Incline Equity Partners has acquired Hartland Controls, a maker of electrical contactors used as components in HVAC products.
Hartland Controls is a supplier of electrical system components to the heating, ventilation, and air conditioning market and other industrial end markets. Hartland has a top market share position in North America supplying definite purpose contactors (contactors are used to control electric motors, lighting, heating, capacitor banks and other electrical loads) and has a portfolio of complementary products including transformers, relays and capacitors. The company is based in Rock Falls, IL and has manufacturing operations in China (www.hartland-controls.com).
Incline seeks to partner with management teams to make private equity investments of $10 million to $25 million, with the ability to syndicate up to $50 million, in support of leveraged buyouts, recapitalizations, and large minority financings of lower middle market growth companies. Sectors of interest include light manufacturing, value-added distribution, and business and industrial services. The firm was founded in 2011 and is based in Pittsburgh (www.inclineequity.com).
Lincoln International (www.lincolninternational.com) acted as the exclusive financial advisor to Hartland and worked with the company’s management team and shareholders throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
“From our very first meeting with Lincoln it was apparent that our teams clicked and Lincoln was the right fit for Hartland Controls. After completing our recapitalization process, I am even more sold on the value of Lincoln, its team and its approach to this process,” said Steve Schreiner, a Co-Founder and General Manager of Hartland.
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-17-14
