Biggest private equity firm in Pittsburgh announces two deals

Pittsburgh’s largest private equity firm, Incline Equity Partners, announced a pair of acquisitions by its portfolio company, Wholesale Supplies Plus.

WSP, an Independence, Ohio-based distributor of materials, supplies and packaging used in the production of soap, cosmetics and candles and provider of services to commercial artisans, bought Rustic Escentuals and Elements Body and Bath, broadening its product and service offerings. Financials were not disclosed.

“WSP has an exceptional value proposition and is a critical partner to the small and emerging businesses it supplies,” Evan Weinstein, an Incline partner, said in a prepared statement. “The acquisitions will enhance the experience for existing and new customers, which has been our goal since partnering with the company in May of 2019.”

The size of Incline’s investment in WSP was not disclosed but it was the first deal from the $314.5 million Incline Elevate Fund that it raised in 2019. Elevate is focused on lower middle market businesses.

In late January 2020, Incline closed on a $1.165 billion fund, Incline Equity Partners V LP, which focuses on middle market businesses.

Incline, based in downtown Pittsburgh, has $2.226 billion in capital under management. It spun out of PNC Financial Services Group Inc. in April 2011.

Source: Business Times