Incline Equity Partners (“Incline”), a Pittsburgh-based lower middle-market private equity firm, announced today the final closing of Incline Equity Partners III, L.P. and affiliated funds (collectively, “IEP III”) with over $301 million of capital commitments. IEP III represents Incline’s first fund raised as an independent firm. Incline also manages the portfolio assets of two predecessor private equity funds which were raised in 2001 and 2007, respectively. Sixpoint Partners served as placement agent and Covington & Burling served as legal counsel for IEP III.
Jack Glover, Partner of Incline, said, “We could not have asked for a more successful fundraising outcome. We sincerely thank our new and existing investors for their support. We believe that this outcome reflects the confidence our investors have in our team and our investment strategy.”
Investors in IEP III include pension funds, fund-of-funds, insurance companies, family offices, and foundations as well as many executives from Incline’s current and prior portfolio companies. Incline received strong support from existing investors while also welcoming a distinguished group of new limited partners.
Wali Bacdayan, Partner of Incline, said, “We are extremely pleased that we were able to close above our stated target and hard cap in a competitive fundraising environment. We intend to remain committed to making investments and creating value in companies operating in the lower end of the middle market.”
Incline seeks to partner with management teams to make private equity investments of $10 million to $25 million, with the ability to syndicate up to $50 million, in support of leveraged buyouts, recapitalizations, and large minority financings in lower middle market growth companies with enterprise values between $25 million and $100 million. Incline focuses on companies with specific business models operating within the specialized light manufacturing, value-added distribution, and business and industrial services industry sectors. Incline targets companies that have opportunities to grow through operational improvements, add-on acquisitions, and enhanced strategic focus.
“We believe that our firm has a strong foundation,” said Justin Bertram, Partner of Incline. “The legacy and best practices from our prior experiences, combined with the enthusiasm and opportunity that comes with being an independent firm.”
Incline has already made three platform investments out of IEP III: Double E Company (April 2012) a manufacturer and distributor of web process solutions and parts; Dorner Manufacturing Corporation (June 2012) a manufacturer and supplier of unit handling conveyors and components; and AmSpec, LLC (April 2013) a provider of testing, inspection, and certification services to oil, gas, and petrochemical industries.
About Incline Equity Partners
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm focused on making investments in lower middle-market growth companies, focusing on companies with enterprise values of $30MM to $125MM across a variety of industry sectors including value-added distribution, specialized light manufacturing and business and industrial services. Typical investment types are management buyouts, ownership transitions for privately held businesses and corporate divestitures. Incline Equity Partners has experience with investing, mergers and acquisitions, leveraged finance, leveraged buyouts and growth capital.
Disclaimer
Incline Management Corporation (“IMC”) is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. Registration as an investment adviser does not imply a certain level of skill or training. IMC provides investment advisory services only to privately offered funds. IMC does not solicit or make its services available to the public or other advisory clients. This press release is intended solely to provide information regarding Incline’s potential capabilities for prospective portfolio companies, and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities. The statements contained herein are not statements of any IMC client fund or investor and do not describe any experience with or endorsement of IMC as an investment adviser by any such client or investor.