Incline Adds Another Platform with Edko Acquisition
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Incline Adds Another Platform with Edko Acquisition

Twin Brook provides debt financing to back Incline’s second platform buy in the past two months

Regulating tree growth on utility rights-of-way is a specialty of the company and Edko has treated over 1,000,000 trees since 2005

SOURCE: EDKO

Incline Equity Partners has acquired Edko, a provider of herbicide-based vegetation management services.

Edko provides utilities, municipalities and other operators of infrastructure rights-of-way with planning and implementing herbicide-based treatment programs for tree growth regulation, brush and vine control, weed control, aquatic control, and pest management. Edko also provides outsourced forestry management services.

Typical projects for Edko include power substations, utility rights-of-way, drainage canals, road shoulders, plant sites, and aquatic sites. Regulating tree growth on utility rights-of-way is a specialty of the company and Edko has treated over 1,000,000 trees since 2005.

Edko is headquartered near Shreveport in Bossier City, Louisiana and serves 25 states with additional offices in Texas (4), Alabama (2), Louisiana, Oklahoma, Missouri, Ohio, Indiana, and Florida.

“We are excited to partner with Incline for our next phase of growth,” said Mike Vasko, the CEO and owner of Edko. “We were looking for a partner that supported our current strategic vision while also providing a value-added perspective for achieving growth via M&A. Incline has the proven ability to help us develop and execute on both organic and inorganic growth initiatives, as well as the expertise to help us strengthen the operational infrastructure needed to support future growth.”

“Edko has an exceptional track record of performance in a resilient, growing end market,” said Victor Martinelli, a managing director at Incline. “Differentiated customer service and technical capabilities have enabled Edko to establish itself as a market leader in herbicide-based vegetation management, exemplified by long-term relationships with its blue-chip customer base. We believe there is an exciting opportunity to expand our geographic footprint and service offerings through acquisitions and new product development.”

Pittsburgh-based Incline Equity was formed in 2011 and is led by its senior partners, Jack Glover, Justin Bertram, and Leon Rubinov. In January 2020, Incline closed its fifth fund, Incline Equity Partners V LP, with nearly $1.2 billion of capital. Incline generally invests in growing companies with enterprise values of $25 million to $450 million.

Last month, Incline closed on the buy of Starwest Botanicals, a California-based distributor of organic botanicals, herbs and spices to specialty retailers, manufacturers and e-commerce sellers. The company stocks more than one million pounds and 3,000 SKUs of herbs and spices and is one of the largest suppliers of organic herbs in the United States.

Twin Brook Capital Partners, as administrative agent, provided debt financing to back Incline’s acquisition of Edko. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

© 2021 Private Equity Professional | July 15, 2021

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