Incline Equity Partners has acquired Charter Industries, a supplier of PVC and veneer edgebanding, plastic and metal laminates, sheet veneer, and T-molding products used by specialty carpenters and furniture installers.
Charter’s edgebanding products are produced in a variety of colors, sizes and patterns and are sold as finishing products for use in a range of applications by furniture and case good manufacturers operating in the education, healthcare, retail, hospitality, commercial, recreational vehicle and residential markets. Some of the company’s product applications include dormitory furniture, medical facility casework, point-of-sale kiosks, store fixtures, and school lockers.
Charter, led by its founder and CEO Pete Eardley, is headquartered in Grand Rapids, MI and has four additional locations in Albany, NY; Jacksonville, FL; Fresno, CA; and Dallas, TX (www.charterindustries.com).
“We are excited to have partnered with Pete Eardley and the entire management team at Charter,” said John Morley, a managing director with Incline. “The company’s clients rely upon Charter’s industry-best lead times, incredible breadth and depth of inventory, same-day shipping capabilities and overall dedication to customer service, and we’re delighted to be a part of such an organization.”
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 $25 million and $300 million. Sectors of interest include value-added distribution, specialized light manufacturing, and business services. Incline was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).
Quarton International (www.quartoninternational.com) was the financial advisor to Charter Industries on this transaction.
© 2018 Private Equity Professional | December 20, 2018
