Incline Equity Partners, a Pittsburgh-based private equity firm, has sold of AFC Industries, a provider of supply chain management services and vendor managed inventory programs to original equipment manufacturers.
Headquartered in Fairfield, OH, AFC distributes fasteners and other C-parts essential to assembly. The company also provides a wide array of value-added services, including kitting, packaging, assembly and other customization specific to its customers’ needs that reduce pain points and allow OEMs to focus on their core competencies.
Incline also sold Wholesale Supplies Plus, an e-commerce provider of ingredients and supplies to commercial artisans who create personal care, beauty and home fragrance products.
Headquartered in Cleveland, OH, WSP provides high-quality raw materials, supplies and packaging for soap, skincare and candle artisans. The company’s broad product assortment and complementary support enable an expanding artisan community to meet growing consumer demand for authentic, local and clean label personal products.
Additionally, Incline received a strategic investment from Goldman Sachs Asset Management’s Petershill program, the terms of which were not disclosed.
Incline intends to leverage this passive, minority investment to accelerate the evolution of its platform to extend its strong track record of success across the middle market.
Jack Glover, Managing Partner of Incline, said of the investment, “This transaction marks the next phase in Incline’s growth. With additional capital and a world-class partner, we look forward to accelerating the execution of our strategy, while continuing to develop the culture and team that have contributed to our success.”
Berkshire Global Advisors served as financial adviser and Kirkland & Ellis LLP served as legal adviser to Incline. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Petershill.