Pittsburgh-based private equity firm Incline Equity Partners announced Sept. 29 that it has acquired The Conrad Company (TCC) — a York, PA-based distributor and service provider of fluid power, motion control, automation and related industrial products.
Financial terms were not disclosed.
Incline described the transaction as a partnership with management that provides the family-owned business with its first institutional capital. Its plans include pursuing acquisitions, expanding into adjacent markets and services and investing in the company’s sales and marketing capabilities.
Formed from the basis of pneumatic/hydraulic and automation supplies distributor PennAir, The Conrad Company was formed as a holding company several years ago as PennAir shifted to align with its recent acquisitions. Today, TCC supplies pneumatic, hydraulic, automation, lubrication and compressed air products to original equipment manufacturers and end users, including manufacturing plants and food and beverage facilities. Its offerings include ongoing technical service and repair support.
“We are excited to pursue opportunities to expand into adjacent offerings organically and through strategic M&A,” Incline Managing Director Michael Antonelli said.
TCC CEO Seth Bray said the partnership will support investment in the company’s sales and technical teams, adding capabilities to serve existing customers and develop new relationships.
The company traces its roots to 1968, when Jim and Mary Conrad founded Penn-Air Company in a rented garage with three product lines and one employee. Today, TCC reports more than 150 employees and serves customers across nine states stretching from Pennsylvania to Georgia.
Its brand portfolio includes Allied Hydraulic Service Co., Capitol Tool, Compressor Maintenance Co., CVL Technical Sales, GreasePoint, Hanover Conveying Systems, PennAir and Valley Fluid Components. Those businesses span industrial distribution, hydraulic component repair, precision machining, compressed air equipment, lubrication systems and conveyor manufacturing. PennAir supplies pneumatic, hydraulic and automation products alongside engineering services.
The Conrad Company brands
Incline invests in middle-market businesses across services, value-added distribution, software and technology and specialized light manufacturing. The firm generally targets growing companies with enterprise values of $25 million-$750 million, including ownership transitions, buyouts and corporate divestitures in the U.S. and Canada.
Other industrial distributors actively in Incline’s portfolio include GME Supply Co. (fall protection/safety), Raney’s (aftermarket heavy duty truck parts) and Road Tested Parts (recycled OEM auto parts).
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