Acquisition of AFC Holdings
- April 21, 2015
Incline Equity Partners (“Incline”), a Pittsburgh based lower middle-market private equity firm, announces an investment in AFC Holdings (“AFC” or “The Company”).
AFC is a leading provider of supply chain management services and vendor managed inventory programs to original equipment manufacturers. The Company specializes in fasteners and other essential assembly components. AFC also provides a wide array of value-added services, including kitting, packaging, assembly and other customization specific to their customers’ needs.
“Finding a partner who could help us accelerate our growth, both organically and through acquisitions, was our priority,” said Doug Kortyna, Vice President of Operations at AFC. “Our partnership with Incline better positions us to capitalize on the opportunities to grow in the market: serving new clients, providing new products and services, entering new geographies and strategically acquiring other market participants.”
In addition to the growth opportunities, Incline was attracted to AFC’s high-touch distribution model. AFC makes frequent deliveries to customers, creating especially strong and long lasting relationships. “Of the ten largest clients, the average age of the relationship is 24 years,” said Jack Glover, Partner with Incline.
Leon Rubinov, Principal with Incline, added, “These opportunities, combined with Incline’s experience in distribution and access to strategic resources, makes this a very exciting investment for us.”
This acquisition marks the sixth platform investment in Incline Equity Partners III, L.P. Incline added new platform, BCI Burke Company, LLC, a leading designer, manufacturer and marketer of commercial playground and leisure equipment in December of 2014. “We are pleased with our investment pace, and we are optimistic about continued deployment of capital in 2015,” said Jack Glover.
Matt Celin has joined the firm as an Associate. In his new role, Matt is responsible for evaluating, analyzing and monitoring investments made by the firm.
Prior to joining Incline, Matt was an Analyst in the investment banking division of Craig-Hallum Capital Group where he focused on M&A advisory and equity capital raising.
Matt graduated magna cum laude from the College of the Holy Cross with a Bachelor of Arts in Economics.
Matt has portfolio coverage responsibilities for Double E Company, AmSpec and Bacharach.
Seeking Add-On Acquisitions
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.