Capital to support IND's growth and expansion as semiconductor manufacturing demand increases

SAN DIEGO, Nov. 20, 2025 /PRNewswire/ -- HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its investment in IND, Inc., a provider of critical cleaning, coating, refurbishment, and ancillary services used in semiconductor equipment manufacturing. The investment will support management's buyout of IND's majority shareholder and provide additional capital for facility expansion, working capital, and continued growth with existing and new customers.

Headquartered in Vancouver, Washington, and founded in 2005 by Jonathan Lovegrove, IND has grown from a robotics refurbishment business into a comprehensive provider of critical cleaning, coating, refurbishment, and fabrication services for semiconductor equipment. IND's proprietary Global Management System (GMS) provides full traceability and process control across the cleaning and coating workflow. The company supports leading global manufacturers in extending component lifetimes, reducing downtime, and maintaining high-performance production environments.

"IND has established itself as a trusted partner within the semiconductor supply chain, delivering high-quality, highly technical services supported by a proprietary software platform," said Tim Bubnack, Managing Partner at HCAP Partners. "The company's momentum with long-standing customers and new relationships with industry-leading companies driving advanced manufacturing and next-generation AI technologies reflects the strength of its capabilities and market position. We look forward to working with Jonathan Lovegrove and his team on their next chapter of growth and execution."

The Company will continue to be led by Lovegrove, who built IND from the ground up, leading the development of the company's operating and quality infrastructure, including its ERP and production systems, ISO9001 and ISO14001 certifications, and data-driven process controls. Lovegrove is joined by a tenured team with deep engineering and production experience.

"At IND, our goal has always been to deliver precision, transparency, and reliability for our customers," said Jonathan Lovegrove, Founder and CEO of IND. "We've invested heavily in engineering, process control, and our proprietary GMS platform to create a scalable, technology-enabled operation. Partnering with HCAP allows us to continue that investment, strengthen our team, and expand our capabilities to support the next generation of semiconductor manufacturing."

HCAP's investment team for this transaction included Tim Bubnack and Chenjing Wang, with support from Bekhruz Nuriddinov. HCAP Operating Advisor Luis Machuca contributed to the diligence process and will join IND's Board of Directors.

About HCAP Partners
HCAP Partners is a private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout the United States. The firm seeks to invest $5 million to $35 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. Since its founding, HCAP Partners has invested in over 65 companies and, through active engagement with portfolio companies, provides value-added resources to help optimize performance and increase enterprise value. The firm has a strong history as an impact fund, recognized as an ImpactAssets 50 fund every year since 2014, and is a founding member of both the Global Impact Investing Network and Impact Capital Managers. Through its Gainful Jobs Approach™, HCAP Partners works to facilitate a positive impact on underserved businesses, their employees, and their communities. For more information, please visit www.hcap.com.

About IND, Inc.
IND Inc. based in Vancouver, WA. uses proprietary processes to provide mission-critical services to semiconductor device makers and wafer fabrication equipment markets. These services include critical parts cleaning, coatings, electro-mechanical assembly refurbishment, support services and consulting. The company is ISO9001 and ISO14001 certified. For more information, please visit indhq.com.

Contact:
Tim Bubnack
HCAP Partners
405214@email4pr.com
(858) 259-7654

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SOURCE HCAP Partners