Incline Equity Partners (“Incline”), a Pittsburgh-based private equity firm, announces the closing of its first fund extension platform, Incline Elevate Fund, L.P. (“Elevate”), with $314.5 million of total capital commitments. Elevate will leverage the firm’s established investing strategy, process and culture to source and execute investments exclusively in the lower middle market, a segment of the market where Incline has a strong track record of success but had outgrown in its flagship fund that seeks to make similar investments in larger companies.
“Elevate surpassed its initial target of $250 million after only two months of marketing,” said Jack Glover, Managing Partner of Incline. “Renewing our focus in the lower middle market presents a compelling opportunity for the firm and our limited partners. We appreciate the continued support and confidence of our investors, and we are proud to expand our investment capabilities.”
Incline is very pleased to welcome Tom Ritchie and Evan Weinstein to the firm, joining as Partners of Elevate. Together, Tom and Evan have a successful 25+ year history of sourcing, closing and managing investments in companies across the value-added distribution, specialized light manufacturing and business services sectors. In addition to utilizing Incline’s existing finance and business development resources, Tom and Evan will lead a separate execution team based in New York.
“I couldn’t be happier to partner with Jack and the entire Incline team as well as with my long-time colleague Evan Weinstein to launch Elevate,” said Tom Ritchie. “We found a tremendous opportunity to blend our experience in the lower middle market with the firm’s long track record of success. Incline’s scale and solid reputation in the market allows us to quickly start making investments and creating value in companies.”
In May 2019, Elevate made its first investment in Wholesale Supplies Plus, a value-added distributor of raw materials, supplies and packaging used in the production of soap, lotion, cosmetics and candles as well as other personal care products by professional crafters.
About Incline Equity Partners:
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in manufacturing, distribution and business services companies. Incline is generally seeking growing companies with enterprise values of $25 – $300 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.
Incline Management, L.P. (“IMLP”) 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. IMLP provides investment advisory services only to privately offered funds. IMLP 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 IMLP client fund or investor and do not describe any experience with or endorsement of IMLP as an investment adviser by any such client or investor.