Incline exits Caldwell and Gregory

Pittsburgh Business Times 03 June 2013
Incline Equity Partners, a Pittsburgh-based private equity firm, on Monday said it has transitioned its stake in Caldwell and Gregory LLC, a Manakin-Sabot, Va.-based laundry room provider/servicer for higher education and multifamily housing communities, to Carousel Capital.
Terms were not disclosed. Carousel is a private equity firm based in Charlotte, N.C.
“C&G was an ideal investment for us given its route-based business model,” Incline Partner Justin Bertram said in a prepared statement. “Our experience in the space allowed us to maximize operating capabilities through increases in route density and to leverage existing resources for sustainable growth.”
C&G, founded in 1991, serves approximately 200 schools throughout 19 states and the District of Columbia. Its geographic expansion into Florida, South Carolina and New York occurred while Incline was an investor.
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