PITTSBURGH—Midwest Industrial Rubber Inc. has been acquired by Incline Equity Partners, a Pittsburgh-based lower middle-market private equity firm.
Terms of the deals were not disclosed.
Headquartered in St. Louis, MIR specializes in customer design, engineering and fabrication for mission critical belting applications, IEP said in a Dec. 12 news release. MIR has built one of the largest domestic network of sales and fabrication facilities in the industry.
"MIR is a leading provider of conveyor belting with strong design and engineering abilities and an impressive track record of growth," IEP Partner Jack Glover said in a statement. "The Company has an expansive service offering across a variety of very stable end markets. We know the conveyor industry well, and we quickly saw the value in MIR's market position."
IEP added that it is excited to support the MIR management team in further developing existing locations, opening new ones and pursue strategic acquisitions in what it described as a highly fragmented market.
"We were looking for a partner that understood our business and our industry," MIR CEO Mike Bruhn said in a statement. "We are well-positioned for multiple avenues of growth. Incline has a history of helping companies like ours prioritize and plan growth initiatives. That experience should allow us to grow faster and expand our national footprint."