WEST DES MOINES, Iowa (November 10, 2020) – Midwest Growth Partners (MGP), a West Des Moines, Iowa-based private equity fund, announces an investment in Indiana-based Incorp Holdings, LLC (“Incorp” or the “Company”). In partnership with Lowe Capital, Pete Vrettakos, NewSpring Capital, Spring Capital, Parkway Capital and the senior management team, the Company represents another example of MGP investing alongside management to support future organic and acquisitive growth.
Incorp, founded in 1996, is a leading provider of insulation, scaffolding, and other multi-craft services including heat tracing, sandblasting, fire proofing, abatement, and coatings in support of customers’ routine maintenance and mechanical service needs throughout 20 states in the Midwest and Southeast United States. The Company, headquartered outside of Evansville, Indiana, provides these services in a variety of end use segments including large scale agricultural processing plants, water and waste water treatment facilities, electrical generation and transmission facilities, as well as pulp, paper and fiber processing plants. MGP’s investment into this service-oriented business, is a continuation of the firm’s support of rural infrastructure, and food and agricultural enterprises. Incorp currently employs approximately 450 employees.
“We’re excited about our partnership with MGP” noted Pete Vrettakos, CEO of Incorp. “Incorp strives to be an all-in-one contractor to its customers and this newly formed partnership will provide the Company with the resources needed to expand into additional geographies and services,” said Vrettakos. “The decision to partner with MGP is something that our entire management team is excited about. Our customers have continued to ask us to expand our geographic footprint and service offerings and this partnership will allow us to continue to do that through future acquisitions and organic means,” said Incorp President and 34-year industry veteran Brad Solem. COO Ryan Schenk added, “This is a fantastic opportunity for Incorp and all our employees. We look forward to continuing to deliver for our customers while looking for ways to serve their additional service needs.”
Joe Greving, co-founder and Partner of Midwest Growth Partners stated, “Incorp represents another opportunity to partner with a passionate and proven management team with deep industry experience that supports critical infrastructure. Incorp, like many service-oriented businesses, is truly a people-based business. The focus on employee safety and quality customer service is evident no matter which member of management we talk to.”
Incorp got its start in 1996 by offering on time, on budget and superior quality multi-craft services. For over 24 years, the Company has delivered a safe and dependable solution to its customers.
For more information on Midwest Growth Partners, its investment strategy, criteria or portfolio companies, please visit www.mgpfund.com. For more information on Incorp, please visit www.incorpinc.net