M&A Deal Summary

Riverside Partners Acquires Convergence Networks

On December 2, 2020, private equity firm Riverside Partners acquired information technology company Convergence Networks

Acquisition Highlights
  • This is Riverside Partners’ 2nd transaction in the Information Technology sector.
  • This is Riverside Partners’ 39th transaction in the United States.
  • This is Riverside Partners’ 1st transaction in Oregon.

M&A Deal Summary
Date 2020-12-02
Target Convergence Networks
Sector Information Technology
Buyer(s) Riverside Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Convergence Networks

Portland, Oregon, United States
Convergence Networks is a Managed IT Service Provider based in Portland, Oregon along with its sister company Luminant Security who provides Managed Cybersecurity Services. It is focused on attracting talented and passionate people who work with their SMB clients as strategic partners to drive results. They offer a full spectrum of solutions covering cybersecurity, strategic planning, end user support, cloud, and hardware. Convergence Networks was founded in 2000 and is based in Portland, Oregon.

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Buyer(S) 1

Buyer

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 39 of 42
Sector (Information Technology) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 18 of 18
State (Oregon) 1 of 1
Country (United States) 39 of 42
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Allied Dental

Toms River, New Jersey, United States

Allied Dental is a dental services organization providing management services to dental practices in the Northeast and Mid-Atlantic. Allied Dental’s practices offer a range of services from basic exams and cleanings to specialty services, including pediatrics, endodontics, periodontics, orthodontics, and oral surgery.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-26 R&D Altanova

South Plainfield, New Jersey, United States

R&D Altanova is a designer and manufacturer of advanced printed circuit boards used to test integrated circuits used in computers, servers, mobile devices, and many other applications. R&D Altanova was founded in 1969 and is based in South Plainfield, New Jersey.

Sell -
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