Riverside Finds Perfect ‘Match’ June 01, 2009
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ITEL Laboratories Makes First Add-on Acquisition with Siding Match
Deal Type: Add-on acquisition for ITEL Laboratories
Key Stats: 7th Riverside Acquisition of 2009; 215th Acquisition Overall; 1st Add-on Acquisition for ITEL
Riverside Capital Appreciation Fund V (“RCAF V”)
Miller Claims Consulting, Inc. (“Siding Match”)
Based in Plymouth, Indiana
- Through a patented testing process, identifies damaged residential siding for insurance carriers, contractors and homeowners, with the goal of finding an exact or similar match to the damaged siding.
- By matching partial siding replacements, the company improves repairs and helps
determine where to obtain appropriate materials, including stocks of discontinued siding.
- Has increased siding testing volume by 363% from 2004 to 2008.
- Developing a roofing matching service to meet growing market demand.
Siding Match enjoys a diverse customer base with both smaller regional insurance carriers throughout the Midwest as well as larger national carriers. The company was founded in 1999, and has pioneered the creation of a database for all available and discontinued exterior sidings. Siding Match is recognized as a leading company in siding information for the U.S. and Canada. ITEL Laboratories is an independent testing laboratory servicing the property insurance industry and specializing in carpet and flooring testing and identification. Riverside acquired Florida-based ITEL in June 2008, with funds from Riverside Capital Appreciation Fund V.
Suzy Kriscunas, Riverside Managing Partner
“The acquisition of a company with the niche expertise of Siding Match will make ITEL even more of a leader in the independent testing and fair-market replacement industry. By integrating Siding Match’s innovative testing and identification processes, ITEL can expand its own siding and roofing services to further grow the range of products it offers beyond its core carpet and flooring testing services.”
Roger Mullins, ITEL CEO
“We are very excited to combine Siding Match’s patented methodology and siding services with ITEL’s growing platform. The acquisition will allow us to expand our market presence to customers we have not typically targeted, and will provide a natural conduit for cross-marketing. Riverside continues to seek out and find the best growth opportunities for our company.”
Suzy Kriscunas, Managing Partner; Chip Walker, Principal; Marty Graul, Senior Associate; Solomon Cole, Analyst.
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 214 transactions with $4.7 billion in enterprise value, and has a current portfolio in North America, Europe and Asia consisting of 68 companies. Riverside offers certainty to close and can complete acquisitions in as little as 45 days, thanks to its more than $3.0 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 March 31, 2009, Riverside’s portfolio had combined annual sales of $3.4 billion, EBITDA of $530 million and more than 14,000 employees. According to Thomson Venture Economics, as of December 31, 2008, seven of the firm’s eight mature vintages are top quartile performers on a net cash-on-cash basis. Riverside’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks.
ITEL is an independent testing laboratory servicing the property insurance industry. ITEL’s mission is to help insurance companies quickly, accurately, and fairly settle claims. ITEL has been in business since 1993 and has performed more than two million tests for property insurance carriers throughout the United States and Canada. Please visit www.itelinc.com to learn more about ITEL.
Siding Match is a residential siding testing service. Employing patented testing techniques, Siding Match identifies siding, determines availability, and suggests the most similar repair option from all currently manufactured and stocks of discontinued siding. Siding Match customers include insurance adjusters, contractors, and homeowners, and is widely recognized as the leader in siding information for both the U.S. and Canada.