Incline closes oversubscribed continuation vehicle for Accredited

Incline Equity Partners has completed the closing of an oversubscribed continuation vehicle designed to back Accredited Labs, a Dallas-based provider of calibration and repair services for mission-critical test and measurement equipment. The vehicle secured approximately $300 million in commitments, signaling strong support from Incline’s partner network and employees and underscoring the firm’s conviction in Accredited Labs’ growth trajectory.

Based in Dallas, TX, Accredited Labs has pursued a rapid buy-and-build strategy since Incline’s initial investment in 2023. The business has completed 24 acquisitions, expanding its service footprint and capacity while diversifying its customer base across tightly regulated and non-discretionary markets, including life sciences, aerospace, semiconductors and general manufacturing. The continuation vehicle is intended to accelerate this platform expansion, leveraging scale advantages and operational best practices to capture additional add-ons.

The continuation vehicle structure is a common tool among mid-market private equity firms seeking to extend the life of a high-potential platform without triggering an outright exit. In this case, the financing arrangement aligns Incline with Accredited Labs’ long-term growth plan, enabling deeper geographic reach and enhanced service capabilities while preserving ownership alignment with the sponsor team.

From a market perspective, the move highlights continued demand for buy-and-build strategies in fragmented service sectors. Accredited Labs’ beta in calibrated testing services sits at the intersection of essential manufacturing support and highly regulated markets, a combination that tends to attract patient capital and facilitate durable earnings power. Industry observers note that continuation vehicles have become an attractive mechanism to sustain growth in platforms with strong M&A pipelines, particularly when interest-rate environments stabilize and valuations normalize.

“This vehicle reaffirms our confidence in Accredited Labs’ ability to execute on a robust expansion plan,” commented a senior executive involved in the deal. “We anticipate continued add-ons that will broaden the company’s reach and capabilities, while maintaining a disciplined capital strategy.” The management team at Accredited Labs will continue to lead operations as the platform scales, supported by Incline’s deep experience in services and specialty manufacturing.