, March 24, 2025 — 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. This strategy has driven exponential growth for Impel, resulting in more than a dozen accretive add-ons and strong organic growth.
“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. The additional capital and longer investment period will enable the outstanding management team to fully execute its growth strategy.”
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.
