Midwest Industrial Rubber, a portfolio company of Incline Equity Partners, has acquired Maple Grove, Minnesota-based Conveyor Belting Supply, a specialty fabricator and distributor of lightweight conveyor belting and accessories. No financial terms were disclosed.
Incline Equity Partners (“Incline”), a Pittsburgh-based lower middle-market private equity firm, is pleased to announce its portfolio company, Midwest Industrial Rubber (“MIR” or the “Company”), has acquired Conveyor Belting Supply (“CBS”), a leading, independent specialty fabricator and distributor of lightweight conveyor belting and accessories.
Based in Maple Grove, MN, CBS primarily serves the Minnesota and Dakotas markets, which were previously underserved by the Company. The partnership gives MIR an anchor for expansion in these markets while providing CBS significantly enhanced resources, products and services. The Company plans to continue utilizing this strategy for growth in desirable, underserved geographies.
“We are excited to bring the CBS team onboard,” said Mike Bruhn, CEO of MIR. “The founders instilled a similar, customer-centric culture built on trust, responsiveness and reliability. Their consistent and unwavering customer dedication will be enhanced by the resources of MIR. This acquisition will also allow MIR to rapidly expand into Minnesota and the Dakotas.”
Justin Bertram, Partner with Incline, added, “The lightweight belting supplier market is extremely fragmented and has a lot of companies with similar profiles to CBS. We plan to continue partnering with these companies to grow MIR.”