The Riverside Company’s Latest Exit Serves Up Secret Ingredient for Safer Supply Chains, Sells Trustwell to TPG

The Riverside Company, a global investment firm focused on the smaller end of the middle market, today announced it has completed the sale of Trustwell, a leading provider of SaaS-based compliance, safety and supply chain solutions for the food industry, to TPG’s The Rise Fund, the multi-sector strategy of TPG’s global impact investing platform.

Trustwell’s platform supports traceability, regulatory compliance, supplier management, product development and formulation workflows across the food supply chain. Its FoodLogiQ and Genesis product families help customers – from emerging brands to global enterprises – navigate an increasingly complex regulatory landscape, including ingredient, nutrition and allergen disclosure mandates, FSMA 204 and evolving ESG requirements.

With food safety, transparency and traceability now front-and-center for regulators, retailers and consumers alike, the food industry is undergoing rapid digital transformation. Regulatory pressure, consumer demand for cleaner labels and heightened supply chain scrutiny are accelerating the need for end-to-end visibility and actionable compliance data. Trustwell is uniquely positioned to meet these challenges with a unified platform that connects the product lifecycle from recipe to recall.

“Trustwell exemplifies the type of growth-oriented businesses we seek to back,” said Riverside Managing Partner Loren Schlachet. “We are incredibly proud of the team and the platform they’ve built, and we’re confident that TPG is the right partner to support the company’s next phase of growth.”

Since Riverside’s investment in 2022, Trustwell accelerated cross-product integration to connect product development into the supply chain and positioned itself as the system-of-record for food safety and regulatory transparency. During Riverside’s ownership, Trustwell also launched new platform capabilities, such as AI-driven allergen alerts and FSMA-compliant traceability workflows, while growing its supplier network to over 120,000 global locations.

“During our partnership, we executed a highly strategic add-on that significantly expanded our total addressable market and broadened Trustwell’s offering,” said Riverside Senior Partner Brian Sauer. “This, combined with a complete re-platforming of the flagship SaaS solution and the launch of multiple new products, drove significant growth of the business. Equally important, we built a world-class leadership team with deep industry expertise to position the company for long-term success.”

Trustwell CEO Katy Jones added, “Our mission is to bring transparency and trust to the food system, and we are thrilled to have found our next partner in TPG, who shares that vision. With Riverside’s support, we’ve grown from a category leader to a platform company. With TPG, we are poised to take the next step, scaling our reach, investing in innovation and continuing to serve the food industry with excellence.”

This is one more example of Riverside’s dedication to the Software & IT industry specialization. The firm has completed more than 290 investments in this specialization and has a team of global experts dedicated to growing these companies.

Working alongside Schlachet and Sauer on the deal for Riverside were Principal Chris Shea, Assistant Vice President Alexander Abramovitz, Associate Reece Quigley and Operating Partner Steve Pogorzelski. William Blair served as financial advisor to Trustwell, and Jones Day provided legal counsel.