M&A Deal Summary

Wynnchurch Capital Acquires Charter Industries

On October 2, 2025, private equity firm Wynnchurch Capital acquired building materials company Charter Industries from Incline Equity Partners

Acquisition Highlights
  • This is Wynnchurch Capital’s 7th transaction in the Building Materials sector.
  • This is Wynnchurch Capital’s 63rd transaction in the United States.
  • This is Wynnchurch Capital’s 8th transaction in Michigan.

M&A Deal Summary

Date 2025-10-02
Target Charter Industries
Sector Building Materials
Buyer(s) Wynnchurch Capital
Sellers(s) Incline Equity Partners
Deal Type Secondary Buyout

Target

Charter Industries

Kentwood, Michigan, United States
Charter Industries is a supplier of PVC and wood edgebanding, T-molding and veneer sheets to specialty carpenters and furniture installers. The company serves thousands of furniture and case good manufacturers operating in the education, healthcare, retail, hospitality, commercial, recreational vehicle, and residential markets. Charter Industries is based in Kentwood, Michigan.

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Buyer(S) 1

Buyer

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.


DEAL STATS #
Overall 75 of 75
Sector: Building Materials M&A 7 of 7
Type: Secondary Buyout M&A Deals 20 of 20
State: Michigan M&A 8 of 8
Country: United States M&A 63 of 63
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-26 Northstar Aerospace

Bedford Park, Illinois, United States

Northstar Aerospace is an independent manufacturer of components and assemblies for the global aerospace industry. Principal products include gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts for helicopters and fixed-wing aircraft. Northstar Aerospace was founded in 2000 and is based in Bedford Park, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-07 Clyde Industries

Atlanta, Georgia, United States

Clyde Industries is a provider of highly engineered boiler efficiency/cleaning systems, spare parts, and services for the global pulp & paper industry. Clyde Industries was founded in 1924 and is based in Atlanta, Georgia.

Sell $175M

Seller(S) 1

SELLER

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 STATS #
Overall 42 of 43
Sector: Building Materials M&A 2 of 2
Type: Secondary Buyout M&A Deals 25 of 25
State: Michigan M&A 1 of 1
Country: United States M&A 41 of 42
Year: 2025 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-09 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.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-08 Specialty Products & Insulation

Charlotte, North Carolina, United States

Specialty Products & Insulation is a value-added distributor and fabricator of insulation and complementary products for the commercial, industrial and residential markets. SPI's products help conserve energy, preserve worker safety, and provide noise abatement. Specialty Products & Insulation was founded in 1982 and is based in Charlotte, North Carolina.

Sell $1.0B