Incline Equity Partners has formed a partnership with the management of family-owned Charter Industries Extrusions LLC as part of its first step to acquire the Grand Rapids, Mich.-based company, which serves furniture and case good manufacturers.
Charter supplies PVC edgebanding, plastic laminates, veneer sheets and T-molding to thousands of specialty carpenters and furniture installers in the education, health care, retail, hospitality and residential markets. The company has distribution sites in Albany, N.Y.; Jacksonville, Fla.; Fresno, Calif.; and Dallas in addition to Grand Rapids. Waterproof Plywood Marine
Financial terms weren't disclosed regarding the Incline partnership, which is part of the acquisition transaction. Incline made a “meaningful investment,” according to its website, based on Charter's technical knowledge in color matching, rapid delivery, diversified customer base and opportunities to grow through mergers and acquisition into adjacent markets, products and geographies.
Based in Pittsburgh, Incline targets small and mid-size companies with enterprise values of $25 million to $300 million in the distribution, light manufacturing and business service sectors.
The partnership involves Charter CEO and founder Pete Eardley and his entire management team, according to John Morley, managing director with Incline.
In a news release, Eardley said, “For almost 30 years, we have focused our efforts on continually growing a better business for customers and employees. With Incline as our partner, we will be able to leverage their experience to assess new avenues for growth, particularly in acquisitions and new product additions.”
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