Midwest Industrial Rubber, a portfolio company of Incline Equity Partners, has acquired New England Belting Company (NEBCO).
NEBCO is an independent provider of specialty belts including edge belts, wave solder belts, timing belts and vacuum belts. The company is based in Berlin, CT (www.newenglandbelting.com).
Midwest Industrial Rubber (MIR) is a supplier of industrial maintenance, repair, and operations products, specializing in the fabrication and distribution of lightweight conveyor belting and related conveyor components and accessories. The company serves the conveyor maintenance, replacement, and overhaul needs of approximately 2,500 customers that are active in the manufacturing of non-discretionary consumer staples (such as food, personal care and hygiene products). MIR, led by CEO Mike Bruhn, was founded in 1980 and is headquartered in St. Louis (www.mir-belting.com). MIR has been a portfolio company of Incline Equity since December 2016.
“NEBCO is the second acquisition we have completed since partnering with Incline in 2016,” said Mr. Bruhn. “An important part of our growth strategy is finding companies to acquire in geographies targeted for expansion. These acquisitions provide quick access to new or underserved markets and strengthens both companies’ ability to serve customers.” The buy of NEBCO follows the March 2018 add-on acquisition of Maple Grove, MN-based Conveyor Belting Supply, a fabricator and distributor of light weight conveyor belting and accessories to the Minnesota and Dakotas markets.
The purchase of NEBCO gives MIR a stronger presence in the Northeast, allowing the company to provide more direct fabrication, installation and on-call services to customers in the region. “NEBCO is a recognized and respected brand in the industry and will continue to operate as NEBCO, a division of MIR,” said John Morley, Managing Director of Incline. “The acquisition broadens the overall product and service offering, and we are pleased to have the NEBCO owners with us moving forward.”
Incline Equity Partners invests from $15 million to $30 million in support of recapitalizations, buyouts and corporate divestitures of lower middle market companies that have EBITDAs greater than $5 million and enterprise values between $50 million and $300 million. Sectors of interest include value-added distribution, specialized light manufacturing, and business and industrial services. Incline was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).
© 2018 Private Equity Professional | May 9, 2018
