P.T. International, a portfolio company of Incline Equity Partners, has acquired IPTCI Bearings. Incline acquired P.T. International from Tonka Bay Equity Partners in January 2018.
IPTCI specializes in the supply of standard and corrosion resistant mounted ball bearings to the industrial, agricultural and food and beverage industries. The company has been in business for more than 45 years and has 23 sales offices across the country. IPTCI is based near Minneapolis in Chanhassen, MN (www.iptci.com).
P.T. International (PTI) is a supplier of metric and American standard power transmission products used in industrial and commercial applications. The company’s products include mounted ball and roller bearing units, roller chains, gears, sprockets and other products that are sold to original equipment manufacturers and large national distributors for use across a range of end-markets. PTI was founded in 1994 and is headquartered in Charlotte, NC (www.ptintl.com).
“The acquisition of IPTCI significantly increases our offering of both standard and corrosion resistant mounted ball bearings,” said Darin Davenport, Chief Executive Officer of PTI. “Additionally, the geographic footprint of IPTCI allows us to better serve customers in the Central and Western United States.”
“IPTCI is a leading name in the bearing and mechanical power transmission markets,” said Leon Rubinov, a Partner with Incline. “Partnering with the business meaningfully strengthens PTI’s product offering. We are also very proud to have nearly doubled the size of PTI in less than one year of partnering with the management team.”
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 | November 9, 2018
