Riverside Engineers Great Exit With iAutomation January 11, 2017
Sale of Automation Specialist Follows Steady Growth
The Riverside Company has sold iAutomation following a 10-year hold that saw the company overcome a challenging environment to post significant growth.
Based in North Attleboro, Massachusetts, iAutomation develops and distributes highly engineered automation solutions for original equipment manufacturers. It helps customers to identify, select, procure, apply and operate sophisticated components used to automate machinery.
During the hold, Riverside completed and integrated three add-on acquisitions and oversaw revenue growth of more than 450% and EBITDA growth of more than 300%.
“iAutomation spent a lot of our hold period facing headwinds,” said Riverside Managing Partner Loren Schlachet. “Its industry was hit hard by the Global Recession but we helped iAutomation come out of it stronger and able to capture more market share. This outstanding result is a testament to our com mitment to operating excellence.”
In addition to securing and helping integrate the add-ons, Riverside guided a CEO transition, worked through the loss of a major supplier and supported the business through market challenges.
“All the effort really paid off,” said Riverside Partner Joe Lee. “Under the leadership of CEO Charles Willliams, iAutomation emerged from a really difficult period as a bigger and better company. Today, it is the best application engineering distribution business in the automation and machine control industry.”
Working with Schlachet and Lee on the deal for Riverside were Operating Partner Jon Temple, Vice President Garrett Monda, Associate Josh Smith and Finance Director Dave Kralic. Riverside Origination Principal Amy Margolis helped facilitate the sale.
Lincoln International acted as the investment banking advisor and Jones Day acted counsel for Riverside on this transaction.
The Riverside Company
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 450 transactions. The firm’s international portfolio includes more than 85 companies.