Riverside’s private equity

News Release

Latest Riverside Exit Makes the Cut October 17, 2017

Firm Exits Cutting Tool Specialist Harvey Performance Company

The Riverside Company has exited Harvey Performance Company (Harvey), a leading provider of specialized cutting tools for precision machining applications used across a wide range of end markets and materials. 

Harvey provides highly engineered products and solutions that enable its diverse, national customer base to work more effectively and efficiently. The company consists of Harvey Tool, the original platform that Riverside acquired, and Helical Solutions, a complementary brand that was acquired and integrated during Riverside’s hold period.

After investing in Harvey in 2014, Riverside expanded the company considerably through targeted organic and inorganic growth initiatives. These efforts extended Harvey’s leadership position in high-precision carbide end mills, further expanded the customer base with new distributors and end users, and enabled the company to successfully enter new product categories. In total, sales and EBITDA at Harvey increased more than 160% and 180%, respectively, during Riverside’s investment.

“Harvey, led by CEO Pete Jenkins, has an outstanding team that shared our ambitious growth goals for the company,” said Riverside Managing Partner Suzy Kriscunas. “Riverside and the management team made great strides scaling the business with investments in management, systems, and infrastructure.”

The 2015 add-on of Helical Solutions created a multi-brand strategy and added greater breadth and capabilities in the specialty carbide tool segment, while delivering new customers and cross-selling expansion opportunities.

“Harvey’s scale and addressable market expanded significantly with the acquisition of Helical,” said Riverside Principal Brad Roberts. “And following a successful integration and focused investments to expand capacity, we were able to institute the key tenets of Harvey’s superior value proposition to the Helical business and considerably grow platform sales and earnings.”  

Jenkins was pleased with the outcome.

“The Riverside shared our vision for Harvey and helped us better serve more customers with more products and in more markets than ever before,” said Jenkins. “We’re delighted with the results and excited about the next phase of our growth.”

Working with Kriscunas and Roberts on the transaction for Riverside were Senior Associate Connor Danielowski, Associate Connor Ryan, Operating Partner George Benson and Operating Executive Bill Byers, Operating Executive Hayden Cotterill and Partner Anne Hayes.

Piper Jaffray and Jones Day advised Riverside on the exit.

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 480 transactions. The firm’s international portfolio includes more than 80 companies.

Media Contact

Stephanie Fraser
Marketing Consultant
The Riverside Company
Cleveland: +1 216 344 1267
London: +44 20 3077 1923