Incline Partners Again With Caldwell & Gregory
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Incline Partners Again With Caldwell & Gregory

Incline Equity Partners, for the second time, has acquired laundry services provider Caldwell & Gregory. Incline originally invested in the company in October 2008 and later sold the company to Carousel Capital in June 2013.

Caldwell & Gregory (C&G) is a provider of laundry facility management services for customers in the university and multifamily housing markets. The company owns and services over 50,000 laundry machines across 23 states and the District of Columbia.

In addition to its state-of-the-art equipment and strong service function, C&G also provides its customers with other benefits such as machine activation by smartphone and electronic payment options. These benefits increase user satisfaction and solidify recurring revenues. The company was co-founded by John Gregory, current board chairman, and is led by its CEO Bob Dinnie. C&G is headquartered near Richmond in Manakin-Sabot, VA (www.caldwellandgregory.com).

“We kept in touch with the management team and have often caught up on the company’s progress since exiting our partnership with them in 2013,” said Justin Bertram, a partner with Incline. “They’ve done a tremendous job of growing the business over the past five years while continuing to utilize a superior service model that invests significant labor and capital to ensure that its customers’ facilities are operating effectively. We couldn’t be happier to be supporting C&G and its management team again through the next phase of growth.”

“One of C&G’s key differentiators is its consultative, collaborative approach and commitment to outstanding customer service. This is a shared value with Incline,” said Mr. Dinnie. “Our partnership will allow us to remain true to our core values, while also providing for continued financial stability. We trust Incline to help us better assess and prioritize the multiple avenues for growth ahead of us and to support our management team. It is exciting to once again partner with people we trust and enjoy working with.”

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 | December 18, 2018

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