Incline Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Incline Equity Partners has acquired 19 companies. It has also invested in 8 others.

Incline Equity Partners’ most common sectors for investment aredistribution (15%) and business services (13%) . The Firm’s most common investment types include secondary buyout (32%) and buyout (lbo, mbo, mbi) (28%). In total, Incline Equity Partners has invested in 20 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 10 companies. The Firm’s most common exit type is secondary buyout (58%). Incline Equity Partners’ largest (disclosed) exit occurred in 2023 when it sold SPI for $960M.

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M&A Summary

M&A Total Activity114
- M&A Buy Activity74
- M&A Sell Activity40
Total Sectors Invested 27
Total Countries Invested 2
M&A Buy/Sell Connections 20
M&A Advisors 6

Incline Equity Partners

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	-	-
Enterprise Value	25	750
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

750

values in millions of USD

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (6.0/yr)	#	44	3	10	10	6	1	74
vol	$87M						$87M
Sell (2.2/yr)	#	29	1	8	-	2	-	40
vol	$804M				$960M		$1.8B
	114

Year

≤ '19

'20

'21

'22

'23

'24

Buy (6.0/yr)

vol

$87M

Sell (2.2/yr)

vol

$804M

$960M

$1.8B

114

Company	Date	Value	Type
VMG Health	2024-04-18	-	Secondary Buyout
Dallas, Texas · www.vmghealth.com
White Label Communications LLC	2023-10-24	-	Buyout (LBO, MBO, MBI)
McMurray, Pennsylvania · www.whitelabelcomm.com
Foundation Source Philanthropic Services, Inc.	2023-09-13	-	Secondary Sale
Fairfield, Connecticut · www.foundationsource.com
SPI LLC	2023-07-27	960M USD	Trade Sale
Charlotte, North Carolina · www.spi-co.com
Cosmetic Skin & Laser Center	2023-07-25	-	Buyout (LBO, MBO, MBI)
Petoskey, Michigan · www.cslcbeauty.com
GME Supply Co.	2023-07-18	-	Secondary Buyout
Columbia, Missouri · www.gmesupply.com
Aldinger Co.	2023-07-11	-	Growth Capital
Dallas, Texas · www.aldingerco.com
Smile Source L.P.	2023-04-04	-	Growth Capital
Kingwood, Texas · www.smilesource.com
Barefoot Mosquito & Pest Control	2023-02-02	-	Buyout (LBO, MBO, MBI)
Houston, Texas · www.barefootmosquito.com
Icreon	2022-11-03	-	Growth Capital
New York, New York · www.icreon.com
View All >>

Company

Date

Value

Type

VMG Health

2024-04-18

Secondary Buyout

Dallas, Texas · www.vmghealth.com

White Label Communications LLC

2023-10-24

Buyout (LBO, MBO, MBI)

McMurray, Pennsylvania · www.whitelabelcomm.com

Foundation Source Philanthropic Services, Inc.

2023-09-13

Secondary Sale

Fairfield, Connecticut · www.foundationsource.com

SPI LLC

2023-07-27

960M USD

Trade Sale

Charlotte, North Carolina · www.spi-co.com

Cosmetic Skin & Laser Center

2023-07-25

Buyout (LBO, MBO, MBI)

Petoskey, Michigan · www.cslcbeauty.com

GME Supply Co.

2023-07-18

Secondary Buyout

Columbia, Missouri · www.gmesupply.com

Aldinger Co.

2023-07-11

Growth Capital

Dallas, Texas · www.aldingerco.com

Smile Source L.P.

2023-04-04

Growth Capital

Kingwood, Texas · www.smilesource.com

Barefoot Mosquito & Pest Control

2023-02-02

Buyout (LBO, MBO, MBI)

Houston, Texas · www.barefootmosquito.com

Icreon

2022-11-03

Growth Capital

New York, New York · www.icreon.com

View All >>

Sector	Current #	Value	All-time #	Value
Distribution	6 (19%)	-	11 (15%)	-
Business Services	4 (13%)	-	9 (12%)	-
Consumer Services	5 (16%)	-	7 (9%)	-
Environmental	2 (6%)	-	5 (7%)	-
Manufacturing	-	-	5 (7%)	-
Consumer Products	1 (3%)	-	4 (5%)	-
Healthcare Services	3 (9%)	-	4 (5%)	-
Machinery	-	-	3 (4%)	71M (82%)
Transportation	1 (3%)	-	3 (4%)	16M (18%)
Test/Measurement Equipment	2 (6%)	-	3 (4%)	-
Apparel/Textiles	-	-	2 (3%)	-
Building Materials	1 (3%)	-	2 (3%)	-
Information Technology	2 (6%)	-	2 (3%)	-
Automotive	1 (3%)	-	1 (1%)	-
Communications	1 (3%)	-	1 (1%)	-
E-Commerce	1 (3%)	-	1 (1%)	-
Electrical Equipment	-	-	1 (1%)	-
Electronics	-	-	1 (1%)	-
Energy Services and Equipment	-	-	1 (1%)	-
Financial Services	-	-	1 (1%)	-
Food	-	-	1 (1%)	-
Franchising	-	-	1 (1%)	-
Marketing	1 (3%)	-	1 (1%)	-
Medical Products	-	-	1 (1%)	-
Packaging	-	-	1 (1%)	-
Real Estate	1 (3%)	-	1 (1%)	-
Software	-	-	1 (1%)	-
Total	32	-	74	$87M

Sector

Current #

Value

All-time #

Value

Distribution

6 (19%)

11 (15%)

Business Services

4 (13%)

9 (12%)

Consumer Services

5 (16%)

7 (9%)

Environmental

2 (6%)

5 (7%)

Manufacturing

5 (7%)

Consumer Products

1 (3%)

4 (5%)

Healthcare Services

3 (9%)

4 (5%)

Machinery

3 (4%)

71M (82%)

Transportation

1 (3%)

3 (4%)

16M (18%)

Test/Measurement Equipment

2 (6%)

3 (4%)

Apparel/Textiles

2 (3%)

Building Materials

1 (3%)

2 (3%)

Information Technology

2 (6%)

2 (3%)

Automotive

1 (3%)

1 (1%)

Communications

1 (3%)

1 (1%)

E-Commerce

1 (3%)

1 (1%)

Electrical Equipment

1 (1%)

Electronics

1 (1%)

Energy Services and Equipment

1 (1%)

Financial Services

1 (1%)

Food

1 (1%)

Franchising

1 (1%)

Marketing

1 (3%)

1 (1%)

Medical Products

1 (1%)

Packaging

1 (1%)

Real Estate

1 (3%)

1 (1%)

Software

1 (1%)

Total

$87M

State/Country	Current #	Value	All-time #	Value
United States	31 (97%)	-	72 (97%)	87M (100%)
	Texas	8 (25%)	-	10 (14%)	16M (18%)
	Pennsylvania	3 (9%)	-	9 (12%)	-
	Illinois	2 (6%)	-	6 (8%)	-
	Ohio	2 (6%)	-	6 (8%)	-
	California	4 (13%)	-	5 (7%)	-
	New Jersey	1 (3%)	-	5 (7%)	-
	Georgia	2 (6%)	-	4 (5%)	-
	New York	2 (6%)	-	4 (5%)	-
	Florida	1 (3%)	-	3 (4%)	-
	Virginia	1 (3%)	-	3 (4%)	-
	North Carolina	-	-	3 (4%)	-
	Massachusetts	-	-	3 (4%)	-
	Michigan	2 (6%)	-	2 (3%)	-
	Missouri	1 (3%)	-	2 (3%)	71M (82%)
	Wisconsin	-	-	2 (3%)	-
	Iowa	1 (3%)	-	1 (1%)	-
	Louisiana	1 (3%)	-	1 (1%)	-
	Connecticut	-	-	1 (1%)	-
	Colorado	-	-	1 (1%)	-
	South Carolina	-	-	1 (1%)	-
Canada	1 (3%)	-	2 (3%)	-
	Prince Edward Island	1 (3%)	-	1 (1%)	-
	Ontario	-	-	1 (1%)	-
Domestic	31 (97%)	-	72 (97%)	87M (100%)
Cross-border	1 (3%)	-	2 (3%)	-
Total	32	-	74	$87M

State/Country

Current #

Value

All-time #

Value

United States

31 (97%)

72 (97%)

87M (100%)

Texas

8 (25%)

10 (14%)

16M (18%)

Pennsylvania

3 (9%)

9 (12%)

Illinois

2 (6%)

6 (8%)

Ohio

2 (6%)

6 (8%)

California

4 (13%)

5 (7%)

New Jersey

1 (3%)

5 (7%)

Georgia

2 (6%)

4 (5%)

New York

2 (6%)

4 (5%)

Florida

1 (3%)

3 (4%)

Virginia

1 (3%)

3 (4%)

North Carolina

3 (4%)

Massachusetts

3 (4%)

Michigan

2 (6%)

2 (3%)

Missouri

1 (3%)

2 (3%)

71M (82%)

Wisconsin

2 (3%)

Iowa

1 (3%)

1 (1%)

Louisiana

1 (3%)

1 (1%)

Connecticut

1 (1%)

Colorado

1 (1%)

South Carolina

1 (1%)

Canada

1 (3%)

2 (3%)

Prince Edward Island

1 (3%)

1 (1%)

Ontario

1 (1%)

Domestic

31 (97%)

72 (97%)

87M (100%)

Cross-border

1 (3%)

2 (3%)

Total

$87M

Type	Current #	Value	All-time #	Value
Secondary Buyout	10 (31%)	-	23 (31%)	16M (18%)
Buyout (LBO, MBO, MBI)	11 (34%)	-	20 (27%)	71M (82%)
Growth Capital	10 (31%)	-	12 (16%)	-
Recapitalization	-	-	10 (14%)	-
Divestiture	-	-	7 (9%)	-
Consolidation	1 (3%)	-	1 (1%)	-
Venture	-	-	1 (1%)	-
Total	32	-	74	$87M

Type

Current #

Value

All-time #

Value

Secondary Buyout

10 (31%)

23 (31%)

16M (18%)

Buyout (LBO, MBO, MBI)

11 (34%)

20 (27%)

71M (82%)

Growth Capital

10 (31%)

12 (16%)

Recapitalization

10 (14%)

Divestiture

7 (9%)

Consolidation

1 (3%)

1 (1%)

Venture

1 (1%)

Total

$87M

Type	Total #	Value
Secondary Sale	24 (60%)	470M (27%)
Trade Sale - Public Company	7 (18%)	1.3B (73%)
Trade Sale	6 (15%)	-
Recapitalization	2 (5%)	-
Unknown	1 (3%)	-
Total	40	$1.8B

Type

Total #

Value

Secondary Sale

24 (60%)

470M (27%)

Trade Sale - Public Company

7 (18%)

1.3B (73%)

Trade Sale

6 (15%)

Recapitalization

2 (5%)

Unknown

1 (3%)

Total

$1.8B

Financial	Deals
Harris Williams & Co.	1
C.W. Downer & Co.	1
Lincoln International	1

Financial

Deals

Harris Williams & Co.

C.W. Downer & Co.

Lincoln International

Legal	Deals
Dentons	1
Dentons Cohen & Grigsby	1

Legal

Deals

Dentons

Dentons Cohen & Grigsby

buy	#	Total
< $100M	2	$87M
TOTAL	$87M
Largest	Midwest Industrial Rubber, Inc. $71M (2016-12-08)

buy

Total

< $100M

$87M

TOTAL

$87M

Largest

Midwest Industrial Rubber, Inc.
$71M (2016-12-08)

sell	#	Total
$100M to $1B	4	$1.7B
< $100M	1	$44M
TOTAL	$1.8B
Largest	SPI LLC $960M (2023-07-27)

sell

Total

$100M to $1B

$1.7B

< $100M

$44M

TOTAL

$1.8B

Largest

SPI LLC
$960M (2023-07-27)

		Deals
Acquired from
Investor(s)	31%	23 (31%)
Strategic(s)	4%	3 (4%)
Exited to
Investor(s)	65%	26 (65%)
Strategic(s)	30%	12 (30%)

Deals

Acquired from

Investor(s)

23 (31%)

Strategic(s)

3 (4%)

Exited to

Investor(s)

26 (65%)

Strategic(s)

12 (30%)

FAQ

When was Incline Equity Partners founded?

Incline Equity Partners was founded in 1982.

What type of investor is Incline Equity Partners?

Incline Equity Partners is a private equity firm.

Where is Incline Equity Partners headquartered?

Incline Equity Partners is headquartered in Pittsburgh, Pennsylvania.

How much capital does Incline Equity Partners have under management?

Incline Equity Partners has 5.8B USD under management.

Incline Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary