Incline Equity Partners has acquired Midwest Industrial Rubber (MIR), a supplier of lightweight conveyor belting and related components. The buy of MIR is Incline’s tenth transaction in 2016.
Midwest Industrial Rubber 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).
According to Incline, MIR is the largest independent lightweight belting fabricator/distributor in the US. The company has a domestic network of 15 sales and fabrication facilities and provides 24/7 service to customers. “MIR is a leading provider of conveyor belting with strong design and engineering abilities and an impressive track record of growth,” said Jack Glover, a Partner with Incline. “The company has an expansive service offering across a variety of very stable end markets. We know the conveyor industry well, and we quickly saw the value in MIR’s market position.”
Incline 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 $30 million and $150 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).
“We were looking for a partner that understood our business and our industry,” said Mike Bruhn, Chief Executive Officer of MIR. “We are well-positioned for multiple avenues of growth. Incline has a history of helping companies like ours prioritize and plan growth initiatives. That experience should allow us to grow faster and expand our national footprint.”
According to John Morley, Vice President with Incline, the firm will assist MIR in developing existing locations, opening new locations and pursuing add-on acquisitions in MIR’s fragmented market.
Prestwick Partners (www.prestwickpartners.net) was the financial advisor to Midwest Industrial Rubber on this transaction.
© 2016 Private Equity Professional | December 14, 2016
