White Wolf Hybrid Capital has completed a strategic investment in AccuCast, a supplier of waterworks infrastructure products, providing growth capital to support the company’s next phase of expansion and operational development.
The investment was made in partnership with independent sponsor Investly Capital and is structured as hybrid capital, combining debt and preferred equity to finance both the acquisition of the business and future growth initiatives.
Headquartered in Waco, Texas, AccuCast supplies critical infrastructure components used across municipal, commercial, industrial, and residential water systems. The company maintains a portfolio of more than 900 products, including manhole covers, valve boxes, meter boxes, pipe fittings, and valves that support the construction, maintenance, and operation of water distribution networks.
The transaction reflects continued investor interest in businesses tied to essential infrastructure markets, where long-term demand is supported by aging utility systems, population growth, and ongoing investment in water and wastewater infrastructure.
“AccuCast represents the kind of business we look to back at White Wolf — a durable, mission-critical platform with a clear growth path and a set of products that has earned the trust of its customers over many years,” said Justin Kaplan, managing partner of White Wolf Hybrid Capital.
Founded in 1993, AccuCast has built its business around supplying components that serve as foundational elements of water utility networks. These products are typically required for new construction projects, infrastructure upgrades, and routine maintenance activities, creating recurring demand tied to the long-term operation of public utility systems.
White Wolf cited the company’s operational consistency, diversified customer base, and reputation for reliability as key factors behind the investment. Infrastructure suppliers serving municipal and utility markets are often valued for stable demand patterns and their role in supporting essential public services.
The transaction also highlights the growing use of hybrid capital structures in lower middle-market acquisitions. By combining debt and preferred equity, investors can provide flexible financing solutions that support acquisitions while preserving growth capital for operational improvements and expansion initiatives.
Investly Capital sponsored the transaction and will work alongside management to pursue growth opportunities. White Wolf said the partnership aligns with its strategy of supporting independent sponsors that bring industry expertise and hands-on operational involvement to portfolio companies.
“We were pleased to partner with Investly Capital on this transaction,” said Elliot Hambrecht, partner at White Wolf Hybrid Capital. “Investly Capital’s operationally-driven approach makes them an ideal partner to help AccuCast execute on its next chapter of growth.”
For AccuCast, the investment provides additional resources to expand its presence in infrastructure markets where utilities and municipalities continue to modernize aging systems and improve long-term water network reliability.
White Wolf Hybrid Capital focuses on providing flexible debt and equity solutions to lower middle-market businesses, typically partnering with companies generating up to $15 million in EBITDA. The firm’s investment in AccuCast reflects a broader emphasis on businesses that operate in essential industries with recurring demand, operational resilience, and opportunities for scalable growth.
As infrastructure investment remains a priority across many U.S. markets, AccuCast is positioned to benefit from continued demand for the products and components that support the construction, maintenance, and modernization of critical water systems.