The Riverside Company has closed the add-on acquisition of SafeTec Compliance Systems Inc to its Health & Safety Institute platform. No financial terms were disclosed. Jones Day advised Riverside on the transaction while MidCap Financial provided financing. Based in Vancouver, Washington, SafeTec is a provider of compliance software and services.
CLEVELAND, OHIO (PRWEB) JANUARY 11, 2016
The Riverside Company has completed the add-on of SafeTec Compliance Systems Inc. (SafeTec) to its Health & Safety Institute (HSI) platform. SafeTec is a provider of compliance software and services to a wide range of customers from Fortune 100 companies to small businesses. HSI provides healthcare and workplace safety training and compliance services.
Based in Vancouver, Washington, SafeTec offers a web-based platform of software, services, and regulatory information to allow customers to manage chemical compliance issues and reduce environmental, health, and safety risks.
“SafeTec is a great strategic fit for HSI,” said Riverside Partner Karen Pajarillo. “The company continues to expand and is developing into a one-stop shop for training and compliance solutions in the environmental health and safety market.”
SafeTec boasts deep and loyal customer relationships thanks to its exceptional service and value proposition. SafeTec keeps workplaces safe and greatly reduces costs related to accidents and regulatory fines, and it does so with a system that simplifies processes and operations for customers.
“With the pending U.S. adoption of the Globally Harmonized System (GHS) of Classification and Labeling of Chemicals, a new international standard, we anticipate a much greater need for services like those provided by SafeTec,” said HSI CEO Bill Clendenen. “This addition will also introduce new solutions to our existing clients and offer considerable opportunity to cross-sell as we greatly expand our client base.”
HSI continues to seek acquisition opportunities in the compliance solutions, workplace safety training, and healthcare training sectors.
Working with Pajarillo on the deal were Partner Peter Tsang, Associate Connor Danielowski, Associate John Ribble, Operating Partner Michael Thompson and Operating Executive William Byers. Tsang also sourced the deal for Riverside. Partner Anne Hayes worked on financing the transaction for the firm.
MidCap Financial provided financing for the transaction. Jones Day advised Riverside on the investment.
About The Riverside Company
The Riverside Company is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to $300 million. Since its founding in 1988, Riverside has invested in more than 410 transactions. The firm’s international portfolio includes more than 80 companies.