Riverside’s private equity

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Riverside Cleans Up With Latest Acquisition April 02, 2009

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Maker of Car Wash Detergents Joins DuBois Chemicals

Type:
Add-on acquisition for DuBois Chemicals

Key Stats:
5th Acquisition of 2009
213th Acquisition Overall

Fund Family:
Riverside Capital Appreciation Fund V (“RCAF V”)

Blendco Systems LLC

Based in Bristol, Pennsylvania

  • Produces full line of car wash detergents, waxes and specialty cleaning products, as well as RedRhino sealants and protectants
  • Enjoys patent protection for its two-component SuperSat Custom Detergent Systems
  • Has more than 30 years of history as an innovative and cost-effective provider
  • Recently introduced its Cleaner and Greener certification program, reflecting the environmental stewardship of select car wash customers

Of Note:
Blendco has a large distribution network and has earned a reputation as a provider of low-cost but highly effective cleaning solutions. The company has an installed base of SuperSat dispensing systems that create a high level of repeat revenue. The transaction is an add-on to DuBois Chemicals, a Cincinnati, Ohio-based manufacturer of specialty chemicals and solutions acquired by Riverside in September 2008.

Quotes:
Tim Gosline, Riverside Partner

“The addition of Blendco adds new products to DuBois’ stable of transportation-related chemical solutions, and creates immediate opportunities to move Blendco’s outsourced production to DuBois. This deal will combine Dubois’ capacities and capabilities in manufacturing with Blendco’s robust distributor channels.”

Jeff Welsh, DuBois President and CEO

“Blendco brings us proven proprietary and patented technology, along with a well developed sales and distribution network, and a strong reputation. They will also enhance our company with their strong research and development capabilities. We look forward to an outstanding partnership with Blendco which will continue to be led by Laurie Sherman and Brent McCurdy who have successfully built Blendco over the last 10 years.”

Riverside Team:
Tim Gosline, Partner; Chip Walker, Principal; Justin Cordon, Associate.

Partners: TriState, KeyBank and US Bank provided the financing for the transaction.

The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)

The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and is one of the industry’s most experienced leveraged buyout investors. Riverside invests in premier SEMM companies valued up to $150 million and partners with strong management teams to build companies through acquisitions and value-added growth. Since its founding in 1988, the firm has invested in 213 transactions with $4.7 billion in enterprise value, and has a current portfolio in North America, Europe and Asia consisting of 69 companies. Riverside offers certainty to close and can complete acquisitions in as little as 45 days, thanks to its more than $2.7 billion of capital under management, over 180 professionals in 18 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Eindhoven, Hong Kong, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. As of the end of September 2008, Riverside’s portfolio had combined annual sales of $3.2 billion, EBITDA of $524 million and more than 14,000 employees. Five of the firm’s eight mature vintages were currently top quartile. Riverside’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks.

DuBois Chemicals (www.duboischemicals.com)

Founded in 1920, DuBois Chemicals is a leading specialty chemical and applications provider to the manufacturing industry in North America. The company’s focus is to forge sustainable partnerships with customers that also reduce total cost through the delivery of innovative solutions that are lean, green and clean. DuBois specializes in the areas of metal finishing/paint pretreatment, water/wastewater treatment, maintenance/equipment cleaning, and transportation cleaning. DuBois headquarters and manufacturing facility are located in Sharonville, Ohio.

Blendco Systems LLC (www.blendco.com)

Based in Bristol, Pennsylvania, Blendco manufactures and supplies a full line of formulated detergents, polishes and protectants for the transportation cleaning industry, including the patented SuperSat® custom detergent system. Blendco has been providing innovative and environmentally sound solutions for cleaning for over 30 years.

Media Contact

Stephanie Fraser
Marketing Consultant
The Riverside Company
Cleveland: +1 216 344 1267
London: +44 20 3077 1923