OHA is Joint Lead Arranger for Private Unitranche Financing Supporting Berkshire’s Acquisition of United Flow Technologies

Rhea-AI Summary

Oak Hill Advisors (OHA) served as Joint Lead Arranger on a private unitranche financing to support Berkshire Partners in its acquisition of United Flow Technologies (UFT), announced Jan 22, 2026. OHA cited its long relationship with Berkshire and experience across the flow control distribution ecosystem to underwrite the deal quickly and structure a financing solution to support UFT's next growth phase.

BMO Capital Markets participated as OHA's private credit joint venture partner. The financing is positioned to back UFT's role in municipal and industrial water and wastewater infrastructure in a fragmented market.

Positive

• OHA served as Joint Lead Arranger on the financing (Jan 22, 2026)
• Financing explicitly supports Berkshire’s acquisition of United Flow Technologies
• BMO Capital Markets participated as OHA’s private credit joint venture partner

Negative

• Transaction financial terms were not disclosed in the announcement

Market Reality Check

Price: $107.10 Vol: Volume 1,357,328 is at 0....

normal vol

$107.10 Last Close

Volume Volume 1,357,328 is at 0.81x the 20-day average of 1,669,317, indicating typical liquidity before this news. normal

Technical Trading above 200-day MA, with price 106.13 vs 200-day MA at 100.67 ahead of the announcement.

Peers on Argus

TROW was up 2.36% while peers were mixed: PFG up 2.45%, NTRS up 1.18%, OWL up 1....

TROW was up 2.36% while peers were mixed: PFG up 2.45%, NTRS up 1.18%, OWL up 1.09%, but CG down 0.57% and TPG down 0.11%, suggesting a stock-specific tilt rather than a synchronized sector move.

Common Catalyst One peer, NTRS, had earnings news, but no broad asset-management news theme was evident.

Historical Context

5 past events · Latest: Jan 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 15	Tender offer result	Positive	-0.8%	Completion of tender offer and large share reduction with cash retained.
Jan 15	Podcast content	Neutral	+1.2%	Educational podcast episode on financial history and investing themes.
Jan 14	Product launch	Positive	+2.5%	Launch of Income Solver retirement income tool via fintech subsidiary.
Jan 12	Strategic partnership	Positive	-0.4%	New investment solutions partnership with First Abu Dhabi Bank across GCC.
Jan 09	Acquisition financing	Positive	-1.2%	OHA-led private unitranche financing for Majesco’s acquisition of Vitech.

Pattern Detected

Recent TROW/OHA news on products, partnerships, and financing often reads positively, but price reactions have been mixed, with several constructive credit/acquisition announcements followed by modest declines.

Recent Company History

Over recent months, TROW-related news has ranged from strategic tools to OHA-sponsored financings. On Jan 14, 2026, TROW launched its Income Solver retirement tool, and the stock rose 2.48%. A Jan 12, 2026 GCC partnership with First Abu Dhabi Bank saw a small -0.44% move. OHA’s prior acquisition financing for Majesco–Vitech on Jan 9, 2026 coincided with a -1.16% reaction. Today’s UFT-related financing fits this pattern of OHA-led private credit backing sponsor-driven deals.

Market Pulse Summary

This announcement highlights OHA’s role as Joint Lead Arranger in a private unitranche financing bac...

Analysis

This announcement highlights OHA’s role as Joint Lead Arranger in a private unitranche financing backing Berkshire’s acquisition of UFT, a water and wastewater infrastructure solutions provider. It extends a series of TROW-linked OHA financings for sponsor-led deals across sectors. Investors monitoring TROW’s credit platform may focus on how recurring mandates like this support fee streams, diversification across end markets, and the firm’s positioning within private credit and infrastructure-focused strategies.

Key Terms

joint lead arranger, unitranche financing, private credit

3 terms

joint lead arranger financial

"Oak Hill Advisors (“OHA”) served as Joint Lead Arranger to support Berkshire Partners’"

A joint lead arranger is one of the main banks or financial firms that organize and put together a large syndicated loan, sharing responsibility for structuring terms, finding other lenders, and dividing the loan among the group. Think of them as co-project managers who coordinate a team to fund a big purchase; their reputation, diligence and negotiated terms matter to investors because they influence the loan’s price, risk allocation and likelihood of repayment.

unitranche financing financial

"OHA is Joint Lead Arranger for Private Unitranche Financing Supporting Berkshire’s Acquisition"

Unitranche financing is a single loan that blends what would normally be two layers of debt—higher-priority and lower-priority—into one package with a single interest rate and repayment schedule. For investors, it matters because it simplifies lending and speeds deals but mixes different risk levels into one instrument, affecting expected return, protection in case of default, and how easy the debt is to trade or convert later.

private credit financial

"BMO Capital Markets also participated in this financing as OHA’s private credit joint venture partner."

Private credit is a form of borrowing where companies or organizations obtain loans directly from private lenders rather than traditional banks or financial markets. It often involves customized financing arrangements that are not traded publicly, making it a way for businesses to access funding outside of standard channels. For investors, private credit offers the potential for higher returns, but typically comes with increased risk and less liquidity compared to more conventional investments.

AI-generated analysis. Not financial advice.

New York, New York, Jan. 22, 2026 (GLOBE NEWSWIRE) -- Oak Hill Advisors (“OHA”) served as Joint Lead Arranger to support Berkshire Partners’ (“Berkshire”) acquisition of United Flow Technologies (“UFT”), a leading technical distributor and solutions provider to the municipal and industrial water and wastewater treatment sectors.

OHA’s longstanding relationship with Berkshire and extensive expertise investing across the flow control distribution ecosystem in both syndicated and private markets enabled it to underwrite the company quickly and deliver a constructive financing solution designed to support UFT’s next phase of growth.

“Berkshire has a strong history of scaling market leading platforms, and we are pleased to partner with them on this transaction,” said Alan Schrager, Senior Partner and Portfolio Manager at OHA. “UFT plays a mission critical role in ensuring reliable water and wastewater infrastructure, and we believe the company is well positioned to extend its leadership in a highly fragmented market.”

BMO Capital Markets also participated in this financing as OHA’s private credit joint venture partner.

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About OHA: Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm manages approximately $108 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of September 30, 2025. OHA’s emphasis on long-term partnerships with companies, sponsors and other partners provides access to a proprietary opportunity set, allowing for customized credit solutions across market cycles.

With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.

About United Flow Technologies: United Flow Technologies is a market leader in process and equipment solutions for the municipal and industrial water and wastewater markets. With a focus on innovation, excellence, and customer service, UFT delivers high-quality products and services that drive long-term value for clients across the United States. For more information, visit www.uft.com.

About Berkshire Partners: Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity, with a focus on U.S.-based, middle-market companies. The firm’s private equity team invests in well-positioned, growing companies across services, healthcare, industrials, and technology. Berkshire is currently investing from its Fund XI, which held its final closing in 2024 with approximately $7.8 billion in commitments. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. For additional information, visit www.berkshirepartners.com.

Natalie Harvard, Head of Investor Relations & Partner
Oak Hill Advisors, L.P.
212-326-1505
nharvard@oakhilladvisors.com

Kristin Celestino, Vice President, Public Relations
Oak Hill Advisors, L.P.
817-215-2934
kcelestino@oakhilladvisors.com

FAQ

What role did Oak Hill Advisors play in the Berkshire acquisition of United Flow Technologies (TROW) on Jan 22, 2026?

OHA served as Joint Lead Arranger on a private unitranche financing to support the acquisition.

Did BMO Capital Markets participate in the financing for United Flow Technologies (TROW)?

Yes. BMO Capital Markets participated as OHA's private credit joint venture partner.

What is the strategic purpose of the financing backing Berkshire’s acquisition of United Flow Technologies (TROW)?

The financing is intended to support UFT’s next phase of growth and its role in municipal and industrial water and wastewater infrastructure.

Were the financing size or pricing terms for the Berkshire–UFT deal disclosed in the Jan 22, 2026 announcement?

No. The announcement did not disclose financing size, pricing, or other deal economics.

How does OHA describe its qualifications for underwriting the UFT financing supporting the Berkshire acquisition (TROW)?

OHA cited a longstanding relationship with Berkshire and experience investing across the flow control distribution ecosystem as reasons it could underwrite the company quickly.