News from Incline Equity Partners – July 1, 2016

  • News
  • July 01, 2016

Incline Equity Partners Completes Successful First Exit in Third Fund

Incline Equity Partners (“Incline”), a private equity firm focused on making investments in lower middle-market growth companies, is excited to announce the sale of AmSpec Holding Corp. (“AmSpec” or the “Company”) to Connecticut-based Olympus Partners.  AmSpec is a global provider of testing, inspection and certification services for petroleum traders and refiners.

In partnership with management, Incline first invested in the Company in April of 2013.  “We believed in the growth potential of the Company from our first meeting,” said Jack Glover, Partner with Incline.  “They had the foundation, capabilities and relationships to become one of the top inspection companies in the world.  What they needed was capital to support expansion and strategic direction to guide growth. It was an ideal transaction dynamic.”

Leon Rubinov, Partner with Incline, added, “Our philosophy at Incline is to start with the end in mind.  Upfront we spent time as a team determining what the Company should look like at exit.  The result of our collaboration was a laser focused strategy on completing our domestic footprint and expanding our international presence.  This focus shielded us from distractions and was the basis of AmSpec’s rapid growth.”

AmSpec committed over $50 million of capital during Incline’s investment period to improve existing facilities and open new locations.  AmSpec grew from a regional business into an international organization, with 32 domestic locations and 25 international locations.  Additionally, revenue, earnings and profitability grew significantly during Incline’s hold period.

“We are proud of the results we have achieved during our affiliation with Incline,” said Matt Corr, CEO of AmSpec.  “Incline challenged and supported us as we transitioned from an entrepreneurial business to a global organization.  Importantly, we did it without changing what makes AmSpec so special – our unique culture.   Culture is something we, and Incline, greatly value.  We thank Incline and look forward to our next chapter of growth.”

“This is a tremendous outcome for Incline and all of our partners at AmSpec, and we are pleased to have this as the first realization in our third fund,” said Jack.

Leon Rubinov Named Partner

Leon Rubinov

Incline is proud to announce the promotion of Leon Rubinov to Partner.

Leon is a founding member of Incline and has been influential in the strategic growth of the firm over the last five years.  Leon has extensive experience in middle-market mergers and acquisitions and has made significant contributions to Incline, including his work on portfolio companies AFC, Hartland, AmSpec, Double E, Revolution Dancewear and Oracle Elevator.

Prior to joining Incline, Leon was a Vice President with Sterling Partners where he focused on growth investments in middle-market companies.  Before that Leon was a Project Leader with the Boston Consulting Group, an Associate with American Capital, and an Analyst with Goldman Sachs.

Leon received his J.D. and M.B.A., cum laude, from the J.L. Kellogg Graduate School of Management and Northwestern University School of Law and received his B.S. from Georgetown University.

Notably, you may recognize Leon as the Incline Elf in the firm’s annual holiday video.

 

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 $150MM 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.

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