Middle market private equity firm
Incline Equity Partners
- HeadquartersPittsburgh, PA S1
- Websiteinclineequity.com
- Last verifiedOctober 19, 2026
At a glance
| Latest fund | Incline Ascent Fund II, $500M (Jan 2025) S6 |
|---|---|
| Deal types | Platform, Add-on, Minority S2 |
| Geography | United States, Canada S2 |
| Sectors | Distribution, Industrial & Manufacturing, Software & SaaS, Healthcare Services, Environmental & Waste, Pest Control, Auto Services & Collision, Accounting & Professional Services, IT Services & MSP |
What Incline Equity Partners buys
Incline Equity Partners is a Pittsburgh firm, with a second office in New York, that has committed about $6.5 billion since it started and made 77 platform investments. It picks companies by business model rather than end market, in four areas: services, value-added distribution, software and technology, and specialized light manufacturing. For a new platform it generally looks for an enterprise value between $25 million and $750 million in the US or Canada, through buyouts, corporate divestitures and minority recapitalizations.
It invests from several funds, including Fund VI, which closed above $1.9 billion in 2023, and the $500 million Ascent Fund II, closed in January 2025. Recent platforms include The Conrad Company, a family-owned industrial distributor (September 2026), West Physics and MCCi. A smaller company is most likely to meet Incline as an add-on. The firm says it has no minimum size for add-ons and publishes what each portfolio company wants to buy, from pest control and exterior cleaning to car washes and environmental compliance.
Recent deals
Announced in the 24 months before October 19, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | The Conrad CompanyFirst outside capital for a family-owned York, Pennsylvania distributor and repairer of fluid power and automation products | Platform | Distribution | Source |
| Jun 2026 | West PhysicsAtlanta provider of testing and accreditation for medical imaging equipment, bought from a prior private equity owner | Platform | Healthcare Services | Source |
| Jan 2026 | MCCiTallahassee maker of document management and workflow software for state and local governments | Platform | Software & SaaS | Source |
| Jan 2026 | Certified Collision GroupSold the membership network for independent collision repair shops after it more than doubled revenue | Exit | Auto Services & Collision | Source |
| Oct 2025 | Advanced Solutions InternationalRecapitalization of an Alexandria, Virginia software maker for associations and nonprofits | Platform | Software & SaaS | Source |
| Oct 2025 | Accredited LabsSingle-asset continuation vehicle of about $300 million to keep backing the calibration platform, which has made 24 acquisitions since Incline invested in 2023 | Investment | Source | |
| Oct 2025 | Specialty Products and InsulationMain insulation business sold to TopBuild; Incline kept the Therm-All and Dispro units | Exit | Distribution | Source |
| Oct 2025 | Charter IndustriesSold the Grand Rapids edgebanding supplier after revenue nearly tripled | Exit | Distribution | Source |
| Mar 2025 | Command InvestigationsLake Mary, Florida insurance investigation firm, with a plan to grow by acquisition | Platform | Source | |
| Jan 2025 | Incline Ascent Fund IIClosed at about $500 million, above its target | Fund close | Source | |
| Jan 2025 | Mostardi PlattFounder-led Elmhurst, Illinois air emissions testing and environmental compliance firm | Platform | Environmental & Waste | Source |
| Dec 2024 | Unified PowerSold the backup power and UPS maintenance company after seven add-on acquisitions | Exit | Source |
Portfolio by sector
From the firm's portfolio page S4.
Services
- West Physics
- Command Investigations
- Mostardi Platt
- VMG Health
- Accredited Labs
- Cosmetic Skin & Laser Center
- Smile Source
- Barefoot Mosquito & Pest Control
- Icreon
- RKD Group
- Industrial Air Flow Dynamics
- Montgomery DME
- Mr. Magic Car Wash
- Alliance Environmental Group
- Perfect Power Wash
- Edko
- BBG
- Caldwell & Gregory
Software & Technology
- MCCi
- Advanced Solutions International
- White Label Communications
- Kindsight
Specialized Light Manufacturing
- NovaVision
Value-Added Distribution
- The Conrad Company
- W.S. Connelly
- GME Supply Co.
- Raney's
- Road Tested Parts
- AquaPhoenix Scientific
- Starwest Botanicals
- Vieux Vins Group
- CIMA Animal Health
Greymont’s take
How Incline Equity Partners fits a seller
Incline suits owners of service and distribution businesses who want an active partner and are comfortable with an aggressive acquisition plan. Its record shows what that means: Accredited Labs made 24 acquisitions in about two years, and Specialty Products and Insulation added 14 before its sale. Founders often stay involved. At Perfect Power Wash the founder moved to the board, and at Road Tested Parts the deal paid for new managers and acquisitions.
Owners below Incline's platform size should look at its published add-on list, since a sale to an existing portfolio company has no minimum. Many recent platforms were bought from other private equity owners, so founder-owned deals are only part of its mix. An owner should ask whether the company would be a platform or an add-on, and how much equity management is expected to keep in the business.
Questions owners ask
Does Incline Equity Partners buy small companies?
For a new platform Incline generally wants an enterprise value of $25 million to $750 million. For add-ons to its existing companies it says there is no minimum, and it publishes the kinds of businesses each portfolio company is looking to buy.
Does Incline invest in environmental services or car washes?
Yes. Its current holdings include Alliance Environmental Group, a remediation and indoor air quality company, Mostardi Platt, an air emissions testing firm it backed in January 2025, and Mr. Magic Car Wash, an express tunnel car wash platform built from family-owned operators.
Will Incline take a minority stake?
Its published criteria list minority recapitalizations as one of three transaction types it pursues, alongside buyouts and corporate divestitures.
Did Incline sell Certified Collision Group?
Yes. In January 2026 Incline announced the sale of Certified Collision Group, a membership network for independent collision repair shops, saying revenue more than doubled during its ownership.
Sources
- S1Incline Equity Partners home page Accessed October 19, 2026
- S2Incline: What We Do (investment criteria) Accessed October 19, 2026
- S3Incline: Our Portfolio Accessed October 19, 2026
- S4Incline: Active portfolio companies Accessed October 19, 2026
- S5Incline Equity Partners overview and add-on criteria (PDF) Accessed October 19, 2026
- S6Incline Closes Oversubscribed Ascent II Fund at $500 Million (January 23, 2025) Accessed October 19, 2026
- S7Incline Acquires The Conrad Company (September 29, 2026) Accessed October 19, 2026
- S8Incline News & Updates Accessed October 19, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Incline Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction