Ohio private equity firm The Riverside Company exited its Health & Safety Institute, an Oregon-based provider of CPR, EMT and other healthcare training materials, after a six-year hold. Although specifics of the deal were not publicized, the company increased revenues about 25% and Ebitda grew more than 126%, the PE firm said in a press release. The buyer was not publicized and Signal Hill acted as the advisor to the seller.
August 08, 2012
The Riverside Company has sold Health & Safety Institute (HSI). The sale of the Eugene, Oregon-based provider of CPR, EMT and healthcare training materials and services came after a successful six-year hold period that saw revenues grow roughly 25% and EBITDA grow more than 126%.
Riverside invested in the company that became HSI when it purchased American Safety & Health Institute in July of 2006. Riverside continued to grow the company throughout the hold period.
HSI provides CPR, EMT and healthcare accreditation and training materials to more than 9,900 approved training centers in the U.S. and across several foreign countries representing over 36,000 instructors. The company develops, publishes and delivers high-quality, cost-effective training programs to meet workplace safety and health requirements.
Riverside grew HSI both organically and through three add-on acquisitions – Medic First Aid International in 2006, 24-7 EMS in 2008, and EMP Canada Services in 2010, which extended the company’s reach in Canada. Riverside also grew the company organically, largely through operating team efforts and building the HSI brand and suite of products and services.
“We helped HSI grow aggressively by using every technique and tool available at Riverside,” said Riverside Managing Partner Loren Schlachet. “Our deal and operating teams worked with a great management team at HSI to continuously enhance its product and content library, improve HSI’s branding, drive sales, and increase market share.”
Another element to the success story was Riverside’s work with HSI to develop new technology – including mobile applications – that helped differentiate the company and further improve sales.
“By focusing on improving the brand and quality of HSI’s products, and how those products were delivered, we were able to build a robust sales pipeline that ultimately boosted market share by producing a better customer experience,” said Riverside Principal Joe Lee.
HSI CEO Bill Clendenen appreciated working with Riverside.
“Riverside helped Health & Safety Institute scale and grow into the largest privately held emergency care training and services company in North America,” said Clendenen. “From acquisitions to management talent to operating expertise, Riverside met HSI’s needs, which made for a deeply rewarding relationship both personally and professionally. We invested in a vision, and we realized it successfully together.”
Working with Schlachet and Lee for Riverside on the sale were Operating Partner Jeff Tobin, Senior Associate Brad Resnick, and Finance Director Mary Anne McClaren. Riverside Origination Principal Amy Margolis worked with the deal team to facilitate the sale of the business.
Signal Hill acted as exclusive financial advisor to Riverside on the transaction, while and Deloitte & Touche provided accounting and tax support and Jones Day provided legal counsel.
The Riverside Company (http://www.riversidecompany.com or http://www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to $200 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 290 transactions. The firm’s international portfolio includes more than 75 companies, and it has more than $3 billion/€2.5 billion in assets under management.