Riverside acquires flooring company milliCare; appoints co-manager for Riverside Strategic Capital Fund

0

The Riverside Co. announced the acquisition of milliCare Floor & Textile Care of Spartanburg, SC, to complement its holding company Clintar.

Riverside acquired the business from Milliken & Co. Financial terms of the agreement were not disclosed.

Clintar is a Canadian franchise platform for an extensive network of commercial property janitorial and cleaning services. This range of services makes it a complementary business for Clintar.

The change in ownership will transfer more than 30 franchisees and 40 locations to Riverside’s portfolio, which includes franchisors like Clintar and Threshold Brands. Milliken will continue to manufacture and supply milliCare with its selection of dry carpet cleaners and care solutions, according to Riverside.

“We have a great opportunity to build Clintar into a multi-brand platform for B2B franchise concepts, and we are excited to work with the milliCare team to do so,” Riverside managing partner Loren Schlachet said in a statement. . “A multi-concept strategy is attractive given that a strong centralized franchisor infrastructure can accelerate the growth of all brands and, more importantly, franchisees would benefit from shared best practices and cross-selling opportunities of services and products. opening of several concepts on the same market.”

Separately, Riverside said it has promoted partner Jeffrey Gordon to managing partner and co-fund manager of the Riverside Strategic Capital Fund (RSCF).

According to Riverside, RSCF provides “non-controlling capital solutions to sponsors and entrepreneurs, enabling them to retain control over all aspects of their business, including minority stakes in companies previously owned by other Riverside funds.”

Gordon joined the company in 2013 and his work has focused on RSCF since then. Some of the investments he has led for the company include those with Alcohol Monitoring Systems, DuBois Chemical, Neighborly, Affinitiv, CIS Computing, ARCOS and Area Wide Protective.

Riverside notes that alongside Gordon’s promotion, former RSCF Managing Partner Hal Greenberg takes on the title of RSCF Founding Partner. He will remain a member of the investment committee and participate in the development of new businesses while continuing to manage and oversee the investments of RSCF’s first fund – which closed fundraising in 2017 at $418 million, or 19% of more than its goal of $350 million.

Gordon will work alongside Riverside managing partner George Cole to co-manage RSCF.

“This is a logical transition in the direction of RSCF as we begin work on RSCF II and recognize Jeff’s significant contributions to Riverside,” Cole said in a statement. “This promotion is a testament to the talent of the RSCF team, representing Riverside’s strength and our unique capabilities. We are delighted to continue working with Jeff and Hal in their new roles and look forward to this transition.”

Riverside is a Cleveland-based global private equity firm that invests in growth companies worth up to $400 million.

Share.

Comments are closed.