Midwest Industrial Rubber, a portfolio company of Incline Equity Partners, has acquired Conveyor Belting Supply.
Conveyor Belting Supply (CBS), is a fabricator and distributor of lightweight conveyor belting and accessories to the Minnesota and Dakotas markets. The company was established by Jim Roufs and John Engfer in 2005 and is headquartered near Minneapolis in Maple Grove, MN.
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.
The buy of CBS gives MIR an anchor for expansion into Minnesota and the Dakotas, two areas that were underserved by MIR. The company plans to continue utilizing this strategy for growth into underserved geographies. “The lightweight belting supplier market is extremely fragmented and has a lot of companies with similar profiles to CBS. We plan to continue partnering with these companies to grow MIR,” said Justin Bertram, a Partner with Incline.
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 $200 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 | March 16, 2018