River Associates Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, River Associates has acquired 4 companies. It has also invested in 1 other.

River Associates’ most common sectors for investment aremanufacturing (15%) and business services (12%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (53%) and secondary buyout (21%). In total, River Associates has invested in 21 US states and 2 different countries.

In the last 3 years, River Associates has exited 4 companies. The Firm’s most common exit type is secondary buyout (55%). River Associates’ largest (disclosed) exit occurred in 2011 when it sold Coining for $148M.

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M&A Summary

  • M&A Total Activity58
    • M&A Buy Activity34
    • M&A Sell Activity24
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 16
  • M&A Advisors 7

River Associates

633 Chestnut Street, Suite 1640,
Chattanooga, Tennessee 37450
United States
(423) 755-0888
www.riverassociates.com
jbaker@riverassociates.com

River Associates is a private equity firm that targets buyouts, divestitures and recapitalizations of lower middle-market companies. River looks for investments in manufacturing, high-margin distribution, industrial services and 'non-faddish' retail companies. The Firm focuses on companies located in the US and Canada with minimum sales of $15 million and EBITDA of $3 to $15 million. River Associates avoids investing in heavily regulated industries as well as start-up, high-technology, commodity or natural resource companies. River Associates was formed in 1989 and is based in Chattanooga, Tennessee.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Services, Defense, Distribution, Electrical Equipment, Engineering, Environmental, Food, Furniture, Machinery, Manufacturing, Plastics, Retail, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Acquisition Financing, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 15 100
Target EBITDA 3 15
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.4/yr) # 27 2 1 1 1 2 34
Sell (1.0/yr) # 19 1 - - 2 2 24
vol $170M $170M
  58

Most Recent M&A

Company Date Value Type
Humphrey’s Industrial Products, Inc. 2022-09-06 - Buyout (LBO, MBO, MBI)
Rochester, New Hampshire · www.rubber-group.com
Double E Co. LLC 2022-06-22 - Secondary Buyout
West Bridgewater, Massachusetts · www.ee-co.com
TopDown, Inc. 2022-03-07 - Recapitalization
, United States · www.topdownauto.com
Hoskin Scientific Ltd. 2022-01-12 - Buyout (LBO, MBO, MBI)
Burnaby, British Columbia · www.hoskin.ca
Wheat Montana Farms & Bakery 2021-04-01 - Secondary Buyout
Three Forks, Montana · www.wheatmontana.com
Pelco Products, Inc. 2021-03-24 - Growth Capital
Edmond, Oklahoma · www.pelcoinc.com
Weaver Leather LLC 2021-03-18 - Secondary Buyout
Mount Hope, Ohio · www.weaverleather.com
Yale Cordage, Inc. 2020-07-31 - Buyout (LBO, MBO, MBI)
Saco, Maine · www.yalecordage.com
Presco Polymers L.P. 2019-02-01 - Buyout (LBO, MBO, MBI)
Sherman, Texas · www.presco.com
TopDown, Inc. 2018-05-14 - Acquisition Financing
, United States · www.topdownauto.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Quikserv Corp. 2018-03-23 Easi-Serv Products, Inc. 2019-04-22 2
Houston, Texas · www.quikserv.com Burnaby, British Columbia · www.easi-serv.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 3 (43%) - 5 (15%) -
Business Services - - 4 (12%) -
Machinery 1 (14%) - 4 (12%) -
Building Materials 1 (14%) - 2 (6%) -
Chemicals - - 2 (6%) -
Distribution 1 (14%) - 2 (6%) -
Electrical Equipment - - 2 (6%) -
Food - - 2 (6%) -
Packaging - - 2 (6%) -
Apparel/Textiles - - 1 (3%) -
Automotive - - 1 (3%) -
Consumer Products - - 1 (3%) -
Consumer Services 1 (14%) - 1 (3%) -
Engineering - - 1 (3%) -
Environmental - - 1 (3%) -
Medical Products - - 1 (3%) -
Plastics - - 1 (3%) -
Technology Hardware - - 1 (3%) -
Total 7 - 34 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (86%) - 32 (94%) -
  Texas 2 (29%) - 3 (9%) -
  Tennessee 1 (14%) - 3 (9%) -
  Ohio - - 3 (9%) -
  Pennsylvania - - 2 (6%) -
  New Jersey - - 2 (6%) -
  Michigan - - 2 (6%) -
  Georgia - - 2 (6%) -
  Florida - - 2 (6%) -
  Oklahoma 1 (14%) - 1 (3%) -
  New Hampshire 1 (14%) - 1 (3%) -
  Maine 1 (14%) - 1 (3%) -
  Washington - - 1 (3%) -
  Nebraska - - 1 (3%) -
  Montana - - 1 (3%) -
  Missouri - - 1 (3%) -
  Massachusetts - - 1 (3%) -
  Maryland - - 1 (3%) -
  Indiana - - 1 (3%) -
  Colorado - - 1 (3%) -
  Arkansas - - 1 (3%) -
Canada 1 (14%) - 2 (6%) -
  British Columbia 1 (14%) - 1 (3%) -
  Ontario - - 1 (3%) -
Domestic 6 (86%) - 32 (94%) -
Cross-border 1 (14%) - 2 (6%) -
Total 7 - 34 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (86%) - 18 (53%) -
Secondary Buyout - - 7 (21%) -
Recapitalization - - 3 (9%) -
Special Situations/Distressed - - 3 (9%) -
Acquisition Financing - - 1 (3%) -
Divestiture - - 1 (3%) -
Growth Capital 1 (14%) - 1 (3%) -
Total 7 - 34 -

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (54%) -
Trade Sale 5 (21%) -
Trade Sale - Public Company 4 (17%) 170M (100%)
Recapitalization 1 (4%) -
Unknown 1 (4%) -
Total 24 $170M

Top M&A Advisors

Financial Deals
Brookwood Associates
 1
Robert W. Baird & Co., Inc.
 1
Lincoln International
 1
Legal Deals
Waller Lansden Dortch & Davis LLP
 3
Bass, Berry & Sims PLC
 2
Miller & Martin PLLC
 2

Deal Values

sell # Total
$100M to $1B 1 $148M
< $100M 1 $22M
TOTAL $170M
Largest Coining, Inc.
$148M (2011-05-09)

M&A Connections

Deals
Acquired from
Investor(s)
21%
7 (21%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
58%
14 (58%)
Strategic(s)
25%
6 (25%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

PE Assets

741M USD

Established

1989

Specialist/Generalist

Generalist

Leadership

Jim Baker

Co-Managing Partner

Mike Brookshire

Co-Managing Partner

Craig Baker

Partner

Mark Jones

Partner

Patten Pettway

Partner

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