Incline Equity Partners
Incline Equity Partners is a Pittsburgh-based middle-market private equity firm founded in 2000 that invests $25M-$750M enterprise value companies across Services, Value-Added Distribution, Software & Technology, and Specialized Light Manufacturing sectors in the U.S. and Canada.
- Company typePrivate
- Founded2011
- HeadquartersPittsburgh, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Incline Equity Partners does
Incline Equity Partners is a Pittsburgh-based middle market private equity firm founded in 2000 by Jack Glover after a 15-year tenure at PNC Equity Partners. The firm invests in companies with enterprise values between $25 million and $750 million (with no minimum for add-ons), executing buyouts, corporate divestitures, and minority recapitalizations across four core sectors: Services, Value-Added Distribution, Software & Technology, and Specialized Light Manufacturing, with a focus on U.S. and Canadian businesses. Incline operates an institutionalized platform with offices in Pittsburgh (headquarters at EQT Plaza) and New York City, and has built a dedicated business development team, a Catalyst Group of senior operators embedded in portfolio companies, and an Incline Intelligence data and analytics unit to drive value creation. Notable portfolio holdings span medical physics testing (West Physics), government workflow automation (MCCi), association management software (Advanced Solutions International), insurance investigations (Command Investigations), safety equipment distribution (GME Supply Co.), calibration services (Accredited Labs), healthcare advisory (VMG Health), and the recent divestiture of Certified Collision Group and Therm-All.
The firm generates revenue through three streams: recurring management fees charged to limited partners on committed fund capital, performance-based carried interest on successful portfolio exits, and transaction fees associated with deal execution. Its go-to-market approach combines proprietary deal sourcing via a dedicated business development function with relationships across M&A advisory intermediaries and direct outreach to company owners. Incline does not develop or sell technology products; rather, it deploys capital and operational expertise to "durable businesses with multiple ways to win," tracking roughly 23+ years of consistent strategy execution and managing multiple billion dollars in committed capital since inception across active funds.
Incline Equity Partners firmographics
Firmographics- Name
- Incline Equity Partners
- Legal name
- Incline Equity Partners
- Website
- http://inclineequity.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Incline Equity Partners is a Pittsburgh-based middle-market private equity firm founded in 2000 that invests $25M-$750M enterprise value companies across Services, Value-Added Distribution, Software & Technology, and Specialized Light Manufacturing sectors in the U.S. and Canada.
- Ownership category
- akta.pro rank
Incline Equity Partners industry classification
Industry- Product category
- Private Equity (Middle Market)
- NAICS
- Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Sector / Generalist Growth Equity (FSANACAO)
Keywords
Where Incline Equity Partners is headquartered
LocationHeadquarters
- HQ city
- Pittsburgh
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Incline Equity Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Ongoing management fees charged to fund investors for managing private equity funds
- Carried Interest: Performance-based carried interest from successful portfolio company exits and investments
- Transaction/Deal Fees: Fees associated with executing acquisitions, divestitures, and other portfolio transactions
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Incline Equity Partners product offering
Product offeringCore offering
Incline Equity Partners is a middle-market private equity firm that invests in companies with $25MM–$750MM enterprise value through buyouts, corporate divestitures, and minority recapitalizations. The firm focuses on services, value-added distribution, software & technology, and specialized light manufacturing in the U.S. and Canada, pairing capital with operational support via its Catalyst Group and Incline Intelligence teams.
Product overview
Incline Equity Partners is a middle market private equity firm that does not offer a product in the traditional SaaS sense. Instead, the firm provides investment capital and operational expertise to portfolio companies across diverse sectors including Services, Value-Added Distribution, Software & Technology, and Specialized Light Manufacturing. The firm deploys capital in companies with enterprise values of $25MM-$750MM through buyouts, corporate divestitures, and minority recapitalizations. The portfolio spans numerous companies including West Physics (medical physics testing), MCCi (government workflow automation), ASI (association management software), Command Investigations (insurance investigations), GME Supply Co. (safety equipment), Accredited Labs (calibration services), VMG Health (healthcare advisory), Certified Collision Group (collision repair network), Raney's (aftermarket truck parts e-commerce), Starwest Botanicals (organic herbs/spices), AquaPhoenix Scientific (lab products), and Specialty Products and Insulation (building products), among many others in manufacturing, distribution, and service industries.
Differentiator
Problem solved
Functional benefit
Brands
- The Incline Way: The firm's proprietary investment approach and operational methodology.
- Incline Intelligence
- Catalyst Group
- Durable Businesses with Multiple Ways to Win
Products and services
- Buyouts Control buyout investments in lower middle-market companies with enterprise values between $25MM and $750MM, pairing capital with operational enhancements, strategic transformations, M&A support, and talent acquisition.
- Corporate Divestitures Acquisitions of non-core business units, subsidiaries, or carve-outs being divested by parent companies, with Incline acting as the acquiring private equity partner.
- Minority Recapitalizations Minority recapitalization transactions that allow business owners to realize partial liquidity while retaining equity and operational leadership in the company.
Quantifiable outcome
- Revenue doubled for Certified Collision Group during 4-year hold period
- +1 more outcomes
Companies that use Incline Equity Partners
Customer profileSegments3 records
Ideal customer profiles3 records
Incline Equity Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Incline Equity Partners partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- West PhysicscoreIncline Equity Partners partnered with West Physics, an Atlanta-based provider of medical imaging equipment testing and consulting services with 24 years of operating history. Under the agreement, Incline will support West Physics' growth through investments in service infrastructure, a residency program, and network expansion, as well as pursuing adjacent service offerings and geographic growth through strategic M&A.
- VMG HealthcoreIncline Equity Partners partnered with VMG Health, a healthcare advisory firm based in Dallas, TX, to support its expansion efforts through service line expansion and M&A. VMG provides valuation, compliance, and advisory services to healthcare providers including hospital systems and ambulatory surgery centers.
- AquaPhoenix ScientificcoreIncline Equity Partners invested in AquaPhoenix Scientific, a portfolio company that acquired La-Mar-Ka, Inc. in January 2025. La-Mar-Ka, a family-owned chemical supplier founded in 1972 and headquartered in Baton Rouge, Louisiana, was combined with AquaPhoenix Scientific, which is based in Hanover, Pennsylvania and specializes in water-testing kits and industrial laboratory products.
- MCCicoreIncline Equity Partners invested in MCCi, a Tallahassee-based provider of enterprise content management and workflow automation solutions serving state and local government clients. The investment will support MCCi's continued development of its integrated suite of solutions and enable the company to pursue opportunities to enhance its core automation platform and add complementary software solutions.
- Command InvestigationscoreIncline Equity Partners acquired Command Investigations, a provider of insurance investigation services based in Florida. The acquisition aims to expand Command's market offerings and infrastructure with a focus on scaling and efficiency.
- Advanced Solutions International (ASI)coreIncline Equity Partners invested in Advanced Solutions International (ASI), a provider of engagement management software for associations, based in Alexandria, VA. The investment aims to support ASI's product expansion and innovation efforts.
Scale indicators3 records
Recent moves8 records
Expansion highlights5 records
Incline Equity Partners competitors and assessment
Company assessmentDirect peers
- The Riverside Company: Lower middle-market private equity firm with a focus on business services, software, and specialty manufacturing, often investing in companies with $25-500M EV. Riverside is a direct comparable to Incline on size, strategy, and sector focus, and is also a recent counterparty (acquired Certified Collision Group from Incline).
- Audax Group: Middle-market private equity firm focused on buyouts of North American business services, distribution, and industrial companies with $25-500M EV. Audax is highly comparable to Incline on strategy and is a repeat financing partner via Audax Private Debt's unitranche facilities to Incline's deals.
- Genstar Capital: Middle-market private equity firm with a focus on business services, financial services, healthcare, and industrial technology. Comparable to Incline on fund size, sector overlap, and middle-market buyout strategy; widely seen as a peer in the lower middle market.
- Comvest Partners: Middle-market private investment firm focused on business services, consumer, distribution, and industrial companies, with control buyout and capital solutions strategies. Directly comparable to Incline on size, sector, and strategy; also a known peer via Incline team alumni (Andrei Morin-Kougoucheff, Bill Zaccardelli).
- New Mountain Capital: Middle-market private equity firm focused on business services, healthcare, and software/technology. Comparable to Incline on middle-market buyout strategy and sector overlap (services, healthcare, software).
- Centerbridge Partners: Multi-strategy alternative asset manager with significant middle-market private equity activity across business services, financial services, and industrial sectors. Comparable to Incline on middle-market focus and sector breadth.
- Tenex Capital Management: Lower middle-market private equity firm investing in business services, distribution, and consumer companies. Direct comparable to Incline on size and strategy; also a peer via Incline team background (Joe Choorapuzha was previously a VP at Tenex).
- Atlantic Street Capital: Lower middle-market private equity firm focused on business services, distribution, and healthcare services companies with $25-150M EV. Closely comparable to Incline on size, sector focus, and value-add operating approach.
- Argosy Private Equity: Lower middle-market private equity firm focused on business services and industrial companies. Comparable to Incline on size, strategy, and sector; also a known peer via Incline team alumni (Travis Spreen previously worked at Argosy).
Broad incumbents
- KKR: Global alternative asset manager with significant middle-market private equity activity through its Americas Private Equity strategy. While far larger, KKR competes for the same lower middle-market deals and management teams and represents a major incumbent competitor in Incline's space.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Incline Equity Partners social profiles
Digital presenceIncline Equity Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Incline Equity Partners leadership team
Management profileNumber of profiles
Profiles16 records
Incline Equity Partners funding detail
Funding detailFunding overview
Funding rounds5 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Incline Equity Partners M&A and investment
M&A and investmentM&A24 records
Investments19 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Incline Equity Partners
What does Incline Equity Partners do?
Incline Equity Partners is a middle-market private equity firm that invests in companies with $25MM–$750MM enterprise value through buyouts, corporate divestitures, and minority recapitalizations. The firm focuses on services, value-added distribution, software & technology, and specialized light manufacturing in the U.S. and Canada, pairing capital with operational support via its Catalyst Group and Incline Intelligence teams.
Is Incline Equity Partners a public or private company?
Incline Equity Partners is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Incline Equity Partners founded?
Incline Equity Partners was founded in 2011. It employs 51 to 100 people.
Where is Incline Equity Partners based?
Incline Equity Partners is headquartered in Pittsburgh, United States, in the North America region.
How does Incline Equity Partners make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are carried Interest and transaction/Deal Fees.
Who are Incline Equity Partners's main competitors?
Direct peers on record are The Riverside Company, Audax Group, Genstar Capital, Comvest Partners, New Mountain Capital, Centerbridge Partners, Tenex Capital Management, Atlantic Street Capital and Argosy Private Equity. KKR is listed as a broad incumbent.
Does Incline Equity Partners have an API?
No public API is recorded for Incline Equity Partners.
What industry is Incline Equity Partners in?
Incline Equity Partners's product category is Private Equity (Middle Market). Its primary akta.pro industry code is FSANACAO, Multi-Sector / Generalist Growth Equity. Its NAICS code is 5259 and its SIC code is 6282.