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AFC Industries

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.

PORTFOLIO STORY

How We Partnered

Transaction Dynamics

A partnership with management to purchase the company from a private owner. Management made a significant reinvestment in the company as part of the transaction.

Investment Thesis

  • Long-term customer relationships and high switching costs
  • Attractive financial profile and free cash flow conversion
  • Multiple avenues for organic growth, including further penetration of existing customers, new customer additions and geographic expansion
  • Pipeline of accretive acquisition targets with strong strategic fit

Incline Value Enhancement

  • Expanded management team to support growth
  • Developed global sourcing capabilities
  • Completed twelve acquisitions
  • Upgraded and consolidated ERP systems

Please read our Regulatory Information

HEADQUARTERS

Fairfield, OH

STATUS

Realized

INDUSTRY

Value-added Distribution

FUND

III

INVESTMENT DATE

March 2015

AFC Industries Story

Hear more about how Incline balances differing managerial perspectives from CEO Kevin Godin at AFC Industries.

Incline has been a value-added partner. With Incline’s support, AFC is proud to have become the acquirer of choice in the fragmented C-parts industry. Incline helped us develop a strategy and playbook to accelerate our approach to making acquisitions, having completed 12 acquisitions together. Incline’s experience investing in distribution-related businesses was a great asset to us through our partnership.

Kevin Godin, Chief Executive Officer

Please read our regulatory information

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Learn more about partnering with Incline Equity.

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