Riverside Co.’s DuBois Does Add-on Deal

The Riverside Company added Mitco Inc. to its DuBois Chemicals asset. Based in Grand Rapids, Michigan, Mitco is the third add-on acquisition for Cincinnati, Ohio-based DuBois. Riverside partnered with KeyBank (as Agent), U.S. Bank and TriState Capital Bank who provided all of the financing for the transaction. Jones Day provided legal counsel on the deal.

PRESS RELEASE:
The Riverside Company has completed the add-on of specialty water treatment chemical company Mitco, Inc. to DuBois Chemicals (DuBois), which primarily blends industrial surface finishing and cleaning chemicals. Based in Grand Rapids, Michigan, Mitco is the third add-on acquisition for Cincinnati, Ohio-based DuBois.
Mitco’s products are used for boiler water treatment, cooling tower water treatment, wastewater treatment, dust suppression, specialized cleaners, papermaking process additives and chemical water management programs.
The addition of Mitco roughly doubles the size of DuBois’ water treatment operations while adding a portfolio of complementary products. Mitco was founded in 1949 and offers over 2,000 specialty chemical products. Mitco has a history of innovative product development, allowing the company to match a customer’s needs while creating trial samples within a couple of days instead of the weeks or months that is typical for the larger companies in the industry.
“We’re thrilled with the portfolio of products that Mitco brings to DuBois,” said Riverside Partner Tim Gosline. “The acquisition will really strengthen DuBois’ water treatment product offering, and we see a lot of opportunities to better serve both companies customers through this combination.”
DuBois CEO Jeff Welsh anticipates significant benefits from the addition of Mitco.
“Water treatment has been a high priority segment to DuBois, and this acquisition brings impressive knowhow, customers and products,” said Welsh. “We’re excited about filling out our water treatment product line and building capabilities in new verticals.”
Working with Gosline on the deal for Riverside were Chip Walker, Principal; Justin Cordon, Associate; and Mike Howley, Analyst. Associate Director of Origination Amy Margolis introduced the deal to Riverside.
Riverside partnered with KeyBank (as Agent), U.S. Bank and TriState Capital Bank who provided all of the financing for the transaction. Jones Day provided legal counsel on the deal.
This is the 252nd acquisition for Riverside and the fifth overall for 2011.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing enterprises valued at up to $200 million (€200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in more than 240 transactions with a total enterprise value of more than $5.4 billion/€4.4 billion. The firm’s portfolio in North America, Europe and the Asia Pacific region includes more than 70 companies with roughly 14,000 employees. Riverside completes acquisitions smoothly thanks to $3.4 billion/€2.7 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.