River Associates Mergers and Acquisitions Summary

Private Equity Profile

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

River Associates’ most common sectors for investment are business services (13%) and manufacturing (13%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) and secondary buyout (23%). In total, River Associates has invested in 20 US states and 2 different countries.

In the last 3 years, River Associates has exited 2 companies. The Firm’s most common exit type is secondary buyout (50%). River Associates’ largest (disclosed) exit occurred in 2011 when it sold Coining for $148M.

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M&A Summary

  • M&A Total Activity53
    • M&A Buy Activity31
    • M&A Sell Activity22
  • Total Sectors Invested 18
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 16
  • M&A Advisors 6

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.2/yr) # 25 2 2 1 1 - 31
Sell (0.6/yr) # 19 1 1 - - 1 22
vol $170M $170M
  53

Most Recent M&A

Company Date Value Type
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
Quikserv Corp. 2018-03-23 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.quikserv.com
Action Fabricators, Inc. 2018-02-26 - Add-on Acquisition
Grand Rapids, Michigan · www.actionfab.com
Premier Parking 2017-06-30 - Buyout (LBO, MBO, MBI)
Nashville, Tennessee · www.premierparking.com
Double E Company LLC 2017-05-31 - Secondary Buyout
West Bridgewater, Massachusetts · www.ee-co.com
TMI International LLC 2017-04-27 - Unknown
Pittsburgh, Pennsylvania · www.tmi-pvc.com
Omega Acquisition Corp. 2016-09-19 - Secondary Buyout
Bartlett, Illinois · www.omegabrandess.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Quikserv Corp. 2018-03-23 Easi-Serv Products, Inc. 2019-04-22 1
Houston, Texas · www.quikserv.com Burnaby, British Columbia · www.easi-serv.com
TopDown, Inc. 2018-05-14 GAHH LLC 2018-05-14 1
, United States North Hollywood, California · www.gahh.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 4 (13%) -
Manufacturing 2 (29%) - 4 (13%) -
Machinery 1 (14%) - 3 (10%) -
Building Materials 1 (14%) - 2 (6%) -
Chemicals - - 2 (6%) -
Electrical Equipment - - 2 (6%) -
Food 1 (14%) - 2 (6%) -
Packaging - - 2 (6%) -
Apparel/Textiles - - 1 (3%) -
Automotive 1 (14%) - 1 (3%) -
Consumer Products - - 1 (3%) -
Consumer Services 1 (14%) - 1 (3%) -
Distribution - - 1 (3%) -
Engineering - - 1 (3%) -
Environmental - - 1 (3%) -
Medical Products - - 1 (3%) -
Plastics - - 1 (3%) -
Technology Hardware - - 1 (3%) -
Total 7 - 31 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 7 (100%) - 30 (97%) -
  Tennessee 1 (14%) - 3 (10%) -
  Ohio - - 3 (10%) -
  Texas 2 (29%) - 2 (6%) -
  Florida - - 2 (6%) -
  Pennsylvania - - 2 (6%) -
  New Jersey - - 2 (6%) -
  Michigan - - 2 (6%) -
  Georgia - - 2 (6%) -
  Montana 1 (14%) - 1 (3%) -
  Massachusetts 1 (14%) - 1 (3%) -
  Maine 1 (14%) - 1 (3%) -
  Colorado - - 1 (3%) -
  Arkansas - - 1 (3%) -
  Washington - - 1 (3%) -
  Nebraska - - 1 (3%) -
  Missouri - - 1 (3%) -
  Maryland - - 1 (3%) -
  Indiana - - 1 (3%) -
  Illinois - - 1 (3%) -
Canada - - 1 (3%) -
  Ontario - - 1 (3%) -
Domestic 7 (100%) - 30 (97%) -
Cross-border - - 1 (3%) -
Total 7 - 31 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (71%) - 16 (52%) -
Secondary Buyout 1 (14%) - 7 (23%) -
Recapitalization - - 3 (10%) -
Special Situations/Distressed - - 3 (10%) -
Acquisition Financing 1 (14%) - 1 (3%) -
Divestiture - - 1 (3%) -
Total 7 - 31 -

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (50%) -
Trade Sale 5 (23%) -
Trade Sale - Public Company 4 (18%) 170M (100%)
Divestiture 1 (5%) -
Unknown 1 (5%) -
Total 22 $170M

Top M&A Advisors

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

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)
23%
7 (23%)
Strategic(s)
3%
1 (3%)
Exited to
Investor(s)
50%
11 (50%)
Strategic(s)
32%
7 (32%)

Investor Summary

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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