Transaction Dynamics

A recapitalization of the company in partnership with the founder.  The founder reinvested significant proceeds in the transaction.

Investment Thesis

• Established player in a niche, fragmented market
• Impressive financial profile and free cash flow conversion
• Strong barriers to entry from value-added processes

Incline Value Enhancement

• Significantly accelerated digital marketing strategy including the launch of a best-in-class mobile website, refocused email marketing campaigns as well as the introduction of broad social media marketing efforts
• Implemented key operational improvements, including investing in warehouse optimization initiatives, negotiating new vendor contracts and implementing a new ERP system, to set stage for scalable growth
• Completed five accretive acquisitions, adding new products, customers and end markets
• Worked with the founder to select her successor as CEO; hired the Company’s first ever CFO