Wholesale Supplies Plus
Wholesale Supplies Plus, founded in 1999 and headquartered in Ohio, is a B2B distributor of consumable ingredients and supplies to commercial artisans that create personal care, beauty and home fragrance and aromatics products
PORTFOLIO STORY
How We Partnered
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
HEADQUARTERS
Independence, OH
STATUS
Realized
INDUSTRY
Value-added Distribution
INVESTMENT DATE
May 2019
Incline’s partnership allowed us to complete several major marketing and operations initiatives that enhanced the Company’s industry-leading position. Over the last two years, we nearly tripled our customer base and revenue while expanding into new product categories to help our artisan customers become more successful. I am proud of the WSP team’s commitment to excellence and am incredibly excited about the Company’s future.