Ned Stevens provides year-round, full-service residential gutter cleaning, soft wash, and related residential services, including gutter maintenance, installation, and repair. The company serves approximately 63,000 customers annually in 13 states from nine office locations. Ned Stevens was founded in 1965 by, of course, Ned Stevens, a milkman who was often asked by his route customers to help out with work around their homes, specifically gutter cleaning. Today, the company is headquartered near New York City in Fairfield, NJ (www.nedstevens.com).
“The Ned team has built a fantastic, financially strong company that has experienced significant growth over the past few years,” said Jack Glover, a Partner with Incline. “They are a market-leading provider of a non-discretionary service, providing financial stability through economic cycles. There are multiple avenues for future growth, and we are excited to be their chosen partner.”
Incline invests from $15 million to $30 million in support of recapitalizations, buyouts and corporate divestitures of lower middle market companies that have an EBITDA greater than $5 million and an enterprise value between $30 million and $125 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).
“Bringing another owner to the table was a big decision for our team and for the overall business,” said CEO Rob Rapuano. “Picking the right group to guide us through the transition was critical. We were looking for a partner with deep, service-related experience that also had a proven track record of working with companies receiving institutional capital for the first time. Incline hit all of those marks and more. In addition to their relevant experience, we quickly realized their approach to doing business was much like ours, and they were the right fit culturally as well.”
Just yesterday – in a related sector move – Incline acquired Jan-Pro, a franchise-based commercial cleaning system, from Webster Capital. Jan-Pro’s franchise network is comprised of master franchises with exclusive geographic markets who support independently owned unit franchises that perform cleaning services for its customers. Jan-Pro’s franchisees service light commercial businesses with footprints of less than 50,000 square feet such as automotive dealerships, fitness centers, banks, religious facilities, preschools and medical offices. The company is headquartered in the Atlanta suburb of Alpharetta (www.Jan-Pro.com).
© 2016 Private Equity Professional • 10-6-16