Secondary Buyout • Chemicals

Riverside and Comvest Partners Acquire Seatex

On October 28, 2024, private equity firms Riverside and Comvest Partners acquired chemicals company Seatex from Cotton Creek Capital

Acquisition Context
  • This is Riverside’s 3rd and Comvest Partners’ 2nd transaction in the Chemicals sector.
  • This is Riverside’s 201st and Comvest Partners’ 59th transaction in the United States.
  • This is Riverside’s 23rd and Comvest Partners’ 5th transaction in Texas.

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M&A Deal Summary

Date October 28, 2024
Target Seatex
Sector Chemicals
Buyer(s) Riverside
Comvest Partners
Sellers(s) Cotton Creek Capital
Deal Type Secondary Buyout

Target Company

Seatex

Rosenberg, Texas, United States
Seatex is a chemical provider of turnkey liquids and solids blending, toll manufacturing, and packaging services. The Company produces detergents, sanitizers, emulsifiers, additives, and other products for the energy, cleaning, agronomics, and industrial end markets. It operates two production locations outside with in excess of 500,000 square feet of manufacturing space. Seatex was founded in 1967 and is based in Rosenberg, Texas.
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Buyers Overview 2

Buyer

Riverside

New York, New York, United States

Investor Investor Investor Investor Investor


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 Context for Buyer #
Overall 293 of 295
Sector: Chemicals 3 of 3
Type: Secondary Buyout 48 of 49
State: Texas 23 of 23
Country: United States 201 of 203
Year: 2024 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-18 Plasti-Fab

Calgary, Alberta, Canada

Plasti-Fab manufactures insulating building products and technologies that enable residential and commercial structures to be energy-efficient when used as components of a building envelope. Plasti-Fab was founded in 1968 and is headquartered in Calgary, Alberta.

Sell $260M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-01 CORE Higher Education Group

West Warwick, Rhode Island, United States

CORE Higher Education Group is an education technology company providing colleges with a suite of software applications to support the student journey from recruiting to clinical education to workplace readiness. CORE Higher Education Group was founded in 2006 and is based in West Warwick, Rhode Island.

Sell -
Buyer

Comvest Partners

West Palm Beach, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Comvest Partners' headquarters in West Palm Beach, Florida.
Comvest Partners' headquarters in West Palm Beach, Florida.

Comvest Partners is a private investment firm that provides equity and debt capital to middle-market companies across North America. Comvest funds a variety of investment situations, including buyouts, divestitures, recapitalizations, consolidations, take privates, and turnarounds. Sectors of interest include business services, information services, education, financial services, healthcare services, software, IT, and transportation. For equity investments, Comvest prefers control and looks to invest $50 to $150 million per transaction. For debt needs, Comvest seeks to provide $25 to $250 million per transaction. Comvest Partners was formed in 2000 and is based in West Palm Beach, Florida.


Deal Context for Buyer #
Overall 60 of 62
Sector: Chemicals 2 of 2
Type: Secondary Buyout 11 of 12
State: Texas 5 of 5
Country: United States 59 of 61
Year: 2024 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 TFS

Perrysburg, Ohio, United States

TFS optimizes material handling equipment fleets by providing turnkey fleet management services for Fortune 1000 companies and large manufacturing & distribution companies throughout North America. The company's analysts utilize a centralized, streamlined fleet management model to consistently generate significant improvements and cost savings across the full life cycle of the fleets they manage. TFS is based in Perrysburg, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-04 Riccobene Associates Family Dentistry

Cary, North Carolina, United States

Riccobene Associates Family Dentistry is a provider of comprehensive general and multi-specialty dental services through modern, well-appointed dental offices including several dedicated pediatric and orthodontic practices. Riccobene Associates Family Dentistry was founded in 2000 and is based in Cary, North Carolina.

Buy -

Seller Profile 1

DESCRIPTION

Cotton Creek Capital is a private equity firm focused on lower middle-market company investments. The Firm has a special interest in businesses facing an inflection point and could benefit from capital and expertise. Cotton Creek will consider opportunities throughout the US, although the Firm has a preference for businesses in the Southwest. Sectors of interest include manufacturing, infrastructure, chemicals, waste services, food/beverages, transportation, business services, consumer products, value-added distribution, healthcare, building products, and industrial services. Cotton Creek Capital is based in Austin, Texas.


Deal Context for Seller #
Overall 8 of 9
Sector: Chemicals 2 of 2
Type: Secondary Buyout 4 of 4
State: Texas 3 of 4
Country: United States 8 of 9
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-01 Vecta Environmental Services

Gonzales, Louisiana, United States

Vecta Environmental Services is a provider of industrial and environmental services to a diverse customer base across multiple end markets throughout the USGC region. Vecta Environmental Services is based in Gonzales, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-31 Bobcat Power

Woodway, Texas, United States

Bobcat Power is a provider of turnkey substation development, repair, and maintenance services, as well as specialty transmission line services for electrical utility providers and Engineering, Procurement and Construction firms. Bobcat Power was founded in 2007 and is based in Woodway, Texas.

Sell -