Incline Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Incline Equity Partners has acquired 9 companies. It has also invested in 3 others.

Incline Equity Partners’ most common sectors for investment are business services (15%) and distribution (15%). The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (22%). In total, Incline Equity Partners has invested in 18 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Midwest Industrial Rubber for $71M.

In the last 3 years, Incline Equity Partners has exited 9 companies. The Firm’s most common exit type is secondary buyout (52%). Incline Equity Partners’ largest (disclosed) exit occurred in 2006 when it sold Advanced Disposal Services for $470M.

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M&A Summary

  • M&A Total Activity76
    • M&A Buy Activity47
    • M&A Sell Activity29
  • Total Sectors Invested 20
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 20
  • M&A Advisors 4

Incline Equity Partners

625 Liberty Avenue, Suite 2300,
Pittsburgh, Pennsylvania 15222
United States
(412) 315-7800
www.inclineequity.com
info@inclineequity.com

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with an enterprise value ranging from $25m to $450 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Building Materials, Business Services, Chemicals, Consumer Products, Distribution, Energy Services and Equipment, Environmental, Financial Services, Healthcare Services, Machinery, Manufacturing, Medical Products, Oil/Gas Exploration, Packaging, Plastics, Renewable Energy, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 25 450
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.0/yr) # 32 3 1 4 4 3 47
vol $16M $71M $87M
Sell (2.0/yr) # 19 1 5 2 2 - 29
vol $804M $804M
  76

Most Recent M&A

Company Date Value Type
ASP Global 2020-02-11 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.aspglobal.com
BFG Supply Co. LLC 2020-02-04 - Secondary Buyout
Burton, Ohio · www.bfgsupply.com
Foundation Source 2020-01-28 - Buyout (LBO, MBO, MBI)
Fairfield, Connecticut · www.foundationsource.com
Ned Stevens Gutter Cleaning & General Contracting, Inc. 2019-10-01 - Secondary Buyout
Fairfield, New Jersey · www.nedstevens.com
Wholesale Supplies Plus, Inc. 2019-07-16 - Recapitalization
Independence, Ohio · www.wholesalesuppliesplus.com
Brown & Joseph Ltd. 2019-06-27 - Secondary Buyout
Itasca, Illinois · www.brownandjoseph.com
Rotating Machinery Services, Inc. 2019-06-18 - Secondary Buyout
Bethlehem, Pennsylvania · www.rotatingmachinery.com
Unified Power Holdings LLC 2019-06-04 - Secondary Buyout
Terrell, Texas · www.unifiedpowerusa.com
Profile Products LLC 2019-01-10 - Secondary Buyout
Buffalo Grove, Illinois · www.profileproducts.com
Charter Industries Extrusions LLC 2018-12-13 - Growth Capital
Kentwood, Michigan · www.charterindustries.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
AFC Industries, Inc. 2015-03-01 Master Distribution LLC 2020-08-27 3
Fairfield, Ohio · www.afcindustries.com Brunswick, Ohio · www.masterd.us
LYNX Franchising LLC 2016-10-11 FRSTeam Corp. 2020-06-11 2
Alpharetta, Georgia · www.premiumfranchisebrands.com Hayward, California · www.frsteam.com
Unified Power Holdings LLC 2019-06-04 Power Backups & Solutions 2020-06-03 4
Terrell, Texas · www.unifiedpowerusa.com Graham, North Carolina · www.powerbackups.net
Unified Power Holdings LLC 2019-06-04 Computer Power Systems, Inc. 2020-04-07 3
Terrell, Texas · www.unifiedpowerusa.com Winter Springs, Florida · www.cpsfl.com
Unified Power Holdings LLC 2019-06-04 Tristar Power Systems LLC 2020-04-07 2
Terrell, Texas · www.unifiedpowerusa.com Hopkins, Minnesota · www.tristarups.com
ASP Global 2020-02-11 Shumsky Therapeutic Pillows LLC 2020-03-05 1
Atlanta, Georgia · www.aspglobal.com Dayton, Ohio · www.therapeuticpillows.com
Profile Products LLC 2019-01-10 HydroStraw LLC 2020-02-20 1
Buffalo Grove, Illinois · www.profileproducts.com Rockford, Washington · www.hydrostraw.com
Unified Power Holdings LLC 2019-06-04 Core Power Services, Inc. 2019-12-18 1
Terrell, Texas · www.unifiedpowerusa.com Fremont, California · www.cpspower.com
AFC Industries, Inc. 2015-03-01 The Boulder Co. 2019-07-31 2
Fairfield, Ohio · www.afcindustries.com Des Moines, Idaho · www.theboulderco.com
Midwest Industrial Rubber, Inc. 2016-12-08 Atlanta Belting Co. Inc. 2019-04-15 4
St. Louis, Missouri · www.mir-belting.com Atlanta, Georgia · www.atlbelt.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (19%) - 7 (15%) -
Distribution 5 (31%) - 7 (15%) -
Machinery 1 (6%) 71M (100%) 4 (9%) 71M (82%)
Manufacturing 2 (13%) - 4 (9%) -
Transportation 1 (6%) - 3 (6%) 16M (18%)
Consumer Products - - 3 (6%) -
Environmental - - 3 (6%) -
Apparel/Textiles - - 2 (4%) -
Building Materials 1 (6%) - 2 (4%) -
Consumer Services 1 (6%) - 2 (4%) -
Electronics 1 (6%) - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Financial Services - - 1 (2%) -
Food - - 1 (2%) -
Franchising 1 (6%) - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Technology - - 1 (2%) -
Medical Products - - 1 (2%) -
Packaging - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 16 $71M 47 $87M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (100%) 71M (100%) 46 (98%) 87M (100%)
  Pennsylvania - - 6 (13%) -
  Ohio 3 (19%) - 5 (11%) -
  Illinois 3 (19%) - 5 (11%) -
  New Jersey 1 (6%) - 5 (11%) -
  Texas 2 (13%) - 3 (6%) 16M (18%)
  Georgia 2 (13%) - 3 (6%) -
  Virginia 1 (6%) - 3 (6%) -
  Massachusetts - - 3 (6%) -
  North Carolina 1 (6%) - 2 (4%) -
  Wisconsin - - 2 (4%) -
  Florida - - 2 (4%) -
  Missouri 1 (6%) 71M (100%) 1 (2%) 71M (82%)
  Michigan 1 (6%) - 1 (2%) -
  Connecticut 1 (6%) - 1 (2%) -
  South Carolina - - 1 (2%) -
  New York - - 1 (2%) -
  Colorado - - 1 (2%) -
  California - - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Domestic 16 (100%) 71M (100%) 46 (98%) 87M (100%)
Cross-border - - 1 (2%) -
Total 16 $71M 47 $87M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (44%) - 15 (32%) 16M (18%)
Buyout (LBO, MBO, MBI) 4 (25%) 71M (100%) 10 (21%) 71M (82%)
Recapitalization 2 (13%) - 10 (21%) -
Divestiture - - 7 (15%) -
Growth Capital 3 (19%) - 4 (9%) -
Venture - - 1 (2%) -
Total 16 $71M 47 $87M

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (55%) 470M (58%)
Trade Sale - Public Company 5 (17%) 334M (42%)
Trade Sale 5 (17%) -
Recapitalization 2 (7%) -
Unknown 1 (3%) -
Total 29 $804M

Top M&A Advisors

Financial Deals
C.W. Downer & Co.
1
Robert W. Baird & Co., Inc.
1
Lincoln International
1
Legal Deals
Cohen & Grigsby P.C
1

Deal Values

buy # Total
< $100M 2 $87M
TOTAL $87M
Largest Midwest Industrial Rubber, Inc.
$71M (2016-12-08)
sell # Total
$100M to $1B 3 $760M
< $100M 1 $44M
TOTAL $804M
Largest Advanced Disposal Services, Inc.
$470M (2006-07-19)

M&A Connections

Deals %
Acquired from
PE Firm(s)
89%
24 89%
Strategic(s)
11%
3 11%
Exited to
PE Firm(s)
74%
25 74%
Strategic(s)
26%
9 26%

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