Monument Microcap Partners has sold Command Investigations to Incline Equity Partners

Command Investigations

Based in Lake Mary, Florida, Command Investigations is a premier national provider of insurance investigative services. Command offers a full suite of investigative services, including surveillance, remote surveillance, background investigations, medical canvassing, social media investigations, field investigations and special investigation unit services. Command serves a diverse group of clients across the insurance value chain, including insurance carriers, third-party administrators, self-insured corporates and law firms.

Following Monument Microcap Partners’ investment in 2019, Command grew from a regional provider licensed in three states to a nationwide company licensed in 47 states. This expansion allowed Command to broaden its client base, strengthen its market position and offer its investigative solutions to a wider range of clients. Together with Monument, Command was able to accelerate growth by introducing additional service offerings, implementing tech-enabled solutions, expanding its geographic presence and completing add-on acquisitions. Command completed eight add-on acquisitions during Monument’s hold period: Investigations By King (December 2019), Discovery Surveillance (August 2020), Specialized Investigations (May 2022), The Citadel Agency (September 2022), Infoquest Information Services (May 2023), Abacus Research (June 2024), SuperiorX Investigations (October 2024) and AIC Companies (January 2025).

The Deal

Lincoln served as the sole financial advisor to Command and its shareholders on the transaction, utilizing its industry expertise to optimally position Command’s unique market position, value proposition, long-term client relationships and leading technology platform. Through a highly competitive process, Lincoln generated numerous attractive options for Command’s shareholders and leadership team. Incline Equity Partners emerged as the ideal partner for management due to its experience in the insurance services space and proven track record of supporting growth in its portfolio companies.

“Incline is a natural fit with Command, and we are excited to continue on our organic growth trajectory, as well as leverage Incline’s expertise to supercharge our mergers and acquisitions (M&A) strategy,” commented Seth Markham, CEO of Command.

Our Perspective

Mike Iannelli, Lincoln International Managing Director who led the transaction, said, “The overwhelmingly positive reception and interest generated by Command in the market is a testament to the strength of the business. Command is a differentiated platform in the highly attractive insurance services vertical, and we are excited to observe its continued evolution. The situation was an ideal match for Lincoln’s financial and insurance services capabilities, and it was a privilege to work with the talented team at Command on this deal.”

Monument Microcap Partners

Monument is a Midwest-based private equity firm with offices in Bloomfield Hills, Michigan, and Indianapolis, Indiana, focused on investments in North American businesses with EBITDA of $2 – $8 million. Monument seeks to partner with honest, hard-working and talented management teams across a wide variety of industries, including niche manufacturing, business services and industries positioned to capitalize on demographic trends and the growing need for infrastructure investment. For more information, visit www.monumentmicrocap.com.

Incline Equity Partners

Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in services, value-added distribution and specialized light manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada. For more information, visit www.inclineequity.com.

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