Incline Equity Partners has acquired ASP Global, an Atlanta-based distributor of healthcare supplies.
ASP sells its more than 3,000 SKUs of products to hospitals and other healthcare providers including integrated delivery networks. The company’s products – sourced from more than 150 factories in 15 countries – include patient amenity kits, slipper socks, scrubs and clinician apparel, disposable personal protective equipment (PPE), thermometers, maternity kits, cups and cutlery, pressure-infuser bags, pill cutters, tourniquets, blankets, and stethoscopes. ASP is led by its President and CEO Lorne Tritt.
“We have invested heavily in our business over the past several years and completed five acquisitions,” said Mr. Tritt. “With Incline as our partner, we are well-positioned to further accelerate the company’s growth through an expanded sales effort and additional acquisitions. We very much enjoyed getting to know the Incline team, and we are excited to have them as our partner.”
“ASP serves an important niche by providing a tailored product offering to a marketplace accustomed to a limited set of alternatives,” said Tom Ritchie, a partner at Incline. “The company has experienced tremendous growth supported by an exceptional value proposition in a recession-resistant end market, and we are thrilled to be able to work with Lorne and his team moving forward.”
The buy of ASP is the third platform acquisition for Incline’s lower middle market fund, Incline Elevate Fund LP, which closed in July 2019 – after only two months of marketing – with $314 million of capital. This fund invests exclusively in companies that have enterprise values of $25 million to $100 million.
In May 2019, Elevate made its first investment in Wholesale Supplies Plus, an Ohio-based value-added distributor of raw materials, supplies and packaging used in the production of soap, lotion, and cosmetics by professional crafters. Earlier this month, Elevate acquired Ohio-based BFG Supply, a distributor of horticulture and lawn & garden products.
Pittsburgh-based Incline Equity Partners was formed in 2011 and is led by its senior partners, Jack Glover, Justin Bertram and Leon Rubinov.
Twin Brook Capital Partners was the administrative agent on financing to support Incline’s buy of ASP Global. Chicago-based Twin Brook is the middle market direct lending arm of Angelo Gordon. The firm targets senior financing opportunities up to $400 million with hold sizes across the Twin Brook platform ranging from $25 million up to $150 million. The firm provides financing to support sponsor-led buyouts and recapitalizations of companies with $3 million to $50 million in EBITDA, with an emphasis on companies with $25 million of EBITDA and below.
© 2020 Private Equity Professional | February 13, 2020
