Incline Equity Partners (“Incline”), a Pittsburgh-based lower middle-market private equity firm, announced today that it has successfully transitioned its interest in Caldwell and Gregory, LLC (“C&G”), a leading provider and servicer of laundry rooms for colleges, universities and multi-family housing communities. C&G is now partnered with Carousel Capital, a private equity firm based in Charlotte, North Carolina.
From its headquarters in Manakin-Sabot, VA, C&G serves approximately 200 schools throughout 19 states and the District of Columbia. Over its 22-year history, C&G has established an outstanding track record of service, account retention, growth and profitability that is among the best in the industry.
“C&G was an ideal investment for us given its route-based business model,” said Justin Bertram, Partner of Incline. “Our experience in the space allowed us to maximize operating capabilities through increases in route density and to leverage existing resources for sustainable growth.”
“Watching Incline partner with our management team and improve the company I had founded 22 years prior was a tremendous experience,” said John Gregory, Founder of C&G. “I chose them as our investor because of their wide-ranging experience with similar companies, and they did not disappoint. Their recommendations spanned all facets of the company, including an upgrade to the IT system that significantly improved our ability to manage routes and enhance reporting.”
Jack Glover, Partner with Incline, said, “We enjoyed working with the team at C&G to successfully grow the business by focusing sales resources on the multi-family housing segment and tactically entering new markets. Before our partnership, C&G did not have a presence in Florida, South Carolina or New York. We encouraged and supported this new growth while management did a great job executing on the geographic expansion.”
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.