Riverside Concludes Exceptional 2010 Poised For Future Growth 01 February 2011
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Riverside Concludes Exceptional 2010 Poised For Future Growth
BRUSSELS – February 1, 2011 - The Riverside Company completed one of the best years in its 23-year history as 2010 ended with a record-setting December, positioning the firm for another year of growth for its portfolio and investments. Look for complete details on the firm’s performance in Riverside’s 2010 Year in Review. In Europe, Riverside completed six acquisitions, with a total enterprise value of €155 million. European exits in 2010, achieved a combined 45% gross IRR and gross cash-on-cash return of 5.0x. Riverside also closed its fourth European fund in 2010 at €420 million. Riverside’s portfolio in Europe excelled in 2010, with 14 out of 18 companies experiencing revenue increases from the prior year.
European acquisitions in 2010 included three platform companies – each of which represented a “first” for Riverside:
- Tropikal, a manufacturer and distributor of pet food, was the first Turkish investment for Riverside.
- The Arena Group, one of the world’s best-known designers, manufacturers and distributors of competitive waterwear, gave Riverside its first Italian acquisition.
- Orliman, a manufacturer of orthopaedic products, was Riverside’s first Spanish platform investment.
Riverside further strengthened its European portfolio with three add-on acquisitions – Eska Implants [Summit Medical Limited], Celvitae Biomedica [Crioestaminal] and Orthomed [Summit Medical Group].
Globally, Riverside completed 24 acquisitions and exited 11 platforms, numbers which included the 300th overall transaction for the firm, including the firm’s 20th education & training investment and its 50th healthcare deal in 2010. Riverside’s 11 exits in 2010 generated a 3.0x gross cash-on-cash return, including eight exits that achieved over 2.5x gross cash-on-cash return. This translated into €440 million in returns for investors.
“We are proud of Riverside’s performance in 2010, as we delivered value for investors and entrepreneurs and made some of the most noteworthy deals of the year in Europe, including the acquisition of Arena and successful realisation of Teufel,” said European Managing Partner Antonio Cabral. “We are confident in our ability to continue this outstanding performance in 2011 and beyond.”
Industry peers recognised Riverside for its achievements in 2010 and the firm was named Private Equity Firm of the Year 2010, by Acquisitions Monthly and Buyout Firm of the Year by Buyouts Magazine.
Additional Riverside highlights for 2010 included:
- Closing Riverside Asia-Pacific Fund I at $28 million.
- Opening an office in Melbourne, Australia to support the growth of the Riverside Asia-Pacific Fund
Looking to the future, Co-CEOs Stewart Kohl and Béla Szigethy are confident that Riverside will continue to surpass results achieved to date:
“With almost €130 million of Riverside equity already slated to be invested during the first quarter alone, 2011 looks very exciting,” said Szigethy. “Value multiples are ticking up across all fund families as portfolio companies continue to improve both sales and earnings.”
“As we continue to grow our funds and portfolio, it’s important to also note that we expect to sell 10 companies this year,” said Kohl. “This will deliver significant cash returns to our investors, continuing the strong momentum from 2010 when we generated €487 million from realised gains – the highest amount in our history.”
The Riverside Company
http://www.riversideeurope.com or http://www.riversidecompany.com
The Riverside Company is a global private equity firm focused on acquiring growing enterprises valued at up to €200 million in Europe. The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in more than 245 transactions with a total enterprise value of more than €4.7 billion. The firm’s portfolio in North America, Europe and the Asia-Pacific region includes 75 companies with roughly 13,000 employees. Riverside completes acquisitions smoothly thanks to €2.4 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.
North America and Asia Pacific
Director of Marketing and Communications
The Riverside Company
Assistant Director of Marketing and Communications
The Riverside Company