Incline Equity Partners has picked up oil and gas testing and inspection business AmSpec as it continues fundraising for its first vehicle since spinning out of Pittsburg financial services group PNC.
The lower mid market-focused firm did not reveal how much it invested in AmSpec, although firm co-founder Jack Glover confirmed to AltAssets that the company’s enterprise value was within its $25m to $100m target range.
Incline makes buyout, recap and large minority financings through investments of between $10m and $25m, and favours sectors including light manufacturing, value-added distribution and business and industrial services.
Glover, pictured, said, “AmSpec has an exceptional track record of growth due to the company’s unwavering focus on customer service at every level of the organization.”
The transaction was led by Glover, principal Jeff Rubinov, senior associate Jeffrey Huss and associates Michael Miller and Cale Grove.
AltAssets revealed Incline was nearing the halfway point for its $300m-targeting fundraise in October last year, having gathered $142m from 19 LPs according to a US securities filing.
The firm has previously tapped the latest fund for the recapitalisation of conveyor systems and components maker Dorner Manufacturing and the buyout of packaging-maker Double E Company.
Glover, pictured, Wali Bacdayan and Justin Bertram formed Incline after spending 14 years working together at PNC’s private equity arm, which raised funds in 2001 and 2007.
Sixpoint Partners has been acting as a placement agent for the latest fund, the most recent SEC filing showed.
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