NewSpring backs Midwest Growth Partners’ buyout of Incorp

NewSpring has made an investment to back Midwest Growth Partners' acquisition of Incorp Holdings LLC.

NewSpring has made an investment to back Midwest Growth Partners’ acquisition of Incorp Holdings LLC. No financial terms were disclosed. Incorp is a specialty contracting firm in the Midwest.


RADNOR, PA – December 23, 2020 – NewSpring (the “Firm”), a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has invested subordinated debt and equity in partnership with Pete Vrettakos, Lowe Capital, Spring Capital, Parkway Capital, and the senior management team to support the acquisition of Incorp Holdings LLC led by Midwest Growth Partners.

Incorp is one of the fastest growing specialty contracting firms in the Midwest. With experience serving the power, chemical/petrochemical, refining, gas processing, and industrial sectors, Incorp has evolved into a multi-service contractor for its many clients since its founding in 1996. Incorp’s workforce is cross-trained in multiple crafts in order to quickly respond to customer demands and reduce costs while operating on project sites.
Incorp plans to use the proceeds from this transaction to continue to expand its service lines in siding, abatement, heat tracing, sandblasting, fireproofing, and more. With more than 264 specialty-trained field personnel, Incorp has well-established relationships with its customers and a strong presence and representation on project sites. This on-site presence provides the Company with daily exposure to customers and leads to increased service, dependability, and efficiency servicing assets.

“Incorp’s high level of intellectual capital, close relationships with customers, and longstanding expertise in the specialty contracting space position the Company extremely well to capture a growing portion of this market,” said Greg Barger, NewSpring General Partner. “We look forward to working with Pete and the rest of the Incorp team to help the business continue to grow its service offering and expand into new geographic areas.”

The ongoing national shift toward natural gas and renewable energy sources creates a growing pipeline of larger capital projects for Incorp to work on. Coal mines are also being retired at an increasing rate, which produces additional work for service providers with longer tails of up to two years. Additionally, mission critical services for power generation plants to stay in compliance and function successfully require routine maintenance, annual upgrades, and outage services that Incorp provides. With a large addressable market of over $900 million, Incorp is well-positioned for future growth.

Incorp is led by a highly experienced management team that will remain with the Company after the deal. As part of the transaction, industry veteran Pete Vrettakos will join the Company as CEO and brings an impressive track record of success in the scaffolding industry. Greg Barger from NewSpring will also be joining the Incorp board of directors.
“Our team of highly trained specialized field personnel is the driving force behind the success of our business,” said Pete Vrettakos, Incorp CEO. “We see a huge opportunity to deepen our relationships in the field and further strengthen our technical abilities in ways that help our business grow as this critical market continues to expand.”

About NewSpring
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt.  Having invested in over 150 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond.  Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries.  To learn more, visit