Riverside Weighs in 18th Acquisition of 2008 August 05, 2008
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Regional Weight Loss Center Adds Heft to RMCF Portfolio
(August 5, 2008) – The Riverside Company beefed up its Micro-Cap portfolio while burning calories with the acquisition of Results Weight Loss, an award-winning operator of weight loss centers. This transaction racks up Riverside’s 18th acquisition of 2008 as well as the 18th platform within the Riverside Micro-Cap Fund I (“RMCF I”) portfolio.
“We are very impressed with the growth of Results Weight Loss, which has been driven by its talented management team,” said Loren Schlachet, Riverside Managing Partner. “Riverside’s research shows that two-thirds of all Americans are considered overweight. Results Weight Loss addresses this trend and attracts customers through aggressive advertising and an effective three-stage program to help clients gain control of their eating habits: weight loss, stabilization and maintenance.”
Consistently voted the best local weight loss center by area newspapers, Results Weight Loss is headquartered in Naples, Florida, and operates 11 locations in southwest Florida. Every location houses personal service counselors who guide individualized weight loss programs for clients. Client visits with these highly trained counselors are focused on both education and motivation, and the company has a medical director and a dietician on staff to customize plans and ensure the medical soundness of the company’s offerings. Results Weight Loss’s program stands out because it allows participants to eat restaurant and grocery-store purchased food. This is perceived as an advantage as the same food can be prepared for the entire family.
“Our philosophy is to provide white-glove, red-carpet service to our clients,” said Results Weight Loss co-Founder Grant Morse, who has worked together for more than 20 years with co-Founder Sam Ballanchino. “Despite approximately 100,000 visits per year to our centers, we take care of every client as if they are our only one, and that makes a huge difference.”
Riverside announced that Rex Niles, former CEO of two successful Riverside platform companies, will join Results Weight Loss as CEO.
“Grant and Sam have built the company’s brand on an adherence to excellent service,” said Niles. “The co-Founders have proven they can expand into new markets, create and execute successful advertising campaigns and hire and retain talented field employees. I am looking forward to partnering with Riverside once again to maintain the high standards the co-Founders have set and work with them to accelerate growth in the company.”
Working on the acquisition with Schlachet from Riverside were Simon Feiglin, Vice President and Frank Fasano, Analyst. The transaction was sourced by Jim Butterfield, Riverside Principal, Origination.
The Riverside Company
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 specializes in investing in premier SEMM companies (those valued up to $200 million) and partners with strong management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 194 transactions with a total enterprise value of $3.4 billion. Its current portfolio in the U.S., Europe and Asia numbers 63, with combined annual sales of $3 billion, EBITDA of $468 million and more than 14,000 employees. Riverside offers the resources to complete acquisitions smoothly and in as little as 45 days - thanks to its sizeable pool of capital under management (nearly $2 billion in nine funds), over 170 professionals in 17 offices (Amsterdam, Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. Five of seven of the firm’s mature vintages are currently top quartile, and the firm’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks. Please visit www.riversidecompany.com and www.riversideeurope.com for more information.
Results Weight Loss
Headquartered in Naples, Florida and with over 60 employees, Results Weight Loss’ program provides a variety of successful weight loss plans. The company’s plans are easy to follow and allow the convenience of eating supermarket and restaurant foods while providing easy, safe, fast and effective weight loss plans. With 11 locations across southwest Florida, Results Weight Loss offers convenient locations, personalized service and a commitment to helping clients achieve their desired weight loss goals safely. For more information please visit www.resultsweightloss.info.