Transaction Dynamics
A partnership with management to acquire the Company from family ownership. Management made a meaningful investment in the company as part of the transaction.

Investment Thesis

• Strong customer value proposition owing to technical knowledge, rapid delivery and value-added services including inventory rotation, recharging and warranty fulfillment
• Multiple growth levers including entering adjacent end markets, opening new locations and M&A driven by highly fragmented market
• Stable, non-cyclical revenue growth due to aftermarket focus and “mission critical” nature of products
• Limited exposure to commodity volatility from “closed-loop” model of collecting and recycling spent batteries
• Attractive margins, cash flow profile and deal dynamics

Incline Value Enhancement

• Facilitated leadership transition for exiting family owners
• Expanded management team to support platform growth
• Completed 21 acquisitions to expand geographic footprint, product catalog and sales channels
• Instituted strategic pricing and vendor rebate programs
• Implemented fleet management and additional IT infrastructure to support growth