France's Elydan buys Poland's Radpol Pipes; THC exits for a second win

What's the deal? France's ElydanDealroom has a profile for this one. Try Dealroom → is acquiring Radpol PipesDealroom has a profile for this one. Try Dealroom →, a Polish maker of pipes for district heating and gas networks, from private equity firm Tar Heel Capital (THC)Dealroom has a profile for this one. Try Dealroom →. The deal, announced in September 2026, has an undisclosed value.

Why now? THC took Radpol private four years ago, splitting off the pipes business from a cable-accessories operation that stays in its portfolio. It is now selling the pipes unit to the French buyer, having grown the business off the public market.

What's the endgame? Elydan plans to invest in the Polish production plant. Radpol Pipes stands to benefit from shifting European approaches to district heating.

The return: The sale delivered THC a second payout on the company. According to Puls Biznesu , the single transaction returned more than half of the capital in the firm's third fund.

The signal: Foreign strategic buyers continue to hunt for Polish industrial assets that private equity has restructured and scaled. For THC, the deal shows how carving up a delisted company can turn one buyout into multiple exits.

Read more: pb.pl

Image credit: Shetland Arts