The Riverside Company completed its 13th and 14th exits of the year Thursday, including the sale of a stake in Wildlife International that netted an 11.9x cash-on-cash return for the firm, according to one source with knowledge of the deals.
The firm did not disclose specific details about the return. However, the exit represented “one of the biggest … returns in our history”, according to a firm spokesperson.
Wildlife, an environmental testing company, generated a 160 percent net internal rate of return for Riverside. The company’s sales increased by 56 percent and earnings rose by 111 percent over the course of Riverside’s ownership, according to a statement from the firm.
Riverside acquired Wildlife in 2010 through its second micro-cap fund, according to the firm’s website.
In addition to Wildlife, Riverside also announced the sale of specialty chemicals manufacturer DuBois Chemicals; a deal that generated a 5x return, the source said. Total sales and EBITDA for DuBois rose by 105 percent and 221 percent, respectively, over the course of Riverside’s ownership.
Riverside attributed DuBois’ growth to its partnership with the company’s management, which in turn led to improved operations, better pricing and a stronger sales and marketing approach, according to a statement.
DuBois was acquired by Riverside in 2008 through Riverside Capital Appreciation Fund V, according to the firm’s website.
Riverside was founded in 1988 by Stewart Kohl and Béla Szigethy. The mid-market specialist manages over $3 billion in assets.