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Midwest Industrial Rubber

Midwest Industrial Rubber is a leading value-added supplier of lightweight conveyor belting and related components.

PORTFOLIO STORY

How We Partnered

Transaction Dynamics
A partnership with management to purchase the company from the founders. Management made a significant investment in the company as part of the transaction.

Investment Thesis

  • Non-cyclical revenue profile due to highly stable end markets of food manufacturing, personal hygiene and corrugated packaging
  • Recurring, diversified revenue base demonstrated by highly recurring order patterns, low customer concentration and very low customer churn
  • Multiple growth levers including buildout of existing locations, opening of new locations and M&A driven by fragmented market
  • Differentiated service offering demonstrated by best-in-class quality, technical knowledge, 24/7 service and lead times
  • Attractive margins, cash flow characteristics and deal dynamics

Incline Value Enhancement

  • Supported organic expansion in existing and new markets
  • Drove significant M&A activity
  • Enhanced salesperson hiring and training processes
  • Developed second layer of management to better support C-suite
HEADQUARTERS

Kansas City, MO

STATUS

Realized

INDUSTRY

Value-added Distribution

FUND

Fund III

INVESTMENT DATE

December 2016

We are well-positioned for multiple avenues of growth. Incline has a history of helping companies like ours prioritize and plan growth initiatives. That experience should allow us to grow faster and expand our national footprint.

Mike Bruhn, Chief Executive Officer

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