Midwest Industrial Rubber (MIR), a portfolio company of Incline Equity Partners, has acquired VanCon, Inc. MIR has been a portfolio company of Incline Equity since December 2016.
VanCon is a distributor of conveyor belting for the food, paper, industrial and automotive industries. The company is based near Detroit in Dexter, MI.
“We are very happy to become the latest company to join MIR. We can now expand our capabilities to our customers in the region with access to the wealth of manufacturing and expert resources that MIR has to offer,” said VanCon President Kerry McConnell.
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 was founded in 1980 and is headquartered in St. Louis (www.mir-belting.com).
“This acquisition expands our geographical footprint into the Michigan region and our capabilities in the automotive end market,” said Brian McSharry, CEO of MIR. “This supports our strategy of delivering superior service through proximity to our customers.”
The buy of VanCon is the third add-on acquisition MIR has completed in the past four months. In May 2018, MIR acquired Berlin, CT-based New England Belting Company, a provider of specialty belts including edge belts, wave solder belts, timing belts and vacuum belts; and in March 2018 it acquired Maple Grove, MN-based Conveyor Belting Supply, a fabricator and distributor of light weight conveyor belting and accessories to the Minnesota and Dakotas markets.
“We are thrilled to complete our third acquisition at MIR in a short period of time,” said Jack Glover, Partner with Incline. “Growth through acquisition is an important component of our strategy. We are continually looking for companies that expand MIR’s geographic footprint, add product lines or open the door to new end markets.”
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 | June 22, 2018