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