|
Riverside
Secures Its Second Exit in Weeks With
the Sale of Selig Sealing Products
May 2, 2005 | The Riverside Company
- the largest private equity firm specializing
in investments at the smaller end of
the middle market - has sealed the deal
to sell Selig Sealing Products, Inc.
("Selig") to Behrman Capital
for $100 million. This is Riverside's
second realization from the firm's RCAF
2000 fund in weeks; in March, Riverside
sold Clayton Group Services.
Selig, a leading manufacturer of foil
induction innerseals, laminated foil
and plastic seals, supplies a wide range
of foil innerseals to closure companies
serving primarily domestic food, beverage
and pharmaceutical consumer products
companies. Selig offers 550 different
products to help customers to solve
a variety of packaging challenges.
Riverside acquired the Illinois-based
Company in June 2002 and, during its
ownership, helped Selig to reinforce
its position as the market leader. Selig
benefited from increased sales to existing
customers, gained new accounts and grew
its UK division. In the U.S., demand
has increased for lining material for
the beverage, food and pharmaceutical
markets has increased due primarily
to the continuing conversion to plastic
packaging.
"As a market leader in an attractive
industry, there were many opportunities
to grow Selig during our ownership,"
said Robert Fitzsimmons, Riverside Managing
Partner based in the firm's New York
office. "Riverside strengthened
the management team, supported new product
development and invested significantly
in a plant expansion, which increased
Selig's capacity to accommodate the
growing market."
The
Riverside Company
The Riverside Company is the largest
private equity firm focused on the small
end of the middle market and is one
of the industry's most experienced leveraged
buyout investors. Riverside specializes
in premier companies with enterprise
values of less than $100 million, and
partners with strong management teams
to build companies through acquisitions
and value added growth. Since 1988,
the firm has invested in 95 transactions
with a total value of $2.1 billion,
sales of $2 billion, EBITDA of $200
million and 10,000 employees. Its current
portfolio numbers 32. Riverside offers
SureClose® (the highest certainty
that a transaction will close) and the
resources to complete acquisitions smoothly
and in as little as 35 days - thanks
to its sizeable pool of capital under
management (nearly $1.3 billion in six
funds and growing), large staff in eight
offices (New York, Cleveland, Dallas,
San Francisco, Budapest, Prague, Warsaw
and Munich), and long-standing relationships
with partner lenders. The firm has produced
top quartile returns for its investors,
which are among the world's leading
pension funds, endowments, funds-of-funds,
insurance companies and banks.
Selig Sealing Products, Inc.
Selig Sealing Products, Inc. is one
of the world's largest manufacturers
of heat induction foil innerseals. Selig's
mission is to provide its customers
with extremely high levels of responsiveness
and flexibility in serving and determining
their packaging needs at levels unmatched
in the industry. More information on
Selig can be found at www.seligsealing.com.
For more information, contact:
Christine Croissant
The Riverside Company
216-344-1180
|
