Riverside Co said Aug 16 that it invested in SET Industrial Services Inc as an add-on to portfolio IFS Group. Financial terms weren’t announced. SET Industrial provides industrial cleaning and related on-site facility services, including vacuum truck services, tank cleaning and hydroblasting, across the Midwest. CIBC provided financing. Kostopoulos Rodriguez PLLC and Jones Day served as legal advisers for Riverside, True North Equity and IFS.
The Riverside Company Makes a Clean Sweep with Latest Investment
SET Adds Industrial Cleaning Support to IFS Platform
The Riverside Company has invested in SET Industrial Services, Inc., (SET) an add-on to its IFS Group (IFS) platform. SET provides industrial cleaning and related on-site facility services across the Midwest, including vacuum truck services, tank cleaning and hydroblasting.
In 2015, Riverside and co-investor True North Equity established IFS as a platform holding company that provides non-discretionary industrial cleaning and related field services supporting customers across a wide range of continuous process industries, including the utility, chemical, industrial/manufacturing and oil & gas markets. SET is the second acquisition under the IFS umbrella.
“The SET investment offers a complementary service offering and geographic footprint to our existing platform,” said Riverside Managing Partner Suzy Kriscunas. “The addition will continue to diversify IFS’s customer base and facilitate growth opportunities as both companies leverage combined resources.”
The acquisition will also provide synergy opportunities with Summit Environmental Services (Summit), the first acquisition under IFS. Summit is a leading provider of outsourced industrial cleaning, excavation and field services for customers located primarily in the Mid-Atlantic and Midwest regions.
“SET has demonstrated strong operational and financial performance and represents an attractive addition to the broader platform strategy,” said Riverside Partner Tim Gosline. “We’re excited to work with the management team to continue its track record of success and strong customer service.”
Working with Kriscunas and Gosline on the deal for Riverside were Partner Ryan Richards and Associate Cord Walker. Riverside Partner Anne Hayes helped secure financing for the firm.
IFS’s current lender partner, CIBC, provided financing for the transaction. Kostopoulos Rodriguez, PLLC and Jones Day served as legal advisors for Riverside, True North Equity and IFS.