Article
American Industrials Partners Looking to Tap Private Credit for Acquisition of Honeywell Business
By: Michael Haley
American Industrials Partners, or AIP, is looking to tap private credit to finance its acquisition of Honeywell’s Warehouse and Workflow Solutions, or WWS, business, according to sources.
AIP announced in April a definitive agreement to acquire WWS in an all-cash transaction. Debt financing for the deal will be offered in the coming months to direct lenders rather than the broadly syndicated loan market, according to sources.
WWS provides supply-chain and warehouse automation services as well as aftermarket services and software, according to a press release. The business, which operates commercially under the brand names Intelligrated and Transnorm, generated approximately $935 million in revenue in 2025, with a global customer base supported by over 3,300 employees. AIP’s investment in WWS builds on its existing investment in Trew, a U.S.-based manufacturer and integrator of automated material handling systems and software, the press release added.
New York-based AIP is a private equity firm that invests in industrial, manufacturing and technology businesses and has approximately $17.8 billion in assets under management, according to its website. Blackstone holds a strategic minority stake in the company.
Honeywell’s sale of WWS comes alongside the $1.4 billion sale of its Productivity Solutions and Services, or PSS, business to Brady Corp., which was also announced in April. Both sales conclude Honeywell’s plans announced in July 2025 to find strategic alternatives for WWS and PSS to simplify its portfolio ahead of its separation into three publicly traded companies.
The WWS sale is expected to close in the second half of 2026, subject to customary closing conditions. Evercore is acting as exclusive financial advisor to AIP. Ropes & Gray LLP is acting as transaction and financing counsel, and Baker Botts LLP is acting as regulatory counsel to AIP.
American Industrial Partners and Honeywell did not respond to a request for comment.
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