Houlihan Lokey Advises Monogram Capital

Houlihan Lokey is pleased to have supported Monogram Capital Partners (Monogram) on the successful closing of a $300 million continuation vehicle transaction to support the ongoing growth of Mountaintop Beverage Company. The transaction closed on August 4, 2026.

The newly formed continuation vehicle provides an attractive liquidity option for investors in Monogram Fund II while enabling the firm to participate in the company’s next phase of growth. The continuation vehicle includes substantial unfunded capital commitments that will be utilized to support the company’s Phase II capacity expansion as well as future M&A. Apollo’s Sponsor and Secondary Solutions Business (S3) acted as the lead investor in the transaction, with several global institutional investors, including Partners Capital and existing Monogram limited partners, comprising the remainder of the syndicate.

Mountaintop Beverage is a best-in-class low-acid aseptic and extended-shelf-life (ESL) beverage manufacturing platform headquartered in Morgantown, West Virginia. The company operates a purpose-built, highly automated facility that produces shelf-stable dairy, protein, coffee, and other low-acid beverages on behalf of leading consumer brands and private-label customers. Aseptic processing—in which ultra-high-temperature pasteurized product is filled and sealed in a sterile environment—extends shelf life up to 12 months without refrigeration, materially reducing cold-chain cost and complexity for Mountaintop’s brand partners. Mountaintop commenced commercial production in 2023, and its site was designed for a phased expansion, providing significant capacity runway to meet strong customer demand.

Monogram Capital Partners is a Los Angeles-based private equity firm founded in 2014 that invests exclusively in the consumer, services, and manufacturing sectors. Monogram’s differentiated mandate spans both category-leading consumer brands—including Olipop and Chewy.com—and the supply chain, co-manufacturing, and services businesses that support them. This dual focus has enabled the firm to source attractive proprietary opportunities while acting as the first institutional capital. Monogram has just under ~$2 billion in RAUM through more than 70+ platform investments, follow-on investments, and add-on acquisitions and closed its substantially oversubscribed $350 million Fund III in 2025.

Houlihan Lokey served as exclusive financial advisor to Monogram Capital Partners.

This transaction highlights Houlihan Lokey’s ability to provide a comprehensive suite of capital solutions to financial sponsors, including single and multi-asset continuation funds, mid-life co-investments, strip sales, LP tender processes, and other liquidity alternatives, helping sponsors raise capital from a diverse group of global limited partners.

RELATED: Capital Solutions