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Incline Equity exits Orthotic Holdings on final leg of fundraise

9 Apr 2013

Orthotic insoleIncline Equity Partners has sold medical product-maker Orthotic Holdings as it gears up for a final push on raising its first fund since spinning out of financial services group PNC.

The lower mid-market firm sold Orthotic to strategic buyer Frazier Healthcare four and a half years after buying into the business through its PNC Equity Fund II.

At that point the firm’s investment team was part of Pittsburgh-based PNC, but Jack Glover, Wali Bacdayan and Justin Bertram spun out to form Incline in 2011 after 14 years working together.

Glover said Incline had managed to double earnings at Orthotic, which makes medical insoles, footwear and compression hosiery to treat foot, ankle and leg-related conditions and diseases.

AltAssets revealed the firm was nearing the halfway point for its latest vehicle, Incline Equity Partners III, in October last year.

At that point Incline had attracted $142m of commitments from 19 LPs towards its $300m target, which would see it outstrip the $272m collected for the 2007-vintage PNC Equity II.

Incline says it focuses on investment of between $10m and $25m in leveraged buyouts, recapitalisations and large minority financings of lower mid-market growth companies.

It targets businesses with enterprise values of between $25m and $100m across sectors including light manufacturing, value-added distribution, and business and industrial services.

The firm has already tapped the latest fund for the recapitalisation of conveyor systems and components maker Dorner Manufacturing in June and the buyout of packaging-maker Double E Company in April, both of which received prior investment from PNC Equity II.

Incline did not respond to a request for further details about the exit or fundraise.

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