| Riverside Tests the Market and Claims Fifth Exit of 2012 The Riverside Company has sold Global Claims Services (GCS), a Jacksonville, Florida-based insurance service provider helping determine fair market replacement valuation of damaged flooring and exterior building materials, to Windjammer Capital Investors. At the present time, the company conducts more than 500,000 tests annually. Together with the management team, Riverside helped GCS expand its offerings beyond carpet, siding and roofing to now include wood, tile, stone, vinyl and laminate. "Global Claims Services is a shining example of the work we've been doing to get more than two decades - finding, buying and building special niche leading businesses around the world," said Suzy Kriscunas, Riverside Managing Partner. Launched in 1993, GCS initially concentrated its testing services on damaged flooring using its in-house laboratory to examine carpet samples. Working with Kriscunas for Riverside on the sale were Principal Chip Walker and Vice Presidents Marty Graul and Rob Langley. Riverside supplemented the management team with the recruitment of a brand new CEO and CFO which enabled the founder to transition out of the business. 8x gross cash-on-cash return and a 29% gross IRR to Riverside and its investors (Riverside Capital Appreciation Fund V). Moreover, we were able to deploy several of Riverside's Toolkit resources to help grow the business organically. Global Claims Services is now the leader in the independent testing arena and well positioned to grow for many years to come. Lazard Middle Market advised GCS and Riverside on the transaction, and Jones Day provided legal counsel. Furthermore, the acquisition of Insurance Claims Collaborative of Alliston, Ontario in 2011 broadened the company's reach to include the Canadian market. Riverside acquired GCS in May 2008 and grew the company over its four year period of ownership through two add-on acquisitions and organically expanding the company's services. |
Tuesday, 3 July 2012
Riverside Tests the Market and Claims Fifth Exit of 2012
