Incline Equity Partners, in partnership with Madison Capital Funding LLC, has completed a dividend recapitalization at Apex Anayltix, Inc. (“APEX”), a leading recovery audit software and services provider.

Apex Analytix, headquartered in Greensboro, NC, provides innovative technology-enabled recovery audit services to more than 175 customers, including more than a third of the Fortune 100. APEX’s traditional recovery audit services are enhanced by proprietary software tools that detect and prevent payment errors for clients. Through its comprehensive service and technology solution, APEX has saved clients more than $2.0 billion in overpayments to date.

The recapitalization resulted in the payment of a dividend to all shareholders of the company.  The senior debt facility was led by Madison Capital Funding, LLC.

“Apex Analytix has experienced robust growth since our initial investment in April 2009 due to its unique value proposition and competitive market position,” said Jack Glover, Partner of Incline Equity Partners.  “Although the primary use of proceeds in this transaction was to provide liquidity to shareholders, the company has a very strong balance sheet which will allow management to continue its growth strategy.”

“In any economic cycle, companies are looking to improve profitability through the detection and recovery of payment errors,” continued Charlie Rossetti, Senior Associate of Incline Equity Partners. “APEX is able to save clients’ money by embracing a “customer first” philosophy and delivering intelligent service and technology solutions.”

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.

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.