Harvest Partners has formed a formal partnership with Steve Riordan to target investments in the North American distribution market. Riordan is the former CEO of Communications Supply Corporation.
Harvest Partners (“Harvest”) announced today that it has formed a formal partnership with Steve Riordan, an experienced senior executive in the distribution industry, to target one or more investments in North American distribution companies.
Mr. Riordan, 56, was formerly the CEO of Communications Supply Corporation (“CSC”), a Carol Stream, IL-based leading national distributor of network infrastructure, low voltage specialty systems and industrial wire and cable products. A former Harvest portfolio company, CSC was acquired by Harvest and Mr. Riordan in May 2004. Mr. Riordan and his management team successfully grew the business organically and through several acquisitions, and the business was sold to WESCO International, Inc. (“WESCO”) in November 2006 for $525 million, generating a significant return on invested capital.
Mr. Riordan remained the CEO of CSC after its acquisition by WESCO and successfully integrated the company into its new parent. Prior to the Harvest acquisition, Mr. Riordan was CEO and a director of CSC dating back to 1996. Prior to CSC, Mr. Riordan held senior positions at EESCO, Inc., a leading distributor of industrial automation and control products.
In partnering with Harvest, Mr. Riordan brings over 35 years of experience in the distribution industry. His management track record includes successfully driving organic growth, optimizing cost structures and executing and integrating more than 35 add-on acquisitions.
Michael B. DeFlorio, Senior Managing Director at Harvest, said, “We are excited to begin the next chapter of partnership with Steve, who has been a proven executive partner for us in the past. We look to replicate our CSC success with further investments in the distribution sector alongside Steve.”
Michael J. Cardito, Principal at Harvest, said, “Our new partnership with Steve builds on our mutual prior experience in the distribution sector, and the sector investment thesis we have developed. Steve’s deep management experience in distribution is a tremendous asset as we look to target and complete our next investment in the industry.”
Steve Riordan said, “I’m excited to renew my partnership with the Harvest team and begin a focused search for a new platform opportunity in distribution. My management experience and Harvest’s sector-focused approach should prove a strong combination for identifying attractive distribution opportunities.”
Ideas for potential investment opportunities in the distribution industry can be discussed with Mr. Cardito at Harvest (contact information above).
About Harvest Partners
Founded in 1981, Harvest Partners is a New York-based private equity investment firm, pursuing management buyouts and growth financings. Focused on distribution, manufacturing, energy, specialty services and consumer businesses, Harvest Partners has over 25 years of experience investing in domestic and multinational companies. For more information on Harvest Partners, please visit the web site at www.harvpart.com.