Transaction Dynamics

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

Investment Thesis

• Strong customer value proposition via customized offerings and expansive supplier network
• Recession resistant end market with positive tailwinds
• Recurring revenue business model driven by consumable product set
• Several opportunities for continued organic growth and add-on acquisitions

Incline Value Enhancement

• Accelerated organic growth by leveraging the Company’s unique direct sourcing model to win new independent delivery network (“IDN”) customers and expanding wallet share with existing customers through the addition of new product lines
• Completed four acquisitions, adding new product categories and expanding the breadth of the existing product portfolio
• Implemented key operational improvements to support growth including relocating to a larger distribution facility, upgrading the Company’s ERP system, and completing significant investments in the IT and warehouse team
• Worked with the founder to select his successor as CEO; enhanced the finance function through the addition of a CFO and other key hires