“We could not have asked for a more successful fundraising outcome. We sincerely thank our new and existing investors for their support. We believe that this outcome reflects the confidence our investors have in our team and our investment strategy,” said Jack Glover, Partner of Incline.
Investors in Fund 3 include pension funds, fund-of-funds, insurance companies, family offices, and foundations as well as many executives from Incline’s current and prior portfolio companies. Incline received strong support from existing investors while also welcoming a group of new limited partners.
“We are extremely pleased that we were able to close above our stated target and hard cap in a competitive fundraising environment. We intend to remain committed to making investments and creating value in companies operating in the lower end of the middle market,” said Wali Bacdayan, Partner of Incline.Add New
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 in lower middle market growth companies with enterprise values between $25 million and $100 million across a variety of sectors including light manufacturing, value-added distribution, and business and industrial services. The firm was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).
Incline has already made three platform investments out of Fund 3: Double E Company (April 2012) a manufacturer and distributor of web process solutions and parts based in West Bridgewater, MA (www.doubleeusa.com); Dorner Manufacturing Corporation (June 2012) a manufacturer and supplier of unit handling conveyors and components based in Hartland, WI (www.dornerconveyors.com); and AmSpec (April 2013) a provider of testing, inspection, and certification services to oil, gas, and petrochemical industries based in Linden, NJ (www.amspecllc.com).
Fund 3 represents Incline’s first fund raised as an independent firm. Incline was formed in 2011 by three managing principals of PNC Equity Partners: Jack Glover, Wali Bacdayan, and Justin Bertram. Incline also manages the portfolio assets of two predecessor private equity funds – PNC Equity Fund I and PNC Equity Fund II – which were raised in 2001 and 2007, respectively as part of PNC Equity Partners.
“We believe that our firm has a strong foundation,” said Justin Bertram, Partner of Incline. “The legacy and best practices from our prior experiences, combined with the enthusiasm and opportunity that comes with being an independent firm.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-15-13