Secondary Buyout • Distribution

Incline Equity Partners and Audax Private Debt Acquire Jon-Don

On January 12, 2021, private equity firm Incline Equity Partners and mezzanine finance firm Audax Private Debt acquired distribution company Jon-Don from Trivest Partners

Acquisition Context
  • This is Incline Equity Partners’ 6th and Audax Private Debt’s 6th transaction in the Distribution sector.
  • This is Incline Equity Partners’ 47th and Audax Private Debt’s 67th transaction in the United States.
  • This is Incline Equity Partners’ 5th and Audax Private Debt’s 4th transaction in Illinois.
Investment Fate
  • Jon-Don was sold to a consortium of financial buyers in 2025.

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M&A Deal Summary

Date January 12, 2021
Target Jon-Don
Sector Distribution
Buyer(s) Incline Equity Partners
Audax Private Debt
Sellers(s) Trivest Partners
Deal Type Secondary Buyout

Target Company

Jon-Don

Roselle, Illinois, United States
Jon-Don is a national value-added distributor of equipment, supplies and training for specialty contractors in the water restoration, carpet cleaning, concrete surface prep and polishing, building service and abatement end markets. The Company offers a comprehensive suite of products across multiple categories that allows for convenient one-stop shopping. Jon-Don was founded in 1978 and is based in Roselle, Illinois.
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Buyers Overview 2

Buyer

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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 enterprise values ranging from $25 to $750 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.


Deal Context for Buyer #
Overall 48 of 74
Sector: Distribution 6 of 11
Type: Secondary Buyout 17 of 24
State: Illinois 5 of 5
Country: United States 47 of 72
Year: 2021 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 BBG

Dallas, Texas, United States

BBG is a provider of commercial real estate appraisals, appraisal management services, environmental and property assessments, and related advisory services. BBG was founded in 1992 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-21 Continental Battery Systems

Dallas, Texas, United States

Continental Battery Systems is a distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine, and industrial markets. Continental Batteries operates more than 100 branches throughout North America. Continental Battery Systems was founded in 1932 and based in Dallas, Texas.

Sell -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


Deal Context for Buyer #
Overall 68 of 120
Sector: Distribution 6 of 9
Type: Secondary Buyout 31 of 58
State: Illinois 4 of 4
Country: United States 67 of 118
Year: 2021 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 AWP Safety

North Canton, Ohio, United States

AWP Safety is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. AWP Safety was founded in 1981 and is based in North Canton, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-22 Backstage

Brooklyn, New York, United States

Backstage is an operator of a professional platform that connects actors, singers, dancers, comedians, voiceover artists, variety performers, and crew members with gigs and works with casting directors and content creators to help them find top industry talent. Backstage was founded in 1960 and is based in Brooklyn, New York.

Buy -

Seller Profile 1

SELLER

Trivest Partners

Coral Gables, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 6.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Trivest's corporate headquarters in Coral Gables, Florida.
Trivest's corporate headquarters in Coral Gables, Florida.

Trivest is a private equity firm that invests in North American middle-market corporate acquisitions, recapitalizations, and growth capital financings. For platform investments, sectors of interest include niche manufacturing, value-added distribution, business services, and consumer products/services. The Firm seeks businesses with at least $4 million of EBITDA and valued between $20 and $250 million. Trivest prefers control-based situations but will also consider minority or co-investment opportunities. For add-on opportunities, Trivest will consider companies globally with valuations starting at $1 million. Trivest Partners was formed in 1981 and is based in Coral Gables, Florida.


Deal Context for Seller #
Overall 28 of 46
Sector: Distribution 1 of 1
Type: Secondary Buyout 12 of 22
State: Illinois 2 of 3
Country: United States 25 of 42
Year: 2021 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-17 NaturPak

Janesville, Wisconsin, United States

NaturPak is a full-service contract food processor and a global leader specializing in Tetra Recart packaging, producing for large consumer products companies and national branded food retailers. IPM's food division focuses on broths, soups and sauces; and its pet division focuses on the high demand wet pet food market. NaturPak is based in Janesville, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-26 Growth Ortho

New York City, New York, United States

Growth Ortho has developed a new approach to managed service organizations (MSO) for orthopedic practices. Using its specific knowledge of this area of medicine, Growth Ortho can support surgeon recruiting, deliver technological advancements, improve administrative efficiency. Growth Ortho is based in New York City, New York.

Buy -