Incline Equity Partners has sold Wheaton Industries Inc to an unnamed buyer. No financial terms were disclosed. New Jersey-based Wheaton is a provider of laboratory glassware, consumables, instrumentation and associated products and services.
Incline Equity Partners (“Incline”), a private equity firm focused on making investments in lower middle-market growth companies, announces the sale of Wheaton Industries, Inc. (“Wheaton” or “The Company”), a premium provider of laboratory glassware, consumables, instrumentation and associated products and services. Financial terms of the sale are not being disclosed.
Headquartered near Millville, New Jersey, The Company has over 125 years of experience in the manufacturing and supply of the highest quality glass and plastic laboratory supplies to customers in the general laboratory, life sciences, diagnostics and reagent/chemicals packaging markets. Wheaton’s highly critical, customizable products are relied on by thousands of end users in supporting scientific discovery and breakthroughs and commercial production for human and animal health markets.
“The Wheaton brand had an exceptional market position at our initial investment, and the company was primed for growth through product expansion and acquisition,” said Jack Glover, Partner with Incline. “We take great pride in having provided the expertise and support necessary for the management team to have closed three accretive acquisitions, while at the same time growing the organic business through an improved go to market strategy.”
“Incline helped us think differently about our business, opening opportunities we would have never thought possible,” said Wayne Brinster, President and CEO of Wheaton. “Their experience was not only critical to the seamless integration of three acquisitions, it enabled us to significantly improve our margin profile through an enhanced, product focused sales program.”
This exit comes amidst an active year for Incline. In addition to several portfolio dividend recapitalizations, Incline added new platform, AFC Holdings, a leading provider of supply chain management services and vendor managed inventory programs to original equipment manufacturers, in March. That acquisition was quickly followed by its first add-on just 90-days later. “We have great momentum right now,” said Glover, “and we look forward to ending the year strongly.”