Incline Equity Partners (“Incline”), a private equity firm focused on making investments in lower middle-market growth companies, announces the sale of Dorner Manufacturing Corp. (“Dorner” or the “Company”), a leading provider of high-quality precision conveying solutions. Financial terms of the transaction were not disclosed.
Founded in 1966 by members of the Dorner family, the Company has a robust product offering to address automation needs in industrial, packaging, food, medical and pharmaceutical end markets. Dorner is a trusted partner to its customers, providing process automation equipment and solutions combined with strong aftermarket parts and service support to its large installed base.
“We couldn’t be more satisfied with the Company’s transformation,” said Wali Bacdayan, Partner at Incline. “In just over four years, the Company has grown from a regional, family-owned conveyor business to become a global platform serving the broader industrial automation market. With that transformation came more jobs, an investment in the development of new products, expanded manufacturing capabilities and two international acquisitions.”
With headquarters in Hartland, WI, Dorner’s operations footprint expanded significantly during Incline’s investment period. The Company opened new facilities in Canada and Mexico to expand its North American footprint. Dorner also entered the European and Asian markets and expanded its product offerings through acquisitions in Germany and Malaysia.
“Incline helped us achieve significant growth through enhancing the scope and profile of our business,” said Terry Schadeberg, Chief Executive Officer of Dorner. “They also guided us through strengthening our management team and internal processes to ensure that our growth was scalable. We are very appreciative of their tremendous support and efforts.”
Justin Bertram, Partner at Incline, added, “This was an outstanding outcome for all involved. In addition to that, we value being able to strengthen a brand that was important to a family’s legacy and to the Hartland, Wisconsin community. Dorner is well positioned for future success.”
This transaction is the second realization for Incline in its third fund. Incline closed on its fourth fund in January, with over $600 million of total capital commitments. The fourth fund will follow the strategy of its predecessor, investing in lower middle-market companies that possess multiple avenues for growth in the value-added distribution, specialized light manufacturing and business services sectors. Incline seeks to make control-oriented equity investments in companies with enterprise values generally between $50 million and $200 million with a focus on buyouts, corporate divestitures and minority recapitalizations in the lower-end of the North American middle market.
About Incline Equity Partners:
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm focused on making investments in lower middle-market growth companies, focusing on companies with enterprise values of $50MM to $200MM across a variety of industry sectors including value-added distribution, specialized light manufacturing and business services. Typical investment types are management buyouts, ownership transitions for privately held businesses and corporate divestitures. Incline Equity Partners has experience with investing, mergers and acquisitions, leveraged finance, leveraged buyouts and growth capital.
Incline Management Corporation (“IMC”) is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. Registration as an investment adviser does not imply a certain level of skill or training. IMC provides investment advisory services only to privately offered funds. IMC does not solicit or make its services available to the public or other advisory clients. This press release is intended solely to provide information regarding Incline’s potential capabilities for prospective portfolio companies, and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities. The statements contained herein are not statements of any IMC client fund or investor and do not describe any experience with or endorsement of IMC as an investment adviser by any such client or investor.