Evaaro, a portfolio company of MML Keystone, today announced the acquisition of Keg Logistics (USA) and North Keg (Canada) from its existing shareholders, including Seaport Capital. The combination with Evaaro’s existing keg pooling business, ekeg (UK & Ireland), creates a unified, multi-jurisdictional keg management & pooling platform operating across the UK & Ireland, the USA, Canada and the EU. The transaction is supported by a senior secured credit facility arranged by Invesco Direct Lending, the private credit platform of Invesco, a leading global investment management firm.

Strategic Rationale

The transaction bolsters MML Keystone’s ambition to back a leading keg pooling, leasing, servicing and tracking company in the sustainable circular beverage economy. Through Evaaro’s varied keg management offerings, servicing capabilities and brands, the group will have a customer base approaching 3,000 brewers globally and enable cross-border commercial relationships with global brewing customers.

Capital Access & Operational Continuity

This transaction positions Keg Logistics and North Keg to accelerate growth, deepen service capabilities, and reach new customers in their markets. The backing by MML Keystone provides meaningful resources to expand genuine pooling solutions, pursue larger-scale transactions with major brewers, and deliver a level of service and operational reliability that outperforms current market alternatives.

Customers and suppliers can expect business continuity, with no immediate changes to account management or operational processes.

Andrew Honan, Co-Managing Partner of MML Keystone:

“This transaction reflects MML Keystone’s strategy of building platforms that create real customer value through the ownership and active management of significant asset bases. We are excited to partner with the whole Evaaro team to build upon the business’s enhanced capacity to serve customers. The combined Evaaro is a compelling circular economy platform, with both strong economic fundamentals and clear environmental benefits.”

Chris Sapyta, CEO of Keg Logistics:

“Joining forces with Evaaro provides Keg Logistics with access to significant growth capital, international infrastructure and operational pooling expertise. This partnership enhances our ability to serve customers at scale, accelerate expansion across all markets, and build a truly differentiated platform in the global keg management sector.”

Adam Trippe-Smith, CEO of Evaaro:

“By uniting ekeg, Keg Logistics, and North Keg under a single platform, Evaaro is now a genuinely international keg management and pooling business with the capital strength, operational scale, management depth, and ambition to serve global brewing customers across major markets. Chris, Matt, and their teams have built exceptional businesses, and we are excited to partner with them to accelerate the next phase of growth for Evaaro.”

Transaction Details

The deal was led by Andrew Honan, James Brown (Investment Manager), and Laura Goksch (Investment Manager) of MML Keystone. MML was advised by EY and Hogan Lovells.