Incline Equity Sells Caldwell and Gregory

Incline Equity Partners  said Tuesday it has sold Caldwell and Gregory LLC to Carousel Capital. Financial terms weren’t announced. Manakin-Sabot, Va.-based Caldwell is a provider and servicer of laundry rooms for colleges, universities and multi-family housing communities.

PRESS RELEASE

PITTSBURGH, PA, June 4, 2013 —– Incline Equity Partners (“Incline”), a Pittsburgh based lower middle-market private equity firm, announced today that it has successfully transitioned its interest in Caldwell and Gregory, LLC (“C&G”),  a leading provider and servicer of laundry rooms for colleges, universities and multi-family housing communities.  C&G is now partnered with Carousel Capital, a private equity firm based in Charlotte, North Carolina.

From its headquarters in Manakin-Sabot, VA, C&G serves approximately 200 schools throughout 19 states and the District of Columbia.  Over its 22-year history, C&G has established an outstanding track record of service, account retention, growth and profitability that is among the best in the industry.

“C&G was an ideal investment for us given its route-based business model,” said Justin Bertram, Partner of Incline.  “Our experience in the space allowed us to maximize operating capabilities through increases in route density and to leverage existing resources for sustainable growth.”

“Watching Incline partner with our management team and improve the company I had founded 22 years prior was a tremendous experience,” said John Gregory, Founder of C&G.  “I chose them as our investor because of their wide-ranging experience with similar companies, and they did not disappoint.  Their recommendations spanned all facets of the company, including an upgrade to the IT system that significantly improved our ability to manage routes and enhance reporting.”

Jack Glover, Partner with Incline, said, “We enjoyed working with the team at C&G to successfully grow the business by focusing sales resources on the multi-family housing segment and tactically entering new markets.  Before our partnership, C&G did not have a presence in Florida, South Carolina or New York.  We encouraged and supported this new growth while management did a great job executing on the geographic expansion.”

The transaction was led by Glover; Bertram; Jeffrey Huss, Senior Associate of Incline; and Cale Grove, Associate of Incline.

About Incline Equity Partners
Incline Equity Partners focuses on making private equity investments of $10 million to $25 million in support of leveraged buyouts, recapitalizations, and large minority financings of lower middle market growth companies with enterprise values between $25 million and $100 million across a variety of industry sectors including specialized light manufacturing, value-added distribution, and business and industrial services.

About Caldwell & Gregory, LLC
Caldwell and Gregory, LLC is a leading provider and servicer of laundry rooms for colleges, universities and multi-family housing communities.