River Associates in 6x manufacturing exit

The lower mid-market firm has sold microelectronics company Coining for $148m, generating a 76% IRR.

US lower mid-market firm River Associates Investments has sold custom metals manufacturing company Coining for $148 million, generating a 6x return multiple and 76 percent IRR, according to a statement.

Coining’s products are used for joining applications in microelectronics packaging and assembly, primarily in the semiconductors industry. New York-listed manufacturer of electric motors and electronic instruments AMETEK has purchased River’s majority stake in Coining, following the firm’s 2007 investment in the company. River invested in Coining from its fifth fund, which closed on $110 million in 2006.

River acquired Coining competitor Semiconductor Packaging Materials (SPM) in January 2009, later merging the two companies and establishing a new manufacturing facility in Montvale, New Jersey.

River is sector agnostic but frequently invests in the manufacturing, distribution and industrial service sectors, partner Mike Brookshire told Private Equity International.

Founded in 1989, River Associates Investments has made roughly 60 acquisitions to date and invests in companies in the US and Canada, typically with EBITDA between $3 million and $10 million. The firm is based in Chattanooga, Tennessee, with an office in Santa Fe, New Mexico.