The Riverside Company has acquired FlagPros for its Area Wide Protective platform. No financial terms were disclosed. Based in Nashville, FlagPros is a provider of outsourced traffic management solutions for utilities, construction companies and other customers in Tennessee and Kentucky.
The Riverside Company completed the add-on of FlagPros to its Area Wide Protective (AWP) platform. Nashville-based FlagPros is a leading provider of outsourced traffic management solutions for utilities, construction companies and other customers in Tennessee and Kentucky.
AWP provides temporary traffic management for utilities, utility contractors and telecommunication companies, among other customer types. The company provides its services from more than 60 facilities across 20 states and employs more than 3,000 protectors.
“The addition of FlagPros continues to fill out AWP’s footprint and firmly establishes the company’s leadership position in Kentucky,” said Riverside Managing Partner Suzy Kriscunas. “These are growing and attractive markets, and AWP’s existing presence will allow for a smooth integration.”
This is Riverside’s fifth add-on to AWP since its 2015 investment. AWP has consistently increased market share and expanded its service offerings and customer base through the acquisitions and via organic growth.
“FlagPros has established strong relationships with a number of blue chip customers that will now benefit from the greater scale and capabilities of AWP,” said Riverside Principal Ryan Richards. “With this acquisition, the company will offer more services to more locations than ever before.”
Working with Kriscunas and Richards on the transaction for Riverside were Operating Partner Tom Anderson, Senior Associate Connor Danielowski, and Associate Ming Yau. Riverside Partner Anne Hayes helped secure financing for the firm.
Antares Capital, Madison Capital, MidCap Financial, NewStar Financial, Ares Capital Management, Churchill Asset Management and Siemens Financial provided senior debt financing. Kirkland & Ellis advised Riverside on the transaction.
About The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 480 transactions. The firm’s international portfolio includes more than 80 companies.