Fresh Packaged Green Bean Specialist Sold April 23, 2012
Riverside Reaps What it Sows, Exits GreenLine
The Riverside Company has completed the sale of GreenLine Foods after five years of growth and development under Riverside’s ownership. GreenLine, headquartered in Bowling Green, Ohio, is the largest and only nationwide provider of packaged, washed and trimmed fresh green beans. With innovative processing and packaging capabilities that extend shelf life, reduce spoilage and minimize consumer prep time, GreenLine’s products result in a unique value proposition for both customers and consumers. GreenLine was acquired by Apio, Inc., the leader in processing and marketing fresh-cut specialty packaged vegetables in the U.S., and a wholly owned subsidiary of Landec Corporation (NASDAQ: LNDC).
Founded in 1985, GreenLine pioneered the value-added green bean market and has remained an innovator in the industry. Under Riverside’s ownership, the company continued to build upon its leadership position by investing in new product development, expanding and diversifying GreenLine’s grower relationships, and enhancing relationships with its blue chip retail and foodservice customers. Additionally, Riverside’s 2007 add-on acquisition of Green Glen Produce gave GreenLine processing capabilities on the East Coast and a well-located distribution center.
“We are proud of the work we’ve done with GreenLine,” said Riverside Partner Tim Gosline. “We were able to overcome several unusual weather challenges, complete a valuable add-on acquisition, and help GreenLine protect its spot at the top of the value-added vegetable market space.”
Working with Gosline for Riverside on the sale of GreenLine were Operating Partner George Benson, Partner Sarah Roth, and Vice President Ryan Richards. Origination Principal Amy Margolis worked with the deal team and the sell-side advisor to facilitate the exit.
Harris Williams & Co. advised Riverside on the sale of GreenLine, and Jones Day provided legal counsel on the transaction.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $200 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 280 transactions. The firm’s international portfolio includes more than 80 companies, and it has more than $3 billion/€2.5 billion in assets under management.