Riverside Greases the Acquisition Skids, Completes Add-on of Lubricant Maker December 17, 2010
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Perkins Products Added to DuBois Chemicals Platform
The Riverside Company has completed the add-on of industrial lubricant and coolant blender Perkins Products (Perkins) to DuBois Chemicals (DuBois), which primarily blends industrial surface finishing and cleaning chemicals. DuBois is a platform company in Riverside Capital Appreciation Fund V.
Bedford Park, Illinois-based Perkins was founded in 1983 and manufactures a wide variety of metalworking cutting and cooling fluids, lubricants and cleaners for end users that include the automotive, capital equipment, construction, appliance and housing industries.
Perkins adds to DuBois a portfolio of more than 950 products and a network of dozens of distributors. Perkins also has extensive research and development capabilities, including its own laboratory. Its acumen in industrial fluids used in metalworking in particular greatly expands DuBois’ capabilities and offerings, while Perkins’ sales and distributor channels should open new customers and markets for DuBois.
“These companies operate in similar industries, but we’re very confident that their respective customers will be good candidates for one another’s products,” said Riverside Partner Tim Gosline. “Perkins’ and DuBois’ product lines fit hand-and-glove and should bring huge synergistic sales opportunities to cross-sell each other’s product lines, and both entities should greatly benefit from this transaction.”
DuBois CEO Jeff Welsh is enthusiastic about the combined company.
“Combining our respective products lines, technical service and innovation capabilities will enable us to bring more value to our customers than either company could deliver separately,” said Welsh. “Perkins is a great match for DuBois and will play a prominent role in our growth strategy in the coming years.”
Working with Gosline on the deal for Riverside were Chip Walker, Principal; Justin Cordon, Associate; and Solomon Cole, Analyst.
Riverside partnered with KeyBank N.A., agent for the DuBois senior debt facilities with U.S. Bank NA and Tri-State Capital Bank, and the acquisition was all debt financed. Jones Day provided legal counsel on the deal.
This is the 244th acquisition for Riverside and the 21st overall for 2010.
The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring growing enterprises valued at up to $200 million (€200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in more than 240 transactions with a total enterprise value of more than $5.4 billion/€4.4 billion. The firm’s portfolio in North America, Europe and the Asia Pacific region includes 71 companies with roughly 14,000 employees. Riverside completes acquisitions smoothly thanks to $3.4 billion/€2.7 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.
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The Riverside Company