Monogram Capital Partners has closed a single-asset continuation fund for Mountaintop Beverage, a Morgantown, West Virginia-based beverage maker. Apollo S3 was the lead investor, with Partners Capital, TIFF, and H7 Capital also participating. The vehicle delivers significant liquidity to investors while positioning Monogram and Mountaintop’s management to retain substantial exposure to the company’s next growth phase.

The fund provides capital for Mountaintop’s expansion, including a 250,000-square-foot capacity addition that will bring its Morgantown campus to nearly 600,000 square feet, plus future acquisitions. Monogram first invested in Mountaintop in August 2021.

“Mountaintop represents precisely the kind of business we seek to back – a technically complex, capacity constrained supply chain partner,” said Jared Stein, co-founder and partner at Monogram. “Demand for PET bottles and high-protein, functional beverages continues to outpace industry production constraints.”

Houlihan Lokey served as Monogram’s advisor, with Proskauer Rose and Massumi + Consoli as legal counsel. Weil, Gotshal & Manges served as legal counsel to Apollo S3.