Transaction Dynamics

Initial investment in partnership with the founder and management. In October 2025, Incline completed a single-asset continuation vehicle to provide additional capital and support the Company’s next phase of growth.

Investment Thesis

• Recurring revenue model driven by regulatory requirements concerning equipment calibration and quality control standards
• Highly diversified business across customers and end markets
• Large and recession-resilient industry and business model
• Fragmented market with ample whitespace
• Incline’s relevant experience with route-based services business models

Incline Value Enhancement

• Pursue add-on acquisition and greenfield opportunities to further penetrate existing markets and enter new geographies
• Expand service offerings and evaluate cross-sell / up-sell opportunities
• Invest in sales and marketing to accelerate new customer acquisition
• Increase technician efficiency through investments in back-office resources and infrastructure