M&A Deal Summary

The Riverside Company and Golub Capital Acquire SureWerx

On November 2, 2018, private equity firm The Riverside Company and lender Golub Capital acquired safety/security company SureWerx from Egeria and Penfund

Acquisition Highlights
  • This is The Riverside Company’s 5th and Golub Capital’s 2nd transaction in the Safety/Security sector.
  • This is The Riverside Company’s 6th and Golub Capital’s 1st transaction in Canada.
  • This is The Riverside Company’s 1st and Golub Capital’s 1st transaction in British Columbia.
Investment Fate
  • SureWerx was sold to a consortium of financial buyers in 2023.

M&A Deal Summary

Date 2018-11-02
Target SureWerx
Sector Safety/Security
Buyer(s) The Riverside Company
Golub Capital
Sellers(s) Egeria
Penfund
Deal Type Secondary Buyout

Target

SureWerx

Coquitlam, British Columbia, Canada
website
SureWerx is a supplier of professional safety products, tools, and equipment. The company offers access to its brands through its partner distributor network servicing the industrial, construction, safety, and automotive aftermarket markets globally. SureWerx was formed in 1957 and is based in Coquitlam, British Columbia.

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Buyer(S) 2

Buyer

The Riverside Company

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 238 of 282
Sector (Safety/Security) 5 of 8
Type (Secondary Buyout) 37 of 45
State (British Columbia) 1 of 1
Country (Canada) 6 of 7
Year (2018) 11 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-08 Keymile International

Brunn am Gebirge, Austria

Keymile International GmbH is a global leading supplier and manufacturer of network components with integrated network, which serve to ensure the connectivity between traditional copper landlines installed in the houses and offices of the final customers (e. g. xDSL) and the optical fibre network of network operators (the so-called “backbone”). Due to the increased bandwidth the products of the company facilitate the bundled supply of television, (IP-)telephony as well as broadband internet services – so-called “triple-play” services – by telecommunications companies.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-15 Team Technologies

Morristown, Tennessee, United States

Team Technologies is a provider of manufacturing solutions provider for medical and dental products. From conceptualization to completion, TEAM Technologies offers the technology and solutions for every stage of the development and manufacturing processes all under ISO 13485 and FDA-regulated guidelines. Team Technologies was founded in 1988 and is based in Morristown, Tennessee.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 53 of 67
Sector (Safety/Security) 2 of 2
Type (Secondary Buyout) 21 of 27
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2018) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 Sola Salon Studios

Lakewood, Colorado, United States

Sola Salon Studios provides a unique service to entrepreneurs, giving stylists and beauty professionals high-end, fully-equipped salon studios to start their own businesses without the administrative burden and risk associated with opening a retail storefront. Sola Salon Studios was established in 2004 and is based in Lakewood, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-22 Pirtek UK

London, United Kingdom

Pirtek UK is a provider of fluid transfer solutions and on-site repairs. Specializing in hydraulic hoses, pipe fittings & couplings. Pirtek offers a comprehensive range of fluid transfer solutions, products & services to industries including Agriculture; Automotive; Construction & Plant Hire; Defence; Environmental; Services; Manufacturing; Marine & Offshore; Material Handling; Mining & Quarrying; Transport & Logistics; Utilities. Pirtek UK was founded in 1988 and is based in London, United Kingdom.

Buy -

Seller(S) 2

SELLER

Egeria

Amsterdam, Netherlands

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 1.7B EUR
Size Large
Type Sector Agnostic
DESCRIPTION
Egeria's office in Amsterdam.
Egeria's office in Amsterdam.

Egeria is a private equity and real estate investment firm. The Firm operates a variety of investment funds focused on opportunities throughout Western Europe and North America. The Firm's private equity group principally looks to invest in companies located in the Netherlands, Germany, Austria, and Switzerland valued up to €350 million. Egeria looks for companies with stable cash flows, experienced management, and strong growth potential. Egeria is sector agnostic, however, the firm will not consider investing in biotech, software, or 'non-ethical' sectors. Egeria was formed in 1997 and is based in Amsterdam.


DEAL STATS #
Overall 16 of 23
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 6 of 9
State (British Columbia) 1 of 1
Country (Canada) 2 of 2
Year (2018) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 JET-Group

Hüllhorst, Germany

JET Tageslicht & RWA GmbH is a manufacture of daylight solutions, ventilation technology and smoke and heat exhaust ventilation systems. JET Tageslicht & RWA GmbH was founded in 1970 and is based in Hüllhorst, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 CleanLease

Koudekerk aan den Rijn, Netherlands

CleanLease is a provider of textile rental and industrial laundry services in the Benelux countries. CleanLease was formed in 1910 and is based in Koudekerk aan den Rijn, Netherlands.

Sell -
SELLER

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 2.7B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


DEAL STATS #
Overall 14 of 18
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 4 of 6
State (British Columbia) 2 of 2
Country (Canada) 9 of 9
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-29 Mavis Tire Supply

Millwood, New York, United States

Mavis Discount Tire is an independent tire retailer and wholesaler.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-05 Aveanna Healthcare

Atlanta, Georgia, United States

Aveanna Healthcare is a provider of pediatric home care with 180 locations in 23 states, and 26,000 caregivers currently serving over 40,000 patients. Aveanna Healthcare was founded in 2017 and is based in Atlanta, Georgia.

Sell -