Ned Stevens

The Story

Ned Stevens is a leading provider of all gutter and outdoor cleaning services. The Company provides year-round, full-service gutter cleaning, maintenance, installation, repair and other closely-aligned exterior residential maintenance services. Ned Stevens also offers extensive cleaning services for decks, roofs and siding.

Transaction Dynamics

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

Investment Thesis

  • Non-discretionary, required service provided to a stable and diverse residential customer base
  • Established player in a fragmented market
  • Recurring service model supported by subscription-based programs
  • Attractive financial profile and free cash flow conversion
  • Multiple avenues for growth, including developing small locations, expanding to new locations and enhancing marketing programs

Incline Value Enhancement

  • Develop and augment management team to support future growth
  • Strategically scale small locations and identify new locations
  • Develop targeted marketing and advertising plans
  • Evaluate adding complementary service offerings


Fairfield, NJ


Business Services

Investment Date

September 2016





Bringing another owner to the table was a big decision for our team and for the overall business. Picking the right group to guide us through the transition was critical. We were looking for a partner with deep, service-related experience that also had a proven track record of working with companies receiving institutional capital for the first time. Incline hit all of those marks and more. In addition to their relevant experience, we quickly realized their approach to doing business was much like ours, and they were the right fit culturally as well. Rob Rapuano, Chief Executive Officer

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