The Riverside Company has completed its acquisition of EcoSmart as an add-on to its Eemax platform. No financial terms were disclosed. Webster Bank provided financing for the transaction while Deloitte & Touche advised Riverside on financial due diligence. Based in Miami, EcoSmart, like the Waterbury, Conn.-based Eemax, is a maker and seller of electric tankless water heaters.
October 02, 2013
Eemax and EcoSmart Align to Grow Green Energy Heating Services
The Riverside Company has completed the add-on acquisition of EcoSmart of Miami, Florida to its Waterbury, Connecticut-based Eemax platform. Both companies design and sell electric tankless water heaters. The acquisition is very complementary to Eemax’s business due to EcoSmart’s strong slate of residential products and customers.
“We’re delighted to bring EcoSmart’s innovative products and design knowhow into the Eemax fold,” said Riverside Managing Partner Loren Schlachet. “EcoSmart’s tankless water heaters have earned a reputation for reliability and innovation, and the deal enhances Eemax’s offerings while providing even more choice to a broader array of customers.
The addition of EcoSmart will also boost Eemax’s manufacturing capabilities, and allow the company to expand its geographic coverage, most notably in Florida and Latin America.
“EcoSmart has a strong distribution network and an outstanding online presence to complement its excellent product line,” said Riverside Vice President Joe Manning. “We are excited about leveraging those strengths to continue growing Eemax and EcoSmart together.”
Working with Schlachet and Manning on the transaction for Riverside were Senior Associate Elaine Ho, Operating Partner Jeff Tobin, and Operating Executive, Finance David Pecore. Operating Partner and Managing Director for Riverside in Asia Brian Bunker helped the deal team with due diligence.
Webster Bank provided financing for the transaction, Jones Day served as Riverside’s legal counsel, and Deloitte & Touche advised Riverside on financial due diligence.
The Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $250 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 320 transactions. The firm’s international portfolio includes more than 70 companies.